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Stock Analysis

Description

NLC India Limited is engaged in the business of mining of lignite and generation of power by using lignite as well as Renewable Energy Sources.

Key Growth Triggers

Aggressive expansion in renewable energy capacity including solar, wind, hybrid, and Battery Energy Storage Systems (BESS).
Ventures into critical minerals mining and acquisition of mineral blocks, including phosphorite and limestone.
Commissioning of new thermal power projects like Ghatampur and expansion of renewable energy projects.
Strategic partnerships and joint ventures for project development (e.g., with PTC India for green energy) and asset monetization.
Development of emerging areas like green hydrogen.
Commencement of commercial coal mining operations.

Order Book

Currently no data available for Order Book.

Key Red Flags

Auditor's note on land availability as a going concern uncertainty.
Ongoing regulatory challenges, including tariff disputes and land acquisition hurdles.
Past imposition of fines by NSE and BSE for non-compliance with SEBI LODR regarding Board composition.
Historical data indicates slow sales growth and low Return on Equity (ROE) over previous years.

Key Dates To Watch

Board meetings to approve quarterly and half-yearly financial results.
Annual General Meetings (AGMs) for shareholder approval of financial statements and dividends.
Completion of strategic transactions like asset transfers to subsidiaries.
Record dates for dividend payments.

Corporate Announcements

17th Apr 26

Impact Rating: 6

NLC India Limited has clarified to the BSE that the significant increase in its share trading volume is purely market-driven. The company stated there are no new announcements or information influencing this behaviour.

4th Apr 26

Impact Rating: 3

NLC India Limited has submitted its quarterly SEBI compliance certificate, confirming proper handling of share dematerialization, cancellation of old share certificates, and timely updates to stock exchanges.

1st Apr 26

Impact Rating: 6

NLC India Limited has appointed Shri Pankaj Kumar as Executive Director, effective April 1, 2026. Kumar brings extensive HR leadership experience from public sector and multinational roles.

31st Mar 26

Impact Rating: 5

NLC India Limited has formally intimated the stock exchanges regarding the retirement of its Executive Director, Shri Hemant Kumar, effective March 31, 2026, following his attainment of the age of superannuation.

29th Mar 26

Impact Rating: 8

NLC India announced the successful start of coal production from its Pachwara South Open Cast Project on March 29, 2026. The company also detailed its 51:49 equity joint venture with UPRVUNL for a 1980 MW Ghatampur Thermal Power Plant.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	NTPC	346.35	14.14	335795.93	2.41	5225.30	-3.94	44785.82	0.18	9.95	186754.31	28.64	23751.11	5066.78	1.75	4.26	1.33
2.	Adani Green	930.10	69.92	153187.48	0.00	644.00	102.55	3008.00	0.10	8.70	12221.00	81.16	2190.88	658.14	7.85	2.32	4.52
3.	JSW Energy	492.80	42.57	86138.74	0.41	824.27	-17.41	5177.42	59.91	6.49	15949.06	49.55	2023.68	704.68	2.96	2.46	2.37
4.	NHPC Ltd	80.22	25.40	80551.54	2.38	1219.28	13.49	3365.26	10.27	7.42	11212.76	52.98	3171.33	1021.44	1.95	3.43	1.09
5.	NTPC Green Ene.	92.40	128.35	77893.24	0.00	86.38	130.26	612.29	21.52	4.89	2419.85	87.48	606.90	87.59	4.15	1.31	1.16
6.	NLC India	257.30	18.58	35643.91	1.40	485.49	43.05	2564.91	19.90	9.02	10558.34	22.20	1918.29	485.49	1.97	2.63	0.47
7.	SJVN	76.47	53.96	30062.60	1.91	307.80	-30.20	1032.40	0.60	4.91	3125.24	72.70	557.11	307.91	2.06	1.92	2.03
–	Median: 25 Co.	119.65	25.66	7636.52	0.0	86.38	7.48	634.3	14.3	7.42	2265.01	31.76	187.7	80.07	2.02	2.32	0.82

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,753	2,812	4,296	2,601	2,471	2,516	2,931	2,647	2,139	2,775	2,723	2,496	2,565
Expenses	1,755	3,349	3,335	1,661	1,746	1,758	2,638	1,743	1,742	2,042	2,341	1,988	1,844
Operating Profit	998	-536	961	940	725	758	293	904	397	733	382	508	721
Other Income	129	347	731	89	1,525	101	443	318	566	289	1,200	494	434
Profit before tax	535	-724	1,156	488	1,727	351	222	731	503	557	1,068	529	682
Tax %	31%	-45%	33%	32%	35%	37%	22%	32%	32%	27%	39%	30%	29%
Net Profit	367	-399	774	331	1,121	221	173	496	339	408	656	368	485
EPS in Rs	2.65	-2.88	5.58	2.39	8.09	1.59	1.25	3.58	2.45	2.95	4.73	2.66	3.50

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,945	6,074	6,561	8,561	8,496	7,146	7,921	7,340	9,979	12,955	10,520	10,286	10,558
Expenses	4,025	4,524	4,381	4,308	5,511	5,632	5,029	5,269	6,322	7,993	7,497	7,931	8,214
Operating Profit	1,920	1,550	2,180	4,253	2,986	1,514	2,891	2,071	3,657	4,962	3,024	2,355	2,344
Other Income	988	1,424	-400	-1,247	721	1,758	1,092	1,863	1,262	-1,062	1,849	2,433	2,416
Interest	182	150	188	169	205	390	820	981	784	756	643	562	525
Depreciation	517	441	641	683	861	746	958	1,232	1,528	1,420	1,442	1,368	1,400
Profit before tax	2,209	2,383	950	2,154	2,641	2,136	2,205	1,722	2,606	1,724	2,788	2,858	2,835
Net Profit	1,502	1,580	228	2,369	1,849	1,267	1,414	1,010	1,237	1,248	1,847	1,900	1,918
EPS in Rs	8.95	9.42	1.36	15.50	12.09	9.14	10.20	7.29	8.92	9.00	13.32	13.70	13.84
Dividend Payout %	31%	30%	221%	47%	37%	50%	69%	34%	17%	39%	23%	22%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	1,678	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	12,226	13,199	11,248	10,670	11,806	11,125	11,253	11,572	12,420	13,252	14,607	16,079	16,713
Borrowings	3,150	3,164	3,555	6,959	8,720	13,166	16,784	14,922	10,266	9,376	8,005	7,561	8,528
Other Liabilities	3,396	3,326	7,207	8,358	10,459	9,009	9,043	9,222	9,600	11,237	11,197	11,299	11,398
Total Liabilities	20,450	21,367	23,687	27,516	32,514	34,687	38,466	37,102	33,673	35,251	35,195	36,325	38,026
Fixed Assets	6,471	6,426	9,654	9,625	10,574	11,684	18,308	20,162	19,185	18,732	18,133	17,664	17,757
Gross Block	14,657	15,057	10,291	10,861	12,669	14,528	22,111	25,803	26,362	27,311	28,099	28,995	–
Accumulated Depreciation	8,186	8,632	637	1,236	2,095	2,843	3,803	5,641	7,177	8,579	9,966	11,330	–
CWIP	3,701	4,406	2,457	5,115	7,075	8,853	4,211	1,121	1,126	1,012	1,923	4,320	5,400
Investments	1,617	1,934	1,949	2,421	2,421	2,824	3,519	3,622	3,933	4,196	4,640	5,092	5,092
Other Assets	8,662	8,601	9,626	10,354	12,443	11,326	12,427	12,197	9,430	11,311	10,499	9,250	9,778
Total Assets	20,450	21,367	23,687	27,516	32,514	34,687	38,466	37,102	33,673	35,251	35,195	36,325	38,026

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,211	850	1,314	810	3,761	499	1,168	4,052	6,062	3,823	5,141	5,645
Cash from Investing Activity	-640	-830	-1,154	-3,581	-3,099	-3,183	-3,146	-811	-123	-1,888	-2,144	-4,059
Cash from Financing Activity	-1,179	-1,014	-326	13	-672	2,686	1,977	-3,101	-5,968	-1,987	-2,514	-1,976
Net Cash Flow	1,392	-993	-166	-2,759	-9	1	-1	139	-29	-52	483	-390

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	135	137	168	160	145	235	308	279	114	107	115	67
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	135	137	168	160	145	235	308	279	114	107	115	67
Working Capital Days	92	153	180	168	177	32	69	63	85	109	85	-59
ROCE %	15%	12%	12%	24%	14%	11%	11%	9%	11%	20%	10%	9%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	79.20%	79.20%	79.20%	79.20%	79.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%	72.20%
FIIs	0.83%	0.67%	0.81%	0.95%	1.21%	2.39%	2.18%	2.53%	2.86%	2.91%	2.95%	3.25%
DIIs	5.88%	6.89%	8.02%	9.18%	8.85%	13.38%	13.82%	14.29%	14.46%	14.63%	14.25%	13.86%
Public	9.79%	8.94%	7.66%	6.37%	6.44%	7.73%	7.48%	6.65%	6.17%	5.96%	6.29%	6.40%