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NLC India Limited
(NLCINDIA)
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Rating:56Neutral
Price Target:
₹284.00
▼(-3.06% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weakened cash conversion and negative free cash flow in the latest year, alongside elevated leverage. These risks outweigh the strong reported profitability trend. Technicals also remain bearish (below key moving averages with negative MACD), while a reasonable P/E and modest dividend yield provide partial support.
Positive Factors
Revenue Growth
Revenue growth has been positive over the multi-year period and 2026 rebounded strongly. This supports scale across mining and generation, improves absorption of fixed costs, and strengthens the base for future renewable expansion.
Negative Factors
Weak Cash Conversion
Negative free cash flow and weaker operating cash conversion indicate that reported profits are not translating efficiently into funding. If investment remains heavy, NLC may need additional borrowing or other financing to execute its growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth has been positive over the multi-year period and 2026 rebounded strongly. This supports scale across mining and generation, improves absorption of fixed costs, and strengthens the base for future renewable expansion.
Read all positive factors
NLC India Limited (NLCINDIA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹366.42B
Dividend Yield1.93%
Average Volume (3M)122.67K
Price to Earnings (P/E)11.2
Beta (1Y)0.94
Revenue Growth16.85%
EPS Growth12.22%
CountryIN
Employees10,368
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)20.90
Shares Outstanding1,386,636,700
10 Day Avg. Volume97,611
30 Day Avg. Volume122,671
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)1.77
Price to Sales (P/S)2.13
P/FCF Ratio-7.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)23.75
Revenue Forecast (FY)₹215.94B
NLC India Limited Business Overview & Revenue Model
Company Description
NLC India Limited is an Indian enterprise primarily engaged in mineral extraction and electricity production, structured around two core divisions: lignite mining and power generation. The company utilizes a diverse range of energy sources, includ...
How the Company Makes Money
NLC India Limited generates revenue mainly through (1) sale of electricity and (2) mining-related income, with additional contributions from renewables and other services where applicable.
1) Power generation and sale of electricity (primary reve...
NLC India Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
56
Neutral
Cash Flow
44
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 174.90B | 152.83B | 130.01B | 163.02B | 119.48B |
| Gross Profit | 91.94B | 131.93B | 114.87B | 138.89B | 102.84B |
| EBITDA | 74.76B | 52.00B | 36.96B | 64.82B | 47.78B |
| Net Income | 35.22B | 26.21B | 18.54B | 13.96B | 10.93B |
Balance Sheet | |||||
| Total Assets | 647.44B | 578.51B | 549.42B | 530.68B | 497.85B |
| Cash, Cash Equivalents and Short-Term Investments | 8.43B | 1.87B | 5.65B | 824.80M | 1.39B |
| Total Debt | 278.92B | 224.29B | 224.15B | 223.33B | 220.86B |
| Total Liabilities | 399.28B | 359.07B | 355.76B | 354.42B | 334.11B |
| Stockholders Equity | 210.67B | 187.23B | 165.31B | 151.69B | 141.89B |
Cash Flow | |||||
| Free Cash Flow | -46.72B | 16.37B | 23.64B | 11.58B | 68.53B |
| Operating Cash Flow | 32.73B | 89.77B | 56.24B | 37.61B | 77.70B |
| Investing Cash Flow | -76.39B | -71.60B | -31.51B | -20.89B | -7.63B |
| Financing Cash Flow | 48.90B | -21.96B | -19.85B | -17.35B | -70.25B |
NLC India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹3.23T | 11.65 | ― | 2.70% | 2.36% | 15.88% | |
57 Neutral | ₹109.72B | 22.62 | ― | 1.90% | 8.80% | -12.56% | |
56 Neutral | ₹366.42B | 11.22 | ― | 1.93% | 16.85% | 12.22% | |
56 Neutral | ₹4.05T | 28.41 | ― | ― | 1.22% | 14.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹963.40B | 47.00 | ― | 0.38% | 35.37% | -10.03% | |
38 Underperform | ₹89.29B | -28.42 | ― | 2.08% | 2.87% | -109.96% |
* General Sector Average
IN:NLCINDIA
NLC India Limited
264.25
7.54
2.94%
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NLC India Limited Corporate Events
NLC India, NALCO Form 50:50 JV for 1,080 MW Captive Power Plant in Odisha
Jul 8, 2026
NLC India Limited has signed a joint venture agreement with National Aluminium Company Limited to set up a newly incorporated joint venture company on a 50:50 equity basis for a coal-based thermal captive power project in Angul, Odisha. The planne...
NLC India Unit Wins 600 MW Solar Project at Jalaun Park
Jul 1, 2026
NLC India Renewables Limited, the wholly owned renewable energy arm of NLC India Limited, has secured a Letter of Award from Bundelkhand Saur Urja Limited, a joint venture of NHPC Limited and UPNEDA, to develop two 300 MW solar power projects at t...
NLC India Board Addresses Governance Fines and Seeks New Independent Directors
Jul 1, 2026
NLC India Limited disclosed that its Board reviewed fines imposed by Indian stock exchanges for non-compliance with several corporate governance provisions under SEBI’s listing regulations for the quarter ended 31 March 2026. The breaches re...
NLC India Raises ₹500 Crore via Commercial Paper Issuance
Jun 25, 2026
NLC India Limited has raised ₹500 crore through the issuance and allotment of 10,000 commercial papers, each with a face value of ₹5,00,000, completed on 24 June 2026. The short-term funding move, disclosed under SEBI’s listing r...
NLC India Announces Retirement of Director (Power) and Interim Leadership Arrangement
May 31, 2026
NLC India Limited has announced that M. Venkatachalam has retired from the position of Director (Power) upon attaining the age of superannuation, with his duties concluding on 30 May 2026 as the formal retirement date of 31 May falls on a Sunday. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.