NMDC (526371) Q4 24/25 earnings summary

Executive summary

• Achieved 19% year-over-year growth in PAT and 16% growth in PBT after exceptional items for FY 2024, despite 43-44 days of lost production due to industrial issues.

• Achieved record quarterly revenue of ₹6,953 crore in Q4 FY25, up 7% year-over-year, and full-year revenue rose 11% to ₹23,668 crore.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2025 were approved, with unmodified audit opinions from statutory auditors.

• Set an ambitious target to double capacity from 50 million tons to 100 million tons over the next four to five years.

• Board recommended a final dividend of ₹1 per share, in addition to an interim dividend of ₹2.30 per share, totaling ₹3.30 per share for FY 2024-25.

Financial highlights

• CapEx reached a record INR 3,700 crores in FY 2024, with plans for even higher CapEx in coming years.

• Standalone revenue from operations for FY 2024-25 was ₹23,668.32 crore, up from ₹21,293.81 crore year-over-year.

• Standalone net profit for FY 2024-25 was ₹6,692.60 crore, compared to ₹5,631.89 crore in FY 2023-24.

• Q4 EBITDA stood at ₹2,538 crore (37% margin), nearly flat year-over-year; full-year EBITDA rose 13% to ₹9,847 crore (42% margin).

• Receivables increased sharply to INR 7,800 crores, mainly due to RINL and NSL, but both accounts are now actively being liquidated.

Outlook and guidance

• FY 2025 is positioned as a transformational year, with new mines and international asset acquisitions planned.

• Targeting 55.4 million tons in production and sales for FY 2026, representing a 10% growth over the notional achievable in FY 2025.

• CapEx guidance for FY 2026 is around INR 4,000 crores, with a ramp-up to over INR 10,000 crores annually by FY 2028 as major projects commence.

• Management expressed confidence in the recoverability of significant receivables from NMDC Steel Limited and Rashtriya Ispat Nigam Limited, supported by government revival plans and operational improvements.

• Ongoing legal and regulatory matters, including potential tax liabilities and penalties, are being actively managed, with contingent liabilities disclosed.