NSLNISP · Metals & Mining
NMDC Steel Ltd. reported revenue of ₹3,879 cr for January to March 2026, +36.7% on the year and +29.0% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹13,642 cr, +60.4% on the four before.
Operating profit (EBITDA) was ₹806 cr, a margin of 20.8%, +3,103 bps on the year and +1,752 bps on the quarter. It is the widest margin of the last 8 quarters (range −30.9% to 20.8%).
The company swung to a net profit of ₹392 cr from a loss of ₹473 cr a year earlier, with earnings per share of ₹1.34.
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 ₹0.21 over the last four quarters, the stock at ₹40.54 trades at 193.0 times trailing earnings.
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.
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core 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 ₹3,879 cr (+36.7% on the year) and net profit of ₹392 cr (— on the year) for January to March 2026.
None of the 6 checks that could run raised a question.
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