NMDC Q2 Results FY27: Profit Down 2%, Revenue Up 6%

Results analysis · Metals and mining

Looking for the NMDC Q2 results FY27? NMDC reported on 12 November 2026: revenue up about 6%, production up 19%, sales down 2% and profit down about 2%. This page ties the numbers to the base and to Q1 FY27, explains why the sources show an operating profit of Rs 1,940 crore and an EBITDA of Rs 2,436 crore for the same quarter, and lists what to check in the filing.

Updated: Friday, 13 November 2026, 10:00 AM IST  |  Reading time: 22 min  |  Next update: after the filing is read or the next quarterly results

Latest update (Friday, 13 November 2026, 10:00 AM IST): NMDC reported Q2 FY27 results on Thursday, 12 November 2026. Business Upturn published at 8:16 PM IST, and Univest, Investywise and Multibagg carried fuller sets. I did not find a dividend, an analyst estimate or a post-result price, and I have not opened the exchange filing.

In plain words: NMDC is India’s largest iron ore producer and a government company. It sells lump ore and fines, pays royalty to states on every tonne, and also earns interest on its cash. Revenue depends on tonnes sold and the price per tonne, and profit depends on how much royalty and other cost is left after that.

Data note: Figures are as of 13 November 2026, 10:00 AM IST. Revenue, EBITDA, profit before tax, volumes and realisation come from Investywise (which cites the BSE filing) and Multibagg, an automated summary page; the operating profit line comes from Univest and Business Upturn; Q2 FY26 marks come from my preview. I could not open the exchange filings and derived numbers are my calculation.

What did NMDC report in the NMDC Q2 results FY27, and how big was the change?

In the NMDC Q2 results FY27, consolidated revenue from operations was Rs 6,638 crore, up 6.0% from Rs 6,261 crore, and net profit was about Rs 1,667 crore, down about 2% from Rs 1,694 crore, per Investywise and Multibagg for the quarter ended 30 September 2026. Univest shows Rs 1,668.38 crore and Business Upturn Rs 1,664 crore.

The results covered the quarter and half-year ended 30 September 2026 and were reported on 12 November 2026, with the Business Upturn article stamped 8:16 PM IST; I did not find the exact filing time. Companies must report within 45 days of the quarter-end, which made 14 November the limit, so this was day 43 (my calculation). Every number below is as reported by the sources named, and I have not opened the filing.

Cite this table: NMDC Q2 FY27 per Investywise and Multibagg; Q2 FY26 marks per the same pages and my preview; derived changes calculated by PositionalCalls.

The headline growth rates check against their bases: Rs 6,261 crore multiplied by 1.060 is Rs 6,638 crore, and Rs 1,694 crore multiplied by 0.984 is Rs 1,667 crore (my calculation). The profit fall is small because the quarter had a high base, and it hides a bigger move against Q1 FY27 described below. None of the sources says whether the Univest figures are consolidated, so I treat the consolidated label as likely, not confirmed.

Why do the sources show different numbers for the NMDC Q2 results FY27?

The sources show two different profit lines under similar names: Univest and Business Upturn give an operating profit of Rs 1,940 crore (29.2% margin), while Investywise and Multibagg give an EBITDA of Rs 2,436 crore (37%). The gap of about Rs 496 crore equals interest income of Rs 254 crore plus other income of Rs 240 crore, so the EBITDA includes them (my calculation).

Cite this table: NMDC Q2 FY27 source differences compared by PositionalCalls; readings are mine. None of the pages was checked against the filing.

The tie-outs favour the Investywise set. Revenue of Rs 6,638 crore plus interest income of Rs 254 crore plus other income of Rs 240 crore gives total income of Rs 7,132 crore, and Rs 7,132 crore less total expenses of Rs 4,872 crore gives profit before tax of Rs 2,260 crore, which matches (my calculation). Rs 5,754 crore of iron ore sales divided by 104.83 lakh tonnes gives Rs 5,489 a tonne against the reported Rs 5,488 (my calculation). The Business Upturn margin of 29.2% matches Rs 1,940 crore over Rs 6,638 crore, so its EBITDA is the narrower operating profit, not the EBITDA used by Investywise. The year-ago revenue of Rs 6,378.11 crore at Univest differs from Rs 6,261 crore by Rs 117 crore; my preview recorded Rs 6,260.85 crore, so I use that, but the cause of the difference is not stated. A reader comparing an NMDC margin of 29% with one of 37% is comparing two definitions, not two quarters.

What was the Q2 FY26 base, and does it tie to the NMDC Q2 results FY27?

The Q2 FY26 base was revenue of about Rs 6,261 crore, EBITDA of Rs 2,385 crore (38%), profit before tax of Rs 2,270 crore and net profit of Rs 1,694 crore, with production of 102.08 lakh tonnes and sales of 107.16 lakh tonnes. These tie to the preview, except for Univest’s alternative revenue base.

Cite this table: NMDC Q2 FY26 marks compared by PositionalCalls across the pages named and my own preview, 11 November 2026.

The preview’s volume marks of 10.21 and 10.72 million tonnes equal 102.1 and 107.2 lakh tonnes, so they tie to the base used here (my calculation). Net profit of Rs 1,698.86 crore at Univest and Rs 1,694 crore elsewhere may be the total against the owners’ share, but no page says so. That Q2 FY26 was itself a record quarter for sales, per Investywise, means the comparison is against a strong base.

How do the NMDC Q2 results FY27 compare with Q1 FY27?

Against Q1 FY27, revenue fell 2.3% to Rs 6,638 crore, EBITDA fell 13.5% to Rs 2,436 crore, profit before tax fell 16.0% to Rs 2,260 crore and net profit fell about 17% to Rs 1,667 crore, per Multibagg and Business Upturn, with my calculation for the percentages.

Cite this table: NMDC Q2 FY27 against Q1 FY27 per Multibagg and Investywise; changes calculated by PositionalCalls. Business Upturn shows Q1 net profit as Rs 2,006 crore.

The margin fall of 4.8 points in a quarter is larger than the year-on-year change of about 1.4 points, so the pressure is sequential. The Q1 and Q2 figures add up to the half-year totals of Rs 13,433 crore revenue, Rs 5,253 crore EBITDA and Rs 3,674 crore profit, which supports the Multibagg and Investywise set (my calculation). Business Upturn’s Q1 EBITDA of Rs 2,468 crore is on the narrower operating-profit definition, and so is its Q2 figure of Rs 1,940 crore; on that basis the fall was 21.4%.

What do volumes and price show in the NMDC Q2 results FY27?

Production was a record 121.55 lakh tonnes, up 19% on the year, but sales were 104.83 lakh tonnes, down 2%, so about 16.7 lakh tonnes were produced and not sold. Average domestic realisation was Rs 5,488 a tonne, up 10% on the year and about 1% below Q1 FY27.

Cite this table: NMDC volumes and realisation per Multibagg and Investywise; production less sales and Q1 iron ore revenue calculated by PositionalCalls.

Production less sales was positive in both quarters of FY27, 33.87 and 16.72 lakh tonnes, which adds to 50.59 lakh tonnes for the half-year (my calculation); a stock build of that size can reflect weak offtake, seasonal demand or deliberate stocking, and the pages I read do not say which. Other sales rose to Rs 884 crore from Rs 287 crore, which Multibagg shows as up 208%, and the pellet job-work lines suggest that ore moved into pellets, but the filing would show the detail. The Q1 iron ore revenue of Rs 6,508 crore is my calculation from the Rs 754 crore fall that Multibagg reports.

What do costs, other income and tax show in the NMDC Q2 results FY27?

Total expenses were Rs 4,872 crore, up 9% on Q1 FY27 and 11% on the year, while interest income of Rs 254 crore and other income of Rs 240 crore together added Rs 494 crore. Profit before tax of Rs 2,260 crore was taxed at about 26.2% to reach net profit of about Rs 1,667 crore (my calculation).

Cite this table: NMDC cost and income lines per Multibagg, an automated summary page not checked against the filing; notes by PositionalCalls.

The two royalty lines are 1,331 and 1,499 crore, which together are Rs 2,830 crore, or about 42.6% of revenue (my calculation); both fell 19%, more than the 10.6% fall in sales volume, which suggests that price or mix also moved, but I cannot confirm that from the pages. The tax calculation is PBT of Rs 2,260 crore less profit of Rs 1,667 crore, giving Rs 593 crore or 26.2%, against 25.4% a year earlier from Rs 2,270 crore and Rs 1,694 crore (my calculation); this uses the consolidated profit, so the share of associates or minorities, if any, would change the rate. The Multibagg page is an automated summary, so I treat the cost lines as indicative until the filing is read.

What do the reports not show about the NMDC Q2 results FY27?

The reports I read do not show the filing time, a dividend, a consolidated or standalone label for every line, an analyst estimate, management comment, guidance for the rest of FY27, the cause of the stock build, or a post-result share price.

Cite this table: NMDC items not found in the pages read, PositionalCalls, 13 November 2026.

Any one of these could change the reading of the quarter. For example, if the stock build reflects weak demand, the 19% production rise says little about earnings, and if it is deliberate stocking, later quarters could show higher sales. I do not guess, and the filing and the investor presentation are the first places to check.

What does the first half show for NMDC?

In the first half of FY27, production was 272.72 lakh tonnes, up 23%, sales were 222.13 lakh tonnes, flat, revenue was Rs 13,433 crore, up 4%, EBITDA was Rs 5,253 crore, up 2%, and net profit was Rs 3,674 crore, up 0.3%, per Investywise and Multibagg.

Cite this table: NMDC H1 FY27 per Investywise and Multibagg; H1 FY26 marks per the same pages.

Production in the half is 45.5% of the company’s 60 million tonne FY27 target, which my preview noted, so reaching it needs about 32.7 million tonnes in the second half, 20% above the first half (my calculation, using 27.272 million tonnes). That is a calculation, not a forecast, and the company’s own guidance was not found in the reports. A half with 23% more production and the same sales shows that the gain so far is in tonnes mined, not in tonnes delivered.

What did the preview say, and how did the NMDC Q2 results FY27 compare?

The preview recorded a Q2 FY26 base of Rs 6,260.85 crore revenue, EBITDA of Rs 2,385 crore and profit of Rs 1,694 crore (or Rs 1,698.86 crore), and Q1 FY27 profit of Rs 2,007 crore. The result ties to those marks, and no Q2 analyst estimate was found before the result.

Cite this table: NMDC preview marks against the result, PositionalCalls, 13 November 2026.

The preview’s volume calculation, made from the half-year totals before the result, came to 12.15 million tonnes of production and 10.50 million tonnes of sales, against 12.155 and 10.483 in the reports. The preview carried no estimate for profit, so there is nothing to beat or miss. Read the preview at NMDC Q2 results date FY27.

What do the dividend, price and estimates show after the NMDC Q2 results FY27?

I found no dividend with the Q2 results, no analyst estimate and no post-result price. The last dated price in my preview was about Rs 72.85 on 11 November 2026, before the result, and the last dividend was Rs 1 a share, ex-date 5 October 2026, per my preview notes.

Cite this table: NMDC price, dividend and estimates per my preview notes and searches, 13 November 2026.

A price taken before a result cannot show the reaction. After the next trading session, compare the close with the pre-result close and the sector. For tax on a payout, see dividend tax in India; for gains, see capital gains tax on shares.

What does the arithmetic show for the NMDC Q2 results FY27?

Each 1% change in sales volume at the Q2 FY27 realisation is worth about Rs 57.5 crore of iron ore revenue, and each Rs 100 a tonne of realisation on 104.83 lakh tonnes is worth about Rs 105 crore. This is my arithmetic on the reported figures.

Cite this table: NMDC sensitivity arithmetic by PositionalCalls from Multibagg and Investywise figures; before royalty and cost. Not an estimate.

These figures are revenue before royalty, other levies and costs, so they are not profit, and the royalty lines above show that a large share of revenue goes to the state and the government. The last row is an illustration only: it does not say the stock can or will be sold at that price. Using the market value and price from my preview, the quarter’s profit of Rs 1,667 crore is about Rs 1.9 a share on the implied count of 861.7 crore shares (Rs 62,773.58 crore over Rs 72.85), my calculation; the actual share count and the EPS should be taken from the filing.

Three worked examples for an NMDC Q2 results FY27 reader

Example 1, margin definition. EBITDA of Rs 2,436 crore on revenue of Rs 6,638 crore is 36.7%; the operating profit of Rs 1,940 crore on the same revenue is 29.2%. Both are right on their own definitions.

Example 2, volume against production. Production up 19% and sales down 2% leave a gap of 16.72 lakh tonnes in the quarter.

Example 3, sequential profit. Rs 1,667 crore against Rs 2,007 crore is a fall of Rs 340 crore, or 16.9%, even though the year-on-year change is only 1.6%.

How do I read the next NMDC results after this one?

On the next results read, in this order: sales volume against production, realisation, EBITDA with and without other income, royalty lines, the stock adjustment, then profit before tax and tax rate. Compare each with the marks in this page.

Cite this table: NMDC reading order, PositionalCalls.

Any NMDC Q2 results FY27 piece you read elsewhere should state which EBITDA it uses and the year-ago base. If it does not, you cannot compare its margin with this page.

How do I read the NMDC filing and avoid fake tips?

Open the NSE or BSE announcement for NMDC Limited, not a link in a message, and read the consolidated results table, the segment note and the investor presentation. Treat any tip that asks for an OTP, payment or login, or promises a target, as fake.

1. Open the exchange announcement page for NMDC Limited.
2. Read the unaudited consolidated and standalone results for the quarter ended 30 September 2026.
3. Find the line for revenue, other income, total expenses and exceptional items.
4. Compare with Rs 6,638 crore, Rs 2,260 crore and Rs 1,667 crore.
5. Read the production and sales table in the investor presentation.
6. Check the board outcome for any dividend.

PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment. Nothing here is investment advice.

What do most people miss in the NMDC Q2 results FY27?

Most readers of the NMDC Q2 results FY27 miss that two margins are in circulation, 29.2% and 37%, that production rose 19% while sales fell 2%, and that the quarter’s profit was 17% below Q1 FY27 even though it was only about 2% below the year-ago quarter.

A last point on sources for the NMDC Q2 results FY27. The Multibagg page is an automated summary, Univest and Business Upturn use a narrower operating-profit definition, and Investywise cites a BSE filing that I did not open. Before using any number in a decision, open the exchange filing, check the definition of each line and note the date of the report.

NMDC Q2 results FY27: frequently asked questions

Sources

• NSE India: corporate announcements: results notices.
• BSE India: corporate announcements: the results filing.
• Investywise: NMDC investors presentation on Q2 FY27 performance, 12 November 2026; cites a BSE filing.
• Multibagg: NMDC Q2 profit falls 17%, EBITDA margin drops to 37%, 12 November 2026; automated summary.
• Univest: NMDC Q2 results FY27, PAT Rs 1,668 crore, 12 November 2026.
• Business Upturn: NMDC Q2 results, net profit falls 17% QoQ, 12 November 2026, 8:16 PM IST.
• PositionalCalls: NMDC Q2 results date FY27 preview, 11 November 2026.

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 this page on the NMDC Q2 results FY27 I read Upstox and Investywise, noted where sources differ, and marked every derived number as my calculation. I did not open any company filing or exchange document. Figures are as of 13 November 2026, 10:00 AM IST.