NLC India Ltd Q1 FY26 Earnings Analysis

- Revenue from operations target to increase from ₹13,000 Crore (FY 2024-25) to ₹37,000 Crore by 2030. - Profit after Tax (PAT) expected to grow from ₹1,868 Crore (2024) to ₹5,294 Crore by 2030. - Asset base to expand from ₹57,851 Crore (FY 2024-25) to ₹1,59,746 Crore by 2030. - EBITDA margin aimed to improve from 38.6% to 50.6% by 2030. - Lignite mining capacity goal: 104.35 million tons by 2030. - Thermal power generation capacity target: 10,020 MW by 2030. - Renewable energy capacity target: 10,110 MW by 2030, achieving a 50:50 thermal to renewable capacity ratio. - Current year (FY 2025-26) renewable capacity addition target: 1 GW; next year 1.5 GW; subsequently 1-1.5 GW annually to reach 10 GW by 2030. - Coal production target: 25 million metric tons for the current financial year.

- NLC India Limited aims to increase profit after tax (PAT) from ₹1,868 Crore in 2024 to ₹5,294 Crore by 2030. - Total revenue from operations is targeted to grow from the present ₹13,000 Crore to ₹37,000 Crore by 2030. - EBITDA margin is expected to improve from 38.6% to 50.6% by 2030. - The company plans aggressive capacity expansion: targeting 10 GW renewable capacity by 2030, up from the current 1.4 GW, adding 1-1.5 GW annually. - Equity requirements (~₹23,000 Crore) for these projects are planned to be met from internal resources and asset monetization. - Profit margins anticipated to increase yearly with Ghatampur units and growing renewable capacity. - Operating cash flow has supported CAPEX fully in FY2025, showing strong internal accrual growth potential. - Overall, steady growth in earnings, operating profits, and EPS is expected driven by capacity expansions, operational efficiencies, and renewable asset monetization.

- Total CAPEX requirement over next five years: ₹1.16 Lakh Crore. - Conventional Thermal Power stations CAPEX ratio: 70:30 (debt:equity). - Renewables CAPEX ratio: 80:20. - Equity requirement estimated at ₹23,000 Crore, to be met from internal resources and asset monetization. - Renewable Energy capacity target: Increase from 1.4 GW to 10 GW by 2030, with 1 GW target for FY 2025-26 and 1.5 GW for FY 2026-27. - Battery storage, EV charging stations, pumped storage projects (two) planned. - Diversification into critical minerals mining with preferred bids received. - Green hydrogen pilot project of 4 MW underway, more projects in pipeline. - Asset monetization of 1.4 GW RE assets targeted to raise around ₹4,000 Crore, planned IPO in Q2 FY 26-27. - Coal capacity expansion including 3,720 MW coal plants (Ghatampur, Talabira). - Mining capacity targets: 104.35 million ton lignite by 2030.

- NLC India Limited plans to meet its equity requirement of around ₹23,000 Crore for a ₹1.16 Lakh Crore CAPEX over the next five years primarily through internal accruals. - The company generated a profit of around ₹2,700 Crore in the current year and expects increased profits with additional operational capacity. - Asset monetization is a key strategy: the ongoing monetization of 1.4 GW Renewable Assets through the subsidiary NIRL aims to raise about ₹4,000 Crore, which will be used for equity requirements. - Debt levels are currently conservative with a debt-equity ratio of 1.20 times, and regulatory norms allow leverage up to 2.33 times, providing headroom for borrowing if needed. - No immediate plans for external equity fundraising were mentioned; however, an IPO of the renewable subsidiary NIRL is expected by the second quarter of FY 2026-27 for further monetization.

- Current order book under execution is over ₹1 lakh crore. - The CAPEX requirement projected is ₹1.16 lakh crore over the next five years. - Equity requirement for the CAPEX is around ₹23,000 crore. - Equity funding planned primarily through internal accruals supported by increasing profit margins and asset monetization. - The company is progressively adding capacity across thermal, renewable, and mining segments with a total capacity target of 20,130 MW by 2030, maintaining a 50:50 ratio between thermal and renewable energy. - Major ongoing projects include Ghatampur thermal units, Talabira coal plant, and various renewable energy projects totaling several GW under execution and pipeline stages.