# NMDC Steel (NSLNISP) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/nslnisp

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹39.7
- Change: -0.48%
- As of: 2026-11-06
- 1D return: -0.48%
- 5D return: +5.42%
- 1M return: +1.53%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, NSLNISP trades at ₹39.70, positioned in a weak bearish trend across daily, weekly, and monthly horizons. The ADX values (daily: 15.71, weekly: 15.72, monthly: 19.88) indicate low trend conviction, while the Supertrend remains bearish on all timeframes. Price structure shows a conflict: the stock sits above its 20-period EMA and SMA on the daily chart but below the 50-period EMA, 200-period SMA, and all moving averages on weekly and monthly charts. This places the price in the lower-middle of the 252-day range (+32.3%) and near the lower end of the 50-day range (+23.1%).

Momentum is subdued, with the minus DI (23.6) exceeding the plus DI (18.74) on the daily chart. Recent price action includes a Shooting Star formation on 2026-11-05, suggesting immediate selling pressure. The stock has declined 10.0% year-to-date and 8.5% over the past year, with a current drawdown of -24.5%. Volatility is elevated, with annualized volatility at +41.1% and an ATR of 3.19%. Key resistance lies at ₹40.09 (pivot, +0.99%), while immediate support is at ₹39.60 (-0.26%). A break below ₹39.60 could test further support at ₹39.30 (-1.00%). Conversely, a sustained move above ₹40.09 would be required to challenge the broader downtrend.

- Trend Direction: Bearish Supertrend on daily, weekly, and monthly charts; ADX  20 indicates weak trend strength.
- Price Positioning: Trading above daily 20-period EMAs but below longer-term averages; located at +32.3% of the 252-day range.
- Key Levels: Resistance at ₹40.09 (+0.99%); Support at ₹39.60 (-0.26%) and ₹39.30 (-1.00%).
- Risk Metrics: Current drawdown of -24.5%; high annualized volatility of +41.1%; YTD return of -10.0%.

- Shooting Star
- Harami
- Doji
- Inside Bar

### News Context

NMDC Steel (NSE: NSLNISP) has scheduled its Board Meeting for November 12, 2026, to consider and approve the Unaudited Financial Results for the quarter ended September 2026. This filing, submitted on November 5, 2026, marks a key near-term catalyst as investors await official performance metrics for the third quarter. In parallel, the company disclosed changes in its Director(s) on October 13, 2026, indicating ongoing governance adjustments within the leadership structure.

From a market perspective, the stock exhibited bearish technical momentum as of November 6, 2026, with the daily Supertrend direction signaling downside pressure. The share closed at ₹39.70, down from the previous close of ₹39.89, trading within a narrow intraday range of ₹39.10 to ₹39.75. Year-to-date returns stand at -10.0%, reflecting a broader downtrend that includes a -11.4% decline over the last three months. Technical resistance is identified at ₹40.09 (a pivot level just 0.99% above current prices), while immediate support rests at ₹39.60. The stock’s annualized volatility remains elevated at +41.1%, suggesting continued price sensitivity ahead of the earnings announcement.

- Q3 FY2027 Earnings Catalyst: Board meeting set for Nov 12, 2026, to approve Unaudited Financial Results for the quarter ended Sep 2026.
- Governance Update: Company reported a Change in Director(s) on Oct 13, 2026.
- Price Action: Stock closed at ₹39.70 on Nov 6, 2026, with YTD return of -10.0% and 3-month return of -11.4%.
- Technical Levels: Immediate resistance at ₹40.09 (+0.99%); Support at ₹39.60 (-0.26%). Daily Supertrend indicates bearish momentum.

- Board Meeting Intimation |Meeting Date: 12-Nov-2026
- NMDC STEEL LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation
- AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60.79 | PUBLIC_VAL: 39.21 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 15-Oct-2026 | REVISION_DT: -
- NMDC STEEL LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA
- NMDC Steel Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)

### What Changed

NMDC Steel (NSE: NSLNISP) has scheduled a Board Meeting for November 12, 2026, to consider and approve the Unaudited Financial Results for the quarter ended September 30, 2026. This filing was submitted to the National Stock Exchange on November 5, 2026. The upcoming results announcement represents the primary material development for the company in this reporting window, marking the transition from the third fiscal quarter into the next earnings cycle.

- Board Meeting Scheduled: A meeting is set for November 12, 2026, to approve Q2 FY2027 (Quarter ended September 2026) financial results.
- Filing Date: The intimation for the board meeting was filed with the NSE on November 5, 2026.
- Corporate Profile: NMDC Steel continues to trade on the National Stock Exchange of India.

- [Board Meeting Intimation |Meeting Date: 12-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)

### Official Filings

NMDC Steel Limited has scheduled its Board Meeting for November 12, 2026, to approve the unaudited financial results for the quarter and half-year ended September 30, 2026. This event is a primary catalyst for price discovery, as it will reveal recent operational performance. In preparation, the company closed its trading window for insiders on October 1, 2026, prohibiting trades until 48 hours post-declaration to comply with SEBI insider trading regulations.

Governance structures have also shifted recently. Following the 11th Annual General Meeting on September 28, 2026, shareholders approved the appointment of three new directors—Shri Krishna Kumar Thakur (Personnel), Shri Anurag Kapil (Finance), and Shri Vivek Nishant Nath (Commercial)—and re-appointed Shri Vinay Kumar and Shri Joydeep Dasgupta. Additionally, Ms. Sarita Chauhan was appointed as a Non-Executive Government Director effective October 12, 2026. Shareholding data as of September 30, 2026, indicates that promoters and promoter groups hold 60.79% of the equity, while the public holds 39.21%, reflecting a concentrated ownership structure.

- Catalyst: Board meeting on November 12, 2026, to approve Q2 FY2027 (ended Sept 30) unaudited financial results.
- Governance Change: Appointment of Ms. Sarita Chauhan as Non-Executive Government Director effective October 12, 2026.
- AGM Outcomes: Shareholders approved three new directors (Thakur, Kapil, Nath) and re-elected two existing directors on September 28, 2026.
- Ownership Structure: Promoters and promoter group hold 60.79%; Public holds 39.21% as of September 30, 2026.
- Trading Restriction: Insider trading window closed from October 1, 2026, until 48 hours after the Q2 result declaration.

- [Board Meeting Intimation |Meeting Date: 12-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60.79 | PUBLIC_VAL: 39.21 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 15-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738893_15102026040407_WEB.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21229_WebXMLFile_20261013_191326539.xml)
- [NMDC Steel Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026192403_NSL_13102026.pdf)
- [NMDC Steel Limited has informed the Exchange regarding Appointment of Ms Sarita Chauhan as Non- Executive - Government Director of the company w.e.f. October 12, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026194707_NSL_SaritaAppointment.pdf)
- [Compliance Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/NSLNISP_06102026132751_NSL_ComplianceCertificate_74_5_.pdf)
- [Details of Voting Results of 11th Annual General Meeting of NMDC Steel Limited held on 28th September, 2026 along with Consolidated Scrutinizer's Report Reg. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/NSLNISP_30092026172540_NSL_VotingResults.pdf)
- [NMDC STEEL LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_21229_WebXMLFile_20260929_152108036.xml)
- [NMDC Steel Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/NSLNISP_29092026152524_NSl_Trading_window_closure.pdf)

### Fundamentals

NMDC Steel (NSLNISP) has demonstrated a sharp operational turnaround, with sales surging to ₹13,642 crore in FY2026 from ₹8,503 crore in FY2025. This growth propelled the company from a net loss of ₹2,374 crore in FY2025 to a net profit of ₹59 crore in FY2026, alongside a positive operating profit of ₹1,518 crore. However, momentum appears to have stalled in Q1 FY2026-27, where revenue declined sequentially to ₹3,661.84 crore from ₹3,879 crore in Q4 FY2025-26. Consequently, net profit dropped sharply to ₹50.51 crore from ₹391.91 crore, and finance costs rose to ₹126.38 crore. Despite recent quarterly weakness, the balance sheet shows deleveraging, with borrowings falling to ₹4,613 crore by Mar 2026, and cash flow from operations remaining robust at ₹1,796 crore for the year. The company’s working capital cycle improved significantly, turning negative (-83 days) by Mar 2026, indicating efficient cash management.

- Sales grew 60% YoY in FY2026 to ₹13,642 crore, but Q1 FY2026-27 revenue fell sequentially to ₹3,661.84 crore.
- Net profit swung from a loss of ₹2,374 crore in FY2025 to a profit of ₹59 crore in FY2026, though Q1 FY2026-27 net profit dropped to ₹50.51 crore.
- Borrowings decreased steadily to ₹4,613 crore by Mar 2026, while Cash Flow from Operations remained strong at ₹1,796 crore.
- Finance costs increased to ₹126.38 crore in Q1 FY2026-27, offsetting some margin benefits despite lower interest expenses on reduced debt.

### Bear Case

As of November 6, 2026, NMDC Steel (NSE: NSLNISP) exhibits a pronounced bearish technical setup across daily, weekly, and monthly timeframes. The stock is trading at ₹39.70, below its previous close of ₹39.89, with Supertrend indicators signaling a bearish direction on all three scales. Momentum is weak, evidenced by an Average Directional Index (ADX) of 15.71 on the daily chart, suggesting low trend strength but persistent downward pressure where Minus DI (23.6) exceeds Plus DI (18.74). Moving averages are sloping negatively; the 20-day EMA slope is -0.13 and the 20-day SMA slope is -0.28 over the last five periods.

Performance metrics reflect significant underperformance. The stock has declined 10.0% year-to-date and 8.5% over the past year. Shorter-term momentum remains negative, with a 1-month return of -2.9% and a 3-month return of -11.4%. Volatility is elevated, with annualized volatility at +41.1% and an ATR percentage of 3.19%, indicating substantial price fluctuation risk. The stock is currently in a drawdown of -24.5% from its peak, approaching its historical maximum drawdown of -30.4%. Immediate resistance lies near ₹40.09 (0.99% above), while support is thin at ₹39.60 (0.26% below).

- Bearish Trend Confirmation: Supertrend signals are bearish on daily, weekly, and monthly charts, with ADX values around 15.7–15.8 indicating weak but persistent downward momentum.
- Negative Performance Trajectory: Year-to-date return is -10.0%, with recent 1-month (-2.9%) and 3-month (-11.4%) returns showing continued deterioration.
- High Volatility and Drawdown Risk: Annualized volatility stands at +41.1%, and the current drawdown of -24.5% is nearing the maximum historical drawdown of -30.4%.
- Technical Resistance Proximity: The stock trades at ₹39.70, just below the immediate pivot resistance at ₹40.09, with minimal support cushion at ₹39.60.

- [Board Meeting Intimation |Meeting Date: 12-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60.79 | PUBLIC_VAL: 39.21 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 15-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738893_15102026040407_WEB.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21229_WebXMLFile_20261013_191326539.xml)
- [NMDC Steel Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026192403_NSL_13102026.pdf)
- [NMDC Steel Limited has informed the Exchange regarding Appointment of Ms Sarita Chauhan as Non- Executive - Government Director of the company w.e.f. October 12, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026194707_NSL_SaritaAppointment.pdf)
- [Compliance Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/NSLNISP_06102026132751_NSL_ComplianceCertificate_74_5_.pdf)
- [Details of Voting Results of 11th Annual General Meeting of NMDC Steel Limited held on 28th September, 2026 along with Consolidated Scrutinizer's Report Reg. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/NSLNISP_30092026172540_NSL_VotingResults.pdf)
- [NMDC STEEL LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_21229_WebXMLFile_20260929_152108036.xml)
- [NMDC Steel Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/NSLNISP_29092026152524_NSl_Trading_window_closure.pdf)

### FAQs

**What corporate events is NMDC Steel preparing for in early November 2026?**

NMDC Steel has informed the NSE of a Board Meeting scheduled for 12-Nov-2026. The primary agenda is to consider and approve the Unaudited Financial Results for the quarter ended September 2026. Additionally, the company reported changes in its Directors on 13-Oct-2026.

**How has investor participation changed as of late September 2026?**

As of 30-Sep-2026, the Public Shareholding Pattern stands at 39.21%, with Promoter and Promoter Group holding 60.79% of the shares. The company confirmed it does not have equity shares with differential voting rights for any shareholder category.

**What are the current technical price levels and trend direction for NSLNISP?**

As of 06-Nov-2026, the stock closed at ₹39.70 with a bearish Supertrend direction across daily, weekly, and monthly timeframes. Immediate support is noted at ₹39.60, while resistance levels are identified at ₹40.09 (pivot) and ₹40.31 (high).

**What is the recent performance and volatility profile of the stock?**

The stock has declined -10.0% year-to-date and -8.5% over the past year, with a current drawdown of -24.5%. It exhibits high annualized volatility of +41.1% and an Average True Range (ATR) of 3.19%, indicating significant price fluctuation.

- [Board Meeting Intimation |Meeting Date: 12-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60.79 | PUBLIC_VAL: 39.21 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 15-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738893_15102026040407_WEB.xml)
- [NMDC STEEL LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21229_WebXMLFile_20261013_191326539.xml)
- [NMDC Steel Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026192403_NSL_13102026.pdf)
- [NMDC Steel Limited has informed the Exchange regarding Appointment of Ms Sarita Chauhan as Non- Executive - Government Director of the company w.e.f. October 12, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026194707_NSL_SaritaAppointment.pdf)
- [Compliance Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/NSLNISP_06102026132751_NSL_ComplianceCertificate_74_5_.pdf)
- [Details of Voting Results of 11th Annual General Meeting of NMDC Steel Limited held on 28th September, 2026 along with Consolidated Scrutinizer's Report Reg. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/NSLNISP_30092026172540_NSL_VotingResults.pdf)
- [NMDC STEEL LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_21229_WebXMLFile_20260929_152108036.xml)
- [NMDC Steel Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/NSLNISP_29092026152524_NSl_Trading_window_closure.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹40.09
- Risk regime: Price Risk Requires Attention

### Support levels
- 39.03
- 38.10124999999999
- 37.5275

### Resistance levels
- 40.30756347656249
- 41.725
- 42.2953515625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.48% |
| return_10 | +5.70% |
| return_1m | -2.93% |
| return_1y | -8.55% |
| return_20 | +1.53% |
| return_3m | -11.40% |
| return_5 | +5.42% |
| return_6m | -7.74% |
| return_since_start | -8.92% |
| return_ytd | -9.96% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -30.35% |
| annualized_volatility | +41.05% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Profit Declines Sequentially from Q4 Peak but Improves Year-on-Year

NMDC Steel reported a net profit of ₹50.51 crore for the June 2026 quarter, down 87% from the March 2026 quarter’s ₹391.91 crore but nearly double the ₹25.56 crore earned in the same quarter last year. Revenue fell 5.6% sequentially to ₹3,661.84 crore, while expenses rose 6.2%, compressing operating margins. The sequential decline follows an exceptionally profitable Q4, and the year-on-year improvement reflects continued progress from the prior year’s level.

## Revenue and Expense Trends

Revenue from operations was ₹3,661.84 crore, down 5.6% from ₹3,879 crore in Q4 FY26 but up 8.8% from ₹3,365.22 crore in Q1 FY26. The sequential decline breaks a two-quarter rising trend (Q3 to Q4 saw a 29% increase). The year-on-year growth is consistent with the prior year’s Q1 level, indicating some variability in quarterly revenue.

Total expenses were ₹3,630.78 crore, up 6.2% sequentially and 8.4% year-on-year. The sequential increase in expenses while revenue declined is the primary driver of lower profitability. The expense growth rate (6.2% QoQ) outpaced the revenue decline (5.6% QoQ), leading to margin compression.

## Profitability and Operating Performance

Segment profit before tax and finance costs (a proxy for operating profit) was ₹200.33 crore in Q1 FY27, implying an operating margin of 5.5% (200.33 / 3,661.84). This is a sharp decline from the implied operating margin of 15.0% in Q4 FY26, calculated as PBT of ₹486.10 crore plus finance costs of ₹96.42 crore = ₹582.52 crore, divided by revenue of ₹3,879 crore. The Q4 margin was an outlier compared to earlier quarters: Q1 FY26 had an implied operating margin of 5.0% (PBT ₹36.14 + finance costs ₹133.68 = ₹169.82, divided by revenue ₹3,365.22), while Q2 and Q3 FY26 had negative operating profits. Q1 FY27’s operating margin of 5.5% is therefore more in line with the prior year’s first quarter, suggesting a return to a more typical operating performance after the Q4 spike.

Profit before tax was ₹73.95 crore, down 84.8% sequentially but up 104.6% year-on-year. The sequential drop is explained by the combination of lower revenue, higher expenses, and higher finance costs.

Net profit was ₹50.51 crore, down 87.1% sequentially, up 97.6% year-on-year. The effective tax rate was 31.7% (₹23.44 crore tax on ₹73.95 crore PBT), higher than the 19.4% rate in Q4 FY26, which also contributed to the sequential net profit decline.

## Finance Costs

Finance costs were ₹126.38 crore in Q1 FY27, up 31.1% from ₹96.42 crore in Q4 FY26 but down 5.5% from ₹133.68 crore in Q1 FY26. The Q4 figure was notably lower than the ₹128–134 crore range seen in the three quarters before it (Q1–Q3 FY26). The sequential increase in finance costs added to the profit decline. Management attributed the year-on-year decrease to a lower interest rate on its SBI term loan and a reduced outstanding loan balance.

## Management Commentary (Attributed)

According to the company’s filing-day announcements, management highlighted a year-on-year revenue increase of 8.8% and a doubling of net profit, attributing the improvement to higher revenue and lower finance costs. They noted that the interest expense on the SBI term loan was reduced from 12.45% to 8.40% per annum, and the outstanding term loan decreased by ₹1,298.54 crore to ₹3,177.27 crore. The company also reported a net worth of ₹13,228.35 crore and a debt-equity ratio of 0.38. Legacy GST disputes and the ongoing strategic disinvestment process were also mentioned. (This section is based on management’s own statements and is not independently verified by the financial metrics alone.)

## Management Commentary

For the quarter ended June 30, 2026, NMDC Steel reported revenue from operations of ₹3,661.84 crore, up 8.8% year-over-year from ₹3,365.22 crore, while net profit doubled to ₹50.51 crore from ₹25.56 crore in Q1 FY26. Total expenses rose to ₹3,630.78 crore from ₹3,349.08 crore, driven by higher raw material costs and other expenses, but finance costs decreased slightly to ₹126.38 crore from ₹133.68 crore, reflecting management's successful renegotiation of the term loan interest rate from 12.45% to 8.40% p.a. with SBI. The company's outstanding term loan reduced by ₹1,298.54 crore to ₹3,177.27 crore, and net worth increased to ₹13,228.35 crore. The debt-equity ratio stood at 0.38, and basic EPS improved to ₹0.19 from ₹0.09.

Management continues to navigate legacy GST disputes (pre-demerger) totaling ₹111.10 crore, of which ₹45.90 crore was dropped, ₹56.40 crore is pending before the High Court, and ₹0.35 crore is under appeal, with NMDC Ltd handling the appeals. The strategic disinvestment process by the Government of India for its 50.79% stake in NMDC Steel remains ongoing per earlier approvals, with no new timeline disclosed in this filing. Overall, the company's performance indicates gradual operational improvement and better cost management.

## Key Takeaway

NMDC Steel’s June 2026 quarter shows a significant pullback from the exceptional profitability of the March 2026 quarter, with revenue declining and expenses rising sequentially. However, compared to the same quarter last year, both revenue and profit improved, and operating margins returned to a level similar to the prior year’s first quarter. The company’s finance costs, while up from the previous quarter’s low, remain below the year-ago level. The quarter reflects a normalization after a volatile period, with the underlying business still showing year-on-year progress.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +60.79%
- FII holding: +4.93%
- DII holding: +15.78%
- Mutual fund holding: +0.85%
- Retail holding: +9.61%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +60.79%
- LIFE INSURANCE CORPORATION OF INDIA — +13.47%

## Official filings

- 2026-11-05 — Board Meeting Notice: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- 2026-11-05 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_21229_WebXMLFile_20261105_172320579.xml)
- 2026-10-15 — Shareholding Disclosure: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738893_15102026040407_WEB.xml)
- 2026-10-13 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21229_WebXMLFile_20261013_191326539.xml)
- 2026-10-13 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026192403_NSL_13102026.pdf)
- 2026-10-13 — Management Change: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_13102026194707_NSL_SaritaAppointment.pdf)
- 2026-10-06 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_06102026132751_NSL_ComplianceCertificate_74_5_.pdf)
- 2026-09-30 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_30092026172540_NSL_VotingResults.pdf)
- 2026-09-29 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_21229_WebXMLFile_20260929_152108036.xml)
- 2026-09-29 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_29092026152524_NSl_Trading_window_closure.pdf)
- 2026-09-28 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_28092026195227_NSL_11th_AGM_Proceedings.pdf)
- 2026-09-07 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_07092026170738_NSL_Newspaper_Clip.pdf)
- 2026-09-06 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_21229_WebXMLFile_20260906_204944890.xml)
- 2026-09-06 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_21229_WebXMLFile_20260906_204154169.xml)
- 2026-08-28 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NMDCSTEEL_28082026084742_NSL_Clarification_Spurt_in_Volume.pdf)
- 2026-08-27 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/content/RSS/Online_announcements.xml)
- 2026-08-27 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NMDCSTEEL_27082026184114_NSL_Change_Directorate.pdf)
- 2026-08-27 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_21229_WebXMLFile_20260827_193650226.xml)
- 2026-08-25 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NMDCSTEEL_25082026175247_NewspaperNSL11thAGM25082026.pdf)
- 2026-08-24 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_24082026140709_SE11th_AGM__NSL.pdf)
- 2026-08-21 — Credit Rating Update: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NSLNISP_21082026120306_NSL_CreditRating_21082026.pdf)
- 2026-08-14 — Generic Announcement: NMDC Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/NMDCSTEEL_15082026013744_NSLSE14082026_results1.pdf)
- 2026-07-31 — Official Filing: NMDC Steel Limited's Board of Directors met on July 30, 2026, approving the appointment of Paraj Kanti Saha as Company Secretary and Compliance Officer, effective July 30, 2026. Concurrently, Aniket Kulshreshtha resigned from the same positions, effective July 30, 2026, due to his appointment as Company Secretary and Compliance Officer at NMDC Limited.
- 2026-07-30 — Generic Announcement: NMDC Steel Limited announced a change in its Company Secretary and Compliance Officer on July 30, 2026. Aniket Kulshreshtha resigned from his position due to his appointment as Company Secretary at NMDC Limited. The Board of Directors approved the appointment of Paraj Kanti Saha as the new Company Secretary and Compliance Officer, effective immediately. — [Official attachment](https://nsearchives.nseindia.com/corporate/NMDCSTEEL_30072026224251_NSL_CSannoucement_30072026.pdf)
- 2026-07-18 — Official Filing: NMDC Steel Limited reported the appointment of Mr. Vivek Nishant Nath as Executive Director, effective July 15, 2026. He assumed charge as Director (Commercial) at NMDC Limited on July 18, 2026, bringing over three decades of experience in sales, marketing, and supply chain management within the mining and metals industry.

## News and market events

- 2026-08-27 — BUSINESS: **Volumes spurt at The Bombay Burmah Trading Corporation Ltd counter** — The Bombay Burmah Trading Corporation Ltd registered volume of 120.8 lakh shares by 14:14 IST on NSE, a 449.08 fold spurt over two-week average daily volume of 26899 shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-spurt-at-the-bombay-burmah-trading-corporation-ltd-counter-126082700656_1.html)
- 2026-08-21 — BUSINESS: **Market ends flat amid geopolitical concerns; metal stocks gain** — As per provisional closing data, the barometer index, the S&P BSE Sensex, ended flat at 77,540.83, up 3.11 points or 0.00%. The Nifty 50 index rose 20.15 points or 0.08% to 24,252. — [Source](https://www.business-standard.com/markets/capital-market-news/market-ends-flat-amid-geopolitical-concerns-metal-stocks-gain-126082100830_1.html)
- 2026-08-17 — Mint: **Top Gainers & Losers on 17 August: NMDC Steel, LG Electronics, BSE, Tata Tech, Infosys, Voltas among top losers | Stock Market News** — Indian stocks remained subdued on August 17, with the Nifty down 0.11% and the Sensex down 0.19% due to ongoing Middle East conflicts and high crude oil prices. Despite this, midcap and small-cap indices saw slight gains. — [Source](https://www.livemint.com/market/stock-market-news/top-gainers-losers-on-17-august-nmdc-steel-lg-electronics-bse-tata-tech-infosys-voltas-among-top-losers-11786961037869.html)
- 2026-08-17 — CNBC-TV18: **NMDC Steel shares fall 9% after a weak operating performance in Q1** — The demerged NMDC entity listed on the exchanges in February 2023 at ₹31.75 apiece. It has risen around 38% from those levels. — [Source](https://www.cnbctv18.com/market/nmdc-steel-share-price-fall-weak-operating-performance-q1-ebitda-margin-revenue-impact-target-returns-19970741.htm)
- 2026-08-17 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty falls to day's low; Belrise down over 7%** — Stock Market Live Updates: The markets are under pressure, as indices trade lower at the beginning of a new week. The Nifty is down nearly 80 points, falling below the 24,300 mark. Infosys, Tata Motors PV and HCLtech are top losers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-reliance-hdfc-bank-cochin-nmdc-voltas-gmr-jupiter-share-price-liveblog-19970547.htm)
- 2026-08-17 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty slips below 24,300; NMDC Steel falls over 7%** — Stock Market Live Updates: The markets are under pressure, as indices trade lower at the beginning of a new week. The Nifty is down nearly 80 points, falling below the 24,300 mark. Infosys, Tata Motors PV and HCLtech are top losers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-reliance-hdfc-bank-cochin-nmdc-voltas-gmr-jupiter-share-price-liveblog-19970547.htm)
- 2026-08-15 — CNBC-TV18: **NMDC Steel Q1 net profit jumps 97.6% to ₹50.51 crore as govt searches buyer for stake** — The results came as the Government of India continued its process to divest its 50.79% stake in NMDC Steel, including a transfer of management control to a strategic buyer. — [Source](https://www.cnbctv18.com/market/earnings/nmdc-steel-q1-fy27-net-profit-revenue-ebitda-divestment-government-stake-sale-19970245.htm)

## Business profile

**Strategic vision:** Manufactures and sells hot rolled steel products.

### Business segments
- **Hot Rolled Steel:** The Nagarnar steel plant produces high-grade hot rolled steel products, including low carbon steel, HSLA & Dual Phase Steel, and API quality steel, with thicknesses ranging from 1mm to 16mm.

### Competitive strengths
- State-of-the-art 3.0 MTPA steel plant at Nagarnar, Chhattisgarh.
- Modern mill technology including the widest HR mill in the public sector.
- Iron ore supply linkage with Bailadila mines.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/nslnisp
Markdown representation: https://faxioms.com/stocks/nslnisp?render=md