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NLC India

NLCINDIA NSE
₹247.68 No trade today
P/E
10.70
View as Markdown
MCP
Close 4 Nov 2026 ₹247.68 −12.27 −4.72% 1Y
Start ₹259.95

Key Fundamentals

SmallcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
8.42%
Debt to Equity
1.30
EPS (TTM)
₹23.14
Book Value
₹155.23
Market Cap
—
P/E (TTM)
10.70
P/B
1.60
ROE
11.90%
Dividend Yield
1.67%
EBITDA
₹6,566 Cr
52W High
₹387.80
52W Low
₹222.30
Volume
0

Peer Comparison

Utilities › Power › Power Generation

NLC India peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India (this company)
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
Median 7 companies₹321.9544.74₹80,260 Cr2.550.40%10.40%8.16%₹14,809 Cr₹2,460 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 98/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
34
Poor
Solvency, leverage, coverage 9% weight
Momentum
22
Poor
Trend strength, vol-adjusted 12% weight
Ownership
65
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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
  • 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
  • Promoter holding has decreased over last 3 years: -9.73%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
52.09
Neutral
MACD (12,26,9)
−6.20
Bullish
SMA (50)
255.59
Bearish
SMA (200)
282.36
Bearish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.39%
5Y+12.01%
3Y+2.72%
1Y+14.34%
TTM+16.85%

Net profit

Net profit growth by window
10Y+49.41%
5Y+22.89%
3Y+38.26%
1Y+38.87%
TTM+12.76%

Operating cash flow

Operating cash flow growth by window
10Y+14.79%
5Y+3.31%
3Y+7.39%
1Y−42.45%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.13 pp
5Y+5.36 pp
3Y−3.78 pp
1Y+0.75 pp
TTM+8.14 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹11,094 Cr
Mar 2018₹11,289 Cr
Mar 2019₹9,871 Cr
Mar 2020₹10,325 Cr
Mar 2021₹9,936 Cr
Mar 2022₹12,070 Cr
Mar 2023₹16,165 Cr
Mar 2024₹13,001 Cr
Mar 2025₹15,322 Cr
Mar 2026₹17,519 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,457 Cr
Mar 2018₹1,957 Cr
Mar 2019₹1,537 Cr
Mar 2020₹1,453 Cr
Mar 2021₹1,345 Cr
Mar 2022₹1,116 Cr
Mar 2023₹1,426 Cr
Mar 2024₹1,868 Cr
Mar 2025₹2,714 Cr
Mar 2026₹3,769 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,532 Cr −9.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

NLC India Ltd trades at ₹247.68 as of 2026-11-04 with a market cap of ₹32,822 Cr, a PE of 10.7x, and a debt-to-equity ratio of 1.30. The stock sits 36% below its 52-week high of ₹387.80 while delivering 17% TTM revenue growth, presenting a mixed picture of reasonable valuation against elevated leverage and declining promoter confidence.

Bull Case 8
  • TTM revenue growth of 17% signals improving top-line momentum, outpacing the 3-year compounded sales growth of 3%
  • PE of 10.7x on a TTM EPS of ₹23.14 is modest for a power sector company, suggesting the stock is not demanding a premium valuation
  • 10-year compounded profit growth of 56% demonstrates a strong long-term earnings trajectory
  • Debtor days have improved from 91.2 to 69.5 days, reflecting better working capital management and faster collections
  • Dividend yield of 1.67% with a consistent payout ratio of 17.8% provides a recurring income component
  • 5-year stock CAGR of 31% and 10-year stock CAGR of 12% indicate sustained long-term wealth creation for shareholders
  • Price-to-book of 1.6x with an ROE of 14.91% suggests reasonable value relative to the returns the company generates on equity
  • 5-year compounded sales growth of 12% and profit growth of 15% show a track record of profitable scaling over the medium term
Bear Case 8
  • Contingent liabilities of ₹13,000 Cr are substantial relative to the market cap of ₹32,822 Cr, representing roughly 40% of market value
  • Debt-to-equity ratio of 1.30 indicates significant leverage, increasing financial risk in a rising interest rate environment
  • Promoter holding has decreased by 9.73% over the last 3 years, signalling reduced insider confidence
  • 3-year compounded profit growth of just 2% contrasts sharply with the 10-year figure of 56%, suggesting recent earnings stagnation
  • The stock is down 36% from its 52-week high of ₹387.80 and has delivered a negative 1-year stock CAGR of -9%, indicating weakening market sentiment
  • 3-year average ROE of 11.1% is below the current ROE of 14.91%, pointing to inconsistent return generation over time
  • ROCE of 9.33% is notably lower than the ROE of 14.91%, suggesting the debt-funded capital base is earning relatively thin returns
  • Potential capitalisation of interest costs may flatter reported profitability and asset values, masking true operating expenses

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

AI News Digest

9h ago

TL;DR: NLC India is pursuing aggressive capacity expansion with ₹37,000 crore in Odisha MoUs, coal block allocations, and a Nalco JV, positioning itself for significant long-term generation growth. However, Q2FY27 operating performance was weak with pre-tax profit falling 38% YoY, and the headline net profit was inflated by an ₹857.70 crore deferred tax benefit. The stock's negative reaction to the MoU news suggests the market is cautious about the heavy capital expenditure ahead. Execution on the large project pipeline and the ability to fund it without excessive leverage will be key to watch.

Headwinds 2
  • Pre-tax profit drops 38% YoY Nov 4

    Pre-tax profit declined 38% YoY to ₹422.80 crore in Q2FY27 due to lower other income and higher costs, despite revenue growth.

  • Stock falls post MoU announcement Oct 23

    NLC India shares declined 1.99% to ₹228.90 after the ₹37,000 crore Odisha investment MoUs were announced, reflecting investor concern over the massive capital outlay.

Positives 5
  • ₹37,000 cr Odisha expansion MoUs Oct 23

    NLC India signed three MoUs on Oct 22 covering a 3,200 MW ultra-supercritical thermal plant (₹35,000 crore), beach sand mineral processing (₹2,000 crore), and coal gasification feasibility, expected to create ~4,500 jobs.

  • Net profit surges on tax benefit Nov 4

    Q2FY27 net profit rose to ₹1,205 crore driven by an ₹857.70 crore deferred tax benefit, while revenue grew 4.9% YoY to ₹2,690.88 crore.

  • ₹2,500 cr bond issuance approved Nov 4

    Board approved ₹2,500 crore bond issuance and expansion of a 660 MW unit at Ghatampur, strengthening the growth funding pipeline.

Neutral 2
  • ₹1.50 interim dividend declared Nov 4

    Board declared an interim dividend of ₹1.50 per share with record date November 12, 2026.

  • Talabira 2,400 MW plant underway Oct 23

    The 2,400 MW Talabira thermal plant (₹27,213 crore investment) is under construction, with BHEL awarded the EPC contract in January 2024.

Quarterly Results

₹ Cr
NLCINDIA quarterly results, ₹ crore
Particulars 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 (₹)
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

₹ Cr
NLCINDIA profit and loss, annual, ₹ crore
Particulars 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
17,519
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 (₹)
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

₹ Cr
NLCINDIA balance sheet, annual, ₹ crore
Particulars 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
15,381
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

₹ Cr
NLCINDIA cash flow, annual, ₹ crore
Particulars 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/EBITDA
117
73
34
131
94
65
180
218
75
178
202
109

Ratios

NLCINDIA financial ratios, annual
Particulars 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
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

Beta

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

Log in to view NLC India insights

65 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 69.47%
  • DIIs 13.64%
  • Public 6.18%
  • FIIs 4.61%
  • Government 4.31%
  • Others 1.80%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about NLC India

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.
Where is NLC India Ltd (NLCINDIA) listed?
NLC India Ltd trades as NLCINDIA on the NSE and under code 513683 on the BSE.
Which sector does NLC India Ltd belong to?
NLC India Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of NLC India Ltd?
NLC India Ltd trades at a PE ratio of 10.70 as of 4 Nov 2026, on earnings per share of ₹23.14, against a book value of ₹155.23 per share.
What is the 52-week high and low of NLC India Ltd?
Over the last 52 weeks NLC India Ltd has traded between ₹222.3 and ₹387.8 as of 4 Nov 2026.
Does NLC India Ltd pay dividends?
NLC India Ltd has a dividend yield of 1.67%.
What is the Return on Equity (ROE) of NLC India Ltd?
NLC India Ltd reported a return on equity of 11.90%. Its debt-to-equity ratio is 1.30.

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.

Website nlcindia.in
CEO Mr. Prasanna Kumar Motupalli
Employees 10,227
Listed 23 Aug 2000
Face Value ₹10

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