Nmdc Steel Limited (NSLNISP)

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Nmdc Steel Limited (NSLNISP) · mywealthgrid

About

Ferrous metals player, ₹13,041 Cr cap. Latest quarter (Mar 2026): ₹3,879 Cr revenue, 20.77% OPM. Sharp recovery from four-quarter 2024–25 loss streak.

Face value: ₹10

Market cap

₹12,001 Cr

P/E

143.4×

P/B

0.9×

Dividend yield

ROE

0.4%

ROCE

3.3%

Debt / equity

0.35

OPM

11.1%

EPS (TTM)

₹0.3

Book value

₹45.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme margin swings: OPM fell to –30.95% (Dec 2024), recovered to 20.77% (Mar 2026) within 12 months. Verify what caused trough and whether recovery is structural or commodity-driven.
Earnings volatility: Four consecutive loss quarters (Jun 2024–Mar 2025), then profit (Mar 2026: ₹391.91 Cr). PE 222 prices steep growth on early-stage turnaround; sustainability unproven.
Commodity sensitivity: Depth of losses (–30.95% OPM) reflects raw-material and energy-cost exposure. Steel demand cyclical; verify margin holds if input costs spike.
Thin equity: ROE 0.45% despite ₹391.91 Cr profit suggests shallow equity base relative to earnings scale, limiting balance-sheet cushion.

Generated analysis · source review pending

Growth drivers

Revenue surge: ₹1,522 Cr (Sep 2024) → ₹3,879 Cr (Mar 2026), 155% in six quarters. Verify driver: volume growth, price realization, or capacity-driven.
Margin recovery: OPM from –30.95% (Dec 2024) to 20.77% (Mar 2026). If sustained, earnings scale with ₹3,879 Cr revenue base.
Net profit swing: –₹757.78 Cr loss (Dec 2024) to +₹391.91 Cr profit (Mar 2026). Verify gains structural or temporary commodity relief.
Stock momentum: +24% return (1y), price ₹44.5 near 52-week range (₹33.2–₹52.55). Assess if upside already priced in.

Generated analysis · source review pending

887 historical price candles were omitted because the exchange source has not been verified.

₹41.0-2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 64.8% over the last 3 years
+High promoter holding of 60.8% with no pledge

Cons

−Low return on equity of -8.6% (3-yr avg)
−Weak interest coverage of 1.2×
−Expensive at 143.4× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 21
Growth: 82
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jindal Steel LimitedJINDALSTELJINDALSTEL	₹1,12,262 Cr	₹1,34,300 Cr	₹56,413 Cr	₹9,314 Cr	18.2%	₹2,718 Cr	6.3%	9.2%	6.9%	1
Steel Authority Of India LimitedSAILSAIL	₹72,070 Cr	₹1,03,998 Cr	₹1,11,135 Cr	₹13,384 Cr	10.8%	₹4,272 Cr	3%	7.6%	5.7%	105
Jindal Stainless LimitedJSLJSL	₹60,404 Cr	₹67,745 Cr	₹44,026 Cr	₹5,645 Cr	13%	₹3,249 Cr	7.4%	19.6%	17.5%	42
Sarda Energy & Minerals LimitedSARDAENSARDAEN	₹17,435 Cr	₹20,030 Cr	₹5,665 Cr	₹1,824 Cr	31.4%	₹1,130 Cr	19.5%	17.3%	16.2%	96
Vedanta Iron And Steel LimitedVISLVISL	₹12,189 Cr	₹12,189 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—
Nmdc Steel LimitedNSLNISPNSLNISP	₹12,001 Cr	₹16,603 Cr	₹13,938 Cr	₹1,510 Cr	11.1%	₹84 Cr	0.4%	3.3%	0.4%	-83
Sandur Manganese & Iron Ores LimitedSANDUMASANDUMA	₹8,637 Cr	₹9,631 Cr	₹5,328 Cr	₹1,253 Cr	23.8%	₹719 Cr	12.9%	26.6%	22.4%	35
Jai Balaji Industries LimitedJAIBALAJIJAIBALAJI	₹5,631 Cr	₹6,189 Cr	₹5,786 Cr	₹522 Cr	13.7%	₹293 Cr	8.8%	40.2%	30.7%	73
Prakash Industries LimitedPRAKASHPRAKASH	₹2,126 Cr	—	₹0 Cr	—	—	₹386 Cr	—	—	—	—
Manaksia Steels LimitedMANAKSTEELMANAKSTEEL	₹713 Cr	₹862 Cr	₹1,241 Cr	₹99 Cr	6.8%	₹56 Cr	3.5%	22%	13%	62
Scan Steels LimitedSCANSTLSCANSTL	₹293 Cr	₹354 Cr	₹789 Cr	₹45 Cr	5.8%	₹22 Cr	2.7%	7.6%	5.2%	112
KIC Metaliks LtdKAJARIRKAJARIR	₹103 Cr	₹260 Cr	₹514 Cr	₹64 Cr	12.5%	₹39 Cr	7.5%	36%	27.6%	67

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,049	3,049	8,503	13,642
COGS	-626	3,220	7,537	8,892
Gross profit	—	-171	966	4,749
	—	1,266	2,754	3,231
	—	-1,437	-1,788	1,518
OPM %	—	-47.1%	-21%	11.1%
Depreciation	553	553	953	1,042
Interest	331	331	652	487
	119	119	72	86
Profit before tax	—	-2,201	-3,322	76
Tax	-650	-641	-948	17
Tax %	—	-29.1%	-28.5%	22.5%
PAT	-1,560	-1,560	-2,374	59
PAT margin %	-51.2%	-51.2%	-27.9%	0.4%
EPS (₹)	-5.3	-5.3	-8.1	0.2
EPS adjusted (₹)	-5.3	-5.3	-8.1	0.2
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	2,931	2,931	2,931	2,931
Reserves	14,118	12,558	10,184	10,243
	3,842	6,652	5,898	4,602
	4,678	7,228	9,458	10,462
Total equity & liabilities	25,568	29,368	28,470	28,237
	1,118	20,273	20,131	19,452
CWIP	19,545	1,215	717	570
Investments	0	0	0	0
	4,904	7,881	7,621	8,215
Total assets	25,568	29,368	28,470	28,237

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,516	-2,733	1,966	1,796
	-2,189	-690	-506	109
	1,293	2,808	-1,460	-1,902
Net cash flow	620	-614	0	2
Free cash flow	-639	-2,733	1,538	1,525
CFO / Operating profit %	—	—	—	118.3%

Compounded sales growth

7 years: —
5 years: —
3 years: 65%
1 year: 60%

Return on equity

7 years: —
5 years: —
3 years: -9%
Last year: 0%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	-5.6%	11.4%	34.8%
EBITDA margin %	—	-47.1%	-21%	11.1%
EBIT margin %	—	-65.3%	-32.2%	3.5%
PAT margin %	-51.2%	-51.2%	-27.9%	0.4%
Working capital
Receivable days	0	4	8	5
Inventory days	—	420	148	160
Payable days	—	284	234	248
NWC days	—	141	-77	-83
Leverage
Current ratio	1.23	0.99	0.59	0.53
Debt to EBITDA	—	—	—	3.03
Debt to equity	0.23	0.43	0.45	0.35
Interest coverage	-1.3	-5.7	-4.1	1.2
Asset turnover	0.12	0.1	0.3	0.48
Return ratios
Return on assets %	-6.1%	-5.3%	-8.3%	0.2%
Return on capital employed %	-1.9%	-8.2%	-13.1%	3.3%
Return on equity %	-9.2%	-10.1%	-18.1%	0.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%	60.79%
	3.94%	4.33%	4.64%	4.52%	4.56%	4.58%	4.6%	4.67%	5.13%	4.8%	4.85%	5.49%
	20.19%	19.12%	16.97%	16.22%	16.07%	16.02%	16.03%	15.9%	15.34%	15.68%	15.86%	15.78%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.08%	15.76%	17.6%	18.47%	18.58%	18.61%	18.58%	18.64%	18.74%	18.73%	18.5%	17.94%
No. of shareholders	—	—	—	—	—	—	—	—	7,61,194	7,40,214	7,21,360	7,11,902

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.38%

of the company's equity

All mutual funds

0.85%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

26 schemes · 8 fund houses

		Shares
Contra Fund	SBI Mutual Fund	26.06 L	12.04	0.03%	0.089%	-0
Comma Fund	SBI Mutual Fund	23 L	10.62	0.86%	0.078%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	18.36 L	8.48	0.24%	0.063%	+22,452
PSU EQUITY FUND	ICICI Prudential Mutual Fund	15.35 L	7.09	0.38%	0.052%	-0
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	9.33 L	4.31	0.24%	0.032%	+10,439
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	6.77 L	3.12	0.24%	0.023%	+6,142
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	4.12 L	1.9	0.24%	0.014%	+8,433
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	2.44 L	1.13	0.21%	0.008%	+121

1–8 of 26

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

48 announcementsExport CSV

30 Sept 2026, 5:11 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 3:11 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 7:42 pmAGM/EGM

Proceedings Of 11Th AGM Of NMDC Steel Limited Held On Monday, 28Th September, 2026.

AGM PDF

7 Sept 2026, 5:43 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

6 Sept 2026, 6:57 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

6 Sept 2026, 6:51 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

28 Aug 2026, 2:18 pmCompany Update

Clarification With Regard To 'Spurt In Volume'

General PDF

28 Aug 2026, 1:49 pmCompany Update

Clarification sought from NMDC Steel Ltd

Clarification

Date	Category	Subject	Filing
30 Sept 2026, 5:11 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 3:11 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	-5.6%	11.4%	34.8%
EBITDA margin %	—	-47.1%	-21%	11.1%
EBIT margin %	—	-65.3%	-32.2%	3.5%
PAT margin %	-51.2%	-51.2%	-27.9%	0.4%
Working capital
Receivable days	0	4	8	5
Inventory days	—	420	148	160
Payable days	—	284	234	248
NWC days	—	141	-77	-83
Leverage
Current ratio	1.23	0.99	0.59	0.53
Debt to EBITDA	—	—	—	3.03
Debt to equity	0.23	0.43	0.45	0.35
Interest coverage	-1.3	-5.7	-4.1	1.2
Asset turnover	0.12	0.1	0.3	0.48
Return ratios
Return on assets %	-6.1%	-5.3%	-8.3%	0.2%
Return on capital employed %	-1.9%	-8.2%	-13.1%	3.3%
Return on equity %	-9.2%	-10.1%	-18.1%	0.4%

1 deal · 15 Sept 2023 – 15 Sept 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	2,07,20,413	₹54.07	₹112.04 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Nmdc Steel Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Announcements

Quarterly record

Annual reports

Credit ratings

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1