NMDC CMP 68.6 ENTRY PRICE 67.5 TARGET 70.50, SL 66.90.

The stock has taken support above 61% of Fibonnacci retracement from the start of the rally from Rs.35 to the recent high of Rs.95. Hence, consider another up-move on the basis of daily chart.
Nuvama Institutional Equities expects volume growth to resume as the strike for wage hikes disrupted volumes in Q1FY25. Besides, price hike of Rs 440/tonne in May 2025 should collectively drive EBITDA/t for the quarter. Expecting stock price target of Rs.83.
In 4QFY25, volume growth picked up after sluggishness in the early part of the year. NMDC implemented regular price hikes in FY25, which offset the adverse volume impact, translating into a healthy operating profit, said domestic brokerage Motilal Oswal.
"We expect that going forward, a healthy volume pick-up and stable realization will drive healthy operating growth. Therefore, we largely maintained our estimates for FY26-27. NMDC has planned a capex for various evacuation and capacity enhancement projects, which are expected to improve the product mix and increase its production capacity to ~100mt by FY29-30."
National Mineral Development Corporation (NMDC Limited), established in 1958, is a Navratna public sector undertaking under India’s Ministry of Steel. Headquartered in Hyderabad, NMDC has evolved into the country’s largest integrated iron ore producer, with mechanized operations in Chhattisgarh and Karnataka, alongside a unique diamond mine in Panna, Madhya Pradesh.
NMDC’s flagship milling sites include the Bailadila mines (Deposits 5, 10, 11A, 11C, 14) in Chhattisgarh and the Donimalai mine in Karnataka. Together, they generate around 40 million tonnes of iron ore annually. Beyond iron, NMDC has also diversified into minerals such as copper, limestone, magnesite, diamond, graphite, and beach sands.
NMDC is pursuing an ambitious capital expenditure plan of ₹65,000–70,000 crore over the next five years to escalate iron ore output to 100 MTPA by 2030, encompassing new mine reservations in Odisha, Chhattisgarh, Karnataka, Maharashtra, and Jharkhand.
Simultaneously, the company has expanded globally through its Legacy Iron Ore Ltd subsidiary in Australia, venturing into precision vein-type mining with its Mt Celia gold mine, which produced about 350 kg of gold in FY25 and is projected to yield 1,000 kg in FY26. These capabilities are being leveraged to explore critical minerals (lithium, cobalt, copper), in alignment with global clean-energy demand.
NMDC is also considering acquisitions of coking coal assets in Indonesia and Australia to support India’s steel sector and reduce import dependence. Domestically, it is exploring opportunities in coal, lithium, and off-shore mineral assets through global partnerships.
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