NLC India Ltd(NLCINDIA)

NSE: NLCINDIABSE: 513683

₹ 228.65-2.08%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 31,705 crWebsite: www.nlcindia.inUpdated: 24 Oct 2026

About

NLC India Ltd is a government-owned integrated energy company operating lignite and coal mines, thermal power stations, and a growing renewable energy fleet. In FY26 the group generated ₹17,490 Cr in revenue and 28.95 BU of gross power, with 5,960 MW of thermal and 1,734 MW of renewable installed capacity. It operates primarily from Neyveli (Tamil Nadu) and Ghatampur (Uttar Pradesh) for thermal, Talabira (Odisha) and Pachwara (Jharkhand) for coal, and Rajasthan for solar.^[1][2]

Installed and under-construction capacity

Thermal installed capacity: 5,960 MW as of FY26-end; renewable installed capacity: 1,734 MW (solar and wind) as of FY26-end.^[1]
963 MW was added in FY26: 660 MW thermal (NUPPL Ghatampur Unit II, COD December 2025) and 303 MW renewable (300 MW Rajasthan solar + 3 MW rooftop).^[1]
NUPPL Ghatampur Unit III (660 MW) was targeted for COD June 2026, completing the full 1,980 MW Ghatampur thermal station.^[1]
Odisha Pithead TPS Phase I (2,400 MW, 3×800 MW) is under development at estimated cost ₹27,213 Cr; Unit 1 COD targeted February 2030, Unit 2 August 2030, Unit 3 February 2031.^[3]
NLC India plans a 50:50 JV with NALCO for a 1,080 MW (4×270 MW) captive thermal power plant; approved by DIPAM in September 2026.^[4]

Mining operations and coal production

Talabira II & III OCP (Odisha) produced 19.14 MT of coal in FY26, up 11.28% YoY, with dispatch of 17.69 MT - both described as highest-ever.^[1]
Pachwara South OCP (9 MTPA capacity, Dumka, Jharkhand) commenced coal production in March 2026; FY27 production target is 2 MMT.^[1]
Lignite production at Neyveli ran at 144.39 lakh tonnes in the nine months to December 2025, against 241 lakh tonnes for the full year FY25.^[3]
Total mining capacity is targeted to grow from 50 MTPA to 104.35 MTPA by 2030 (lignite 41.35 MTPA, coal 62 MTPA, critical minerals 1 MTPA).^[3]

Key operating numbers

Gross power generation (group): 28.95 BU in FY26; renewable generation: 2.26 BU in FY26.^[1]
Group PLF: 65% in H1 FY26; Plant Availability Factor (group): 63% in H1 FY26.^[5]
Fixed cost under-recovery (standalone): ₹865 Cr in FY26 at an 86% recovery rate, up from ₹822 Cr in FY25.^[1]
Mining segment EBITDA: ₹2,030 Cr in FY26; thermal segment EBITDA: ₹1,393 Cr; renewables segment EBITDA: ₹492 Cr.^[1]
Talabira e-auction coal realisation fell to ₹1,024/tonne in Q1 FY26 from ₹1,354/tonne in Q1 FY25.^[6]

Customers and offtake

Talabira coal is fully tied up across NTPL, NTPC (MoU), DVC and e-auction; bridge linkage from ECL, NCL, CCL secured as interim supply for Ghatampur.^[5]
NIRL secured a 200 MW long-term PPA with SJVNL and a 110 MW solar captive supply to NCRTC (Uttar Pradesh).^[3]
TPS-II 2nd Expansion (1,000 MW) PPAs have already been signed with Tamil Nadu and Pondicherry.^[5]

Renewable energy expansion (NIRL)

Seven operational RE assets (1.4 GW) were transferred from NLCIL to subsidiary NIRL; GOI approved listing of NIRL via fresh equity issue plus disinvestment of 25% of NLCIL's stake through a public offering.^[1]
NIRL's under-construction RE pipeline totals 2 GW solar/wind plus 3,300 MWh BESS across PSPCL, NHPC, GUVNL, SECI, NCRTC, TNGECL and NTPC as of Q4 FY26.^[1]
600 MW Khavda (Gujarat) solar project targeted COD September 2026 at estimated cost ₹3,336 Cr; 810 MW Rajasthan solar targeted COD March 2028 at ₹4,788 Cr.^[3]
RE capacity roadmap: 4,216 MW by end FY27, 5,910 MW by FY28, 7,910 MW by FY29, and 10,110 MW (solar 9,609 MW, wind 501 MW) by FY30.^[1]
NIRL PTC Renewables Limited formed as a JV with PTC India Limited (74:26 equity split) for green energy projects, in September 2026.^[7]
NIRL won a contract from SJVN Limited to set up 265 MW / 530 MWh BESS in Haryana at a capacity charge of ₹2,35,000 per MW per month.^[8]

Capex and funding

Group capex reached ₹9,131 Cr in FY26 (+18% YoY), described as the highest-ever; FY27 total capex plan is ₹23,600 Cr (₹19,722 Cr power segment).^[1]
Total capex through FY30 planned at ₹1.01 lakh Cr: green energy ₹33,048 Cr, thermal ₹44,452 Cr, mining ₹12,834 Cr, diversification ₹10,669 Cr.^[1]
NLCIL raised €100 million ECB from KFW Germany as a green loan at below-domestic rates; total interest savings from loan rationalisation were ~₹1,200 Cr in FY26.^[1]

Recent developments

September 2026: NLC India approved a 50:50 JV with NALCO to develop a 1,080 MW captive thermal power plant, with DIPAM approval received 8 September 2026.^[4]
September 2026: NIRL formed NIRL PTC Renewables Limited, a 74:26 JV with PTC India Limited, for green energy development.^[7]
September 2026: NIRL secured a 265 MW / 530 MWh BESS contract from SJVN Limited for Haryana at ₹2,35,000 per MW per month capacity charge.^[8]
NLCIL entered critical minerals mining in Q1 FY26, declared preferred bidder for two phosphorite and limestone blocks in Balod, Chhattisgarh, targeting 1 MMT production by 2030.^[6]
A 4 MW green hydrogen plant (producing 300 kg H₂/day) is under implementation at Neyveli with an 18-month timeline from project kick-off.^[1]

Market Cap

₹31,705 Cr

High / Low

₹388 / 230

Stock P/E

11.1

Price / Book

1.6

Book Value

₹155

EPS

₹25.4

No. of Shares

138.66 Cr

ROCE

8.5%

ROE

17.5%

OPM

22.7%

Debt / Equity

1.29

Sales

₹17,490 Cr

Net Profit

₹3,769 Cr

Promoter holding

69.5%

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NLC India Ltd(NLCINDIA)

About

Installed and under-construction capacity

Mining operations and coal production

Key operating numbers

Customers and offtake

Renewable energy expansion (NIRL)

Capex and funding

Recent developments

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