NLC India Limited Earnings Summary — Q1 FY2027
NLC India Reports Growth in Consolidated Revenue Driven by Ghatampur Thermal Commissioning
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 6.5% sequentially in Q1 FY2027.
- Revenue of ₹4,717 Cr is 23.3% higher year-on-year.
- Revenue has compounded at 13.6% annualised over the last 10 quarters.
- Net profit of ₹484 Cr is 39.3% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 90.0% annualised across the period.
- Operating margin stands at 31.2% in Q1 FY2027.
- Operating margin expanded by 677 bps year-on-year.
- Over the last two years operating margin has contracted by 85 bps.
- PBT margin is 13.8%.
- Expense growth of 12.3% remained below revenue growth of 23.3%.
- Operating profit of ₹1,471 Cr is 57.4% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 69/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 4,717 | 5,042 | 4,443 | 4,178 | 3,826 | 3,836 | 4,411 | 3,657 | 3,376 | 3,541 |
| Expenses | Stable | 3,245 | 3,268 | 3,099 | 2,779 | 2,891 | 2,975 | 3,377 | 2,644 | 2,294 | 3,208 |
| Operating Profit | Volatile | 1,471 | 1,774 | 1,344 | 1,400 | 935 | 861 | 1,035 | 1,013 | 1,082 | 333 |
| Operating Margin | Volatile | 31.2% | 35.2% | 30.3% | 33.5% | 24.4% | 22.4% | 23.5% | 27.7% | 32.0% | 9.4% |
| Other Income | Volatile | 228 | 802 | 364 | 359 | 497 | 957 | 489 | 713 | 362 | 494 |
| Interest | Improving | 382 | 364 | 269 | 289 | 299 | 325 | 237 | 180 | 189 | 199 |
| Depreciation | Improving | 666 | 695 | 597 | 548 | 539 | 581 | 458 | 413 | 433 | 462 |
| Profit Before Tax | Volatile | 652 | 1,518 | 843 | 921 | 594 | 912 | 830 | 1,133 | 822 | 165 |
| Tax | Accelerating | 215 | 36 | 119 | 197 | -246 | 444 | 134 | 151 | 255 | 52 |
| Net Profit | Volatile | 484 | 1,393 | 666 | 665 | 798 | 482 | 668 | 912 | 559 | 114 |
| Net Margin | Volatile | 10.3% | 27.6% | 15.0% | 15.9% | 20.9% | 12.6% | 15.1% | 24.9% | 16.6% | 3.2% |
Key Takeaways
- Consolidated revenue grew 23.3% YoY to ₹4,716.75 crore, though net profit saw a significant decline primarily due to higher fuel costs and prior year tax adjustments.
- The 1,980 MW Ghatampur Thermal Power Project (GTPP) reached full commissioning with Unit-3 achieving Commercial Operation Date (COD) on June 13, 2026.
- A significant provision of ₹1,453.69 crore remains on the books for advances to M/s BGRISL regarding the NUPPL project, fully provided for on a prudential basis.
- Mining segment revenue remained stable at ₹2,336.61 crore, while Thermal Power revenue surged to ₹3,810.44 crore following new capacity additions.
- The Government of India completed a disinvestment of 2.73% stake through an Offer for Sale (OFS), mobilizing approximately ₹1,260 crore.
- Regulatory deferral account balances contributed ₹77.09 crore to the consolidated profit before tax, reflecting ongoing tariff adjustments under CERC 2024-29 norms.
Management Guidance
Management remains focused on the 'Power 2030' target to reach 17 GW capacity, transitioning the portfolio toward a 60:40 thermal-to-renewable mix.
Sentiment Shift
Stable
While revenue growth is strong due to capacity commissioning, profitability was impacted by volatility in regulatory deferral income and fuel costs compared to the exceptional prior-year quarter.
Outlook
The outlook is bolstered by the full commissioning of the Ghatampur project and expansion in the Talabira coal mines, which are expected to stabilize cash flows under the regulated tariff model.
From the Annual Report (Key Quotes)
“With the commissioning of Unit-3, the entire Ghatampur Thermal Power Project (3 x 660 MW) now stands fully commissioned.”
“The Company has made a 100% provision for the entire outstanding amount of ₹1,453.69 crore regarding advances recoverable from M/s BGRISL.”
“Pending final tariff orders, thermal billing is being carried out as per the 2019-24 tariff orders.”
Official Quarterly Documents
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This summary is AI-generated from NLC India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.