NMDC Limited (NMDC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+128.8%

₹155.64

vs ₹68.03 price

Levered DCF

₹106.85

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9×	9.38×	11.18×	5.84×	3.89×	5.03×	5.27×	5.51×
P/B	1.97×	2.07×	2.43×	1.45×	2.03×	1.02×	0.68×	0.95×
P/S	2.09×	2.57×	2.92×	1.85×	1.41×	1.98×	1.61×	2.04×
EV / EBITDA	5.76×	8.04×	8.99×	5.74×	2.99×	3.68×	3.21×	3.63×
Gross margin	38.1%	53.3%	52.1%	53.5%	62.9%	78.2%	77.8%	79.3%
Operating margin	27.4%	43.6%	42.9%	43.4%	50.1%	67.5%	62.4%	68.1%
Net margin	23.2%	27.4%	26.2%	31.7%	36.3%	40.8%	30.5%	38.0%
Current ratio	2.43×	2.42×	2.53×	2.97×	2.81×	1.91×	2.64×	2.6×
Debt / equity	0.19×	0.14×	0.13×	0.09×	0.1×	0.08×	0.02×	0.01×
Interest coverage	72.46×	58.61×	116.96×	101.88×	333.24×	617.23×	762.64×	205.25×
Dividend yield	4.6%	4.0%	4.0%	3.4%	11.8%	7.5%	10.4%	8.2%
Payout ratio	41.3%	37.6%	45.2%	19.6%	45.8%	36.2%	54.6%	44.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.9%	22.0%	21.7%	24.8%	52.3%	21.0%	12.9%	17.7%
Return on invested capital	15.1%	20.9%	20.9%	21.2%	44.6%	22.0%	14.5%	19.6%
Return on assets	15.4%	16.0%	15.6%	18.7%	36.1%	17.0%	11.4%	15.5%
Free cash flow yield	3.8%	-2.2%	8.9%	1.8%	15.7%	18.5%	-1.5%	8.0%
Earnings yield	11.1%	10.7%	8.9%	17.1%	25.7%	20.6%	19.0%	18.6%
Enterprise value	₹621.1B	₹655.3B	₹655.6B	₹347.2B	₹383B	₹323.6B	₹192.9B	₹251.1B
Net debt / EBITDA	-0.46×	0.51×	0.45×	0.34×	0.13×	0.21×	0.08×	0.05×
Cash conversion cycle (days)	145	195	144	189	97	112	139	117