NLCINDIA
Large CapNLC India Limited
Power
NLC India Limited is a Navratna Government of India enterprise, established in 1956, headquartered in Neyveli, Tamil Nadu. It's a leader in lignite mining and power generation, diversifying into coal mining, thermal, renewables, critical minerals, and consultancy, operating 6 mines and 17 power plants.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +31% YoY · PAT +216% YoY · margin expansion · +13% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,042 Cr | +31.4% | +13.5% |
| EBITDA | ₹1,774 Cr | +106.0% | +32.0% |
| Operating margin | 35.0% | +1300 bps | +500 bps |
| PAT | ₹1,481 Cr | +216.4% | +104.6% |
| PAT margin | 29.4% | +1717 bps | +1307 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
NLC India reported strong FY2026 results with revenue up 14% YoY to ₹17,490 Cr and PAT up 39% YoY to ₹3,769 Cr. Operational highlights include highest-ever coal production (19.14 MT) and dispatch (17.69 MT), 963 MW capacity additions, and record renewable generation (2.26 BU).
NLC India demonstrates strong financial performance and operational records in FY2026, coupled with a clear strategic pivot towards renewable energy and diversification into critical minerals and green hydrogen, aligning with India's dual energy mandate.
Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Renewable Energy Expansion
Targeting 10,110 MW RE capacity by 2030; NIRL secured 2 GW RE projects + 3300 MWh BESS.
Coal & Lignite Mining Growth
Achieved highest-ever annual coal production (19.14 MT) and dispatch (17.69 MT) in FY26, with Pachwara South Coal Mine commencing production.
Thermal Capacity Expansion
Added 660 MW thermal capacity in FY26; upcoming projects include Odisha Pithead TPS (2,400 MW) and TPS II 2nd Expansion (1,000 MW).
Diversification into New Frontiers
Successful bidder for critical mineral blocks; implementation underway for a 4 MW Green Hydrogen project at Neyveli.
Total Capacity Added FY26
963 MW (660 MW Thermal + 303 MW Renewables).
Pachwara South Coal Mine
Coal production commenced in March 2026.
Mine-I Washed Silica Sand Plant
1.0 MTPA plant commissioned in February 2026, with commercial sale commenced.
NUPPL Ghatampur (UP) Unit III
Expected COD June 2026.
India's Dual Energy Mandate
National commitment to 500 GW non-fossil capacity by 2030 while building conventional capacity for base-load demand.
Supportive Renewable Energy Policy
MNRE Bidding Trajectory of 50 GW RE bids/annum and PLI scheme for domestic manufacturing de-risk the build-out.
Indigenous Lignite Fuel Security
Lignite is a low-cost indigenous fuel; pithead plants minimize logistics cost and lock in supply, with NLCIL contributing ~51% of national output.
Regulatory and Tariff Norms
Affecting power tariff determination, requiring legal recourse and engagement with regulators.
Land Acquisition Delays
Impacting project rollout, necessitating state-specific R&R policies and proactive stakeholder engagement.
Cost and Time Overruns
On projects under implementation, requiring digital tracking tools and legal safeguards in contracts.
Lignite Mining Costs
From deeper overburden and input inflation, mitigated by strategic outsourcing and high-efficiency equipment.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company's financial and operational highlights are primarily presented on a Year-on-Year basis, reflecting annual performance and growth trends across its mining and power generation segments.
Annual Coal Production
19.14 MT, highest ever from Talabira II & III OCP in FY26.
Annual Coal Dispatch
17.69 MT, highest ever from Talabira II & III OCP in FY26.
Renewable Generation
2.26 BU in FY26, highest ever green power generation.
Capacity Additions
963 MW added in FY26 (660 MW Thermal + 303 MW Renewables).
NIRL IPO Plan
An Initial Public Offering of NIRL is planned in FY2027 to support the renewable build-out toward 10 GW.
No New Fossil-Fuel Assets Post-2030
Committed to no new conventional fossil-fuel assets beyond 2030.
Balanced Energy Platform by 2030
Target to exit FY2030 as a Balanced 20,130 MW Integrated Energy Platform, with Clean and Green energy at parity with thermal.
New Revenue Lines from Diversification
Critical minerals, Green Hydrogen, Lignite-to-Methanol, BESS, and EV charging to open entirely new revenue lines.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Renewable Capacity Target | Current operational capacity is 1,734 MW. | Watch for progress towards the 10,110 MW target by 2030. |
| NIRL IPO Execution | IPO for NIRL is planned in FY2027. | Watch for successful execution and valuation of the IPO to fund renewable expansion. |
| Capex Deployment Efficiency | Consolidated Capex was ₹9,131 Cr in FY26. | Watch for efficient deployment of the ₹1.01 Lakh Crore capex plan to meet project timelines. |
| Debt-to-Equity Ratio | Debt-to-Equity Ratio was 1.29x in FY2026. | Watch for prudent financial management to maintain leverage amidst significant expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +30.5% / mo
Technical chart
NLCINDIAdaily · 5Y+24.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 rising (~10.1% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 60.8%.
- Growth contributes 21/25 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 34th percentile within Power. Main check: balance sheet trust is weak at 35/100.
Healthy Trust Lite: Promoter holding is 72.2%. Key concern: Altman Z is 1.74.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 34th pctile, median 67 · Large: 22nd pctile, median 74
70 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.2%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.74.
- ▸Debt/equity is 1.30.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 2.17
- EV/EBITDA
- 9.35
- Market Cap
- 46570.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 10.40%
- ROA
- 5.78%
- Dividend Y
- 1.07%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 1.30
- Interest Coverage
- 4.57×
- Altman Z
- 1.74
- Book Value
- 155.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 5166.00 Cr
- EPS TTM
- 25.40
Shareholding
- Promoter Hold
- 72.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 69%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.