TrueCAGR
NMDC · Research view

NMDC Ltd

NSE: NMDCBSE: 526371ISIN INE584A01023Face value ₹1standalone
₹75.00
−2.33% · 2026-10-01 · 52-wk ₹73–₹96
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Sharp margin drop

EBITDA margin dropped 7.6 percentage points in a single year, from 41.6% to 34.0% — worth investigating.

Importance 72 / 95 · anomaly

WatchTalking point

Profit lagging revenue

Revenue grew 33.3% but profit grew 10.9%, so the company kept less of each rupee of revenue as profit.

Revenue growth+33.3%Net profit growth+10.9%

Importance 70 / 95 · growth

WatchTalking point

Growing, but light on cash

Revenue grew 33.3% but only 0.66× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

ConcernTalking point

Margins at a multi-year low

EBITDA margin of 34.0% is the thinnest in 7 years (prior range 38.6% to 61.9%).

Importance 60 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Metals & Mining › Minerals & Mining › Industrial Minerals.

Market cap
₹65,939 cr
FY2026 revenue
₹31,554 cr
FY2026 net profit
₹7,421 cr
Net worth
₹33,836 cr
Total debt
₹5,874 cr
EPS (basic)
₹8.44
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 12 metals & mining.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr0102030400510REVENUENET PROFIT12k4,642FY1912k3,610FY2015k6,253FY2126k9,398FY2218k5,529FY2321k5,632FY2424k6,693FY2532k7,421FY26
RevenueNet profit
Watch

Revenue grew 33.3% but EBITDA margin fell 7.6 percentage points to 34.0%, so the company kept less of each rupee of revenue as operating profit.

Rule REVENUE_UP_MARGIN_DOWN

Revenue growth per year
+14.6%over 7 years
Revenue growth
+33.3%vs last year
Net profit growth
+10.9%vs last year
Change in net profit since FY19
+60%

Revenue grew 33.3% but profit grew 10.9%, so the company kept less of each rupee of revenue as profit.

Profit has swung sharply over 7 years (from ₹3,610 to ₹9,398) — one year is a weak guide to the earnings power.

Revenue compounded at 14.6% a year over 7 years (₹12,153 → ₹31,554) — though FY2022 saw a one-off step-change of 68% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Revenue grew 33.3% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Watch

Q1 FY27 revenue was ₹6,795 cr, down 40.1% from ₹11,343 cr in the previous quarter (Q4 FY26).

Rule QTR_REVENUE_SEQUENTIAL_CHANGE

Strength

Q1 FY27 interest (finance cost) was ₹22 cr, down 20.4% from ₹27 cr a year earlier.

Rule QTR_INTEREST_EXPENSE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q1 '25 to Q1 '27₹ crore · consolidated
₹'000 cr05101520023REVENUENET PROFIT5k1,971Q1 '255k1,212Q2 '257k1,882Q3 '257k1,968Q1 '266k1,699Q2 '268k1,757Q3 '2611k2,027Q4 '267k1,976Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q1 FY255,414—1,971—36.4%
Q2 FY254,919—1,212—24.6%
Q3 FY256,568+21.4%1,882+26.8%28.7%
Q1 FY266,739+24.5%1,968−0.2%29.2%
Q2 FY266,378+29.7%1,699+40.2%26.6%
Q3 FY267,611+15.9%1,757−6.7%23.1%
Q4 FY2611,343—2,027—17.9%
Q1 FY276,795+0.8%1,976+0.4%29.1%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹32,127 crTTM
EBITDA
₹10,785 crTTM
EBIT
₹10,313 crTTM
PBT
₹10,198 crTTM
Net profit
₹7,459 crTTM

C. Corporate actions

5 Oct 2026DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
13 Feb 2026DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
14 Aug 2025DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
21 Mar 2025DividendInterim Dividend - Rs. - 2.3000 — ₹2.30/share
27 Dec 2024Bonus issueBonus issue 2:1 — 1:3
17 Sept 2024DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
27 Feb 2024DividendInterim Dividend - Rs. - 5.7500 — ₹5.75/share
31 Aug 2023DividendFinal Dividend - Rs. - 2.8500 — ₹2.85/share
24 Feb 2023DividendInterim Dividend - Rs. - 3.7500 — ₹3.75/share
27 Oct 2022DemergerSpin Off
17 Feb 2022DividendInterim Dividend - Rs. - 5.7300 — ₹5.73/share
14 Dec 2021DividendInterim Dividend - Rs. - 9.0100 — ₹9.01/share
22 Mar 2021DividendInterim Dividend - Rs. - 7.7600 — ₹7.76/share
20 Nov 2020BuybackBuy Back of Shares
18 Feb 2020DividendInterim Dividend - Rs. - 5.2900 — ₹5.29/share
22 Mar 2019DividendInterim Dividend - Rs. - 5.5200 — ₹5.52/share
17 Jan 2019BuybackBuy Back of Shares
27 Mar 2018DividendInterim Dividend - Rs. - 4.3000 — ₹4.30/share
14 Sept 2017DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
16 Mar 2017DividendInterim Dividend - Rs. - 4.1500 — ₹4.15/share
18 Aug 2016BuybackBuy Back of Shares
30 Mar 2016DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
24 Feb 2016DividendInterim Dividend - Rs. - 9.5000 — ₹9.50/share
21 Sept 2015DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
18 Feb 2015DividendInterim Dividend - Rs. - 4.2500 — ₹4.25/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%35%40%45%50%55%60%65%34.0%22.5%FY19FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Concern

EBITDA margin of 34.0% is the thinnest in 7 years (prior range 38.6% to 61.9%).

Rule MARGIN_AT_MULTI_YEAR_LOW

EBITDA margin now
34.0%
8-year range
34.0–61.9%
ROE FY2026
23.4%
ROCE FY2026
28.1%
Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 cr013274026kFY1928kFY2030kFY2135kFY2222kFY2325kFY2430kFY2534kFY26
Net worth (shareholders' funds)
Watch

Revenue grew 33.3% but only 0.66× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY21–FY26
0k3k7k10k7k6kFY218k9kFY224k6kFY237k6kFY242k7kFY255k7kFY26
Operating cash flowNet profit
Total debt
₹5,874 cr
Operating cash flow ÷ net profit
0.66×FY2026
Free cash flow
₹1,806 cr
Current ratio
2.43×

Operating cash flow was only 0.66× reported profit (FY2026).

Free cash flow has been positive in 5 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 12 metals & mining (FY2026, consolidated).

Revenue growth

NMDC · set median 7.5%

HINDCOPPER48.6%HINDZINC19.8%HINDALCO15.3%JSWSTEEL9.9%SAIL8.1%JINDALSTEL7.0%NATIONALUM6.3%TATASTEEL6.2%ADANIENT2.6%VEDL-48.7%

EBITDA margin

NMDC · 4th of 11 · set median 18.8%

HINDZINC56.7%HINDCOPPER49.8%NATIONALUM48.3%NMDC33.5%VEDL31.5%JINDALSTEL18.8%JSWSTEEL16.8%ADANIENT16.4%TATASTEEL15.4%HINDALCO13.7%SAIL11.6%

Return on equity

NMDC · 7th of 12 · set median 24.6%

HINDZINC76.9%VAML49.4%VEDL41.0%HINDCOPPER30.6%NATIONALUM29.4%JSWSTEEL27.3%NMDC21.9%ADANIENT13.7%TATASTEEL11.2%HINDALCO10.3%JINDALSTEL6.8%SAIL5.7%

P/E ratio

NMDC · 2nd of 11 · set median 13.8×

VEDL3.4×NMDC8.8×NATIONALUM9.1×JSWSTEEL10.7×HINDALCO12.8×HINDZINC13.8×SAIL16.8×TATASTEEL19.8×HINDCOPPER39.3×JINDALSTEL41.3×ADANIENT48.6×
Context

Trades at 8.84× earnings — 36% below the metals and mining median of 13.79×.

Rule PE_BELOW_PEERS

P / E
8.8×TTM to Jun 26
P / B
1.9×latest book
P / S
2.1×TTM sales
Earnings yield
11.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 8.9× · P/S 2.0× · ROE 21.9%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹752020202120222023202420252026

Long-term price performance is shown above.

1-year return
−1.5%
3-year return
+52.1%
5-year return
+56.6%
From 52-wk high
−21.9%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹84
vs 200-day avg
Below₹84
RSI (14)
27.7oversold
MACD histogram
-0.6
From 52-wk high
−21.9%
From 52-wk low
+3.4%
30-day volatility
25.4%ann.
6-month return
−1.7%
RSI (14) · 0–10027.7 — oversold
0305070100OVERSOLDOVERBOUGHT27.7
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Sharp margin drop
    EBITDA margin dropped 7.6 percentage points in a single year, from 41.6% to 34.0% — worth investigating.
    MARGIN_SHARP_DROP · conviction 72
  • Watch
    Growing, but less profitably
    Revenue grew 33.3% but EBITDA margin fell 7.6 percentage points to 34.0%, so the company kept less of each rupee of revenue as operating profit.
    REVENUE_UP_MARGIN_DOWN · conviction 71
  • Watch
    Profit lagging revenue
    Revenue grew 33.3% but profit grew 10.9%, so the company kept less of each rupee of revenue as profit.
    PROFIT_SLOWER_THAN_REVENUE · conviction 70
  • Watch
    Growing, but light on cash
    Revenue grew 33.3% but only 0.66× of reported profit came through as operating cash.
    GROWTH_WITH_WEAK_CASH · conviction 62
  • Concern
    Margins at a multi-year low
    EBITDA margin of 34.0% is the thinnest in 7 years (prior range 38.6% to 61.9%).
    MARGIN_AT_MULTI_YEAR_LOW · conviction 60
  • Watch
    Volatile earnings
    Profit has swung sharply over 7 years (from ₹3,610 to ₹9,398) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 56
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.66× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 51
  • Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue12,15311,69915,37025,88217,66721,29423,66831,554
Total income12,74112,21315,72026,60018,41522,64925,25933,017
EBITDA7,5186,5249,14613,3076,8118,7099,84810,738
Profit before tax7,1996,1238,90112,9817,6388,0129,29810,156
Net profit4,6423,6106,2539,3985,5295,6326,6937,421
EPS (₹)14.711.820.632.118.919.27.68.4
Net worth25,95227,53429,75634,84422,33225,40629,57933,836
Total debt3645661,9943,4914213,3573,7705,874
Operating cash flow——7,3317,6174,4387,4391,5774,923
Free cash flow——7,3314,5853,0335,606−1,2171,806
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—-3.731.468.4-31.720.511.233.3
Profit growth YoY—-22.273.250.3-41.21.918.810.9
Profitability
EBITDA margin %61.955.859.551.438.640.941.634.0
Net margin %36.429.639.835.330.024.926.522.5
Return on equity %17.913.521.829.119.323.624.323.4
Return on capital %27.522.929.837.221.232.530.528.1
Leverage & cash
Debt to equity0.010.020.070.100.020.130.130.17
Cash flow ÷ profit——1.170.810.801.320.240.66
Current ratio2.602.631.912.283.752.562.422.43
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.