NSE: NLCINDIA · BSE: 513683
NLC INDIA LIMITED
Operates an integrated coal mining and power generation business, with FY26 segment revenue of 9,076.95 crore from Mining (52.4% of segment revenue), 7,708.38 crore from Power-Thermal (44.5%), and 553.42 crore from Power-Renewables (3.2%). The Mining segment supplies fuel to the company's own thermal plants and generated segment EBIT of 1,813.83 crore; Power-Thermal operates coal-based generation with segment EBIT of 426.68 crore; and Power-Renewables, run through wholly-owned subsidiary NLC India Renewables Limited (NIRL), recorded segment EBIT of 259.16 crore. The renewables arm is expanding with solar and hybrid projects under way in Gujarat, Uttar Pradesh, Tamil Nadu and Odisha, and the thermal business is adding new coal-based capacity through joint ventures and long-term fuel supply arrangements. The Government of India, through the Ministry of Coal, is the promoter, and the company is a Navratna Central Public Sector Enterprise. Materials made up 19.5% of FY26 revenue, employees 14.6%, other operating expenses 34.2%, and depreciation 13.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mining (52%), Power-Thermal (45%), Power-Renewables (3%). Asset-heavy, integrated mining and power generation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,948 | 16,165 | 12,999 | 15,283 | 17,490 |
| EBITDA (ex other income) | 4,553 | 5,829 | 3,536 | 4,840 | 5,588 |
| margin % | 38.1 | 36.1 | 27.2 | 31.7 | 32.0 |
| Owners' profit | 1,093 | 1,396 | 1,854 | 2,621 | 3,522 |
| EPS, as reported (₹) | 8.05 | 10.28 | 13.47 | 19.57 | 25.40 |
| ROE % · ROCE % | 6.8 · 7.4 | 8.1 · 11.4 | 9.6 · 5.7 | 12.4 · 9.7 | 14.9 · 7.7 |
| Debt / equity (x) | 1.35 | 1.27 | 1.16 | 1.02 | 1.10 |
| Cash from operations | 7,770 | 3,761 | 5,624 | 8,977 | 5,166 |
| Capex | (917) | (2,603) | (3,259) | (7,340) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,657 | 4,411 | 3,836 | 3,826 | 4,178 | 4,443 | 5,042 | 4,717 |
| Profit before tax | 1,197 | 1,619 | 91 | 387 | 731 | 978 | 870 | 574 |
| Net profit | 982 | 696 | 468 | 839 | 725 | 724 | 1,481 | 436 |
| EPS (₹) | 7.71 | 9.75 | 3.38 | 6.05 | 5.23 | 5.22 | 10.05 | 3.49 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mining | 8,796 | 36.7 |
| Power - Thermal | 4,184 | 17.5 |
| Power - Renewables | 210 | 0.9 |
| Power Generation | 7,503 | 31.3 |
| Power | 3,272 | 13.7 |
| Total, before eliminations | 23,964 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,92,646 | 10.5 | 1.39 | 9.6 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,12,298 | 87.7 | 7.11 | 27.3 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 86,061 | 41.9 | 2.56 | 14.4 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 73,530 | 19.4 | 1.52 | 19.6 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 70,242 | 117.4 | 3.66 | 37.5 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED ◆ | 31,990 | 9.6 | 1.27 | 9.0 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 29,643 | 42.9 | 5.86 | 20.5 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,081 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.6 | 19.1 | 4 of 22 | 86% |
| P/B | 1.3 | 1.4 | 10 of 26 | 64% |
| ROCE | 5.4 | 2.7 | 7 of 29 | 79% |
| ROE | 14.9 | 5.3 | 4 of 26 | 88% |
| Debt / Equity | 1.1 | 0.8 | 17 of 26 | 36% |
| EBITDA margin | 34.4 | 53.8 | 18 of 24 | 26% |
| Revenue growth | 23.3 | 10.0 | 7 of 24 | 74% |
| Profit growth | (48.0) | 4.2 | 22 of 25 | 13% |
| Market cap | 31990 | 3297 | 6 of 29 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review September results and consider Rs 2,500 crore bonds | results | low | — | — |
| 22 Oct 2026 · NLC India signs agreements for 3,200 MW Odisha power project and diversification | compliance | low | — | — |
| 22 Oct 2026 · NLC India ESG rating upgraded from Adequate to Strong by ICRA | credit debt | medium | — | — |
| 20 Oct 2026 · NLC India receives CRISIL ESG rating of 57 | business updates | low | — | — |
| 14 Oct 2026 · NLC India arm wins 50 MW battery storage project in West Bengal | business updates | medium | — | — |
| 12 Oct 2026 · NLC India allots Rs 1,000 Crore Commercial Papers | fund raising | medium | — | — |
| 6 Oct 2026 · NLC India board notes stock exchange fine for governance non-compliance | regulatory legal | high | — | — |
| 5 Oct 2026 · NLC India appoints P L S S Chaitanya Prakash as Director (Power) | management changes | high | — | — |
| 3 Oct 2026 · Quarterly dematerialization compliance filing under SEBI Reg 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · NLC India AGM: All 11 resolutions passed, dividend and RE asset transfer approved | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.