NLC India Ltd logo

NLC India Ltd

NLCINDIA NSE

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)

AI Verdict: BUY Confidence: 6%

NLC India trades at an attractive PE of 11.9x with strong profit CAGR of 38% TTM and improving ROE of 18% last year. The stock has delivered 44% returns over 1 year with 100% analyst buy ratings, though contingent liabilities of Rs.13,859 Cr and poor sales growth of 12% over 5 years warrant caution.

Key Fundamentals

MidcapPower GenerationPower
Market Cap
₹44,858 Cr
Volatility
Moderate
P/E Ratio
12.6
EBITDA
₹5,588 Cr
Return on Equity
8.09%
Debt to Equity
1.27
Book Value
₹155.23
EPS
₹14.49
52W High
₹387.8
52W Low
₹220.71

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 17.8%

Weaknesses

7
  • The company has delivered a poor sales growth of 12.0% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.3% over last 3 years.
  • Contingent liabilities of Rs.13,859 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,887 Cr.
  • Promoter holding has decreased over last 3 years: -7.00%

Growth Rate

Revenue Growth
3.55% ↘
Net Income Growth
3.69% ↘
Cash Flow Change
62.85% ↗
ROE
28.22% ↘
ROCE
23.68% ↘
EBITDA Margin (Avg.)
-24.44% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

NLC India trades at an attractive PE of 11.9x with strong profit CAGR of 38% TTM and improving ROE of 18% last year. The stock has delivered 44% returns over 1 year with 100% analyst buy ratings, though contingent liabilities of Rs.13,859 Cr and poor sales growth of 12% over 5 years warrant caution.

Bull Case 8
  • Attractive valuation with PE of 11.9x, significantly below typical utility sector multiples of 15-20x
  • Strong TTM profit growth of 38% indicates improving operational efficiency and earnings momentum
  • ROE improved to 18% last year from 3-year average of 13%, showing upward trajectory in capital efficiency
  • 100% analyst buy consensus with 2 out of 2 analysts recommending buy
  • Stock CAGR of 49% over 3 years and 39% over 5 years demonstrates sustained wealth creation
  • Government-backed utility (PSU) with steady dividend payout of 17.8%, providing downside protection
  • Compounded profit growth of 24% over 5 years and 62% over 10 years reflects long-term earnings compounding
  • Market cap of Rs.45,149 Cr with PB of 2.09x is reasonable for a utility with growing renewable energy portfolio
Bear Case 8
  • Contingent liabilities of Rs.13,859 Cr represent a significant overhang relative to market cap of Rs.45,149 Cr
  • Poor compounded sales growth of only 12% over 5 years and 3% over 3 years signals weak topline momentum
  • Promoter holding decreased by 7% over last 3 years, indicating government dilution and reduced skin in the game
  • Other income of Rs.1,887 Cr inflates earnings quality, raising concerns about core operating profitability
  • 3-year ROE average of only 13.3% is below cost of equity for a capital-intensive utility business
  • Company might be capitalizing interest costs, which flatters reported profits and understates true expenses
  • Low tax rate raises sustainability concerns — normalization could compress net profit margins
  • Dividend yield of only 1.11% is modest for a utility stock, limiting income appeal despite 17.8% payout ratio

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 2
  • Govt OFS drops stock 5% Jun 10

    Government sold up to 3% stake via OFS at ₹303 floor price (9.73% discount to previous close), with stock falling 5% and losing 7% in one week.

  • NSE/BSE fines for non-compliance May 28

    NLC India fined ₹5.68 lakh each by NSE and BSE for non-compliance with Board composition regulations; company has requested a waiver.

Positives 7
  • 660 MW unit achieves COD Jun 13

    JV NUPPL's Unit-3 (660 MW) at Ghatampur plant declared COD, raising NLC India's total capacity to 8,405 MW.

  • NPCIL JV for nuclear power May 25

    Signed MoU with NPCIL to form JV for 700 MW indigenous PHWR-based nuclear power projects, supporting India's 100 GW nuclear target by 2047.

  • Two mineral blocks won in Telangana Jun 13

    Declared preferred bidder for Govindpur (Jun 12) and Parvathapur (Jun 11) vanadium, titanium & aluminous laterite blocks in Telangana via Ministry of Mines e-auction.

  • CSIR-CECRI rare earth MoU Jun 11

    Signed MoU on June 10 with CSIR-CECRI for rare earth element extraction from Neyveli mine overburden and tailings under National Critical Mineral Mission.

  • 110 MW solar JV with NCRTC May 31

    Incorporated NIRL NCRTC Renewables Limited JV to develop 110 MW grid-connected solar PV projects in Uttar Pradesh.

  • IIT(ISM) TEXMiN mineral research May 26

    Signed MoU with IIT(ISM) TEXMiN Dhanbad on May 26 for critical and strategic mineral exploration and research collaboration.

  • Indian Oil renewable energy JV Jun 23

    Signed MoU with Indian Oil on June 22 to form JV for solar, wind, hybrid, and storage projects in Tamil Nadu including green fuel support.

Neutral 6
  • Govt OFS structure & pricing Jun 8

    Government initiated 3% OFS (2% base + 1% greenshoe) at ₹303 floor price; opens June 9 for institutions, June 10 for retail. Govt stake reduces from 72.20% to ~69.20%.

  • Reliance lignite gasification study Jun 1

    NLC India and Reliance Industries exploring underground lignite gasification in Gujarat with two lignite blocks; preliminary technical studies in progress alongside a ₹4,394 crore lignite-to-methanol plant at Neyveli.

  • Director (Power) retires May 31

    Shri M Venkatachalam retired as Director (Power); Shri Rajesh Pratap Singh Sisodia holds additional charge for three months.

  • New Part-time Director appointed Jun 3

    Shri Anil Meshram appointed Part-time Official Director effective June 3, replacing Shri Mangat Ram Sharma.

  • No promoter shares encumbered Jun 6

    NLC India promoter confirmed zero share encumbrance in FY26 under SEBI SAST Regulations disclosure.

  • Q4FY26 investor meet transcript Jun 2

    Released transcript and audio recording of institutional investors meet held May 27 discussing Q4FY26 results showing net profit of ₹1,481 crore (up 216% YoY).

TL;DR: NLC India is executing an aggressive diversification strategy—expanding into nuclear (NPCIL JV), critical minerals, renewables (8,405 MW total capacity), and lignite gasification—backed by strong Q4FY26 earnings (profit up 216% YoY to ₹1,481 crore). The primary near-term headwind is supply pressure from the government's 3% OFS at ₹303, which triggered a 5% stock decline, though the floor price signals confidence in fundamentals at a P/E of ~12x. The stock is up 33% over the past year and the growth pipeline is robust, but execution risk across multiple JVs and regulatory compliance gaps (board composition fines) bear monitoring.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
5,134
3,316
2,978
3,164
3,541
3,376
3,657
4,411
3,836
3,826
4,178
4,443
5,042
Expenses
3,898
2,123
2,143
2,260
3,208
2,294
2,644
3,377
2,975
2,891
2,779
3,099
3,268
Operating Profit
1,236
1,194
835
905
333
1,082
1,013
1,035
861
935
1,400
1,344
1,774
OPM %
24%
36%
28%
29%
9%
32%
28%
23%
22%
24%
34%
30%
35%
Other Income
713
112
1,535
149
494
362
713
489
957
497
359
364
802
Interest
221
231
214
205
199
189
180
237
325
299
289
269
364
Depreciation
472
461
455
446
462
433
413
458
581
539
548
597
695
PBT
1,256
614
1,701
402
165
822
1,133
830
912
594
921
843
1,518
Tax %
33%
33%
36%
37%
31%
31%
13%
16%
49%
-41%
21%
14%
2%
Net Profit
837
414
1,086
254
114
567
982
696
468
839
725
724
1,481
EPS in Rs
5.98
2.92
7.82
1.81
0.82
4.03
6.58
4.82
3.48
5.75
4.8
4.8
10.05
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
6,075
7,828
11,094
11,289
9,871
10,325
9,936
12,070
16,165
13,001
15,322
17,490
Expenses
4,535
5,334
5,998
7,401
7,614
7,039
7,316
8,119
10,425
9,564
10,575
11,901
Operating Profit
1,540
2,494
5,097
3,887
2,257
3,286
2,620
3,951
5,740
3,438
4,747
5,588
OPM %
25%
32%
46%
34%
23%
32%
26%
33%
36%
26%
31%
32%
Other Income
1,434
-412
-1,176
713
2,125
1,568
2,531
1,544
-872
2,118
1,766
1,887
Interest
150
467
588
548
700
1,174
1,313
984
1,012
849
932
1,222
Depreciation
441
910
1,044
1,232
1,121
1,334
1,584
1,909
1,801
1,825
1,884
2,379
PBT
2,383
705
2,289
2,821
2,561
2,345
2,254
2,603
2,056
2,882
3,697
3,875
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
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
Div. Payout %
30%
588%
46%
35%
42%
68%
26%
19%
35%
22%
16%
15%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
15,786
Total Liabilities
25,756
29,693
33,493
38,448
45,285
52,628
53,927
49,818
53,107
54,989
57,904
65,202
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
8
8
Other Assets
8,014
10,812
12,265
13,273
13,759
15,844
15,874
11,914
14,405
13,864
11,899
14,305
Total Assets
25,756
29,693
33,493
38,448
45,285
52,628
53,927
49,818
53,107
54,989
57,904
65,202
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
108
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
137
174
158
147
229
301
276
112
96
106
75
70
Cash Conversion Cycle
137
174
158
147
229
301
276
112
96
106
75
70
Working Capital Days
82
104
103
70
-36
-15
-10
31
56
19
-70
-62
ROCE %
10%
10%
21%
13%
11%
9%
8%
8%
13%
7%
11%
10%

Shareholding Pattern

As of Mar 2026
Promoters 72.20%
DIIs 13.97%
Public 4.93%
Government 4.31%
FIIs 3.62%
Others 0.97%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
79.20%
72.20%
72.20%
72.20%
72.20%
72.20%
72.20%
72.20%
72.20%
72.20%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.95%
0.00%
2.39%
2.18%
2.53%
2.86%
2.91%
2.95%
3.24%
3.22%
3.62%
DIIs
9.42%
6.86%
6.57%
6.16%
5.71%
5.49%
5.26%
5.88%
6.89%
8.02%
9.18%
7.30%
13.38%
13.83%
14.30%
14.46%
14.63%
14.25%
13.85%
13.72%
13.97%
Government
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
4.31%
Public
5.76%
7.47%
8.14%
8.55%
8.33%
8.41%
8.18%
7.83%
7.19%
6.25%
5.26%
5.47%
6.20%
6.27%
5.61%
5.30%
5.10%
5.43%
5.30%
5.37%
4.93%
Others
1.32%
2.16%
1.78%
1.78%
2.46%
2.60%
3.05%
2.79%
2.41%
2.23%
1.10%
3.73%
1.53%
1.21%
1.05%
0.87%
0.85%
0.86%
1.09%
1.18%
0.97%
No. of Shareholders
0
1,32,219
1,69,568
1,74,633
2,01,628
1,94,111
1,99,766
1,92,426
1,82,450
1,68,939
1,69,600
1,90,164
2,58,498
2,86,701
3,43,411
3,48,165
3,40,021
3,37,506
3,18,100
3,06,494
3,03,919

Documents

1
Concall - Jul 2017 Jul 2017
2
Concall - Dec 2017 Dec 2017
3
Concall - Mar 2018 Mar 2018
4
Concall - Feb 2020 Feb 2020
5
Concall - Jul 2022 Jul 2022

Frequently Asked Questions about NLC India Ltd

What does NLC India Ltd do?
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)
Where is NLC India Ltd (NLCINDIA) listed?
NLC India Ltd is listed on the Indian stock exchanges. It is listed on NSE: NLCINDIA and BSE: 513683. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NLC India Ltd belong to?
NLC India Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NLC India Ltd?
NLC India Ltd has a market capitalisation of approximately ₹44857.69 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of NLC India Ltd?
The Price-to-Earnings (PE) ratio of NLC India Ltd is 12.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NLC India Ltd?
Over the past 52 weeks, NLC India Ltd has traded between a low of ₹220.71 and a high of ₹387.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does NLC India Ltd pay dividends?
Yes, NLC India Ltd has a dividend yield of 1.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of NLC India Ltd?
NLC India Ltd has a Return on Equity (ROE) of 8.09%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NLC India Ltd on Tapetide?
On Tapetide, you can view NLC India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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)

Website nlcindia.in
CEO Mr. Prasanna Kumar Motupalli
Employees 10,227
Listed 2000-08-23
Face Value ₹ 10
Issued Size 1,38,66,36,609

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