NLC India Ltd.

•

nlcindia.inBSE: 513683NSE: NLCINDIA

Market Cap₹ 37,495 Cr.

Current Price

High / Low₹ 388 / 230

Stock P/E11.7

Book Value₹ 158

Price to Book1.73

Dividend Yield1.42 %

ROCE11.3 %

ROE18.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Power - Thermal: 79.3% • Lignite Mining: 16.6% • Power - Renewable: 4.2%

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 23.5% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.35x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.3

CONS

Company has a low return on capital employed of 10.9%
Promoter holding has decreased over last 2 years: -2.7pp
A large part of profit comes from other income (25.2% of PBT)
Working capital days have increased from -73 to -42 days
Contingent liabilities are large at 60.4% of net worth
Operating margins have contracted to 32.0% from 43.7%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY CPSE NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 150

S.No.	Name
1.	ADANIPOWER	213.00	28.82	410764.00	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	337.00	11.77	326777.65	2.67	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	272.00	15.91	252976.42	3.31	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1308.00	120.77	215450.64	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1393.00	58.36	170357.56	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	367.00	30.35	117268.96	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	532.00	49.58	97541.28	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.40	20.21	76744.07	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	87.74	121.81	73932.62	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1295.65	28.09	65288.26	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	270.40	11.68	37494.65	1.42	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	396.95	46.50	28059.38	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	3,316	2,978	3,164	3,541	3,378	3,657	4,411	3,836	3,826	4,178	4,443	5,042	4,717
	2,123	864	2,196	3,208	2,198	2,648	3,377	2,154	2,684	2,588	3,099	2,621	4,216
Operating Profit	1,194	2,113	969	333	1,180	1,010	1,035	1,682	1,141	1,590	1,344	2,422	500
OPM %	36.00%	70.97%	30.61%	9.41%	34.93%	27.61%	23.46%	43.85%	29.84%	38.06%	30.26%	48.03%	10.61%
	112	256	85	494	264	717	489	136	290	168	364	155	151
Interest	231	214	205	199	189	180	237	325	299	289	269	364	382
Depreciation	461	455	446	462	433	413	458	581	539	548	597	695	666
Profit before Tax	614	1,701	402	165	822	1,133	830	912	594	921	843	1,518	652
Tax %	32.59%	36.15%	36.80%	31.22%	31.04%	13.32%	16.13%	48.65%	-41.37%	21.34%	14.08%	2.39%	33.04%
Net Profit	0	0	0	0	567	982	696	468	839	725	724	1,481	436
	2.98	7.83	1.83	0.82	4.09	7.08	5.02	3.48	6.05	5.23	5.22	10.05	3.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	11,186	11,288	9,871	10,321	9,846	11,948	16,165	13,001	15,283	17,490	18,381
	6,925	7,275	7,577	6,873	7,043	7,785	10,324	9,466	10,443	11,901	12,524
Operating Profit	4,261	4,014	2,294	3,447	2,803	4,163	5,841	3,536	4,840	5,588	5,857
OPM %	38.09%	35.56%	23.24%	33.40%	28.46%	34.84%	36.14%	27.20%	31.67%	31.95%	31.86%
	-340	586	2,088	1,406	2,344	1,333	-973	2,020	1,673	1,887	838
Interest	588	548	700	1,174	1,313	984	1,012	849	932	1,222	1,305
Depreciation	1,044	1,232	1,121	1,334	1,611	1,909	1,801	1,825	1,884	2,379	2,505
Profit before Tax	2,289	2,821	2,561	2,345	2,223	2,603	2,056	2,882	3,697	3,875	3,933
Tax %	-7.31%	30.63%	39.98%	38.08%	40.89%	57.16%	30.68%	35.20%	26.60%	2.73%	14.41%
Net Profit	2,457	1,957	1,537	1,452	1,314	1,115	1,425	1,867	2,713	3,769	3,366
EPS	14.66	12.80	10.36	10.48	9.48	8.05	10.28	13.32	18.90	25.40	—
Dividend Payout %	46.36%	34.53%	42.63%	74.39%	27.13%	37.12%	34.77%	22.52%	15.87%	15.16%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 12%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 45%
5 Years:: 22%
3 Years:: 36%

STOCK PRICE CAGR

10 Years:: 13%
5 Years:: 38%
3 Years:: 27%
1 Year:: 3%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 13%
3 Years:: 15%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Minority Interest	674	686	1,102	1,767	1,897	2,185	2,457	2,835	3,222	3,749
	10,598	11,823	11,383	11,518	12,098	12,803	13,782	15,144	17,336	20,138
	11,295	12,522	20,288	26,134	26,748	22,982	23,126	22,510	22,447	28,965
Trade Payables	1,258	2,074	3,329	3,288	1,896	1,518	951	1,375	1,898	1,350
	9,810	10,279	8,614	9,593	10,592	9,933	11,593	12,239	12,660	9,971
Total Liabilities	35,163	38,911	46,102	53,687	54,617	50,807	53,296	55,491	58,949	65,560
	15,997	16,765	17,658	24,109	25,824	24,875	24,058	23,391	30,699	36,596
Capital Work in Progress	5,075	8,198	13,738	12,534	11,495	12,909	14,636	17,726	15,297	14,293
	13	13	13	14	14	7	8	8	9	8
	2,336	2,089	1,720	1,684	1,629	1,201	1,183	1,484	1,913	2,281
	0	0	0	0	0	0	0	3,767	4,122	3,338
Cash & Bank	515	368	531	433	785	344	251	700	320	842
	11,227	11,478	12,442	14,914	14,872	11,471	13,160	8,415	6,590	8,201
Total Assets	35,163	38,911	46,102	53,687	54,617	50,807	53,296	55,491	58,949	65,560

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,728	4,995	2,123	2,140	4,696	8,613	4,331	5,491	8,880	5,166
Cash from Investing	-4,332	-4,593	-6,119	-5,812	-2,212	-763	-2,499	-3,059	-7,160	-7,549
Cash from Financing	-68	98	4,416	4,163	-2,037	-7,001	-1,735	-1,985	-2,196	2,907
	-3,174	39	-83	-2	140	-18	-62	468	-379	525

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
72.20	72.20	72.20	72.20	72.20	72.20	72.20	72.20	69.47
2.18	2.53	2.86	2.90	2.95	3.25	3.23	3.61	4.62
13.82	14.29	14.46	14.63	14.25	13.86	13.71	13.97	12.94
4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31
7.49	6.66	6.17	5.95	6.30	6.40	6.55	5.91	8.65

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.

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