Motilal Oswal's research report on NMDC
NMDC, the largest domestic iron ore producer, is planning to double its capacity from ~55mtpa to ~100mtpa over the next 4-5 years. With a strong domestic steel demand outlook, steel production is projected to reach 300mt by FY31, which will boost iron ore requirements to ~450-500mt. Hence, with a significant expansion plan, NMDC is well positioned to benefit from the upcoming opportunities.
Outlook
We reiterate our BUY rating on NMDC with a TP of INR84 (based on 4.5x EV/EBITDA on FY27E).
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