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Indian state-owned lignite miner and power generator (formerly Neyveli Lignite), now expanding into solar power.
Indian state-owned lignite miner and power generator (formerly Neyveli Lignite), now expanding into solar power.
Sells power to state distribution companies under long-term agreements at tariffs set by the central regulator on a cost-plus basis, which allows a fixed return on the plant's equity. Its own lignite mines feed the plants beside them. The central government controls it.
Moat: wide (regulatory licence, scale, installed base). Captive lignite mines feeding integrated mine-mouth power plants are a scarce, state-granted asset base.
Headquarters: Chennai, India · Founded: 1956 · Employees: 35,732
Size NLC India (NLCINDIA.NS) is an India Utilities company (Electric Utilities) with a market value of $3.50B, the 256th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹237.61 on 6 Nov 2026.
Performance Over six months the shares fell 27.7%, against -8.7% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 16.5% over the last twelve months (peer median +0.6%); the operating margin is 18.0% (peer median 14.6%).
Valuation It trades at 9.9× forward earnings against a peer median of 14.2× (5th cheapest of 19).
Capital Return on invested capital runs 7.5 points below its cost of capital (12.2% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹189B | ₹175B | ₹153B | ₹130B | ₹162B |
| Revenue growth | — | +14% | +18% | -20% | — |
| Gross profit | ₹95.7B | ₹56.7B | ₹51.5B | ₹44.2B | ₹66.0B |
| EBITDA | ₹60.9B | ₹62.1B | ₹54.4B | ₹39.4B | ₹64.2B |
| Net income | ₹39.2B | ₹35.2B | ₹26.2B | ₹18.5B | ₹14.0B |
| Free cash flow | n/a | -₹46.7B | -₹3.34B | ₹5.23B | -₹1.82B |
| Capital expenditure | n/a | ₹79.4B | ₹73.4B | ₹31.7B | ₹26.0B |
| Total debt | ₹282B | ₹279B | ₹224B | ₹224B | ₹223B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NLC India NLCINDIA.NS | $3.50B | -28% | +17% | 18% | 9.9× | n/a |
| NTPC NTPC.NS | $33.2B | -19% | +7% | 20% | 12.3× | n/a |
| Coal India COALINDIA.NS | $26.1B | -14% | +23% | 19% | 7.2× | -9.0% |
| JSW Energy JSWENERGY.NS | $10.1B | -9% | +26% | 36% | 39.7× | n/a |
| Adani Power ADANIPOWER.NS | $41.6B | -11% | +8% | 23% | 29.4× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
| NHPC NHPC.NS | $8.72B | +1% | +12% | 30% | 19.4× | n/a |
| SJVN SJVN.NS | $2.38B | -28% | +99% | 48% | 15.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NLCINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.1% | -1.3% | 7th lowest of 21 |
| 6-month return | -27.7% | -8.7% | 5th lowest of 21 |
| Distance from 52-week high | -38.7% | -19.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +16.5% | +0.6% | 4th highest of 21 |
| Operating margin | 18.0% | 14.6% | 9th highest of 20 |
| Forward P/E | 9.9× | 14.2× | 5th cheapest of 19 |
| ROIC minus cost of capital | -7.5 pp | -1.2 pp | lowest of 20 |
| EV / EBITDA | 10.5× | 10.5× | 7th most expensive of 14 |
| Net debt / EBITDA | 4.5× | 3.8× | 7th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |