Mining & Mineral products · NMDC
Mining/Minerals - Iron Ore
from 84 today
NMDC reported healthy earnings during the quarter, supported by healthy ASPs, which offset muted QoQ volumes. We reiterate our BUY rating on NMDC with a TP of INR98.
We maintain BUY with a revised target price of INR 102, favoring the company's net cash position, capacity expansion plans to support higher volume offtake, and diversification into other minerals.
NMDC reported 1QFY27 EBITDA in line with expectations, and we maintain a BUY rating with an unchanged target price of Rs 112/share, driven by expected production ramp-up, volume growth, and strong margins.
We remain constructive on NMDC, India's largest iron ore producer, as it is uniquely positioned to benefit from India's multi-year steel capacity expansion targets while remaining largely insulated from global iron ore price volatility. Strong domestic demand, visible volume growth, accelerated capacity expansion and improving logistics provide a strong earnings growth runway in the near to medium term.
We remain constructive on NMDC, India's largest iron ore producer, as it is uniquely positioned to benefit from India's multi-year steel capacity expansion targets while remaining largely insulated from global iron ore price volatility. Strong domestic demand, visible volume growth, accelerated capacity expansion and improving logistics provide a strong earnings growth runway in the near to medium term.
We initiate coverage on NMDC with a BUY rating and an SOTP-based fair value of INR 107/share, driven by capacity expansion from ~53 MnT to ~110 MnT by FY30E, strong domestic steel demand, and a 15.8% EBITDA CAGR over FY26–FY29E.
We initiate coverage on NMDC with a BUY rating and an SOTP-based fair value of INR 107/share, underpinned by fully permitted capacity expansion and robust domestic steel demand.
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