NLC India Ltd.

NSE: NLCINDIA · Power

₹237.61-1.60%06 Nov 2026

Ask the data

Instant answers about NLC India Ltd. — computed from its filings, no language model

Market cap₹32,948 cr

Current price₹237.61

High / Low₹371 / ₹228

P/E8.5

P/B1.41

Book value₹168.8

ROE16.6%

ROCE8.1%

Debt / equity1.20

Dividend yield2.23%

EPS (TTM)₹27.96

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY20	FY21	FY22	FY23	FY24	FY26
Revenue	10,321	9,846	11,948	16,165	12,999	17,490
EBITDA	3,447	2,807	4,163	5,841	3,536	5,588
Operating margin	33.4%	28.5%	34.8%	36.1%	27.2%	32.0%
Interest	1,174	1,313	984	1,012	849	1,222
Depreciation	1,334	1,584	1,909	1,801	1,825	2,379
Profit before tax	2,208	1,791	2,258	4,235	1,809	2,966
Tax	893	909	1,488	631	1,014	106
Net profit	1,441	1,313	1,093	1,396	1,854	3,522
EPS ₹	10.48	9.70	8.05	10.28	13.47	25.40
Operating cash flow	—	—	7,770	3,761	5,624	5,166
Capex	—	—	917	2,603	3,259	0
Dividend paid	—	—	457	428	498	736
Total assets	—	—	—	53,068	54,942	65,202
Equity	—	—	—	15,169	16,531	21,525

Quarterly performance

last 27 quarters · ₹ crore

showing latest 8 of 27 periods

	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	2,426	2,743	3,069	2,699	2,093	2,215	2,840	3,036	3,094	2,732	3,086	3,863	3,489	5,134	3,316	2,978	3,164	3,541	3,376	3,657	4,411	3,826	4,178	4,443	5,042	4,717	4,732
Operating profit	700	1,028	1,188	961	519	477	849	977	1,213	904	1,068	1,580	1,179	1,722	1,194	835	905	602	1,082	1,076	1,827	935	1,400	1,479	1,774	1,471	1,368
Operating margin	28.8%	37.5%	38.7%	35.6%	24.8%	21.5%	29.9%	32.2%	39.2%	33.1%	34.6%	40.9%	33.8%	33.5%	36.0%	28.0%	28.6%	17.0%	32.1%	29.4%	41.4%	24.4%	33.5%	33.3%	35.2%	31.2%	28.9%
Other income	337	351	336	367	416	408	711	185	220	113	79	103	90	722	112	256	85	494	265	713	486	290	168	364	155	151	94
Interest	287	283	355	362	330	315	306	268	269	232	215	221	337	221	231	214	205	199	189	180	237	299	289	269	364	382	438
Depreciation	289	331	450	402	384	385	413	429	423	438	618	436	434	472	461	455	446	462	433	413	458	539	548	597	695	666	729
Profit before tax	460	764	718	479	246	230	836	465	1,207	272	315	1,026	498	1,743	614	422	338	435	724	1,197	1,619	387	731	978	870	574	296
Tax	198	329	281	188	227	105	389	206	1,101	105	76	286	199	420	200	615	148	52	255	151	134	-246	197	119	36	215	-863
Net profit	266	399	487	338	51	171	753	348	186	231	328	562	411	830	405	1,085	250	114	559	912	668	798	665	666	1,393	436	1,381
EPS ₹	1.95	2.89	3.59	2.48	0.45	1.32	5.46	2.58	1.42	1.66	2.39	4.10	3.01	6.03	2.98	7.83	1.83	0.82	4.09	7.71	9.75	6.05	5.23	5.22	10.05	3.49	9.96
Revenue YoY	—	—	—	—	-13.8%	-19.2%	-7.5%	12.5%	47.8%	23.3%	8.7%	27.2%	12.8%	66.4%	-14.1%	-14.7%	—	-31.0%	1.8%	22.8%	39.4%	13.3%	14.2%	0.7%	—	23.3%	13.3%
Profit YoY	—	—	—	—	-80.7%	-57.1%	54.6%	2.9%	262.2%	35.0%	-56.4%	61.6%	121.3%	152.9%	-28.0%	164.0%	—	-86.2%	38.2%	-15.9%	166.8%	42.6%	-27.1%	-0.3%	—	-45.3%	107.6%

Earlier results (standalone, Sep '07 – Jun '19)

₹ crore · from BSE, before the NSE XBRL filings begin

NLC India Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	4,871	5,590	5,967	6,088	6,669	8,743	8,496	7,146
Operating profit	1,664	2,034	1,956	1,925	2,217	3,457	3,110	1,534
Operating margin	34.2%	36.4%	32.8%	31.6%	33.2%	39.5%	36.6%	21.5%
Other income	856	583	1,025	709	525	674	587	913
Interest	150	193	182	156	188	169	205	390
Depreciation	430	512	517	441	599	683	861	746
Profit before tax	1,984	2,048	2,209	2,383	1,926	3,028	2,690	1,276
Tax	573	588	707	804	722	659	841	9
Net profit	1,411	1,460	1,502	1,580	1,204	2,369	1,849	1,267

Quarters

showing latest 8 of 45 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	JUN '09†	SEP '09†	DEC '09†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†
Revenue	728	675	802	1,087	668	834	884	882	1,252	1,145	1,063	869	1,156	1,159	1,046	1,510	1,332	1,349	1,256	1,653	1,560	1,383	1,315	1,710	1,510	1,402	1,493	1,682	1,844	1,716	1,255	1,854	1,880	2,057	1,964	2,842	2,254	1,993	1,706	2,543	1,697	1,673	1,874	1,902	1,676
Operating profit	259	255	384	622	215	341	328	251	487	477	356	111	354	377	228	705	497	479	288	771	560	434	337	625	512	344	398	672	634	610	224	749	479	619	702	1,657	827	817	588	879	338	415	556	225	460
Operating margin	35.6%	37.9%	47.9%	57.2%	32.1%	40.9%	37.1%	28.5%	38.9%	41.7%	33.5%	12.8%	30.6%	32.5%	21.8%	46.7%	37.3%	35.5%	22.9%	46.6%	35.9%	31.4%	25.6%	36.6%	33.9%	24.5%	26.7%	39.9%	34.4%	35.6%	17.8%	40.4%	25.5%	30.1%	35.8%	58.3%	36.7%	41.0%	34.4%	34.6%	19.9%	24.8%	29.7%	11.8%	27.5%
Other income	154	142	212	150	150	182	152	163	136	112	166	131	269	138	135	314	121	142	115	205	110	133	553	229	133	191	209	177	122	137	156	110	94	92	72	417	72	130	101	284	144	208	196	364	228
Interest	1	1	5	1	1	2	1	2	3	26	27	26	43	30	28	49	54	48	47	44	50	45	42	43	46	38	37	35	48	53	44	44	49	41	39	40	62	48	41	55	77	70	100	144	154
Depreciation	100	102	138	103	102	100	72	73	72	96	104	96	95	90	91	154	130	94	154	134	158	158	118	83	112	108	111	110	158	173	175	94	170	177	172	163	182	213	191	274	188	206	178	174	172
Profit before tax	312	294	398	397	261	315	406	339	548	468	392	120	485	395	243	860	408	436	266	938	397	351	734	727	486	389	459	1,050	553	521	131	720	353	440	486	1,749	652	686	681	671	218	332	459	268	362
Tax	81	89	14	111	73	91	119	96	176	126	118	24	142	116	59	255	120	101	44	323	118	111	245	233	152	130	150	373	187	178	83	274	122	140	150	247	336	359	367	-221	-102	4	130	-22	39
Net profit	231	204	385	286	188	224	288	244	371	342	274	96	343	278	185	605	288	335	222	615	278	240	489	494	334	259	309	677	367	343	48	446	231	300	336	1,501	316	327	314	892	320	328	329	290	323
EPS ₹	1.39	1.22	1.72	1.72	1.12	1.34	1.71	1.45	2.22	2.04	1.63	0.57	2.04	1.66	1.10	3.61	1.72	2.00	1.32	3.66	1.66	1.43	2.91	2.95	1.99	1.55	1.84	4.03	2.19	2.04	0.28	2.66	1.38	1.79	2.00	—	2.07	2.14	2.05	5.84	2.09	2.14	2.17	1.96	2.33
Revenue YoY	—	—	—	—	-8.2%	23.6%	-18.7%	31.9%	50.1%	29.5%	20.6%	-30.6%	0.9%	9.0%	20.3%	—	15.2%	16.4%	20.0%	9.5%	17.1%	2.5%	4.7%	3.4%	-3.1%	1.4%	13.5%	-1.6%	22.1%	22.3%	-15.9%	10.2%	2.0%	19.9%	56.5%	53.3%	19.9%	-3.1%	-13.1%	-10.5%	-24.7%	-16.1%	9.8%	-25.2%	-1.2%
Profit YoY	—	—	—	—	-18.5%	9.7%	0.6%	29.3%	65.5%	18.9%	12.4%	-74.1%	0.2%	1.7%	92.5%	—	-15.9%	20.3%	19.8%	1.6%	-3.5%	-28.3%	120.6%	-19.6%	20.0%	8.1%	-36.7%	36.9%	9.8%	32.4%	-84.6%	-34.1%	-37.1%	-12.5%	606.1%	236.5%	37.0%	8.8%	-6.7%	-40.6%	1.1%	0.3%	5.0%	-67.5%	1.1%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 18 periods

	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '26	JUN '26	SEP '26
ROE	13.0%	11.1%	9.1%	11.5%	11.6%	12.7%	13.2%	9.5%	11.4%	10.2%	15.6%	11.2%	12.2%	10.3%	12.7%	16.4%	14.7%	16.6%
ROCE	18.4%	17.6%	15.1%	15.4%	14.9%	19.4%	19.2%	16.1%	18.7%	8.4%	10.4%	6.8%	7.0%	8.6%	11.9%	8.5%	9.0%	8.1%
Net margin	13.6%	12.0%	10.4%	13.3%	13.0%	13.0%	13.0%	9.1%	10.2%	11.6%	17.6%	14.3%	15.4%	13.4%	15.0%	20.1%	17.2%	20.5%
EBITDA margin	35.4%	34.9%	31.2%	28.5%	27.7%	31.4%	33.7%	34.8%	37.3%	35.9%	31.9%	27.2%	26.2%	26.7%	30.6%	32.0%	33.3%	32.2%
Debt / equity	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76	1.48	1.32	1.35	1.35	1.27	1.27	1.29	1.29	1.20
Interest coverage	2.88	2.66	2.23	2.36	2.46	3.36	3.58	3.30	4.01	3.10	4.58	3.13	3.37	4.48	5.94	3.43	3.42	2.87
Asset turnover	0.33	0.32	0.30	0.29	0.30	0.33	0.35	0.36	0.38	0.26	0.28	0.24	0.24	0.24	0.27	0.27	0.28	0.28

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 12 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	SEP '25	MAR '26	SEP '26
Share capital	1,678	1,678	1,678	1,529	1,387	1,387	1,387	1,387	1,387	1,387	1,387	1,387
Other equity / reserves	12,225	13,190	10,464	9,924	13,568	13,782	15,104	15,144	16,384	18,579	20,138	22,014
Total equity	13,902	14,868	12,142	11,452	14,955	15,169	16,491	16,531	17,771	19,966	21,525	23,401
Borrowings	6,211	6,011	7,065	8,667	22,116	22,306	21,781	22,379	22,486	24,328	27,802	28,158
Current liabilities	—	—	6,847	10,016	6,951	7,240	6,825	8,049	8,484	9,394	10,563	11,175
Non-current liabilities	—	—	9,418	10,671	24,332	24,228	24,540	24,610	25,085	27,045	28,634	28,420
Total assets	24,710	25,752	29,688	33,487	51,605	53,068	53,015	54,942	56,254	60,943	65,202	67,385
Property, plant & equipment	6,547	6,654	16,327	16,029	24,334	23,879	23,173	23,162	22,514	30,205	36,344	40,490
Capital work-in-progress	9,335	10,867	2,334	5,075	13,455	14,636	16,181	17,726	20,794	17,865	14,293	11,306
Investments	206	103	—	—	7	8	8	8	8	8	8	9
Inventories	682	899	1,509	2,336	1,237	1,183	1,210	1,484	1,608	1,944	2,281	1,848
Receivables	2,204	2,282	3,738	6,109	4,892	4,730	5,072	4,046	4,580	2,991	3,338	3,740
Cash & equivalents	4,274	3,578	3,238	80	380	77	344	565	414	406	711	651

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 12 periods

	FY14‡	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY26
Cash from operations	3,737	1,036	1,301	1,225	4,533	1,620	1,647	4,390	7,770	3,761	5,624	5,166
Cash from investing	-1,393	-502	-1,380	-4,332	-4,593	-6,119	-5,812	-2,212	-763	-2,089	-3,151	-7,549
Cash from financing	-946	-1,231	63	-68	98	4,416	4,163	-2,037	-7,025	-1,735	-1,985	2,907
Capex	2,043	1,236	1,695	4,233	4,646	6,266	5,895	2,319	917	2,603	3,259	0
Free cash flow	1,694	-200	-394	-3,007	-113	-4,645	-4,248	2,071	6,853	1,158	2,364	5,166
Dividends paid	—	—	—	—	—	—	1,183	146	457	428	498	736

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹40,490 cr60%

CWIP

₹11,306 cr17%

Investments

₹9 cr0%

Inventories

₹1,848 cr3%

Receivables

₹3,740 cr6%

Cash & equivalents

₹651 cr1%

Other assets

₹9,341 cr14%

Peer comparison

largest in Power · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Adani Power Ltd.	3,93,967	204.29	21.6	5.13	23.7%
NTPC Ltd.	3,13,639	323.45	10.6	1.47	13.9%
Power Grid Corporation of India Ltd.	2,41,723	259.90	14.9	2.26	15.2%
Adani Green Energy Ltd.	2,34,549	1,424.10	125.2	10.86	8.7%
Adani Energy Solutions Ltd.	1,78,233	1,457.40	48.1	5.69	11.8%
Tata Power Co. Ltd.	1,12,645	352.50	29.2	2.85	9.8%
JSW Energy Ltd.	96,224	524.95	41.5	2.62	6.3%
NHPC Ltd.	82,450	82.08	19.1	1.88	9.9%
NTPC Green Energy Ltd.	69,627	82.63	106.0	3.59	3.4%
Torrent Power Ltd.	64,051	1,271.10	26.5	3.05	11.5%
NLC India Ltd.	32,948	237.61	8.5	1.41	16.6%

StoxGud checklist: Neutral setup · 5/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-5.1%

6 months-27.7%

1 year-5.7%

3Y CAGR+18.7%

5Y CAGR+28.8%

10Y CAGR+11.4%

50-day avg₹254.28

200-day avg₹282.25

RSI (14)42

Compare NLC India Ltd. with

Torrent Power vs NLC India NLC India vs ACME Solar Holdings NLC India vs SJVN NLC India vs CESC

FAQs

What is the share price of NLC India Ltd.?

NLC India Ltd. (NLCINDIA) closed at ₹237.61 on NSE on 06 Nov 2026.

What is the market cap of NLC India Ltd.?

₹32,948 crore at the latest close.

What is the P/E ratio of NLC India Ltd.?

8.5, on trailing-twelve-month earnings from its filings.

How fast is NLC India Ltd. growing?

NLC India Ltd.: revenue has compounded at 13.5% a year over three years; net profit at 47.7% a year. Latest-quarter revenue is up 13.3% year on year, profit up 107.6%.

How profitable is NLC India Ltd.?

On a trailing-twelve-month basis return on equity is 16.6%, return on capital employed 8.1%, operating margin 32.2%, net margin 20.5%.

How much debt does NLC India Ltd. have?

NLC India Ltd. is moderately geared: debt to equity is 1.20 with borrowings of ₹28,158 cr against cash of ₹651 cr (balance sheet of 2026-09-30). Operating profit covers interest 2.9 times.

Financials parsed from NLC India Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '19, annual from FY20, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.