NMDC
NMDC share price & financials
- Price
- ₹88.42
- Market cap
- ₹72.3k Cr
- Sector
- Metals & Mining
- Calls analysed
- 2
NMDC Q4 FY26
What went well
- FY26 production crossed 53 million tons, marking a significant operational achievement.
- Sales revenue reached INR31,000 crores for FY26, demonstrating strong top-line growth.
- Profit After Tax (PAT) showed an 11% growth in FY26, indicating improved profitability.
What to watch
- EBITDA margin for the quarter declined from 42% to 33% due to the temporary steel trading business with NMDC Steel.
- Liquidation of RINL receivables is slow, though expected to be completed within 1.5 to 2 years.
What NMDC Limited does
NMDC is a Navratna Central Public Sector Enterprise under the Ministry of Steel that mines and sells iron ore from mechanised complexes in Chhattisgarh and Karnataka, earning primarily by selling a range of iron ore grades to domestic steelmakers and export customers. It also operates South-East Asia's only mechanised diamond mine at Panna, Madhya Pradesh, and runs a pellet plant and sponge-iron unit as forward value-addition on its iron ore. The company holds equity stakes in overseas mining ventures in Australia and Mozambique through subsidiaries and joint ventures, and runs a UNIDO-recognised R&D centre in Hyderabad to support mining and mineral-processing innovation.
Segments
- Iron Ore
- Diamond
- Pellets
- Current iron ore production capacity
- ~45 MTPA
- Iron ore mining complexes
- 3 (Bacheli, Kirandul, Donimalai)
- Diamond mine
- Panna, Madhya Pradesh — South-East Asia's only mechanised diamond mine
- Value-addition facilities
- Donimalai Pellet Plant; Sponge Iron Unit, Paloncha (Telangana)
- Market position
- India's largest iron ore producer; Navratna CPSE under Ministry of Steel
- R&D centre
- Hyderabad-based, UNIDO-recognised Centre of Excellence
Guidance record · Q4 FY26
what the last two calls moved 17 tracked 0 delivered 6 missed 11 open- Production and Sales Volume missed said Q4 FY25 Promised: 55 million tons (100% of EC capacity) Q4 FY26: Achieved production of 53 million tons in FY26, falling short of the 55.4 million ton target.
- Rohne Coal Block Operationalization delayed said Q4 FY25 Promised: Operational by Q3 or Q4 FY26 Q4 FY26: Opening is now planned for late Q3 FY27 due to pending approvals. No production is expected in FY27.
- Long-term Production Capacity on track said Q4 FY25 Promised: 100 million tons in the next few years Q4 FY26: Reiterated the goal of 100 million tons by the end of the decade, supported by a capex plan of INR 40,000-50,000 crores over the next 3 years and the opening of new mines.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 0.8%, net profit up 0.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,919 | 6,568 | 7,005 | 6,739 | 6,378 +30% | 7,611 +16% | 11,343 +62% | 6,795 +1% |
| EBITDA | 1,386 | 2,372 | 2,051 | 2,478 | 1,993 +44% | 2,144 −10% | 2,644 +29% | 2,468 −0% |
| Net profit | 1,205 | 1,880 | 1,477 | 1,968 | 1,698 +41% | 1,757 −7% | 2,027 +37% | 1,976 +0% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +9.5% 1Y
1Y: ₹75.28 on 10 Sept 2025 → ₹82.4. High ₹96.04 (3 Jun 2026), low ₹72.54 (24 Nov 2025).
How the price took the results
close before → close after
- Q4 FY26
- +5.0%
- 1 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 22.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 28.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹17.7k Cr | ₹21.3k Cr | ₹23.9k Cr | ₹32.1k Cr |
| Operating profit | ₹6.1k Cr | ₹7.3k Cr | ₹8.1k Cr | ₹9.3k Cr |
| Operating margin | 34.3% | 34.2% | 34.1% | 28.9% |
| Interest | ₹75 Cr | ₹78 Cr | ₹178 Cr | ₹121 Cr |
| Depreciation | ₹336 Cr | ₹351 Cr | ₹421 Cr | ₹478 Cr |
| Net profit | ₹5.6k Cr | ₹5.6k Cr | ₹6.5k Cr | ₹7.5k Cr |
| Net margin | 31.7% | 26.1% | 27.3% | 23.2% |
| Cash from operations | ₹1.8k Cr | ₹7.4k Cr | ₹1.9k Cr | ₹5.0k Cr |
| Free cash flow | ₹590 Cr | ₹5.5k Cr | ₹-1.3k Cr | ₹1.8k Cr |
| ROCE | 29.0% | 31.0% | 30.0% | 28.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹293 Cr | ₹293 Cr | ₹293 Cr | ₹293 Cr | ₹879 Cr | ₹879 Cr |
| Reserves | ₹29.6k Cr | ₹17.7k Cr | ₹22.3k Cr | ₹25.4k Cr | ₹31.6k Cr | ₹33.2k Cr |
| Borrowings | ₹2.0k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹3.4k Cr | ₹3.6k Cr | ₹6.4k Cr |
| Other liabilities | ₹5.1k Cr | ₹5.1k Cr | ₹5.2k Cr | ₹6.6k Cr | ₹6.4k Cr | ₹7.9k Cr |
| Total liabilities | ₹36.9k Cr | ₹24.9k Cr | ₹30.0k Cr | ₹35.7k Cr | ₹42.5k Cr | ₹48.3k Cr |
| Fixed assets | ₹3.9k Cr | ₹3.7k Cr | ₹3.2k Cr | ₹3.4k Cr | ₹5.1k Cr | ₹5.9k Cr |
| Capital work in progress | ₹17.2k Cr | ₹1.3k Cr | ₹2.0k Cr | ₹3.2k Cr | ₹5.3k Cr | ₹6.7k Cr |
| Investments | ₹875 Cr | ₹895 Cr | ₹940 Cr | ₹956 Cr | ₹1.2k Cr | ₹1.4k Cr |
| Other assets | ₹15.0k Cr | ₹19.0k Cr | ₹23.8k Cr | ₹28.1k Cr | ₹30.9k Cr | ₹34.3k Cr |
| Total assets | ₹36.9k Cr | ₹24.9k Cr | ₹30.0k Cr | ₹35.7k Cr | ₹42.5k Cr | ₹48.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +1.38 pp while the public trimmed −0.71 pp. The shareholder count shrank 1% to 11,29,202.
- Promoters
- 60.8%
- FIIs
- 13.6%
- DIIs
- 13.8%
- Public
- 11.8%
Since Jun 2025
- FIIs +1.38 pp
- Public −0.71 pp
- DIIs −0.68 pp
How it drifted, 12 quarters
Over this window FIIs went from 8.3% to 13.6% — +5.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.8%, FIIs 8.3%, DIIs 17.7%, Public 13.2%.Dec '23: Promoters 60.8%, FIIs 9.9%, DIIs 17.3%, Public 12.0%.Mar '24: Promoters 60.8%, FIIs 12.6%, DIIs 14.1%, Public 12.5%.Jun '24: Promoters 60.8%, FIIs 12.8%, DIIs 14.3%, Public 12.1%.Sep '24: Promoters 60.8%, FIIs 12.6%, DIIs 14.1%, Public 12.5%.Dec '24: Promoters 60.8%, FIIs 12.1%, DIIs 14.5%, Public 12.6%.Mar '25: Promoters 60.8%, FIIs 11.7%, DIIs 15.1%, Public 12.3%.Jun '25: Promoters 60.8%, FIIs 12.2%, DIIs 14.5%, Public 12.5%.Sep '25: Promoters 60.8%, FIIs 13.0%, DIIs 14.4%, Public 11.8%.Dec '25: Promoters 60.8%, FIIs 13.5%, DIIs 14.1%, Public 11.7%.Mar '26: Promoters 60.8%, FIIs 13.6%, DIIs 13.8%, Public 11.8%.Jun '26: Promoters 60.8%, FIIs 13.6%, DIIs 13.8%, Public 11.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Life Insurance Corporation Of India - P & Gs Fund Insurer newly disclosed 4.54% held
- SBI Quant Fund Mutual fund newly disclosed 1.75% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 1.01% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of NMDC Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 60.79% | unchanged |
| Life Insurance Corporation Of India - P & Gs Fund Insurer | 4.54% | newly disclosed |
| SBI Quant Fund Mutual fund | 1.75% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 1.01% | newly disclosed |
| Life Insurance Corporation Of India Insurer | — | off the list |
| SBI Arbitrage Opportunities Fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NMDC
Filings to Aug 2026
0 new, 10 added, 5 trimmed, 0 sold out — net −49.71 L shares (−2.7%).
- Held by funds
- ₹1.6k Cr
- 20 schemes
- Biggest holder
- SBI Flexicap Fund
- ₹276 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Flexicap Fund SBI Mutual Fund | ₹276 Cr | held | Apr '26 |
| SBI Contra Fund SBI Mutual Fund | ₹252 Cr | held | Apr '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹225 Cr | +51.98 L | Nov '22 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹199 Cr | held | Jul '22 |
| SBI PSU Fund SBI Mutual Fund | ₹176 Cr | −80.00 L | Oct '23 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹147 Cr | −24.16 L | Jul '25 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹104 Cr | +3.38 L | Sep '24 |
| SBI Quant Fund SBI Mutual Fund | ₹76 Cr | −5.63 L | Jun '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 5 trimmed — net −49.71 L shares (−2.7%)
- Funds are sitting on
- +18%
- vs est. average cost
- Held by funds
- ₹1.6k Cr
- 20 schemes · ≈ 2.2% of the company
- Biggest holder
- SBI Flexicap Fund
- ₹276 Cr · 1.2% of that fund
- Longest holder
- Nippon India Growth Mid Cap Fund
- 4y 2m · since Jul '22
Shares held by these funds +19%
Aug '23 18.03 cr shares Jul '26
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse NMDC Limited
Guides on how to read this kind of business and the numbers that matter.