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NLC India Q2 FY27 results: net profit up 83.2% to ₹1,328 crore, revenue up 13.3%
NLC India Limited reported consolidated Q2 FY27 revenue of ₹4,732 crore, up 13.3% from Q2 FY26, while EBITDA declined 2.3% to ₹1,368 crore. Net profit rose 83.2% to ₹1,328 crore and basic EPS increased to ₹9.96 from ₹5.23.
Key points
- Consolidated Q2 FY27 revenue was ₹4,732 crore, up ₹553.94 crore or 13.3% year on year and ₹15.60 crore or 0.3% sequentially.
- EBITDA was ₹1,368 crore in Q2 FY27, down ₹32.02 crore or 2.3% from Q2 FY26, with margin declining 4.6 percentage points to 28.9%.
- Net profit was ₹1,328 crore, up ₹603.21 crore or 83.2% from Q2 FY26 and ₹891.68 crore or 204.4% from Q1 FY27.
- Basic EPS was ₹9.96, up ₹4.73 or 90.4% from Q2 FY26 and ₹6.47 or 185.4% from Q1 FY27.
- The board approved a 15% interim dividend, or ₹1.5 per equity share, with 12 November 2026 as the record date.
How did NLC India perform in Q2 FY27?
On a consolidated basis, NLC India reported revenue of ₹4,732 crore for Q2 FY27, up ₹553.94 crore or 13.3% from ₹4,178 crore in Q2 FY26. Revenue was also up ₹15.60 crore or 0.3% from ₹4,717 crore in Q1 FY27. EBITDA fell to ₹1,368 crore from ₹1,400 crore a year earlier and ₹1,471 crore in the previous quarter, while margin declined to 28.9% from 33.5% and 31.2%.
Net profit was ₹1,328 crore, compared with a net profit of ₹724.80 crore in Q2 FY26 and ₹436.33 crore in Q1 FY27. Basic EPS rose to ₹9.96 from ₹5.23 and ₹3.49, respectively. On the standalone basis, revenue was ₹2,690.88 crore and net profit was ₹1,205.00 crore, compared with standalone net profit of ₹485.49 crore in the year-ago quarter.
Profit before tax was ₹295.95 crore in Q2 FY27, down ₹435.05 crore or 59.5% from ₹731 crore in Q2 FY26 and ₹278.51 crore or 48.5% from ₹574.46 crore in Q1 FY27. Total income was ₹4,826.61 crore, up ₹479.89 crore or 11.0% year on year but down ₹41.24 crore or 0.8% sequentially.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,732 | 4,717 | 4,178 | +13.3% | +0.3% |
| Other income | 94.26 | 151.10 | 168.31 | −44.0% | −37.6% |
| Total expenses | 4,531 | 4,293 | 3,616 | +25.3% | +5.5% |
| EBITDA | 1,368 | 1,471 | 1,400 | −2.3% | −7.0% |
| EBITDA margin | 28.9% | 31.2% | 33.5% | −4.6 pp | −2.3 pp |
| Profit before tax | 295.95 | 574.46 | 731 | −59.5% | −48.5% |
| Tax | −863.31 | 215.28 | 196.61 | ||
| Net profit | 1,328 | 436.33 | 724.80 | +83.2% | +204.4% |
| EPS (₹) | 9.96 | 3.49 | 5.23 | +90.4% | +185.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NLC India's costs and profit?
Total expenses increased by ₹914.94 crore, or 25.3%, to ₹4,531 crore from ₹3,616 crore in Q2 FY26. Cost of materials rose ₹338.50 crore or 41.0% to ₹1,164 crore, finance costs increased ₹148.39 crore or 51.3% to ₹437.57 crore, and depreciation rose ₹180.59 crore or 33.0% to ₹728.53 crore. Other expenses increased ₹57 crore or 3.9% to ₹1,508 crore, while employee cost declined ₹27.26 crore or 4.4% to ₹588.10 crore.
Other income fell ₹74.05 crore or 44.0% to ₹94.26 crore from ₹168.31 crore in Q2 FY26. There was no exceptional item in either quarter. The tax line moved to a tax credit of ₹863.31 crore from tax expense of ₹196.61 crore, a difference of ₹1,060 crore, while profit before tax fell; the filing does not state a reason for these movements.
Against Q1 FY27, total expenses rose ₹237.27 crore or 5.5%, including cost of materials up ₹121.34 crore, finance costs up ₹55.45 crore and depreciation up ₹62.61 crore. Other income declined ₹56.84 crore or 37.6%, while the tax line moved to a tax credit of ₹863.31 crore from tax expense of ₹215.28 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,164 | 825.33 | +338.50 | +41.0% |
| Employee cost | 588.10 | 615.36 | −27.26 | −4.4% |
| Finance costs | 437.57 | 289.18 | +148.39 | +51.3% |
| Depreciation | 728.53 | 547.94 | +180.59 | +33.0% |
| Other expenses | 1,508 | 1,451 | +57 | +3.9% |
| Total expenses | 4,531 | 3,616 | +914.94 | +25.3% |
| Other income | 94.26 | 168.31 | −74.05 | −44.0% |
| Tax | −863.31 | 196.61 | −1,060 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, NLC India reported consolidated revenue of ₹9,449.10 crore, up ₹1,445.08 crore or 18.1% from ₹8,004.02 crore in H1 FY26. Total income rose ₹1,231.89 crore or 14.6% to ₹9,694.46 crore, while profit before tax fell ₹247.48 crore or 22.1% to ₹870.41 crore from ₹1,117.89 crore.
Net profit for H1 FY27 was ₹1,764.34 crore, up ₹200.33 crore or 12.8% from ₹1,564.01 crore in H1 FY26. Basic EPS increased ₹2.17 or 19.2% to ₹13.45 from ₹11.28.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 9,449 | 8,004 | +18.1% |
| Profit before tax | 870.41 | 1,118 | −22.1% |
| Net profit | 1,764 | 1,564 | +12.8% |
| EPS (₹) | 13.45 | 11.28 | +19.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹67,384.65 crore, compared with ₹65,202.26 crore at 31 March 2026, while total equity was ₹27,052.83 crore against ₹25,274.01 crore. Borrowings were ₹28,157.92 crore versus ₹27,801.94 crore, and cash was ₹650.61 crore compared with ₹711.48 crore.
Inventories declined to ₹1,847.96 crore from ₹2,281.28 crore, trade receivables increased to ₹3,739.80 crore from ₹3,337.69 crore, and trade payables rose to ₹1,564.32 crore from ₹1,349.78 crore. In H1 FY27, operating cash flow was ₹2,771.70 crore, compared with ₹3,204.87 crore in H1 FY26; investing cash flow was negative ₹1,996.64 crore against negative ₹3,821.57 crore.
Financing cash flow was negative ₹835.93 crore in H1 FY27, compared with positive ₹835.37 crore a year earlier. Capital expenditure was ₹3,895.33 crore, compared with ₹3,937.87 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 67,385 | 65,202 |
| Total equity | 27,053 | 25,274 |
| Borrowings | 28,158 | 27,802 |
| Cash and equivalents | 650.61 | 711.48 |
| Inventories | 1,848 | 2,281 |
| Trade receivables | 3,740 | 3,338 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,772 | 3,205 |
| Cash from investing | −1,997 | −3,822 |
| Cash from financing | −835.93 | 835.37 |
| Capital expenditure | 3,895 | 3,938 |
Source: Company's results filing (XBRL).
How has NLC India done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. Over the reported period, revenue peaked at ₹5,042.46 crore in Q4 FY26 and was ₹4,732.35 crore in Q2 FY27. Net profit reached its highest level in Q4 FY26 at ₹1,481.45 crore, while the Q2 FY27 figure was ₹1,328.01 crore.
The EBITDA margin peaked at 41.4% in Q3 FY25 and fell to 22.5% in Q4 FY25. It recovered to 35.2% in Q4 FY26, then declined to 31.2% in Q1 FY27 and 28.9% in Q2 FY27.
Which businesses drove the quarter?
Mining generated revenue of ₹2,295.88 crore in Q2 FY27, up 6.1% from ₹2,164.42 crore in the year-ago quarter. Segment EBIT was ₹321.87 crore, compared with ₹411.41 crore, with an EBIT margin of 14.0%.
Thermal power reported revenue of ₹3,760.93 crore and EBIT of ₹358.82 crore, with an EBIT margin of 9.5%. Renewable power reported revenue of ₹242.26 crore and EBIT of ₹132.61 crore, with an EBIT margin of 54.7%. Year-ago revenue and EBIT figures were not provided for these two segments.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Mining | 2,296 | +6.1% | 321.87 | 14.0% |
| Power - Thermal | 3,761 | 358.82 | 9.5% | |
| Power - renewable | 242.26 | 132.61 | 54.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved and declared an interim dividend of 15%, or ₹1.5 per equity share, on paid-up equity shares of face value ₹10 each for FY 2026-27. The record date was fixed at 12 November 2026, and the dividend is to be paid to eligible shareholders in accordance with statutory timelines, in one or more tranches.
The board also approved fund raising through the issuance of bonds in the nature of debentures of up to ₹2,500 crore in a phased manner, based on requirement, through private placement and listing on both BSE and NSE. It approved setting up an additional 660 MW unit as an expansion project of NUPPL within the existing 1,886-acre premises of Ghatampur Thermal Power Station.
The company also approved an Offer for Sale of up to 10,00,00,000 equity shares of face value ₹10 each held in NLC India Renewables Limited, as part of the proposed IPO of NIRL, subject to applicable regulatory requirements. The same-day filings did not announce any appointment.
How did NLC India shares react?
NLC India's shares rose 1.1% within 5 minutes of the filing appearing, 1.8% after 15 minutes and 2.1% after 30 minutes. From the previous close of ₹230.83, the stock was up 8.3% on the reaction day at ₹241.96, compared with a 1.8% median move for the Power Generation industry.
The reaction-day move was 6.5 percentage points above the industry median. Earlier results-day moves were mixed: the stock fell 5.8% on 7 August 2026, rose 14.2% on 13 May 2026, fell 1.8% on 10 February 2026 and fell 3.1% on 29 October 2025.
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | +1.1% | |
| 15 minutes | +1.8% | |
| 30 minutes | +2.1% | |
| Reaction day | +8.3% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −5.8% |
| 13 May 2026 | +14.2% |
| 10 February 2026 | −1.8% |
| 29 October 2025 | −3.1% |
| 7 August 2025 | −0.7% |
| 19 May 2025 | +2.0% |
| 3 February 2025 | +7.7% |
| 25 October 2024 | −1.9% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Among 13 other Power Generation companies that had filed for the quarter, the median revenue growth was 21.2%. Seven peers grew revenue faster than NLC India, while six grew more slowly.
Profit increased at 10 of the 14 peers for which profit was compared.
| NLC India revenue growth (YoY) | +13.3% |
|---|---|
| Median of 13 other Power Generation companies | +21.2% |
| Companies with slower revenue growth than NLC India | 6 of 13 |
| Companies with faster revenue growth than NLC India | 7 of 13 |
| Companies whose net profit rose | 10 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was NLC India's revenue in Q2 FY27?
Revenue from operations was ₹4,732 crore, up 13.3% from ₹4,178 crore in Q2 FY26 (consolidated).
Did NLC India make a profit in Q2 FY27?
Yes. Net profit was ₹1,328 crore, against a net profit of ₹724.80 crore in Q2 FY26.
What was NLC India's EPS in Q2 FY27?
Basic earnings per share were ₹9.96, against ₹5.23 in Q2 FY26.
How did NLC India shares react to the Q2 FY27 results?
On the reaction day the stock moved +8.3% from the previous close; the median Power Generation stock moved +1.8%.
When did NLC India announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Regulation 29 & 50 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Prior Intimation Of Board Meeting. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting And Interim Dividend (BSE, 4 November 2026) · PDF
- Financial Results For Q2 (BSE, 4 November 2026) · PDF
- Offer For Sale (OFS) Of Up To 10,00,00,000 (Ten Crore) Equity Shares Of Face Value Of Rs.10 Each Held By The Company In NLC India Renewables Limited (NIRL), Wholly Owned Subsidiary, As Part Of The Proposed Initial Public Offering (IPO) Of NIRL, Subject To Compliance With The Applicable Provisions Of The SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2018, And Other Applicable Statutory And Regulatory Requirements. The Board Had Earlier, At Its Meeting Held On 12.01.2026, Accorded In-Principle Approval For The Listing Of NIRL, Which Was Duly Intimated. (BSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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