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Swing Capital

NLC India Ltd

NSE: NLCINDIA BSE: 513683Energy

NLC India is engaged in the business of mining of lignite and generation of power by using lignite as well as Renewable Energy Sources.(Source : 202003 Annual Report Page No:89)

₹347
52W: ₹220 — ₹388
PE 19 · Book ₹139 · +150% vs book
Market Cap₹48,102 Cr
Stock P/E19Price to Earnings
ROCE13%Return on Capital
ROE13.8%Return on Equity
Div. Yield1%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 21.8%
  • +Debtor days have improved from 81.4 to 62.4 days.

Weaknesses

  • −Stock is trading at 2.51 times its book value
  • −The company has delivered a poor sales growth of 8.16% over past five years.
  • −Company has a low return on equity of 9.15% over last 3 years.
  • −Earnings include an other income of Rs.2,060 Cr.
  • −Promoter holding has decreased over last 3 years: -7.00%

Shareholding Pattern

Promoters72.2%
FIIs3.61%
DIIs13.97%
Public5.91%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.2%72.2%72.2%72.2%72.2%72.2%72.2%72.2%
FIIs2.18%2.53%▲0.32.86%▲0.32.91%▲0.12.95%▲0.03.25%▲0.33.22%▼0.03.61%▲0.4
DIIs13.82%14.29%▲0.514.46%▲0.214.63%▲0.214.25%▼0.413.86%▼0.413.71%▼0.113.97%▲0.3
Public7.48%6.65%▼0.86.17%▼0.55.96%▼0.26.29%▲0.36.4%▲0.16.56%▲0.25.91%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,5162,9312,6472,1392,7752,7232,4962,5652,8852,918
Expenses1,7582,6381,7431,7422,0422,3411,9881,8442,1652,041
Operating Profit758293904397733382508721720877
OPM %30%10%34%19%26%14%20%28%25%30%
Net Profit2211734963394086563684854281,243
EPS ₹1.591.253.582.452.954.732.663.53.098.97

AI Insights

Revenue Trend

Mar 2026 revenue at ₹10,864Cr, up 5.6% YoY. OPM at 27%.

Debt Position

Borrowings at ₹10,182Cr. Debt-to-equity ratio: 0.57x. Moderate leverage.

Capex Cycle

CWIP at ₹4,864Cr (34% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 13.97% (+5.95pp change). FIIs: 3.61% (+2.80pp change). Promoters hold 72.2%.

Margin & Efficiency

ROCE improving from 12% (Mar 2015) to 13% (Mar 2026). Working capital days: -106.

Valuation

PE 19x with 13% ROCE. Price is 150% above book value of ₹139. Dividend yield: 1%.

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