Whalesbook
Toh bhaiyon aur behnon, NLC India ka share 14 May 2026 ko 14.41% bhaaga aur ₹373.80 ke ekdum naye high par pahunch gaya. Iske peeche ka reason? Company ke Q4 FY26 ke results!
Quarter mein net profit ₹481.96 crore se 189% badhkar ₹1,393.46 crore ho gaya. Poore saal FY26 ki baat karein toh, profit ₹2,714 crore se 38.91% badhkar ₹3,769 crore ho gaya, jo company ka sabse high consolidated profit hai! Revenue bhi Q4 mein 31.4% badhkar ₹5,042.46 crore ho gaya. Ye sab hua jabki BSE Sensex sirf 0.11% upar tha. Stock ka year-to-date return bhi 47.44% hai, jo Sensex ke -11.94% se bahut better hai.
Paisa toh hai, par kya valuation sahi hai?
Abhi tak toh sab mast lag raha hai, lekin thoda deep dive karte hain. NLC India ka TTM P/E ratio around 16.38 se 19.2 hai. Abhi Coal India ko dekho, uska P/E sirf 8.37 se 9.52 hai, matlab zyada value stock hai. NTPC ka P/E 15.75 se 24.56 ke beech hai, jo thoda zyada lag sakta hai. Aur Adani Power toh 30.5 se 34 ke P/E par chal raha hai. Aam taur par power sector ka P/E lagbhag 22.8 ke aas paas hai. Toh NLC India ka valuation ek tarah se beech mein aata hai.
Growth aur Future ka Kya Scene Hai?
Company ne coal production mein record banaya hai aur renewable energy capacity bhi badha raha hai, jo achhi baat hai. Lekin agar earnings growth dekhein toh pichhle saal sirf 15.8% thi, jo company ke 5 saal ke average growth 18.7% se kam hai. Industry average growth 31.7% toh aur door hai. Revenue bhi pichhle 5 saalon mein average 8.5% ke hisaab se badha hai. India mein power ki demand toh 5-5.5% FY27 tak badhne ka forecast hai, aur renewable energy ka share bhi badh raha hai, lekin abhi bhi coal power generation mein 73% contribute karta hai.
Risk Factor: Debt aur Profitability
Sabse badi chinta hai company ka debt. Debt-to-equity ratio 1.20 ke aas paas hai, jo kaafi high mana jaata hai. Iska matlab company ne borrow karke kaafi paisa lagaya hua hai. Isse interest expenses badh sakte hain aur financial flexibility kam ho sakti hai. Profitability ki baat karein toh ROE 11.8-14.5% aur ROCE 6.52% hai, jo moderate hain. Kuch reports yeh bhi keh rahi hain ki profit mein non-operating income ka bhi role ho sakta hai, jo core business ki sustainability par sawaal uthata hai.
Aage Kya Hoga?
Analysts toh "Strong Buy" rating de rahe hain. Renewable energy mein company ka investment aur India ki energy security mein role achha hai. Lekin deal yeh hai ki NLC India ko apne debt ko manage karna hoga, operational efficiency badhani hogi aur energy sector ke change ko samajhna hoga. Agar yeh sab manage kar liya toh future achha ho sakta hai.