Recent Research

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  FIRST LOOK NOTES

  03 Nov 2026

  NMDC Group

  BUY

  Last Closing Price

  24.22

  Target Price

  34.00

  Upside (%)

  +40.38%

  UAE Equity Research - NMDC Group 3Q26 - First Look Note

  The Group's backlog stood at AED 54.1 Bn as of 3Q26, supported by AED 9.7 Bn of project awards secured during 9M26, providing strong long-term revenue visibility. NMDC Group inaugurated Abu Al Bakhoush, a state-of-the-art self-propelled heavy-duty cutter suction dredger in 3Q26.

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• 

  FIRST LOOK NOTES

  03 Aug 2026

  NMDC Group

  BUY

  Last Closing Price

  23.98

  Target Price

  34.00

  Upside (%)

  +41.78%

  UAE Equity Research - NMDC Group 2Q26 - First Look Note

  The Group's backlog stood at AED 56.1 Bn as of 2Q26, supported by AED 7.8 Bn of project awards secured during 1H26, providing strong long-term revenue visibility. EBITDA increased 27.5% YOY to AED 1.7 Bn in 2Q26, with the EBITDA margin expanding 413 bps YOY to 23.2%.

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• 

  EARNINGS CALL INSIGHT

  31 Jul 2026

  NMDC Group

  BUY

  Last Closing Price

  22.12

  Target Price

  34.00

  Upside (%)

  +53.71%

  UAE Equity Research - NMDC Group 2Q26 - Earnings Call Insight

  NMDC Group's revenue increased 4.7% YOY to AED 7.5 Bn in 2Q26, supported by resilient performance across its business verticals, with local operations contributing 80% of revenues and international operations accounting for the remaining 20%.

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  INITIAL COVERAGE (EQUITIES)

  05 May 2026

  NMDC Group

  BUY

  Last Closing Price

  19.52

  Target Price

  34.00

  Upside (%)

  +74.18%

  UAE Equity Research - NMDC Group - Initiation Coverage

  We initiate coverage on NMDC Group PJSC (“NMDC” or “The Group”) with an equity valuation range of AED 34.00 per share. The Group is a leading EPC and marine infrastructure group with over 50 years of operating experience, offering integrated capabilities across dredging & marine, energy, infrastructure, engineering, and logistics & technical services.

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