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NLC India Ltd

NLCINDIA NSE

Key Fundamentals

MidcapPower GenerationPower
Market Cap
₹42,376 Cr
Volatility
Moderate
P/E Ratio
13.15
EBITDA
₹5,588 Cr
Return on Equity
12.36%
Debt to Equity
1.3
Book Value
₹155.23
EPS
₹14.49
52W High
₹387.8
52W Low
₹222

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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40 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

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

Weaknesses

6
  • Promoter holding has decreased over last quarter: -2.73%
  • 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

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
AI opinion · based on fundamentals
Risk medium

NLC India Ltd is a state-owned power utility with a market cap of ~₹42,112 Cr trading at a PE of 11.1x. FY25 consolidated revenue grew 18% YoY to ₹15,283 Cr and EBITDA grew 37% YoY to ₹4,840 Cr, while FY26 net profit surged to ₹3,769 Cr from ₹2,714 Cr in FY25. The company is pursuing an aggressive capacity expansion from 6.7 GW to 20 GW by 2030 with a planned capex of ₹1.25 lakh crore.

Bull Case 8
  • FY25 revenue grew 18% YoY to ₹15,283 Cr and EBITDA grew 37% YoY to ₹4,840 Cr, demonstrating strong operational momentum
  • FY26 consolidated net profit jumped to ₹3,769 Cr from ₹2,714 Cr in FY25, a 39% increase, consistent with TTM profit growth of 38%
  • Valuation remains undemanding at a PE of 11.1x with a market cap of ₹42,112 Cr, well below broader market multiples
  • Aggressive renewable energy expansion plan from 1.4 GW to 10 GW by 2030, with 8 GW already in the pipeline and Cabinet approval for ₹7,000 Cr investment via subsidiary NIRL
  • Total capacity expansion target from 6.7 GW to 20 GW by 2030 backed by ₹1.25 lakh crore capex plan, providing long-term growth visibility
  • Stock CAGR of 38-39% over 3-5 years reflects sustained re-rating, supported by compounded profit CAGR of 24% over 5 years
  • Talabira II & III coal mine achieved 17.2 MTPA production in FY25, a 36% YoY increase, strengthening fuel security
  • Planned IPO of renewable energy subsidiary (NIRL) in FY26-27 could unlock value from the 2 GW operational renewable portfolio
Bear Case 8
  • Contingent liabilities stand at ₹13,859 Cr, a material overhang relative to the ₹42,112 Cr market cap
  • 5-year sales CAGR of only 12% and 3-year sales CAGR of just 3% indicate inconsistent top-line growth for a utility of this scale
  • Massive ₹1.25 lakh crore capex plan by 2030 poses significant execution and financing risk for a company with current market cap of ₹42,112 Cr
  • Promoter holding decreased by 2.73% in the last quarter, signaling potential government divestment overhang
  • 3-year average ROE of 13.3% is modest for the capital intensity involved; price-to-book of 1.94x leaves limited margin of safety
  • Earnings quality concern: other income of ₹1,887 Cr forms a significant portion of total income, and the company may be capitalizing interest costs
  • Dividend yield of only 1.2% despite a stated payout ratio of 17.8%, relatively low for a PSU power utility peer group
  • Effective tax rate appears low, which could normalize upward and compress net margins in future periods

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 2
  • 900 MW solar project from GUVNL Jul 30

    NLC India's subsidiary secured a Letter of Intent from GUVNL for a 900 MW solar power project in Gujarat, awarded via tariff-based competitive bidding.

  • 1080 MW JV with NALCO Jul 8

    NLC India signed a 50:50 JV with NALCO to build a 1080 MW thermal power plant in Odisha, supplying power to NALCO's smelter expansion for 25 years.

Neutral 2
  • ₹150 Cr commercial papers issued Jul 21

    NLC India issued 3000 commercial papers worth ₹150 crore on July 20, 2026, each with a face value of ₹5 lakh.

  • New Independent Director appointed Jul 17

    Shri Poonam Chandrakar appointed as Independent Director for a three-year term effective July 16, 2026, by the Ministry of Coal.

TL;DR: NLC India is actively expanding its generation capacity across both renewables (900 MW solar) and thermal (1080 MW JV with NALCO), signalling strong order momentum. No material headwinds emerged in the period. The company's routine financing via commercial papers and board-level appointment indicate steady governance. The trend is improving with significant capacity additions in the pipeline that should support long-term revenue growth.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
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
11,901
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
5,588
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
1,887
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%
—
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 Jun 2026
Promoters 69.47%
DIIs 12.94%
Public 6.60%
FIIs 4.62%
Government 4.31%
Others 2.06%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
69.47%
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%
4.62%
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%
12.94%
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%
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%
6.60%
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%
2.06%
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
3,33,052

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 ₹42375.61 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 13.15. 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 ₹222 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 1.18%. 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 12.36%. 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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