NLC India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Power Generation: 80.2% • Lignite Mining: 19.8%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 20.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.12x)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Working capital cycle has improved - days down from -72 to -92
- Company comfortably covers its interest (6.9x coverage)
CONS
- A large part of profit comes from other income (38.5% of PBT)
- Promoter holding has decreased over last 2 years: -2.7pp
- Operating margins have contracted to 27.1% from 47.9%
- Contingent liabilities are large at 57.7% of net worth
- Total debt has risen sharply - up 35.0% year on year
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 213.00 | 28.82 | 410764.00 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 337.00 | 11.77 | 326777.65 | 2.67 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 272.00 | 15.91 | 252976.42 | 3.31 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1308.00 | 120.77 | 215450.64 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1393.00 | 58.36 | 170357.56 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 367.00 | 30.35 | 117268.96 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 532.00 | 49.58 | 97541.28 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.40 | 20.21 | 76744.07 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 87.74 | 121.81 | 73932.62 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1295.65 | 28.09 | 65288.26 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 270.40 | 11.68 | 37494.65 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 396.95 | 46.50 | 28059.38 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,601 | 2,471 | 2,516 | 2,931 | 2,649 | 2,139 | 2,775 | 2,723 | 2,496 | 2,565 | 2,885 | 2,918 | 2,872 | |
| 1,661 | 494 | 1,726 | 2,638 | 1,681 | 1,526 | 1,974 | 1,517 | 1,778 | 1,649 | 2,165 | 1,436 | 2,443 | |
| Operating Profit | 940 | 1,977 | 790 | 293 | 967 | 613 | 800 | 1,206 | 718 | 915 | 720 | 1,482 | 429 |
| OPM % | 36.13% | 80.00% | 31.39% | 10.00% | 36.53% | 28.66% | 28.85% | 44.29% | 28.76% | 35.69% | 24.94% | 50.78% | 14.94% |
| 89 | 273 | 69 | 443 | 254 | 350 | 221 | 376 | 284 | 240 | 363 | 284 | 120 | |
| Interest | 174 | 162 | 156 | 151 | 149 | 143 | 136 | 135 | 131 | 123 | 132 | 128 | 128 |
| Depreciation | 367 | 361 | 351 | 363 | 343 | 317 | 329 | 379 | 342 | 350 | 378 | 382 | 337 |
| Profit before Tax | 488 | 1,727 | 351 | 222 | 731 | 503 | 557 | 1,068 | 529 | 682 | 573 | 1,256 | 549 |
| Tax % | 32.11% | 35.07% | 37.09% | 21.99% | 32.11% | 32.47% | 26.64% | 38.56% | 30.37% | 28.79% | 25.28% | 0.96% | 31.78% |
| Net Profit | 331 | 1,121 | 221 | 173 | 496 | 339 | 408 | 656 | 368 | 485 | 428 | 1,243 | 374 |
| 2.39 | 8.09 | 1.59 | 1.25 | 3.58 | 2.45 | 2.95 | 4.73 | 2.66 | 3.50 | 3.09 | 8.97 | 2.70 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,653 | 8,496 | 7,146 | 7,916 | 7,250 | 9,856 | 12,955 | 10,520 | 10,286 | 10,864 | 11,240 | |
| 5,267 | 5,387 | 5,612 | 5,142 | 5,300 | 6,407 | 7,991 | 7,474 | 7,874 | 7,918 | 7,694 | |
| Operating Profit | 3,385 | 3,110 | 1,534 | 2,774 | 1,950 | 3,449 | 4,964 | 3,046 | 2,412 | 2,946 | 3,546 |
| OPM % | 39.12% | 36.60% | 21.47% | 35.04% | 26.89% | 34.99% | 38.31% | 28.96% | 23.45% | 27.12% | 31.55% |
| -379 | 597 | 1,738 | 1,209 | 1,985 | 1,469 | -1,064 | 1,826 | 2,376 | 2,060 | 1,007 | |
| Interest | 169 | 205 | 390 | 820 | 981 | 784 | 756 | 643 | 562 | 514 | 510 |
| Depreciation | 683 | 861 | 746 | 958 | 1,232 | 1,528 | 1,420 | 1,442 | 1,368 | 1,453 | 1,448 |
| Profit before Tax | 2,154 | 2,641 | 2,136 | 2,205 | 1,722 | 2,606 | 1,724 | 2,788 | 2,858 | 3,039 | 3,059 |
| Tax % | -9.97% | 29.99% | 40.68% | 35.87% | 41.32% | 52.55% | 27.60% | 33.76% | 33.52% | 16.91% | 17.25% |
| Net Profit | 2,369 | 1,849 | 1,267 | 1,414 | 1,010 | 1,237 | 1,248 | 1,847 | 1,900 | 2,525 | 2,531 |
| EPS | 14.14 | 12.09 | 8.54 | 10.20 | 7.29 | 8.92 | 9.00 | 13.32 | 13.70 | 18.21 | — |
| Dividend Payout % | 47.36% | 37.21% | 49.58% | 69.24% | 34.31% | 33.63% | 38.88% | 22.53% | 21.89% | 21.14% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 8%
- 3 Years:
- -6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 20%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 38%
- 3 Years:
- 27%
- 1 Year:
- 3%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 11%
- 3 Years:
- 12%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,529 | 1,529 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 |
| 10,670 | 11,806 | 11,125 | 11,253 | 11,572 | 12,420 | 13,252 | 14,607 | 16,079 | 17,884 | |
| 7,220 | 9,517 | 13,220 | 16,081 | 14,492 | 10,628 | 9,608 | 8,269 | 7,729 | 10,821 | |
| Trade Payables | 707 | 1,553 | 1,988 | 1,831 | 1,512 | 1,077 | 632 | 770 | 1,234 | 778 |
| 9,059 | 8,574 | 7,784 | 8,967 | 9,443 | 9,152 | 10,561 | 10,669 | 10,951 | 7,535 | |
| Total Liabilities | 29,185 | 32,977 | 35,504 | 39,518 | 38,406 | 34,663 | 35,440 | 35,702 | 37,379 | 38,405 |
| 9,625 | 10,574 | 11,684 | 18,308 | 20,162 | 19,185 | 18,732 | 18,133 | 17,664 | 14,409 | |
| Capital Work in Progress | 4,963 | 6,876 | 8,736 | 4,084 | 1,020 | 1,012 | 1,012 | 1,923 | 4,320 | 4,864 |
| 2,421 | 2,421 | 2,824 | 3,519 | 3,622 | 3,933 | 4,196 | 4,640 | 5,093 | 8,404 | |
| 1,813 | 1,689 | 1,464 | 1,325 | 1,422 | 1,025 | 834 | 1,048 | 1,370 | 1,612 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,312 | 2,460 | 1,857 | |
| Cash & Bank | 474 | 279 | 317 | 373 | 617 | 237 | 200 | 679 | 289 | 216 |
| 9,889 | 11,138 | 10,479 | 11,910 | 11,563 | 9,270 | 10,466 | 5,966 | 6,182 | 7,042 | |
| Total Assets | 29,185 | 32,977 | 35,504 | 39,518 | 38,406 | 34,663 | 35,440 | 35,702 | 37,379 | 38,405 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,313 | 4,129 | 907 | 1,544 | 4,249 | 6,860 | 3,829 | 5,120 | 5,548 | 2,615 | |
| Cash from Investing | -3,581 | -3,099 | -3,183 | -3,146 | -811 | -123 | -1,888 | -2,144 | -4,605 | -3,839 |
| Cash from Financing | 13 | -672 | 2,686 | 1,977 | -3,101 | -5,968 | -1,987 | -2,514 | -1,431 | 1,252 |
| -2,759 | -9 | 1 | -1 | 139 | -29 | -52 | 483 | -390 | -73 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - NLC India Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-08 - NLC India Limited has informed the Exchange about General Updates
2026-09-08 - NLC India Limited has informed the Exchange regarding 'Regulation 36(1)(b) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015, a copy of the lettercontaining the web-link, including the exact path, where details of the Annual Report ofthe Company for the FY 2025-26 is available, which is being sent to those shareholderswhose email addresses are not registered with the Company/ its Registrar and ShareTransfer Agent (RTA) / Depository Participant(s).'.
2026-09-08 - NLC India Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - NLC India Limited has informed the Exchange about BRSR Report for FY 2025-26
2026-09-07 - NLC India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-06 - NLC India Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - NLC India Limited has informed the Exchange regarding ''. Book Closure
2026-09-05 - NLC India Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
News
Recent coverage and analyst commentary for NLCINDIA
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