04 Feb 2026 | 3 Mins Read
Motilal Oswal recommends buying NMDC with a target price of Rs 100
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NMDC's 3QFY26 revenue rose 16% YoY and 19% QoQ to INR76.1 billion, driven by improved volumes and better net sales realisation. Iron ore production increased 11% YoY and 44% QoQ, but EBITDA fell 10% YoY to INR21.4 billion. Motilal Oswal maintains a BUY rating with a target price of INR100, based on an EV/EBITDA multiple of 6.5x.