NMDC Ltd. share price target

income for the quarter came in at 6,378 crore (up 30% YoY) with iron ore sales volume of 10.7 million tonne (up 10% YoY). Reported EBITDA stood at 1,993 crore with corresponding EBITDA/tonne was at 1,857/tonne in Q2FY26 vs....

2QFY26 revenue stood at INR63.8b (vs. our est. of INR60.2b), up 30% YoY but down 5% QoQ, primarily affected by muted volumes.

NMDC Ltd (National Mineral Development Corporation) is India's largest iron ore producer and exporter. It operates key mines in Chhattisgarh and Karnataka and has a strategic presence in minerals like diamonds and base metals. It plays a critical role in supplying raw material to the domestic steel industry....

Revenue stood in line with our estimate at INR67.4b, rising 25% YoY but declining 4% QoQ. Muted volumes QoQ were offset by healthy NSR.

aided NMDC to deliver an EBITDA/t of Rs2,152. NMDC reported a strong Q1FY26 operating performance, driven by robust volume growth and better-than-expected pricing. Volumes grew 14% YoY supported by strong domestic steel demand supported by increased GoI spending and a lower base (volumes impacted by strike). Realizations rose 7.4% QoQ, led by price hikes undertaken for lump and fines from May'25. Moderate increase in employee cost and lower ramp up of KIOCL pellet plant...

Revenue stood in line with our estimate at INR70b, up 8% YoY and 7% QoQ, primarily driven by healthy volumes and NSR growth.

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates. Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q. Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q.

In 2QFY25, NMDC reported production volume of 8.3mt, down 10% QoQ and 6% YoY, totaling 17.5mt for 1HFY25 (down 11% YoY).

Consolidated PAT at Rs. 1,971 crore was up 19% y-o-y and led by a beat in EBITDA margins due to decrease in royalty payments.

Revenue was in line with our estimate at INR54b, flat YoY/down 17% QoQ. The QoQ decline was primarily due to weak volumes.