NLC India (513683) Q3 25/26 earnings summary

Executive summary

• Achieved commercial operation of Ghatampur Thermal Power Project Unit 2 (660 MW) 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 company, 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 MOUs with Odisha and MAHAPREIT.

• 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.

• Declared an interim dividend of 36% (INR 3.60/share), the highest in five years.

Financial highlights

• Standalone revenue from operations for nine months ending Dec 2025: INR 7,946 crore, up 5% YoY; Q3 FY26: ₹2,885.08 crore (up from ₹2,774.68 crore YoY).

• Standalone PAT: INR 1,282 crore, up over 3% YoY; Q3 net profit: ₹427.92 crore (up from ₹408.40 crore YoY).

• Group revenue for nine months: INR 12,447 crore, up 9% YoY; Q3 consolidated revenue: ₹4,443.05 crore (up from ₹4,411.47 crore YoY).

• Group PAT: INR 2,288 crore, up 2% YoY; Q3 consolidated net profit: ₹724.01 crore (up from ₹696.03 crore YoY).

• Group EBITDA: INR 4,899 crore, up over 4% 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.

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

• Green energy IPO expected in September 2026.

• Confident of overcoming land acquisition challenges at Neyveli mines and ensuring lignite availability through contingency mining.

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