NLC India

Listed Utility / PSU — per-stock model.

As of 21 Aug 2026

Utility / PSU—

CMP ₹270NSE: NLCINDIA

Latest concall

Q4 FY26 · 27 May 2026

FY26 consolidated PAT record ₹3,769cr (+39%); standalone ₹2,525cr; revenue ₹21,525cr (+15%).
Q4 PAT surged 189% YoY; EBITDA margin ~43%.
Coal production 19.14 MT (+11.3%); Pachwara South (9 MTPA) began March 2026.
Added 1,013 MW in FY26: 660 MW Ghatampur Unit-2 (thermal) plus 303 MW RE.

Order-book execution

NIRL executes 2 GW of secured RE plus storage toward 10 GW by 2030, with an NIRL IPO slated for FY27.

Management guidance

Scale RE to 10,110 MW by 2030; NIRL secured 2 GW (incl 600MW solar + 300MW/1,800MWh ESS).
NIRL IPO planned FY27 (25% stake); 1.4 GW RE assets transferred to NIRL for monetization.

Q4 FY26 results / investor meet, May 2026

UC + pipeline

2GW

own capacity, not an order book

Revenue FY26E

17,490₹ cr

EBITDA margin

32%

P/E

11.7×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	6,075	1,540	25.0%	1,580	—	—	—	—	—	9.4	—
FY16	7,828	2,494	32.0%	68	—	—	—	—	—	0.5	—
FY17	11,094	5,097	46.0%	2,457	—	—	—	—	—	16.0	—
FY18	11,289	3,887	34.0%	1,957	—	—	—	—	—	12.7	—
FY19	9,871	2,257	23.0%	1,537	—	—	—	—	—	10.9	—
FY20	10,325	3,286	32.0%	1,453	—	—	—	—	—	10.4	—
FY21	9,936	2,620	26.0%	1,345	—	—	—	—	—	9.5	—
FY22	12,070	3,951	33.0%	1,116	—	—	—	—	—	7.9	—
FY23	16,165	5,740	36.0%	1,426	—	—	—	—	—	10.1	—
FY24	13,001	3,438	26.0%	1,868	—	—	—	—	—	13.4	—
FY25	15,322	4,747	31.0%	2,714	—	—	—	—	—	18.9	—
FY26	17,490	5,588	32.0%	3,769	—	—	—	—	—	25.4	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	5,134	1,236	24.0%	837	16.3%
Q1FY24	3,316	1,194	36.0%	414	12.5%
Q2FY24	2,978	835	28.0%	1,086	36.5%
Q3FY24	3,164	905	29.0%	254	8.0%
Q4FY24	3,541	333	9.0%	114	3.2%
Q1FY25	3,376	1,082	32.0%	567	16.8%
Q2FY25	3,657	1,013	28.0%	982	26.9%
Q3FY25	4,411	1,035	23.0%	696	15.8%
Q4FY25	3,836	861	22.0%	468	12.2%
Q1FY26	3,826	935	24.0%	839	21.9%
Q2FY26	4,178	1,400	34.0%	725	17.4%
Q3FY26	4,443	1,344	30.0%	724	16.3%
Q4FY26	5,042	1,774	35.0%	1,481	29.4%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

11.7×

EV / EBITDA

10.9×

P/B

1.7×

Operating metrics

What the rest of the dashboard tracks for NLC India — capacity, auctions, offtake, manufacturing and returns.

2,400 MW

Auctions won

6 auctions

600 MW

PPAs signed

1 agreement

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
16 Jul 2026	SECI	Wind	200	3.78	source
13 Jul 2026	GUVNL	Wind	100	3.51	source
2 Jul 2026	NHPC	Solar	600	2.73	source
4 Jun 2026	SECI	Solar + BESS	600	3.12	source
18 Mar 2026	GUVNL	Solar	300	2.34	source
20 Feb 2026	SECI	Solar + BESS	600	3.12	source

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Barsingsar 300 MW solar (Rajasthan)	0.3 GW	Q4 FY26	Q4 FY26	—	commissioned
Khavda 600 MW solar (Gujarat, GSECL) Original SCOD Dec-2025 revised to Q2FY27 on adverse weather; Q3FY26 already split into ~300 MW by end-FY26 + 300 MW early FY27; further slippage flagged.	0.6 GW	Q3 FY26	Q2 FY27	+3Q	delayed
Rajasthan 810 MW solar (RRVUNL)	0.81 GW	FY28	FY28	—	on track
Tamil Nadu 250 MW / 500 MWh BESS	0.5 GWh	FY28	FY28	—	on track

PPA / PSA signings

Power-purchase agreements from the maintained tracker

IPPs

Date	Agency	Type	MW	₹/kWh
20 Feb 2026	SECI	Solar + BESS	600	3.12

Policy exposure

Schemes whose impact note names this company

Policy

CPSU Scheme Phase-II (Government Producer)ManufacturingActive
Directs guaranteed orders to state producers — NTPC, SJVN, NHPC, NLC India — and, through the DCR rule, to the domestic module makers supplying them.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026