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NLC IndiaQ2 FY23

NLC India Q2 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹237.91P/E: 8.4Market Cap: ₹33.0K CrSector: Power

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3
  • NLC India Limited targets significant capacity expansion, with total CapEx planned at over INR 72,000 crore up to 2030 to drive growth.
  • FY 2023-24 CapEx target is INR 8,244 crore, expected to increase in subsequent years, supporting higher production and sales.
  • Coal production target for current year is 13 million tons, nearly doubling previous year's 6.35 million tons.
  • Coal supply prioritized to internal plants (NTPL) and NTPC under MOUs, with surplus coal to be auctioned, reflecting strong demand.
  • Renewable energy capacity completed 1,421 MW with an equity investment of INR 1,675 crore; no current solar projects under construction but planned expansions implied.
  • Power generation and exports show modest growth; coal production and sales increasingly contributing to revenue.
  • Emphasis on augmenting lignite and coal supplies in demand-constrained regions like Rajasthan to meet customer needs and improve realizations.

See what NLC India management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes
  • NLC India Limited is undertaking significant CapEx plans totaling around INR 72,000 crore plus over the next eight years, with targets of INR 8,244 crore for FY 2023-24.
  • The company has revised its corporate plan to avoid seeking any financial assistance in terms of equity.
  • It is focused on internal generation of funds and improving revenues through commissioned projects like Ghatampur (1,980 MW) and NNTPP.
  • Rakesh Kumar confirmed there is no plan to raise equity in the near term to finance expansions due to consolidated net worth and improved cash flows.
  • No explicit mention was made about new debt fundraising, but ongoing large CapEx projects and joint ventures indicate possible continued debt utilization or structured financing.
  • The company aims to balance shareholder dividends with growth capital requirements without adverse impact.

See what NLC India management said on order book — free account, 30 seconds.

Capex plans

Yes
  • Total CapEx target up to 2030: INR 72,000 crore plus, with INR 8,244 crore planned for FY23-24, likely increasing thereafter.
  • FY22-23 CapEx target: INR 2,920 crore split as follows:
  • - Mining projects: INR 190 crore (including Talabira mine 2 & 3, area extension, South Pachwara mine JV).
  • - Power sector: INR 860 crore (including NNTPS, NUPPL, Odisha thermal plant).
  • - Joint ventures: INR 1,770 crore (Pachwara INR 110 crore, NTPL FGD INR 250 crore, NUPPL Ghatampur INR 1,510 crore).
  • Coal gasification project approved by board with a cost of Rs. 4,394 crore; EPC tender initiated.
  • Talabira coal power plant and Neyveli 1320 MW power plant tenders progressing; award targeted by current financial year.
  • Ghatampur project (1,980 MW) progressing, expected to commission within a year.
  • Corporate plan revised to avoid equity infusion; growth to be funded internally without affecting dividend policy.

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How does NLC India rank vs peers in Power?

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What NLC India's management said in earlier quarters

Earlier calls (8)

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