Motilal Oswal Recommends 'BUY' on NMDC, Sets Target Price at INR 100

• Motilal Oswal has reiterated a 'BUY' rating for NMDC, setting a target price of INR 100.
• NMDC's 3QFY26 revenue reached INR 76.1 billion, a 16% YoY and 19% QoQ increase, driven by higher volumes and improved Net Sales Realization (NSR).
• Iron ore production for the quarter was 14.7 million tonnes (+11% YoY, +44% QoQ), with sales at 12.7 million tonnes (+6% YoY, +19% QoQ).
• Average Selling Price (ASP) stood at INR 5,993/tonne, reflecting a 9% YoY and 1% QoQ growth.
• EBITDA for 3QFY26 was INR 21.4 billion, aligning with estimates, while EBITDA/tonne was INR 1,688/tonne.