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NMDC’s production figure shows how much iron ore it produced; its sales figure shows how much it sold. For FY 2025–26, the company reported 53.16 million tonnes (MT) of production and 50.24 MT of sales. The gap is a reminder that higher output does not automatically become higher same-period sales, revenue or profit. Investors need to read volumes alongside realization, revenue and costs.
Production and sales measure different parts of the business
Production is the iron ore NMDC produced during a reporting period. Sales is the volume sold during that period. Because production and sales are not the same activity, their figures can diverge as a result of timing, inventory movements or other operational factors. A production increase alone does not establish that sales rose by the same amount.
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For FY 2025–26, NMDC’s homepage reported 53.16 MT of production and 50.24 MT of sales, alongside turnover of ₹31,554 crore and profit before tax of ₹10,155 crore. These are company-reported full-year figures; the available homepage information does not provide a report excerpt for them. NMDC’s homepage
Compare periods on the same basis—such as H1 against H1 or Q2 against Q2—and keep units straight: one million tonnes equals 10 lakh tonnes (LT). Production, sales and financial measures answer different questions, so no single volume figure gives a complete picture of performance.
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How H1 FY 2025–26 volumes translated into revenue
In the first half of FY 2025–26, NMDC reported production of 222.02 LT and sales of 222.33 LT. In H1 FY 2024–25, the corresponding figures were 174.74 LT and 198.00 LT. NMDC said production increased 27% year over year and sales increased 12%. The different growth rates show why investors should not treat output growth as a proxy for sales growth. NMDC investor presentations
Sales realization helps connect the volume sold to the revenue earned per tonne. NMDC’s average domestic realization in H1 FY 2025–26 was ₹5,170 per tonne, up from ₹5,082 in the prior-year half, a rise of about 2%. The company reported that iron ore sales revenue rose 14%. With sales volume up 12% and realization up only modestly, volume appears to have contributed more than price to the sales-revenue increase; the figures provided do not isolate every product-mix or timing effect.
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Revenue from operations reached ₹12,895 crore in H1 FY 2025–26, up 27% year over year. That is a broader financial measure than tonnes sold: it reflects the value of business recognized as revenue, not just the physical volume produced.
Why more revenue does not guarantee a higher profit margin
Profit depends on what remains after expenses, not just on how much is sold. NMDC reported H1 EBITDA of ₹5,162 crore, up from ₹4,526 crore in H1 FY 2024–25, while EBITDA margin fell from 44% to 40%. EBITDA grew 14%, slower than the 27% rise in revenue from operations. Profit after tax (PAT) increased from ₹3,253 crore to ₹3,663 crore.
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The company also reported that operating expenses rose 57% year over year in H1 and royalty and other levies rose 29%; additional royalty also rose 29%. These cost increases are relevant context for the margin movement, but the reported figures do not establish that any one line item alone caused the decline. Investors should consider costs alongside revenue and profit rather than infer profitability from volume growth.
What Q2 adds to the picture
NMDC’s Q2 FY 2025–26 results show how production, sales and financial outcomes can grow at different rates within one quarter. Production was 102.08 LT and sales were 107.16 LT, increases of 23% and 10% respectively from Q2 FY 2024–25. Revenue from operations was ₹6,261 crore, EBITDA ₹2,385 crore, profit before tax ₹2,271 crore and PAT ₹1,694 crore. NMDC reported year-over-year increases of 30%, 32%, 35% and 33%, respectively. Average realization rose 2%.
These Q2 growth rates use the same quarter of the prior financial year as their comparison. They should not be substituted for H1 growth rates: quarter-specific sales, realization and costs can change the pattern in a half-year comparison.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the latest volume headline
NMDC’s homepage lists a 1 July 2026 release describing “highest-ever Q1 volumes” and a 60 MT target. The detailed Q1 FY 2026–27 production and sales values are not available in the cited homepage information, so the headline does not support quoting exact current-quarter volumes or calculating their growth here. The 60 MT figure is a company target, not a guaranteed result. NMDC’s homepage
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For historical context, NMDC reported Q1 FY 2025–26 production of 11.99 MT and sales of 11.52 MT, compared with 9.19 MT and 10.07 MT in Q1 FY 2024–25. Those are prior-year figures, not the latest quarter’s results. NMDC press releases
Quick Recap
A practical investor checklist
- Match the period: compare the same quarter or half-year year over year, and distinguish fiscal years from calendar years.
- Read production and sales together: a difference between them can reflect timing, inventory or operational factors.
- Check realization: sales volume and average price per tonne both influence sales revenue, while product mix and timing can also matter.
- Follow the financial bridge: compare revenue with EBITDA, margin, and profit before tax or PAT to see whether growth is reaching the bottom line.
- Keep costs in view: operating expenses, royalties and levies can affect profitability even when sales and revenue rise.
- Treat targets as uncertain: NMDC’s 29 October 2025 investor presentation says actual results may differ materially from forward-looking statements and that past performance is not a guide to future performance. NMDC investor presentations
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