Board Meeting Details

The Board of Directors meeting was held on 12th November 2026, commencing at 6:00 PM IST and concluding at 6:50 PM IST, where the financial results were approved.

Financial Performance (Standalone)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹6,638.23 crore
  • Other income: ₹493.53 crore
  • Total income: ₹7,131.76 crore
  • Total expenses: ₹4,871.19 crore
  • Profit before tax: ₹2,260.57 crore
  • Tax expense: ₹593.84 crore
  • Profit from continuing operations: ₹1,666.73 crore
  • Loss from discontinued operations: ₹(0.06) crore
  • Net profit: ₹1,666.67 crore
  • EPS: ₹1.90 (basic & diluted)

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹13,433.48 crore
  • Other income: ₹840.24 crore
  • Total income: ₹14,273.72 crore
  • Total expenses: ₹9,320.50 crore
  • Profit before tax: ₹4,953.22 crore
  • Tax expense: ₹1,279.09 crore
  • Profit from continuing operations: ₹3,674.13 crore
  • Loss from discontinued operations: ₹(0.19) crore
  • Net profit: ₹3,673.94 crore
  • EPS: ₹4.17 (basic & diluted)

Comparative Figures

  • Q2 FY26: Net profit ₹1,694.42 crore, EPS ₹1.93
  • H1 FY26: Net profit ₹3,663.04 crore, EPS ₹4.17
  • FY26: Net profit ₹7,421.24 crore, EPS ₹8.44

Segment Performance (Standalone)

Revenue by Segment (Q2 FY27)

  • Iron Ore: ₹5,956.52 crore
  • Pellet, Other Minerals, Products, Services & Others: ₹884.70 crore
  • HR Coil & Sheets: No transactions (pending approvals)

Segment Results (Q2 FY27)

  • Iron Ore: Profit before tax ₹2,161.86 crore
  • Pellet, Other Minerals, Products, Services & Others: Profit before tax ₹52.05 crore
  • HR Coil & Sheets: Loss before tax ₹(0.07) crore

Balance Sheet Position (Standalone as of 30.09.2026)

  • Total assets: ₹52,528.09 crore
  • Non-current assets: ₹19,368.74 crore
  • Current assets: ₹33,159.35 crore
  • Equity share capital: ₹879.18 crore
  • Other equity: ₹35,712.61 crore
  • Total liabilities: ₹15,936.30 crore

Cash Flow Statement (Standalone H1 FY27)

  • Cash flow from operating activities: ₹3,014.64 crore
  • Cash flow from investing activities: ₹(3,783.12) crore
  • Cash flow from financing activities: ₹837.17 crore
  • Net increase in cash: ₹47.62 crore
  • Cash equivalents at period end: ₹86.43 crore

Consolidated Financial Performance

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹6,638.23 crore
  • Other income: ₹493.92 crore
  • Total income: ₹7,132.15 crore
  • Profit before tax: ₹2,258.29 crore
  • Net profit after taxes, non-controlling interest and share of profit/loss of Associates/JVs: ₹1,668.53 crore
  • EPS: ₹1.90 (basic & diluted)

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹13,433.48 crore
  • Other income: ₹841.21 crore
  • Total income: ₹14,274.69 crore
  • Profit before tax: ₹4,949.38 crore
  • Net profit after taxes, non-controlling interest and share of profit/loss of Associates/JVs: ₹3,644.86 crore
  • EPS: ₹4.15 (basic & diluted)

Emphasis of Matter by Auditors

The statutory auditors, M. C. Bhandari & Co., highlighted several contingent liabilities and matters in their limited review report:

1. Karnataka Mineral Tax Bill: The Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill, 2024 proposes retrospective levy of taxes amounting to approximately ₹16,188.56 crore, pending Presidential assent.

2. Dues from NMDC Steel Limited: Outstanding receivables of ₹1,501.39 crore from demerger and ₹4,921.06 crore of trade and other receivables from NSL. ECL provision of ₹69.98 crore recognized for demerger amount and ₹177.99 crore for trade receivables.

3. RINL Trade Receivables: Outstanding trade receivables of ₹5,564.88 crore from Rashtriya Ispat Nigam Limited. ECL provision of ₹473.96 crore recognized.

4. KIADB Advance: Advance of ₹639.61 crore paid to Karnataka Industrial Area Development Board for land allotted to KVSL, with potential 15% penalty (₹95.94 crore) if land surrendered.

5. Common Cause Judgment Demand: Demand of ₹1,623.44 crore relating to compensation based on Common Cause Judgment, sub-judice. ₹600 crore deposited under protest.

6. RTP Penalty: Penalty demand of ₹1,620.50 crore for alleged mineral dispatches without timely Railway Transit Passes, sub-judice.

7. Legacy Iron Ore Limited: Investment of ₹443.34 crore in foreign subsidiary, with market value below carrying value but no impairment recognized.

Other Significant Disclosures

1. Nagarnar Pellet Plant: The 2 MTPA pellet plant at Nagarnar, Chhattisgarh commenced maiden production on September 27, 2026. Project cost of ₹3,571.51 crore remains in Capital Work-in-Progress.

2. NMDC Global IFSC Limited: Wholly owned subsidiary incorporated in GIFT City, Gujarat on September 2, 2026. No transactions during the quarter.

3. Dividend: Final dividend of ₹1 per share for FY 2025-26 approved by shareholders on September 28, 2026 and paid in October 2026.

4. Bastar Railway Project: Investment of ₹152.67 crore in BRPL. Ministry of Railways granted in-principle approval for project takeover, with termination of concession agreement underway.

5. RINL Land Lease: Long-term lease of 1,167 acres from RINL with upfront premium of ₹1,502 crores and security deposit of ₹90.12 crores. Right of Use asset recognized effective September 4, 2024.

Entities Included in Consolidation

  • Subsidiaries: Legacy Iron Ore Limited (Australia), J & K Mineral Development Corporation Limited, Karnataka Vijaynagar Steel Limited
  • Joint Ventures: NMDC-CMDC Limited, Jharkhand National Mineral Development Corporation Limited, Bastar Railway Private Limited
  • Associates: International Coal Venture (Pvt.) Limited, Krishnapatnam Railway Company Limited

Excluded Entities from Consolidation

  • NMDC CSR Foundation (Not-for-Profit company)
  • NMDC Global IFSC Limited (no transactions)
  • NMDC SARL, Madagascar (under closure)
  • Kopano-NMDC Minerals (Proprietary) Limited, South Africa (under closure)
  • Romelt SAIL (India) Limited (under winding up)
  • Chhattisgarh Mega Steel Limited (under closure)

Additional Information

  • The financial results include comparative figures for previous periods which were reviewed/audited by predecessor statutory auditors
  • Six branches not reviewed by statutory auditors, relying on branch auditors' reports
  • Figures for previous periods regrouped and reclassified for consistency
  • No deviations in proceeds of public issues, no outstanding defaults on loans/debt securities