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NLC India Ltd.
NSE: NLCINDIAUtilitiesUtilities - Regulated Electric
- Last close
- ₹228.50
- Day change
- −₹5.05 (−2.16%)vs
- Market cap
- ₹35,727 crIndian rupees
- Research updated
- 1 report
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About NLC India
NLC India Ltd., a Navratna Public Sector Enterprise under the Ministry of Coal, is a prominent player in India's energy sector. Established in 1956, the company is primarily engaged in mining lignite and generating electricity from lignite-based thermal power plants. NLC India is instrumental in harnessing brown coal reserves and converting them into substantial power outputs, contributing significantly to the nation’s energy grid. The company is a key player in both lignite mining and power generation, with its efforts focused on enhancing efficiency and sustainability. NLC India's operations predominantly affect industries concerned with energy production, infrastructure development, and environmental management. It also explores renewable energy ventures to diversify its energy generation portfolio, aligning with global shifts towards cleaner energy solutions. As a public enterprise, NLC India Ltd. plays a pivotal role in promoting self-reliance in energy resources, advancing India's energy security and reducing the reliance on coal imports. The company's strategic initiatives and expansion plans are crucial for meeting the growing energy demands of urban and rural India.
- Sector
- Utilities
- Industry
- Utilities - Regulated Electric
- Listing
- NSE: NLCINDIA
- Chief executive
- Mr. K. S. Gopalakrishnan
- Employees
- 10,227
- Headquarters
- Cuddalore, India
- ISIN
- INE589A01014
- Website
- nlcindia.in
Public research · Report of
Business model & financial foundation
NLC India (NSE: NLCINDIA), Power generation (lignite/coal-fired thermal and renewables) with captive lignite and coal mining: revenue of ₹17,490 crore in FY26 (+14.4% on FY25), an EBITDA margin of 32.0%, net profit of ₹3,522 crore and net debt of ₹26,959 crore.
- Revenue, FY26 (₹ crore)
- 17,490
- consolidated
- Revenue growth, FY26
- +14.4%
- on FY25
- EBITDA margin, FY26
- 32.0%
- EBITDA (Core operating EBITDA excluding other income and regulatory) / revenue
- Net profit, FY26 (₹ crore)
- 3,522
- to owners
- Return on equity, FY26
- 17.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 26,959
- Net debt (borrowings less bank cash and current investments)
- Market capitalisation (₹ crore)
- 35,408
- at the close of 14 Oct 2026
Company profile
NLC India is a Government of India (Ministry of Coal) enterprise that mines lignite at Neyveli (Tamil Nadu) and Barsingsar (Rajasthan) and coal at Talabira (Odisha) and Pachwara (Jharkhand), and burns most of it in its own pit-head thermal stations. Group capacity is about 8.4 GW (6,620 MW thermal, ~1.8 GW renewables) after Ghatampur Unit III in June 2026. Power is sold to state distribution companies under CERC cost-plus tariffs (15.5% base RoE), so earnings scale with regulated equity and plant availability; lignite and surplus coal are sold at notified prices.
| Item | Value |
|---|---|
| Legal name | NLC India Limited (formerly Neyveli Lignite Corporation Limited) |
| Exchange and ticker | NSE: NLCINDIA; BSE: 513683 |
| ISIN | INE589A01014 |
| CIN | L93090TN1956GOI003507 |
| Sector | Utilities |
| Industry | Power generation (lignite/coal-fired thermal and renewables) with captive lignite and coal mining |
| Headquarters | Cuddalore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sundaram & Srinivasan and PKF Sridhar & Santhanam LLP (joint statutory auditors appointed by C&AG) (since FY26) |
| Market capitalisation | ₹35,408 crore (14 Oct 2026) |
| Shares outstanding | 138.66 crore shares (FY26) |
| Price | ₹245.4 (close, 14 Oct 2026) |
| 52-week range | ₹230.0 - ₹387.8 (to 14 Oct 2026) |
| Website | https://www.nlcindia.in |
Corporate structure and shareholding
Parent: President of India (Government of India, Ministry of Coal).
| Entity | Holding | Business |
|---|---|---|
| NLC Tamil Nadu Power Ltd (NTPL) | 89% | 2x500 MW coal-fired plant at Tuticorin |
| Neyveli Uttar Pradesh Power Ltd (NUPPL) | 51% | 3x660 MW Ghatampur coal-fired plant, JV with UPRVUNL; all units on COD by 13 Jun 2026 |
| NLC India Renewables Ltd (NIRL) | 100% | Solar and wind assets (~1,430 MW transferred 1 Jan 2026) and pipeline; IPO planned |
| NLC India Green Energy Ltd (NIGEL) | 100% | Green energy vehicle |
| NLC Rajasthan Power Ltd | 74% | Rajasthan power project vehicle |
| Coal Lignite Urja Vikas Pvt Ltd (CLUVPL) | 50% | JV with Coal India (lignite-to-methanol/ power) |
Talabira II&III coal mine (Odisha) and Pachwara South block are held in the parent; 3x800 MW Talabira TPP under construction in the parent.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.20% | 72.20% | 69.47% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 3.22% | 3.61% | 4.62% | |
| Domestic institutions | 13.71% | 13.97% | 12.94% | |
| of which mutual funds | 9.60% | 9.49% | 9.46% | |
| Retail | 6.56% | 5.91% | 8.66% | |
| Other | 4.31% | 4.31% | 4.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NLC is a government-controlled lignite/coal miner and power generator. Neyveli/Barsingsar pithead lignite largely feeds own thermal plants; Talabira supplies surplus coal externally as well as the future Talabira TPP. Regulated generation earns capacity charges on admitted capital and fuel charges; utilisation is not the same as availability for fixed-charge recovery. NUPPL is51%-owned, NTPL89%, NIRL100%; consolidation captures the new plants and excludes intragroup mining/power revenue. Owners profit is after minorities, not total group PAT.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Mining (lignite and coal) | 8,795 | 50.3% |
| Power (thermal and renewable) | 15,169 | 86.7% |
| Intersegment revenue elimination | -6,475 | -37.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| NTPC (NTPC) | Largest central PSU generator, cost-plus regulated thermal plus RE pipeline and IPO'd RE subsidiary |
| NHPC (NHPC) | Central PSU regulated generator (hydro), same CERC RoE framework |
| SJVN (SJVN) | Central PSU generator building thermal and RE, similar capex-led growth phase |
| Coal India (COALINDIA) | Ministry of Coal PSU miner; comparator for NLC's mining arm and coal block ramp |
| Tata Power (TATAPOWER) | Integrated private generator with captive coal and RE growth |
| JSW Energy (JSWENERGY) | Private thermal plus RE generator in a capacity build phase |
| Adani Power (ADANIPOWER) | Large private coal-fired generator; thermal capacity cycle comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 11,945 | 16,165 | 13,001 | 15,283 | 17,490 |
| Cost of revenue (vendor classification) * | 3,879 | 5,309 | 4,645 | 2,085 | 3,369 |
| Other operating costs (vendor classification) * | 1,029 | 901.5 | 2,575 | 5,446 | 5,984 |
| EBITDA (vendor classification) * | 5,013 | 5,895 | 5,517 | 6,513 | 7,475 |
| EBIT * | 3,452 | 2,891 | 3,660 | 4,629 | 5,097 |
| Finance costs | 848.6 | 835.3 | 849.3 | 931.8 | 1,222 |
| Profit before tax including regulatory movement | 2,603 | 2,056 | 2,882 | 3,697 | 3,875 |
| Total tax expense (negative = credit) | 1,488 | 630.7 | 1,014 | 983.6 | 105.9 |
| Group PAT including associates, before NCI allocation | 1,116 | 1,426 | 1,868 | 2,714 | 3,769 |
| Diluted EPS after regulatory deferral adjustment (₹) | 7.88 | 10.28 | 13.47 | 18.90 | 25.40 |
| Other income | 947.1 | 1,606 | 977.4 | ||
| Employee benefits expense | 2,708 | 3,076 | 2,549 | ||
| Other expenses | 5,253 | 5,281 | 5,984 | ||
| Depreciation and amortisation | 1,825 | 1,884 | 2,379 | ||
| Net regulatory deferral movement: profit contribution | 1,073 | 66.2 | 909.5 | ||
| Reported exceptional line (signed contribution) | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 13.5 | 92.3 | 247.3 | ||
| Profit attributable to owners | 1,854 | 2,621 | 3,522 | ||
| Share of profit of associates and joint venture | 0.25 | 0.24 | 0.28 | ||
| Fuel consumed plus signed inventory change | 1,505 | 2,085 | 3,369 | ||
| Core operating EBITDA excluding other income and regulatory | 3,536 | 4,840 | 5,588 | ||
| Cost of fuel consumed, net of capitalisation | 1,744 | 2,262 | 3,417 | ||
| Inventory change: increases negative | -239.0 | -177.0 | -48.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners excluding NCI | 16,374 | 17,626 | 16,531 | 18,723 | 21,525 |
| Current and noncurrent borrowings excluding leases | 22,086 | 22,333 | 22,379 | 22,392 | 27,802 |
| Cash equivalents plus other bank balances | 139.4 | 77.5 | 700.1 | 319.7 | 842.2 |
| Current plus noncurrent trade receivables | 3,710 | 4,264 | 4,042 | 4,193 | 3,338 |
| Inventories | 1,201 | 1,183 | 1,484 | 1,913 | 2,281 |
| Trade payables * | 1,518 | 950.9 | 1,518 | 1,898 | 1,350 |
| PPE plus right-of-use assets, excluding intangibles/CWIP | 1,241 | 2,064 | 23,162 | 30,486 | 36,344 |
| Capital work in progress | 12,909 | 14,636 | 17,726 | 15,297 | 14,293 |
| Total assets including regulatory debit balances | 49,785 | 53,068 | 54,942 | 57,851 | 65,202 |
| Non-controlling interests equity | 2,835 | 3,222 | 3,749 | ||
| Cash and cash equivalents only | 565.5 | 187.0 | 711.5 | ||
| Bank balances other than cash equivalents | 134.6 | 132.7 | 130.7 | ||
| Net debt (borrowings less bank cash and current investments) | n.r. | n.r. | 26,959 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 7,327 | 673.2 | 5,512 | 8,977 | 5,166 |
| Free cash flow (vendor definition) * | 6,829 | 1,568 | 2,364 | 1,637 | -2,779 |
| Dividends paid (the provider's sign: an outflow is negative) * | -456.9 | -428.3 | -498.5 | -440.3 | -736.1 |
| Cash purchase of PPE/preliminary expenses including CWIP (outflow) | -913.7 | -2,553 | -3,168 | -7,340 | -7,945 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| NLC India ordinary shares outstanding (crore) | 138.66 | 138.66 | 138.66 | 138.66 | 138.66 |
| Company EBITDA including other income and regulatory movement | 5,556 | 6,513 | 7,475 | ||
| Borrowing costs capitalised (not incremental P&L exceptional) | 1,150 | 789.1 | |||
| Fuel costs transferred to CWIP | 137.9 | 286.0 | |||
| Employee costs transferred to CWIP | 88.7 | 63.7 | |||
| Other expenses transferred to CWIP | 555.0 | 104.9 | |||
| Depreciation/amortisation transferred to CWIP | 36.2 | 10.3 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,657 | 4,411 | 3,836 | 3,826 | 4,178 | 4,443 | 5,042 | 4,717 |
| Cost of revenue (vendor classification) * | 679.6 | 516.3 | 259.7 | 1,029 | 942.9 | 684.7 | 1,250 | |
| Other operating costs (vendor classification) * | 1,210 | 1,415 | 1,621 | 1,283 | 1,316 | 1,934 | 1,408 | |
| EBITDA (vendor classification) * | 1,726 | 1,524 | 1,818 | 1,432 | 1,708 | 2,577 | 1,700 | |
| EBIT * | 1,314 | 1,066 | 1,237 | 892.4 | 1,112 | 1,882 | 1,034 | |
| Finance costs | 180.4 | 236.6 | 325.3 | 298.8 | 289.2 | 269.3 | 364.3 | 382.1 |
| Profit before tax including regulatory movement | 1,133 | 829.8 | 912.1 | 593.6 | 921.3 | 842.6 | 1,518 | 651.6 |
| Total tax expense (negative = credit) | 151.0 | 133.8 | 443.7 | -245.6 | 196.6 | 118.7 | 36.2 | 215.3 |
| Group PAT including associates, before NCI allocation | 982.4 | 696.0 | 468.5 | 839.2 | 724.8 | 724.0 | 1,481 | 436.3 |
| Diluted EPS after regulatory deferral adjustment (₹) | 7.08 | 5.02 | 3.48 | 5.75 | 5.23 | 4.80 | 10.05 | 3.49 |
| Other income | 716.8 | 489.3 | 135.9 | 290.2 | 168.3 | 364.1 | 154.8 | 151.1 |
| Employee benefits expense | 694.7 | 656.6 | 1,094 | 578.9 | 615.4 | 704.7 | 649.7 | 588.1 |
| Other expenses | 1,210 | 1,415 | 1,621 | 1,283 | 1,451 | 1,316 | 1,934 | 1,408 |
| Depreciation and amortisation | 412.6 | 457.9 | 580.5 | 539.3 | 547.9 | 596.6 | 694.8 | 665.9 |
| Net regulatory deferral movement: profit contribution | -63.3 | -788.9 | 820.6 | 206.7 | 190.3 | -135.1 | 647.5 | 77.1 |
| Reported exceptional line (signed contribution) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 70.6 | 27.9 | -13.5 | 41.6 | 59.7 | 58.0 | 88.0 | -47.9 |
| Profit attributable to owners | 911.9 | 668.1 | 482.0 | 797.6 | 665.1 | 666.0 | 1,393 | 484.3 |
| Share of profit of associates and joint venture | 0.01 | 0.08 | 0.10 | 0.06 | 0.07 | 0.09 | 0.06 | 0.06 |
| Fuel consumed plus signed inventory change | 679.6 | 516.3 | 259.7 | 1,029 | 712.4 | 942.9 | 684.7 | 1,250 |
| Core operating EBITDA excluding other income and regulatory | 1,073 | 1,824 | 861.4 | 934.8 | 1,400 | 1,479 | 1,774 | 1,471 |
| Cost of fuel consumed, net of capitalisation | 771.1 | 526.8 | 514.1 | 776.3 | 825.3 | 778.4 | 1,037 | 1,042 |
| Inventory change: increases negative | -91.5 | -10.5 | -254.4 | 252.4 | -112.9 | 164.5 | -352.5 | 207.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.3% | 35.3% | -19.6% | 17.5% | 14.4% |
| EBITDA margin | 27.2% | 31.7% | 32.0% | ||
| Net margin | 14.3% | 17.2% | 20.1% | ||
| Return on equity | 10.9% | 14.9% | 17.5% | ||
| Return on capital employed | 8.5% | 7.4% | 9.3% | 11.6% | 11.3% |
| Return on assets | 3.4% | 4.6% | 5.7% | ||
| Net debt (₹ crore) | 26,959 | ||||
| Net debt / EBITDA | 4.82x | ||||
| Interest cover | 4.07x | 3.46x | 4.31x | 4.97x | 4.17x |
| Asset turnover | 0.23x | 0.31x | 0.24x | 0.27x | 0.28x |
| Receivable days | 113 | 96 | 113 | 100 | 70 |
| Inventory days (on revenue) | 37 | 27 | 42 | 46 | 48 |
| Payable days (on revenue) | 46 | 21 | 43 | 45 | 28 |
| Cash conversion | 2.97x | 3.42x | 1.47x | ||
| Capex intensity | 7.6% | 15.8% | 24.4% | 48.0% | 45.4% |
| Free cash flow (₹ crore) | 6,413 | -1,880 | 2,344 | 1,637 | -2,779 |
| Dividend payout | 26.9% | 16.8% | 20.9% | ||
| EPS, diluted (₹) | 7.88 | 10.28 | 13.47 | 18.90 | 25.40 |
| Book value per share (₹) | 118.1 | 127.1 | 119.2 | 135.0 | 155.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Core operating EBITDA excluding other income and regulatory) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less bank cash and current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Core operating EBITDA excluding other income and regulatory).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after regulatory deferral adjustment).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on NLC India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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