NLC India Ltd
NLCINDIA NSE
NLC India Ltd
PowerNSE: NLCINDIA BSE: 513683 Power Generation
Key Fundamentals
SmallcapPower GenerationPowerMarket Cap
₹38,417 Cr
Volatility
Moderate
P/E Ratio
11.96
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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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40 extracted metrics + investor summaries across FY12–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
NLC India Ltd is a government-owned power utility with a market cap of ₹38,188 Cr, trading at a PE of 11.4x. The company delivered 17% TTM revenue growth and 12% TTM profit growth, with an aggressive capex plan of ₹1.25 lakh crore to scale from 6.7 GW to 20 GW by 2030. However, it carries contingent liabilities of ₹13,859 Cr and a debt-to-equity ratio around 1.29, while 5-year sales CAGR remains modest at 12%.
Bull Case 8
- Aggressive capacity expansion from 6.7 GW to 20 GW by 2030, with ₹1.25 lakh crore planned capex providing long-term volume growth visibility
- Renewable energy capacity set to grow 7x from ~1.4 GW to 10 GW by 2030, aligning with India's clean energy transition and potential re-rating
- TTM revenue growth of 17% and FY25 revenue of ₹15,283 Cr showing acceleration after a weak FY24
- Compounded profit CAGR of 24% over 5 years and 62% over 10 years demonstrates strong earnings trajectory
- PE of 11.4x is below the broader power sector average, offering valuation comfort relative to growth plans
- IPO of renewable energy subsidiary (NIRL) planned for FY26-FY27, which could unlock value from the 2 GW operational RE portfolio
- Last year ROE of 18% represents a meaningful improvement over the 3-year average of 13%, suggesting improving capital efficiency
- Cabinet approval for ₹7,000 Cr investment in NIRL for renewable expansion provides policy certainty as a government-backed entity
Bear Case 8
- Contingent liabilities of ₹13,859 Cr represent a significant overhang relative to the net worth of ~₹17,465 Cr (approx 79% of net worth)
- 5-year sales CAGR of only 12% and 3-year sales CAGR of just 3% indicate inconsistent top-line growth
- Promoter holding decreased by 2.73% in the last quarter, signaling potential government stake dilution
- 3-year average ROE of only 13.3% is below the cost of equity for a capital-intensive utility undertaking massive capex
- Company may be capitalizing interest costs, which flatters reported profits and understates true operating expenses
- Debt-to-equity ratio of ~1.29 with ₹1.25 lakh crore capex ahead suggests significant balance sheet leverage risk going forward
- Q4 FY25 revenue declined to ₹3,972 Cr with mining segment underperformance, highlighting operational volatility
- Low tax rate raises questions about sustainability of reported earnings if tax benefits normalize
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20h ago Positives 1
- 900 MW solar project secured Jul 30
NLC India's subsidiary received a Letter of Intent from GUVNL for a 900 MW solar power project in Gujarat, awarded through tariff-based competitive bidding. This significantly expands the company's renewable energy portfolio.
Neutral 1
- ₹150 Cr commercial papers issued Jul 21
NLC India issued 3,000 commercial papers worth ₹150 crore on July 20, 2026, with each paper at a face value of ₹5 lakh. This is routine short-term borrowing for working capital needs.
TL;DR: NLC India is actively expanding its renewable energy footprint with a major 900 MW solar win in Gujarat, signaling strong execution in the green energy transition. No material headwinds are visible in recent news. The commercial paper issuance is routine and reflects normal treasury operations. The trend appears constructive as the company builds its solar capacity pipeline.
Quarterly Results
| 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
| 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 | 17,490 | 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% | — |
Balance Sheet
| 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 | 15,786 |
| 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 |
Cash Flow
| 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 | 108 |
Ratios
| 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 | 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Change in Management
2 May - Shri Kalaga Venkata Ramachandra Subbarao promoted to Executive Director effective 01 May 2026. 2 May - Shri Kalaga Venkata Ramachandra Subbarao promoted to Executive Director effective 01 May 2026.
2
Announcement under Regulation 30 (LODR)-Change in Management
30 Apr - Shri Anandaramanujam K ceased as Executive Director on 30 April 2026 upon superannuation. 30 Apr - Shri Anandaramanujam K ceased as Executive Director on 30 April 2026 upon superannuation.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
29 Apr - NLC India reports Rs. 4,732.13 crore borrowings and confirms large corporate status. 29 Apr - NLC India reports Rs. 4,732.13 crore borrowings and confirms large corporate status.
4
Board Meeting Intimation for Intimation Of Board Meeting.
6 May - Board meets 13 May 2026 to approve audited FY26 results and consider final dividend. 6 May - Board meets 13 May 2026 to approve audited FY26 results and consider final dividend.
5
Announcement Under Regulation 30 And 51 Of The SEBI (LODR) Regulations, 2015
25 Apr - Composite licence granted on 24 Apr 2026 for Semhardih and Raipura phosphorite-limestone blocks in Chhattisgarh. 25 Apr - Composite licence granted on 24 Apr 2026 for Semhardih and Raipura phosphorite-limestone blocks in Chhattisgarh.
1
Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015. 10 Aug 2026
General_Announcements
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 Power sector within the Power Generation 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 ₹38416.77 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 11.96. 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 1.30%. 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