NMDC: Capacity Expansion Backed by Strong Fundamentals

NMDC remains one of the most strategically positioned mining companies in India, benefiting from its leadership in domestic iron ore production, low-cost operations, and high-grade ore reserves. The company is a direct proxy on India's long-term infrastructure, manufacturing, and steel production growth story. FY26 performance was robust, with revenue growing ~34% YoY and PAT rising ~11–14% YoY to approximately ₹7,450 crore, supported by record production and sales volumes. The balance sheet remains debt-light, while strong cash generation and a consistent dividend track record continue to enhance shareholder returns. From a market perspective, the ₹75–₹81 zone has witnessed notable volume accumulation, indicating sustained buying interest. Weekly RSI at 64.5 suggests momentum remains constructive. Looking ahead, NMDC's Vision 2030 target of expanding iron ore capacity to 100 MTPA from ~45–53 MTPA provides a clear growth runway, with execution, iron ore prices, and domestic steel demand remaining key variables to monitor.