NLCINDIA Q3 FY26 earnings call.
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Revenue
₹4,443 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
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Actual signal trajectory
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What the record says.
NLC India reported mixed Q3 FY26 performance with 9-month consolidated revenue at 12,447 crore (+9% YoY) and PAT at 2,288 crore (+2% YoY), though Q3 standalone revenue was essentially flat year-on-year due to lower power demand from favorable weather conditions. Gatamur Unit 2 (660 MW) achieved COD on December 9, 2025, and Pachwara South mine commenced operations in December. Fixed cost under-recovery on standalone basis widened to 623 crore from 510 crore a year ago, with management attributing volatility to TPS2 expansion technical issues now partially resolved. The renewable energy expansion program targets 8 GW by 2028 and 10 GW by 2030, supported by multiple state government JVs. NIRL IPO is expected in September 2026. The primary risk is that coal fuel costs are rising with Gatamur operations while generation cannot compensate due to subdued demand, compressing margins on the thermal business during the transition period.
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Guidance to track
- Pipeline built through JVs with Rajasthan (2 GW), Assam (1 GW), Maharashtra/Mahapri (~5 GW), and Odisha (~2 GW). 3 GW already in advanced implementation stages.
- Cabinet approval and tax exemptions received. All activities in fast progress; management expects to list in September 2026.
- Gatamur full station (3×660 MW) to be fully operational this financial year. Capacity additions to ramp up sharply from FY27 onward.
- Pachwara South mine commenced operations December 2025; will fully supply Gatamur's ~6 MMT annual requirement. Talabira production at 2 MMT in FY27, bridging 4 MMT via Coal India linkage.
Risks flagged
- Standalone under-recovery widened to 623 crore in 9M FY26 from 510 crore a year ago. Erratic quarterly variation reflects ongoing technical issues at TPS2 expansion. Second unit modification targeted for H1 FY27 only.
- Q3 revenue stayed flat YoY despite Gatamur Unit 2 commissioning because favorable weather suppressed national power demand, limiting generation from existing units. This risk is structural and recurring.
- Cost of fuel consumed increased as Gatamur's higher-cost coal is now operational. Management guided to only ~1 rupee per unit saving from own-coal sourcing, insufficient to offset volume growth in fuel expenses.
- Consolidated PAT includes a 260 crore favorable CERC order benefit. Without this, PAT growth would be even more subdued, raising questions about base business profitability trajectory.
Key quotes
- The overall power situation in the country because of favorable weather conditions, the power demand is not as comparable to last year. That is the reason why the overall generation levels are flat.
- In TPS2 expansion, after carrying out the major modification the availability of unit is 90% and even generation is also the highest level and it is having the highest generation and availability of all the 250 MW contemporary units in the country.
- By the end of financial year we'll be around 2 GW company and to reach a target of 10 GW by 2030, we are aggressively adding capacity in different states. We formed JV with Assam government for adding 1 GW, JV with Rajasthan government for 2 GW, JV with Odisha for 2 GW, and JV with Mahapri for around 5 GW.
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