NMDC Share: Revenue toh bhaaga, par Expenses ne Margin ko daba diya!

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AuthorAnanya Iyer|Published at:
NMDC Share: Revenue toh bhaaga, par Expenses ne Margin ko daba diya!
Overview

Arre suno, NMDC ne December quarter mein revenue toh badhiya dikhaya hai, **16%** upar gaya **₹7,610.8 crore** tak, expectations se bhi zyada! Lekin bhai, expenses itne badh gaye ki profit margin **28.2%** par aa gaya, jo pehle **36.1%** tha. Matlab, kama toh rahe hain par kharcha bhi tagda hai.

Yaar, National Mineral Development Corporation (NMDC) ne apne Q3 results bataye hain, aur numbers mein ek interesting story hai. Revenue toh 16% saal-dar-saal badh kar ₹7,610.8 crore ho gaya, jo market ki ₹6,850 crore ki umeed se bhi zyada tha. Especially pellet business mein revenue ₹1,537 crore tak pahunch gaya, pehle sirf ₹931 crore tha.

Par rukoo! Yahan pe ek twist hai. Jab baat profitability ki aati hai, toh EBITDA (operational profit) 9.6% kam ho gaya, aur EBITDA margin gir kar 28.2% par aa gaya. Pehle yeh 36.1% tha, aur market 30.9% expect kar raha tha. Iska main reason? 'Other expenses' 70% badh gaye aur 'selling expenses' bhi 65% uchhal gaye. Matlab, iron ore ka jo core business hai, usme costs control karna ek challenge ban gaya hai. Share ka reaction bhi milaa-jula tha, ₹81.65 ke aas-paas trade ho raha tha, haalanki pichhle 12 mahine mein stock 31% bhaga hai.

Ab company ek badi strategy pe kaam kar rahi hai. India ko self-reliant banane ke liye aur critical minerals ki badhti demand ko dekhte hue, NMDC ne ek alag subsidiary banayi hai. Yeh nayi company lithium, cobalt jaise minerals ko explore aur produce karegi. Government bhi is sector ko push kar rahi hai, Budget 2026-27 mein bhi iske liye incentives hain. Yeh long-term growth ke liye achha ho sakta hai.

Lekin abhi ke valuation ki baat karein toh, NMDC ka P/E ratio 9.31x se 11.4x ke aas-paas hai. Yeh Tata Steel (~33-36.6x) ya Vedanta (~16.4-27.6x) jaise competitors se kaafi kam hai. Market shayad abhi commodity prices ke cycle aur current cost pressures ko price in kar raha hai, critical minerals wale future ko fully value nahi kiya hai.

Globally bhi iron ore prices mein kaafi utaar-chadhav dekha ja raha hai, January 2026 mein toh yeh 8 mahine ke low par pahunch gaya tha, haalanki Fitch ne 2026 ke liye price $90/t forecast kiya hai. Analysts bhi filhaal 'Hold' rating de rahe hain, matlab thodi caution dikha rahe hain. Company ne interim dividend ₹2.50 per share declare kiya hai FY26 ke liye, jo thoda support de sakta hai. Lekin sabki nazar abhi is baat par hai ki NMDC costs ko kaise manage karta hai aur critical minerals business se future earnings kaise generate karta hai.

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