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NMDC reported a steady performance in Q1FY27

ICICIdirect Research 17 Aug 2026 DISCLAIMER

News: NMDC reported a steady performance in Q1FY27. Total operating income for the quarter came in at ₹6,795 crore, up 1% YoY (includes revenue from other sales at ₹287 crore in Q1FY27 vs ₹574 crore in Q4FY26). While iron ore sales volume was at 11.7 million tonne (up 2% YoY). Reported EBITDA for the quarter came in at ₹2,468 crore with corresponding EBITDA margins at 36.3% (flat YoY). EBITDA/tonne came in at ₹2,104/tonne in Q1FY27 vs ₹2,152/tonne in Q1FY26. Consolidated PAT for the quarter stood at ₹1,976 crore (flat YoY).

View: Revenue from the iron ore segment increased by 6% YoY, largely driven by higher iron ore blended realization, which increased by 4% YoY to ~₹5,548/ton. Moreover, EBITDA/ton declined marginally by ~₹48/ton to ~₹2,104/ton, driven by higher employee and royalty expenses. Going ahead, the recent decline in iron ore prices is likely to negatively impact the company’s profitability. However, from a long-term perspective, NMDC remains a portfolio stock supported by its volume growth ambitions, strong B/S and return ratios profile.

Impact: Neutral

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