NMDC Ltd. share price target

NMDC’s reported revenue came in line with our estimate at INR68b, remaining flat YoY but declining 19% QoQ, as muted sequential volumes were offset by better NSR during the quarter.

We remain constructive on NMDC, the India's largest iron ore producer (~16% market share), as it is uniquely positioned to benefit from India's multi-year steel capacity expansion targets.

NMDC remains well-positioned for a healthy growth trajectory, supported by its ambitious 100 MT of iron ore production by FY30. However, nearterm challenges such as range-bound iron ore prices, elevated capex spends in the near term and uncertainty on additional mining taxes continue to act as key overhangs. With this, we maintain our HOLD rating...

NMDC reported inline Q4FY26 performance led by sharp recovery in volumes and higher contribution from NSL trading business. Cons. revenue grew 62% YoY driven by 21% YoY growth in iron ore sales volumes to 15.3mt. NSR remained strong on improved premiums and minor hikes taken during the quarter. NMDC sold higher quantities of HRC to support NSL which is not going to continue. Management maintained FY27E iron ore production guidance at 60mt and reiterated its long-term target of achieving 100mt capacity by 2030, supported by ramp-up of Deposit-4, Deposit-13 and EC extension across existing mines. Capex guidance for FY27 stands at ~INR60bn, while...

NMDC Limited is witnessing a constructive setup on the weekly timeframe and is on the verge of a consolidation breakout. The price action continues to hold firm within a broad range, indicating steady accumulation. Despite intermittent volatility, the structure remains intact with higher base formation,...

NMDC’s reported consol. revenue stood at INR113b, driven by third-party value-added sales of INR30b in 4QFY26.

Low per capita steel consumption provides significant growth potential: Despite being the world's 2nd largest steel consumer, India's per capita consumption of ~103 kg lags significantly behind the ~215 kg of global average. To address this disparity, the government aims to raise per capita steel consumption to 160 kg by 2030-31 and targeting a crude steel production capacity of 300 MT. This, in turn, is expected to drive iron ore demand to ~430 MT. Leveraging sixty years of expertise in iron ore mining, NMDC is poised to lead this long-term structural market expansion....

We have downgraded our ratings to Hold' from Accumulate' with a revised TP of Rs87 (earlier Rs91) valuing it at multiple of 5x EV of Sep'27E EBITDA due to lower price and volume assumptions. NMDC reported weak Q3FY26 operating performance, driven by lower NSR following the price cuts undertaken in Oct'25 and lower premiums received over ore pricing. Volumes grew just 6% YoY to 12.7 mt, with growth constrained by an extended monsoon and increased imports by steel companies. Average realizations declined 4.7% QoQ due to price cuts in both lumps (-Rs550/t) and fines (-Rs500/t). Blended...

3QFY26 revenue stood at INR76.1b (vs. our est. of INR71.1b), rising 16% YoY and 19% QoQ, primarily driven by improved volumes and better NSR. Iron ore production stood at 14.7mt (+11% YoY and +44% QoQ), while sales came in at 12.7mt (+6% YoY and +19% QoQ).

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....

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).