NSE: NMDC | BSE: 526371

Strong Performer, Under Radar

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70.04 2.83 (4.21%)

26.62% Fall from 52W High

39.6M NSE+BSE Volume

NSE 14 May, 2025 3:31 PM (IST)

61,577.9

Market Cap

High in industry

1.5

Beta 1Year

Very High Volatility

NMDC Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for NMDC, BSE:526371 NMDC Ltd.

NMDC Ltd.

03 Dec 2020

70.04

4.21%

Company Update - Strong price outlook drives rating upgrade - Upgrade to 'BUY'

Accumulate: NMDC Ltd.

Prabhudas Lilladhar

NMDC underperformed steel stocks by a wide margin over last three months due to uncertainty regarding payment of premium for its Donimalai mine's lease renewal. After two years impasse, Govt of Karnataka renewed Donimalai mines (with capacity of 7mtpa) at a premium of 22.5% of sales price. We expect that similar premium would be paid for its iron ore operations in Chhattisgarh, which constitutes 78% of its overall volumes. Severe shortage in domestic market (due to supply disruptions in Odisha), strong profitability of steel producers and firm outlook on global prices shall...

NMDC Ltd. is trading below its 200 day SMA of 70.8

NMDC Ltd.

18 Nov 2020

70.04

4.21%

NMDC

Accumulate: NMDC Ltd.

Dolat Capital

Process underway for divestment of steel plant NMDC reported Q2FY21 EBITDA missed our estimates by 5% while it is 4% above consensus estimates. Miss was largely due to lower than expected realisations, partially offset by lower costs. Unlike past, NMDC has been forthcoming this time in undertaking price hikes in tandem with strong global prices and shortage in domestic market....

Number of MF schemes decreased from 39 to 33 in Mar 2025 qtr

NMDC Ltd.

11 Nov 2020

70.04

4.21%

Price hikes to drive strong earnings in 2HFY21

Buy: NMDC Ltd.

Motilal Oswal

Retain Buy on valuations despite risk of higher levies NMDC's 2QFY21 EBITDA declined 7% YoY to INR10.3b as lower iron ore prices offset the benefit of 14% YoY volume growth. Outlook for 2HFY21, however, is strong as currently prices are ~30% higher (or ~INR800/t) than 2QFY21 average, which should drive significantly higher profitability. The government's proposal to levy an additional premium on NMDC's renewed mining leases, however, has emerged as a key overhang. If a premium of 22.5% of revenue is levied on all mines of NMDC, it poses a...

Number of MF schemes decreased from 39 to 33 in Mar 2025 qtr

NMDC Ltd.

31 Aug 2020

70.04

4.21%

Company Update - Additional royalty limits gains from demerger - Accumulate

Accumulate: NMDC Ltd.

Target

Prabhudas Lilladhar

estimates of Rs1,743 largely due to one-time covid-19 related donation equivalent to Rs227/t. Impacted by weak revenue and one-time CSR expenses, EBITDA fell 49% QoQ/60% YoY at Rs7.5bn (PLe:Rs7.9bn). PAT fell 55% QoQ/55% YoY at Rs5.3bn (PLe:Rs6.2bn) due to 46% QoQ/42% YoY fall in other...

Number of MF schemes decreased from 39 to 33 in Mar 2025 qtr

NMDC Ltd.

04 Aug 2020

70.04

4.21%

Recovery in volumes and price a positive

Buy: NMDC Ltd.

Target

Motilal Oswal

4 August 2020 volumes increased 7% YoY to 2.57mt on improving demand from steel plants as domestic demand improves. This, coupled with higher international iron ore prices, has enabled NMDC to raise prices this month by INR200/t (~9%) to INR2,360/2,650 per ton for fines/lumps. We believe NMDCs iron ore prices should sustain in 2HFY21 due to rising steel prices (up ~INR2,000/t MoM), higher pellet prices (up 20% MoM to INR7,200/t), and reduced iron ore supply from Odisha mines. Volume growth of 7% YoY reported by NMDC (to 2.57mt) in July20 has surprised and is three months ahead of our expectation of positive volume print in 2HFY21. While iron ore production from several auctioned mines in Odisha has commenced in the current quarter, we believe production from these mines would be lower by >30% YoY in FY21, supporting NMDCs volumes in the near term.

NMDC Ltd. is trading below its 200 day SMA of 70.8

NMDC Ltd.

17 Jun 2020

70.04

4.21%

NMDC Ltd

Hold: NMDC Ltd.

Target

ICICI Securities Limited

Model sales volume of 28 MT for FY21E, 35 MT for FY22E For FY20, NMDC's production volume was at 31.48 MT, down 3% YoY (32.36 MT for FY19) while sales volume was also at 31.51 MT, down 3% YoY (32.36 MT for FY19). Going forward, we model sales volume of 28 MT for FY21E (downward revised from 35 MT earlier). We also introduce FY22E sales volume estimate at 35 MT. April-May cumulative production down 31%, sales down 35% NMDC started FY21 on a subdued note. For April-May 2020, production...

Number of FII/FPI investors decreased from 667 to 651 in Mar 2025 qtr

NMDC Ltd.

02 Jun 2020

70.04

4.21%

Company Update - Global supply disruption to stay for long - Upgrade to Accumulate

Accumulate: NMDC Ltd.

Recommendation Target

Prabhudas Lilladhar

Global iron ore prices shot up by ~18% in last couple of months due to strong Change in Estimates | Target | Reco revival in Chinese steel production, low iron ore inventory and supply disruption in Brazil on account of Covid-19 virus spread. Based on our...

NMDC Ltd. is trading below its 200 day SMA of 70.8

NMDC Ltd.

09 May 2020

70.04

4.21%

Lower demand leads to sharp price cut

Buy: NMDC Ltd.

Target

Motilal Oswal

9 May 2020 According to industry sources, NMDC has sharply reduced prices for iron ore fines and lumps by INR400/t (~17%) starting 9 May20. volumes declined 49% YoY to 1.38mt amid weak demand, which has led to the company cutting prices for both fines and lumps by INR400/t (~17%). Thus, prices of NMDCs iron ore fines/lumps now stand at INR1,960/INR2,250 per ton. We believe iron ore prices would remain subdued in 1HFY21 due to weak demand as most steel plants are operating at lower utilizations. As a result, we have factored in an increase of INR350/t (~15%) for 2HFY21, implying ~10% higher prices in FY21E over current prices. Most secondary steel producers resumed operations in May20 and large steel players have also indicated higher utilizations for the month. As a result, we expect lower volume decline in May-Jun20 and factor in decline of ~35% YoY for 1QFY21.

NMDC Ltd. has an average target of 70.00 from 5 brokers.

NMDC Ltd.

07 Feb 2020

70.04

4.21%

NMDC Ltd

Hold: NMDC Ltd.

Target

ICICI Securities Limited

Maintains volume estimate for FY20E, revised for FY21E For 9MFY20, production volume was at 22.0 MT, up 1% YoY (21.8 MT for 9MFY19) while sales volume were at 22.9 MT, up 3% YoY (22.2 MT for 9MFY19). Going forward, we maintain our volume estimates for FY20E while we upward revise our volume estimate for FY21E. We model sales volume of 32 MT for FY20E, 35 MT for FY21E (upward revise from 32 MT earlier)....

Number of MF schemes decreased from 39 to 33 in Mar 2025 qtr

NMDC Ltd.

06 Feb 2020

70.04

4.21%

Miss led by lower-than-expected sales volumes

Buy: NMDC Ltd.

Target

Motilal Oswal

While we expect the recent price hikes to aid profitability, we remain conservative on prices heading into FY21. EBITDA was up 34% QoQ to INR15.7b on the back of higher production at 8.6mt (+71% QoQ) and higher sales volume at 8.4mt (+45% QoQ). Reported domestic realization declined INR313 QoQ to INR2,578/t on the back of price declines during the quarter. Subsequently, we expect domestic realizations to increase 25% Sustainability of these price hikes though would be dependent on sustained steel demand and the materialization of a disruption on the iron ore side post the lease expiry (which we have not built in). However, given the recent price hikes and shift to the lower tax rate, we raise our EBITDA est. We believe the companys steel plant would be valuable given the low-cost iron ore and economy of The Ministry of Mines has favorably amended the Mineral rules with regards to renewal of leases.

NMDC Ltd. is trading below its 200 day SMA of 70.8

Is NMDC Ltd. worth buying?

1495 Votes:

Buy 81.27%

Sell 9.9%

Hold 8.83%

RESEARCH REPORTS

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