NLC India posts record FY2025-26 profit, generation and capex

NLC India Limited reported its highest-ever production, power generation and financial performance since inception during FY2025-26, supported by higher coal output, increased renewable energy generation and capacity additions across thermal and green energy projects.

For the fourth quarter of FY2025-26, consolidated profit after tax (PAT) surged 181% year-on-year to Rs 1,341.9 crore. Consolidated revenue from operations increased 34% to Rs 5,156 crore from Rs 3,834 crore in the corresponding quarter of FY2024-25, while total income stood at Rs 5,170.2 crore.

Profit before exceptional items and tax nearly doubled to Rs 1,477.9 crore compared to Rs 742.9 crore a year earlier. Finance costs declined to Rs 387.8 crore from Rs 500.9 crore, while employee benefit expenses stood at Rs 696.5 crore. Earnings per share increased to Rs 10.08 from Rs 3.54 in Q4 FY2024-25.

For the full financial year, consolidated PAT rose 38.91% year-on-year to a record Rs 3,769 crore. Consolidated revenue increased 14.44% to Rs 17,490 crore, while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.78% to Rs 7,475 crore. Consolidated net worth expanded to Rs 21,525 crore.

On a standalone basis, revenue from operations grew 5.62% to Rs 10,864 crore, while standalone PAT increased 32.90% to Rs 2,525 crore. Standalone EBITDA stood at Rs 5,006 crore and net worth rose to Rs 19,270 crore.

Operationally, coal production during FY2025-26 reached 19.14 million tonnes, reflecting an 11.28% increase year-on-year. Annual coal dispatch from the Talabira II and III open cast project (OCP) stood at 17.69 million tonnes.

Renewable energy generation during the year reached 2.26 billion units, while gross group power generation stood at 28.95 billion units.

NLC India added 1,013 MW of capacity during FY2025-26, including 660 MW thermal capacity through Unit 2 of the Ghatampur Thermal Power Project (GTPP) and 353 MW of renewable energy projects. The renewable additions included a 300 MW solar project in Rajasthan and 3 MW rooftop solar capacity. Capital expenditure during the year crossed Rs 9,131 crore, the highest in the company’s history.

Among key project developments, coal production commenced at the Pachwara South Coal Mine with capacity of 9 million tonnes per annum (MTPA) in March 2026. The company also received in-principle approval from the Ministry of Coal for the New Patrapara South Coal Mine.

Its subsidiary, NLC India Renewables Limited (NIRL), received a Letter of Award from Solar Energy Corporation of India Limited (SECI) for the development of 600 MW solar capacity integrated with a 300 MW/1,800 MWh energy storage system.

The government has additionally approved the listing of NIRL through a fresh equity issue and dilution of up to 25% stake held by NLC India through a domestic public offering.

The company also secured approval for a joint venture between NIRL and National Capital Region Transport Corporation (NCRTC) to develop 100 MW renewable energy capacity in Uttar Pradesh.

NLC India declared an interim dividend of Rs 3.60 per share and recommended a final dividend of Rs 0.25 per share for FY2025-26, subject to shareholder approval.

The company stated that regulatory liabilities linked to disputed Vivad se Vishwas Scheme (VSVS) recoveries from distribution companies (DISCOMs) stood at Rs 411.57 crore as of March 31, 2026. Tariff petitions for the 2024-29 control period remain pending before the Central Electricity Regulatory Commission.