Nlc India Limited (NLCINDIA)

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Nlc India Limited (NLCINDIA) · mywealthgrid

About

NLC India Limited operates in power generation within the utilities sector, with a market capitalisation of ₹38,186.96 Cr. The company maintains strong operating margins (31.95% current, 28–35% in recent quarters) and ROE of 17.5%, reflecting the efficiency typical of India's regulated power utilities. Trading at PE of 11.34 with consistent dividend payments since 2024, the company demonstrates reliable cash generation.

Face value: ₹10

Market cap

₹35,109 Cr

P/E

10.4×

P/B

1.6×

Dividend yield

1.5%

ROE

17.5%

ROCE

8.2%

Debt / equity

1.29

OPM

32%

EPS (TTM)

₹24.3

Book value

₹155.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: recent quarterly OPM ranges from 28.83% to 35.19% — verify what drives these swings (coal costs, demand fluctuations, capacity utilisation)

Financial leverage: D/E of 1.29 is moderate-to-high for a capital-intensive utility — verify debt maturity profile and refinancing risk

Promoter dilution: shareholding declined from 72.2% (Mar 2026) to 69.47% (Jun 2026) in three months — verify whether continued, and its cause

Revenue volatility: quarterly revenue ranges ₹2,564–₹5,042 Cr — verify whether pattern reflects seasonality, demand changes, or maintenance outages

Generated analysis · source review pending

Growth drivers

ROE of 17.5% reflects efficient capital deployment; verify capex pipeline and whether retained earnings fund incremental growth

OPM at 31.95% with recent quarters 28–35% shows operational traction; verify whether further margin expansion or volume growth will drive earnings

Dividend consistency (2024–2026) indicates cash generation; verify capital allocation plan and retention ratio

Stock return of 18.03% over 1 year reflects investor confidence; verify whether gain came from earnings growth, multiple re-rating, or market rotation

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹253.2-1%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 32%
+Profit CAGR of 21.8% over the last 5 years
+High promoter holding of 69.5% with no pledge

Cons

−Promoter holding fell 2.7 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

61/100

Business quality: 41
Growth: 51
Valuation: 92

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—
Clean Max Enviro Energy Solutions LimitedCLEANMAXCLEANMAX	₹15,234 Cr	₹27,644 Cr	₹1,913 Cr	₹1,132 Cr	59.2%	₹94 Cr	4.5%	6.4%	2.6%	-1,192
Vedanta Power LimitedVEDPOWERVEDPOWER	₹12,814 Cr	₹18,646 Cr	₹5,453 Cr	₹1,040 Cr	19.1%	₹-1,713 Cr	-31.4%	11%	-88.4%	76
Jaiprakash Power Ventures LimitedJPPOWERJPPOWER	₹10,143 Cr	₹13,523 Cr	₹5,756 Cr	₹1,525 Cr	24.6%	₹641 Cr	8.1%	6.9%	3.6%	93
Reliance Power LimitedRPOWERRPOWER	₹8,028 Cr	₹22,840 Cr	₹7,690 Cr	₹2,361 Cr	31%	₹-319 Cr	-4.4%	6.1%	-2.1%	139

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,871	11,288	10,321	9,846	11,948	16,165	12,999	15,283	17,490
COGS	—	—	1,616	1,509	1,653	2,406	1,505	2,085	3,369
Gross profit	—	—	8,705	8,337	10,295	13,759	11,494	13,198	14,121
	8,233	7,618	5,257	5,530	6,131	7,916	7,958	8,358	8,532
	1,638	3,670	3,448	2,807	4,163	5,842	3,536	4,840	5,589
OPM %	16.6%	32.5%	33.4%	28.5%	34.9%	36.1%	27.2%	31.7%	32%
Depreciation	121	1,232	1,334	1,584	1,909	1,801	1,825	1,884	2,379
Interest	700	548	1,174	1,313	984	1,012	849	932	1,222
	—	—	1,269	1,882	988	1,206	947	1,606	977
Profit before tax	—	—	2,346	2,254	2,604	2,057	2,882	3,697	3,875
Tax	864	1,024	893	909	1,488	631	1,014	984	106
Tax %	—	—	38.1%	40.3%	57.2%	30.7%	35.2%	26.6%	2.7%
	1,957	1,537	1,453	1,345	1,116	1,426	1,868	2,714	3,769
PAT margin %	19.8%	13.6%	14.1%	13.7%	9.3%	8.8%	14.4%	17.8%	21.6%
EPS (₹)	—	—	10.5	9.7	8.1	10.3	13.5	19.6	25.4
EPS adjusted (₹)	—	—	10.4	9.5	7.9	10.1	13.4	18.9	25.4
	—	—	67.4%	25.8%	37.3%	34%	22.3%	15.3%	15.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,678	1,387	1,387	1,387	1,387	1,387	1,387	1,387
Reserves	13,647	—	12,098	12,803	13,782	15,144	17,336	20,138
Minority interest	—	—	1,897	2,185	2,457	2,835	3,222	3,749
	7,572	—	27,234	22,058	22,306	22,379	22,392	27,802
	6,767	—	10,676	11,353	13,136	13,196	13,515	12,126
Total equity & liabilities	29,664	—	53,292	49,785	53,068	54,942	57,851	65,202
	16,331	23,517	25,824	24,875	24,058	23,391	30,699	36,596
CWIP	2,334	—	11,495	12,909	14,636	17,726	15,297	14,293
Investments	0	—	14	7	8	8	8	8
	11,000	—	15,960	11,995	14,366	13,817	11,847	14,305
Total assets	29,664	—	53,292	49,785	53,068	54,942	57,851	65,202

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Power - Thermal	14,442.8	2,110.61	42,318.21	24,036.84	18,281.37	11.55
Mining	8,795.5	1,805.68

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	84.3%	84.7%	86.2%	85.1%	88.4%	86.4%	80.7%
EBITDA margin %	32.5%	33.4%	28.5%	34.8%	36.1%	27.2%	31.7%	32%
EBIT margin %	21.6%	20.5%	12.4%	18.9%	25%	13.2%	19.3%	18.4%
PAT margin %	13.6%	14.1%	13.7%	9.3%	8.8%	14.4%	17.8%	21.6%
Working capital
Receivable days	—	—	279	113	96	106	75	70
Inventory days	—	—	394	265	179	360	335	247
Payable days	—	—	459	335	301	368	332	146
NWC days	—	—	214	43	-25	98	78	171
Leverage
Current ratio	—	—	1.04	1.22	1.35	1.15	0.75	0.8
Debt to EBITDA	—	—	9.7	5.3	3.82	6.33	4.63	4.97
Debt to equity	—	—	2.02	1.55	1.47	1.35	1.2	1.29
Interest coverage	4.5	2.9	2.4	2.9	5.2	3.1	4.9	3.4
Asset turnover	—	—	0.18	0.24	0.3	0.24	0.26	0.27
Return ratios
Return on assets %	—	—	2.5%	2.2%	2.7%	3.4%	4.7%	5.8%
Return on capital employed %	—	—	7.7%	6.7%	11.8%	5.7%	9.7%	8.2%
Return on equity %	—	—	10%	7.9%	9.4%	11.3%	14.5%	17.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	79.2%	79.2%	72.2%	72.2%	72.2%	72.2%	72.2%	72.2%	72.2%	72.2%	72.2%	69.47%
	0.95%	1.21%	2.39%	2.18%	2.53%	2.86%	2.91%	2.95%	3.24%	3.22%	3.62%	4.62%
	9.18%	8.84%	13.38%	13.83%	14.3%	14.46%	14.63%	14.25%	13.85%	13.72%	13.97%	12.94%
Government	0%	0%	0%	0%	0%	0%	0%	0%	4.31%	4.31%	4.31%	4.31%
	10.67%	10.75%	12.03%	11.79%	10.97%	10.48%	10.26%	10.6%	6.4%	6.55%	5.9%	8.66%
No. of shareholders	—	—	—	—	—	—	—	—	3,18,100	3,06,494	3,03,919	3,33,052

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

8.74%

of the company's equity

All mutual funds

9.46%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

74 schemes · 13 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	2.76 Cr	737.68	0.89%	1.99%	+5.97 L
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	1.89 Cr	504.97	1.65%	1.362%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	1.78 Cr	475.97	0.91%	1.284%	—
CPSE ETF	Nippon India Mutual Fund	1.04 Cr	276.9	1.45%	0.747%	+11,729
Portfolio of Kotak Multi Asset Allocation Fund	Kotak Mahindra Mutual Fund	91.25 L	244.01	1.6%	0.658%	-0
ELSS Tax Saver Fund	Nippon India Mutual Fund	74.44 L	199.06	1.35%	0.537%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	72.99 L	195.18	0.35%	0.526%	—
POWER & INFRA FUND	Nippon India Mutual Fund	24.28 L	64.93	0.8%	0.175%	-0

1–8 of 74

1 / 10

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

92 announcementsExport CSV

1 Oct 2026, 7:09 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''''s Report

AGM PDF

30 Sept 2026, 7:46 pmCompany Update

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (LODR)

General PDF

30 Sept 2026, 3:27 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

29 Sept 2026, 9:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

29 Sept 2026, 6:51 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Sept 2026, 5:39 pmCompany Update

Regulation 30 & 51 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

29 Sept 2026, 5:35 pmOthers

Board Meeting Outcome for Regulation 30 & 51 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

Outcome without intimation PDF

28 Sept 2026, 6:40 pmCompany Update

Issuance Of Commercial Paper.

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:09 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''''s Report	PDF
30 Sept 2026, 7:46 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (LODR)

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	84.3%	84.7%	86.2%	85.1%	88.4%	86.4%	80.7%
EBITDA margin %	32.5%	33.4%	28.5%	34.8%	36.1%	27.2%	31.7%	32%
EBIT margin %	21.6%	20.5%	12.4%	18.9%	25%	13.2%	19.3%	18.4%
PAT margin %	13.6%	14.1%	13.7%	9.3%	8.8%	14.4%	17.8%	21.6%
Working capital
Receivable days	—	—	279	113	96	106	75	70
Inventory days	—	—	394	265	179	360	335	247
Payable days	—	—	459	335	301	368	332	146
NWC days	—	—	214	43	-25	98	78	171
Leverage
Current ratio	—	—	1.04	1.22	1.35	1.15	0.75	0.8
Debt to EBITDA	—	—	9.7	5.3	3.82	6.33	4.63	4.97
Debt to equity	—	—	2.02	1.55	1.47	1.35	1.2	1.29
Interest coverage	4.5	2.9	2.4	2.9	5.2	3.1	4.9	3.4
Asset turnover	—	—	0.18	0.24	0.3	0.24	0.26	0.27
Return ratios
Return on assets %	—	—	2.5%	2.2%	2.7%	3.4%	4.7%	5.8%
Return on capital employed %	—	—	7.7%	6.7%	11.8%	5.7%	9.7%	8.2%
Return on equity %	—	—	10%	7.9%	9.4%	11.3%	14.5%	17.5%

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,301	1,242	1,647	4,390	7,770	3,761	5,624	8,977	5,166
	-1,380	-4,332	-5,812	-2,212	-763	-2,089	-3,151	-7,160	-7,549
	63	-68	4,163	-2,037	-7,025	-1,735	-1,985	-2,196	2,907
Net cash flow	—	—	—	140	-18	-62	487	-379	525
Free cash flow	-394	-2,991	-4,248	2,071	6,853	1,158	2,364	1,637	5,166
CFO / Operating profit %	—	—	47.8%	156.4%	186.6%	64.4%	159.1%	185.5%	92.4%

Nlc India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

34

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

LIGNITE MINING · revenue

Nlc India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends34

Board meetings1

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

LIGNITE MINING · revenue

34

1