Name: Latest research reports of NMDC Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: NMDC Ltd.
Rating: 5
Author: ICICI Securities Limited

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	30 Aug 2025	NMDC	Consensus Share Price Target	68.80	75.18	-	9.27	hold	pdf Detailed Estimates
	25 May 2023	NMDC	ICICI Securities Limited Reco Target	68.80	118.00	105.10 (-34.54%)	Target met	Buy	pdf post cache	Broker Report Aiming for volume growth ICICI Securities Limited NMDC’s Q4FY23 EBITDA was in line with our estimates, and 7% ahead of street estimates. Key highlights: 1) Best-ever production and sales volume; 2) Chhattisgarh segment comprised 68% of total sales volume (Q4FY22: 69%; Q3FY23: 70%); 3) EBITDA margin rebounded QoQ to 37%. pdf Copy Link Share on Share on Share on Share on Alert
	25 May 2023	NMDC	ICICI Direct Reco Target	68.80	115.00	104.30 (-34.04%)	Target met	Hold	pdf post cache	Broker Report NMDC Ltd ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	24 May 2023	NMDC	Sharekhan Target	68.80	125.00	106.50 (-35.40%)	Target met	Buy	pdf post cache	Broker Report NMDC Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	24 May 2023	NMDC	Motilal Oswal Target	68.80	135.00	105.10 (-34.54%)	Target met	Buy	pdf post cache	Broker Report Beat on revenue and EBITDA Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	23 Feb 2023	NMDC	Motilal Oswal Target	68.80	155.00	117.05 (-41.22%)	Target met	Buy	pdf post cache	Broker Report Iron ore prepping up for a rally; reiterate Buy Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	16 Feb 2023	NMDC	ICICI Direct Reco Target	68.80	140.00	121.55 (-43.40%)	Target met	Buy	pdf post cache	Broker Report NMDC Ltd ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	16 Feb 2023	NMDC	ICICI Securities Limited Reco Target	68.80	130.00	118.25 (-41.82%)	Target met	Accumulate	pdf post cache	Broker Report Q4 likely to be better; to gain from overall steel production growth ICICI Securities Limited 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%. pdf Copy Link Share on Share on Share on Share on Alert
	23 Dec 2022	NMDC	Motilal Oswal Reco Target	68.80	138.00	115.85 (-40.61%)	Target met	Buy	pdf post cache	Broker Report China opening to help iron ore; reiterate BUY Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	15 Nov 2022	NMDC	ICICI Securities Limited Reco Target	68.80	102.00	109.00 (-36.88%)	Pre-Bonus/ Split	Sell	pdf post cache	Broker Report Subdued earnings, murky outlook ICICI Securities Limited NMDC’s Q2FY23 EBITDA came below consensus estimates by 35%. Key highlights: 1) sharp decline in realisation through the quarter impacted earnings. pdf Copy Link Share on Share on Share on Share on Alert
	15 Nov 2022	NMDC	ICICI Direct Reco Target	68.80	115.00	109.00 (-36.88%)	Target met	Hold	pdf post cache	Broker Report NMDC Ltd ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
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NMDC Ltd. share price target

NMDC Ltd. has an average share price target of 82. The consensus estimate represents an upside of 19.19% from the last price of 68.80. View 8 reports from 4 analysts offering long-term price targets for NMDC Ltd..

Aiming for volume growth

NMDC Ltd

NMDC

Beat on revenue and EBITDA

Iron ore prepping up for a rally; reiterate Buy

NMDC Ltd

Q4 likely to be better; to gain from overall steel production growth

China opening to help iron ore; reiterate BUY

Subdued earnings, murky outlook

NMDC Ltd

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