NMDC Steel Limited (NSLNISP)
₹40.24 +1.23% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NMDC Steel's revenue was ₹3,662 Cr (+8.8% year on year, -5.6% on the previous quarter), and net profit ₹50.5 Cr (+94.3% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,662 | +8.8% | -5.6% |
| Operating profit | ₹400 | -2.1% | -50.4% |
| Net profit | ₹50.5 | +94.3% | -87.1% |
| EPS (₹) | 0.19 | +111.1% | -85.8% |
| Operating margin | 10.9% | — | — |
NSLNISP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.3% of the NSLNISP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.59%. That is close to its usual level.
Delivery in the last 5 sessions: 41.8% · 40.4% · 50.5% · 32.5% · 40.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
NMDC Steel Limited announced the appointment of Shri Vinod Kumar Tripathi (Joint Secretary, Ministry of Steel) as Government Director, effective October 12, 2026. He replaces Shri Abhijit Narendra following a communication from the Ministry of Steel dated October 12, 2026. This change is a standard bureaucratic rotation representing the Government of India's 60.79% promoter stake. There is no direct operational or financial impact on NMDC Steel's current plant stabilization or ongoing divestment process.
- Appointment of Shri Vinod Kumar Tripathi (DIN: 10711675) effective October 12, 2026
- Ceased directorship of Shri Abhijit Narendra on the board
- Ministry of Steel order reference No. S-14011/1/2022-BLA dated October 12, 2026
- Government nominee change aligns with the GoI's 60.79% equity holding in NMDC Steel
NMDC Steel Limited has submitted newspaper clippings regarding the notice of its 11th Annual General Meeting (AGM) and e-voting information. The notices were published on September 7, 2026, in the English and Hindi editions of 'Pioneer' newspaper. This is a routine statutory compliance filing pursuant to Regulation 30 of the SEBI LODR Regulations.
- Notice issued for the 11th Annual General Meeting of NMDC Steel Limited.
- Published in 'Pioneer' (English) and 'Pioneer' (Hindi) on September 7, 2026.
- Information pertains to AGM schedule and remote e-voting procedures pursuant to Regulation 30 of SEBI LODR.
NMDC Steel Limited submitted a clarification to the National Stock Exchange regarding a recent spurt in trading volume. The company confirmed that it has no undisclosed price-sensitive information pending dissemination under SEBI LODR Regulation 30. It noted that its recent disclosures included Q1 FY27 results declared on August 14, 2026, reporting a PAT of ₹50.51 crore, along with a credit rating upgrade by Crisil from 'Crisil BBB+/ Stable' to 'Crisil A / Stable'.
- Clarification submitted in response to NSE query dated August 27, 2026 regarding volume movement
- Highlighted Q1 (quarter ended June 30, 2026) profit after tax of ₹50.51 crore reported on August 14, 2026
- Noted recent upgrade of long-term bank facility rating from 'Crisil BBB+/ Stable' to 'Crisil A / Stable'
- Confirmed no pending undisclosed price-sensitive information under SEBI LODR Regulation 30
NMDC Steel Limited announced the cessation of Shri Ashish Chatterjee as Government Director on its Board, effective forenoon of August 24, 2026. This follows communication from the Ministry of Steel (Order No - S-14011/1/2022-BLA dated August 27, 2026) regarding his relieving as Additional Secretary & Financial Adviser. Shri Abhijit Narendra continues as a Government Nominee Director alongside the functional board. The announcement is a routine administrative update regarding PSU board composition.
- Shri Ashish Chatterjee ceased to be Government Director w.e.f. August 24, 2026 (forenoon)
- Action follows Ministry of Steel Order No - S-14011/1/2022-BLA dated August 27, 2026
- Cessation occurred consequent to his relieving as Additional Secretary & Financial Adviser
- Board retains Government Nominee Director Shri Abhijit Narendra alongside functional directors
NMDC Steel Limited has announced that its 11th Annual General Meeting (AGM) will be held on Monday, September 28, 2026, at 3:30 PM IST through video conferencing / other audio-visual means. The formal Notice of the AGM with the agenda and resolution details will be circulated in due course. This is a routine statutory disclosure required under Regulation 30 of SEBI (LODR) Regulations, 2015.
- 11th Annual General Meeting scheduled for September 28, 2026, at 3:30 PM IST
- Meeting to be conducted entirely via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- AGM Notice containing specific business items to be sent in due course
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.
- 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
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.
- 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.
NMDC Steel Limited has announced a transition in its secretarial leadership effective July 30, 2026. Shri Aniket Kulshreshtha has resigned to join the parent entity, NMDC Limited, and is replaced by Shri Paraj Kanti Saha as the new Company Secretary and Compliance Officer. Mr. Saha is a qualified CS, CA, and CMA with over 9 years of experience within the NMDC group's finance department. This change is administrative and ensures continuity in regulatory compliance for the company, which currently has a market capitalization of Rs 12,608 Cr.
- Shri Aniket Kulshreshtha resigned effective July 30, 2026, after serving since August 11, 2023.
- Shri Paraj Kanti Saha (ACS – 75686) appointed as Company Secretary & Compliance Officer with immediate effect.
- The new appointee has been with the finance department of NMDC Limited since 2015.
- NMDC Steel is currently managing a 3.0 MTPA greenfield facility with a TTM revenue of Rs 5,668 Cr.
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.
- 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
NMDC Steel Limited has announced the appointment of Shri Vivek Nishant Nath as Director (Commercial) following a directive from the Ministry of Steel. The appointment is for a 5-year tenure and is co-terminus with his role at NMDC Limited, as per existing government protocols for the demerged entity. This leadership addition comes as the company seeks to reverse its TTM loss of ‡2,135 crore by ramping up capacity utilization from 50% to over 80% at its 3 MTPA Nagarnar plant.
- Appointment of Shri Vivek Nishant Nath as Director (Commercial) for a period of 5 years.
- The appointment is based on Ministry of Steel Order dated 14.07.2026.
- Shri Nath transitions from his role as Chief General Manager at Odisha Mining Corporation Limited.
- The role is co-terminus with his position at NMDC Limited, maintaining the shared leadership structure between the two entities.
- Company is targeting an operating profit of ‡1,340 crore in FY2026, making commercial leadership critical.
NMDC Steel Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the Registrar and Share Transfer Agent, Aarthi Consultants Pvt. Ltd., has processed share certificates for dematerialization for the quarter ended June 30, 2026. This is a standard administrative procedure required for all listed companies to maintain shareholding records. There is no impact on the company's financial position or operational performance.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Registrar and Share Transfer Agent confirmed as M/s Aarthi Consultants Pvt. Ltd.
- Document dated July 7, 2026, following the close of the April-June quarter
NMDC Steel Limited has announced the closure of its trading window for all insiders starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. This is a standard administrative procedure and does not impact business operations.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the financial results for the quarter ending June 30, 2026.
- Window to reopen 48 hours after the announcement of quarterly results.
- Company reported a TTM net loss of Rs 2,135 Cr as of the latest context.
- TTM revenue stands at Rs 5,668 Cr with a market capitalization of Rs 12,620 Cr.
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.
- 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
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%.
- 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.
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.
- 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.
Financial Performance
Revenue Growth by Segment
Operating income grew by 178.88% YoY, increasing from INR 3,049 crore in FY2024 to INR 8,503 crore in FY2025, driven by the first full year of operations following the August 2023 commissioning.
Geographic Revenue Split
Primarily domestic-focused; while specific regional percentages are not disclosed, the company relies on the Indian domestic market, which saw improved realizations post-March 2025 due to the implementation of safeguard duties on cheaper imports.
Profitability Margins
Net Profit Margin stood at -27.92% in FY2025, an improvement from -49.2% in FY2024. The company reported a Loss After Tax of INR 2,373.78 crore in FY2025 compared to a loss of INR 1,560.32 crore in FY2024 due to high initial ramp-up costs.
EBITDA Margin
Operating profit is projected to reach ~INR 1,340 crore in FY2026, a significant turnaround from an operating loss of INR 1,788 crore in FY2025. H1 FY2026 EBITDA is expected between INR 700-750 crore compared to a negative INR 1,335 crore in H1 FY2025.
Capital Expenditure
The total project cost for the Nagarnar Iron & Steel Plant was approximately INR 24,000 to INR 25,000 crore, with ~71% funded through equity infusion from NMDC Limited and the remainder via external debt.
Credit Rating & Borrowing
Crisil maintains a 'BBB+/Watch Developing' rating. The company has a total debt of ~INR 5,000 crore with a debt servicing obligation of INR 1,652 crore (principal + interest) scheduled for FY2026.
Operational Drivers
Raw Materials
Iron Ore represents 15-20% of the total cost of production; Coking Coal is the other primary raw material, with the company maintaining a 1-month warehouse inventory and 1-month in-transit inventory.
Import Sources
Iron ore is sourced domestically from Chhattisgarh (NMDC mines); Coking coal is imported, though specific countries are not named, it is managed through port-based warehouses and sea transit.
Key Suppliers
NMDC Limited is the primary supplier for iron ore under a nine-year long-term contract executed on an arm's length basis with flexible credit terms.
Capacity Expansion
Current installed capacity is 3.0 Million Tonnes Per Annum (MTPA) at the Nagarnar Iron & Steel Plant (NISP). No immediate further expansion is detailed as the focus remains on stabilizing the current 3 MTPA greenfield facility.
Raw Material Costs
Raw material costs are mitigated by a long-term contract with NMDC. Iron ore costs are 15-20% of production; payments to NMDC are made on an ad-hoc basis based on NSL's performance, providing a liquidity cushion.
Manufacturing Efficiency
Capacity utilization improved significantly to 82% in Q1 FY2026 from 50% in FY2025. The company achieved neutral EBITDA for the first time in March 2025 as operations stabilized.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company utilizes port-based warehouses for coal and relies on rail/road for domestic steel distribution.
Strategic Growth
Expected Growth Rate
64%
Growth Strategy
Growth will be achieved by ramping up capacity utilization from 50% to over 80%, optimizing production costs to achieve a projected INR 1,340 crore operating profit in FY2026, and benefiting from the GoI safeguard duties which align domestic realizations with market prices.
Products & Services
Hot Rolled Coils (HRC), Flat Steel products, Semis, and Pig Iron. In FY2025, approximately 23% of output was sold as lower-margin semis and pig iron due to technical constraints at finished steel lines.
Brand Portfolio
NMDC Steel Limited (NSL), Nagarnar Iron & Steel Plant (NISP).
New Products/Services
Focus is on increasing the proportion of high-value finished steel products over semis/pig iron to improve blended realizations; specific new product revenue % not disclosed.
Market Expansion
The company is focusing on stabilizing operations in the domestic Indian market post-demerger from NMDC; target regions include domestic infrastructure and construction hubs.
Market Share & Ranking
Not disclosed; the company is a new entrant with a 3 MTPA capacity in the competitive Indian steel sector.
Strategic Alliances
Maintains a critical operational and administrative support alliance with NMDC Limited, mandated by the Ministry of Steel until the divestment process is finalized.
External Factors
Industry Trends
The steel industry is inherently cyclical with high earnings volatility. The current trend shows a recovery in domestic prices post-March 2025 and a shift toward higher capacity utilization among domestic players to offset high fixed costs.
Competitive Landscape
Competes with large domestic steel producers and international importers; market dynamics are currently influenced by government protectionist duties and domestic infrastructure demand.
Competitive Moat
Moat is derived from raw material security via the 9-year NMDC iron ore contract and status as a CPSU, providing access to flexible credit and government support; sustainability depends on successful divestment and operational ramp-up.
Macro Economic Sensitivity
Highly sensitive to domestic investor sentiment and GDP growth; a slowdown in infrastructure spending directly impacts demand for flat steel products.
Consumer Behavior
Demand is driven by end-user industries like automobiles and construction; shifts toward sustainable infrastructure are expected to influence long-term product mix.
Geopolitical Risks
Trade barriers and safeguard duties (SGD) act as a protective measure against global price volatility and cheaper imports from surplus-producing nations.
Regulatory & Governance
Industry Regulations
Operations are subject to Ministry of Steel mandates, pollution norms, and safeguard duties (SGD) implemented in March 2025 to curb cheaper imports.
Environmental Compliance
Not disclosed in absolute INR; however, the company follows statutory requirements and has implemented resettlement and rehabilitation for 750 land losers.
Taxation Policy Impact
The company reported a tax credit/benefit of INR 947.94 crore in FY2025. It holds an Input Tax Credit (ITC) for capex of INR 1,475 crore, providing a liquidity release of ~INR 600 crore per annum via GST set-offs.
Legal Contingencies
The Vigilance Department resolved 49 grievances in FY2025; specific case values for pending litigation in High/Supreme courts are not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline and outcome of the GoI divestment (50.79% stake), which could significantly alter the company's support structure and strategic direction.
Geographic Concentration Risk
High concentration in India, specifically the Nagarnar region for production; revenue is tied to the health of the Indian domestic steel market.
Third Party Dependencies
Critical dependency on NMDC Limited for iron ore (15-20% of costs) and operational handholding; any change in NMDC's support philosophy is a key rating sensitivity.
Technology Obsolescence Risk
Risk of technical issues at finished steel lines which previously limited output to 23% semis/pig iron; digital transformation includes adopting electronic procurement and preventive check systems.
Credit & Counterparty Risk
Faces potential loss if counterparties default on receivables; mitigated by a robust capital base and monitoring of return on capital (operating activities / total equity).
