Recent Research

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  EARNINGS CALL INSIGHT

  05 Feb 2026

  NMDC Energy

  BUY

  Last Closing Price

  2.72

  Target Price

  4.00

  Upside (%)

  +47.06%

  UAE Equity Research - NMDC Energy 4Q25 - Earnings Call Insight

  NMDC Energy’s revenue increased 21.3% YOY to AED 5.7 Bn in 4Q25, supported by a strong backlog execution. Gross profit increased significantly from AED 600 Mn in 4Q24 to AED 921 Mn in 4Q25, with gross profit margins increasing 341 bps YOY to 16.3%.

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• 

  FIRST LOOK NOTES

  05 Feb 2026

  NMDC Energy

  BUY

  Last Closing Price

  2.72

  Target Price

  4.00

  Upside (%)

  +47.06%

  UAE Equity Research - NMDC Energy 4Q25 - First Look Note

  The Company’s pipeline stood at AED 58.6 Bn with an expected win rate of 20%-25% in 2025. NMDC Energy’s backlog stood at AED 40.1 Bn, with 80% from Local and 20% from international markets, while Offshore projects accounted for 63% and the balance from Onshore projects.

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  INITIAL COVERAGE (EQUITIES)

  19 Jan 2026

  NMDC Energy

  BUY

  Last Closing Price

  2.36

  Target Price

  4.00

  Upside (%)

  +69.49%

  UAE Equity Research - NMDC Energy - Initiation Coverage

  We initiate coverage on NMDC Energy (“NMDC” or “the Company”) with a valuation of AED 4.00 per share. NMDC Energy is listed on the ADX and is a leading EPC solutions provider in the UAE, harnessing the power of innovation to address the energy sector’s evolving needs.

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