NMDC Limited (National Mineral Development Corporation) is India’s largest iron ore producer and a key player in the country’s mining and steel ecosystem. Incorporated in 1958 and majority-owned by the Government of India, NMDC operates high-grade iron ore mines in Chhattisgarh and Karnataka, with additional ventures in diamond mining, sponge iron, and wind power. As of January 2026, NMDC is delivering strong operational performance—18.83% profit growth, 24.35% ROE, and consistent dividend payouts—backed by robust demand from India’s steel sector and disciplined capital allocation. This article provides a data-driven outlook on the NMDC share price target 2026–2030.
NMDC: Company Overview
- Founded: 1958
- Chairman & Managing Director: Shri Amitava Mukherjee
- NSE Symbol: NMDC
- Core Segments:
- Iron Ore Mining (90%) – high-grade Fe 64% ore
- Sponge Iron & Pellets (7%)
- Wind Power & Diamond Mining (3%)
- Market Position: #1 iron ore miner in India; supplies to SAIL, Tata Steel, JSW, and RINL
NMDC benefits from captive rail and port logistics, low production costs (~₹500/tonne), and strategic importance to India’s steel self-reliance.
NMDC: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹78.25 |
| Market Capitalization | ₹68,752.01 Cr |
| No. of Shares Outstanding | 879.18 Cr |
| P/E Ratio (TTM) | 9.68 |
| P/B Ratio | 2.13 |
| EPS (TTM) | ₹8.08 |
| Book Value (TTM) | ₹36.75 |
| ROE | 24.35% |
| ROCE | 30.51% |
| Dividend Yield | 4.19% |
| Face Value | ₹1 |
| Cash | ₹10,030.75 Cr |
| Debt | ₹3,770.45 Cr |
| Promoter Holding | 60.79% |
| Sales Growth (YoY) | 11.15% |
| Profit Growth (YoY) | 18.83% |
NMDC Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹84 – ₹94 |
| 2027 | ₹90 – ₹104 |
| 2028 | ₹96 – ₹115 |
| 2029 | ₹102 – ₹128 |
| 2030 | ₹108 – ₹142 |
NMDC Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹84 | ₹94 |
NMDC reported 18.83% YoY profit growth and 11.15% sales growth in FY2025, driven by stable iron ore realizations and volume expansion. Trading at a P/E of 9.68x and P/B of 2.13x, the stock is attractively valued for a commodity leader with an ROCE of 30.5%. A 2026 target range assumes stable steel demand and no major policy shifts in mining.
NMDC Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹90 | ₹104 |
If NMDC sustains 12–15% earnings growth and benefits from the new pellet plant ramp-up, EPS could reach ₹8.80–₹9.20 by FY27. Assuming a P/E of 10–11x, the 2027 target range is justified.
NMDC Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹96 | ₹115 |
By 2028, benefits from backward integration (sponge iron) and green hydrogen-linked mining should reflect in margins. A P/E of 11–12x on projected EPS of ₹9.20–₹9.80 supports the ₹96–₹115 band.
NMDC Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹102 | ₹128 |
Long-term tailwinds include India’s 300 MT steel capacity target by 2030 and infrastructure push. If competition doesn’t erode pricing, EPS could reach ₹9.80–₹10.50 by FY29. At a P/E of 11–12x, the 2029 target is ₹102–₹128.
NMDC Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹108 | ₹142 |
Over a five-year horizon, NMDC remains a high-quality commodity compounder. A terminal P/E of 12–13x on FY30 EPS (~₹10.20–₹11.00) justifies the ₹108–₹142 range.
NMDC: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (Govt. of India) | 60.79% |
| Domestic Institutional Investors (DII) | 14.05% |
| Foreign Institutional Investors (FII) | 13.48% |
| Public & Others | 11.67% |
High promoter holding ensures policy alignment. Strong institutional ownership (27.53%) reflects analyst coverage.
NMDC: Strengths vs Risks
Strengths:
- Industry-leading ROCE (30.51%) and ROE (24.35%)
- Low-cost iron ore producer with captive logistics
- Consistent dividend payer (4.19% yield + 40%+ payout)
- Debt/Equity reduced to 0.11x
Risks:
- Exposure to iron ore price volatility (global LME linkage)
- Environmental and forest clearance risks in mining
- Contingent liabilities of ₹1,200 Cr require monitoring
- Policy uncertainty around mining auctions
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Higher than market average (Beta: 1.3) |
| Dividend/Income Potential | High (4.19% yield) |
| Best For | Value investors seeking exposure to India’s mining and steel story |
- NMDC: Pure-play, low-cost iron ore miner with higher ROCE and stronger dividend payouts
- Tata Steel: Integrated steel producer; more cyclical, higher debt, and lower ROE
Final Verdict
NMDC is a world-class mining company with unmatched cost leadership and shareholder commitment. While exposed to commodity cycles, its strategic role in India’s steel security offers long-term optionality.
Our NMDC share price target 2026–2030 (₹84 to ₹142) reflects steady earnings growth, multiple stability, and sustained investor confidence. Upside is substantial if steel demand holds; downside is cushioned by dividend support.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – NMDC Consolidated Page (FY2025 + TTM)
- Finology Ticker – NMDC Financials & Analysis
- Groww.in – NMDC Stock Profile
- Ministry of Steel – National Steel Policy 2023
- Indian Bureau of Mines – Iron Ore Pricing Guidelines 2025
