NMDC Q2 Results Date FY27: 12 Nov, Profit Base to Beat

Earnings · Metals and Mining

The NMDC Q2 results date is Thursday, 12 November 2026. Here is the year-ago base, the iron ore volumes already published for the quarter, the price cuts that matter and the marks to read first when the numbers arrive.

Updated: Wednesday, 11 November 2026, 1:00 PM IST  |  Reading time: 22 min  |  Next update: Thursday, 12 November 2026, after the board meeting and filing

Latest update (Wednesday, 11 November 2026, 1:00 PM IST): I found no change to the 12 November board date and no announcement time. I found no analyst consensus for Q2, so none is shown. NMDC publishes monthly production and sales, so volumes for the quarter are public and sit in the tables below. This post will be updated after the results.

In plain words: NMDC is India’s largest iron ore miner and is majority-owned by the government. It sells lump ore and fines to steel makers at prices it sets itself, so profit depends on tonnes sold, price per tonne and royalty costs. That is why this preview leans on volumes and prices more than on a broker estimate.

Data note: Figures are as of 11 November 2026, 1:00 PM IST. They follow Trendlyne, Upstox, Business Today, ScanX, SteelOrbis, Metal.com and Nuvama as quoted by Business Today. I could not open the company’s Q1 FY27 filing or any exchange document, so quarterly figures are headline-level and different pages use different bases. Derived numbers are my calculation. I found no analyst consensus for Q2.

When is the NMDC Q2 results date, and at what time will it be announced?

The NMDC Q2 results date is Thursday, 12 November 2026: the board is scheduled to consider the results for the quarter and half-year ended 30 September 2026, per Trendlyne’s company page dated 9 November. No announcement time has been confirmed.

Trendlyne lists the board meeting for 12 November 2026. My earlier calendar work for this site also placed NMDC on Thursday, 12 November, next to HAL, Vodafone Idea and Bharat Dynamics. I did not open the exchange intimation itself, so treat the day as reported, not as filed. A board date is a plan, and boards can move meetings.

NMDC Q2 results date: what each source says

Cite this table: NMDC Q2 results date and time status, as of 11 November 2026, 1:00 PM IST, PositionalCalls.

The check that settles it is the company’s own intimation and the result filing on the BSE or NSE announcement page. Anything that says a time without pointing to that page should be left alone.

Why last year’s pattern is only a loose guide to the NMDC Q2 results date

I did not find last year’s exact release time in the pages I opened, so I do not lean on it. This year the board meets on 12 November, two days before the legal limit of 14 November (my calculation). A date close to the deadline is not a signal by itself, but it leaves little room if the meeting slips.

What is the profit and revenue base NMDC has to beat in Q2 FY27?

The year-ago base is Q2 FY26: revenue of Rs 6,260.85 crore, EBITDA of Rs 2,385 crore and net profit of Rs 1,694 crore. The nearer base is Q1 FY27, with profit of Rs 2,007 crore on 11.73 million tonnes of sales.

Cite this table: NMDC consolidated headline base, ScanX (Q2 FY26) and Business Today (Q1 FY27), as of 11 November 2026, 1:00 PM IST. Q2 FY25 volumes are from ScanX’s lakh-tonne figures converted to million tonnes.

Two cross-checks give some comfort that the headline figures hang together. Half-year FY26 turnover of Rs 12,895 crore less Q2’s Rs 6,261 crore leaves Rs 6,634 crore for Q1 FY26, the same figure Business Today uses as the year-ago quarter for Q1 FY27. The same test on profit, Rs 3,663 crore less Rs 1,694 crore, gives Rs 1,969 crore, which also matches (my calculation).

NMDC Q2 results date: the half-year base

Cite this table: NMDC half-year base, ScanX and my calculation, as of 11 November 2026, 1:00 PM IST.

A flat Q2 profit of Rs 2,007 crore would be 18.5% above the year-ago Rs 1,694 crore and would take the half-year to about Rs 4,014 crore. That is arithmetic, not a forecast: it simply shows how little growth the first half needs to look healthy against a base that was itself 33% higher.

NMDC revenue per tonne: a number the filing will not print

Dividing revenue by tonnes sold gives a rough realisation. Q2 FY26 revenue of Rs 6,260.85 crore on 10.716 million tonnes is about Rs 5,843 a tonne, and Q1 FY27 revenue of Rs 6,795 crore on 11.73 million tonnes is about Rs 5,793 a tonne (my calculation, ignoring other operating revenue). The gap is small, which is why tonnes, not price, explain most of the quarterly swing in this company.

Which NMDC figures are the right ones to compare on results day?

Compare Q2 FY27 first with Q1 FY27 and with Q2 FY26, on the same basis. Q1 FY27 EBITDA appears as Rs 2,817 crore and Rs 2,470 crore, and Q2 FY26 profit as Rs 1,694 crore and Rs 1,698.86 crore, so the basis matters before the direction does.

Four conflicts already exist. They are shown here, not resolved.

Cite this table: NMDC conflicting figures, as of 11 November 2026, 1:00 PM IST, PositionalCalls.

The Rs 347 crore match is the useful finding. Revenue differs by 347 and EBITDA differs by 347, which is what you would see if one page adds other income to both lines and the other does not. That is my reading of the arithmetic; I could not confirm it from the filing. It matters because Nuvama’s Rs 2,106 a tonne EBITDA, which is 2,470 divided by 11.73 million tonnes (my calculation), only works on the lower basis.

NMDC Q2 results date checklist: lines to keep on one basis

• Profit label: use net profit after tax for the period, consolidated if the page shows both.
• EBITDA: decide whether other income is in or out before you compare with Rs 2,385 crore or Rs 2,470 crore.
• Revenue: use revenue from operations, not total income.
• Volumes: use million tonnes of sales, not production, to explain revenue.

What do analysts expect from NMDC in Q2 FY27, and what is the share price doing?

I found no published Q2 FY27 consensus for NMDC. Trendlyne shows a HOLD consensus from 22 analysts and an average full-year EPS estimate of Rs 9.6 against trailing EPS of Rs 8.5. The shares were at Rs 72.85 on 11 November, about 25% below the 52-week high.

Broker views are shown only as reported, with date and source. They are not PositionalCalls targets and are not a view of mine.

Cite this table: NMDC broker views as reported, Business Today and Trendlyne, as of 11 November 2026, 1:00 PM IST.

Nuvama upgraded the stock on 17 August after a Q1 EBITDA miss: Rs 2,470 crore against its own estimate of Rs 2,620 crore, with EBITDA flat year on year. Its reasoning, as reported, was that domestic iron ore prices had probably bottomed and that higher volumes should lift second-half earnings. It values the stock at 9 times FY28 earnings.

NMDC Q2 results date: price and valuation snapshot

Cite this table: NMDC price snapshot, Upstox, Trendlyne and Business Today; calculations by PositionalCalls. Not live.

The shares have fallen about 14% since the upgrade even as production rose, which tells you the market is weighing sales volumes and prices more than output. A price snapshot is not a view: the figures above are a record of where the stock stood, not a signal.

NMDC dividend record before the results

Cite this table: NMDC dividend history, Trendlyne, as of 11 November 2026, 1:00 PM IST. Upstox lists the first two without a type.

The last two payouts add to Rs 3.50 a share, or about 4.8% of Rs 72.85 (my calculation). The interim payouts have gone ex in February and March, so the 12 November meeting is not the usual home for an interim declaration; the filing will say if one is declared. For how dividend income is taxed, see dividend tax in India.

Dividends are a board decision. Nothing here says one will be declared.

What drives NMDC’s Q2 numbers: volumes, prices and costs?

Around the NMDC Q2 results date, three things drive NMDC’s quarter: tonnes sold, the price per tonne and royalty costs. Production for Q2 is up about 19%, sales are down about 2%, prices were cut in August, and royalty added Rs 652 a tonne to Q1 costs.

NMDC Q2 results date: the volumes are already public

NMDC reports production and sales every month. Subtracting the first-quarter figures from the April to September totals gives Q2: production of about 12.15 million tonnes against 10.21 million a year ago, and sales of about 10.50 million tonnes against 10.72 million (my calculation).

Cite this table: NMDC Q2 volumes, ScanX, SteelOrbis and Business Today; subtraction by PositionalCalls, as of 11 November 2026, 1:00 PM IST.

Production ran 1.65 million tonnes ahead of sales in the quarter (my calculation), against a quarter a year ago in which sales were 0.51 million tonnes ahead of output. Revenue comes from sales, so a quarter with higher output and lower sales is a stock build, not extra revenue.

NMDC monthly volumes, July to October 2026

Cite this table: NMDC monthly volumes, Metal.com, SteelOrbis and company-reported figures; August is my calculation (12.15 – 4.06 – 4.04), as of 11 November 2026, 1:00 PM IST.

September and October sales were each about 10% to 12% lower than a year earlier. October belongs to Q3, but it shows the trend did not reverse after the quarter ended.

Price cuts and the realisation

NMDC cut lump ore by Rs 200 a tonne and fines by Rs 150 for August 2026 deliveries, effective from about 8 August (SteelOrbis and Metal.com). Earlier, in June, it had raised lump by Rs 200 and fines by Rs 150 (Kotak Neo headline). So Q2 saw a hike in June and a cut in August, with July and part of August in between; the filing will show the net effect on realisation.

Cite this table: NMDC price moves, SteelOrbis, Metal.com and Kotak Neo, as of 11 November 2026, 1:00 PM IST. Prices are ex-pithead and exclude taxes and levies.

Nuvama’s read of Q1 is useful here: blended realisation was up Rs 416 a tonne year on year, but royalty and premium costs rose Rs 652 a tonne, so EBITDA per tonne fell Rs 46 to Rs 2,106. A cost line that rises faster than price is the thing to look for in the Q2 filing.

The 60 million tonne target

NMDC targets 60 million tonnes of production in FY27 and 100 million tonnes by 2030 (Business Today). With 32.32 million tonnes produced from April to October, reaching 60 needs 27.68 million over the remaining five months, or about 5.54 million a month (my calculation), against 5.04 million in October. Production is on course; whether sales and prices follow is the open question.

What would different outcomes look like after the NMDC Q2 results date, in numbers?

These tables are arithmetic on public figures, not forecasts. They show what revenue, EBITDA and profit would be at a few illustrative levels and what each means against the base.

Cite this table: NMDC revenue sensitivity at calculated Q2 sales of 10.50 million tonnes, my calculation. Not an estimate.

Cite this table: NMDC EBITDA arithmetic, my calculation. Not an estimate.

Cite this table: NMDC profit sensitivity, my calculation from the published base. Not an estimate.

Three worked examples

Example 1, volumes. Sales of 10.50 million tonnes at Q1’s realisation of about Rs 5,793 a tonne give revenue near Rs 6,083 crore, about 2.8% below Q2 FY26 (my calculation). Lower sales can therefore sit beside higher profit only if the margin per tonne rises.

Example 2, the margin bridge. To match the year-ago EBITDA of Rs 2,385 crore on 10.50 million tonnes, EBITDA per tonne has to be about Rs 2,271, which is Rs 165 above Q1’s Rs 2,106 (my calculation). That is the size of the gap between a cost-driven and a price-driven quarter.

Example 3, profit against the base. A profit equal to Q1’s Rs 2,007 crore would be 18.5% above Rs 1,694 crore; a profit of Rs 1,850 crore would still be 9.2% above it but 7.8% below Q1 (my calculation). A year-on-year gain and a sequential fall can occur together.

How do I read the NMDC Q2 results on results day?

On the NMDC Q2 results date, read in this order: the profit label, then revenue against Rs 6,260.85 crore, then sales volume against 10.50 million tonnes, then EBITDA per tonne against Rs 2,106, then cash, dividend and guidance.

Cite this table: NMDC results-day reading order, PositionalCalls.

Then read one management sentence: what do they expect for sales volumes and the iron ore price in the second half? Nuvama’s view is that prices have bottomed; the filing and commentary will show whether the company agrees. Set the share price reaction aside until the numbers are read.

How do I read the NMDC Q2 filing and avoid fake alerts?

On the NMDC Q2 results date, open the result on the BSE or NSE announcement page for NMDC Limited, not through a link in a message, and read the consolidated statement first. Treat any tip that asks for an OTP, a payment or a login as fake.

1. Open the BSE or NSE corporate announcements page and search for NMDC Limited.
2. Choose the financial result filing for the quarter ended 30 September 2026 and open the consolidated statement.
3. Note the line labels: revenue from operations, other income, EBITDA if shown, profit before tax and profit after tax.
4. Compare revenue and profit with Rs 6,260.85 crore and Rs 1,694 crore, then with Rs 6,795 crore and Rs 2,007 crore.
5. Read the segment note and the press release for volumes, realisation and the dividend decision.
6. Check the notes for exceptional items, restated figures and contingent liabilities before using a growth rate.

Fake results alerts and paid tip groups multiply on results days. No genuine filing asks for a login, an OTP or money. PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment.

What do most people miss about the NMDC Q2 results?

Around the NMDC Q2 results date, most readers miss the basis differences, the gap between production and sales, the cost side and the dividend timing. Six risk cards cover them.

NMDC Q2 results date: frequently asked questions

Sources

• BSE corporate announcements: where the NMDC filing will appear.
• NSE corporate filings: financial results: the same filing on NSE.
• Trendlyne: NMDC company page, snapshot 9 November 2026 (board date, dividends, broker views).
• Upstox: NMDC share price, snapshot 11 November 2026 (price, market cap, 52-week range).
• ScanX: NMDC Q2 and H1 FY26 performance, base quarter.
• Business Today: NMDC Q1 profit rises to Rs 2,007 crore, 16 August 2026.
• Business Today: Nuvama upgrades NMDC to Buy, 17 August 2026.
• SteelOrbis: NMDC October 2026 output and sales.
• SteelOrbis: NMDC September 2026 output and sales.
• SteelOrbis: NMDC cuts iron ore prices for August 2026, 10 August 2026.
• Metal.com: NMDC cuts iron ore prices after July output surge, August 2026.
• Also named, not linked: Nuvama and Motilal Oswal as quoted by Business Today and Trendlyne.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for the NMDC Q2 results date I read the Trendlyne and Upstox company pages, ScanX, Business Today, SteelOrbis and Metal.com, noted where sources differ, and marked every derived number as my calculation. I did not open the Q1 FY27 filing or any exchange document. Figures are as of 11 November 2026, 1:00 PM IST.