NMDC Limited — Investor Meet, 01-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NMDC reported FY25 PAT growth of 19% YoY despite lost production days, with production slightly down by ~1 MT; sales picked up in Q4. Capex hit a record INR3,700 Cr, with FY26 guidance of ~INR4,200 Cr toward projects aimed at doubling capacity to 100 MT in 3-4 years. Nagarnar steel plant turned EBITDA positive, targeting 2.7 MT annual run rate. Rohne coal mine expected by Q3 FY26; pellet segment pushing for 2.5-3 MT volumes with premium DRI-grade pellets. Management highlighted plant utilization gains, new dispatch sidings, and strategic land acquisition near Gangavaram port. Pricing shifts to formula-based models and steady liquidation of ~INR7,800 Cr receivables support growth. NMDC targets ~55.4 MT volumes in FY26, reflecting normalized operations and 10% volume growth. Confident management tone on steady operational ramp-up and capacity expansion.