NSLNISP · Metals & Mining
NMDC Steel Ltd. reported revenue of ₹3,390 cr for July to September 2025, +122.7% on the year and +0.7% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹11,713 cr, +85.4% on the four before.
Operating profit (EBITDA) was ₹207 cr, a margin of 6.1%, +3,508 bps on the year and −602 bps on the quarter. Over the last 8 quarters the margin has ranged from −51.8% to 12.1%, averaging −21.0%.
The net loss was ₹115 cr, with earnings per share of −₹0.39.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Other income carrying profit, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹3,390 cr (+122.7% on the year) and net profit of −₹115 cr (— on the year) for July to September 2025.
None of the 5 checks that could run raised a question.
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