NSLNISP · Metals & Mining
NMDC Steel Ltd. reported revenue of ₹3,662 cr for April to June 2026, +8.8% on the year and −5.6% on the quarter. Over the last four quarters revenue comes to ₹13,939 cr, +41.6% on the four before.
Operating profit (EBITDA) was ₹400 cr, a margin of 10.9%, −120 bps on the year and −986 bps on the quarter. Over the last 8 quarters the margin has ranged from −30.9% to 20.8%, averaging −2.1%. Operating costs grew +10.3%, faster than revenue at +8.8%, so operating profit grew less than sales.
Net profit was ₹51.0 cr, +96.2% on the year and −87.0% on the quarter, with earnings per share of ₹0.17. Profit before other income, one-offs and tax grew 93.8%, so the profit growth came from the business itself.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹0.29 over the last four quarters, the stock at ₹40.54 trades at 139.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹277 cr | ₹926 cr | ₹1,846 cr | ₹2,023 cr | ₹1,522 cr | ₹2,120 cr | ₹2,838 cr | ₹3,365 cr | ₹3,390 cr | ₹3,008 cr | ₹3,879 cr | ₹3,662 cr |
| YoY | — | — | — | — | +449% | +129% | +54% | +66% | +123% | +42% | +37% | +9% |
| EBITDA margin | −26.0% | −44.2% | −51.8% | −19.8% | −29.0% | −30.9% | −10.3% | 12.1% | 6.1% | 3.3% | 20.8% | 10.9% |
| Other income, % of PBT | — | — | — | — | — | — | — | 56% | — | — | 5% | 58% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | — | — | — | — | 29% | — | — | 19% | 32% |
| Net profit | −₹131 cr | −₹568 cr | −₹861 cr | −₹547 cr | −₹595 cr | −₹758 cr | −₹473 cr | ₹26.0 cr | −₹115 cr | −₹244 cr | ₹392 cr | ₹51.0 cr |
| YoY | — | — | — | — | — | — | — | — | — | — | — | +96% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | +94% |
| EPS | −₹0.45 | −₹1.94 | −₹2.94 | −₹1.87 | −₹2.03 | −₹2.59 | −₹1.62 | ₹0.09 | −₹0.39 | −₹0.83 | ₹1.34 | ₹0.17 |
| Flags | · | · | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NMDC Steel Ltd. reported revenue of ₹3,662 cr (+8.8% on the year) and net profit of ₹51.0 cr (+96.2% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +93.8% on the year, against +96.2% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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