In , NLC India Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +29.4% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q2 FY26 earnings • Updated Apr 18, 2026
What: Mining Blocks Won: 2 Critical Mineral Blocks
Impact: 1 MTPA by 2030
“NLCIL has been declared as preferred bidder for Semhardih Phosphorite ... maiden entry into critical minerals mining business.”
What: NUPPL Revenue: ₹1,360 Crore in H1
Impact: ₹24,430 Cr Total Revenue in FY26
“NUPPL has generated revenue amounting to ₹ 1,360 Crore. ... Unit-2 (660 MW) of the Ghatampur Thermal power project”
What: IPO Timeline: Q2 FY27
“IPO we are targeting to go by Q2 of FY '27. ... approval from cabinet for transfer of assets from NLC to NIRL.”
What: Solar PPA: 810 MW Rajasthan Solar
“810MW Rajasthan Solar project for which we recently signed PPA also. ... project completion time is 15 months.”
What: International NDA: Republic of Mali
“We signed the NDA with them, and we are awaiting due diligence of these blocks. These are in the Republic of Mali.”
What: H1 Revenue of ₹8,004 Crore
“NUPPL has generated revenue amounting to ₹ 1,360 Crore. ... NLCIL has generated ALL TIME HIGHEST revenue from Operations”
Earnings deceleration risks from management commentary
Trigger: TPS-II expansion units were under shutdown for major modifications, leading to ₹245 Crore under-recovery.
Impact: PAT impact: ₹334 Crore (Consolidated Under-recovery in Q1)
Management view: Modifications are being completed to improve reliability and reduce under-recovery in future quarters.
Monitor: regulatory
Trigger: Technical issues with milling systems have impacted the Plant Availability Factor (PAF).
Management view: Issues have been sorted out; management expects to maintain minimum PAF levels going forward.
Monitor: labor
Trigger: Entry into foreign geographies for critical minerals involves sovereign and political risks.
Management view: Conducting due diligence before proceeding.
Monitor: geopolitical
Key quotes from recent conference calls
“we said that we will be adding 1GW in FY'26, 1.5 in FY'27 and post that 1.5GW each year. So that target still holds? [Previous RE Capacity Addition guidance]”
“On this Talabira thermal coal production, so in FY'26, our target is of 20 million tons. Is that right? ... Yes, you're right. [Previous Talabira Coal Production guidance]”
“IPO we are targeting to go by Q2 of FY '27. ... approval from cabinet for transfer of assets from NLC to NIRL. [Initiative: NIRL Asset Transfer & IPO]”
“NLCIL has been declared as preferred bidder for Semhardih Phosphorite ... maiden entry into critical minerals mining business. [Initiative: Critical Minerals Entry]”
Headline numbers from the latest earnings call
Revenue
₹8,004 Crore
Why: The growth was driven by increased revenue from operations across the group, reaching an all-time high for the H1 period.
Revenue growth was supported by a 14% increase in operations compared to H1 FY 25.
EBITDA
₹3,190 Crore
Why: EBITDA performance reflects the operational scale-up, although the margin saw a slight compression from 38.6% in FY 25.
EBITDA margins remain stable near the 38% mark despite massive ongoing capex.
PAT
₹1,564 Crore
Why: PAT growth was marginal at 1% due to higher depreciation and finance costs associated with new project synchronizations.
Bottom line growth is currently constrained by the front-loading of interest and depreciation as units like NUPPL Unit-1 come online.
Other Highlights
• NUPPL Unit-1 generated ₹1,360 Crore revenue in H1 FY 26.
• Achieved all-time highest H1 revenue of ₹8,004 Crore.
• Consolidated net worth increased to ₹19,966 Crore.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Regulated Equity
₹9,713 Crore
Why: Increased by ₹329 Crore with the addition of NUPPL Unit-1.
Plant Load Factor (Group)
Not Given
Group Gross Generation
13.38 BU
Why: Reflects the combined output of standalone and JV power plants in H1.
Coal Production
74.87 LT
Why: Driven by production at Talabira mines.
Lignite Production
94.72 LT
Why: Reflects output from captive lignite mines in Tamil Nadu and Rajasthan.
Renewable Capacity
1,599 MW
Why: Includes 1,548 MW Solar and 51 MW Wind.
E-Auction Realisation
₹1,024
Why: Market prices for coal in e-auctions softened compared to the previous year's high of ₹1,354.
Debt to Equity Ratio
1.22
Why: Slight increase from FY25 (1.20) due to ongoing capex funding.
Forward-looking targets from management for FY 2026
OPM Guidance
41.9%
₹24,430 Crore
EBITDA Margin projected to expand to 41.9% in FY26
₹1.17 Lakh Crore
Expansion of Thermal (3,400 MW), RE (4,969 MW), and Mining (44.25 MTPA) capacities.
Mining capacity to reach 104.35 MTPA by 2030
Guidance Changes
FY26 Revenue: Not Given → ₹24,430 Crore
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +1% | +8% | Stable |
| PAT (Net Profit) | +4% | +34% | Stable |
| OPM | 30.0% | +700 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
NLC India Ltd's latest quarterly results (Dec 2025) show
NLC India Ltd's profit is growing with an stable trend.
NLC India Ltd's revenue growth trend is stable.
NLC India Ltd's operating margin is volatile.
NLC India Ltd's long-term compounding rates
NLC India Ltd's earnings growth is stable with mixed signals on a sequential basis.
NLC India Ltd's trailing twelve month (TTM) performance
NLC India Ltd appears significantly undervalued based on our fair value analysis.
NLC India Ltd's current PE ratio is 17.4x.
NLC India Ltd's current PE is 17.4x.
NLC India Ltd's price-to-book ratio is 2.3x.
NLC India Ltd is rated Average with a fundamental score of 58.59/100. This score is calculated from objective financial metrics
NLC India Ltd has a debt-to-equity ratio of N/A.
NLC India Ltd's return ratios over recent years
NLC India Ltd's operating cash flow is positive (FY2025).
NLC India Ltd's current dividend yield is 1.10%.
NLC India Ltd's shareholding pattern (Mar 2026)
NLC India Ltd's promoter holding has remained stable recently.
NLC India Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
NLC India Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
NLC India Ltd has 6 key growth catalysts identified from recent earnings analysis
NLC India Ltd has 3 key risks worth monitoring
In Q2 FY26, NLC India Ltd's management highlighted
NLC India Ltd's management has provided the following forward guidance for FY 2026
NLC India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why NLC India Ltd may be worth studying
NLC India Ltd investment thesis summary:
NLC India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
