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Latest filing: 2026-08-21 12:04
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CRISIL Upgrades NMDC Steel's Long-Term Rating to 'CRISIL A/Stable' on Rs 4,500 Cr Facilities
CRISIL Ratings has upgraded NMDC Steel Limited's long-term bank loan rating from 'CRISIL BBB+/Stable' to 'CRISIL A/Stable'. The upgraded facilities cover Rs 4,500 crore, which constitutes approximately 97.5% of the company's total debt (Rs 4,613 crore). The upgrade reflects improving operational stability and credit profile following the ongoing ramp-up at its 3 MTPA Nagarnar facility. This revision is expected to lower interest costs and enhance financial flexibility for the company.
Confidence: HIGH
What changedCRISIL upgraded NMDC Steel's long-term bank facility credit rating by one notch to 'CRISIL A/Stable' from 'CRISIL BBB+/Stable'.
Why it mattersCovers nearly the entire debt book (Rs 4,500 crore out of Rs 4,613 crore), which should lower refinancing risks and interest expenses as the company ramps up production.
Rated bank loan facilities: Rs 4,500 croreRated debt vs Total debt: ~97.5%New credit rating: CRISIL A / StablePrevious credit rating: CRISIL BBB+ / Stable
📅 Short termPositive sentiment impact as the credit rating upgrade confirms improving financial health and plant stabilization.
📈 Long termStrengthens long-term balance sheet health, improves credit terms with lenders, and aids the operational turnaround of the 3 MTPA steel plant.
⚠ Risk flags
- Exposure to global steel price cyclicality
- Raw material price volatility for imported coking coal
- Ongoing timeline uncertainties regarding government stake divestment
Key Highlights
Long-term bank loan facility rating upgraded from 'CRISIL BBB+/Stable' to 'CRISIL A/Stable'
Total bank loan facilities reviewed and rated amount to Rs 4,500 crore
Rated facilities cover ~97.5% of the company's total debt of Rs 4,613 crore
CRISIL review letter dated August 20, 2026, communicated on August 21, 2026
👀 What to Watch
Track the reduction in effective borrowing costs in upcoming quarters and monitor plant capacity utilization targets (>80%) along with sustained EBITDA turnaround.
Q1 PAT Jumps 97.6% YoY to ₹50.51 Cr; Revenue Up 8.8% to ₹3,661.84 Cr
NMDC Steel reported its financial results for the quarter ended June 30, 2026, posting revenue from operations of ₹3,661.84 crore, up 8.8% YoY compared to ₹3,365.22 crore in Q1 FY26. Net profit rose 97.6% YoY to ₹50.51 crore from ₹25.56 crore in the corresponding prior-year quarter, though it declined sequentially from ₹391.91 crore in Q4 FY26. Total borrowings stood at ₹5,056.15 crore with a debt-to-equity ratio of 0.38x. The company repaid ₹1,298.54 crore of its SBI term loan, leaving an outstanding balance of ₹3,177.27 crore. The strategic disinvestment of the Government of India's 50.79% stake remains in progress.
Confidence: HIGH
What changedNMDC Steel announced Q1 FY27 results showing continued operational profitability with net profit increasing to ₹50.51 crore compared to ₹25.56 crore in Q1 FY26.
Why it mattersDemonstrates sustained turnaround into net profitability as operations stabilize post-demerger, supporting cash flows to service term debt.
Revenue from Operations: ₹3,661.84 crNet Profit: ₹50.51 crTotal Borrowings: ₹5,056.15 crOutstanding Term Loan: ₹3,177.27 crNet Worth: ₹13,228.35 cr
📅 Short termStable performance showing sustained YoY profit growth, though sequential moderation from Q4 FY26 profitability may keep market sentiment balanced.
📈 Long termLong-term value creation hinges on achieving sustained >80% capacity utilization, higher finished steel product mix, and clarity on the government's strategic disinvestment timeline.
⚠ Risk flags
- Cyclical steel pricing and raw material cost volatility (coking coal imports)
- Pending execution of equitable mortgage of land under term loan terms
- Disputed GST ITC litigation of ₹56.40 crore pending before High Court
Key Highlights
Revenue from operations increased 8.8% YoY to ₹3,661.84 crore in Q1 FY27 vs ₹3,365.22 crore in Q1 FY26
Net profit grew 97.6% YoY to ₹50.51 crore (EPS ₹0.19) vs ₹25.56 crore (EPS ₹0.09) in Q1 FY26
Total borrowings stood at ₹5,056.15 crore with net worth at ₹13,228.35 crore (D/E ratio of 0.38x)
SBI term loan reduced to ₹3,177.27 crore after scheduled repayments of ₹1,298.54 crore with applicable interest rate at 8.40% p.a.
👀 What to Watch
Track plant capacity ramp-up and finished steel realisations in upcoming quarters, along with updates on the Government's 50.79% strategic disinvestment process.
NMDC Steel Appoints Vivek Nishant Nath as Director (Commercial) Effective July 15, 2026
NMDC Steel has appointed Mr. Vivek Nishant Nath as Director (Commercial) for a five-year term starting July 15, 2026. Mr. Nath brings over 30 years of experience, including a significant tenure at Odisha Mining Corporation where he oversaw iron ore sales growth from 12.33 million tonnes in FY21 to 38.26 million tonnes in FY26. This appointment is strategic as the company seeks to ramp up capacity utilization from 50% to over 80% at its 3 MTPA Nagarnar plant to reverse its TTM net loss of Rs 2,135 crore.
Confidence: HIGH
What changedThe company has appointed a dedicated Director (Commercial), moving away from the previous arrangement where the Director (Technical) held additional charge of the commercial portfolio.
Why it mattersFor a greenfield steel plant with high debt and negative margins, specialized commercial leadership is critical to optimizing the supply chain, improving realizations, and achieving the targeted 80%+ capacity utilization.
Appointment Term: 5 yearsOMC Sales Growth (Nath's tenure): 12.33 MT to 38.26 MTInstalled Capacity: 3.0 MTPATTM Net Profit: Rs -2135 CrTarget Capacity Utilization: >80%
📅 Short termThe appointment provides leadership stability and is likely to be viewed positively by the market as the company prepares for its FY2026 operational targets.
📈 Long termStructural significance is high as the company needs to transition from a loss-making PSU to a profitable entity ahead of the Government of India's planned 50.79% stake divestment.
⚠ Risk flags
- Execution risk in ramping up greenfield operations
- High debt-to-equity ratio relative to current negative cash flows
Key Highlights
Appointment of Mr. Vivek Nishant Nath as Director (Commercial) for a 5-year term starting July 15, 2026
Mr. Nath previously led sales growth at Odisha Mining Corporation from 12.33 MT to 38.26 MT over five years
Company aims to increase capacity utilization from 50% to over 80% to reach a projected Rs 1,340 crore operating profit in FY2026
NMDC Steel currently carries a debt of Rs 4,613 crore with a TTM net loss of Rs 2,135 crore
Focus remains on stabilizing the 3.0 MTPA greenfield facility at Nagarnar
👀 What to Watch
Monitor the company's quarterly sales mix and realizations to see if the new commercial leadership can successfully shift output from low-margin semis to high-value Hot Rolled Coils.
NMDC Steel Reports Turnaround with ₹58.72 Cr FY26 Profit; Revenue Surges 60% YoY
NMDC Steel Limited has successfully turned profitable in FY26, reporting a net profit of ₹58.72 crore compared to a massive loss of ₹2,373.78 crore in FY25. Total revenue for the year grew by 60.4% to reach ₹13,641.81 crore, with the final quarter contributing a strong ₹3,879 crore. The company also improved its financial health by reducing total borrowings from ₹5,897.64 crore to ₹4,601.94 crore. However, the statutory auditor highlighted a regulatory non-compliance regarding the insufficient number of independent directors on the board.
Key Highlights
Annual net profit of ₹58.72 crore in FY26 vs a loss of ₹2,373.78 crore in FY25
Revenue from operations jumped 60.4% YoY to ₹13,641.81 crore
Q4 FY26 profit stood at ₹391.91 crore compared to a loss of ₹473.39 crore in Q4 FY25
Total borrowings decreased by approximately ₹1,295 crore to ₹4,601.94 crore
Debt-Equity ratio improved to 0.35 from 0.45 in the previous year
👀 What to Watch
The turnaround to profitability and significant debt reduction are strong positive signals; investors should maintain their positions while monitoring operational ramp-up. Keep an eye on the appointment of independent directors to resolve the highlighted regulatory non-compliance.
NMDC Steel Q3 FY26 Revenue at ₹3,007.7 Cr; Net Loss Widens to ₹244 Cr
NMDC Steel reported a revenue of ₹3,007.69 crore for the quarter ended December 31, 2025, showing a sequential decline from ₹3,389.90 crore in the previous quarter. The company's net loss widened to ₹243.97 crore in Q3 FY26, compared to a loss of ₹114.78 crore in Q2 FY26. Despite the operational losses, the company has significantly reduced its debt burden, with total borrowings falling to ₹4,802.62 crore from ₹6,376.97 crore year-on-year. Additionally, the company successfully negotiated a lower interest rate of 8.45% on its term loans, down from a peak of 12.45%.
Key Highlights
Revenue from operations for Q3 FY26 stood at ₹3,007.69 crore, an 11.3% decline on a quarter-on-quarter basis.
Net loss for the quarter widened to ₹243.97 crore from ₹114.78 crore in the preceding quarter.
Total borrowings reduced to ₹4,802.62 crore as of December 2025, following the full repayment of ₹523.80 crore in NCDs.
Interest rate on Rupee Term Loans was successfully reset to 8.45% p.a. effective October 2025, providing significant interest cost relief.
Debt-to-equity ratio improved to 0.38 compared to 0.47 in the same period last year.
👀 What to Watch
Investors should remain cautious as the company continues to report losses despite a ramp-up in operations. However, the significant reduction in debt and lower interest costs are positive structural developments to watch for long-term turnaround.
NMDC Steel Appoints Anurag Kapil as Director (Finance) and CFO; K Raj Shekhar Steps Down
NMDC Steel Limited has announced a formal transition in its financial leadership effective March 31, 2026. Shri Anurag Kapil (DIN: 06640383) has been appointed as the Director (Finance) and will assume the role of Chief Financial Officer. This follows the cessation of Shri K. Raj Shekhar, who was serving as the interim CFO and General Manager (Finance) since May 2025. The move completes the planned appointment of a permanent Whole Time Director for the finance function.
Key Highlights
Shri Anurag Kapil appointed as Director (Finance) and CFO effective March 31, 2026.
Shri K. Raj Shekhar ceases to be the CFO after serving in an interim capacity since May 27, 2025.
The transition is part of a planned management succession previously communicated to the exchanges.
The appointment ensures the company has a permanent Whole Time Director and Key Managerial Person (KMP) in place.
👀 What to Watch
This is a routine management transition and should be viewed as a positive step toward corporate governance stability. No immediate action is required, but investors may watch for any shifts in financial strategy under the new CFO.
NMDC Steel Appoints Anurag Kapil as Director (Finance) for 5-Year Term
NMDC Steel Limited has appointed Shri Anurag Kapil as Director (Finance) effective March 31, 2026, for a five-year tenure. Kapil, an IRAS officer of the 1998 batch, brings 26 years of extensive experience in financial management and strategic planning within the Indian Railways and various CPSUs. His previous roles include Executive Director Finance at the Railway Board and additional charge as Director (Finance) at CONCOR, where he contributed to record revenue and PAT growth. This appointment fills a critical leadership role as the company stabilizes its operations.
Key Highlights
Appointment of Shri Anurag Kapil as Director (Finance) for a 5-year term starting March 31, 2026.
Appointee is a 1998 batch IRAS officer with 26 years of experience in Indian Railways and CPSUs.
Previously served as ED Finance (Expenditure) at Railway Board and held additional charge as Director (Finance) at CONCOR.
Extensive background in policy formulation, including coal block auctions and disinvestment of major entities like Coal India.
👀 What to Watch
Investors should view this as a positive step in strengthening the company's financial leadership. Monitor how his experience in capital restructuring and project monitoring impacts NMDC Steel's operational efficiency and debt management.
NMDC Steel Appoints Shri Anurag Kapil as Director (Finance) for 5-Year Term
NMDC Steel Limited has announced the appointment of Shri Anurag Kapil as Director (Finance) following a directive from the Ministry of Steel. Shri Kapil, an IRAS officer and former ED (Finance) at the Railway Board, will serve a five-year term from the date of assuming charge. This appointment follows the government's policy where functional directors of NMDC Limited also serve on the board of NMDC Steel Limited on a co-terminus basis. The move is expected to provide stable financial leadership as the company continues its operational ramp-up.
Key Highlights
Shri Anurag Kapil appointed as Director (Finance) for a fixed tenure of 5 years.
The appointee is an IRAS officer previously serving as ED (Finance) – Expenditure at the Railway Board.
Appointment is on an immediate absorption basis as per Ministry of Steel Order dated 18.03.2026.
The role is co-terminus with his position at NMDC Limited, ensuring leadership alignment between the parent and the steel entity.
👀 What to Watch
This is a routine management update for a PSU; investors should monitor if the new financial leadership accelerates the stabilization of the Nagarnar Steel Plant's operations.
NMDC Steel Q3 FY26: Revenue at ₹3,007 Cr, Net Loss Narrows YoY to ₹244 Cr
NMDC Steel reported a revenue of ₹3,007.69 crore for Q3 FY26, marking a 41.9% growth compared to ₹2,119.54 crore in Q3 FY25. The company's net loss narrowed significantly to ₹243.97 crore from a loss of ₹757.78 crore in the same period last year, although losses widened sequentially from Q2. Debt management showed improvement as total borrowings reduced to ₹4,802.62 crore from ₹6,376.97 crore YoY. The government's plan for a 50.79% strategic disinvestment remains a critical factor for the company's future valuation.
Key Highlights
Revenue from operations increased 41.9% YoY to ₹3,007.69 crore.
Net loss narrowed to ₹243.97 crore in Q3 FY26 vs ₹757.78 crore in Q3 FY25.
Total borrowings decreased by approximately ₹1,574 crore over the last 12 months to ₹4,802.62 crore.
Finance costs reduced to ₹128.11 crore from ₹165.33 crore YoY, supported by an interest rate reset to 8.45%.
Strategic disinvestment of 50.79% stake by the Government of India is still in progress.
👀 What to Watch
Investors should focus on the narrowing losses and debt reduction as signs of operational stabilization, while treating the upcoming strategic disinvestment as the primary catalyst for the stock. Monitor the company's ability to turn EBITDA positive in the coming quarters as production scales.
