NMDC LTD SCREENER.

IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 12,356.41 6,455.80 8,828.14 11,614.90 12,152.67 11,699.22 15,370.06 25,964.79 17,666.88 21,307.85 22,232.31 25,699.19 22,695.48
Expenses 4,591.45 3,770.64 5,233.44 5,812.20 5,228.16 5,697.34 6,579.79 13,338.33 11,613.14 14,014.23 14,397.88 15,420.30 14,697.83
Operating Profit 7,764.96 2,685.16 3,594.70 5,802.70 6,924.51 6,001.88 8,790.27 12,626.46 6,053.74 7,293.62 7,834.43 10,278.89 7,997.65
Other Income 2,155.17 1,682.21 909.80 667.16 588.45 417.17 351.00 715.85 2,003.60 1,086.95 1,198.10 - -
Depreciation 172.56 218.02 196.65 256.63 279.04 294.93 228.54 287.74 336.18 350.66 369.50 369.50 369.50
Interest 0.14 65.65 20.78 37.10 40.32 9.88 16.81 39.06 75.23 78.24 105.63 105.63 105.63
Profit before tax 9,747.43 4,083.70 4,287.07 6,176.13 7,193.60 6,114.24 8,895.92 13,015.51 7,645.93 7,951.67 8,557.40 9,803.76 7,522.52
Tax 3,346.26 1,380.05 1,704.04 2,373.34 2,556.53 2,512.72 2,648.45 3,575.09 2,108.21 2,380.42 2,513.07 29% 29%
Net profit 6,346.74 2,546.10 2,543.86 3,808.46 4,617.95 3,572.96 6,276.64 9,428.16 5,602.56 5,570.87 6,078.94 6,924.67 5,313.36
EPS 5.34 2.14 2.68 4.01 5.03 3.89 7.14 10.72 6.37 6.34 6.91 7.88 6.04
Price to earning 6.23 11.81 12.82 7.63 5.36 5.31 4.89 3.91 5.83 10.61 10.03 10.03 6.70
Price 33.23 25.29 34.35 30.60 26.96 20.65 34.93 41.95 37.18 67.25 69.32 78.96 40.47

EBIT 9,747.57 4,149.35 4,307.85 6,213.23 7,233.92 6,124.12 8,912.73 13,054.57 7,721.16 8,029.91 8,663.03
EBITDA 9,920.13 4,367.37 4,504.50 6,469.86 7,512.96 6,419.05 9,141.27 13,342.31 8,057.34 8,380.57 9,032.53
Operating Profit (excl Other Income 7,764.96 2,685.16 3,594.70 5,802.70 6,924.51 6,001.88 8,790.27 12,626.46 6,053.74 7,293.62 7,834.43

RATIOS:
DPS 2.85 3.67 1.72 1.43 1.84 1.76 2.59 4.91 2.20 2.42
Dividend Payout 53.41% 171.29% 64.05% 35.72% 36.60% 45.33% 36.23% 45.82% 34.52% 38.14%
OPM 62.84% 41.59% 40.72% 49.96% 56.98% 51.30% 57.19% 48.63% 34.27% 34.23% 35.24%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 6.24% 13.41% 11.89% 11.50% 20.61% 20.61% 6.24%
OPM 47.09% 46.20% 44.31% 40.00% 35.24% 40.00% 35.24%
Price to Earning 7.68 6.70 6.76 7.60 10.03 10.03 6.70
NMDC LTD SCREENER.IN

Narration Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 4,767.07 3,328.45 3,719.99 5,851.37 5,394.66 4,013.98 5,409.90 6,489.31 5,414.19 4,918.91
Expenses 2,868.67 2,477.29 2,579.37 3,689.02 3,401.14 2,823.55 3,402.73 4,387.60 3,074.29 3,533.26
Operating Profit 1,898.40 851.16 1,140.62 2,162.35 1,993.52 1,190.43 2,007.17 2,101.71 2,339.90 1,385.65
Other Income 145.86 426.19 204.63 1,228.23 294.05 320.83 83.91 388.95 364.66 360.58
Depreciation 84.93 74.15 83.71 93.39 69.22 88.80 82.00 110.64 73.74 103.12
Interest 15.34 18.19 29.93 11.77 6.19 18.60 32.05 21.40 23.09 29.09
Profit before tax 1,943.99 1,185.01 1,231.61 3,285.42 2,212.16 1,403.86 1,977.03 2,358.62 2,607.73 1,614.02
Tax 472.75 299.36 327.62 1,008.48 551.12 379.00 507.30 943.00 644.38 418.39
Net profit 1,445.48 972.22 912.33 2,271.53 1,652.22 1,026.24 1,483.93 1,412.67 1,970.77 1,211.57

OPM 40% 26% 31% 37% 37% 30% 37% 32% 43% 28%

EBIT 1,959.33 1,203.20 1,261.54 3,297.19 2,218.35 1,422.46 2,009.08 2,380.02 2,630.82 1,643.11
EBITDA 2,044.26 1,277.35 1,345.25 3,390.58 2,287.57 1,511.26 2,091.08 2,490.66 2,704.56 1,746.23
NMDC LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2HFY20 Input data from 2QFY BS
Equity Share Capital 396.47 396.47 316.39 316.39 306.19 306.19 293.07 293.07 293.07 293.07
Reserves 31,870.17 28,783.62 22,265.82 24,101.02 25,737.81 27,366.88 29,590.98 17,725.18 22,327.76 25,362.83
Borrowings - 1,496.95 - 500.09 364.15 565.57 2,000.28 1,799.94 2,127.87 3,358.78 0.00
Other Liabilities 2,197.20 2,078.74 3,201.45 3,773.82 3,483.08 3,055.79 5,045.46 5,094.15 5,204.22 6,646.35 def tax liab+oth long term liab+other current liab
Total 34,463.84 32,755.78 25,783.66 28,691.32 29,891.23 31,294.43 36,929.79 24,912.34 29,952.92 35,661.03

Net Block / PPE 1,468.17 2,058.46 2,095.13 3,457.21 3,512.41 3,809.50 3,933.40 3,662.49 3,198.57 3,376.62
Capital Work in Progress 7,800.58 9,747.08 11,855.45 12,545.06 13,818.90 15,529.86 17,157.93 1,333.31 1,998.04 3,234.65
Investments 319.11 591.64 612.30 672.73 858.87 910.10 874.90 894.95 940.43 956.06
Other Assets 24,875.98 20,358.60 11,220.78 12,016.32 11,701.05 11,044.97 14,963.56 19,021.59 23,815.88 28,093.70 total current assets+long term loans and advances+other non current assets
Total 34,463.84 32,755.78 25,783.66 28,691.32 29,891.23 31,294.43 36,929.79 24,912.34 29,952.92 35,661.03 0.00 0.00 check TA matching

Working Capital 22,678.78 18,279.86 8,019.33 8,242.50 8,217.97 7,989.18 9,918.10 13,927.44 18,611.66 21,447.35 0.00
Debtors (Trade receivables) 1,752.33 796.07 1,043.52 1,472.74 1,424.51 2,223.71 2,139.89 2,954.30 4,361.23 3,508.93
Inventory 691.88 622.05 540.04 571.69 666.17 723.51 921.72 2,125.21 2,660.58 2,766.95
Trade Payables (Creditors) 9.74 7.17 7.96 19.21 37.43 37.86 25.62 18.77 35.37 44.57 input Creditors (Payables) data from Screener/Annual Reports

Inventory Turnover 17.86 10.38 16.35 20.32 18.24 16.17 16.68 12.22 6.64 7.70 -
Inventory Days 20.44 35.17 22.33 17.97 20.01 22.57 21.89 29.88 54.97 47.40 0.00
Debtor Days 52 45 43 46 43 69 51 42 90 60 0.00
Creditor Days 0 0 0 1 1 1 1 0 1 1 -
Cash Conversion Cycle 72 80 65 64 62 91 72 71 144 107 -
Working Capital/Sales 183.54% 283.15% 90.84% 70.96% 67.62% 68.29% 64.53% 53.64% 105.35% 100.65%

Return on Equity 20% 9% 11% 16% 18% 13% 21% 52% 25% 22%
Return on Capital Emp 18% 5% 17% 27% 35% 27% 43% 50% 17% 18%

Book Value 32,266.64 29,180.09 22,582.21 24,417.41 26,044.00 27,673.07 29,884.05 18,018.25 22,620.83 25,655.90 -
BVPS 27.13 24.53 23.79 25.73 28.35 30.13 33.99 20.49 25.73 29.18 -

Cash & Bank Balances 18,486.06 14,806.14 5,320.51 5,460.98 4,619.39 2,437.46 5,861.82 7,977.47 7,097.75 12,363.65
Cash/Sales 149.61% 229.35% 60.27% 47.02% 38.01% 20.83% 38.14% 30.72% 40.18% 58.02%

Common Size Balance Shee Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Check back how Assets are being put to use
Net Block/Total Assets 4.26% 6.28% 8.13% 12.05% 11.75% 12.17% 10.65% 14.70% 10.68% 9.47% high historical Fixed Assets/Total Assets - strong correlation high Op Leverage
Working Capital/Total Asset 65.80% 55.81% 31.10% 28.73% 27.49% 25.53% 26.86% 55.91% 62.14% 60.14%
Debtors/Total Assets 5.08% 2.43% 4.05% 5.13% 4.77% 7.11% 5.79% 11.86% 14.56% 9.84%
Inventory/Total Assets 2.01% 1.90% 2.09% 1.99% 2.23% 2.31% 2.50% 8.53% 8.88% 7.76%
Cash/Total Assets 53.64% 45.20% 20.64% 19.03% 15.45% 7.79% 15.87% 32.02% 23.70% 34.67% check for excluding excess cash (over and above historical normalised levels)

Borrowings/Total Assets 0.00% 4.57% 0.00% 1.74% 1.22% 1.81% 5.42% 7.23% 7.10% 9.42%
NMDC LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity 3,999.14 2,501.96 2,108.52 3,376.28 4,001.54 2,125.97 7,266.13 6,941.80 1,837.59 7,394.80
Cash from Investing Activity -517.16 3,644.64 5,171.34 -1,864.88 -789.23 -312.76 -4,316.28 -3,213.89 202.25 -6,076.43
Cash from Financing Activity -3,449.44 -6,290.35 -7,249.32 -1,557.17 -3,201.03 -1,753.31 -2,591.32 -4,066.85 -2,067.44 -1,301.98
Net Cash Flow 32.54 -143.75 30.54 -45.77 11.28 59.90 358.53 -338.94 -27.60 16.39

FCF 3,826.58 2,283.94 1,911.87 3,119.65 3,722.50 1,831.04 7,037.59 6,654.06 1,501.41 7,044.14

3-yr avg 5,066.54

5-yr avg 4,813.65
 Common Size P&L
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% -1% -1% 0% 1% 0% 1% 4% 3% 0%
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 0% 1% 1%
Other Mfr. Exp 3% 6% 4% 4% 3% 3% 3% 2% 4% 4%
Employee Cost 6% 10% 10% 9% 9% 9% 7% 5% 9% 8%
Selling and Admin Cost 25% 27% 29% 26% 22% 27% 26% 41% 48% 47%
Other Expenses 3% 13% 14% 11% 8% 9% 7% 6% 6% 6%
Operating Profit 63% 44% 43% 49% 56% 50% 55% 40% 29% 33%
Other Income 17% 26% 10% 6% 5% 4% 2% 3% 11% 5%
Depreciation 1% 3% 2% 2% 2% 3% 1% 1% 2% 2%
Interest 0% 1% 0% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax 79% 63% 49% 53% 59% 52% 58% 50% 43% 37%
Tax 27% 21% 19% 20% 21% 21% 17% 14% 12% 11%
Net Profit 51% 39% 29% 33% 38% 31% 41% 36% 32% 26%
Dividend Amount 27% 68% 18% 12% 14% 14% 15% 17% 11% 10%
Common Size Balance Sheet
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Reserves 92% 88% 86% 84% 86% 87% 80% 71% 75% 71%
Borrowings 0% 5% 0% 2% 1% 2% 5% 7% 7% 9%
Other Liabilities 6% 6% 12% 13% 12% 10% 14% 20% 17% 19%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 4% 6% 8% 12% 12% 12% 11% 15% 11% 9%
Capital Work in Progress 23% 30% 46% 44% 46% 50% 46% 5% 7% 9%
Investments 1% 2% 2% 2% 3% 3% 2% 4% 3% 3%
Other Assets 72% 62% 44% 42% 39% 35% 41% 76% 80% 79%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 5% 2% 4% 5% 5% 7% 6% 12% 15% 10%
Inventory 2% 2% 2% 2% 2% 2% 2% 9% 9% 8%
Cash & Bank 54% 45% 21% 19% 15% 8% 16% 32% 24% 35%
 A common-size financial statement is
displays line items as a percentage of one
selected or common figure. Creating
common-size financial statements makes it
easier to analyze a company over time and
compare it with its peers. Using common-
size financial statements helps investors
spot trends that a raw financial statement
may not uncover.
 NMDC LTD

HISTORICA
L
DELTA DELTA VALUATIO
NETWORTH MKTCAP IMPACT* NS
10 YR -6611 19601 -2.96
7 YR 1238 30080 24.29 MIN
5 YR -2017 40157 -19.91 MAX
3 YR 7638 22243 2.91 TRAILING
1 YR 3035 26437 8.71
* IMPACT – Every Rupee retained added xx.yy in incremental market value

NMDC LTD SALES GROSS PROFIT EBIT PAT DIVIDEND

10 YR CAGR 6.24% 6.26% -2.13% -1.44% -5.06%
5 YR CAGR 16.17% 16.23% 7.01% 11.74% 7.02%
3 YR CAGR -9.41% -9.27% -21.57% -23.13% -29.87%
1 YR GROWTH 20.61% 20.97% 4.00% -0.57% 9.85%
**modify (if, then) for negative values
NMDC LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
al Assets/Networth= Financial Leverage 1.07 1.12 1.14 1.18 1.15
Long term debt/Earning 0.00 0.59 0.00 0.13 0.08
Current liablility/Earning 0.35 0.82 1.26 0.99 0.75
Total liability/Earning 0.35 1.40 1.26 1.12 0.83
Debt/Equity 0.00 0.05 0.00 0.02 0.01
Interest Coverage 69625.50 63.20 207.31 167.47 179.41
Working Capital/Sales 183.54% 283.15% 90.84% 70.96% 67.62%
Inventory Turns 17.86 10.38 16.35 20.32 18.24
Inventory Days 20 35 22 18 20
Debtor Days 52 45 43 46 43
Creditor Days 0 0 0 1 1
Cash Conversion Cycle 72 80 65 64 62
Cash In/Cash Out Ratio 9.21 7.51 1.99 1.84 1.74
Current Ratio 11.32 9.79 3.50 3.18 3.36
CFO/PAT 0.63 0.98 0.83 0.89 0.87

Gross Margin =Gross Profit/Sales 99.78% 99.85% 99.94% 99.85% 99.57%

EBIT/Sales 78.89% 64.27% 48.80% 53.49% 59.53%
EBITDA/Sales 80.28% 67.65% 51.02% 55.70% 61.82%
Op Profit (Ex Other Income)/Sales 62.84% 41.59% 40.72% 49.96% 56.98%
Net Margin =PAT/Sales 51.36% 39.44% 28.82% 32.79% 38.00%
Op Cash Flow/Sales 32.36% 38.76% 23.88% 29.07% 32.93%
Free Cash Flow/Sales 0.00% -3.92% -2.64% 9.19% 19.69%
EPA/Sales 20.78% -13.37% -0.46% 7.89% 13.14%
EPA/Sales Increase - last 5 Years -7.64%
EPA/Sales Increase - last 3 Years -21.24% 21.26% 13.60%
MktCap Cagr - last 5 years -11.03%
MktCap Cagr - last 3 years -9.18% -1.74% -12.85%

Sales/Invested Capital =Capital Turns 0.39 0.21 0.40 0.48 0.48

Sales/Fixed Assets= Fixed Asset Turns 8.42 3.14 4.21 3.36 3.46
Sales/Total Assets= Asset Turns 0.36 0.20 0.34 0.40 0.41
Net Margin*Asset Turns= RoA 18.42% 7.77% 9.87% 13.27% 15.45%
 Margin*Asset Turn*Fin Leverage= RoE 19.67% 8.73% 11.26% 15.60% 17.73%
RoCE 30.21% 13.53% 19.08% 24.94% 27.39%
T Margin*Cap Turns*(1-Tax rate)= RoIC 20.04% 9.13% 11.81% 15.78% 18.25%
urn on Incremental Invested Cap= RoIIC 8.14% -15.16% 36.81%
3Yr Rolling RoIIC
5Yr Rolling RoIIC

Altman Z-Score 2.89 1.76 2.08 2.19 2.17

Dividend Payout 53.41% 171.29% 64.05% 35.72% 36.60%
Cash/Assets 53.64% 45.20% 20.64% 19.03% 15.45%
EBIT/Invested Capital 30.51% 13.79% 19.61% 25.63% 28.31%
EPA 2567.56 -863.13 -40.84 916.26 1597.15
MktCap 39524 30080 32604 29045 24764
MktCap Change -9444 2524 -3559 -4280
MktCap Change - EPA -8580.78 2564.65 -4475.65 -5877.64

Capex/Net Profits 10 yr 0%
Capex/Net Profits 7 yr -14%
Capex/Net Profits 5 yr -30%
Capex/Net Profits 3 yr -66%
Capex/Depreciation 10 yr -8%
 P/E P/B EV/EBITDA P/SALES YIELD P/CFO
3.91 0.69 2.12 1.42 14.50% 4.23
12.82 2.30 6.06 4.66 3.59% 17.79
10.03 2.38 5.98 2.74 3.49% 8.24

EPA** MKTCAP CFO** FCF** NETWORTH TOTAL RETURNS

-1.41% 4.58% 7.07% #NUM! -2.52% 4.03%
62.01% 32.87% 36.57% #NUM! -1.87% 31.33%
-43.98% 26.61% 3.21% -50.26% 19.33% 21.93%
-17.41% 80.88% 302.42% 332.84% 13.42% 76.91%

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM input TTM BS data in Balance Sheet fro
1.13 1.24 1.38 1.32 1.39 #DIV/0!
0.16 0.32 0.19 0.38 0.60
0.86 0.80 0.54 0.93 1.19
1.01 1.12 0.73 1.31 1.80
0.02 0.07 0.10 0.09 0.13
619.85 530.20 334.22 102.63 102.63
68.29% 64.53% 53.64% 105.35% 100.65% Check for improving or deteriorating pi
16.17 16.68 12.22 6.64 7.70
23 22 30 55 47
69 51 42 90 60
1 1 0 1 1 Check back to see if Creditor policy cha
91 72 71 144 107
1.53 1.59 2.15 2.20 2.39
3.61 2.97 3.73 4.58 4.23
0.60 1.16 0.74 0.33 1.33

99.69% 99.73% 99.59% 99.60% 99.90%

52.35% 57.99% 50.28% 43.70% 37.69% 38.97%
54.87% 59.47% 51.39% 45.61% 39.33%
51.30% 57.19% 48.63% 34.27% 34.23%
30.54% 40.84% 36.31% 31.71% 26.14% 27.34%
18.17% 47.27% 26.74% 10.40% 34.70%
-1.51% 34.39% 87.62% 7.36% 26.42%
2.80% 16.51% 27.72% 15.48% 10.60%
16.17% 16.98% 19.83% 2.34% 7.80%
-5.09% 3.37% 24.92% -1.03% -17.12%
-10.89% -1.49% 6.15% 7.19% 32.87%
-19.19% 11.36% 39.44% 3.17% 26.61%

0.43 0.50 1.37 0.74 0.76

3.07 3.91 7.09 5.52 6.31
0.37 0.42 1.04 0.59 0.60 #DIV/0!
11.42% 17.00% 37.85% 18.70% 15.62% #DIV/0! Check back what is really driving RoA (N
 12.91% 21.00% 52.33% 24.77% 21.71% #DIV/0! Check back what is really driving RoE (N
21.69% 27.95% 65.87% 31.20% 27.68%
13.20% 20.19% 50.04% 23.49% 20.05% #DIV/0! Check back what is really driving RoIC (
-80.93% 149.05% 87.19% 32.07% 0.69%
-22.31% 45.42% 71.04% -29.96% 17.99% better to check when NOPLAT and/or Inves
0.00% -76.04% 743.83% -57.98% -220.62% better to check when NOPLAT and/or Inves

1.78 2.19 4.62 3.01 3.19

45.33% 36.23% 45.82% 34.52% 38.14%
7.79% 15.87% 32.02% 23.70% 34.67%
22.41% 28.74% 68.99% 32.43% 28.62% Check back the significant role of EBIT/
327.91 2538.14 7197.96 2735.21 2259.03 Check back what is really driving EPA (I
18968 30710 36882 32688 59125
-5796 11742 6172 -4194 26437
-6123.97 9203.56 -1026.12 -6928.90 24177.91
 PRE-TAX
BOND
LongTerm Bo 9%
LTB Quote 2.76
Equity Quoti 12.85%

TTM BS data in Balance Sheet from Half yearly results

k for improving or deteriorating picture

k back to see if Creditor policy change is impacting Working Cap cycle

k back what is really driving RoA (Net Margins or Asset Turns, or both)
k back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

k back what is really driving RoIC (Op Margins or Capital Turns, or both)

to check when NOPLAT and/or Investments are Lumpy

to check when NOPLAT and/or Investments are Lumpy

k back the significant role of EBIT/Invested Capital

k back what is really driving EPA (Invested Capital or RoIC, or both)
COMPANY NAME NMDC LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 879.18
Face Value 1
Current Price 69.32
Market Capitalization 60944.88

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 12356.41 6455.8 8828.14 11614.9
Raw Material Cost 27.67 9.73 5.37 17.33
Change in Inventory 16.99 -63.12 -98.87 38.48
Power and Fuel 64.25 67.69 87.65 99.27
Other Mfr. Exp 423.5 394.3 375.72 414.16
Employee Cost 703.51 650.72 889.7 1049.94
Selling and admin 3029.59 1774.13 2537.67 3042.97
Other Expenses 359.92 810.95 1238.46 1227.01
Other Income 2155.17 1682.21 909.8 667.16
Depreciation 172.56 218.02 196.65 256.63
Interest 0.14 65.65 20.78 37.1
Profit before tax 9747.43 4083.7 4287.07 6176.13
Tax 3346.26 1380.05 1704.04 2373.34
Net profit 6346.74 2546.1 2543.86 3808.46
Dividend Amount 3389.82 4361.17 1629.41 1360.48

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23
Sales 4767.07 3328.45 3719.99 5851.37
Expenses 2868.67 2477.29 2579.37 3689.02
Other Income 145.86 426.19 204.63 1228.23
Depreciation 84.93 74.15 83.71 93.39
Interest 15.34 18.19 29.93 11.77
Profit before tax 1943.99 1185.01 1231.61 3285.42
Tax 472.75 299.36 327.62 1008.48
Net profit 1445.48 972.22 912.33 2271.53
Operating Profit 1898.4 851.16 1140.62 2162.35
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 396.47 396.47 316.39 316.39
Reserves 31870.17 28783.62 22265.82 24101.02
Borrowings 1496.95 500.09
Other Liabilities 2197.2 2078.74 3201.45 3773.82
Total 34463.84 32755.78 25783.66 28691.32
Net Block 1468.17 2058.46 2095.13 3457.21
Capital Work in Progress 7800.58 9747.08 11855.45 12545.06
Investments 319.11 591.64 612.3 672.73
Other Assets 24875.98 20358.6 11220.78 12016.32
Total 34463.84 32755.78 25783.66 28691.32
Receivables 1752.33 796.07 1043.52 1472.74
Inventory 691.88 622.05 540.04 571.69
Cash & Bank 18486.06 14806.14 5320.51 5460.98
No. of Equity Shares 3964716000 3964716000 3163890474 3163890474
New Bonus Shares
Face value 1 1 1 1

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 3999.14 2501.96 2108.52 3376.28
Cash from Investing Activity -517.16 3644.64 5171.34 -1864.88
Cash from Financing Activity -3449.44 -6290.35 -7249.32 -1557.17
Net Cash Flow 32.54 -143.75 30.54 -45.77

PRICE: 33.23 25.29 34.35 30.6

DERIVED:
Adjusted Equity Shares in Cr 1,189.41 1,189.41 949.17 949.17
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

12152.67 11699.22 15370.06 25964.79 17666.88 21307.85
52 36.48 42.01 106.95 70.59 20.97
79.22 53.83 161.81 1159.39 496.33 93.36
109.45 114.73 110.82 122.54 144.1 168.1
423.48 399.28 393.43 588.76 765.42 898.06
1039.98 1049.81 1085.58 1337.4 1531.03 1626.06
2670.19 3131.09 3985.38 10662.22 8492.47 10111.19
1012.28 1019.78 1124.38 1679.85 1105.86 1283.21
588.45 417.17 351 715.85 2003.6 1086.95
279.04 294.93 228.54 287.74 336.18 350.66
40.32 9.88 16.81 39.06 75.23 78.24
7193.6 6114.24 8895.92 13015.51 7645.93 7951.67
2556.53 2512.72 2648.45 3575.09 2108.21 2380.42
4617.95 3572.96 6276.64 9428.16 5602.56 5570.87
1690.17 1619.75 2274.22 4319.85 1934.26 2124.76

Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24

5394.66 4013.98 5409.9 6489.31 5414.19 4918.91
3401.14 2823.55 3402.73 4387.6 3074.29 3533.26
294.05 320.83 83.91 388.95 364.66 360.58
69.22 88.8 82 110.64 73.74 103.12
6.19 18.6 32.05 21.4 23.09 29.09
2212.16 1403.86 1977.03 2358.62 2607.73 1614.02
551.12 379 507.3 943 644.38 418.39
1652.22 1026.24 1483.93 1412.67 1970.77 1211.57
1993.52 1190.43 2007.17 2101.71 2339.9 1385.65
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
306.19 306.19 293.07 293.07 293.07 293.07
25737.81 27366.88 29590.98 17725.18 22327.76 25362.83
364.15 565.57 2000.28 1799.94 2127.87 3358.78
3483.08 3055.79 5045.46 5094.15 5204.22 6646.35
29891.23 31294.43 36929.79 24912.34 29952.92 35661.03
3512.41 3809.5 3933.4 3662.49 3198.57 3376.62
13818.9 15529.86 17157.93 1333.31 1998.04 3234.65
858.87 910.1 874.9 894.95 940.43 956.06
11701.05 11044.97 14963.56 19021.59 23815.88 28093.7
29891.23 31294.43 36929.79 24912.34 29952.92 35661.03
1424.51 2223.71 2139.89 2954.3 4361.23 3508.93
666.17 723.51 921.72 2125.21 2660.58 2766.95
4619.39 2437.46 5861.82 7977.47 7097.75 12363.65
3061849659 3061849659 3061849659 2930605850 2930605850 2930605850

1 1 1 1 1 1

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

4001.54 2125.97 7266.13 6941.8 1837.59 7394.8
-789.23 -312.76 -4316.28 -3213.89 202.25 -6076.43
-3201.03 -1753.31 -2591.32 -4066.85 -2067.44 -1301.98
11.28 59.9 358.53 -338.94 -27.6 16.39

26.96 20.65 34.93 41.95 37.18 67.25

918.55 918.55 879.18 879.18 879.18 879.18

NMDC LTD
NMDC LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Gross Profit 12328.74 6446.07 8822.77 11597.57 12100.67 11662.74
EBIT 9747.57 4149.35 4307.85 6213.23 7233.92 6124.12
EBITDA 9920.13 4367.37 4504.5 6469.86 7512.96 6419.05
Operating Profit (excl Other Income) 7764.96 2685.16 3594.7 5802.7 6924.51 6001.88
PAT 6346.74 2546.1 2543.86 3808.46 4617.95 3572.96
Dividend 3389.82 4361.17 1629.41 1360.48 1690.17 1619.75
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Networth 32266.64 29180.09 22582.21 24417.41 26044 27673.07
Working Capital 22678.78 18279.86 8019.33 8242.5 8217.97 7989.18
Exclude one-off excess Cash (if any)
Invested Capital 31947.53 30085.4 21969.91 24244.77 25549.28 27328.54
Capital Employed 32266.64 30677.04 22582.21 24917.5 26408.15 28238.64
Total Assets 34463.84 32755.78 25783.66 28691.32 29891.23 31294.43
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating Cash Flow 3999.14 2501.96 2108.52 3376.28 4001.54 2125.97
Capex 2754.81 2341.69 2308.32 1608.08 2302.98
Free Cash Flow -252.85 -233.17 1067.96 2393.46 -177.01
RoE 20% 9% 11% 16% 18% 13%
Dividend Payout 53% 171% 64% 36% 37% 45%
Tax Rate 34% 34% 40% 38% 36% 41%
NOPLAT 6401.26 2747.11 2595.55 3825.63 4663.06 3607.34
RoIC 20% 9% 12% 16% 18% 13%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) 2567.56 -863.13 -40.84 916.26 1597.15 327.91
RoIIC 8% -15% 37% -81%
3Yr Rolling RoIIC -22%
5Yr Rolling RoIIC
Operating Leverage 0.10 1.40 3.55
Sustainable Growth Rate 9% -6% 4% 10% 11% 7%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
MktCap 39524.09 30080.18 32603.99 29044.60 24764.11 18968.06
MktCap+Dividend 42913.91 34441.35 34233.40 30405.08 26454.28 20587.81
Retained Profit 2956.92 -1815.07 914.45 2447.98 2927.78 1953.21
EV 21038.03 16770.99 27283.48 24083.71 20508.87 17096.17
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Price/Earnings 6.23 11.81 12.82 7.63 5.36 5.31
Price/Book 1.22 1.03 1.44 1.19 0.95 0.69
Price/CashFlow 9.88 12.02 15.46 8.60 6.19 8.92
Price/Sales 3.20 4.66 3.69 2.50 2.04 1.62
EV/EBITDA 2.12 3.84 6.06 3.72 2.73 2.66
Dividend Yield 8.58% 14.50% 5.00% 4.68% 6.83% 8.54%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Working Capital/Total Assets 0.66 0.56 0.31 0.29 0.27 0.26
Retained Profits/Total Assets 0.09 -0.06 0.04 0.09 0.10 0.06
EBIT/Total Assets 0.28 0.13 0.17 0.22 0.24 0.20
Market Cap/Total Liabilities 1.15 0.92 1.26 1.01 0.83 0.61
Sales/Total Assets 0.36 0.20 0.34 0.40 0.41 0.37
Altman Z-Score 2.89 1.76 2.08 2.19 2.17 1.78
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones

1 2 3 4 5 6
DCF 2020 2021 2022 2023 2024 2025
FCF 5629.48 0 2814.74 5629.48 6473.902 7444.9873
10.00% 1.1 1.21 1.331 1.4641 1.61051 1.771561
12.00% 1.12 1.2544 1.404928 1.5735194 1.7623417 1.9738227
15.00% 1.15 1.3225 1.520875 1.7490062 2.0113572 2.3130608
Discount Rate
Discounted FCF at R=10 5117.70909 0 2114.7558 3845.0106 4019.7838 4202.5012
Sum of Discounted FCF
Discounted FCF at R=12 5026.32143 0 2003.4763 3577.6363 3673.4659 3771.8623

Discounted FCF at R=15 4895.2 0 1850.7372 3218.6735 3218.6735 3218.6735

Sum at R=15
Perpetuity Value at R=10 345065.227
Perpetuity Value at R=12 230043.485
Perpetuity Value at R=15 153362.323
Per Share Price
Total Equity value at R=10 383174.04 237259.47
Total Equity value at R=12 264221.443 163604.61
Total Equity Value at R=15 182638.975 113089.15

FCF/SHARE 3485.74613
Price 100
Ratio 0.02868826
Mar-21 Mar-22 Mar-23 Mar-24 TTM
15328.05 25857.84 17596.29 21286.88
8912.73 13054.57 7721.16 8029.91 8,663.03
9141.27 13342.31 8057.34 8380.57 9,032.53
8790.27 12626.46 6053.74 7293.62 7,834.43
6276.64 9428.16 5602.56 5570.87 6,078.94
2274.22 4319.85 1934.26 2124.76
Mar-21 Mar-22 Mar-23 Mar-24 1HFY17
29884.05 18018.25 22620.83 25655.9 0.00
9918.1 13927.44 18611.66 21447.35 0.00
check historical normalised levels of cash/total assets for excluding one-off
31009.43 18923.24 23808.27 28058.62 0.00
31884.33 19818.19 24748.7 29014.68
36929.79 24912.34 29952.92 35661.03 0.00
Mar-21 Mar-22 Mar-23 Mar-24
7266.13 6941.8 1837.59 7394.8
1980.51 -15807.79 536.99 1765.32 CHECK? derived from BS
5285.62 22749.59 1300.60 5629.48
21% 52% 25% 22%
36% 46% 35% 38%
30% 27% 28% 30%
6259.28 9468.75 5592.21 5626.07
20% 50% 23% 20%
12% 12% 12% 12%
2538.14 7197.96 2735.21 2259.03
149% 87% 32% 1%
45% 71% -30% 18%
-76% 744% -58% -221%
1.45 0.67 0.19
13% 28% 16% 13% coy can grow at this rate safely with internal accruals
Mar-21 Mar-22 Mar-23 Mar-24 CURRENT
30709.76 36881.60 32687.91 59124.85 60944.88
32983.98 41201.45 34622.17 61249.62
4002.42 5108.31 3668.3 3446.11
26848.22 30704.07 27718.03 50119.98
Mar-21 Mar-22 Mar-23 Mar-24
4.89 3.91 5.83 10.61
1.03 2.05 1.45 2.30
4.23 5.31 17.79 8.00
2.00 1.42 1.85 2.77
2.94 2.30 3.44 5.98
7.41% 11.71% 5.92% 3.59%
Mar-21 Mar-22 Mar-23 Mar-24 Z-Weights
0.27 0.56 0.62 0.60 1.2
0.11 0.21 0.12 0.10 1.4
0.24 0.52 0.26 0.23 3.3
0.83 1.48 1.09 1.66 0.6
0.42 1.04 0.59 0.60 1
2.19 4.62 3.01 3.19
 Growth Rate Perpetu 6.00%

7 8 9 10
2026 2027 2028 2029
8561.7354 9845.9957 11322.895 13021.329
1.9487171 2.1435888 2.3579477 2.5937425
2.2106814 2.4759632 2.7730788 3.1058482
2.6600199 3.0590229 3.5178763 4.0455577

4393.524 4593.2297 4802.0128 5020.2861

38108.813
3872.8943 3976.6325 4083.1495 4192.5195
34177.958
3218.6735 3218.6735 3218.6735 3218.6735
29276.651
/total assets for excluding one-off excess cash for RoIC calculations
NMDC LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 12356.41 6455.8 8828.14 11614.9 12152.67
Other Income 2155.17 1682.21 909.8 667.16 588.45
Sales Increase -47.75% 36.75% 31.57% 4.63%
EBIT 9747.57 4149.35 4307.85 6213.23 7233.92
EBIT Increase -57.43% 3.82% 44.23% 16.43%
Operating Expenses Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Cost 27.67 9.73 5.37 17.33 52
Change in Inventory 16.99 -63.12 -98.87 38.48 79.22
Power and Fuel 64.25 67.69 87.65 99.27 109.45
Other Mfr. Exp 423.5 394.3 375.72 414.16 423.48
Employee Cost 703.51 650.72 889.7 1049.94 1039.98
Selling and admin 3029.59 1774.13 2537.67 3042.97 2670.19
Other Expenses 359.92 810.95 1238.46 1227.01 1012.28
Interest Expense 0.14 65.65 20.78 37.10 40.32
Coomon Size Expenses Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Cost 0.22% 0.15% 0.06% 0.15% 0.43%
Change in Inventory 0.14% -0.98% -1.12% 0.33% 0.65%
Power and Fuel 0.52% 1.05% 0.99% 0.85% 0.90%
Other Mfr. Exp 3.43% 6.11% 4.26% 3.57% 3.48%
Employee Cost 5.69% 10.08% 10.08% 9.04% 8.56%
Selling and admin 24.52% 27.48% 28.75% 26.20% 21.97%
Other Expenses 2.91% 12.56% 14.03% 10.56% 8.33%
Interest Expense 0.00% 1.02% 0.24% 0.32% 0.33%
Interest Expense Capitalised
Year on Year Escalation Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Increase/Sales Increase 1.36 -1.22 7.06 43.21
Change in Inventory Increase/Sales Increase 9.87 1.54 -4.40 22.87
Power & Fuel Increase/Sales Increase -0.11 0.80 0.42 2.21
Other Mfg Increase/Sales Increase 0.14 -0.13 0.32 0.49
Employee Cost Increase/Sales Increase 0.16 1.00 0.57 -0.20
Selling & Admin Cost Increase/Sales Increase 0.87 1.17 0.63 -2.65
Other Expenses Increase/Sales Increase -2.62 1.43 -0.03 -3.78
Year on Year Escalation Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Working Capital Increase/Sales Increase 0.41 -1.53 0.09 -0.06
Debtors Increase/Sales Increase 1.14 0.85 1.30 -0.71
Inventory Increase/Sales Increase 0.21 -0.36 0.19 3.57
Creditors Increase/Sales Increase 0.6 0.3 4.5 20.5
Invested Capital Increase/Sales Increase 0.12 -0.73 0.33 1.16
Dilution Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Capital Increase/Decrease 0.00% -20.20% 0.00% -3.22%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
11699.22 15370.06 25964.79 17666.88 21307.85
417.17 351 715.85 2003.6 1086.95
-3.73% 31.38% 68.93% -31.96% 20.61%
6124.12 8912.73 13054.57 7721.16 8029.91
-15.34% 45.53% 46.47% -40.85% 4.00%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
36.48 42.01 106.95 70.59 20.97
53.83 161.81 1159.39 496.33 93.36
114.73 110.82 122.54 144.1 168.1
399.28 393.43 588.76 765.42 898.06
1049.81 1085.58 1337.4 1531.03 1626.06
3131.09 3985.38 10662.22 8492.47 10111.19
1019.78 1124.38 1679.85 1105.86 1283.21
9.88 16.81 39.06 75.23 78.24
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
0.31% 0.27% 0.41% 0.40% 0.10% check lower RM/Sales - high correlation with Op Leve
0.46% 1.05% 4.47% 2.81% 0.44%
0.98% 0.72% 0.47% 0.82% 0.79%
3.41% 2.56% 2.27% 4.33% 4.21%
8.97% 7.06% 5.15% 8.67% 7.63% check high Emp Cost/Sales - high correlation with Op
26.76% 25.93% 41.06% 48.07% 47.45%
8.72% 7.32% 6.47% 6.26% 6.02%
0.08% 0.11% 0.15% 0.43% 0.37%
Add back from AR - any interest costs capitalised
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
8.00 0.48 2.24 1.06 -3.41
8.59 6.39 8.94 1.79 -3.94
-1.29 -0.11 0.15 -0.55 0.81
1.53 -0.05 0.72 -0.94 0.84
-0.25 0.11 0.34 -0.45 0.30
-4.63 0.87 2.43 0.64 0.92
-0.20 0.33 0.72 1.07 0.78
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
0.75 0.77 0.59 -1.05 0.74
-15.04 -0.12 0.55 -1.49 -0.95
-2.31 0.87 1.89 -0.79 0.19
-0.3 -1.0 -0.4 -2.8 1.3
-1.87 0.43 -0.57 -0.81 0.87
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
0.00% -4.28% 0.00% 0.00% 0.00%
Sales - high correlation with Op Leverage

ost/Sales - high correlation with Op Leverage

R - any interest costs capitalised

 NMDC LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 12356.4 6455.8 8828.14 11614.9 12152.7 11699.2
Capex 2754.81 2341.69 2308.32 1608.08 2302.98
Depreciation 218.02 196.65 256.63 279.04 294.93
Incremental Fixed Capital Investment 2536.79 2145.04 2051.69 1329.04 2008.05
Incremental Sales -5900.61 2372.34 2786.76 537.77 -453.45
Incremental Fixed Capital Investment Rate -42.99% 90.42% 73.62% 247.14% ###
5 Yr Avg ###
9 Yr Avg

Working Capital 22678.8 18279.86 8019.33 8242.5 8217.97 7989.18

Incremental Working Capital -4398.92 -10261 223.17 -24.53 -228.79
Incremental Working Capital Investment Rate 74.55% ### 8.01% -4.56% 50.46%
5 Yr Avg ###
9 Yr Avg
Years in Future 0 1 2 3 4 5
Year Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales ### ### ### ### ### ###
EBIT 8,029.91 9,133.09 4,851.80 5,579.57 6,416.50 7,378.98
NOPAT 5,626.07 6,849.81 3,638.85 4,184.68 4,812.38 5,534.23
Incremental Fixed Capital Investment 426.16 703.16 808.63 929.93 1,069.42
Incremental Working Capital Investment 319.62 527.37 606.47 697.45 802.06
Free Cash Flow 6,104.04 2,408.32 2,769.57 3,185.00 3,662.75
Present Value of Free Cash Flow 5,450.04 1,919.90 1,971.32 2,024.13 2,078.34
umulative Present Value of Free Cash Flow 5,450.04 7,369.93 9,341.26 ### ###
Present Value of Residual Value ### ### ### ### ###

Corporate Value 97188.62 ### ### ### ###

Add: Non-Operative Assets ### ### ### ### ###
Less: Debt ### ### ### ### ###
Shareholder Value ### ### ### ### ###

Shareholder Value/Share 121.87 69.21 72.77 76.44 80.20

Market-Implied-Forecast-Period <1

Steady State Value ### ### (as per Rajshekhar Iyer formula)
Future Value ### ### (present value of year 10 shareholder future value)
Value ### ###
Value/Share 361.69 202.96
(as per Credit Suisse paper What's captured in P/E)
 Mar-21 Mar-22 Mar-23 Mar-24 Consensus Forecasts 5 Yr Avg Inputs TTM
15370.1 25964.8 17666.9 21307.9 Sales Growth Rate 16.17% 15% 0.00%
1980.51 -15808 536.99 1765.32 EBIT Margin 18.00% 18% 38.97%
228.54 287.74 336.18 350.66 Tax Rate 31% 25%
1751.97 -16096 200.81 1414.66 Inc Fixed Capital Rate -355.22% 20%
3670.84 10594.7 -8297.91 3640.97 Inc Working Capital Rate 498.34% 15%
47.73% ### -2.42% 38.85% Cost of Capital 12%
104.17% -52.26% ### ### Inflation Rate 5%
-29.69% Cash & Bank Balance ###
Investments 956.06
9918.1 13927.4 18611.7 21447.4 Non-Operative Assets ###
1928.92 4009.34 4684.22 2835.69 Debt ###
52.55% 37.84% -56.45% 77.88% # Shares Outstanding 879.18
-93.80% 34.48% 171.34% 144.50% CMP 69.32
-13.76%
6 7 8 9 10 11 12 13 14 15
Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar-32 Mar-33 Mar-34
### ### ### ### ### ### ### ### ### ###
8,485.82 9,758.70 ### ### ### ### ### ### ### ###
6,364.37 7,319.02 8,416.88 9,679.41 ### ### ### ### ### ###
1,229.83 1,414.30 1,626.45 1,870.42 2,150.98 2,473.63 2,844.67 3,271.37 3,762.08 4,326.39
922.37 1,060.73 1,219.84 1,402.81 1,613.23 1,855.22 2,133.50 2,453.53 2,821.56 3,244.79
4,212.17 4,843.99 5,570.59 6,406.18 7,367.11 8,472.17 9,743.00 ### ### ###
2,134.01 2,191.18 2,249.87 2,310.13 2,372.01 2,435.55 2,500.78 2,567.77 2,636.55 2,707.17
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###

### ### ### ### ### ### 86315.63 ### 94596.95 ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### 96276.56 ### ### ###

84.06 88.03 92.10 96.28 100.57 104.98 109.51 114.15 118.93 123.83

shareholder future value)

Business Robustness Snapshot (Annual) Annual Historical Performance
NMDC LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 12356.41 6455.8 8828.14 11614.9 12153 11699
EBIT 9,747.57 4,149.35 ### ### ### ###
Operating Profit (ex Other Income) 7764.96 2685.16 3594.7 5802.7 6924.51 6001.88
Operating Profit Margin (ex Other Income) 62.84% 41.59% 40.72% 49.96% 56.98% 51.30%
1Yr Sales Increase -47.75% 36.75% 31.57% 4.63% -3.73%
1Yr EBIT Increase -57.43% 3.82% 44.23% 16.43% -15.34%
3Yr Sales Increase -6.00% 88.24% 32.52%
3Yr EBIT Increase -36.26% 74.34% 42.16%
Abnormal margin exclusion (RM cycle)
1 Yr Operating Leverage - 0.10 1.40 3.55 -
3Yr Operating Leverage - 0.84 1.30
EBIT Margin 78.89% 64.27% 48.80% 53.49% 59.53% 52.35%
Invested Capital 31947.53 30085.4 21970 24245 25549 27329
Capital Turns 0.39 0.21 0.40 0.48 0.48 0.43
RoIC 20% 9% 12% 16% 18% 13%
5Yr Rolling RoIIC - - - - - -
EPA 2567.56 -863.13 -40.84 916.26 1597.15 327.91
EPA/Sales 20.78% -13.37% -0.46% 7.89% 13.14% 2.80%
Sustainable Growth Rate (without addl financing 9% -6% 4% 10% 11% 7%
Business Robustness Snapshot (Quarterly) Latest 10 Quarters Performance
NMDC LTD Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Sales 4767.07 3328.45 3719.99 5851.37 5394.66 4013.98
EBIT 1,959.33 1,203.20 ### ### ### ###
Operating Profit (ex Other Income) 1,898.40 851.16 ### ### ### ###
EBIT Margin 41.10% 36.15% 33.91% 56.35% 41.12% 35.44%
Operating Profit Margin (ex Other Income) 39.82% 25.57% 30.66% 36.95% 36.95% 29.66%
Threshold Margin Snapshot Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Incremental Fixed Capital Investment Rate -43% 90% 74% 247% -443%
Incremental Working Capital Investment Rate 75% -433% 8% -5% 50%
Incremental Threshold Margin 5% -61% 14% 40% -71%
Threshold Margin (Value Neutral Operating Margin) 146.32% 30.65% 40.50% 52.91% 64.60%
Threshold Exceed Rate -82.05% 18.14% 13.00% 6.61% -12.25%
Historical Performance
Mar-21 Mar-22 Mar-23 Mar-24 TTM
15370 25964.8 17666.9 21308 ###
### ### ### ### ###
8790.27 12626.5 6053.74 7293.62 ###
57.19% 48.63% 34.27% 34.23% 35.24%
31.38% 68.93% -31.96% 20.61% 4.34%
45.53% 46.47% -40.85% 4.00% 7.88%
32.33% 113.66% 51.01% 38.63% -14.38%
43.45% 80.46% 26.08% -9.91% -33.64%

1.45 0.67 - 0.19 1.82

1.34 0.71 0.51 (0.26) 0.00
57.99% 50.28% 43.70% 37.69% 38.97%
31009 18923.2 23808.3 28059 0.00
0.50 1.37 0.74 0.76 #DIV/0!
20% 50% 23% 20% #DIV/0!
-76% 744% -58% -221%
2538.14 7197.96 2735.21 2259.03 #DIV/0!
16.51% 27.72% 15.48% 10.60% #DIV/0!
13% 28% 16% 13%
rters Performance
Dec-23 Mar-24 Jun-24 Sep-24
5409.9 6489.31 5414.19 4918.91
### ### ### ###
### ### ### ###
37.14% 36.68% 48.59% 33.40%
37.10% 32.39% 43.22% 28.17%
Mar-21 Mar-22 Mar-23 Mar-24 TTM
48% -152% -2% 39%
53% 38% -56% 78%
15% -17% -9% 18%
43.50% 27.45% 77.98% 39.29% higher capital intensity business demands higher threshold margin (to break even) th
14.49% 22.83% -34.28% -1.60%
gher threshold margin (to break even) than lower cap intensive
NMDC LTD (adapted from the methodology described in the book "Buffetology" by Mary
Current Data 10 yr Projected Company data using historical earnings growth
Price 69.32 Year EPS DPS
EPS: 6.91 Current 6.91 2.42 64.39 Earnings after 10 years
DPS: 2.42 Year 1 8.64 0.43 14.37 Dividends paid over 10 y
BVPS: 29.18 Year 2 10.80 0.54
P/E: 10.03 Year 3 13.50 0.68 965.92 Projected price [Avg Sus
Earnings Yield: 9.97% Year 4 16.88 0.84 980.29 Total Gain [Projected Pr
Dividend Yield: 3.49% Year 5 21.10 1.06
P/BV: 2.38 Year 6 26.38 1.32 34.22% Projected annual return
Year 7 32.97 1.65 [(Total Gain/Current Pric
Input Visibility data below Year 8 41.21 2.06
Sales Year 9 51.52 2.58
Med Term Visibility 25% Year 10 64.39 3.22
Sales 10 Yr CAGR 6.24%
Sales 5yr CAGR 16.17% 10 yr Projected Company data using sustainable growth rate ba
Sales 3yr CAGR -9.41% Year BVPS EPS DPS
Sales Y-o-Y growth 20.61% Current 29.18 6.91 2.42 49.92 Earnings after 10 years
Sales TTM Growth 4.34% Year 1 33.68 8.00 0.40 11.79 Dividends paid over 10 y
EPS Year 2 41.28 9.80 0.49
Med Term Visibility 25% Year 3 50.59 12.02 0.60 748.75 Projected price [Avg Sus
EPS 10 Yr CAGR 1.93% Year 4 62.01 14.73 0.74 760.53 Total Gain [Projected Pr
EPS 5yr CAGR 12.97% Year 5 76.00 18.05 0.90
EPS 3yr CAGR -23.13% Year 6 93.14 22.12 1.11 30.49% Projected annual return
EPS Y-o-Y growth -0.57% Year 7 114.16 27.11 1.36 [(Total Gain/Current Pric
EPS TTM Growth 9.12% Year 8 139.92 33.23 1.66
5Yr Averages Year 9 171.48 40.73 2.04
Return on Equity: 26.54% Year 10 210.17 49.92 2.50
Payout Ratio: 40.01% *Assuming current capital structure is maintained - business's inherent ability
P/E Ratio-High: 10.6
P/E Ratio-Low: 3.9
Avg. P/E Ratio: 3.8
Avg Sustainable P/E 15
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 25% 26.54%
Payout Visbility 5% 40.01%
Sustainable Growth 23.75% 15.92%
ok "Buffetology" by Mary Buffet - using current Visibility aided by
historical earnings growth rate/current visibility 10yr Sales Projection
Year Sales
Earnings after 10 years Current 21307.85
Dividends paid over 10 years Year 1 26634.81
Year 2 33293.52
Projected price [Avg Sustainable P/E*EPS] Year 3 41616.89
Total Gain [Projected Price+Dividends] Year 4 52021.12
Year 5 65026.40
Projected annual return using current EPS growth visibility Year 6 81283.00
[(Total Gain/Current Price)^1/9)-1] Year 7 101603.75
Year 8 127004.68
Year 9 158755.85
Year 10 198444.82

ustainable growth rate based on current visibility

Earnings after 10 years

Dividends paid over 10 years

Projected price [Avg Sustainable P/E*EPS]

Total Gain [Projected Price+Dividends]

Projected annual return using sustainable growth visbility*

[(Total Gain/Current Price)^1/9)-1]

business's inherent ability to grow with internal accruals from he

 NMDC LTD
Key figures extracted/highlighted automatically
TTM
TTM Net TTM Invested EPA
10Yr Incr Sales Profit EBIT
Dividen 5yrAvg Retained ROIC Cap /Sales
Total Mkt Cap
Fixed
FA Invest ###
d Sust. Earnings 20%
### ### 28058.6
WCap 10.60%
Asset 60944.9
Asset
10Yr Incr
Rate
Wcap Payout Industry
Industry Growth / TA RoE /TA
5YrAvg Turns Turn
-29.69%
Invest 38.14%
FA 15.92% 10% 22%
WCap / Industry Industry 60% 0.60
WCap 5YrAvg 6.31
5YrAvg
Rate Turns TA RE /TA RoE /TA TA Turns FA Turns
-13.76% 46% 0.60 5.18
FY 2010 FY 2011 FY2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
RoE 20% 9% 11% 16% 18% 13% 21% 52% 25% 22%
CC Cycle 72 80 65 64 62 91 72 71 144 107
Gr Margin 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Eq Dilution 0 0.00% -20.20% 0.00% -3.22% 0.00% -4.28% 0.00% 0.00% 0.00%
ed automatically from Excel for quick scan that helps tell a more complete story
Earnings
P/B P/S P/E P/CFO Div Yield EV/EBITDA Yield
2.38 2.74
Invest 10.03
Net 0.00 3.49%
FCF/ 5.98
Op 9.97%
Cash Eqv Future
Steady ments Profit Future
SState CFO Sales Leverage
###
State Earnings Value/ Value / 26%
956.06 5570.87 ### 0.19
Value Value Mcap Mcap
107150 0 176% -76%
re complete story?