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NMDC’s production figure measures iron ore produced; its sales figure measures ore sold. Neither alone shows how much revenue or profit the company earned. For FY 2025–26, NMDC reported 53.16 million tonnes (MT) of production and 50.24 MT of sales, alongside turnover of ₹31,554 crore and profit before tax of ₹10,155 crore. Investors get a clearer picture by reading volume, realization, revenue and costs together.
Production and sales measure different parts of the business
Production is the quantity of iron ore NMDC produced during a period. Sales is the quantity sold during that period. The two figures need not match: differences can reflect timing, inventory movements or other operating factors. A rise in production therefore does not automatically mean an equal rise in sales, revenue or profit.
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NMDC’s FY 2025–26 homepage figures report 53.16 MT produced and 50.24 MT sold. These are company-reported figures on NMDC’s homepage; the figures cited here are not accompanied by a report excerpt in the available material.
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In the first half of FY 2025–26, NMDC reported production of 222.02 lakh tonnes (LT) and sales of 222.33 LT. Compared with H1 FY 2024–25, production grew 27% from 174.74 LT, while sales grew 12% from 198.00 LT. This is a clear example of production growing faster than sales over the same comparison period.
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That gap matters because mined or produced material is not the same as material sold in the period. Looking only at production would overstate the pace of sales growth; looking only at sales would miss the faster increase in output.
How sales volume and realization feed into revenue
Sales volume is only one input to sales revenue. The average realization—the average domestic price received per tonne—also matters, as do product mix and timing. NMDC reported an H1 FY 2025–26 average domestic realization of ₹5,170 per tonne, 2% above ₹5,082 in H1 FY 2024–25. Over the same periods, sales volume rose 12%, iron ore sales revenue rose 14%, and revenue from operations increased 27% to ₹12,895 crore.
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The figures are consistent with volume contributing more than the modest increase in average realization to the change in iron ore sales revenue. They do not, by themselves, isolate the effects of product mix or timing, and revenue from operations is a broader measure than iron ore sales revenue.
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Profit depends on expenses as well as sales. In H1 FY 2025–26, EBITDA was ₹5,162 crore, up from ₹4,526 crore in H1 FY 2024–25, while the EBITDA margin fell to 40% from 44%. Revenue from operations rose 27%, faster than EBITDA’s 14% increase.
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NMDC also reported that operating expenses rose 57% and royalty and other levies rose 29% year over year; additional royalty rose 29%. These increases are relevant cost pressures to consider alongside the margin decline, but the reported figures do not establish that any one cost line alone caused it. Profit after tax (PAT) was ₹3,663 crore, up from ₹3,253 crore.
Q2 FY 2025–26: read the operating and financial figures together
NMDC’s investor presentation dated 29 October 2025 reports the following Q2 FY 2025–26 figures and year-over-year changes:
| Measure | Q2 FY 2025–26 | Year-over-year change |
|---|---|---|
| Production | 102.08 LT | +23% |
| Sales | 107.16 LT | +10% |
| Revenue from operations | ₹6,261 crore | +30% |
| EBITDA | ₹2,385 crore | +32% |
| Profit before tax | ₹2,271 crore | +35% |
| Profit after tax | ₹1,694 crore | +33% |
| Average realization | Not stated in the presentation figures summarized here | +2% |
In this quarter, sales growth was slower than production growth, while revenue and profit measures grew faster than sales volume. Average realization rose 2%. The quarter and half-year comparisons are different reporting periods, so their growth rates should not be treated as interchangeable or used to infer a single trend without checking the underlying period.
What the latest reported target and release do—and do not—show
NMDC’s homepage identifies a 1 July 2026 release describing “highest-ever Q1 volumes” and a 60 MT target. The detailed Q1 FY 2026–27 production and sales values are not present in the available company material summarized here, so those figures cannot be stated. The headline is company framing, and the target is not a guarantee of achievement.
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For context, the earlier Q1 FY 2025–26 release, dated 12 August 2025, reported production of 11.99 MT and sales of 11.52 MT, versus 9.19 MT and 10.07 MT respectively in Q1 FY 2024–25. Those are prior-year-quarter figures, not substitutes for Q1 FY 2026–27 results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical way to assess NMDC’s operating performance
- Compare like with like. Use the same fiscal quarter or half-year, reporting definition and unit. Do not mix LT and MT, or financial-year periods and calendar years.
- Check both production and sales. Their growth rates show whether output and sales are moving at the same pace.
- Look at realization and revenue. Compare average realization and sales volume with revenue, while allowing for product mix and timing effects.
- Check expenses, EBITDA and margin. Rising revenue can coincide with slower EBITDA growth or a lower margin when costs grow faster.
- Separate reported results from targets. Historical growth and a production target do not establish future performance.
NMDC’s investor presentation cautions that “The actual results could differ materially from those projected in any such forward-looking statements because of various factors” and that “Past performance is not a guide for future performance.” The presentation is company-issued, says its information has not been independently verified, and warns that forward-looking statements are uncertain. See NMDC’s homepage and annual-report index for company information.
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