NLC India Limited’s Board of Directors approved the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025. The results show Standalone Total Income reached ₹3,248.42 Crore for the quarter, with Profit After Tax at ₹427.92 Crore. Consolidated figures reflect strong performance across mining and power segments, alongside regulatory adjustments and ongoing legal matters.
Financial Results Approved for December 31, 2025
The Board of Directors of NLC India Limited has reviewed and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and the nine months ended December 31, 2025. The approval followed a review and recommendation by the Audit Committee during their meeting on February 10, 2026.
Standalone Performance Highlights (Q3 FY2025-26)
For the quarter ended December 31, 2025, the key standalone financial metrics were:
- Total Income (I+II): ₹3,248.42 Crore.
- Profit / (Loss) before Tax: ₹572.67 Crore.
- Profit / (Loss) for the period (PAT): ₹427.92 Crore.
- Basic EPS from Continuing Operations: ₹3.78 (Before Regulatory Adjustment).
For the nine months ended December 31, 2025, the standalone performance showed:
- Total Income: ₹8,832.68 Crore.
- Profit / (Loss) for the period (PAT): ₹1,281.59 Crore.
- Basic EPS from Continuing Operations (After Regulatory Adjustment): ₹9.24.
Consolidated Performance Highlights (Q3 FY2025-26)
The consolidated results reflect the performance of the Group, including subsidiaries:
- Total Income (I+II): ₹4,807.10 Crore for the quarter.
- Profit / (Loss) for the period (PAT): ₹724.01 Crore for the quarter.
- Basic EPS (After Regulatory Adjustment): ₹5.22 for the quarter.
For the nine months ended December 31, 2025, consolidated results include:
- Total Income: ₹13,269.67 Crore.
- Profit / (Loss) for the period (PAT): ₹2,288.02 Crore.
- Basic EPS (After Regulatory Adjustment): ₹16.50.
Segment Performance Summary
Standalone Segment Insights
The standalone results highlight the core business segments. For the quarter ended December 31, 2025, Mining Segment Results (before finance cost and unallocable items) stood at ₹744.53 Crore, while the Power Segment Results were ₹343.07 Crore.
Consolidated Segment Insights
On a consolidated basis for the quarter:
- Mining Profit Before Tax: ₹401.83 Crore.
- Power Generation Profit Before Tax: ₹1,207.23 Crore.
Consolidated Assets for the Group totaled ₹62,137.17 Crore as of December 31, 2025, with Power Generation assets dominating the balance sheet.
Key Notes and Regulatory Matters
Operational and Regulatory Updates
The notes detail several ongoing regulatory and operational aspects impacting the accounts:
- The company retained a Regulatory Deferral Liability of ₹10.99 crore related to an appeal against a tariff reduction order for 500 MW solar plants.
- In a separate CERC matter concerning TPS-II (Neyveli), a regulatory liability of ₹128.41 crore has been retained pending a revised order.
- Regarding the TPS-I tariff dispute with TNPDCL, the company retained the disputed interest amount of ₹417.63 Crore under Regulatory Deferral Liability.
- Income recognition related to new CERC Tariff Regulations (2024-29) for O&M parameters amounted to ₹31.34 crore in Q3 FY 2025-26.
Land Acquisition Uncertainty
Attention is drawn to Note No. 10, highlighting a deficit in land availability at Neyveli for lignite mining, which currently casts significant uncertainty on operations, although management remains confident of overcoming these challenges.
Corporate Events
- NLCIL declared an Interim Dividend of @36% (₹3.60 per share) on January 12, 2026.
- Effective January 1, 2026, Renewable Energy Assets (1430 MW) were transferred to the wholly-owned subsidiary, NLC India Renewables Limited.
Auditors’ Limited Review Conclusion
The Joint Statutory Auditors concluded that based on their review, nothing has come to their attention to suggest that the accompanying financial statements contain any material misstatement, or that required disclosures under the Listing Regulations have not been made. However, the review noted the material uncertainty relating to going concern due to land availability issues (Note 10).
Statutory Compliance Certifications
Separate reports confirmed compliance for debt securities as of December 31, 2025:
- Secured Debt: Compliance confirmed with covenants for NCDs totaling ₹2,106.83 Crore, with a Security Cover ratio of 1.34 times.
- Unsecured Debt: Compliance confirmed with covenants for NCDs totaling ₹1,739.03 Crore and ₹1,175 Crore for the respective issues listed.
Other Information
The filing confirms No Default on outstanding loans and debt securities as of the reporting date, and Not Applicable for statements regarding audit qualifications or deviation in public issue proceeds for the quarter ending December 31, 2025.
Source: BSE
