Any current/future new fundraising through debt or equity?

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 regulator

Any current/future capex/capital investment/strategic investment?

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 underwa

Future growth expectations in sales/revenue/volumes?

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)

Future growth expectations in earnings/operating earnings/profits/EPS?

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

Current/ Expected Orderbook/ Pending Orders?

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,

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NLC India LtdQ1 FY25Power

NLC India Ltd Q1 FY25 Earnings Call Analysis

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

Price: ₹320P/E: 16.8Market Cap: ₹43.9K CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 1

→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.

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Fundraise plans

Yes

→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.

Order book

→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.

Capex plans

Yes

→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.

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