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NLC India Ltd.

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nlcindia.inBSE: 513683NSE: NLCINDIA
Market Cap₹ 37,495 Cr.
Current Price
High / Low₹ 388 / 230
Stock P/E14.8
Book Value₹ 142
Price to Book1.93
Dividend Yield1.42 %
ROCE13.1 %
ROE13.7 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Power Generation: 80.2% • Lignite Mining: 19.8%

AI Sector View

AI GENERATED

Power

Buy

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.

Confidence
71%
View full sector analysis →

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

PowerPowerPower Generation/Distribution
Part ofNIFTY CPSENIFTY500MOMENTM50NIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150
S.No.Name
1.ADANIPOWER213.0028.82410764.000.004866.6047.2418901.8933.9717.7942.67
2.NTPC337.0011.77326777.652.676896.44-88.7150740.967.818.5233.23
3.POWERGRID272.0015.91252976.423.313598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1308.00120.77215450.640.00983.0019.304431.0016.619.9091.24
5.ADANIENSOL1393.0058.36170357.560.0012365.602194.4397110.801324.069.7131.27
6.TATAPOWER367.0030.35117268.960.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY532.0049.5897541.280.38532.70-36.275207.131.248.5055.22
8.NHPC76.4020.2176744.072.111178.094.153808.3118.506.1661.80
9.NTPCGREEN87.74121.8173932.620.00304.8438.261106.8662.723.7391.95
10.TORNTPOWER1295.6528.0965288.261.54661.85-10.758124.152.7514.3718.93
11.NLCINDIA270.4011.6837494.651.42436.33-48.014716.7523.2911.2732.83
12.ACMESOLAR396.9546.5028059.380.05235.3379.88857.5067.819.2385.63
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,6012,4712,5162,9312,6492,1392,7752,7232,4962,5652,8852,9182,872
1,6614941,7262,6381,6811,5261,9741,5171,7781,6492,1651,4362,443
Operating Profit9401,9777902939676138001,2067189157201,482429
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%
8927369443254350221376284240363284120
Interest174162156151149143136135131123132128128
Depreciation367361351363343317329379342350378382337
Profit before Tax4881,7273512227315035571,0685296825731,256549
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 Profit3311,1212211734963394086563684854281,243374
2.398.091.591.253.582.452.954.732.663.503.098.972.70

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8,6538,4967,1467,9167,2509,85612,95510,52010,28610,86411,240
5,2675,3875,6125,1425,3006,4077,9917,4747,8747,9187,694
Operating Profit3,3853,1101,5342,7741,9503,4494,9643,0462,4122,9463,546
OPM %39.12%36.60%21.47%35.04%26.89%34.99%38.31%28.96%23.45%27.12%31.55%
-3795971,7381,2091,9851,469-1,0641,8262,3762,0601,007
Interest169205390820981784756643562514510
Depreciation6838617469581,2321,5281,4201,4421,3681,4531,448
Profit before Tax2,1542,6412,1362,2051,7222,6061,7242,7882,8583,0393,059
Tax %-9.97%29.99%40.68%35.87%41.32%52.55%27.60%33.76%33.52%16.91%17.25%
Net Profit2,3691,8491,2671,4141,0101,2371,2481,8471,9002,5252,531
EPS14.1412.098.5410.207.298.929.0013.3213.7018.21—
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

Corporate actions

2026

Sep 22

₹ 0.02

Rs.0.2500 per share(2.5%)Final Dividend

2026

Jan 20

₹ 0.36

Rs.3.6000 per share(36%)Interim Dividend

2025

Sep 19

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2025

Feb 7

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2024

Sep 17

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2024

Feb 16

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2023

Sep 18

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2023

Feb 24

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2022

Sep 21

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2022

Mar 14

₹ 0.15

Interim Dividend

2021

Sep 21

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2021

Feb 17

₹ 0.10

Interim Dividend

2020

Mar 5

Interim Dividend

2018

Jul 20

Rs.0.2700 per share(2.7%)Final Dividend

2018

Mar 26

Interim Dividend

2017

Mar 24

Interim Dividend

2016

Sep 7

₹ 0.12

Rs.1.2000 per share(12%)Final Dividend

2016

Mar 14

₹ 0.03

Re.0.3000 per share (3%) Second Interim Dividend

2016

Feb 11

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2015

Sep 8

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2026

Sep 8

₹ 0.02

Rs.0.2500 per share(2.5%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,5291,5291,3871,3871,3871,3871,3871,3871,3871,387
10,67011,80611,12511,25311,57212,42013,25214,60716,07917,884
7,2209,51713,22016,08114,49210,6289,6088,2697,72910,821
Trade Payables7071,5531,9881,8311,5121,0776327701,234778
9,0598,5747,7848,9679,4439,15210,56110,66910,9517,535
Total Liabilities29,18532,97735,50439,51838,40634,66335,44035,70237,37938,405
9,62510,57411,68418,30820,16219,18518,73218,13317,66414,409
Capital Work in Progress4,9636,8768,7364,0841,0201,0121,0121,9234,3204,864
2,4212,4212,8243,5193,6223,9334,1964,6405,0938,404
1,8131,6891,4641,3251,4221,0258341,0481,3701,612
00000003,3122,4601,857
Cash & Bank474279317373617237200679289216
9,88911,13810,47911,91011,5639,27010,4665,9666,1827,042
Total Assets29,18532,97735,50439,51838,40634,66335,44035,70237,37938,405

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1,3134,1299071,5444,2496,8603,8295,1205,5482,615
Cash from Investing-3,581-3,099-3,183-3,146-811-123-1,888-2,144-4,605-3,839
Cash from Financing13-6722,6861,977-3,101-5,968-1,987-2,514-1,4311,252
-2,759-91-1139-29-52483-390-73

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
72.2072.2072.2072.2072.2072.2072.2072.2069.47
2.182.532.862.902.953.253.233.614.62
13.8214.2914.4614.6314.2513.8613.7113.9712.94
4.314.314.314.314.314.314.314.314.31
7.496.666.175.956.306.406.555.918.65

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Change in Auditors

2026-09-09 - NLC India Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-08
General Updates

2026-09-08 - NLC India Limited has informed the Exchange about General Updates

2026-09-08
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
Copy of Newspaper Publication

2026-09-08 - NLC India Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08
General Updates

2026-09-08 - NLC India Limited has informed the Exchange about BRSR Report for FY 2025-26

2026-09-07
Shareholders meeting

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
Copy of Newspaper Publication

2026-09-06 - NLC India Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-05
Updates

2026-09-05 - NLC India Limited has informed the Exchange regarding ''. Book Closure

2026-09-05
Record Date

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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