NMDC’s Q3FY23 EBITDA was in line with consensus estimates; however, it was lower than our estimates. Key highlights: 1) Best-ever Q3 production volume and second-best sales volume; 2) Chhattisgarh segment consisted of 70% of total sales volume (Q2FY23: 62%; Q3FY22: 75%); 3) EBITDA margin rebounded QoQ to 30.7%.