NMDC Steel Limited operates the 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh, and reports into a quarter where domestic HRC prices hit four-year highs even as coking coal costs climbed steeply. The print will speak to whether the margin bridge holds — HRC realisations captured in Q2 versus coking coal at $283/t and a rupee near 96 — alongside governance items like Independent Director appointments and the pending strategic disinvestment.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,661.84 Cr |
| Previous quarter PAT | Rs. 50.51 Cr |
| Market cap | Rs. 11,605.2 Cr |
| CMP | Rs. 39.6 |
The Board of NMDC Steel Limited will meet on Thursday, 12 Nov 2026 to approve the unaudited financial results for the quarter and half year ended 30 Sep 2026. The insider trading window remains closed from 1 Oct to 14 Nov 2026 (48 hours post-results) under SEBI PIT Regulations.
The quarter's swing factor is the margin bridge: domestic HRC prices rallied from Rs. 58,000/t on 1 August to Rs. 64,000/t by late September — a four-year high — but imported coking coal rose 22% to $283/t against an August average of $232/t, and the rupee slid to near 96 against the dollar, inflating landed coal costs.
Q1 FY27 already showed the pattern, with material cost at 68.53% of revenue (+774 bps YoY) compressing EBITDA margin 120 bps to 10.91%, against the FY26 operating margin of 11.76%. On the volume side, FY26 HRC output of 23,24,902 tonnes ran at about 80.17% of the 2.9 MT/year Hot Strip Mill design capacity, and management's stated priority is converting commissioned capacity into stable, predictable production and sales, with lime availability and logistics constraints being addressed.
Iron ore from parent NMDC offers a partial offset — fines pricing w.e.f. 9 Sep 2026 at Rs. 4,500/t is roughly 4% below the early-July level — while the 12% safeguard duty on select flat steel imports remained in place through the quarter.
Management has given no quantified guidance, only open-ended targets of stabilising crude steel production, steady HRC output and expanding the portfolio toward HSLA and automotive grades, so the call is expected to focus on the margin bridge, working capital direction from negative Rs. 5,736.26 Cr, and governance items including Independent Director appointments and the GoI's 50.79% strategic disinvestment process.
Performance vs open-ended guidance tracking: Management has given no quantified guidance; all stated targets carry no deadline, so track direction rather than dates.
Margin bridge: HRC realisations vs coking coal and FX: Both input and output prices moved up together in the quarter; the net effect on operating margin is the key question.
Working capital and borrowings direction: Liquidity is the pressure point if the coal-led cost squeeze persists.
Governance resolution and strategic disinvestment: The dominant disclosed risk is board composition, with the disinvestment process still open.
Volume ramp and raw material constraints: FY26 was the plant's highest-ever year, but capacity headroom and input availability remain the constraints to track.
Yes. Q1 FY27 revenue of Rs. 3,661.84 Cr was up 8.81% YoY, and FY26 revenue of Rs. 13,641.81 Cr grew 60.43% YoY, driven by HRC sales volume growth of 73.57%.
On 20/21 Aug 2026, Crisil upgraded the long-term rating on Rs. 4,500 Cr of bank facilities — including a term loan from State Bank of India — from 'Crisil BBB+/Stable' to 'Crisil A/Stable'. This followed the company's FY26 turnaround, in which EBITDA turned positive at Rs. 1,604.44 Cr.
The C&AG flagged non-recognition of ECL on Rs. 179.05 Cr of trade receivables and a Rs. 9.60 Cr land transfer charge provision to CSIDC, both of which it said overstated profit. Management computed the ECL impact at Rs. 2.02 Cr, called it immaterial, and accounted for it in Q1 of FY 2026-27.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.