Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep
Source: Bse
NLC India Limited (NLCINDIA)
Large CapPower stocks · Large cap · NSE
NLC India Limited is a Navratna Government of India enterprise, established in 1956, headquartered in Neyveli, Tamil Nadu. It's a leader in lignite mining and power generation, diversifying into coal mining, thermal, renewables, critical minerals, and consultancy, operating 6 mines and 17 power plants.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -5.9% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NLCINDIAD candles · FIT view-24.0%Latest close ₹238.65 on 2026-10-21
Bar
-2.9%
RSI
35
MACD hist
-0.11
52W pos
5%
2026-10-21O ₹245.80H ₹245.80L ₹232.50C ₹238.65Vol 18.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NLCINDIANifty PowerNifty 500
- NLCINDIA
- -19.1%
- Nifty 500
- -6.5%
- Nifty Power
- -13.1%
- Vs Nifty 500
- -12.6 pp
Chart stats
21 Oct 2026- From 52W high
- -38.5%
- 52W range position
- 5%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.60x
- Avg traded value
- ₹29.5 Cr
- 20D price channel
- ₹232.5 - ₹269.8
₹387.8
₹230 - ₹387.8
₹8.2
Latest completed session
20-session average
33.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +23.3% · PAT -48.0% YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model+59.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 15/100PAT -48% YoY · Rev +23% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,717 Cr | +23.3% | -6.5% |
| EBITDA | ₹1,471 Cr | +57.3% | -17.1% |
| Operating margin | 31.0% | +700 bps | -400 bps |
| PAT | ₹436 Cr | -48.0% | -70.6% |
| PAT margin | 9.2% | -1269 bps | -2013 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.10
- P/B
- 1.66
- EV/EBITDA
- 7.49
- Market Cap
- 35727.00Cr
Profitability
- ROE
- 11.90%
- ROCE
- 8.42%
- ROA
- 5.20%
- Dividend Y
- 1.49%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 1.30
- Interest Coverage
- 4.59×
- Altman Z
- 1.64
- Book Value
- 155.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 5166.00 Cr
- EPS TTM
- 23.14
Shareholding
- Promoter Hold
- 69.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 4,717-6.4% vs prev
Net Profit
₹ CrLatest: 436-70.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
-10.5%
3M return
-19.1%
6M return
-19.6%
1Y return
-5.3%
RS 1D
+4
RS 20D
+12
Sector rank
#17
Industry rank
#26
Stage evidence
- Price is 18.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 87.28-1.42%
RS vs Nifty 50087
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation23/30
Growth13/25
Quality1/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 59.0%.
- Valuation contributes 23/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
11.1
PB
1.7
EV/EBITDA
7.5
ROE
11.9%
ROCE
8.4%
FCF Yield
—
Debt/Equity
1.3
MoS
+59.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+59.0%
Previous: +58.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹284.08
+16.0% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹581.51
+59.0% MoS
PEG
1.13
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 162
42
32.3
3.6%
-29%
WATCHLIST
SJVN
Large
SJVN Limited
Power Generation
match 161
17
31.4
4.6%
-1167%
OVERVALUED
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 160
36
26.2
12.5%
+13%
WATCHLIST
CESC
Small
CESC Limited
Power Generation
match 156
35
11.4
12.0%
-29%
WATCHLIST
POWERICA
Small
Powerica Limited
Power Generation
match 154
51
26.4
17.4%
+8%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T07:40:33.280Z
Management commentary snapshot
NLC India reported strong FY2026 results with revenue up 14% YoY to ₹17,490 Cr and PAT up 39% YoY to ₹3,769 Cr. Operational highlights include highest-ever coal production (19.14 MT) and dispatch (17.69 MT), 963 MW capacity additions, and record renewable generation (2.26 BU).
NLC India demonstrates strong financial performance and operational records in FY2026, coupled with a clear strategic pivot towards renewable energy and diversification into critical minerals and green hydrogen, aligning with India's dual energy mandate.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Thermal60.0%
Mines37.0%
Renewables3.0%
Growth engines
Renewable Energy Expansion
Targeting 10,110 MW RE capacity by 2030; NIRL secured 2 GW RE projects + 3300 MWh BESS.
Coal & Lignite Mining Growth
Achieved highest-ever annual coal production (19.14 MT) and dispatch (17.69 MT) in FY26, with Pachwara South Coal Mine commencing production.
Thermal Capacity Expansion
Added 660 MW thermal capacity in FY26; upcoming projects include Odisha Pithead TPS (2,400 MW) and TPS II 2nd Expansion (1,000 MW).
Diversification into New Frontiers
Successful bidder for critical mineral blocks; implementation underway for a 4 MW Green Hydrogen project at Neyveli.
Capacity and execution
Total Capacity Added FY26
963 MW (660 MW Thermal + 303 MW Renewables).
Pachwara South Coal Mine
Coal production commenced in March 2026.
Mine-I Washed Silica Sand Plant
1.0 MTPA plant commissioned in February 2026, with commercial sale commenced.
NUPPL Ghatampur (UP) Unit III
Expected COD June 2026.
Tailwinds
India's Dual Energy Mandate
National commitment to 500 GW non-fossil capacity by 2030 while building conventional capacity for base-load demand.
Supportive Renewable Energy Policy
MNRE Bidding Trajectory of 50 GW RE bids/annum and PLI scheme for domestic manufacturing de-risk the build-out.
Indigenous Lignite Fuel Security
Lignite is a low-cost indigenous fuel; pithead plants minimize logistics cost and lock in supply, with NLCIL contributing ~51% of national output.
Risk radar
Regulatory and Tariff Norms
Affecting power tariff determination, requiring legal recourse and engagement with regulators.
Land Acquisition Delays
Impacting project rollout, necessitating state-specific R&R policies and proactive stakeholder engagement.
Cost and Time Overruns
On projects under implementation, requiring digital tracking tools and legal safeguards in contracts.
Lignite Mining Costs
From deeper overburden and input inflation, mitigated by strategic outsourcing and high-efficiency equipment.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company's financial and operational highlights are primarily presented on a Year-on-Year basis, reflecting annual performance and growth trends across its mining and power generation segments.
Sector KPIs management disclosed
Annual Coal Production
19.14 MT, highest ever from Talabira II & III OCP in FY26.
Annual Coal Dispatch
17.69 MT, highest ever from Talabira II & III OCP in FY26.
Renewable Generation
2.26 BU in FY26, highest ever green power generation.
Capacity Additions
963 MW added in FY26 (660 MW Thermal + 303 MW Renewables).
Management forward view
NIRL IPO Plan
An Initial Public Offering of NIRL is planned in FY2027 to support the renewable build-out toward 10 GW.
No New Fossil-Fuel Assets Post-2030
Committed to no new conventional fossil-fuel assets beyond 2030.
Balanced Energy Platform by 2030
Target to exit FY2030 as a Balanced 20,130 MW Integrated Energy Platform, with Clean and Green energy at parity with thermal.
New Revenue Lines from Diversification
Critical minerals, Green Hydrogen, Lignite-to-Methanol, BESS, and EV charging to open entirely new revenue lines.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Renewable Capacity Target | Current operational capacity is 1,734 MW. | Watch for progress towards the 10,110 MW target by 2030. |
| NIRL IPO Execution | IPO for NIRL is planned in FY2027. | Watch for successful execution and valuation of the IPO to fund renewable expansion. |
| Capex Deployment Efficiency | Consolidated Capex was ₹9,131 Cr in FY26. | Watch for efficient deployment of the ₹1.01 Lakh Crore capex plan to meet project timelines. |
| Debt-to-Equity Ratio | Debt-to-Equity Ratio was 1.29x in FY2026. | Watch for prudent financial management to maintain leverage amidst significant expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 30th percentile within Power. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
68 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Power: 30th pctile, median 65 · Large: 14th pctile, median 73
Evidence depth
Financial-only
68 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 69.5%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.64.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 2.7%.
- ▸Debt/equity is 1.30.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching NLC India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Sep - Dr. Prasanna Kumar Acharya appointed CMD of NLC India from 17 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Sep - Dr. Prasanna Kumar Acharya appointed CMD of NLC India from 17 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Sep - NLCIL AGM announced 38.5% dividend, record PAT ₹3,769 crore, and major commissioning milestones.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appointed RVKS and Associates and G Natesan & Co. as joint statutory auditors for FY2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 10 Aug - India Ratings assigned/affirmed ratings for ₹1,102 crore loans, ₹2,500 crore NCDs, and ₹6,000 crore CPs.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 10 Jul - Gopal Singh appointed part-time official director from 10.07.2026; Sanoj Kumar Jha continues as CMD additional charge.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Joint Venture 8 Jul - NLC India signed JV with NALCO to form 50:50 JVC for 1,080 MW captive power plant at Angul.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - NLC India and NALCO signed JV for a 1,080 MW captive thermal plant at Angul, Odisha.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.