Loading…
India's largest state-owned iron-ore miner, supplying ore to domestic steelmakers.
India's largest state-owned iron-ore miner, supplying ore to domestic steelmakers.
Sells ore to domestic steelmakers at prices it announces and revises, which the market watches as a benchmark, and exports a smaller part. The Indian government is the majority owner, and mining rights are held under state leases. Most output comes from Bailadila in Chhattisgarh.
In one line: India's Cleveland-Cliffs for iron ore.
Moat: narrow (scale, regulatory licence, cost advantage). Large, low-cost captive iron-ore reserves under government mining leases are hard for rivals to replicate.
Headquarters: Hyderabad, India · Founded: 1958 · Employees: 10,700
Size NMDC (NMDC.NS) is an India Materials company (Other Metals/Minerals) with a market value of $6.55B, the 173rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹70.40 on 6 Nov 2026.
Performance Over six months the shares fell 21.9%, against -17.3% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 27.3% over the last twelve months (peer median +31.6%); the operating margin is 27.3% (peer median 17.3%).
Valuation It trades at 7.4× forward earnings against a peer median of 13.8× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points above its cost of capital (13.7% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹321B | ₹321B | ₹239B | ₹213B | ₹177B |
| Revenue growth | — | +34% | +12% | +21% | — |
| Gross profit | ₹132B | ₹117B | ₹103B | ₹90.8B | ₹74.2B |
| EBITDA | ₹92.5B | ₹95.7B | ₹84.2B | ₹76.4B | ₹64.1B |
| Net income | ₹74.6B | ₹74.5B | ₹65.4B | ₹55.8B | ₹56.0B |
| Free cash flow | n/a | ₹25.8B | -₹3.24B | ₹64.4B | ₹10.7B |
| Capital expenditure | n/a | ₹31.7B | ₹32.3B | ₹18.5B | ₹12.5B |
| Total debt | n/a | ₹64.1B | ₹42.8B | ₹33.6B | ₹21.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NMDC NMDC.NS | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% |
| Vedanta VEDL.NS | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% |
| Steel Authority of India SAIL.NS | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NMDC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -13.5% | 4th highest of 21 |
| 6-month return | -21.9% | -17.3% | 9th lowest of 21 |
| Distance from 52-week high | -27.8% | -44.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +27.3% | +31.6% | 8th lowest of 20 |
| Operating margin | 27.3% | 17.3% | 10th highest of 20 |
| Forward P/E | 7.4× | 13.8× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 5.2% | 4.3% | 6th most demanding of 13 |
| Growth delivered (Del g) | +15.8% | +17.0% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -10.6 pp | -16.6 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +5.5 pp | +5.1 pp | 11th highest of 21 |
| EV / EBITDA | 6.7× | 7.3× | 4th cheapest of 10 |
| Net debt / EBITDA | -0.5× | -0.4× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |