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Swing Capital

NMDC Ltd

NSE: NMDC BSE: 526371Metal

NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.(Source : 202003 Annual Report Page No:119)

₹90.2
52W: ₹66.8 — ₹94.2
PE 11.5 · Book ₹36.8 · +145% vs book
Market Cap₹79,293 Cr
Stock P/E11.5Price to Earnings
ROCE30.3%Return on Capital
ROE24.4%Return on Equity
Div. Yield3.72%Face Value ₹1

Strengths

  • +Stock is providing a good dividend yield of 3.75%.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 24.0%
  • +Company has been maintaining a healthy dividend payout of 38.7%

Weaknesses

  • −Debtor days have increased from 89.8 to 119 days.

Shareholding Pattern

Promoters60.79%
FIIs13.6%
DIIs13.76%
Public11.84%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.79%60.79%60.79%60.79%60.79%60.79%60.79%60.79%
FIIs12.76%12.6%▼0.212.12%▼0.511.72%▼0.412.21%▲0.513.04%▲0.813.48%▲0.413.6%▲0.1
DIIs14.31%14.08%▼0.214.46%▲0.415.12%▲0.714.48%▼0.614.38%▼0.114.06%▼0.313.76%▼0.3
Public12.12%12.52%▲0.412.62%▲0.112.35%▼0.312.51%▲0.211.76%▼0.811.66%▼0.111.84%▲0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales4,0145,4106,4755,3784,8076,5316,9536,6346,2617,486
Expenses2,8213,3804,3393,0173,3664,1224,9054,1554,2575,337
Operating Profit1,1932,0302,1372,3611,4402,4092,0482,4792,0042,148
OPM %30%38%33%44%30%37%29%37%32%29%
Net Profit1,0281,4921,4621,9841,2691,9441,4961,9691,6941,738
EPS ₹1.171.71.662.261.442.211.72.241.931.98

AI Insights

Revenue Trend

TTM revenue at ₹27,334Cr, up 15.5% YoY. OPM at 32%.

Debt Position

Borrowings at ₹3,640Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹5,309Cr (110% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 13.76% (-4.24pp change). FIIs: 13.6% (+6.61pp change). Promoters hold 60.79%.

Margin & Efficiency

ROCE declining from 34% (Mar 2014) to 30% (Mar 2025). Working capital days: 56.

Valuation

PE 11.5x with 30.3% ROCE. Price is 145% above book value of ₹36.8. Dividend yield: 3.72%.

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