NLC India Ltd.

NSE: NLCINDIA · Power Generation

52W Range₹222 ₹388

Snapshot

Unlock NLC India Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NLC India Limited is a public sector enterprise primarily engaged in lignite mining and power generation through thermal, wind, and solar assets. The company operates open-cast mines across Tamil Nadu, Rajasthan, and Odisha, while also supplying raw lignite to industrial consumers.

Business Model

The company generates revenue through the sale of electricity produced from its thermal and renewable power plants and the extraction and sale of lignite and coal. It leverages its integrated mining-to-power infrastructure to supply fuel for its own thermal stations and external industrial clients.

  • Lignite Mining Capacity (Neyveli):28.50 MTPA
  • Lignite Mining Capacity (Barsingsar):2.10 MTPA
  • Coal Mining Capacity (Talabira II & III):20.0 MTPA

Growth Outlook

Growth is driven by the expansion of coal excavation operations at the Talabira mines and the continued diversification into renewable energy sources like solar and wind. The company aims to enhance its fuel security and power generation capacity to meet rising domestic energy demand.

Key Risks

  • Regulatory and Environmental Risk. Stricter environmental regulations regarding carbon emissions and mining operations could increase compliance costs or restrict future project development.
  • Fuel Price Volatility. Fluctuations in the market price of coal and lignite can impact the profitability of both mining and power generation segments.
  • Operational Concentration. The company's heavy reliance on specific mining sites in Tamil Nadu and Odisha exposes it to localized operational disruptions or geological challenges.
  • Counterparty Credit Risk. As a power supplier, the company faces potential payment delays from state-owned distribution companies, which may impact liquidity.

Price

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Key Metrics

REVENUE

₹17,490 Cr

TTM · consolidated

+14.5%YoY

NET PROFIT

₹3,769 Cr

TTM · consolidated

+38.9%YoY

EPS

₹26.55

TTM · consolidated

+6.5%YoY

RETURN ON EQUITY

19.4%

TTM · consolidated

+3.5 ppYoY

RETURN ON CAPITAL EMPLOYED

8.5%

TTM · consolidated

-1.2 ppYoY

P/E

11.3x

Q4 FY26 · consolidated

11.3 vs 26.1x5Y avg

EV/EBITDA

10.5x

Q4 FY26 · consolidated

10.5 vs 11.6x5Y avg

EBITDA MARGIN

37.5%

TTM · consolidated

-4.7 ppYoY

NET PROFIT MARGIN

29.4%

Q4 FY26 · consolidated

+17.2 ppYoY

DEBT TO EQUITY

1.3x

Q4 FY26 · consolidated

+0.09xYoY

Peers · Power Generation

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NLC India Ltd.NLCINDIA
36,01711.3310.4814.5%37.5%19.4%8.5%+26.1%
SJVN Ltd.SJVN
26,51042.9816.5147.4%78.3%4.5%6.0%-29.3%
Nava Ltd.NAVA
15,93521.218.857.7%44.4%13.2%13.3%-3.5%
ACME Solar Holdings Ltd.ACMESOLAR
14,96147.8217.94111.9%10.7%9.4%+41.0%
Jaiprakash Power Ventures Ltd.JPPOWER
10,22534.678.951.9%28.7%3.6%6.9%-28.5%
Clean Max EnviroCLEANMAX
9,60459.0%

As of Q4 FY26

Financials