Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹43,776Cr
Power - Generation/Distribution
Rev Gr TTM
Revenue Growth TTM
8.66%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

NLCINDIA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 66.4 | -14.2 | -14.7 | -14.0 | -31.0 | 1.8 | 22.8 | 39.4 | 8.3 | 13.3 | 14.3 | 0.7 |
| 3,412 | 2,122 | 2,143 | 2,260 | 2,938 | 2,294 | 2,581 | 2,588 | 2,975 | 2,891 | 2,779 | 2,964 |
Operating Profit Operating ProfitCr |
| 33.5 | 36.0 | 28.0 | 28.6 | 17.0 | 32.0 | 29.4 | 41.3 | 22.4 | 24.4 | 33.5 | 33.3 |
Other Income Other IncomeCr | 713 | 112 | 257 | 85 | 494 | 265 | 713 | 489 | 136 | 290 | 168 | 364 |
Interest Expense Interest ExpenseCr | 221 | 231 | 214 | 205 | 199 | 189 | 180 | 237 | 325 | 299 | 289 | 269 |
Depreciation DepreciationCr | 472 | 461 | 455 | 446 | 462 | 433 | 413 | 458 | 581 | 539 | 548 | 597 |
| 1,256 | 614 | 1,701 | 402 | 165 | 822 | 1,133 | 830 | 912 | 594 | 921 | 843 |
| 420 | 200 | 615 | 148 | 52 | 255 | 151 | 134 | 444 | -246 | 197 | 119 |
|
Growth YoY PAT Growth YoY% | 152.8 | -27.3 | 160.6 | 164.1 | -86.4 | 37.0 | -9.5 | 173.9 | 311.7 | 48.1 | -26.2 | 4.0 |
| 16.3 | 12.5 | 36.5 | 8.0 | 3.2 | 16.8 | 26.9 | 15.8 | 12.2 | 21.9 | 17.3 | 16.3 |
| 6.0 | 3.0 | 7.8 | 1.8 | 0.8 | 4.1 | 7.1 | 5.0 | 3.4 | 6.0 | 5.2 | 5.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 2.0 | 28.0 | 43.5 | 0.9 | -12.6 | 4.6 | -4.6 | 21.4 | 35.3 | -19.6 | 17.6 | 6.5 |
| 4,136 | 5,269 | 6,925 | 7,275 | 7,577 | 6,873 | 7,043 | 7,785 | 10,324 | 9,466 | 10,443 | 11,608 |
Operating Profit Operating ProfitCr |
| 32.0 | 32.4 | 38.1 | 35.6 | 23.2 | 33.4 | 28.5 | 34.8 | 36.1 | 27.2 | 31.7 | 28.7 |
Other Income Other IncomeCr | 1,055 | 465 | 534 | 586 | 2,088 | 1,406 | 2,344 | 1,333 | -973 | 2,020 | 1,673 | 959 |
Interest Expense Interest ExpenseCr | 150 | 467 | 588 | 548 | 700 | 1,174 | 1,313 | 984 | 1,012 | 849 | 932 | 1,183 |
Depreciation DepreciationCr | 441 | 910 | 1,044 | 1,232 | 1,121 | 1,334 | 1,611 | 1,909 | 1,801 | 1,825 | 1,884 | 2,264 |
| 2,383 | 1,611 | 3,163 | 2,821 | 2,561 | 2,345 | 2,223 | 2,603 | 2,056 | 2,882 | 3,697 | 3,270 |
| 804 | 637 | -167 | 864 | 1,024 | 893 | 909 | 1,488 | 631 | 1,014 | 984 | 513 |
|
| 5.2 | -38.3 | 241.8 | -41.2 | -21.4 | -5.5 | -9.5 | -15.1 | 27.8 | 31.0 | 45.3 | 1.6 |
| 25.9 | 12.5 | 29.8 | 17.3 | 15.6 | 14.1 | 13.3 | 9.3 | 8.8 | 14.4 | 17.8 | 16.9 |
| 9.4 | 0.4 | 14.7 | 12.8 | 10.4 | 10.5 | 9.7 | 8.1 | 10.3 | 13.5 | 19.6 | 19.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 1,678 | 1,678 | 1,529 | 1,529 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 |
| 13,190 | 11,104 | 10,598 | 11,823 | 11,383 | 11,518 | 12,098 | 12,803 | 13,782 | 15,144 | 17,336 | 18,579 |
Current Liabilities Current LiabilitiesCr | 2,539 | 4,010 | 6,206 | 7,615 | 10,946 | 13,086 | 12,086 | 6,249 | 7,077 | 7,947 | 10,707 | 9,394 |
Non Current Liabilities Non Current LiabilitiesCr | 7,978 | 12,255 | 14,480 | 16,787 | 20,463 | 25,730 | 25,824 | 27,162 | 28,365 | 27,629 | 25,199 | 27,045 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 7,575 | 9,844 | 9,835 | 10,136 | 10,488 | 13,087 | 12,580 | 7,595 | 9,780 | 9,278 | 8,021 | 7,619 |
Non Current Assets Non Current AssetsCr | 18,177 | 19,844 | 23,652 | 28,304 | 34,792 | 40,402 | 40,712 | 42,190 | 43,288 | 45,663 | 49,830 | 52,446 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 1,036 | 1,301 | 1,225 | 4,533 | 1,620 | 1,647 | 4,390 | 7,746 | 4,171 | 5,512 | 8,977 |
Investing Cash Flow Investing Cash FlowCr | -502 | -1,380 | -4,332 | -4,593 | -6,119 | -5,812 | -2,212 | -763 | -2,499 | -3,059 | -7,160 |
Financing Cash Flow Financing Cash FlowCr | -1,231 | 63 | -68 | 98 | 4,416 | 4,163 | -2,037 | -7,001 | -1,735 | -1,985 | -2,196 |
|
Free Cash Flow Free Cash FlowCr | -196 | -390 | -2,998 | -104 | -4,627 | -4,246 | 2,068 | 6,832 | 1,618 | 2,357 | 1,709 |
| 65.6 | 133.5 | 36.8 | 231.7 | 105.4 | 113.4 | 334.1 | 694.6 | 292.7 | 295.2 | 330.9 |
CFO To EBITDA CFO To EBITDA% | 53.1 | 51.5 | 28.8 | 112.9 | 70.6 | 47.8 | 156.6 | 186.1 | 71.4 | 155.9 | 185.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 11,794 | 11,895 | 16,409 | 12,817 | 9,644 | 6,101 | 6,996 | 8,673 | 10,703 | 31,622 | 33,924 |
Price To Earnings Price To Earnings | 8.0 | 139.0 | 7.4 | 6.6 | 6.4 | 4.2 | 5.5 | 7.9 | 7.7 | 17.1 | 12.9 |
Price To Sales Price To Sales | 1.9 | 1.5 | 1.5 | 1.1 | 1.0 | 0.6 | 0.7 | 0.7 | 0.7 | 2.4 | 2.2 |
Price To Book Price To Book | 0.8 | 0.9 | 1.4 | 1.0 | 0.8 | 0.5 | 0.5 | 0.6 | 0.7 | 1.9 | 1.8 |
| 7.3 | 6.1 | 6.2 | 6.0 | 12.2 | 8.9 | 11.9 | 7.3 | 5.6 | 15.1 | 11.6 |
Profitability Ratios Profitability Ratios |
| 103.4 | 104.7 | 103.9 | 99.4 | 97.5 | 99.2 | 100.5 | 96.0 | 98.7 | 101.8 | 101.2 |
| 32.0 | 32.4 | 38.1 | 35.6 | 23.2 | 33.4 | 28.5 | 34.8 | 36.1 | 27.2 | 31.7 |
| 25.9 | 12.5 | 29.8 | 17.3 | 15.6 | 14.1 | 13.3 | 9.3 | 8.8 | 14.4 | 17.8 |
| 12.1 | 10.5 | 16.5 | 13.6 | 10.3 | 9.3 | 8.7 | 9.9 | 8.2 | 9.6 | 11.3 |
| 10.6 | 7.6 | 27.5 | 14.7 | 12.0 | 11.3 | 9.7 | 7.9 | 9.4 | 11.3 | 14.5 |
| 6.1 | 3.3 | 9.9 | 5.1 | 3.4 | 2.7 | 2.5 | 2.2 | 2.7 | 3.4 | 4.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
NLC India Limited (NLCIL), established in 1956, is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Coal, Government of India. With over 60 years of operational history, the company began as a key player in **lignite mining and thermal power generation**, and has since evolved into a diversified energy conglomerate with a growing focus on **renewable energy, critical minerals, clean technologies, and sustainable development**.
NLCIL operates an integrated **mine-to-power business model**, ensuring fuel security, cost efficiency, and operational resilience across its portfolio. The company is on a strategic transformation journey toward becoming a **leader in green energy**, while concurrently expanding its conventional power and mining footprint.
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### **Core Business Segments**
NLCIL's operations span four core sectors:
1. **Mining** – Lignite and coal
2. **Thermal Power Generation** – Lignite and coal-based
3. **Renewable Energy** – Solar, wind, hybrid & storage
4. **Marketing & Diversification** – Coal, raw materials, M-sand, critical minerals, and innovative byproduct utilization
---
### **Strategic Transformation: From Fossil Fuels to Green Energy**
NLCIL has marked a **pivotal shift** from fossil-based operations to clean energy leadership:
- **First CPSE to surpass 1 GW of renewable energy capacity**, underscoring its commitment to India's energy transition.
- Targeting **10.11 GW of renewable energy capacity by 2030**, up from 1.43 GW currently, an over **sevenfold increase**.
- Strategic investments in **solar parks (including Gujarat’s Khavda Solar Park), floating solar, hybrid projects, and battery storage systems (BESS)**.
- **Waste-to-wealth initiatives** include installing solar on reclaimed mine land, M-sand production from overburden, and hydroponic/aeroponic farming in mined-out areas.
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### **Mining Operations & Capacity Expansion**
NLCIL is actively transforming into a **multi-mineral resource enterprise** beyond lignite:
- **Current Mining Capacity:**
- **Lignite:** 30.10 MTPA (from four mines in Tamil Nadu & Rajasthan)
- **Coal:** 20 MTPA (Talabira II & III, Odisha)
- **Future Targets (by FY 2029–30):**
- **Total Mining Capacity:** **104.35 MTPA**
- Lignite: **41.35 MTPA** (Mine-III, Neyveli – 11.5 MTPA; Bithnok expansion)
- Coal: **62 MTPA** (via new blocks and projects)
- **New Mining Projects:**
- **Pachwara South (Jharkhand, 9 MTPA)** – via NUPPL, to fuel Ghatampur Power Plant
- **Machhakata (Odisha, 30 MTPA)** – one of India’s largest coal mines
- **North Dhadu (Jharkhand, 3 MTPA)**, **New Patrapara South (Jharkhand, 12 MTPA)**
- **Investment in Mining:** ~₹15,226–15,600 crore (FY2025–30)
#### **Entry into Critical Minerals**
NLCIL has expanded into **strategic and critical minerals**:
- **Awarded Semhardih and Raipura Phosphorite-Limestone blocks (Chhattisgarh)** under Tranche-V auction.
- Plans to develop **1.0 MTPA critical minerals mining** by 2030.
- Exploring **overseas critical minerals acquisitions** with MoCoal and MoMines guidance.
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### **Power Generation Portfolio**
NLCIL operates a diversified power generation fleet:
#### **Thermal Power**
- **3,640 MW** from **five lignite-based thermal power stations** (Neyveli: 4, Barsingsar: 1)
- **1,000 MW** coal-based power via joint venture **NTPL**
- **Total Operational Thermal Capacity:** **5,300 MW**
- **Future Expansion:**
- **Ghatampur Thermal Power Project (1,980 MW)** – 660 MW already commissioned in Dec 2024; remaining units under construction. Uses **supercritical technology** with FGD and SCR for low emissions.
- **Talabira Thermal Power Project (3x800 = 2,400 MW)** – Ultra-Supercritical plant with conveyor-based coal supply; ~Rs 27,000 crore investment.
- **Total Target Thermal Capacity by 2030:** **10,020 MW**
#### **Renewable Energy (RE)**
- **Current RE Capacity:** ~1.43 GW
- **2,115 MW Under Implementation** across Gujarat, Rajasthan, Tamil Nadu, and Assam
- **Key Projects:**
- **600 MW Solar, Khavda (Gujarat)** – via Power Purchase Agreement (PPA) with GUVNL
- **250 MW / 500 MWh BESS (Tamil Nadu)** – under Viability Gap Funding (VGF)
- **200 MW Wind Project** – acquired from SJVN
- **150 MW Wind-Solar Hybrid** – pan-India rollout
- **50 MW Solar on Mined-Out Land (Neyveli)** – India’s first
- **Joint Ventures for RE:**
- **NIRL + RVUNL (Rajasthan):** 2,000 MW solar
- **NIRL + APDCL (Assam):** 1,000 MW RE
- **NIRL + MAHAPREIT (Maharashtra):** 5,000 MW RE (MoU signed May 2025)
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### **Innovation & Clean Technology Initiatives**
NLCIL is investing in **R&D and pilot projects** to unlock value from lignite and mining waste:
#### **Lignite Gasification & Derivatives**
- **Lignite-to-Methanol Project (0.4 MTPA, Neyveli):** ₹4,395 crore capex; 1,200 TPD design with **EIL as PMC**; targeted completion: March 2027
- **Lignite-to-Diesel Feasibility Study:** In collaboration with LEMAR (USA)
- **Integrated Gasification Combined Cycle (IGCC):** MoU with BHEL for lignite-to-syngas pilot
#### **Byproduct Utilization**
- **Fly Ash to Rare Earth Elements (REEs):** MoU with **BARC** to extract REEs for clean energy and defense applications
- **Activated Carbon from Lignite Sludge:** Eco-friendly, high-value product from industrial waste
- **Geopolymer Bricks from Ash:** Solar-powered, chemical-free production
- **M-Sand from Overburden:** 2.62 LCM production at Neyveli; replicable model
#### **Hydroponics & Aeroponics**
- High-tech farming using IoT sensors on reclaimed land
- Collaboration with **IISc, Anna University**, and NIT Trichy
- Projects include **smart aeroponics, chemical-free wastewater treatment, and solar greenhouses**
---
### **Subsidiaries and Partnerships**
NLCIL has strengthened its strategic position through dedicated subsidiaries and alliances:
#### **Subsidiaries**
- **NLC India Renewables Ltd (NIRL):** Manages and scales all renewable assets
- **NLC India Green Energy Ltd (NIGEL):** Focus on future RE projects (6 GW target by 2030)
- **Neyveli Lignite Mining Company Ltd (NUPPL):** 51:49 JV with UPRVUNL for Ghatampur Power Project
- Various state-level JVs: e.g., **NIRL + RVUNL, APDCL, MAHAPREIT**
#### **Key Partnerships**
- **IIT Madras:** R&D on carbon capture and clean energy
- **IISc Bangalore, NIT Trichy, NIT Puducherry:** Innovations in farming, materials, and clean tech
- **BHEL, BARC, PDIL, WAPCOS, L&T, Tata:** Engineering, R&D, and EPC support
- **PKF International Network (via PKF Sridhar & Santhanam LLP):** Audit, tax, compliance
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### **Sustainability & Environmental Initiatives**
- **Digital Logistics Management System (DLMS)** at Talabira for real-time dispatch tracking
- **Membrane-less wastewater treatment** via electrocoagulation (scalable, eco-friendly)
- **Reclaimed land utilization:** 85 hectares repurposed for solar; 510 MW CPSU solar projects
- **Flash graphene R&D** with NIT Puducherry: Enhances concrete strength using coal/lignite
- **Innovation Incubation Centre (IIC)** with IISc and Anna University: Focus on environment, energy, and agriculture
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### **Governance & Leadership**
- **CMD:** Driving transformation into renewables, coal mining, and critical minerals
- **Shri Kalasani Mohan Reddy** (Director - Planning & Projects): Key architect of geographic expansion and MoUs with Assam, Rajasthan.
- **Shri Rakesh Kumar** (Former leadership contributor): Spearheaded SDO and MDO model adoption and capacity expansion.
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