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NMDC is the clearest Navratna in this comparison, but the companies investors often compare with it do not all share that classification—or the same commodity exposure. NMDC is primarily an iron-ore miner; MOIL is manganese-focused, NALCO is an aluminium-linked integrated producer, and Coal India mines coal and is classified as a Maharatna. Their production and dividend figures are useful context, not a like-for-like ranking of stocks.
Are all these companies Navratna mining stocks?
No. NMDC’s FY 2024–25 annual report identifies it as a Navratna. The Ministry of Coal’s FY 2024–25 report identifies Coal India as a state-owned coal-mining enterprise and a Maharatna. Those classifications are not interchangeable. The sources cited here do not establish a current government classification for NALCO or MOIL, so this comparison does not assign one to them.
The title’s comparison is best read as NMDC versus other listed public-sector mining or mineral companies that may interest a similar investor—not as a list of companies with identical status, products, or risks.
How the businesses differ
| Company | Main exposure | What to understand before comparing it with NMDC |
|---|---|---|
| NMDC | Primarily iron ore | Its FY25 report describes mechanized mine complexes at Kirandul and Bacheli in Chhattisgarh and Donimalai in Karnataka. It also describes a 1.2 MTPA pellet plant at Donimalai, diamond mining at Panna, and diversification plans. NMDC FY25 annual report |
| MOIL | Manganese ore, with processed products including electrolytic manganese dioxide and ferro-manganese | It is a narrower, commodity-specific comparison. Raw manganese ore and processed products are distinct parts of its business; it is not an iron-ore peer. MOIL FY25 annual report |
| NALCO | Aluminium-linked mining and production | Use it as an integrated aluminium/mining comparator, not a direct iron-ore equivalent. Its own annual report is the place to examine the operating segments behind its results. NALCO FY25 annual report |
| Coal India | Coal | A large public-sector mining comparator, but its commodity and government classification differ from NMDC’s. The Ministry of Coal identifies it as a Maharatna. Ministry of Coal FY25 report |
Production and financial figures to compare carefully
The following figures show scale and reported performance, but they cover different companies and, in some cases, different financial years and measures. They are not a common-period peer comparison.
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| Company and period | Production or sales | Reported financial figures |
|---|---|---|
| NMDC, FY 2024–25 | 44.07 million tonnes of iron ore produced | Revenue of ₹23,668 crore; profit before tax of ₹9,296 crore. NMDC FY25 annual report |
| NMDC, FY 2025–26 | 53.16 MT produced and 50.24 MT sold | Turnover of ₹31,554 crore; profit before tax of ₹10,155 crore, as reported in the company’s official homepage summary. These are not presented here as audited annual-report figures. NMDC official site |
| MOIL, FY 2024–25 | Record manganese-ore production of 18.03 lakh tonnes | Not stated here. See the company’s annual report for financial results. MOIL FY25 annual report |
| NALCO, FY 2025–26 | Not stated here | Revenue from operations of ₹17,843 crore and net profit of ₹5,816 crore, as reported on the company’s official homepage. NALCO official site |
NMDC’s FY25 annual report set a 55.4 MT iron-ore production target for FY26 and a longer-term 100 MT target for 2030. Those were management goals, not achieved results; the company’s homepage later reported FY26 production of 53.16 MT. A target and a reported actual should not be treated as the same kind of figure. NMDC FY25 annual report NMDC official site
For a fuller comparison, check each company’s results for the same financial year and distinguish production from sales, revenue from turnover, and profit before tax from net profit. The figures above do not provide comparable capital-spending data, so they cannot show which company is investing more or how efficiently it is converting investment into output.
What the cited dividend figures do—and do not—show
| Company and financial year | Dividend information in the cited company material | Status |
|---|---|---|
| MOIL, FY 2024–25 | ₹4.02 interim dividend per share and ₹1.61 final dividend per share; ₹5.63 per share in total for the year | The annual report says the interim amount was paid and the final amount was recommended. Do not describe the recommended final dividend as already paid. MOIL FY25 annual report |
| NALCO, FY 2024–25 | ₹2.50 final dividend per share | Recommended, subject to shareholder approval. This is not a full-year total in the cited extract. NALCO FY25 annual report |
| NMDC, FY 2024–25 and FY 2025–26 | A complete per-share timeline is not stated here | NMDC’s investor dividend index lists FY25 interim and final materials and FY26 interim material; consult the relevant filings for declared amounts and payment status. NMDC dividend documents index |
These payouts cannot establish which stock has the highest dividend yield. Yield requires a share price and an as-of date, and the amounts above do not all represent the same type of payout or a complete annual total. A per-share dividend alone is not a yield ranking, nor does a past payout promise a future one.
Risks to examine company by company
Commodity and business-model exposure
Iron ore, manganese, aluminium and coal are different exposures. A view about demand or prices for one commodity does not automatically apply to the others. For each company, read the relevant annual-report sections on its products, operations and financial results rather than treating “mining” as a single business.
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NMDC’s FY25 report discusses substantial production and diversification goals. Investors assessing that plan should compare later achieved production with management targets and consider project execution and capital needs. NMDC publishes an Enterprise Risk Management Policy and a Tailings Management Policy; their existence documents formal policies but does not quantify exposure or prove how effectively risks are controlled. NMDC policies and documents NMDC FY25 annual report
For any of these companies, review current filings for company-specific information on mine operations, permissions, logistics, environmental management and other material risks. The figures and disclosures cited here do not support a quantified risk score or a defensible ranking of the four companies’ risks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical way to compare the stocks
- Start with the exposure: identify each company’s principal commodity and how much processing or integration its business includes.
- Align the period and units: compare production, sales, capacity and financial results for the same financial year, keeping distinct measures distinct.
- Read the dividend decision precisely: record the financial year, per-share amount, whether it is interim or final, and whether it was paid, declared or merely recommended.
- Review the latest company filings: examine investment plans, operational and environmental disclosures, and the results reported against management goals.
- Use valuation data before making an investment ranking: operating scale and dividends alone cannot establish which stock is attractively valued or suitable for a particular investor.
There is no single “best” choice established by these figures. The answer depends on which commodity and business model an investor wants, how the company is progressing against its plans, and the valuation and risks visible in current filings.
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