Key Metrics of NLC India Limited
About NLC India Limited
Sectors
Company details
- Website
- nlcindia.in
- Registered office
- No.135, Evr Periyar High Road, Kilpauk, Chennai, In-tn, 600010
- Listed
- NSE: NLCINDIA · ₹230.31
Operational Areas of NLC India Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 13 Jan 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,972 Cr | View |
| 30 Oct 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹8,422 Cr | View |
| 07 Nov 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹8,322 Cr | View |
| 04 Apr 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹8,709 Cr | View |
| 27 Dec 2022 | CARE | Reaffirmed | AAA | — | Stable | ₹609 Cr | View |
| 08 Nov 2021 | CARE | Reaffirmed | AAA | — | Stable | ₹938 Cr | View |
| 05 Oct 2020 | CARE | Reaffirmed | AAA | A1+ | Negative | ₹6,504 Cr | View |
| 15 May 2020 | CARE | Reaffirmed | — | A1+ | — | ₹5,000 Cr | View |
| 05 Mar 2020 | CARE | Reaffirmed | AAA | — | Stable | ₹2,693 Cr | View |
| 02 Mar 2020 | CARE | Assigned | — | A1+ | — | ₹2,000 Cr | View |
| 14 Jun 2019 | CARE | Reaffirmed | AAA | — | Stable | ₹2,839 Cr | View |
| 01 Mar 2019 | CARE | Reaffirmed | AAA | — | Stable | ₹1,839 Cr | View |
Credit strengths (CARE, Jan 2026)
+ Majority ownership by the GoI
NLC was established by the GoI in 1956, following the discovery of lignite deposits in Neyveli, Tamil Nadu. With a 72.20% stake as on September 30, 2025, GoI is majority owner, providing financial flexibility to access banking and capital markets for raising funds at competitive rates. The company was accorded ‘Navratna’ status in 2011, which grants greater autonomy to Central Public Sector Enterprises (CPSEs) in investment decisions. The company also acts as the Nodal Agency for lignite mining,
+ Established track record of operations
NLC has an operational track record of nearly six decades in lignite mining and power generation. The company has been engaged in coal mining from FY20 (FY refers to April 01 to March 31). For power sales, it entered long-term PPAs for its thermal capacity with state distribution companies (discoms) of Assam, Odisha, Rajasthan, Uttar Pradesh, and southern stateson cost plus tariff per CERC tariff regulations. On a consolidated basis, NLC operates seven thermal power stations and renewable power
+ Two-part tariff structure and presence of long-term PPAs ensuring steady profitability and revenue visibility
All existing power plants of NLC (thermal, wind and solar) have long-term PPAs of 25 years with the state power Discoms in southern India and Rajasthan. The tariff structure for the coal and lignite thermal power plants of NLC is fixed by the CERC and for lignite mines by the MoC on cost plus tariff. Tariff structure of every thermal power plant of NLC comprises capacity charges linked to plant availability and energy charges linked to actual generation. Capacity charges comprise operation and m
+ Presence of captive lignite mines and coal mines with adequate resources resulting in guaranteed fuel supply
Of the seven thermal power plants operated by NLC, five plants are lignite-based power generation plantsand the remaining two plants are coal-based. The lignite-based power plants mostly operate as pithead power stations, which have access to captive lignite mines with capacity of 30.10 MMTPA as on March 31, 2025. This ensures adequate fuel supplies and gives stability to its operations. With respect to coal-based power plant, NTPL has entered a fuel supply agreement (FSA) with Mahanadi Coalfiel
+ Financial performance marked by improvement in gearing
In FY25, NLC’s total operating income (TOI) increased to ₹15,368 crore from ₹13,043 crore in FY24 on a consolidated mainly from commissioning of Unit I of NUPPL and stable PAF and PLF of operational capacity. Its profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin improved to 31.7% inFY25 (FY24: 27.3%). In H1FY26, on a consolidated basis, TOI stood at ₹8,004 crore (H1FY25: ₹7,036 crore), which improved mainly from commissioning of Unit I of NUPPL. On a consolidated
+ Significant improvement in receivables
On a consolidated basis, NLC’s total receivables reduced significantly from ₹7,522 crore as on March 31, 2021 to ₹3,772 crore as on March 31, 2025, considering receipt of funds by the Discoms under the LPS scheme and power sector reforms availed by the company. Average collection period improved from 289 days in FY21 as 85 days in FY25.
Credit challenges
− Continued counterparty credit risks due to weak profile of off-takers
NLC remains exposed to counterparty credit risks due to weak-to-moderate financial profile of state power distribution companies (Discoms). As on June 30, 2025, on a consolidated basis, Tamil Nadu Generation and Distribution Corporation (TANGEDCO) accounted for ~54% of total outstanding receivables of NLC. As on June 30, 2025, of NLC’s consolidated power generation capacity of 6,731 MW, ~50% was contracted with TANGEDCO, whereas ~52% of power sales in Q1FY26 were made to TANGEDCO. PPAs for all
− Large-size debt-funded capex plans exposing the company to cost and time overruns and stabilisation risks
NLC’s present power generation capacity and mining capacity are 6.7 GW and 50.10 million metric tonne per annum (MMTPA) respectively. NLC plans to increase its power generation capacity and mining capacity to 20.1 GW (10 GW of thermal and 10 GW of renewable) and 104.35 MMTPA respectively by FY30. It also plans to install flue gas desulphurisation (FGD) in its thermal power plants. NLC envisages a capex of ~₹1,17,000 crore till FY30. Historically, actual capex deployment has remained disciplined,
Could lead to a downgrade
• Dilution of GoI’s stake in NLC to below 51% and/or change in support philosophy and strategic importance of GoI towards NLC. • Larger-than-envisaged debt-funded capex, resulting in a significant increase in leverage levels and deterioration in projected coverage metrics. • Significant elongation in receivables on a sustained basis • Deterioration in operational metrics of the underlying power plants, resulting in lower-than-envisaged cash flows. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Pre
Agency-reported financials (CARE, 13 Jan 2026)
| Metric | March 31, 2024 | March 31, 2025 | H1FY26 |
|---|---|---|---|
| Total operating income | ₹13,043 Cr | ₹15,368 Cr | ₹8,004 Cr |
| PBILDT | ₹3,557 Cr | ₹4,872 Cr | ₹2,334 Cr |
| Profit after tax (PAT) | ₹1,868 Cr | ₹2,714 Cr | ₹1,564 Cr |
| Overall gearing (x) | 1.17× | 1.03× | 1.05× |
| Interest coverage (x) | 4.19× | 5.23× | 3.97× |
| Revenue growth (YoY) | — | 17.8% | — |
| EBITDA margin | 27.3% | 31.7% | 29.2% |
| Implied interest cost (EBITDA ÷ coverage) | ₹849 Cr | ₹932 Cr | ₹588 Cr |
| PAT margin | 14.3% | 17.7% | 19.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹1,200 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹772 Cr | — | AAA / A1+ (Stable) | Reaffirmed | CARE |
| Commercial paper | Commercial paper | — | ₹6,000 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹772 Cr | CARE AAA; Stable / CARE A1+ |
| Commercial Paper (Standalone) | ₹6,000 Cr | CARE A1+ |
| Term Loan | ₹1,200 Cr | CARE AAA; Stable |
Lenders
| Fund-based - LT | Term Loan | Punjab National Bank |
| Non-fund-based - LT/ ST | Bank Guarantee | ICICI Bank Ltd. |
Credit assessment · Thermal power
Rating Methodology – Thermal Power Producers (Dec 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 73% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 3.97×
Rated limits by facility
Timeline
From the report
Liquidity: Strong NLC’s liquidity is marked by strong cash accruals against its debt repayment obligations and availability of free cash and cash equivalents of ~₹742 crore as on September 30, 2025, on a consolidated basis.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis, there was nil utilisation for 12-months ending August 2025.
From the report
On a consolidated basis, NLC’s PAF declined to ~65% in FY24 pursuant to shortfall in lignite supplies due to land related issue, which led to under-recovery of fixed cost to the tune of ~₹915 crore in FY24 (₹473 crore in FY23) on a consolidated basis.
From the report
Liquidity: Strong NLC’s liquidity is marked by strong cash accruals against its debt repayment obligations and availability of free cash and cash equivalents of ~₹414 crore as on September 30, 2024, on a consolidated basis.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis, there was nil utilisation in 12-months ending July 2024.
From the report
Liquidity: Strong The liquidity of NLC is marked by strong cash accruals against its debt repayment obligations and availability of cash and ca sh equivalents of around ₹345 crore as on September 30, 2023 on a consolidated basis.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis and average utilisation of the same stood at around 7% during last 12 months ended July 2023.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis and average utilisation of the same stood at around 7% during last 12 months ended July 2023.
From the report
Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) has availed the facility to repay the outstanding dues of ₹734 crore to NLC (Standalone) in 48 equally monthly installments.
From the report
Liquidity: Strong The liquidity of NLC is marked by strong cash accruals against its debt repayment obligations and availability of cash and ca sh equivalents of around ₹380 crore as on September 30, 2022.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis and average utilisation of the same stood at around 5% during last 12 months ended November 2022.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalone basis and average utilisation of the same stood at around 5% during last 12 months ended November 2022.
From the report
Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) has availed the facility to repay the outstanding dues of ₹734 crore to NLC (Standalone) in 48 equally monthly installments.
From the report
Liquidity: Strong The liquidity of NLC is marked by strong cash accruals against its debt repayment obligations and availability of cash and cash equivalents of around ₹380 crore as on September 30, 2022.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalo ne basis and average utilisation of the same stood at around 5% during last 12 months ended November 2022.
From the report
NLC also has total cash credit limit of ₹4,000 crore on a standalo ne basis and average utilisation of the same stood at around 5% during last 12 months ended November 2022.
From the report
Six thousand crore only) Details of instruments / facilities in Annexure -1 Detailed Rationale & Key Rating Drivers The revision in the outlook assigned to the bank facilities of NLC India Limited (NLC) is on account of significant liquidation of its built-up receivables in FY21 (refers to the period April 1 to March 31) and H1FY22 pursuant to the ‘Atmanirbhar Bharat Scheme’ and bill discounting facility availed by the company and consequent improvement in its liquidity profile and leverage.
From the report
Significant improvement in receivables albeit with continued counterparty credit risks due to weak profile of offtakers On consolidated basis, total power sales debtors reduced significantly from Rs. 11,409 crore as on September 30, 2020 to Rs.5,705 crore as on September 30, 2021, on account of receipt of funds by Discoms under the Atmanirbhar Bharat 2 CARE Ratings Limited Press Release Scheme and bill discounting facility availed by the company.
From the report
While some amount has been utilised towards prepayment of debt in FY21 and H1FY22, the cash and cash equivalent increased from Rs.13 crore as on August 30, 202 0 to Rs.1,320 crore as on September 30, 2021.
From the report
While some amount has been utilised towards prepayment of debt in FY21 and H1FY22, the cash and cash equivalent increased from Rs.13 crore as on August 30, 202 0 to Rs.1,320 crore as on September 30, 2021.
From the report
Liquidity: Strong Liquidity of NLC is marked by strong cash accruals against its debt repayment obligations and availability of cash and cash equivalents of around Rs.1,300 crore as on September 30, 2021.
From the report
NLC also has total cash credit limit of Rs.4,000 crore on a standalone basis and average utilisation of the same stood at around 29% during last twelve months ended July 2021.
From the report
NLC also has total cash credit limit of Rs.4,000 crore on a standalone basis and average utilisation of the same stood at around 29% during last twelve months ended July 2021.
From the report
The company had free cash balance of Rs.13 crore as on August 05, 2020.
From the report
NLC also has cash credit limit of Rs.4,000 crore where average utilization stood at around 76% in the last twelve months ended July 2020.
From the report
NLC also has cash credit limit of Rs.4,000 crore where average utilization stood at around 76% in the last twelve months ended July 2020.
From the report
However, subsidiary NTPL has availed moratorium on principal obligations with respect to its short term loan during the period July-August 2020.
From the report
As on April 30, 2020, free cash and bank balance stood at Rs.14.3 crore.
From the report
Sanctioned working capital limits is Rs.4,000 crore.
From the report
The company’s average working capital utilization was in the range of 76% for the 12- month period ended April 2020.
From the report
The cash and bank balance stood at Rs.474 crore as on September 30, 2019.
From the report
NLC also has access to cash credit limit of Rs.4,000 crore 2 CARE Ratings Limited Press Release where utilisation stood in the range of 80% in the last twelve months ended January 2020.
From the report
The cash and bank balance stood at Rs.474 crore as on September 30, 2019.
From the report
NLC also has access to cash credit limit of Rs.4,000 crore 2 CARE Ratings Limited Press Release where utilisation stood in the range of 80% in the last twelve months ended January 2020.
From the report
The cash and bank balance stood at Rs.531 crore as on March 31, 2019.
From the report
NLC also has access to cash credit limit of Rs.4,000 crore where utilisation stood in the range of 60% to 89% in the last few months ended April 2019.
From the report
The cash and bank balance dropped from Rs.3,279 crore as on March 31, 2016 to Rs.362 crore as on September 30, 2018.
From the report
However, NLC has access to cash credit limit of Rs.2,200 crore where utilisation stood low in the range of 30%.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of NLC India Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Indian Oil Corporation |
Outlets operated by Indian Oil. | iocl.com | 1964 | Mumbai, India |
 Oil and Natural Gas Corporation |
Oil Refining & Marketing · Oil, Gas & Energy | ongcindia.com | 1955 | New Delhi, India |
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Power Finance Corporation |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | pfc.gov.in | 1986 | New Delhi, India |
| Integrated Steel Producers · Steel, Metals & Pipes | sail.co.in | — | India | |
| Part of Gujarat Urja Vikas Nigam Limited. | getcogujarat.com | — | India | |
| Maharatna & Navratna PSUs · Public Sector (PSU) & Government | guvnl.com | 1999 | Vadodara, India | |
| Gujarat State Electricity Corporation Limited | Maharatna & Navratna PSUs · Public Sector (PSU) & Government | — | — | Gujarat, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Lignite mining and power
Filings
No filings on record yet.