Arthneeti

NLC India Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Midcap 150 · Nifty CPSE · Nifty Energy · NIFTY Midcap 100 · Nifty 200 · NIFTY LargeMidcap 250 · +3 more

₹237.91-1.79% today
Market cap
₹32,970 Cr
P/E
8.41
ROE
13.88%
PEG
1.20
Price to sales
1.74
Debt to equity
1.21
52W high / low
₹371 / ₹228
Sales growth (5Y)
12.01%
EBITDA margin
31.47%
Net profit margin
17.06%
Promoter holding
69.47%
Sales (last year)
₹18,935 Cr

NLC India is engaged in the business of mining of lignite and generation of power by using lignite as well as Renewable Energy Sources.(Source : 202003 Annual Report Page No:89)

Guidance scorecard · Q2 FY27 call

What NLC India's management guided
and where it ranks in Power

#8of 24 in
Power
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ4 FY26 call

20–40%
  • FY '27 revenue projected at ₹25,300 Cr, up from ₹17,500 Cr in FY '26, driven by increased production/generation across mining, thermal, and renewables.
  • Mining: Pachwara South Coal Block to produce over 2 million metric tons coal in FY '27; Talabira mine targeting 20 million metric tons production.
  • Thermal: Ghatampur Thermal Power Station Unit III nearing commercial operation, making entire 1980 MW operational, boosting generation.
  • Renewables: Around 1 GW solar capacity addition expected in FY '27, with existing projects like Khavda solar park adding more capacity.
  • Overall capacity target: 10 GW each of thermal and renewable power by 2030, aiming for 50:50 thermal to renewable mix.

2 more points from NLC India's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what NLC India said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • FY 2025-26 CapEx Plan: ₹19,722 crores for power, ₹1,490 crores for mining, ₹2,388 crores for renewables; total ₹23,600 crores including JVs.
  • Projects under construction and planning include 5,800 MW renewables with assured land and transmission.
  • Battery Energy Storage Systems orders: 500 MWh (Tamil Nadu), 1,800 MWh (SECI), 500 MWh (Punjab); target completion within 18 months.
  • Thermal projects: Ghatampur Unit III commissioning soon; activities ongoing at Talabira, NTPL, NNTPS; Odisha TPS Phase I (2,400 MW) under construction; Phase II (800 MW) and TPS-II expansion tendering ongoing.
  • Critical Minerals: Two blocks in Chhattisgarh acquired; exploration and processing with ISM Dhanbad collaboration.

2 more points from NLC India's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

Planned

See what NLC India said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

  • Renewables competitive bidding: Approximately 2,000 MW
  • Ongoing CapEx plan for FY 2026-27: ₹23,600 crores including power (₹19,722 crores), mining (₹1,490 crores), and renewables (₹2,388 crores), reflecting a strong project pipeline.
  • These reflect NLCIL's significant current and expected orderbook pending execution.
Full Q4 FY26 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Adani PowerGood growth
    3
See all potential multibaggersWhere does NLC India rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,599 Cr8.2
240%+Flat₹28,541 Cr38.0
3Adani Power20–40%Flat₹3.95L Cr21.7
420–40%Flat₹2.34L Cr119.6
520–40%Flat₹1.78L Cr47.9
620–40%Flat₹1.13L Cr28.9

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Pro shows every company guiding 40%+ revenue growth →Full Power ranking

NLC India announcements

All announcements →

Financials of NLC India

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

NLC India

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +79.20%72.20%72.20%72.20%72.20%72.20%72.20%72.20%72.20%72.20%69.47%69.47%
FIIs +1.21%2.39%2.18%2.53%2.86%2.91%2.95%3.25%3.22%3.61%4.62%4.61%
DIIs +8.85%13.38%13.82%14.29%14.46%14.63%14.25%13.86%13.71%13.97%12.94%13.64%
Government +4.31%4.31%4.31%4.31%4.31%4.31%4.31%4.31%4.31%4.31%4.31%4.31%
Public +6.44%7.73%7.48%6.65%6.17%5.96%6.29%6.40%6.56%5.91%8.66%7.98%
No. of Shareholders1,90,1642,58,4982,86,7013,43,4113,48,1653,40,0213,37,5063,18,1003,06,4943,03,9193,33,0523,64,754

Financials of NLC India

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +2,9783,1643,5413,3763,6574,4113,8363,8264,1784,4435,0424,7174,732
YoY Sales growth-15%-14%-31%+2%+23%+39%+8%+13%+14%+1%+31%+23%+13%
Expenses +2,1432,2603,2082,2942,6443,3772,9752,8912,7793,0993,2683,2453,365
Operating Profit8359053331,0821,0131,0358619351,4001,3441,7741,4711,368
OPM %28%29%9%32%28%23%22%24%34%30%35%31%29%
Other Income +1,535149494362713489957497359364802228263
Interest214205199189180237325299289269364382438
Depreciation455446462433413458581539548597695666729
Profit before tax1,7014021658221,1338309125949218431,518652465
Tax %36%37%31%31%13%16%49%-41%21%14%2%33%-186%
Net Profit +1,0862541145679826964688397257241,4814361,328
EPS in Rs7.821.810.824.036.584.823.485.754.804.8010.053.499.96

Financials of NLC India

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +6,0757,82811,09411,2899,87110,3259,93612,07016,16513,00115,32217,51918,935
Sales growth+2%+29%+42%+2%-13%+5%-4%+21%+34%-20%+18%+14%+17%
Expenses +4,5355,3345,9987,4017,6147,0397,3168,11910,4259,56410,57511,96212,977
Operating Profit1,5402,4945,0973,8872,2573,2862,6203,9515,7403,4384,7475,5585,958
OPM %25%32%46%34%23%32%26%33%36%26%31%32%31%
Other Income +1,434-412-1,1767132,1251,5682,5311,544-8722,1181,7661,9171,657
Interest1504675885487001,1741,3139841,0128499321,2221,453
Depreciation4419101,0441,2321,1211,3341,5841,9091,8011,8251,8842,3792,686
Profit before tax2,3837052,2892,8212,5612,3452,2542,6032,0562,8823,6973,8753,476
Tax %34%90%-7%31%40%38%40%57%31%35%27%3%
Net Profit +1,580682,4571,9571,5371,4531,3451,1161,4261,8682,7143,7693,970
EPS in Rs9.420.5116.0112.7110.8710.399.477.8810.0713.3718.9025.4028.30
Dividend Payout %30%588%46%35%42%68%26%19%35%22%16%15%

Financials of NLC India

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,6781,6781,5291,5291,3871,3871,3871,3871,3871,3871,3871,3871,387
Reserves13,19811,10410,59811,82311,38311,51812,71412,80313,78215,14417,33620,13822,014
Borrowings +6,6018,42311,47913,21520,59827,23027,23422,08622,33322,41522,42927,89228,248
Other Liabilities +4,2798,4889,88811,88011,91712,49312,59313,54215,60516,04316,75215,38115,736
Total Liabilities25,75629,69333,49338,44845,28552,62853,92749,81853,10754,98957,90464,79867,385
Fixed Assets +6,65516,32715,99716,76517,65824,10926,44324,87524,05823,39130,69936,59640,625
CWIP10,9852,5425,2198,39713,85612,66211,59713,02214,63617,72615,29714,29311,306
Investments103131313131414788989
Other Assets +8,01410,81212,26513,27313,75915,84415,87411,91414,40513,86411,89813,90015,445
Total Assets25,75629,69333,49338,44845,28552,62853,92749,81853,10754,98957,90464,79867,385

Financials of NLC India

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,0361,3011,2254,5331,6201,6474,3907,7464,1715,5128,9775,166
Cash from Investing Activity +-502-1,380-4,332-4,593-6,119-5,812-2,212-763-2,499-3,059-7,160-7,549
Cash from Financing Activity +-1,23163-68984,4164,163-2,037-7,001-1,735-1,985-2,1962,907
Net Cash Flow-696-16-3,17439-83-2140-18-62468-379525
Free Cash Flow-196-390-2,998-104-4,627-4,2462,0686,8321,6182,3571,709-2,474
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit117%73%34%131%94%65%180%218%75%178%202%109%

Financials of NLC India

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days137174158147229301276112961069870
Inventory Days
Days Payable
Cash Conversion Cycle137174158147229301276112961069870
Working Capital Days8210410370-36-15-10315619-62-61
ROCE %10%10%21%13%11%9%8%8%13%7%11%8%

Guidance history

How NLC India's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q2 FY26 call →10–20%FlatPlannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

11out of 100

Momentum score · price trend

11 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,937 stocks
Last 12 months−8.4%43%
Last 6 months−32.6%3%
Last 3 months−13.6%21%

The price is 35.9% below its all-time high of ₹370.9 (14 May 2026). Stocks more than 20% below their peak have their score halved, so 23 became 11.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For NLC India: 0.4 × 43 + 0.4 × 3 + 0.2 × 21 = 23, halved to 11 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What NLC India's management said in earlier quarters

Earlier calls (8)

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  • KPI Green Energy (Q2 FY27)

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  • Reliance Power (Q2 FY27)

    (Note: Operating margin is stated as 62% for this quarter on page 24.) . Key results statement takeaways from Reliance Power Ltd's Q2 FY27 results statement — a