NSLNISP

NMDC Steel Limited

Integrated steel producer operating Nagarnar steel plant

Commodities›Metals & Mining›Ferrous Metals›Iron & Steel

nmdc.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹40.24
Market cap
11,793 Cr
Stock P/E
140.9
P/B
0.89
ROE (FY26)
0.4%
ROCE (FY26)
3.2%
Operating margin (FY26)
3.5%
Debt / equity (FY26)
0.35
OCF / EBITDA (FY26)
118.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

NMDC Steel (NSL) manufactures iron and steel products at its integrated steel plant at Nagarnar in Bastar district, Chhattisgarh, a unit that was demerged from NMDC Limited.

Company snapshot

7thBy market cap

Ranked among 13 companies in Iron & Steel.

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
Concerns
  • ✗Net margin is very thin at 0.4% — little room for error if costs rise.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales277 Cr926 Cr1,846 Cr2,023 Cr1,522 Cr2,120 Cr2,838 Cr3,365 Cr3,390 Cr3,008 Cr3,879 Cr3,662 Cr
Operating expenses (approx.)350 Cr1,335 Cr2,801 Cr2,424 Cr1,963 Cr2,776 Cr3,129 Cr2,958 Cr3,183 Cr2,910 Cr3,073 Cr3,262 Cr
EBITDA-72 Cr-409 Cr-956 Cr-401 Cr-441 Cr-656 Cr-291 Cr408 Cr207 Cr98 Cr806 Cr400 Cr
OPM %-26.0%-44.2%-51.8%-19.8%-28.9%-31.0%-10.2%12.1%6.1%3.2%20.8%10.9%
Other income13 Cr16 Cr90 Cr21 Cr13 Cr18 Cr19 Cr20 Cr21 Cr19 Cr26 Cr43 Cr
Interest41 Cr134 Cr155 Cr153 Cr161 Cr165 Cr173 Cr134 Cr128 Cr128 Cr96 Cr126 Cr
Depreciation75 Cr226 Cr252 Cr239 Cr240 Cr253 Cr221 Cr258 Cr283 Cr252 Cr249 Cr242 Cr
Profit before tax-175 Cr-753 Cr-1,273 Cr-772 Cr-829 Cr-1,056 Cr-664 Cr36 Cr-183 Cr-264 Cr486 Cr74 Cr
Tax %24.9%24.5%32.4%29.1%28.2%28.3%28.7%29.3%37.2%7.5%19.4%31.7%
Net profit-131 Cr-568 Cr-861 Cr-547 Cr-595 Cr-758 Cr-473 Cr26 Cr-115 Cr-244 Cr392 Cr51 Cr
EPS (₹)₹-0.45₹-1.94₹-2.94₹-1.87₹-2.03₹-2.59₹-1.62₹0.09₹-0.39₹-0.83₹1.34₹0.19

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026TTM
Sales0 Cr3,049 Cr8,503 Cr13,642 CrSign in free for the trailing twelve months
Operating expenses (approx.)0 Cr4,486 Cr10,291 Cr12,124 CrSign in free for the trailing twelve months
EBITDA0 Cr-1,437 Cr-1,788 Cr1,518 CrSign in free for the trailing twelve months
OPM %—-47.1%-21.0%11.1%Sign in free for the trailing twelve months
Other income0 Cr119 Cr72 Cr86 CrSign in free for the trailing twelve months
Interest0 Cr331 Cr652 Cr487 CrSign in free for the trailing twelve months
Depreciation0 Cr553 Cr953 Cr1,042 CrSign in free for the trailing twelve months
Profit before tax0 Cr-2,201 Cr-3,322 Cr76 CrSign in free for the trailing twelve months
Tax %—29.1%28.5%22.5%Sign in free for the trailing twelve months
Net profit0 Cr-1,560 Cr-2,374 Cr59 CrSign in free for the trailing twelve months
EPS (₹)₹0.00₹-5.32₹-8.10₹0.20Sign in free for the trailing twelve months
Dividend payout %———0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2023Mar 2024Mar 2025Mar 2026
Equity capital2,931 Cr2,931 Cr2,931 Cr2,931 Cr
Reserves14,118 Cr12,558 Cr10,184 Cr10,243 Cr
Borrowings3,842 Cr6,652 Cr5,898 Cr4,602 Cr
Other liabilities4,678 Cr7,228 Cr9,458 Cr10,462 Cr
Total liabilities25,568 Cr29,368 Cr28,470 Cr28,237 Cr
Fixed assets (net)1,118 Cr20,230 Cr20,127 Cr19,448 Cr
CWIP19,545 Cr1,215 Cr717 Cr570 Cr
Investments0 Cr0 Cr0 Cr0 Cr
Inventories860 Cr3,703 Cr3,057 Cr3,897 Cr
Trade receivables0 Cr37 Cr197 Cr179 Cr
Cash & bank621 Cr7 Cr7 Cr9 Cr
Other assets3,424 Cr4,176 Cr4,365 Cr4,133 Cr
Total assets25,568 Cr29,368 Cr28,470 Cr28,237 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity1,516 Cr-2,733 Cr1,966 Cr1,796 Cr
Cash from investing-2,189 Cr-690 Cr-506 Cr109 Cr
Cash from financing1,293 Cr2,808 Cr-1,460 Cr-1,902 Cr
Net cash flow620 Cr-614 Cr0.39 Cr2 Cr
Free cash flow (OCF − Capex)-639 Cr-2,733 Cr1,538 Cr1,525 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025Mar 2026
ROCE %0.0%-8.4%-14.0%3.2%
ROE %0.0%-10.1%-18.1%0.4%
Debtor days—485
Inventory days—351153165
Days payable—238242256
Cash conversion cycle—118-81-86
OCF / EBITDA %———118.3%
Debt / equity0.230.430.450.35
Current ratio1.230.990.590.53
Net debt / EBITDA———3.03