Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹12001 Cr.
Stock P/E
204.4
P/B
0.9
Current Price
₹41
Book Value
₹ 45.1
Face Value
10
52W High
₹53.7
52W Low
₹ 33.1
Dividend Yield
—

NMDC Steel Overview

Business

NMDC Steel Ltd. (NSLNISP) is an Indian company primarily engaged in the manufacturing and sale of various steel products. It was demerged from NMDC Ltd., a major iron ore producer, to specifically operate its integrated steel plant located in Nagarnar, Chhattisgarh. The company's core business model involves producing hot rolled (HR) coils, sheets, plates, and other value-added steel products, primarily targeting the domestic market. It makes money by selling these steel products to various industries including construction, infrastructure, automotive, and general engineering.

Revenue Mix

As a newly established standalone entity focused solely on steel production, NMDC Steel Ltd.'s revenue is primarily derived from the sale of steel products manufactured at its integrated Nagarnar plant. While specific sub-segments like flat products (HR Coils, plates) vs. long products or specific grades are part of its product portfolio, the company's core business and revenue are consolidated under the broad category of "Steel & Iron Products."

Industry

NMDC Steel Ltd. operates in the Indian steel industry, which is characterized by its cyclical nature, high capital intensity, and sensitivity to economic growth, infrastructure spending, and raw material prices. The industry is highly competitive, dominated by large players like Tata Steel, JSW Steel, and SAIL. NMDC Steel, with its modern 3 MTPA (million tonnes per annum) integrated steel plant at Nagarnar, positions itself as a new, significant player, particularly in the Central Indian market. Its historical linkage to NMDC Ltd. provides potential advantages in raw material sourcing (iron ore).

MOAT

NMDC Steel's primary potential competitive advantage lies in its cost structure. Being a new, integrated plant, it incorporates modern technology and processes that can lead to operational efficiencies. Crucially, its historical connection and geographical proximity to NMDC Ltd.'s iron ore mines in Chhattisgarh offer a significant advantage in terms of captive or preferred access to a key raw material (iron ore), which can help in cost control and reduce raw material price volatility relative to peers. The scale of its 3 MTPA plant also provides some economies of scale, though not yet comparable to the largest Indian steel producers. Brand and switching costs are generally low in the commodity steel market.

Growth Drivers

India's Infrastructure Push: Government investments in roads, railways, housing, and urban development will drive sustained demand for steel.

Capacity Utilization Ramp-up: The Nagarnar plant is relatively new; successfully achieving full capacity utilization and optimizing production will drive revenue and profitability.

Economic Growth & Urbanization: Growing industrial activity, manufacturing, and increasing urbanization will boost steel consumption across sectors.

Product Diversification: Potential to expand into more value-added steel products or downstream offerings to capture better margins.

Export Opportunities: Leveraging global demand for steel, subject to international price competitiveness and trade policies.

Risks

Cyclicality of Steel Industry: High exposure to economic downturns, which can lead to reduced demand and falling steel prices, impacting profitability.

Raw Material Price Volatility: Fluctuations in the prices of key inputs like iron ore, coking coal, and natural gas can significantly impact production costs.

Intense Competition: Strong competition from established domestic and international steel producers can limit pricing power.

Environmental & Regulatory Risks: Stricter environmental regulations and compliance costs, as well as changes in mining or trade policies.

High Capital Expenditure: Steel is a capital-intensive industry, requiring ongoing investments for maintenance, upgrades, and potential expansions, leading to debt.

Execution Risk: Successful ramp-up of the new plant to optimal capacity and efficient operations post-demerger is crucial.

Management & Ownership

NMDC Steel Ltd. was demerged from NMDC Ltd., a Public Sector Undertaking (PSU) under the Ministry of Steel, Government of India. Therefore, its promoter is effectively the Government of India, though NMDC Ltd. holds a significant stake post-demerger, with plans for strategic disinvestment. The management comprises experienced professionals, often drawn from the public sector or with relevant industry expertise, overseeing the operations of the integrated steel plant.

Outlook

NMDC Steel Ltd. represents a significant new capacity addition to the Indian steel sector, strategically located to leverage raw material advantages and serve a growing domestic market. The company is poised to benefit from India's robust economic growth, particularly the government's sustained focus on infrastructure development and manufacturing. However, its outlook is inherently tied to the cyclical nature of the global steel industry, which exposes it to price volatility for both its products and raw materials. While a modern plant and potential cost advantages from raw material linkages provide a strong foundation, the company faces intense competition from larger, more established players and must successfully navigate the operational and financial challenges of scaling up production and achieving consistent profitability as a newly independent entity.

NMDC Steel Share Price

Live · BSE / NSE · Inception: 2015
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

NMDC Steel Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1846 2023 1522 2120 2838 3365 3390 3008 3879 3662
Other Income 90 21 13 18 19 20 21 19 26 43
Total Income 1936 2044 1535 2138 2857 3385 3411 3026 3905 3705
Total Expenditure 2801 2424 1963 2776 3129 2958 3183 2910 3073 3262
Operating Profit -866 -380 -428 -638 -271 428 228 116 832 442
Interest 155 153 161 165 173 134 128 128 96 126
Depreciation 252 239 240 253 221 258 283 252 249 242
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -1273 -772 -829 -1056 -664 36 -183 -264 486 74
Provision for Tax -412 -225 -234 -299 -191 11 -68 -20 94 23
Profit After Tax -861 -547 -595 -758 -473 26 -115 -244 392 51
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -861 -547 -595 -758 -473 26 -115 -244 392 51
Adjusted Earnings Per Share -2.9 -1.9 -2 -2.6 -1.6 0.1 -0.4 -0.8 1.3 0.2

NMDC Steel Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 0 0 0 0 0 3049 8503 13642 13939
Other Income 0 0 0 0 0 119 72 86 109
Total Income 0 0 0 0 0 3168 8575 13728 14047
Total Expenditure 0 0 0 0 0 4486 10291 12124 12428
Operating Profit -0 -0 -0 0 0 -1318 -1717 1604 1618
Interest 0 0 0 0 0 331 652 487 478
Depreciation 0 0 0 0 0 553 953 1042 1026
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0
Profit Before Tax -0 -0 -0 0 0 -2201 -3322 76 113
Provision for Tax 0 0 0 0 0 -641 -948 17 29
Profit After Tax -0 -0 -0 0 0 -1560 -2374 59 84
Adjustments 0 0 0 0 0 0 0 0 0
Profit After Adjustments -0 -0 -0 0 0 -1560 -2374 59 84
Adjusted Earnings Per Share -1.8 -1.2 -1.2 0 0 -5.3 -8.1 0.2 0.3

NMDC Steel Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 0 0 0 17049 17049 15488 13114 13173
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 0 0 0 1668 3818 4261 3289 2842
Other Non-Current Liabilities 0 0 0 485 2502 1863 565 -1554
Total Current Liabilities 0 0 0 1302 2199 7116 9901 12195
Total Liabilities 0 0 0 20505 25568 28728 26869 26656
Fixed Assets 0 0 0 1132 1118 20273 20131 19452
Other Non-Current Assets 0 0 0 19280 19886 1389 887 745
Total Current Assets 0 0 0 93 4564 7066 5851 6459
Total Assets 0 0 0 20505 25568 28728 26869 26656

NMDC Steel Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 0 0 5 1 621 7 7
Cash Flow from Operating Activities -0 -0 -0 743 1535 -2825 1966 1796
Cash Flow from Investing Activities 0 0 0 -1891 -2207 -228 -506 109
Cash Flow from Financing Activities 0 0 0 1144 1293 2439 -1460 -1902
Net Cash Inflow / Outflow 0 -0 -0 -4 620 -614 0 2
Closing Cash & Cash Equivalent 0 0 0 1 621 7 7 9

NMDC Steel Ratios

# Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -1.81 -1.23 -1.21 0 0 -5.32 -8.1 0.2
CEPS(Rs) -1.81 -1.23 -1.21 0 0 -3.44 -4.85 3.76
DPS(Rs) 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 2.57 1.34 0.14 0 58.17 52.85 44.75 44.95
Core EBITDA Margin(%) 0 0 0 0 0 -47.12 -21.03 11.13
EBIT Margin(%) 0 0 0 0 0 -61.35 -31.4 4.12
Pre Tax Margin(%) 0 0 0 0 0 -72.19 -39.07 0.56
PAT Margin (%) 0 0 0 0 0 -51.18 -27.92 0.43
Cash Profit Margin (%) 0 0 0 0 0 -33.04 -16.71 8.07
ROA(%) -58.67 -49.04 -93.27 0 0 -5.75 -8.54 0.22
ROE(%) -70.4 -62.91 -163.16 0 0 -9.59 -16.6 0.45
ROCE(%) -69.98 -62.36 -161.69 0 0 -8.69 -12.98 3.06
Receivable days 0 0 0 0 0 4.43 5.03 5.04
Inventory Days 0 0 0 0 0 273.12 145.09 93.03
Payable days 0 0 0 0 0 164.18 177.59 223.2
PER(x) 0 0 0 0 0 0 0 165.62
Price/Book(x) 0 0 0 0 0.53 1.04 0.74 0.74
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0 0 0 0 0 7.2 1.74 0.99
EV/Core EBITDA(x) -3.85 -6.61 -7.83 0 0 -16.67 -8.6 8.43
Net Sales Growth(%) 0 0 0 0 0 0 178.88 60.43
EBIT Growth(%) 0 32.21 2.11 100 0 0 -42.74 121.07
PAT Growth(%) 0 32.02 2.09 100 0 0 -52.13 102.47
EPS Growth(%) 0 32.02 2.1 100 0 0 -52.14 102.47
Debt/Equity(x) 0 0 0 0.12 0.23 0.43 0.45 0.35
Current Ratio(x) 6 3.26 1.26 0.07 2.07 0.99 0.59 0.53
Quick Ratio(x) 6 3.26 1.26 0.04 1.68 0.47 0.28 0.21
Interest Cover(x) -166.42 -112.81 -110.43 0 0 -5.66 -4.1 1.16
Total Debt/Mcap(x) 0 0 0 0 0.42 0.41 0.6 0.47

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +60% — — —
Operating Profit CAGR — — — —
PAT CAGR — — — —
Share Price CAGR -13% -7% — —
ROE Average 0% -9% -5% -40%
ROCE Average +3% -6% -4% -39%

NMDC Steel Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 60.79 %
FII 5.49 %
DII (MF + Insurance) 15.77 %
Public (retail) 17.95 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 60.7960.7960.7960.7960.7960.7960.7960.7960.7960.79
FII 4.644.524.564.584.64.675.134.84.855.49
DII 16.9616.2116.0716.0216.0315.8915.3315.6715.8515.77
Public 17.618.4718.5818.6118.5818.6518.7518.7318.517.95
Others 0000000000
Total 100100100100100100100100100100

NMDC Steel Peer Comparison

Steel & Iron Products Edit Columns

NMDC Steel Quarterly Price

10-year quarterly close · BSE
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News & Updates

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NMDC Steel Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of -9% over the last 3 years.
  • Debtor days have increased from 177.59 to 223.2days.
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