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NMDC Limited

NMDC.BO
59
Steel · Basic Materials
Price
₹83.74
+0.20 (+0.24%)
Market Cap
₹736.14B
Exchange
Bombay Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 28, 2026 · filings through Mar 31, 2026

NMDC Limited, an Indian enterprise along with its associated companies, is primarily engaged in the prospecting and extraction of iron ore across India. Its exploration activities extend to a diverse portfolio of other minerals, such as copper, rock phosphate, limestone, magnesite, diamonds, tungsten, and beach sands. The company holds significant interests in the Bailadila iron ore operations, specifically the Kirandul and Bacheli Complexes in Chhattisgarh, and the Donimalai iron ore mines found in areas including Donimalai and Kumaraswamy. Additionally, it operates a diamond mining venture in Panna, Madhya Pradesh, and is involved with the Nagarnar project in Chhattisgarh. Beyond mining, NMDC produces and distributes sponge iron and iron ore pellets. Its iron ore output is also exported, with Japan being a key market. Established in 1958, NMDC Limited's headquarters are situated in Hyderabad, India.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+37.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

$130.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

NMDC Limited grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 8.79B (2022) → 8.80B (2026)

Score breakdown

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Quality

Gross Margin
31.4%
Modest — 31.4% gross margin
Operating Margin
22.0%
Excellent — 22.0% operating margin
ROCE
6.2%
Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+34.2%
Fast-growing sales (34.2% YoY)
EPS YoY
+14.0%
Earnings growing (14.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
41%
Weak — only 41% of profit becomes cash
FCF Margin
5.4%
Thin free cash flow (5.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.19
Conservative — low debt load (0.19)
Interest Cover
79.72x
Comfortably covers interest (79.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
9.9x
Attractive valuation — P/E 9.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+1.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
5.16%
Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
-65.2%
Dividend cut (-65.2% YoY) — warning sign

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