NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
NMDC Ltd. has reported robust volumes this year aligning closer to the management’s aspiration to deliver 55mt volumes. Over the 9M FY26 period, NMDC has posted 20% and 10% YoY growth in iron ore production and sales, respectively. NMDC remains committed to iron ore capacity expansion to 100mt by 2030 to meet Indian steel industry’s growing requirement, and targets 68mt iron ore volumes within next two years.
The company has applied for and is expecting 13mt EC limit enhancement at Deposit 4 and Deposit 13 to achieve the near term target of 68mt.
Systematix remain positive on NMDC based on a robust medium to long term growth outlook and retains its FY28 estimates while moderating FY26/FY27 Ebitda estimates lower by 6% and 5%, respectively, factoring in a mix of revised volume and price assumptions. The brokerage assume iron ore sales of 51mt/55mt/61mt in FY26/FY27/FY28.
Systematix values NMDC at six times FY28E EV/Ebitda with a revised target price of Rs 95/share, implying 16% upside from current market price. Systemtix maintain Buy.
Risks and re-rating levers:
- Weak global iron ore pricing and lower offtake are key risks.
- Demonstration of continued monthly volume growth is likely to be a rerating driver.
Click on the attachment to read the full report:
Also Read:Ventive Hospitality Shares In Focus As Motilal Oswal Initiates ‘Buy’ Coverage — Check Target Price
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage,
LIVE TV analysis,
Stock Market and
Industry reactions,
Income Tax changes and
Latest News on NDTV Profit.
