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Equity Digest: Steel, Gold & Green Power — India’s Giants Set to Roar into 2026 Markets.

~Sumon Mukhopadhyay 
------------------------

NMDC Steel Limited (NSL): India’s youngest steel titan:

NSL (Rs.39.76) operates a 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh, built at ~₹24,000 crore. Commissioned in 2023, it uses the blast furnace–basic oxygen furnace route and sources iron ore from Bailadila mines for steady supply.

Product mix includes hot rolled coils, sheets, plates, and advanced grades like HSLA, API, and dual-phase steels. By FY25, NSL achieved over 2 million tonnes of hot metal (~60% utilization) with record daily outputs and a zero-discharge model supporting local industries.

Bullish angle: Rapid scale-up with record outputs positions NSL as a breakout steel story in 2025.

Mahanagar Telephone Nigam Limited (MTNL): Legacy struggles, digital dreams:

Established in 1986, MTNL (Rs.34.97) serves Delhi and Mumbai, with about 1.92 million subscribers as of mid-2024. Services include fixed-line, broadband, 3G under “Jadoo,” and ILD via JVs. MTML in Mauritius manages CDMA mobile and ILD services.

FY25 shows revenue of ₹689 crore and net loss of ₹3,567 crore. A 2020 government revival package includes asset monetization, spectrum, and VRS initiatives.

Bullish angle: Strategic telecom asset status aligns MTNL with India’s broader digital transformation push.

Rajesh Exports Limited: The gold behemoth:

Founded in 1989, Rajesh Exports Ltd (Rs.181.82) is the world’s largest gold refiner, handling about 35% of global gold through integrated operations across India, Switzerland (Valcambi), Dubai, and Cochin.

Refining capacity is 2,400 tonnes per year, with manufacturing output of 400 tonnes. The company operates 81 Shubh Jewellers stores. FY25 revenues and profits remain steady, with modest ROE and no dividend payouts.

Bullish angle: Global bullion dominance and central bank relationships underpin long-term scale.

Adani Green Energy Limited (AGEL): Renewable superpower

AGEL’s (Rs.993.80) operational capacity exceeded 15,000 MW by June 2025, including solar, wind, and hybrid installations across 11 states. The Khavda renewable park in Gujarat targets 30 GW, with several gigawatts already commissioned.

Key projects include the Kamuthi Solar Park and hybrid sites using advanced turbines, with waterless robotic cleaning aiding sustainability.

Bullish angle: A 50 GW portfolio target by 2030 cements leadership in affordable clean energy.

Quick comparison

Company Sector FY25 Revenue FY25 Profit/Loss Capacity/Scale Bullish trigger
NMDC Steel Steel N/A (new ops) Scaling positive 3 MTPA plant Record output, sustainability
MTNL Telecom ₹689 cr -₹3,567 cr ~1.92M subscribers Govt revival package
Rajesh Exports Gold refining High topline Modest profits 2,400 TPA refining Global bullion dominance
Adani Green Renewables N/A N/A ~15,500 MW operational 30 GW Khavda, 50 GW target

Bullish takeaway:

India’s industrial champions are scaling steel, refining gold, and powering green energy at record pace. For bulls, watch NSL’s output ramp, Rajesh Exports’ global reach, and AGEL’s capacity surge through 2025.

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