NMDC reported year-to-date iron ore production of 27.27 million tonne, a 22.8% rise compared to the corresponding period last year. This significant growth highlights the state-owned miner's expanding operational capacity.

Production performance

The September output figure marks a notable year-over-year improvement for NMDC, India's largest iron ore producer. The company produced 4.04 million tonne in September, reflecting a 7.7% rise in monthly volume. The substantial increase in cumulative output underscores sustained mining activity and improved throughput during the fiscal year to date.

Sales and regional breakdown

While production volumes expanded, provisional sales data reveals a divergence in performance. Monthly sales in September stood at 3.51 million tonne, a decline from 3.88 million tonne in September 2025. Cumulative sales up to September 2026 remained unchanged at 22.23 million tonne, matching the figures from the previous year despite the surge in mining output.

Regional data indicates that Chhattisgarh operations drove the majority of the production increase, contributing 18.92 million tonne year-to-date, up from 14.78 million tonne last year. Karnataka operations also saw growth, with YTD production rising to 8.35 million tonne from 7.42 million tonne. However, Karnataka sales dipped to 5.81 million tonne YTD from 7.10 million tonne previously, while Chhattisgarh sales grew modestly to 16.42 million tonne from 15.13 million tonne.

Key highlights

• Year-to-date iron ore production reached 27.27 million tonne, up 22.8%
• Monthly production in September stood at 4.04 million tonne, up 7.7%
• Year-to-date sales remained flat at 22.23 million tonne
• Chhattisgarh accounted for the bulk of the production increase with 4.14 million tonne additional output YTD

What the Numbers Show

The divergence between the single-month growth rate (7.7%) and the year-to-date growth rate (22.8%) suggests that the acceleration in production occurred primarily in the months preceding September. The YTD figure indicates a much stronger cumulative performance than the recent monthly trend alone would suggest, pointing to robust operational execution earlier in the fiscal period.

Furthermore, the stagnation in year-to-date sales (22.23 million tonne) against a 22.8% rise in production creates an inventory build-up scenario. The gap between YTD production (27.27 million tonne) and YTD sales (22.23 million tonne) has widened significantly compared to the previous year, where production and sales were more closely aligned or sales slightly exceeded production in certain months. This indicates that increased mining throughput has not yet translated into proportional revenue realization through sales volume.

NMDC Limited held its 68th Annual General Meeting on September 28, 2026, via video conferencing, passing all 9 resolutions with strong shareholder support. A total of 11,56,229 shareholders were on record as of the cut-off date, September 21, 2026.

The meeting commenced at 11:30 am IST and concluded at 1:35 pm IST. Seventy-five members participated through the virtual platform, while voting was conducted electronically via NSDL systems. Remote e-voting was open from September 24, 2026 (9:00 am IST) to September 27, 2026 (5:00 pm IST). The scrutinizer for the e-voting process was CS Shaik Razia, Partner, D. Hanumanta Raju & Co., appointed by the Board on August 14, 2026, with the scrutinizer's report issued on September 29, 2026.

Key resolutions and board updates

Shareholders passed all ordinary and special business resolutions. The Board was also authorised to fix remuneration for statutory auditors for FY27. New appointments included Shri Krishna Kumar Thakur as Director (Personnel), Shri Anurag Kapil as Director (Finance), and Shri Vivek Nishant Nath as Director (Commercial). The AGM notice was dated August 14, 2026, and was dispatched to shareholders electronically in compliance with MCA General Circular No. 03/2025 dated September 22, 2025 and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD-2/I/3762/2026 dated January 30, 2026.

Dividend voting detail

The dividend resolution noted the interim dividend of ₹2.50 per equity share of face value ₹1.00 already paid and approved the final dividend of ₹1.00 per equity share of face value ₹1.00 for FY26. This resolution received the highest shareholder support among all nine, with 2,632 members voting in favour, casting 7,346,041,094 votes representing 99.9978% of valid votes polled. Only 48 members voted against, casting 161,528 votes (0.0022%).

Director re-appointment voting

The re-appointment of Shri Abhijit Narendra saw the closest contest among all resolutions, with public institutional investors split nearly evenly: 50.18% voted in favour and 49.82% against among that category. Overall, 86.45% of valid votes were cast in favour. The re-appointment of Shri Joydeep Dasgupta received broader support, with 89.30% of valid votes in favour overall, though public institutional investors recorded 39.34% against.

Audit reports and compliance

M/s Varma & Varma, Statutory Auditors, submitted an unmodified audit report for FY26 with no qualifications or adverse remarks. The Comptroller and Auditor General of India provided comments on the financial statements, annexed to the Board's Report. The Secretarial Audit report by M/s D. Hanumanta Raju & Co. noted observations regarding board composition, specifically an inadequate number of Independent Directors and the absence of a Woman Independent Director on the Board at the time of the audit.

Shareholder engagement

During the question-and-answer session, shareholders appreciated the company's financial and operational performance. Queries focused on future growth plans, environmental clearances, expansion in the pellet business, and the recently incorporated GIFT City subsidiary. CMD Amitava Mukherjee and functional directors addressed these concerns, highlighting key performance benchmarks and the company's Net Zero Strategy. The meeting was chaired by Amitava Mukherjee, Chairman and Managing Director. Other directors present included Vinay Kumar, Joydeep Dasgupta, Krishna Kumar Thakur, Anurag Kapil, Vivek Nishant Nath, Bharat Baburao Patil, Mahendra Singh Rao, and Achal Kumar Sinha.