NLC India Limited
NSE: NLCINDIA · Power Generation · sector
₹229.35NSE close 2026-10-26
Key numbers
Market cap₹31,803 cr
Price₹229.35
52w high / low₹388 / ₹229
P/E9.6xSector median 18.7x
P/B1.5xSector median 1.5x
Book value₹155.2
Dividend yield2.31%Sector median 1.39%
ROE15.7%Sector median 4.5%
ROCE9.0%Sector median 6.2%
OPM33.3%Sector median 33.3%
Debt / equity1.29xSector median 0.90x
EV/EBITDA9.6xSector median 9.8x
Interest cover3.4x
Current ratio0.80x
Sales growth 3y+2.7%Sector median +3.1%
Profit growth 3y+36.1%Sector median +19.3%
PEG0.27x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 35 companies in Power Generation (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹843 cr vs borrowings ₹27,802 cr (FY26): borrowings are higher by ₹26,959 cr.
- Borrowings rose in each of the last 3 years (₹22,306 cr → ₹27,802 cr).
- Operating profit covered interest 3.4x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 2.73 percentage points in a year, to 69.47% (2026-09-30).
- Operating cash flow was below net profit in 0 of the last 5 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 27% of net profit in the last 12 months.
- Debtor days went from 106 (FY24) to 70 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹229.35 on 2026-10-26: -40.9% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹349.10 · low ₹194.28
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,657 | 4,411 | 3,836 | 3,826 | 4,178 | 4,443 | 5,042 | 4,717 |
| EBITDA | 1,076 | 1,827 | 861 | 935 | 1,400 | 1,479 | 1,774 | 1,471 |
| OPM % | 29.4% | 41.4% | 22.5% | 24.4% | 33.5% | 33.3% | 35.2% | 31.2% |
| Other income | 713 | 486 | 136 | 290 | 168 | 364 | 155 | 151 |
| Net profit | 912 | 668 | 482 | 798 | 665 | 666 | 1,393 | 436 |
| EPS (₹) | 7.71 | 9.75 | 3.38 | 6.05 | 5.23 | 5.22 | 10.05 | 3.49 |
| Revenue YoY | +14.2% | +0.7% | +31.5% | +23.3% | ||||
| Profit YoY | -27.1% | -0.3% | +189.1% | -45.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 11,948 | 16,165 | 12,999 | 15,283 | 17,490 | 18,381 |
| EBITDA | 4,553 | 5,829 | 3,536 | 4,840 | 5,588 | 6,125 |
| Net profit | 1,093 | 1,396 | 1,854 | 2,621 | 3,522 | 3,161 |
| EPS (₹) | 8.05 | 10.28 | 13.47 | 19.57 | 25.40 | 23.99 |
| Revenue growth | +35.3% | -19.6% | +17.6% | +14.4% | +16.9% | |
| Profit growth | +27.7% | +32.8% | +41.4% | +34.4% | +10.5% | |
| Dividend / share (₹) | 3.00 | 3.00 | 3.50 | 3.00 | 5.10 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +2.7% | +12.2% | +16.8% |
| Net profit | +36.1% | +21.8% | +10.5% |
| EPS | +35.2% | +21.2% | – |
| Share price | – | -3.9% (2y) | -10.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 15,169 | 16,531 | 18,723 | 21,525 |
| Borrowings | – | 22,306 | 22,379 | 22,392 | 27,802 |
| Cash & equivalents | – | 251 | 746 | 320 | 843 |
| Total assets | – | 53,068 | 54,942 | 57,851 | 65,202 |
| Fixed assets | – | 23,879 | 23,162 | 30,486 | 36,344 |
| Capital work in progress | – | 14,636 | 17,726 | 15,297 | 14,293 |
| Investments | – | 8 | 8 | 8 | 8 |
| Receivables | – | 4,264 | 3,772 | 3,141 | 3,338 |
| Inventory | – | 1,183 | 1,484 | 1,913 | 2,281 |
| Payables | – | 1,985 | 1,518 | 1,898 | 1,350 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 7,770 | 3,761 | 5,624 | 8,977 | 5,166 |
| Cash from investing | -763 | -2,089 | -3,151 | -7,160 | -7,549 |
| Cash from financing | -7,025 | -1,735 | -1,985 | -2,196 | 2,907 |
| Capex | 917 | 2,603 | 3,259 | 7,340 | 0 |
| Free cash flow | 6,853 | 1,158 | 2,364 | 1,637 | 5,166 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 9.2% | 11.2% | 14.0% | 16.4% |
| ROCE % | – | 14.0% | 6.8% | 11.1% | 8.5% |
| Debtor days | – | 96 | 106 | 75 | 70 |
| Inventory days | – | 179 | 360 | 335 | 247 |
| Payable days | – | 301 | 368 | 332 | 146 |
| Cash conversion cycle (days) | – | -26 | 98 | 78 | 171 |
| Working capital days | – | 57 | 35 | -64 | -44 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 69.47% |
| FIIs | 4.61% |
| DIIs | 13.64% |
| of which Mutual funds | 10.11% |
| of which Insurance | 3.50% |
| Government | 4.31% |
| Public (non-institutions) | 7.97% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 72.20% | 72.20% | 72.20% | 72.20% | 72.20% | 72.20% | 69.47% | 69.47% |
| Promoter group | % |
|---|---|
| President of India | 69.47% |
| State Industries Promotion Corporation of Tamilnadu Ltd | 1.94% |
| Tamilnadu Industrial Development Corporation Ltd | 1.08% |
| Public holders above 1% | % |
|---|---|
| NIPPON LIFE INDIA TRUSTEE LTD. (Under Various Sub accounts) | 5.58% |
| KOTAK MAHINDRA TRUSTEE CO (Under Various Sub Accounts) | 2.48% |
| SBI Life Insurance Co. Ltd | 1.68% |
| LIFE INSURANCE CORPORATION OF INDIA and LIFE INSURANCE CORPORATE OF INDIA P AND GS Fund | 1.15% |
3,64,754 shareholders. Pledged: 0.00% of promoter shares.
Peers in Power Generation
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| NTPC | ₹2,90,900 cr | 10.5x | 1.4x | 14.3% | 8.7% | 30.9% | +2.1% | 3.01% |
| ADANIGREEN | ₹2,05,875 cr | 113.6x | 9.5x | 9.1% | 7.3% | 86.3% | +18.4% | 0.16% |
| JSWENERGY | ₹82,396 cr | 40.1x | 2.7x | 6.8% | 7.2% | 53.2% | +22.3% | 0.44% |
| NHPC | ₹70,878 cr | 18.7x | 1.7x | 9.4% | 5.0% | 47.4% | +3.1% | 3.33% |
| NTPCGREEN | ₹68,877 cr | 115.1x | 3.6x | 3.2% | 3.6% | 87.1% | – | – |
| NLCINDIA | ₹31,803 cr | 9.6x | 1.5x | 15.7% | 9.0% | 33.3% | +2.7% | 2.31% |
| ACMESOLAR | ₹26,965 cr | 39.0x | 5.3x | 12.6% | 8.6% | 87.6% | – | 0.09% |
| SJVN | ₹19,256 cr | 30.2x | 1.4x | 4.5% | 5.5% | 69.8% | +15.5% | 2.97% |
| CLEANMAX | ₹13,612 cr | 127.6x | 2.9x | 2.0% | 5.4% | 59.2% | – | – |
| NAVA | ₹13,449 cr | 17.8x | 1.5x | 9.2% | 13.3% | 38.4% | +6.7% | 3.68% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Power - Thermal | ₹14,443 cr | 60.3% | ₹2,111 cr | 14.6% |
| Mining | ₹8,796 cr | 36.7% | ₹1,806 cr | 20.5% |
| Power - Renewables | ₹726 cr | 3.0% | ₹322 cr | 44.4% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-22 | Dividend | Dividend - Re 0.25 Per Share |
| 2026-01-20 | Dividend | Interim Dividend - Rs 3.60 Per Share |
| 2025-09-19 | Dividend | Dividend - Rs 1.50 Per Share |
| 2025-02-07 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2024-09-17 | Dividend | Annual General Meetingdividend - Re 1.50 Per Share |
| 2024-02-16 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2023-09-18 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2023-02-24 | Dividend | Dividend - Rs 1.50 Per Share |
| 2022-09-21 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2022-03-14 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2021-09-21 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2021-02-17 | Dividend | Interim Dividend - Re 1 Per Share |
| 2020-09-21 | Other | Annual General Meeting |
| 2020-03-05 | Dividend | Interim Dividend - Rs 7.06 Per Share |
| 2019-07-24 | Other | Annual General Meeting |
| 2019-03-26 | Dividend | Interim Dividend - Rs 4.53 Per Share |
| 2018-10-23 | Buyback | Buyback |
| 2018-07-20 | Dividend | Annual General Meeting/Dividend- Re 0.27 Per Share |
| 2018-03-26 | Dividend | Interim Dividend - Rs 4.23 Per Share (Purpose Revised) |
| 2017-09-21 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Electricity supply: Electric power generation
- Mining: Mining of coal and lignite
| Sector | Utilities |
| Industry | Power Generation |
| Sub-industry | Power Generation |
| Symbol | NLCINDIA |
| BSE code | 513683 |
| ISIN | INE589A01014 |
| Face value | ₹10.0 |
| Incorporated | 1956-11-14 |
| Website | https://www.nlcindia.in/website/en/ |
| Plants (India / abroad) | 24 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.