NLC India Limited (NLCINDIA)
₹253.35 +0.82% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NLC India's revenue was ₹4,794 Cr (+25.3% year on year, -4.9% on the previous quarter), and net profit ₹436 Cr (-48.0% year on year); the operating margin was 32.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,794 | +25.3% | -4.9% |
| Operating profit | ₹1,548 | +65.7% | -12.7% |
| Net profit | ₹436 | -48.0% | -70.5% |
| EPS (₹) | 3.49 | -42.3% | -65.3% |
| Operating margin | 32.3% | — | — |
NLCINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 42.34% of the NLCINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.24%. That is close to its usual level.
Delivery in the last 5 sessions: 43.8% · 46.5% · 39.4% · 53.6% · 42.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
NLC India Limited's wholly owned subsidiary, NLC India Renewables Limited (NIRL), has won a tender from WBSEDCL for setting up a Standalone Battery Energy Storage System (BESS). The contract awards the development of a 50 MW / 200 MWh capacity BESS located at Arambag, Hooghly, West Bengal under tariff-based competitive bidding. While the exact contract value and capital outlay were not disclosed, this win aligns with the company's stated strategic roadmap to expand beyond thermal power into BESS and renewable integration. Against TTM revenue of ₹18,648 Cr, the project represents an incremental operational foray into grid-scale energy storage.
- Subsidiary NIRL secured Letter of Award (LoA) for a 50 MW/200 MWh Standalone BESS project
- Project location awarded at Arambag, Hooghly, West Bengal via tariff-based competitive bidding
- Tender floated by Dept of Power, GoWB on behalf of WBSEDCL
- Commercial project value and commissioning timelines were not disclosed in the filing
NLC India Limited has issued and allotted 20,000 Commercial Papers on October 12, 2026. The Commercial Papers have a face value of Rs 5,00,000 each, aggregating to a total issuance size of Rs 1,000 crore. This short-term fundraise represents approximately 9.8% of the company's existing total debt of Rs 10,182 crore. The proceeds will likely support short-term liquidity and working capital requirements.
- Allotted 20,000 Commercial Papers on October 12, 2026
- Face value fixed at Rs 5,00,000 per Commercial Paper
- Total issuance amount aggregates to Rs 1,000 crore
- Fundraise equals ~9.8% of total outstanding debt (Rs 10,182 Cr)
NLC India Limited informed stock exchanges about board comments regarding fines levied for non-compliance with corporate governance norms during the quarter ended June 30, 2026. The violations relate to SEBI LODR Regulations regarding committee compositions (Audit, NRC, SRC, and Risk Management) and the non-appointment of an Independent Woman Director. The Board has requested the administrative Ministry of Coal to appoint the requisite Independent Directors to ensure regulatory compliance and prevent future penalties.
- Board reviewed the exchange-levied fines at its meeting held on September 5, 2026
- Non-compliance reported for the quarter ended June 30, 2026 under SEBI LODR Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2)
- Issues pertain to committee composition and absence of an Independent Woman Director
- Board has approached the Ministry of Coal to expedite required Independent Director appointments
NLC India has appointed Shri P L S S Chaitanya Prakash as Director (Power) effective October 5, 2026, pursuant to a Ministry of Coal order. His tenure runs until his superannuation on December 31, 2029, or until further orders. He brings over three decades of experience from Damodar Valley Corporation (DVC), specializing in thermal power operations, plant efficiency, and clean-energy projects. The leadership role is key as NLC India manages 6,731 MW of capacity and targets expanding beyond 10 GW.
- P L S S Chaitanya Prakash appointed as Director (Power) effective October 05, 2026
- Term extends until date of superannuation on December 31, 2029, or further orders
- Candidate brings over 3 decades of experience in power and energy infrastructure, formerly at DVC
- Ministry of Coal order dated September 30, 2026 formalized the appointment
NLC India Limited has submitted the Scrutinizer's report and voting results for its 70th Annual General Meeting (AGM) held on September 29, 2026. All resolutions proposed in the AGM notice and corrigendum were approved by shareholders with the requisite majority. The e-voting process concluded following remote voting from September 25 to September 28, 2026, alongside voting during the meeting. This filing represents a routine annual compliance update with no material deviations reported.
- 70th Annual General Meeting conducted on September 29, 2026, at 15:00 Hours IST via Video Conferencing.
- Remote e-voting held between September 25, 2026 (9:00 AM) and September 28, 2026 (5:00 PM).
- All resolutions passed with requisite majority as per Scrutinizer M/s. D Hanumanta Raju & Co.
NLC India Limited's subsidiary, NLC India Renewables Limited (NIRL), has won a tender from SJVN Limited for setting up a 265 MW/530 MWh Standalone Battery Energy Storage System (BESS) in Haryana. The tender was secured under Viability Gap Funding (VGF) schemes via Tariff-Based Competitive Bidding at a capacity charge of INR 2,35,000 per MW per month. This corresponds to an annualized capacity revenue of approximately Rs 74.73 crore (around 0.4% of TTM revenue of Rs 18,648 crore). NIRL has received the Letter of Award to commence development of the project.
- Subsidiary NIRL awarded Letter of Award for 265 MW/530 MWh Standalone BESS project in Haryana
- Secured via tariff-based competitive bidding under Viability Gap Funding (VGF) schemes from SJVN Limited
- Final capacity charge agreed at INR 2,35,000 per MW per month
- Generates approximately Rs 74.73 crore in annualized capacity revenue for the awarded 265 MW capacity
At its 70th AGM, NLC India reported record consolidated FY26 PAT of ₹3,769 crore (up 38.91% YoY) on revenue of ₹17,490 crore, alongside a total dividend of 38.5% (₹533.86 crore). The company executed a record capital expenditure of ₹9,131 crore (representing ~49% of TTM revenue) and expanded net worth to ₹21,525 crore. Key operational milestones announced include full commercial operation of all three 660 MW units at NUPPL Ghatampur, record coal production of 19.14 MT at Talabira, and expansion of renewable capacity to 1,785 MW.
- Declared 38.5% total dividend payout (₹533.86 crore) for FY 2025-26, including 36% interim dividend
- Executed record capex of ₹9,131 crore with net worth growing 14.96% to ₹21,525 crore
- Reported all-time high PAT of ₹3,769 crore on revenue of ₹17,490 crore and EBITDA of ₹7,475 crore
- Achieved full commercial operation across all three 660 MW units at NUPPL Ghatampur
- Reached record coal production of 19.14 MT and dispatch of 17.69 MT from Talabira-II & III OCP
NLC India's Board approved the incorporation of a 50:50 Joint Venture Company with NALCO, proposed to be named 'NLC NALCO Power Limited'. The JV will develop a 1,080 MW (4 x 270 MW) thermal captive power plant in phases to fulfill NALCO's captive power requirements. In addition, the partners are exploring long-term PPAs for NALCO's renewable energy needs. DIPAM approval via the Ministry of Coal was already received on September 8, 2026, and equity shares will be subscribed at a face value of Rs 10 per share in cash.
- Planned capacity of 1,080 MW (4 X 270 MW) thermal captive power plant developed in phases
- 50:50 equity joint venture structure between NLC India and NALCO
- Equity shares to be subscribed in cash at face value of Rs 10 each
- DIPAM approval received via Ministry of Coal letter dated September 8, 2026
NLC India's Board approved the incorporation of a 50:50 Joint Venture Company with NALCO, proposed to be named 'NLC NALCO Power Limited'. The JV will develop a 1,080 MW (4 x 270 MW) thermal captive power plant in phases to fulfill NALCO's captive power requirements. In addition, the partners are exploring long-term PPAs for NALCO's renewable energy needs. DIPAM approval via the Ministry of Coal was already received on September 8, 2026, and equity shares will be subscribed at a face value of Rs 10 per share in cash.
- Planned capacity of 1,080 MW (4 X 270 MW) thermal captive power plant developed in phases
- 50:50 equity joint venture structure between NLC India and NALCO
- Equity shares to be subscribed in cash at face value of Rs 10 each
- DIPAM approval received via Ministry of Coal letter dated September 8, 2026
NLC India Limited has issued and allotted 4,000 Commercial Papers having a face value of ₹5,00,000 each on September 28, 2026. The total fundraise amounts to ₹200 Crore, typically used for meeting short-term working capital requirements. Relative to the company's existing debt of ₹10,182 Crore and TTM revenue of ₹18,648 Crore, this issuance is modest at ~1.96% of total debt. The transaction represents routine short-term liquidity management for the Navratna enterprise.
- Issued 4,000 Commercial Papers on September 28, 2026
- Face value stands at ₹500,000 each
- Aggregate issue size is ₹200 Crore
- Represents ~1.96% of existing debt of ₹10,182 Crore
NLC India has issued and allotted 10,000 Commercial Papers of face value ₹5,00,000 each, raising an aggregate of ₹500 Crore on September 22, 2026. This represents routine short-term debt financing, accounting for roughly 4.9% of total outstanding debt (₹10,182 Cr) and 1.3% of market capitalization (₹37,513 Cr). The funds will likely support short-term liquidity and operational working capital needs. The issuance has minimal structural impact on the company's broader balance sheet leverage.
- Issued and allotted 10,000 Commercial Papers on September 22, 2026
- Face value of ₹5,00,000 each, aggregating to ₹500 Crore
- Issuance represents ~4.9% of total existing debt of ₹10,182 Crore
NLC India Limited informed that the Ministry of Coal has entrusted the additional charge of Director (Finance) to Dr. Prasanna Kumar Acharya, who is currently the Chairman cum Managing Director (CMD). The interim charge is effective from 17.09.2026 for a period of 3 months or until a regular appointment is made. This temporary arrangement comes as the company continues to manage its significant capex program and working capital with DISCOMs.
- CMD Dr. Prasanna Kumar Acharya assigned additional charge of Director (Finance)
- Assignment is for an initial period of 3 months effective from 17.09.2026
- Decision approved by Ministry of Coal via letter dated 22.09.2026
NLC India has issued a corrigendum to its 70th Annual General Meeting (AGM) notice scheduled for September 29, 2026. The Ministry of Coal approved the appointment of Dr. Prasanna Kumar Acharya, previously Director (Finance), as Chairman cum Managing Director (CMD) for a period of five years effective September 17, 2026. Consequently, a new resolution (Item No. 11) has been added to the AGM agenda as Special Business to obtain shareholder approval. All other 10 agenda items from the original September 7, 2026 notice remain unchanged.
- Ministry of Coal approved appointment of Dr. Prasanna Kumar Acharya as CMD for a 5-year tenure effective September 17, 2026
- Item No. 11 added to the 70th AGM agenda as Special Business requiring an Ordinary Resolution
- AGM scheduled for September 29, 2026 at 15:00 IST via Video Conferencing
- Prior to this role, Dr. Acharya served as Director (Finance) from January 15, 2024
NLC India Limited has announced the appointment of Dr. Prasanna Kumar Acharya as Chairman cum Managing Director (CMD) for a period of five years, effective September 17, 2026. Concurrently, Mr. Sanoj Kumar Jha, who held additional charge as CMD, ceased his responsibilities on the same date. Dr. Acharya previously served as Director (Finance) and CFO at NLC India, stepping down from that role upon assuming the CMD position. The appointment provides regular board leadership as the company targets expanding its power generation capacity beyond 20 GW and mining beyond 100 MTPA by 2030.
- Appointment of Dr. Prasanna Kumar Acharya as CMD approved for a tenure of 5 years starting September 17, 2026
- Cessation of Mr. Sanoj Kumar Jha from additional charge of CMD effective September 17, 2026
- Dr. Acharya relinquished the position of Director (Finance) & CFO on September 17, 2026
- Leadership tasked with NLCIL's long-term roadmap targeting >20 GW power generation and >100 MTPA mining capacity by 2030
NLC India Limited has announced the appointment of Dr. Prasanna Kumar Acharya as Chairman & Managing Director (CMD) for a period of five years, effective September 17, 2026. Dr. Acharya previously served as the Director (Finance) and CFO of the company, stepping up to take charge from Shri Sanoj Kumar Jha, who held the additional charge of CMD. Dr. Acharya brings nearly three decades of power and mining sector experience, steering NLC's long-term targets of over 20 GW power generation and 100 MTPA mining capacity by 2030.
- Appointment of Dr. Prasanna Kumar Acharya as CMD effective September 17, 2026
- Term of appointment approved for 5 years or until further orders
- Relinquished role as Director (Finance) & CFO concurrently on September 17, 2026
- Company targeting >20 GW power generation and >100 MTPA mining capacity by 2030
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 14% YoY to INR 8,004 Cr in H1 FY26 from INR 7,036 Cr. The Power segment contributed INR 6,861 Cr (83% of segment revenue) while Mining contributed INR 4,208 Cr (18% including inter-segment revenue). For FY25, total income reached INR 16,889 Cr, a 21% increase from INR 13,948 Cr in FY24.
Geographic Revenue Split
Not explicitly disclosed in available documents, though operations are primarily centered in Tamil Nadu (Neyveli) and Uttar Pradesh (NUPPL), with off-takers like TANGEDCO in Tamil Nadu representing a significant portion of the credit risk.
Profitability Margins
Net Profit Margin (NPM) improved to 18.62% in H1 FY26 from 17.68% in FY25. Operating Profit Margin (OPM) stood at 19.57% in H1 FY26. PAT for FY25 was INR 2,714 Cr, a 46% increase from INR 1,857 Cr in FY24.
EBITDA Margin
EBITDA margin was 37.69% in H1 FY26 (INR 3,190 Cr) compared to 38.56% in FY25. A sharp decline was noted in Q1 FY26 to 24.4% from 32.1% YoY due to boiler modifications at the TPS-II expansion plant and early monsoon impacts.
Capital Expenditure
Planned capital expenditure of INR 25,000-30,000 Cr over fiscals 2026-2028 to expand the power portfolio from 6.7 GW to over 10 GW. Historical capex has been funded at a CERC-stipulated debt-equity ratio of 70:30.
Credit Rating & Borrowing
Maintains 'AAA/Stable' ratings from CRISIL, ICRA, CARE, and Infomerics. Interest coverage ratio improved to 6.92x in FY25 from 5.30x in FY24. Total debt stood at INR 22,415.49 Cr as of March 31, 2024.
Operational Drivers
Raw Materials
Lignite and Coal are the primary raw materials, sourced through captive mining operations which provide fuel security for thermal plants. Lignite production was 13,376 LT in H1 FY26.
Import Sources
Primarily sourced from captive mines in India, specifically Neyveli (Tamil Nadu) for lignite and Talabira (Odisha) for coal.
Key Suppliers
Captive mining operations (self-supplied). NLCIL acts as the nodal agency for lignite mining in India.
Capacity Expansion
Current installed capacity is 6,731 MW (5,351 MW thermal and 1,380 MW renewable) as of December 2024. Expanding to >10 GW by FY28. NUPPL Unit I (660 MW) commissioned in Dec 2024; Units II and III expected by Sept and Dec 2025.
Raw Material Costs
Captive fuel availability mitigates price volatility; however, land acquisition issues in FY24 previously impacted fuel requirement and power generation levels.
Manufacturing Efficiency
Plant availability was 59.68% in 9M FY25, significantly below the normative level of 85%, leading to an under-recovery of fixed charges amounting to INR 517 Cr.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but involves power transmission to state utilities and coal/lignite transport from captive mines to pit-head plants.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be driven by commissioning the remaining 1,320 MW of the NUPPL project by end of 2025 and a massive INR 25,000-30,000 Cr capex plan to reach 10 GW capacity. This includes aggressive expansion into Renewable Energy (RE) and critical minerals like BESS and EV charging stations.
Products & Services
Electricity (Thermal and Renewable), Lignite, and Coal.
Brand Portfolio
NLC India Limited (NLCIL), NUPPL (Neyveli Uttar Pradesh Power Ltd), NTPL (NLC Tamil Nadu Power Ltd).
New Products/Services
Expansion into Battery Energy Storage Systems (BESS), Critical Minerals, EV Charging stations, and Carbon Capture systems.
Market Expansion
Targeting a total RE capacity contribution toward India's 500 GW 2030 goal, with specific focus on solar and wind projects in pipeline.
Market Share & Ranking
Nodal agency for lignite mining in India; holds 'Navratna' status since 2011.
Strategic Alliances
Joint Ventures include NLC Tamil Nadu Power Limited (89% stake) and Neyveli Uttar Pradesh Power Limited (51% stake with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd).
External Factors
Industry Trends
The industry is shifting toward 50 GW annual RE additions. NLCIL is pivoting from a lignite-heavy thermal producer to a diversified energy player with a growing 1.38 GW RE portfolio.
Competitive Landscape
Competes with other central power utilities like NTPC and private players in the RE space, but maintains a niche in lignite-based thermal power.
Competitive Moat
Moat is sustained by 72.20% Government of India ownership, 'Navratna' status, and captive lignite mines which provide a low-cost fuel advantage over competitors relying on imported coal.
Macro Economic Sensitivity
Highly sensitive to government energy policies and India's target of 500 GW renewable capacity by 2030.
Consumer Behavior
Increasing demand for sustainable and green energy is forcing a shift in the generation mix toward renewables.
Geopolitical Risks
Minimal direct impact as a domestic energy producer, but subject to global trends in coal pricing and renewable technology costs.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by CERC norms for tariff determination and the Ministry of Coal for mining activities. Debt-equity must stay within 70:30 (2.33x) per CERC norms.
Environmental Compliance
Subject to stringent pollution norms for thermal plants; investing in carbon capture and renewable energy to meet ESG standards.
Taxation Policy Impact
Effective tax rate reflected in PAT growth; H1 FY26 tax expense was INR 488 Cr.
Legal Contingencies
Exposure to CERC disallowances of capital costs for operating projects, which impacted profitability in FY24. Specific court case values not disclosed.
Risk Analysis
Key Uncertainties
Implementation risks for large-scale projects (NUPPL) and potential cost overruns if CERC does not allow pass-through of delayed costs.
Geographic Concentration Risk
High concentration of assets and revenue in Tamil Nadu, exposing the company to regional monsoon impacts and local land acquisition hurdles.
Third Party Dependencies
High dependency on state DISCOMs for revenue collection; TANGEDCO's weak financial profile is a primary credit risk.
Technology Obsolescence Risk
Risk of thermal assets becoming 'stranded' as the world moves toward 100% RE, mitigated by NLC's own RE expansion plans.
Credit & Counterparty Risk
Receivables quality is moderate due to weak off-taker profiles; under-recovery of fixed charges reached INR 517 Cr in 9M FY25.
