NMDC Steel Limited (NSLNISP.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

+4045.7%

₹1,602.33

vs ₹38.65 price

Levered DCF

₹753.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 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	166×	-4.21×	-11.46×	0×	0×	-26.24×	-25.81×	-853,639.82×
P/B	0.74×	0.76×	1.15×	0.53×	0×	11,395,803.52×	1,156,118.58×	602,845.17×
P/S	0.71×	1.18×	5.86×	0×	0×	0×	0×	0×
EV / EBITDA	8.45×	-9.26×	-18.61×	0×	0×	39,243,651.08×	11,625,014.98×	10,538,742.4×
Gross margin	26.2%	11.4%	-41.9%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	3.5%	-32.2%	-65.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.4%	-27.9%	-51.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	0.53×	0.59×	0.99×	2.07×	0.07×	1.26×	3.26×	6×
Debt / equity	0.35×	0.45×	0.43×	0.23×	0.1×	0×	0×	0×
Interest coverage	0.98×	-4.2×	-6×	0×	0×	-113.08×	-124.14×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.4%	-18.1%	-10.1%	0.0%	0.0%	-885.7%	-91.8%	-70.6%
Return on invested capital	2.1%	-9.3%	-5.7%	0.0%	0.0%	-898.8%	-100.1%	0.0%
Return on assets	0.2%	-8.3%	-5.3%	0.0%	0.0%	-185.4%	-63.6%	-58.9%
Free cash flow yield	11.4%	15.4%	-18.6%	-7.0%	0.0%	-0.0%	-0.0%	-0.0%
Earnings yield	0.6%	-23.8%	-8.7%	0.0%	0.0%	-0.0%	-0.0%	-0.0%
Enterprise value	₹135.6B	₹158.9B	₹245.2B	₹123.2B	₹16.9B	₹93B	₹93B	₹93B
Net debt / EBITDA	2.38×	-3.44×	-5.05×	0×	0×	-16.46×	-14.47×	-20.83×
Cash conversion cycle (days)	-73	-77	109	0	0	0	0	0