NLC India Ltd

Ratings actions

• Bank loan facilities ₹1,102 crore: IND AAA/Stable; Assigned.
• Non-convertible debentures ₹2,500 crore: IND AAA/Stable; Affirmed.
• Commercial Papers ₹6,000 crore: IND A1+; Affirmed.
• Bank loan facilities ₹2,923 crore: IND AAA/Stable/IND A1+; Affirmed.

Project award details

• Subsidiary NLC India Renewables Ltd received SECI LoA for 200 MW wind project in Karnataka.
• Power generated from the project will be supplied to SECI Limited.

Standalone Performance

• Coal production 40.85 LT, up 7.84% from 37.88 LT in Q1 FY2025-26.
• Thermal power gross generation 4,318.85 MU vs 3,988.98 MU; +8.27%.
• Revenue from operations Rs.2,871.73 Cr, up 15.07% from Rs.2,495.60 Cr.
• EBITDA Rs.1,013.13 Cr vs Rs.1,001.81 Cr; +1.13%.
• PBT Rs.548.67 Cr vs Rs.528.78 Cr; +3.76%.
• Net-worth Rs.19,701.70 Cr vs Rs.17,824.83 Cr; +10.53%.
• Collection efficiency of power debtors till 30.06.2026 stood at 100%.

Group Performance

• Gross power generation 8,262.06 MU, up from 6,609.40 MU; +25.00%.
• Revenue from operations Rs.4,716.75 Cr, up from Rs.3,825.61 Cr.
• EBITDA Rs.1,399.59 Cr vs Rs.1,431.71 Cr; prior year.
• PBT Rs.651.55 Cr vs Rs.593.60 Cr; +9.76%.
• Net-worth Rs.22,069.07 Cr vs Rs.19,511.56 Cr; +13.11%.

Standalone results

• Revenue from operations ₹2,871.73 crore; total income ₹2,991.47 crore.
• PBT ₹548.67 crore; tax ₹174.39 crore; PAT ₹374.28 crore.
• EPS: basic ₹2.38; diluted ₹2.38; NRD-adjusted EPS ₹2.70.
• Total comprehensive income ₹431.53 crore.
• OFS disinvestment of 2.73% GOI stake in NLCIL oversubscribed; ₹1,260 crore mobilized.
• Net movement in regulatory deferral account balances ₹65.42 crore.
• Regulatory deferral liability ₹413.64 crore recognized; VSVS dispute with DISCOMs.
• Advances recoverable from M/s BGRIM in respect of NUPPI ₹1,453.69 crore; 100% provision.
• Ghatampur Unit-3 COD achieved 13-Jun-2026; 1,980 MW fully commissioned.

Consolidated results

• Consolidated total income ₹4,867.85 crore; PAT ₹436.33 crore; EPS ₹3.08.
• Total comprehensive income ₹497.70 crore.

Milestones & regulatory matters

• Ghatampur Unit-3 COD achieved; 1,980 MW now commissioned.
• OFS of GOI stake oversubscribed; government to retain majority ownership.
• Regulatory deferral liability recognized ₹413.64 crore; VSVS with DISCOMs ongoing.
• NUPPI/NLC receivable ₹1,453.69 crore; 100% provision.
• Note on regulatory deferral accounts: ₹50.86 crore quarterly income recognized under deferral.

LOI for 900 MW solar project

• NIRL received LOI from Gujarat Urja Vikas Nigam Limited for a 900 MW solar project.
• Tariff-based competitive bidding; power to be procured by GUVNL.
• NIRL is a wholly-owned subsidiary of NLC India Limited.

Independent Director appointment

• Appointment of Shri Poonam Chandrakar as Non-Official Independent Director on the Board.
• Effective from 16 July 2026 for three years, or until further orders.
• Reason: Ministry of Coal appointed him as Independent Director.
• Not related to any Directors and not debarred by SEBI or any authority.

Appointment: Shri Gopal Singh as Part-time Official Director

• Appointment: Shri Gopal Singh appointed Part-time Official Director, effective 10 July 2026, until further orders.
• Reason: Change in Nomination by Appointing Authority.
• Profile: 2003 batch IFS, Bihar cadre; Joint Secretary, Ministry of Coal; PhD in Agronomy.
• Disclosure: Not related to any director.

CMD additional charge: Sanoj Kumar Jha

• Continuation of CMD (additional charge) by Shri Sanoj Kumar Jha for 3 months from 01.07.2026.
• Effective until regular appointment or further orders.
• Reason: To hold CMD post temporarily during transition.
• Term: initial period of three months.

Joint Venture Overview

• Formation of JVC with NALCO to develop 4×270 MW (1,080 MW) coal-fired captive power plant at Angul, Odisha.

Parties Involved

• NLC India Limited and National Aluminium Company Limited (NALCO) as equal partners.

Shareholding Structure

• JVC to be 50:50 equity between NLCIL and NALCO upon incorporation.

Key Terms

• JV will have equal board nominations; both parties to nominate directors.
• JV will execute a 25-year Fuel Supply Agreement with NLCIL's Machhakata or other mines.
• JVC to sign a 25-year Power Purchase Agreement with NALCO for 100% offtake.
• Equity shares issued at Rs 10 face value, 50:50 upon incorporation.

Financial Commitment

• Equity funding is 50:50 on formation, with shares at face value Rs 10.

Strategic Rationale

• To meet NALCO's 0.5 MTPA aluminium smelter expansion captive power requirement.

Related Party Status

• Related party: Yes, NLCIL and NALCO are promoter/Group related.
• RPT status: Not a related party transaction.

Regulatory/Approval Status

• Regulatory/government approvals required; no indicative timelines provided.

Other Material Information

• New JVC to be formed with equal equity and board representation.

Angul JV overview

• NLC India and NALCO signed a 50:50 JV for a 1,080 MW captive coal-based plant at Angul, Odisha.
• The JV will jointly own, finance, construct, and operate the plant.
• The project will provide long-term power supply to support expansion initiatives.
• A ceremony attended by Union Minister for Coal and Mines signified the agreement.
• The initiative aligns with government energy security and integrated resource development.