NMDC (526371) Q2 25/26 earnings summary

Executive summary

• Achieved record-breaking physical performance in Q2 FY26, with best-ever quarterly production and sales volumes compared to Q2 last year.

• Approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with board and audit committee review and auditor limited review reports confirming no material misstatements.

• Strong financial growth in H1 FY26, with significant increases in revenue, EBITDA, and net profit year-over-year.

Financial highlights

• Q2 FY26 standalone revenue from operations rose 30% year-over-year to ₹6,261 crore; EBITDA up 32% to ₹2,385 crore; PAT up 33% to ₹1,694 crore.

• H1 FY26 standalone revenue from operations increased 27% year-over-year to ₹12,895 crore; PAT up 13% to ₹3,663 crore.

• Consolidated Q2 FY26 revenue was ₹6,378.11 crore; consolidated net profit was ₹1,698.86 crore.

• EPS (standalone and consolidated) for Q2 FY26 was ₹1.93; half-year EPS was ₹4.17.

• Average sales realization in Q2 FY26 was ₹4,973/ton, up 2% year-over-year.

Outlook and guidance

• Forward-looking statements indicate expectations of continued robust performance, but actual results may vary due to market and operational risks.

• Management remains confident of recoverability of large outstanding receivables from NMDC Steel Limited and Rashtriya Ispat Nigam Limited, supported by government revival plans and operational improvements.

• Ongoing legal and regulatory matters, including potential tax liabilities and penalties, are being actively contested, with contingent liabilities disclosed.