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, despite losing 43-44 days of 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 few years, with FY 2025 as a foundational year.

• Opened a Dubai office to facilitate international asset acquisitions, especially in Africa.

Financial highlights

• CapEx reached an all-time high of 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.

• Receivables increased sharply to INR 7,800 crores, mainly due to RINL and NSL, both of which have started repayments and are expected to liquidate outstanding balances by year-end.

Outlook and guidance

• 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 significant ramp-up expected in FY 2027-28 as major projects move into execution.

• No immediate plans for debt; most CapEx expected to be internally financed, with a decision on leveraging balance sheet for international expansion to be made in 1–1.5 years.

• 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.

• Forward-looking statements indicate expectations of continued operational and financial strength, but actual results may vary due to market and industry risks.