NMDC Q1 profit rises 2% to Rs 2,006 crore as iron ore revenue climbs 10%

New Delhi: NMDC has posted a consolidated net profit of Rs 1,967.46 crore in the corresponding quarter of FY26, according to a regulatory filing. The state owned miner's total income rose 1.5% to Rs 7,142.54 crore in the June quarter from Rs 7,038.97 crore a year earlier.

Iron ore remained the key revenue driver, with sales contributing Rs 6,802.12 crore during the quarter, up nearly 10% from Rs 6,199.15 crore in Q1FY26.

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The improvement in revenue came alongside a sharp increase in production. NMDC produced 15.12 million tonnes (MT) of iron ore during the quarter, 26% higher than the 11.99 MT produced in the year-ago period.

However, the increase in production did not translate into a similar rise in sales. Iron ore sales grew just 2% to 11.73 MT in Q1FY27 from 11.52 MT a year earlier.

NMDC also continues to have a sizeable exposure to Rashtriya Ispat Nigam Ltd (RINL). As of June 30, 2026, trade receivables from RINL, primarily related to supplies of iron ore and pellets, stood at Rs 4,712.47 crore.

Rs 640 crore advance for Karnataka steel plant

On its proposed 3 million tonnes per annum (MTPA) integrated steel plant in Karnataka, NMDC said its wholly owned subsidiary Karnataka Vijayanagar Steel Ltd (KVSL) has been allotted 2,857.54 acres of land.

The company has already paid an advance of Rs 639.61 crore to the Karnataka Industrial Area Development Board (KIADB) towards the cost of the land.

The land is currently in KVSL's possession, although the lease agreement is yet to be executed, NMDC said.

The proposed steel plant is part of NMDC's strategy to expand beyond iron ore mining and move further down the value chain.

Production target of 60 MT in FY27

Happy on company's rising profit, NMDC Chairman and Managing Director Amitava Mukherjee said the company had started FY27 on a strong footing, citing higher production and improved profitability. "The momentum is firmly underway towards achieving our target of 60 million tonnes of production in the current financial year and scaling up to 100 million tonnes by 2030," he said.

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Mukherjee said the company's focus would remain on increasing volumes, improving productivity and extracting greater value from its mineral resources.

NMDC is India's largest iron ore miner under the Ministry of Steel and contributes around 20-25% of the country's iron ore demand.

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