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NMDC reported a mixed volume print for September 2026

ICICIdirect Research 05 Oct 2026 DISCLAIMER

News: NMDC reported a mixed volume print for September’26. While the production volume for the month grew marginally by 8% YoY to ~4 MT, with YTDFY27 production volume reaching ~27.3 MT, up 23% YoY. However, the sales volume reported a decline of 9.5% YoY at 3.5 MT, with YTDFY27 reaching ~22 MT, flat YoY.

View: The company's production remained muted during the month, primarily driven by hit on dispatches from its Bailadila mining area of Chhattisgarh. However, company's sales witnessed moderation on an yearly basis. Transportation of iron ore remains a traditional disruption and key monitorable for the company in the upcoming months. Overall, we continue to remain constructive on the company, supported by sustained iron ore demand, ongoing capacity expansion, a cash-rich balance sheet, and a healthy RoCE profile.

Impact: Neutral

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