NLC India (513683) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue from operations reached INR 5,825 crores, up 13.5% YoY, with net profit at INR 839 crores, a 48% increase from the previous year.

• Major project milestones include Ghatampur Unit 1 dedication, oil synchronization of Unit 2, and Unit 2 COD targeted by September and Unit 3 by December 2025.

• Entry into critical mineral mining with successful bids in Chhattisgarh and MoU with BARC for rare earth extraction from fly ash.

• Approval for INR 7,000 crores investment in NLC India Renewables Limited beyond Navratna limits.

• New subsidiaries incorporated for thermal and renewable projects in Rajasthan and Assam.

Financial highlights

• Q1 FY26 revenue from operations: INR 5,825 crores vs. INR 3,378 crores YoY; net profit: INR 839 crores vs. INR 566 crores YoY.

• Consolidated EBITDA margin for Q1 FY26 at 14.93%; net profit margin at 20.81%.

• NUPPL generated INR 642 crores revenue in Q1 FY26.

• Talabira mine Q1 EBITDA: INR 218 crores; PBT: INR 209 crores; total sale value: INR 610 crores.

• Renewable segment Q1 EBITDA: INR 153 crores; FY25 EBITDA: INR 627 crores; gross block: INR 6,000 crores.

Outlook and guidance

• Renewable energy capacity target: 10 GW by 2030, with 1 GW addition in FY26, 1.5 GW in FY27, and 1.5 GW annually thereafter.

• CapEx plan: INR 23,601 crores for FY26, INR 19,000 crores for FY27, and INR 20,000 crores for FY28 and FY29.

• Management confident of overcoming land acquisition challenges at Neyveli mines and ensuring lignite availability.

• Company actively pursuing regulatory and legal resolutions for disputed receivables and tariff matters.

• Under-recovery expected to be lower than last year due to completed modifications and improved plant reliability.