NMDC shares experienced a nearly 5% increase on the Bombay Stock Exchange, reaching ₹97.20 after the company announced its financial results for the fourth quarter of FY26. The consolidated revenue surged by 62% year-on-year to ₹11,340 crore, largely driven by a significant rise in hot-rolled coil trading sales from NMDC Steel. Iron ore sales volumes reached an all-time high of 15.3 million tonnes, reflecting a 21% increase year-on-year. Despite the positive results, brokerages express caution regarding NMDC's stretched valuations, which may limit future upside. The management has set ambitious targets, aiming for 60 million tonnes of production in FY27 and 100 million tonnes by 2030, supported by a capital expenditure plan of ₹6,000 to ₹10,000 crore over the next few years. While brokerages remain optimistic about NMDC's growth potential, they highlight the need to manage execution risks associated with such aggressive expansion plans.