What’s new

• NMDC Steel swung to a full-year net profit of ₹58.72 crore from a ₹2,373.78 crore loss.
• Annual revenue surged 60% to ₹13,641.81 crore as the Nagarnar plant scaled output.
• Q4 net profit was ₹391.91 crore, versus a ₹473.39 crore loss in the same period last year.

Why it matters

The shift confirms the Nagarnar plant is generating cash, not just spending it. The Q4 profit of ₹391.91 crore alone is nearly seven times the full-year result, meaning the ramp-up accelerated sharply in the final months. The debt taken on to build the plant now has an earnings stream to service.

What we’re watching

• Whether the ₹391.91 crore Q4 profit marks a sustainable quarterly run rate.
• Operating margin trends as the plant operates at higher utilization.
• Cash flow generation to pay down the capital invested in the facility.

The full read

NMDC Steel's Nagarnar plant is now a business, not a cost center. FY26 delivered a full-year net profit of ₹58.72 crore, a stark reversal from the ₹2,373.78 crore loss in FY25. Revenue jumped 60% to ₹13,641.81 crore as production scaled. The fourth quarter drove the result, posting a ₹391.91 crore profit versus a ₹473.39 crore loss a year prior. That single quarter's profit dwarfs the full-year figure. The earlier quarters were still absorbing losses. The filing notes improved debt service coverage ratios. The transition is complete. The next test is sustaining that Q4 profitability and using the cash flow to service the plant's debt.

Primary source: BSE · NSE