NMDC · Metals & Mining
NMDC Ltd. reported revenue of ₹7,611 cr for October to December 2025, +15.9% on the year and +19.3% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹27,733 cr, +18.6% on the four before.
Operating profit (EBITDA) was ₹2,144 cr, a margin of 28.2%, −794 bps on the year and −308 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 28.2% to 43.2%). Operating costs grew +30.3%, faster than revenue at +15.9%, so operating profit grew less than sales.
Net profit was ₹1,757 cr, −6.5% on the year and +3.5% on the quarter, with earnings per share of ₹2.00. Profit before other income, one-offs and tax fell 9.3%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹6,900 cr, +6.7% on the four before.
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 ₹7.85 over the last four quarters, the stock at ₹71.65 trades at 9.1 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
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 | ₹4,014 cr | ₹5,410 cr | ₹6,489 cr | ₹5,414 cr | ₹4,919 cr | ₹6,568 cr | ₹7,005 cr | ₹6,739 cr | ₹6,378 cr | ₹7,611 cr | ₹11,343 cr | ₹6,795 cr |
| YoY | — | — | — | +0% | +23% | +21% | +8% | +24% | +30% | +16% | +62% | +1% |
| EBITDA margin | 29.6% | 37.1% | 32.4% | 43.2% | 28.2% | 36.1% | 29.3% | 36.8% | 31.2% | 28.2% | 23.3% | 36.3% |
| Other income, % of PBT | 23% | 4% | 16% | 14% | 22% | 15% | 21% | 11% | 17% | 16% | 15% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 26% | 40% | 25% | 26% | 27% | 37% | 26% | 26% | 26% | 30% | 25% |
| Net profit | ₹1,026 cr | ₹1,482 cr | ₹1,410 cr | ₹1,969 cr | ₹1,205 cr | ₹1,880 cr | ₹1,477 cr | ₹1,968 cr | ₹1,698 cr | ₹1,757 cr | ₹2,027 cr | ₹1,976 cr |
| YoY | — | — | — | +19% | +17% | +27% | +5% | −0% | +41% | −7% | +37% | +0% |
| Core profit YoY | — | — | — | +17% | +16% | +17% | −6% | +4% | +50% | −9% | +32% | +0% |
| EPS | ₹1.17 | ₹1.69 | ₹1.61 | ₹2.24 | ₹1.38 | ₹2.14 | ₹1.68 | ₹2.24 | ₹1.93 | ₹2.00 | ₹2.31 | ₹2.25 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | 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 Ltd. reported revenue of ₹7,611 cr (+15.9% on the year) and net profit of ₹1,757 cr (−6.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −9.3% on the year, against −6.5% for reported profit.
None of the 6 checks that could run raised a question.
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