Shares of NMDC Steel Limited rose as much as 17.92% to touch a fresh 52-week high of ₹52.62 on Monday, June 1, 2026. At 12:00, its shares were still trading 13.49% higher at ₹50.64 apiece.

NMDC Steel Ltd.NSLNISP₹50.69 +13.60%

The massive single-day surge came as the markets priced in a stellar financial transformation reported by the state-backed steelmaker late Friday evening, marking its first-ever profitable full-year performance since its spin-off.

NMDC Steel’s CRISP Analysis

FY26 Results

For the full financial year ended March 31, 2026 (FY26), NMDC Steel reported a historic net profit of ₹58.72 crore, completely erasing a staggering net loss of ₹2,373.78 crore recorded in the previous fiscal year (FY25). Annual revenue from operations witnessed a phenomenal 60.43% expansion, surging to ₹13,641.81 crore against ₹8,503.05 crore in the prior period.

NMDC’s Nagarnar Steel Plant 

The primary catalyst behind this recovery is the rapid stabilisation and scale ramp-up of its ultra-modern Nagarnar Steel Plant in Chhattisgarh. Operating at a blistering average capacity utilization of nearly 80% within just 24 months of inception, the plant drove annual production up by 62% to over 2.32 million tonnes.

“FY26 marks a defining structural milestone in our journey,” stated Shri Amitava Mukherjee, Chairman and Managing Director of NMDC Steel. “Achieving cash and net profitability while reaching mature capacity utilization limits demonstrates that the asset has fully stabilized and is now structured to deliver immense shareholder value.”

Q4 Earnings

A deeper dissection of the financial statement reveals that the turnaround was intensely back-ended, driven by a blockbuster fourth quarter (Q4 FY26). The company posted a net profit of ₹391.91 crore for the March quarter alone, a massive flip from the net loss of ₹473.39 crore suffered in Q4 FY25.

Interest Cost Savings

Crucially, the quality of NMDC Steel’s earnings recovery is heavily fortified by structural deleveraging. The company confirmed the total liquidation of its Non-Convertible Debentures (NCDs) worth ₹523.80 crore, completely wiping out its public bond debt. Coupled with a strategic renegotiation of its core banking Rupee term loans to a lower interest rate of 8.45%, the firm shaved more than ₹165 crore off its annual interest obligations.

Divestment By Government

This dramatic shift from an operational cash-drainer into a self-sustaining corporate entity comes at a critical juncture. The Government of India is currently finalizing the frameworks to disinvest its 50.79% promoter stake along with management control to a strategic corporate buyer. 

Analysts note that a net-positive bottom line, combined with a modern asset base boasting low structural debt, dramatically expands NMDC Steel’s premium valuation multiple and it might trigger a fierce bidding war among India’s top-tier private steel conglomerates.