Company Valuation: NMDC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 396,364 476,223 327,056 591,103 605,580 752,228 - -
Change - 20.15% -31.32% 80.73% 2.45% 24.22% - -
Enterprise Value (EV) 1 352,784 431,655 260,735 501,939 542,977 615,987 679,026 674,139
Change - 22.36% -39.6% 92.51% 8.18% 13.45% 3.18% -0.72%
P/E 6.56x 5.07x 5.92x 10.5x 9.05x 9.04x 8.85x 8.09x
PBR 1.38x 1.37x 1.46x 2.33x 2.05x 1.98x 1.94x 1.69x
PEG - 0.1x -0.1x 5.5x 0.5x 0.8x 0.6x 0.86x
Capitalization / Revenue 2.58x 1.84x 1.85x 2.78x 2.56x 2.13x 2.43x 2.22x
EV / Revenue 2.3x 1.67x 1.48x 2.36x 2.29x 1.95x 2.2x 1.99x
EV / EBITDA 4.01x 3.43x 4.3x 6.82x 6.58x 6.64x 6.4x 5.74x
EV / EBIT 4.12x 3.51x 4.55x 7.15x 6.89x 6.99x 6.76x 6.09x
EV / FCF 6.15x 9.42x 26.7x 8.95x -44.6x 34x 23.9x -646x
FCF Yield 16.2% 10.6% 3.74% 11.2% -2.24% 2.94% 4.18% -0.15%
Dividend per Share 2 2.587 4.913 2.2 2.417 3.3 3.5 3.657 3.719
Rate of return 5.74% 9.07% 5.91% 3.59% 4.79% 4.59% 4.27% 4.35%
EPS 2 6.873 10.69 6.287 6.407 7.61 8.44 9.666 10.58
Distribution rate 37.6% 46% 35% 37.7% 43.4% 41.5% 37.8% 35.2%
Net sales 1 153,701 258,817 176,669 212,938 236,683 315,537 309,115 338,407
EBITDA 1 87,959 125,890 60,630 73,552 82,579 92,753 106,098 117,467
EBIT 1 85,680 123,021 57,276 70,182 78,851 88,142 100,426 110,619
Net income 1 62,530 93,985 55,286 56,319 66,926 74,212 83,725 91,209
Net Debt 1 -43,580 -44,568 -66,321 -89,164 -62,603 -54,565 -73,202 -78,089
Reference price 2 45.08 54.17 37.20 67.23 68.88 85.56 85.56 85.56
Nbr of stocks (in thousands) 8,791,818 8,791,818 8,791,818 8,791,818 8,791,818 8,791,818 - -
Announcement Date 6/22/21 5/26/22 5/23/23 5/27/24 5/27/25 5/29/26 - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.84x1.91x4.95x6.75% 64.74B
15.08x2.56x5.69x4.19% 38.31B
10.24x2.36x7.09x4.19% 7.93B
34.74x2.46x7.56x4.59% 6.38B
8.27x1.07x2.94x7.61% 4.73B
424x - - - 1.65B
Average 83.53x 2.07x 5.64x 5.46% 20.62B
Weighted average by Cap. 17.70x 2.14x 5.38x 5.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield