NLC India (513683) Q3 25/26 earnings summary

Executive summary

• Achieved commercial operation of NUPPL Unit 2 (660 MW) at Ghatampur and commenced mining at Pachwara South Open Cast Mine in December 2025.

• Commissioned 300 MW solar project at Barsingsar, the largest single-location solar plant for the group, and 158.83 MW solar capacity under CPSU scheme with CERC tariff of ₹2.45/kWh.

• Signed multiple agreements for renewable energy expansion, including a JV with PTC India for 2 GW green energy and an MOU with Odisha for solar and storage projects.

• Received a green loan of JPY 15.464 billion ($100 million) from SMBC for renewable projects.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board and Audit Committee on February 10, 2026.

Financial highlights

• Standalone revenue from operations for nine months ended Dec 2025: ₹7,945.59 crore, up 5% YoY; Q3: ₹2,885.08 crore, up from ₹2,774.68 crore YoY.

• Standalone PAT: ₹1,282 crore, up 3% YoY; EBITDA: ₹3,240 crore, up 1% YoY.

• Group revenue for nine months: ₹12,447.07 crore, up 9% YoY; group PAT: ₹2,288.02 crore, up 2% YoY.

• Interim dividend of ₹3.60 per equity share (36%), the highest in five years, declared for FY 2025-26.

• Net worth as of Dec 31, 2025: Standalone ₹18,535 crore (+9% YoY), Group ₹20,640 crore (+12% YoY).

Outlook and guidance

• Targeting 8 GW renewable capacity by 2028 and 10 GW by 2030, with aggressive project additions and multiple JVs in progress.

• Expecting IPO of green energy subsidiary in September 2026.

• Capacity addition guidance: 600 MW in FY26, 1 GW in FY27, and 1.5 GW annually thereafter.

• Company confident of overcoming land acquisition challenges at Neyveli mines and expects to ensure lignite availability through contingency mining.

• No material liability expected from new labour codes; impact to be reviewed as rules are finalized.