$NMDC NMDC Ltd. – Q4 & FY25 Concall Highlights 1. Operational Performance - FY25: 19% YoY PAT growth; 16% PBT growth (post-exceptional). - Production: Marginal decline of ~1 MT; sales picked up towards year-end. - FY26 Target: 55.4 MT production and sales (100% of EC limit). 2. Capex & Expansion - FY25 Capex: ₹3,700 crore (highest ever). - FY26 Capex: ₹4,000–4,200 crore; ramp-up to >₹10,000 crore annually in FY27-FY28. - Projects: ₹43,000 crore sanctioned; ₹31,000–32,000 crore under consideration. 3. Strategic Initiatives - International Expansion: Office in Dubai; evaluating assets in Africa (coking coal, copper, lithium, etc.). - Pellets Business: FY25: 0.5 MT exported; FY26 target: 2.5–3 MT, focusing on high-grade DRI pellets. - Nagarnar Steel Plant (NSL): Targeting 2.6–2.7 MT HR coil in FY26; EBITDA positive since March 2025. 4. Infrastructure & Evacuation - Evacuation: Not a constraint; new sidings added 7-8 rakes/day (9–10 MT incremental dispatch capacity). - KK Line Doubling: 20 km remaining; expected completion by end-FY26. 5. Financials & Receivables - Receivables: ₹7,800 crore (RINL & NSL); expected reduction by FY26-end. - Provisioning: ₹50 crore ECL provision made; will be reversed on realization. 6. Pricing & Market Dynamics - Iron Ore Pricing: Piloting index-based/formula pricing for market-aligned price discovery. - Pellet Realizations: FY25: $108–110/t; high-grade DRI pellets expected at $140–150/t. 7. Management Tone & Outlook - Optimistic: FY26 seen as a “transformational year” with aggressive expansion and international diversification. - Challenges: Short-term bottlenecks and receivables being actively resolved. - Strategic Focus: Capex, international assets, and value-added products (pellets, DRI-grade).