New Delhi: NMDC Limited held its 68th Annual General Meeting (AGM) on September 28, 2026, through video conferencing, with shareholders taking up nine ordinary resolutions covering the adoption of financial statements, dividend, director appointments and audit-related matters.
The meeting was chaired by Amitava Mukherjee, Chairman and Managing Director (CMD), NMDC. The AGM was held from 11:30 am to 1:35 pm IST.
Voting results for the resolutions considered at the AGM have not yet been declared.
NMDC 68th AGM: Key Details
The AGM brought together shareholders to consider the company’s financial statements for FY 2025-26 and other business matters.
Key details include:
- AGM: 68th Annual General Meeting
- Date: September 28, 2026
- Time: 11:30 am to 1:35 pm IST
- Mode: Video conferencing
- Chair: Amitava Mukherjee, CMD, NMDC
- Shareholders on record as of September 21: 11,56,229
- Members present through VC: 75
- Total resolutions: 9
- Nature of resolutions: Ordinary
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NMDC Targets 60 MT Production After Record FY26 Output
After a historic FY 2025-26 with 53.16 MT of iron ore production, NMDC is now on track to reach 60 MT of production in the current fiscal. The company’s near- to mid-term target is to increase production to 100 MT, further strengthening its position in India’s iron ore sector.
NMDC is the largest iron ore producer in India and the 8th largest globally. Alongside its production expansion, the company plans to diversify into strategic and critical minerals both within and outside the country, with the objective of contributing to India’s self-reliance in critical mineral resources.
₹1 Final Dividend Proposed for FY 2025-26
Shareholders were asked to approve a final dividend of ₹1 per share for the financial year 2025-26.
The company had already paid an interim dividend of ₹2.50 per share, with the share having a face value of ₹1.
If the proposed final dividend is approved, the total dividend for FY 2025-26 would amount to ₹3.50 per share, based on the interim and final dividend figures.
The final dividend was among the ordinary business items placed before shareholders at the AGM.
Nine Resolutions Taken Up at AGM
A total of nine ordinary resolutions were placed before shareholders.
Ordinary Business
The ordinary business covered:
- Adoption of the standalone and consolidated financial statements for FY 2025-26.
- Approval of the interim and proposed final dividend.
- Re-appointment of Abhijit Narendra and Joydeep Dasgupta, who retire by rotation.
- Authorisation for the Board to determine the remuneration of statutory auditors for FY 2026-27.
Special Business
The special business included appointments of three functional directors:
- Krishna Kumar Thakur as Director (Personnel)
- Anurag Kapil as Director (Finance)
- Vivek Nishant Nath as Director (Commercial)
The AGM also considered the ratification of remuneration of the cost auditors for FY 2026-27.
Statutory Auditors Give Unmodified Report
The statutory auditors, Varma & Varma, issued an unmodified audit report, with no qualification or adverse remark.
The Comptroller and Auditor General of India (C&AG) comments, along with management replies, have been annexed to the Board’s report.
This formed part of the audit-related information placed before shareholders during the AGM.
Secretarial Audit Report Raises Board Composition Observations
The secretarial auditor’s report contained observations but no reservation or adverse remark.
The observations related to the composition of the Board and its committees, particularly the number of independent directors.
According to the information placed before shareholders, the observations included the requirement relating to having adequate independent directors, including a woman independent director. The filing did not provide further details on these observations.
Shareholders Raise Questions on Growth and Future Plans
During the AGM, shareholders discussed NMDC’s financial and operational performance and appreciated the company’s annual report.
Members also raised questions and sought information on several areas, including:
- NMDC’s future growth plans
- Environmental clearances
- Prospects for the pellet business
- The company’s recently established GIFT City subsidiary
The CMD and functional directors responded to the queries raised by shareholders during the meeting.
Voting Results Awaited
Although the nine resolutions were placed before shareholders during the AGM, the voting results had not been declared at the time of the meeting information provided.
The final outcome on the proposed ₹1 final dividend, director appointments and other resolutions will therefore depend on the declared voting results.
About NMDC
NMDC Limited is a Navratna public sector enterprise under the Ministry of Steel, Government of India. The company is primarily engaged in the exploration and production of iron ore and has operations across the mining value chain. NMDC also has interests in areas including pellets and other mineral-related businesses and continues to expand its operations in line with India’s growing mineral and steel requirements.
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