NMDC Limited

BSE:526371 Stock Report

Market Cap: ₹803.7b

NMDC Future Growth

Future criteria checks 2/6

NMDC is forecast to grow earnings and revenue by 8.3% and 5.8% per annum respectively. EPS is expected to grow by 8.4% per annum. Return on equity is forecast to be 20.8% in 3 years.

Key information

8.3%

Earnings growth rate

8.36%

EPS growth rate

Metals and Mining earnings growth19.5%
Revenue growth rate5.8%
Future return on equity20.77%
Analyst coverage

Good

Last updated10 Apr 2026

Recent future growth updates

Recent updates

Narrative Update • May 05

526371: Rare Earth Collaboration And Dividend Payout Will Shape Balanced Future Prospects

Analysts have trimmed NMDC's fair value estimate from ₹100.00 to ₹95.00, citing updated assumptions on the discount rate, revenue growth, profit margins, and a higher future P/E as the key drivers behind the revised price target. What's in the News NMDC has signed a Memorandum of Understanding with Gujarat Mineral Development Corporation Ltd.
Narrative Update • Apr 20

526371: Rare Earth Expansion And Higher Discount Rate Will Likely Restrain Future Returns

Analysts have nudged their NMDC fair value estimate slightly higher to ₹59.87 from ₹59.34, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E that modestly reshape their long term outlook for the stock. What's in the News Gujarat Mineral Development Corporation and NMDC signed an MoU to explore collaboration across the rare earth value chain in Gujarat, covering exploration, mining, beneficiation, processing and downstream applications linked to GMDC’s Ambadungar Rare Earth deposit (Key Developments).
Narrative Update • Apr 06

526371: Rare Earth Collaboration And Dividend Payout Will Drive Future Upside Potential

Analysts have lifted NMDC's fair value estimate from ₹91.00 to ₹100.00, citing updated assumptions for revenue growth, profit margins, and the future P/E multiple that collectively support a slightly higher assessed valuation. What's in the News Gujarat Mineral Development Corporation Ltd.
Narrative Update • Mar 23

526371: Rare Earth MoU And Interim Dividend Will Shape Balanced 2026 Outlook

Analysts have trimmed their price target on NMDC slightly to around ₹81 from about ₹81.50, reflecting small adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E multiples while keeping the overall investment view broadly consistent. What's in the News Gujarat Mineral Development Corporation and NMDC signed an MoU to explore collaboration in the Rare Earth Elements sector, focusing on an integrated value chain in Gujarat that covers exploration, mining, beneficiation, processing and downstream applications linked to GMDC’s Ambadungar deposit (Key Developments).
Narrative Update • Mar 08

526371: Interim Dividend And Stable Assumptions Will Guide Measured 2026 Outlook

Analysts have trimmed their price target on NMDC to ₹81.41, a small adjustment that reflects slightly higher perceived risk in the discount rate. Revenue growth, profit margin and future P/E assumptions are broadly unchanged.
Narrative Update • Feb 22

526371: Overseas Expansion Moves And Dividend Policy Will Shape 2026 Outlook

Analysts have nudged their fair value estimate for NMDC up from about ₹77.12 to roughly ₹81.41, citing updated assumptions around revenue growth, discount rate and forward P/E that modestly shift their valuation framework. What's in the News The board approved a first interim dividend of ₹2.50 per equity share of face value ₹1 for the 2025-26 financial year, with shareholders on record as of 13 February 2026 eligible to receive the payout within the timelines set under the Companies Act, 2013 (company filing).
Narrative Update • Feb 07

526371: Overseas Acquisition Push Will Likely Pressure Future Share Returns

Analysts have nudged their price target on NMDC slightly higher, with fair value moving from ₹59.00 to about ₹59.34 as they factor in updated views on discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for Feb 3, 2026, to review unaudited financial results for the quarter ended Dec 31, 2025, and to consider a proposal for an interim dividend for FY 2025-26, if any (Board Meeting).
Narrative Update • Jan 24

526371: Higher Discount Rate And Lower P/E Will Pressure Future Returns

Analysts have trimmed their fair value estimate for NMDC from ₹60.00 to ₹59.00 as they now apply a slightly higher discount rate, while also assuming stronger revenue, a modestly higher profit margin and a lower future P/E multiple. What's in the News NMDC is actively looking for acquisitions in Africa, the Middle East, Latin America and Southeast Asia, focusing on both operating mines and virgin assets where pre-feasibility work supports commercial viability (Key Developments).
Narrative Update • Jan 09

526371: Overseas Resource Expansion And Dividend Decisions Will Shape 2025 Outlook

Analysts have modestly adjusted their price expectations for NMDC, keeping the fair value view broadly unchanged at ₹77.12 while fine tuning assumptions around discount rate, revenue growth, profit margin and future P/E to reflect updated risk and earnings profiles. What's in the News NMDC is exploring acquisitions and investments in Africa, the Middle East, Latin America and Southeast Asia, including both operating mines and virgin mineral blocks where pre feasibility work supports commercial viability (Key Developments).
Narrative Update • Dec 26

526371: Future Overseas Mineral Acquisitions Are Expected To Drive Upside Potential

Analysts have nudged their price target on NMDC slightly higher to Rs 91, citing marginally improved expectations for revenue growth, profit margins, and long term earnings multiples, despite a largely unchanged fair value outlook. What's in the News NMDC is actively scouting acquisitions and partnerships across Africa, the Middle East, Latin America and Southeast Asia, targeting both operating and greenfield mines based on pre feasibility studies (company/ministry officials).
Narrative Update • Dec 12

526371: Future Mineral Expansion And Diversification Are Expected To Drive Upside Potential

Analysts have modestly revised their price target for NMDC to reflect a balanced view of faster expected revenue growth and slightly compressed margins, with valuation supported by a marginally lower assumed future P/E multiple. What's in the News NMDC is actively scouting for acquisitions and partnerships across Africa, the Middle East, Latin America and Southeast Asia, targeting both operating and greenfield mineral assets beyond coal and iron ore, including limestone and critical minerals (Key Developments).
Narrative Update • Nov 27

526371: Adjustments To Dividend Plans And Margins Will Guide 2025 Outlook

Analysts have slightly reduced their price target for NMDC from ₹78.25 to ₹77.12, citing nuanced adjustments in the discount rate and future price-to-earnings expectations. What's in the News NMDC's Board Meeting is scheduled for November 14, 2025, at 11:30 Indian Standard Time.
Narrative Update • Nov 13

526371: Dividend Plans And Stable Margins Will Shape Outlook For 2025

Analysts have revised NMDC's price target upward from ₹77.40 to ₹78.25, citing expectations for slightly improved revenue growth and steady profit margins. What's in the News The board meeting is scheduled for November 14, 2025, to consider the proposal for declaration of the first interim dividend for the financial year 2025-26 (company filing).
Narrative Update • Oct 30

526371: Upcoming Results And Dividend Decision Will Shape Outlook Amid Modest Adjustments

Analysts have slightly raised their price target for NMDC from ₹76.6 to ₹77.4. This reflects a modest adjustment based on recent changes to forecasts for revenue growth, profit margin, and valuation multiples. What's in the News NMDC will hold a Board Meeting on October 29, 2025 to consider and approve the unaudited financial results for the quarter ended September 30, 2025 (Board Meeting).
Narrative Update • Oct 16

Production Capacity Will Reach 100 Million Tonnes, Increasing Steel Outputs

Analysts have raised their price target for NMDC from ₹75.18 to ₹76.60. They cite improved profit margins and stronger revenue growth projections as key factors behind the upward revision.
Narrative Update • Sep 04

Production Capacity Will Reach 100 Million Tonnes, Increasing Steel Outputs

As both NMDC's future P/E ratio and consensus revenue growth forecasts remained essentially unchanged, analysts have left their fair value estimate steady at ₹75.18. What's in the News NMDC approved a final dividend of INR 1.00 per equity share for FY 2024-25.
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New Narrative • Feb 23

Production Capacity Will Reach 100 Million Tonnes, Increasing Steel Outputs

Significant CapEx to boost production capacity aims to drive revenue growth, while improved logistics and partnerships enhance sales volumes and earnings.

Earnings and Revenue Growth Forecasts

BSE:526371 - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2028313,96683,762-2,946N/A7
3/31/2027297,47480,74234,728N/A8
3/31/2026278,36073,55622,600N/A8
12/31/2025277,32469,015N/AN/AN/A
9/30/2025266,89470,2713,62829,743N/A
6/30/2025252,30265,397N/AN/AN/A
3/31/2025239,05565,429-13,36118,943N/A
12/31/2024233,90264,780N/AN/AN/A
9/30/2024222,32360,8008,59037,928N/A
6/30/2024213,27458,947N/AN/AN/A
3/31/2024213,07955,76155,46973,939N/A
12/31/2023206,69964,348N/AN/AN/A
9/30/2023189,80058,63058,06975,556N/A
6/30/2023182,94558,089N/AN/AN/A
3/31/2023176,66956,0215,90418,376N/A
12/31/2022185,17851,481N/AN/AN/A
9/30/2022206,71562,8417,91538,661N/A
6/30/2022241,36676,360N/AN/AN/A
3/31/2022259,64894,29457,43569,418N/A
12/31/2021260,271103,967N/AN/AN/A
9/30/2021245,084105,04986,596107,257N/A
6/30/2021199,44889,315N/AN/AN/A
3/31/2021153,70162,76656,44072,661N/A
12/31/2020117,09837,582N/AN/AN/A
9/30/2020103,61129,947-61120,101N/A
6/30/2020103,73029,338N/AN/AN/A
3/31/2020116,99235,741-2,77521,260N/A
12/31/2019121,55247,074N/AN/AN/A
9/30/2019127,98348,826N/A35,045N/A
6/30/2019129,94448,231N/AN/AN/A
3/31/2019121,52746,193N/A40,015N/A
3/31/2018116,14938,089N/A33,763N/A
3/31/201788,28125,444N/A21,085N/A
3/31/201664,55825,466N/A25,020N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 526371's forecast earnings growth (8.3% per year) is above the savings rate (6.9%).

Earnings vs Market: 526371's earnings (8.3% per year) are forecast to grow slower than the Indian market (16.6% per year).

High Growth Earnings: 526371's earnings are forecast to grow, but not significantly.

Revenue vs Market: 526371's revenue (5.8% per year) is forecast to grow slower than the Indian market (10.8% per year).

High Growth Revenue: 526371's revenue (5.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 526371's Return on Equity is forecast to be high in 3 years time (20.8%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/16 03:03
End of Day Share Price 2026/05/15 00:00
Earnings2025/12/31
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NMDC Limited is covered by 40 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Rajesh Majumdar360 ONE Capital Market Private Limited
Satyadeep JainAmbit Capital
Ashwin MehtaAmbit Capital