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NMDC reported a steady volume print for August’26

ICICIdirect Research 02 Sep 2026 DISCLAIMER

News: NMDC reported a steady volume print for August’26. NMDC’s production volume for the month grew healthy by 21% YoY to ~4.1 MT, with YTDFY27 production volume reaching ~23.2 MT, up 26% YoY. Meanwhile sales volume recorded at 3.6 MT (up 6% YoY), with sales volume for YTDFY27 reaching ~18.7 MT, up by 2% YoY.

View: The company's production remained steady during the month. While sales volume was flattish impacted by the marginal degrowth reported in the Karnataka mines. We remain neutral on the company, given the valuations turning nearly full and the company reaching peak volumes in the medium term.

Impact: Neutral

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