NMDC Ltd

Dear Shareholders,

It is my honour to represent NMDC Limited - the largest and most respected iron ore mining company in India. As we reflect on the financial year 2024-25, I am pleased to share with you our achievements, our vision, and the road ahead as we continue to stand at the forefront of India's journey towards greater progress, development, and sustainability.

Responsible Mining for Viksit Bharat

Iron ore is the lifeblood of India's infrastructure and industrial economy. Every tonne we mine contributes directly to the nation's roads, railways, ports, factories, and homes. We are proud that NMDC's minerals help build the physical and economic backbone of India. However, our mission goes beyond tonnage and output. At NMDC, we are committed to Responsible Mining. We understand that mining must serve broader national objectives of regional development, environmental protection, and mineral security. And, hence our operations are driven by scientific rigor, innovation, and the highest standards of integrity. We have consistently demonstrated that it is possible to achieve scale while staying environmentally and socially responsible.

Resilience Amidst Global Uncertainty

The financial year in review was marked by geopolitical shifts and dynamic global trade patterns, underscoring the growing significance of mineral security. In this landscape, NMDC responded with agility, strategic foresight, and a focus on operational excellence - ensuring uninterrupted supply of high-grade iron ore to fuel India's robust infrastructure and industrial growth.

Recognizing the need for diversification and international expansion, we established a strategic base in Dubai and advanced our operations in Australia - initiatives that align with India's priorities and extend our reach into key global markets. Strengthening infrastructure was another core focus. We progressed into final phases of construction of the slurry pipeline in Bailadila and the doubling of Kothavalasa - Kirandul rail line, expected to be commissioned soon. These efforts are designed to enhance efficiency, reduce carbon footprint, and improve supply chain agility. Every initiative - from logistics to product innovation and portfolio expansion - is guided by a clear goal to secure India's mineral future while contributing to global stability.

Financial Strength

In FY25, NMDC delivered a robust financial performance. Revenue stood at H23,668 crores, driven by strong domestic demand, steady pricing, and consistent sales volumes. Profit After Tax rose by 18.8% to H6,693 crores, with EBITDA reaching H9,847 crores.

Despite temporary industrial relation challenges, we maintained stable delivery and financial discipline. Strategic pricing and alignment with customer needs supported the healthy margins across segments. We also achieved a milestone in capital investment, recording H3,715 crores - the highest CAPEX in our history. With net worth rising to H29,579 crores, NMDC reinforced its financial fortitude. In recognition of this performance, we declared an interim dividend of H2.30 per share and recommended a final dividend of H1.00 per share - balancing shareholder returns with long-term growth investments.

Core Operations

NMDC produced 44.07 million tonnes of iron ore and sold 44.40 million tonnes in FY25, retaining our position as India's leading iron ore producer. Building on our strategic initiatives, NMDC produced around 6 lakh tonnes and exported 4.8 lakh tonnes of pellets under conversion agreement with KIOCL; secured land in Visakhapatnam to develop a blending yard, pellet plant and ancillary facilities; while laying down a public private partnership policy to fast track execution of capex projects. We are confident that these initiatives will converge to support our 100 MT production goal.

In FY25, NMDC made headways in key innovation and infrastructure projects including adoption of the Fleet Management System and commissioning of the Rapid Wagon Loading System. Together, these efforts mark our transition toward a modern, sustainable, and future-ready mining ecosystem - laying the groundwork not just for next year, but for the decade ahead.

ESG Commitments

At NMDC, Environmental, Social and Governance principles are core to our operations and future vision. Our environmental management systems align with global best practices and our Sustainable Development Policy ensures that ESG values guide every business decision.

Our ambition to achieve Net Zero is progressing steadily, supported by renewable energy initiatives, green belt development, water quality monitoring, and adoption of energy-efficient technologies.

Progress in the social vertical was guided by the needs and aspirations of our host communities. The beneficiary ambit of NMDC's standout campaign - Balika Shiksha Yojana was scaled up in FY25 to support the nursing education of 200 students. Building on this, NMDC collaborated with leading medical and plastic technology institutes in the country to open doors to technical education and sustainable employment for close to 600 students from Bastar, Chhattisgarh. This financial year also marked distinctive governance milestones, as the company's Board approved certain foundational policies - ESG Policy and ESG Code of Conduct, Human Rights Policy, Supplier Code of Conduct, and Biodiversity Policy. The NMDC corporate governance framework ensures full legal compliance, transparent decision-making, and active risk management - safeguarding stakeholder trust and long-term value.

Charting the Road Ahead

As we look to the future, our strategy places equal importance on business development and social impact. Strategic investments in capacity expansion, advanced technologies, and green projects will support our next phase of growth. In FY26, we are set to cross the 50 million tonne production milestone - bringing us closer to the 100 million tonnes goal by 2030. We are grateful for the steadfast support of the Government of India and the Ministry of Steel in fostering a dynamic and innovation-led industry. I also extend my sincere gratitude to our employees, customers and partners, regulatory bodies and the valued shareholders. NMDC stands tall as a symbol of India's industrial strength, social ambition, and sustainable vision. Together, let us continue to build an enterprise that paves the way for a Viksit Bharat.