NMDC (526371) Q4 25/26 earnings summary

Executive summary

• Achieved record iron ore production exceeding 53 million tons in FY 2026, with sales revenue reaching INR 31,553.70 crore and PAT up 11% year-over-year, marking a watershed moment for operational momentum.

• Board approved audited standalone and consolidated results for FY 2025-26, recommending a total dividend of ₹3.50 per share.

• Diversified into coal and rare earths, opening new mines in Jharkhand and Bailadila after 50 years, and established a subsidiary for rare earths and critical minerals.

• Positioned for Maharatna status, fulfilling all requirements.

Financial highlights

• Full-year FY26 revenue from operations was ₹31,553.70 crore, up 33% year-over-year, with PAT at ₹7,421.24 crore, up 11% year-over-year.

• EBITDA margin declined from 42% to 33% due to one-time steel trading; iron ore business standalone EBITDA remains at 42%.

• CapEx for FY 2026 was INR 3,300 crore, an all-time high excluding land acquisition.

• CapEx guidance for FY 2027 is INR 6,000 crore, with INR 7,000–10,000 crore annually for the next 2–3 years to support expansion.

• Q4 FY26 revenue from operations reached ₹11,173 crore, up 61% year-over-year.

Outlook and guidance

• FY 2027 production guidance set at 60 million tons, with incremental volumes from new and existing deposits.

• CapEx of INR 40,000–50,000 crore planned over next three years to reach 100 million tons capacity.

• No immediate plans for leveraging; CapEx and acquisitions to be funded through internal resources unless large global acquisitions materialize.

• Management remains confident in the recoverability of significant receivables from NMDC Steel Limited and Rashtriya Ispat Nigam Limited, supported by government revival plans.