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Operates a steel plant in Chhattisgarh, spun off from iron-ore miner NMDC to focus on integrated steel production.
Operates a steel plant in Chhattisgarh, spun off from iron-ore miner NMDC to focus on integrated steel production.
Sells steel into a market where prices follow the wider cycle, so earnings depend on the gap between steel prices and the cost of coking coal, which India imports. Iron ore comes from NMDC, the parent from which it was demerged, which helps secure one key input.
In one line: A newly independent Indian integrated steel producer.
Moat: none (installed base). New integrated steel plant with iron ore access from NMDC, but steel is a cyclical, competitive commodity.
Headquarters: Jagdalpur, India · Founded: 2022 · Employees: 2,780
Size NMDC Steel (NSLNISP.NS) is an India Materials company (Steel) with a market value of $1.23B, the 537th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹39.60 on 6 Nov 2026.
Performance Over six months the shares fell 10.5%, against -24.9% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 41.6% over the last twelve months (peer median -1.0%); the operating margin is 3.5% (peer median 1.4%).
Valuation It trades at 0.8× enterprise value to sales against a peer median of 1.3× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +42%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.6 points below its cost of capital (14.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹139B | ₹136B | ₹85.0B | ₹30.5B | ₹0 |
| Revenue growth | — | +60% | +179% | — | — |
| Gross profit | ₹36.3B | ₹23.1B | -₹12.2B | -₹12.8B | ₹0 |
| EBITDA | ₹15.1B | ₹16.0B | -₹17.5B | -₹14.3B | ₹0 |
| Net income | ₹837M | ₹587M | -₹23.7B | -₹15.6B | ₹0 |
| Free cash flow | n/a | ₹11.1B | ₹9.45B | -₹37.0B | -₹6.39B |
| Capital expenditure | n/a | ₹2.71B | ₹4.28B | ₹5.84B | ₹21.6B |
| Total debt | n/a | ₹46.1B | ₹59.1B | ₹66.6B | ₹38.4B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| NMDC Steel NSLNISP.NS | $1.23B | -10% | +42% | 3% | 0.8× | 20.8% |
| Steel Authority of India SAIL.NS | $7.49B | -8% | +9% | 8% | 0.9× | 11.0% |
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 1.0× | 8.7% |
| JSW Steel JSWSTEEL.NS | $35.1B | +6% | +14% | 13% | 1.9× | 21.1% |
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 | NSLNISP.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | -5.7% | 5th highest of 21 |
| 6-month return | -10.5% | -24.9% | 7th highest of 20 |
| Distance from 52-week high | -26.3% | -43.9% | 6th highest of 21 |
| Revenue growth (TTM) | +41.6% | -1.0% | highest of 19 |
| Operating margin | 3.5% | 1.4% | 6th highest of 19 |
| EV / Sales | 0.8× | 1.3× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.8% | 9.2% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +41.6% | +10.2% | highest of 8 |
| Hurdle (Req g minus delivered) | -20.7 pp | -5.0 pp | least demanding of 8 |
| ROIC minus cost of capital | -11.6 pp | -4.8 pp | 2nd lowest of 21 |
| EV / EBITDA | 7.7× | 8.6× | 2nd cheapest of 4 |
| Net debt / EBITDA | 2.5× | -1.3× | most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | 0.8× | 20.8% | +41.6% |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 1.5× | n/a | n/a |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | 0.8× | n/a | n/a |
| Gansu Jiu Steel Group Hongxing Iron & Steel 600307.SS | China | $1.25B | -25% | -6% | -5% | 1.3× | n/a | n/a |
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 1.3× | 15.4% | +10.2% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | 0.4× | n/a | n/a |
| Guizhou Aviation Technical Development 688239.SS | China | $1.19B | -39% | +23% | 12% | 4.0× | 17.7% | +25.0% |
| Liuzhou Iron & Steel 601003.SS | China | $1.28B | -29% | 0% | 1% | 0.7× | -0.3% | +4.7% |
| Yongjin Technology 603995.SS | China | $1.28B | +22% | +11% | 2% | 0.3× | n/a | n/a |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | 6.0× | n/a | n/a |
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 0.5× | n/a | n/a |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 2.0× | -1.6% | +11.7% |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | 0.8× | 0.3% | +6.0% |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 1.9× | n/a | n/a |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Gallantt Ispat GALLANTT.NS | India | $1.36B | -38% | +6% | 11% | 2.9× | 39.6% | +16.0% |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 1.3× | 9.2% | +1.2% |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 2.5× | n/a | n/a |
| Fangda Special Steel Technology 600507.SS | China | $1.38B | -32% | +8% | 3% | 0.6× | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | 0.6× | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |