NMDC Limited (NMDC) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

NMDC Limited is a state-owned iron ore miner that is also building positions in coal, pellets and critical minerals, and it heads into its Q2 FY 2026-2027 print with production running well ahead of sales. The key things the results will speak to are whether EBITDA margin closes the gap to the guided 42-43% band after two price cuts during the quarter, and how the widening production-offtake imbalance plays into realisations and inventory.

NMDC Limited Q2 Results Date and Time

The board of NMDC Limited is scheduled to meet on November 12, 2026, to consider the Q2/H1 FY27 unaudited financial results. The trading window remains closed from October 1 to November 14, 2026.

What to expect from NMDC Limited's Q2 FY27 results

The Q2 print will test whether NMDC can close the gap between its Q1 FY27 EBITDA margin of 41% and the guided 42-43% band for FY27, after two list-price cuts in July and August totalling over 7% and only a partial Rs. 150/t lump rollback on 9 September to Rs. 5,400/t.

Realisations entered the quarter below the Q1 FY27 average of Rs. 5,548/T for most of the period, while royalty and other levies plus the 150% additional levy were already running about 30% YoY higher in Q1, and wage-revision costs add further pressure that management expects efficiency gains to offset, including the Bailadila production cost cut from Rs. 1,000 to Rs. 800 per ton.

Production momentum is strong — cumulative Apr-Oct FY27 output of 32.32 MT, up 22.10% YoY and 53.87% of the 60 MT FY27 target — but sales fell 1.72% YoY cumulatively, with September and October sales down 9.54% and 11.57% YoY, leaving an inventory build of Rs. 1,094 Cr in Q1 alone on a 3.35 MT production-sales gap.

The newly commissioned Rs. 5,427 Cr Bastar value-chain complex, including the 2 MTPA Nagarnar pellet plant and the 135-km slurry pipeline commissioned on 27 September 2026, is the key value-addition ramp to probe, alongside the capex step-up from the FY26 actual of Rs. 3,384 Cr toward the Rs. 6,000 Cr FY27 plan. The call is also likely to cover receivables and contingencies, including RINL receivables of Rs. 4,712.47 Cr, NSL dues with liquidation targeted in 16-18 months, and the Rs. 15,785.72 Cr Karnataka tax matter that remains pending Presidential assent.

Key Things To Watch

EBITDA margin vs 42-43% FY27 guidance: Q1 FY27 margin of 41% sits below the guided band.

• Guided 42-43% EBITDA margin for FY27; Q1 FY27 actual was 41% — watch whether Q2 closes the gap and how wage-revision costs factor in
• Price path: two cuts totalling over 7% into August, then a partial Rs. 150/t lump hike on 9 September to Rs. 5,400/t (fines held at Rs. 4,500/t) vs Q1 average realization of Rs. 5,548/T
• Offsets to probe: Bailadila production cost cut from Rs. 1,000 to Rs. 800 per ton and the Nagarnar pellet plant ramp post 27 September commissioning

60 MT FY27 production target and offtake imbalance: Production is running well ahead of sales in FY27.

• Apr-Oct FY27 production of 32.32 MT equals 53.87% of the 60 MT target; meeting it requires roughly 5.54 MT/month over Nov-Mar vs 4.62 MT/month achieved Apr-Oct
• Cumulative FY27 sales down 1.72% YoY, with September sales down 9.54% and October down 11.57% YoY — watch demand, channel inventory and despatch trends
• Q1 FY27 carried a Rs. 1,094 Cr inventory build on a 3.35 MT production-sales gap, so the ore pile-up enters Q2 already elevated

Capex ramp toward Rs. 6,000 Cr in FY27: Capex needs a sharp second-half step-up.

• FY27 capex plan of Rs. 6,000 Cr vs FY26 actual of Rs. 3,384 Cr — watch quarterly capex disclosure
• Management has guided capex scaling to Rs. 9,000-10,000 Cr annually over the next 2-3 years, supporting total investment of Rs. 40,000-50,000 Cr

Receivables and contingent liabilities: Large disclosed exposures remain on the balance sheet.

• RINL trade receivables of Rs. 4,712.47 Cr with expected credit loss of Rs. 298.48 Cr; recovery via bill discounting with a 45-day lag, with liquidation described as 'a little slow'
• NSL dues of Rs. 1,601.39 Cr plus receivables of Rs. 4,499.20 Cr; NSL debt reduced from Rs. 2,500 Cr to Rs. 1,800 Cr with liquidation targeted in 16-18 months
• Karnataka mineral tax contingent liability of Rs. 15,785.72 Cr pending Presidential assent; RTP penalty of Rs. 1,620.50 Cr and Common Cause demand of Rs. 1,623.44 Cr, both sub-judice

Strategic project execution updates: Several named projects are in ramp-up or pre-commissioning stages.

• Bastar value-chain complex (Rs. 5,427 Cr) commissioned 27 September 2026 — 2 MTPA Nagarnar pellet plant, Bacheli processing plant and 135-km/15 MTPA slurry pipeline — watch ramp-up and pellet contribution
• Rohne coal mine slated to open in late Q3 with no production expected in the current fiscal year; Tokisud ramping toward 2.3 MT peak capacity
• Vizag blending yard with around Rs. 3,000 Cr sanctioned investment, which management expects to be 'a market game-changer within 3 years'; NMDC Global IFSC Ltd operationalization at GIFT City