Equities. Commodities. Metals & Mining

Rahul Jain

More than 20 years experience in covering in Indian metals and mining sector as a sell side analyst. Focus on global commodity trends and actionable ideas. Have deep sectoral understanding and corporate connects. Have had several mine, plant visits and have engaged with 100s of buyside fund managers and analysts across the globe.

Equity Bottom-Up

<ul>
<li>NMDC has aggressive growth plans to double its output over the next 5-6 years. Near-term guidance is also strong with plans to grow at &gt;10% in FY26.</li>
<li>New levies, delays in execution and lacklustre pricing outlook remain a key concern. However, well-aligned to surging demand from steadily growing domestic steel industry.</li>
<li>Valuations: Trades at 9x TTM PE which is a slight premium to 5 yr average. Stock offers about 4-5% dividend yield and has payout ratio of &gt;30% provides downside support. </li>
</ul>


NMDC has aggressive growth plans to double its output over the next 5-6 years. Near-term guidance is also strong with plans to grow at &gt;10% in FY26.
New levies, delays in execution and lacklustre pricing outlook remain a key concern. However, well-aligned to surging demand from steadily growing domestic steel industry.
Valuations: Trades at 9x TTM PE which is a slight premium to 5 yr average. Stock offers about 4-5% dividend yield and has payout ratio of &gt;30% provides downside support. 


NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.

Nmdc Ltd

NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.