For NMDC, environmental clearance extends to about 65 million tonnes per annum (MTPA) of capacity, putting expansion plans beyond FY27 at risk of regulatory delays. Another regulatory risk comes from Karnataka’s proposed retrospective taxes on mineral-bearing land. Reports suggest the impact could be almost ₹14,000 crore for NMDC—large enough to materially alter the miner’s earnings-growth trajectory. Net profit during FY25 and 9MFY26 stood at ₹6,540 crore and ₹5,400 crore, respectively.
