NMDC Limited

NMDC.BO

Steel · Basic Materials

Price

₹84.35

+0.12 (+0.14%)

Market Cap

₹745.48B

Exchange

Bombay Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Mixed

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

NMDC Limited is an Indian government-owned company that mines iron ore — the raw material used to make steel. It digs iron ore out of large mines in the states of Chhattisgarh and Karnataka, then sells it mainly to steel mills across India. NMDC is the largest iron ore producer in India, making it a critical supplier to the country's fast-growing steel industry.

The company earns money by selling iron ore by volume, so its revenue rises and falls with iron ore prices and how much it can produce. NMDC operates almost entirely within India, though it has explored mining projects abroad. Its government backing and ownership of some of India's richest iron ore deposits give it a strong competitive position that is hard for private rivals to match. The key growth driver is India's massive infrastructure and construction push, which is expected to keep steel demand — and therefore iron ore demand — high for years ahead.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+37.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

60.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹139.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

NMDC Limited grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 8.79B (2022) → 8.80B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.1%

Healthy — 49.1% gross margin

Profit after running costs

Operating Margin

34.8%

Excellent — 34.8% operating margin

Return on the money invested

ROCE

21.7%

Exceptional — 21.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+27.3%

Fast-growing sales (+27.3% YoY)

Profit growth

EPS YoY

+14.1%

Earnings growing (+14.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

41%

Weak — only 41% of profit becomes cash

Spare cash per sale

FCF Margin

5.4%

Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

75.89x

Comfortably covers interest (75.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.9x

Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

5.16%

Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-65.2%

Dividend cut (-65.2% YoY) — warning sign

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