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
anthropic claude-opus-4.6 2d agoNLC India Ltd is a government-owned power and lignite mining company trading at a market cap of Rs 37,051 Cr with a PE of 11.1x and a dividend yield of 1.42%. The company has delivered a 5-year compounded profit growth of 15% and sales growth of 12%, while ROE has remained steady around 11-12% over the past several years.
- Attractive valuation with PE of 11.1x, which is modest for a power sector PSU with consistent earnings
- Strong 5-year compounded profit growth of 15% indicates sustained earnings improvement over a medium-term horizon
- TTM sales growth of 17% signals accelerating revenue momentum in the most recent period
- Impressive 10-year compounded profit CAGR of 56% reflects long-term structural earnings expansion from a low base
- Debtor days improved from 91.2 to 69.5 days, indicating better working capital management and faster collections
- Price-to-book ratio of 1.74x is reasonable for a capital-intensive power utility with tangible asset backing
- Consistent dividend payout of 17.8% provides a degree of income return with 1.42% yield at current prices
- 5-year stock CAGR of 39% shows the market has re-rated the company significantly over the medium term
- Contingent liabilities of Rs 13,000 Cr represent a material risk relative to the Rs 37,051 Cr market cap — roughly 35% — and could crystallize into real obligations
- 3-year ROE of just 11.1% is low for the power sector and suggests suboptimal capital efficiency
- Promoter holding decreased by 2.73% in the last quarter, signaling potential government stake dilution
- 3-year compounded sales growth of only 3% and profit growth of 2% indicate a prolonged period of stagnation before the recent TTM uptick
- Potential capitalisation of interest costs may be inflating reported profits and understating true operating expenses
- Low effective tax rate raises questions about earnings quality and sustainability of post-tax profits at current levels
- Dividend yield of 1.42% is modest and the 17.8% payout ratio leaves limited income attraction for yield-focused investors
- 1-year stock CAGR of only 6% suggests the recent re-rating momentum has slowed considerably after the 39% 5-year run
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 FY27 net profit drops 39% Sep 4
Consolidated net profit fell 39.3% YoY to ₹484.2 crore in Q1 FY27 vs ₹797.5 crore in Q1 FY26, despite strong revenue growth.
- BSE/NSE fine for board lapses Aug 26
NLC India penalized ₹28.6 lakh (₹14.31 lakh each by BSE and NSE) for non-compliance with SEBI LODR regulations on board composition and committee structures.
- Stock down 11% over past month Sep 4
Shares lost ~11% over the past month and are 30% below the 52-week high of ₹387.80 hit on May 14, 2026, trading at ₹272.20.
- 275 MW battery storage win Sep 4
Subsidiary NIRL won a 275 MW/550 MWh standalone BESS project in Gujarat from GUVNL via tariff-based competitive bidding, with LOI received on Sep 4.
- 200 MW wind project from SJVN Sep 4
NIRL secured a Letter of Award from SJVN Ltd for 200 MW of ISTS-connected wind power out of a 600 MW pan-India tender.
- Revenue surges 23% YoY in Q1 Sep 4
Consolidated revenue from operations grew 23.3% YoY to ₹4,716.7 crore in Q1 FY27 vs ₹3,825.6 crore in Q1 FY26.
- ₹3.85 dividend, AGM Sep 29 Sep 8
NLC India scheduled 70th AGM for Sep 29, 2026 with ₹3.85/share dividend and transfer of 2,138.96 MW renewable assets to NIRL for ₹3,439.60 crore.
- 110 MW solar JV with NCRTC Aug 29
Formed a JV with NCRTC to develop a 110 MW solar project in Uttar Pradesh under a 25-year captive power purchase agreement.
- RE assets transferred to NIRL Sep 3
NLC India signed an addendum to transfer 708.96 MW of renewable energy assets to subsidiary NIRL, consolidating green operations under the wholly owned unit.
- Telangana mineral blocks LOI Sep 1
Received LOI from Telangana government for two mineral blocks containing vanadium, titanium, and aluminous laterite.
- NIRL-OREDA JV incorporated Aug 31
NIRL incorporated NIRL OREDA Renewables Ltd (51:49 JV with OREDA) on Aug 31, 2026 to set up green energy plants in Odisha.
- Joint statutory auditors for FY27 Sep 9
CAG appointed M/s R V K S and Associates and M/s G Natesan & Co. as joint statutory auditors for FY27, per communication dated Sep 8, 2026.
- BRSR FY26 sustainability report Sep 8
Released Business Responsibility and Sustainability Report for FY26 covering ESG metrics with reasonable assurance from SR Asia.
- Mumbai investor meet hosted Aug 27
Held a physical one-on-one investor meet in Mumbai on Sep 1, 2026, with no UPSI shared.
TL;DR: NLC India is aggressively expanding its renewable energy portfolio through BESS, wind, and solar wins totaling over 585 MW of new capacity, while consolidating RE assets under subsidiary NIRL. Revenue growth of 23% is strong, but a 39% drop in Q1 net profit and an 11% share price decline over the past month signal near-term profitability concerns. The regulatory fine is minor but flags governance gaps. The trend is cautiously positive as the green energy pivot builds a long-term pipeline, though margin recovery in coming quarters will be key to restoring investor confidence.
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–FY26.
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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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