NMDC Steel Limited reported a sharp improvement in its financial performance for the third quarter of FY26, with net losses narrowing significantly on the back of strong revenue growth and improved operating traction.
For the quarter ended December 31, 2025, NMDC Steel posted a net loss of ₹243.97 crore, compared with a loss of ₹757.78 crore in the corresponding quarter of FY25. This marks a year on year improvement of nearly 68 percent, reflecting better scale utilisation and topline expansion.
Revenue from operations during Q3 FY26 rose to ₹3,007.7 crore, registering a growth of around 42 percent year on year. The sharp rise in revenue was supported by higher sales volumes from the Nagarnar steel plant, better market realisations, and a gradual stabilisation of operations.
Despite remaining in the red, operating performance showed visible improvement. The company continued to benefit from rising capacity utilisation and improved cost absorption, which helped reduce per tonne losses compared to previous quarters. Management focus on operational efficiency and tighter cost controls has begun to reflect in quarterly numbers.
On a nine month basis, NMDC Steel reported revenue growth of approximately 72 percent compared with the same period last year. Cumulative losses during the April to December FY26 period also narrowed materially, indicating a steady progression towards operational breakeven.
NMDC Steel’s performance remains closely linked to the ramp up trajectory of its 3 million tonne per annum integrated steel plant at Nagarnar in Chhattisgarh. As production stabilises and fixed costs get absorbed over higher output levels, analysts expect further improvement in financial metrics over the coming quarters, though profitability will also depend on steel price trends and raw material costs.
While the company continues to report losses, the Q3 FY26 results signal a meaningful turnaround in operating momentum, positioning NMDC Steel on a firmer footing as it moves deeper into the commissioning and stabilisation phase.