NLC India
NLC India
PowerKey Fundamentals
SmallcapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 17.8%
- Debtor days have improved from 91.2 to 69.5 days.
Weaknesses
5- Promoter holding has decreased over last quarter: -2.73%
- Tax rate seems low
- Company has a low return on equity of 11.1% over last 3 years.
- Contingent liabilities of Rs.13,000 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
NLC India Ltd, a state-owned lignite mining and power company with a market capitalisation of about Rs 36,351 Cr, trades at a P/E of 10.8x and a P/B of 1.69x, with a dividend yield of 1.46%. Trailing-twelve-month sales and profit grew 17% and 12%, but 3-year compounded sales and profit growth was only 3% and 2%, and 3-year ROE averaged 11%. The stock has compounded 37% annually over 5 years but is down 6% over the past year.
- At a P/E of 10.8x, the implied earnings yield is about 9.3%, a low multiple for a company with about Rs 36,351 Cr in market capitalisation and regulated or long-term power sales.
- Growth has picked up recently: TTM sales grew 17% and TTM profit grew 12%, against 3-year compounded growth of only 3% and 2%.
- Over the medium term, 5-year compounded sales growth of 12% and profit growth of 15% point to real business expansion over the cycle.
- Debtor days fell from 91.2 to 69.5, a drop of about 24%, which suggests better collections from state distribution utilities, a common problem in Indian power.
- The stock has delivered 37% CAGR over 5 years and 26% CAGR over 3 years, so the market has re-rated it over the longer run.
- ROE rose to 12% last year from a 3-year average of 11%. A P/B of 1.69x alongside a P/E of 10.8x implies trailing ROE of about 15–16%, which would mean returns are improving.
- The company pays a steady dividend, with a 17.8% payout ratio and a 1.46% yield, while keeping most of its earnings to fund capacity growth.
- Profit grew at a 56% CAGR over 10 years. Much of this likely comes from a low base, but it shows how much earnings capacity the asset base has built up.
- Structural growth has been weak: 3-year compounded sales growth of 3% and profit growth of 2% trail both inflation and India's power demand growth.
- Contingent liabilities of Rs 13,000 Cr equal about 36% of the Rs 36,351 Cr market capitalisation, a large potential claim on shareholder value if any of them turn into actual liabilities.
- The company may be capitalising interest costs. If so, reported profit, which underpins the 10.8x P/E, may overstate underlying earnings while projects are under construction.
- Returns on capital are modest: ROE averaged 11% over both 3 and 5 years, below the 13% 10-year average, which suggests weaker capital efficiency in recent years.
- Promoter (Government of India) holding fell by 2.73% in the last quarter, adding free-float supply and signalling the government's willingness to sell down its stake.
- The tax rate is flagged as low, so the current 12% TTM profit growth and reported EPS may not last if the effective tax rate normalises.
- The stock is down 6% over 1 year, against 26% CAGR over 3 years, so momentum has slowed after the earlier re-rating.
- The 1.46% dividend yield and 17.8% payout are low for a state-owned power company, which limits income support for the valuation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 net profit falls 39% Sep 4
Q1 FY27 consolidated net profit fell 39.3% YoY to ₹484.2 crore from ₹797.5 crore, even as revenue rose 23.3% to ₹4,716.7 crore. Standalone EBITDA grew just 1.13% to ₹1,013.13 crore, so margins are under pressure.
- Stock far below 52-week high Sep 29
Shares closed 0.37% lower at ₹255.75 after the NALCO JV news, about 34% below the 52-week high of ₹387.80 hit on May 14, 2026. The stock was down nearly 11% over the month as of Sep 8 and down 5% over the month as of Sep 17.
- Short-term borrowing ramps up Sep 28
NLC raised ₹700 crore through commercial paper in under a week: ₹500 crore on Sep 22 and ₹200 crore on Sep 28. It also has an approved USD 100 million unsecured commercial borrowing, which points to rising funding needs for a ₹1.17 lakh crore expansion plan.
- New capacity is coal-heavy Sep 29
The 1,080 MW NALCO captive plant at Angul, Odisha is coal-based. That adds thermal exposure while the company is building out its renewables story, which could raise ESG and transition risk.
- 50:50 NALCO JV for 1,080 MW Sep 29
The board approved a 50:50 JV with NALCO, with DIPAM approval received via the Ministry of Coal, to build a 4x270 MW coal-based captive plant at Angul. The plant will power NALCO's 0.5 MTPA smelter expansion, which gives NLC a locked-in, low-risk off-taker.
- 265 MW Haryana BESS win Oct 1
Subsidiary NIRL won a 265 MW/530 MWh battery storage project in Haryana and received a Letter of Award from SJVN. This adds to its growing storage pipeline.
- 275 MW Gujarat BESS win Sep 4
NIRL received a Letter of Intent from GUVNL for a 275 MW/550 MWh standalone BESS project in Gujarat, awarded through tariff-based competitive bidding. Together with the Haryana win, that makes 540 MW/1,080 MWh of storage won in about a month.
- 200 MW SJVN wind award Sep 8
NIRL won a Letter of Award for 200 MW of the 600 MW ISTS-connected pan-India wind tender run by SJVN. Shares rose 1.06% to ₹272.20 on the news.
- Strong FY26 profit and dividend Sep 29
FY26 PAT rose 38.91% YoY to ₹3,769 crore, and the total FY26 dividend was 38.5% (₹3.85 per share), or ₹533.86 crore. Group capacity reached 8.4 GW, and Q1 FY27 PBT rose 9.76% to ₹652 crore.
- Insider CFO named CMD Sep 17
Dr. Prasanna Kumar Acharya, previously Director (Finance) and CFO, became CMD on Sep 16 for a five-year term, taking over from Sanoj Kumar Jha. Shares closed 2.72% higher at ₹262.30 on Sep 17.
- NIRL-PTC green energy JV Sep 17
NIRL PTC Renewables Ltd was incorporated on Sep 16, with NIRL holding 74% and PTC India 26%. It will develop green energy projects across India.
- RE assets moved to NIRL Sep 8
An addendum signed Sep 3 transfers 708.96 MW of renewable assets to NIRL. The Sep 29 AGM agenda covered moving a total of 2,138.96 MW to NIRL for ₹3,439.60 crore, which could set up a later value-unlocking event.
- 2030 expansion roadmap Sep 21
NLC is targeting 104.35 Mtpa of mining capacity and more than 10 GW of renewables by 2030, with a total outlay of ₹1.17 lakh crore. Management's broader goal is more than 20 GW of power capacity and Maharatna status.
- Joint statutory auditors for FY27 Sep 9
Following a CAG communication dated Sep 8, 2026, R V K S and Associates and G Natesan & Co. were appointed joint statutory auditors for FY27.
- FY26 BRSR report released Sep 8
NLC published its FY26 Business Responsibility and Sustainability Report, covering energy, water and safety metrics, with reasonable assurance from SR Asia.
- Flat market, high crude Sep 30
GIFT Nifty was down 0.03% at 22,824, pointing to a flat open, while Brent crude rose 1.11% to $103.73 a barrel on Middle East sanctions news.
TL;DR: NLC India is landing deals at a fast pace: 540 MW of battery storage, a 200 MW wind project, a 1,080 MW captive power JV with NALCO and a renewables JV with PTC, all in about a month. FY26 profit also grew strongly, up 38.9%. On the other side, Q1 FY27 consolidated net profit fell 39.3% despite 23% revenue growth, commercial paper borrowing is rising, the ₹1.17 lakh crore capex plan carries execution risk, and the stock sits about 34% below its May high. The order pipeline is getting stronger, but a re-rating likely depends on margins recovering in Q2 FY27 and on progress in moving renewable assets into NIRL under the new CMD.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,316 | 2,978 | 3,164 | 3,541 | 3,376 | 3,657 | 4,411 | 3,836 | 3,826 | 4,178 | 4,443 | 5,042 | 4,717 |
| Expenses | 2,123 | 2,143 | 2,260 | 3,208 | 2,294 | 2,644 | 3,377 | 2,975 | 2,891 | 2,779 | 3,099 | 3,268 | 3,245 |
| Operating Profit | 1,194 | 835 | 905 | 333 | 1,082 | 1,013 | 1,035 | 861 | 935 | 1,400 | 1,344 | 1,774 | 1,471 |
| OPM % | 36% | 28% | 29% | 9% | 32% | 28% | 23% | 22% | 24% | 34% | 30% | 35% | 31% |
| Other Income | 112 | 1,535 | 149 | 494 | 362 | 713 | 489 | 957 | 497 | 359 | 364 | 802 | 228 |
| 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 |
| PBT | 614 | 1,701 | 402 | 165 | 822 | 1,133 | 830 | 912 | 594 | 921 | 843 | 1,518 | 652 |
| Tax % | 33% | 36% | 37% | 31% | 31% | 13% | 16% | 49% | -41% | 21% | 14% | 2% | 33% |
| Net Profit | 414 | 1,086 | 254 | 114 | 567 | 982 | 696 | 468 | 839 | 725 | 724 | 1,481 | 436 |
| EPS in Rs | 2.92 | 7.82 | 1.81 | 0.82 | 4.03 | 6.58 | 4.82 | 3.48 | 5.75 | 4.8 | 4.8 | 10.05 | 3.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,075 | 7,828 | 11,094 | 11,289 | 9,871 | 10,325 | 9,936 | 12,070 | 16,165 | 13,001 | 15,322 | 17,519 | 18,381 |
| Expenses | 4,535 | 5,334 | 5,998 | 7,401 | 7,614 | 7,039 | 7,316 | 8,119 | 10,425 | 9,564 | 10,575 | 11,962 | 12,391 |
| Operating Profit | 1,540 | 2,494 | 5,097 | 3,887 | 2,257 | 3,286 | 2,620 | 3,951 | 5,740 | 3,438 | 4,747 | 5,558 | 5,990 |
| OPM % | 25% | 32% | 46% | 34% | 23% | 32% | 26% | 33% | 36% | 26% | 31% | 32% | 33% |
| Other Income | 1,434 | -412 | -1,176 | 713 | 2,125 | 1,568 | 2,531 | 1,544 | -872 | 2,118 | 1,766 | 1,917 | 1,753 |
| Interest | 150 | 467 | 588 | 548 | 700 | 1,174 | 1,313 | 984 | 1,012 | 849 | 932 | 1,222 | 1,305 |
| Depreciation | 441 | 910 | 1,044 | 1,232 | 1,121 | 1,334 | 1,584 | 1,909 | 1,801 | 1,825 | 1,884 | 2,379 | 2,505 |
| PBT | 2,383 | 705 | 2,289 | 2,821 | 2,561 | 2,345 | 2,254 | 2,603 | 2,056 | 2,882 | 3,697 | 3,875 | 3,933 |
| Tax % | 34% | 90% | -7% | 31% | 40% | 38% | 40% | 57% | 31% | 35% | 27% | 3% | — |
| Net Profit | 1,580 | 68 | 2,457 | 1,957 | 1,537 | 1,453 | 1,345 | 1,116 | 1,426 | 1,868 | 2,714 | 3,769 | 3,367 |
| EPS in Rs | 9.42 | 0.51 | 16.01 | 12.71 | 10.87 | 10.39 | 9.47 | 7.88 | 10.07 | 13.37 | 18.9 | 25.4 | 23.14 |
| Div. Payout % | 30% | 588% | 46% | 35% | 42% | 68% | 26% | 19% | 35% | 22% | 16% | 15% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,678 | 1,678 | 1,529 | 1,529 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 |
| Reserves | 13,198 | 11,104 | 10,598 | 11,823 | 11,383 | 11,518 | 12,714 | 12,803 | 13,782 | 15,144 | 17,336 | 20,138 |
| Borrowings | 6,601 | 8,423 | 11,479 | 13,215 | 20,598 | 27,230 | 27,234 | 22,086 | 22,333 | 22,415 | 22,429 | 27,892 |
| Other Liabilities | 4,279 | 8,488 | 9,888 | 11,880 | 11,917 | 12,493 | 12,593 | 13,542 | 15,605 | 16,043 | 16,752 | 15,381 |
| Total Liabilities | 25,756 | 29,693 | 33,493 | 38,448 | 45,285 | 52,628 | 53,927 | 49,818 | 53,107 | 54,989 | 57,904 | 64,798 |
| Fixed Assets | 6,655 | 16,327 | 15,997 | 16,765 | 17,658 | 24,109 | 26,443 | 24,875 | 24,058 | 23,391 | 30,699 | 36,596 |
| CWIP | 10,985 | 2,542 | 5,219 | 8,397 | 13,856 | 12,662 | 11,597 | 13,022 | 14,636 | 17,726 | 15,297 | 14,293 |
| Investments | 103 | 13 | 13 | 13 | 13 | 14 | 14 | 7 | 8 | 8 | 9 | 8 |
| Other Assets | 8,014 | 10,812 | 12,265 | 13,273 | 13,759 | 15,844 | 15,874 | 11,914 | 14,405 | 13,864 | 11,898 | 13,900 |
| Total Assets | 25,756 | 29,693 | 33,493 | 38,448 | 45,285 | 52,628 | 53,927 | 49,818 | 53,107 | 54,989 | 57,904 | 64,798 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,036 | 1,301 | 1,225 | 4,533 | 1,620 | 1,647 | 4,390 | 7,746 | 4,171 | 5,512 | 8,977 | 5,166 |
| Investing | -502 | -1,380 | -4,332 | -4,593 | -6,119 | -5,812 | -2,212 | -763 | -2,499 | -3,059 | -7,160 | -7,549 |
| Financing | -1,231 | 63 | -68 | 98 | 4,416 | 4,163 | -2,037 | -7,001 | -1,735 | -1,985 | -2,196 | 2,907 |
| Net Cash Flow | -696 | -16 | -3,174 | 39 | -83 | -2 | 140 | -18 | -62 | 468 | -379 | 525 |
| Free Cash Flow | -196 | -390 | -2,998 | -104 | -4,627 | -4,246 | 2,068 | 6,832 | 1,618 | 2,357 | 1,709 | -2,474 |
| CFO/OP | 117 | 73 | 34 | 131 | 94 | 65 | 180 | 218 | 75 | 178 | 202 | 109 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 137 | 174 | 158 | 147 | 229 | 301 | 276 | 112 | 96 | 106 | 98 | 70 |
| Cash Conversion Cycle | 137 | 174 | 158 | 147 | 229 | 301 | 276 | 112 | 96 | 106 | 98 | 70 |
| Working Capital Days | 82 | 104 | 103 | 70 | -36 | -15 | -10 | 31 | 56 | 19 | -62 | -61 |
| ROCE % | 10% | 10% | 21% | 13% | 11% | 9% | 8% | 8% | 13% | 7% | 11% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
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Company Information
NLC India is engaged in the business of mining of lignite and generation of power by using lignite as well as Renewable Energy Sources.(Source : 202003 Annual Report Page No:89)
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