NLC India has appointed M/s. R V K S and Associates and M/s. G Natesan & Co. as its joint statutory auditors for the financial year 2026-27. The appointment follows a communication from the Office of the Comptroller and Auditor General of India (CAG) dated September 8, 2026.

The company disclosed the change in auditors to stock exchanges on September 9, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also aligns with SEBI circular HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026.

Auditor Details

The term of appointment for both firms is one year, covering FY27. The firm profiles and key details are outlined below.

M/s. R V K S and Associates, established in 1999, operates across six locations in India. The firm is a member of AGN International, a network of independent professional firms with close to 200 member firms in over 80 countries. It holds an RBI Unique Code of 192816 (Category-I) and CAG Empanelment No. MD0836.

M/s. G Natesan & Co., established in 1949, maintains eight functional offices. The firm holds ICAI Firm Registration No. 002424S and is eligible for major audits under the CAG with ranking points of 129.25 for 2026. It also holds an RBI Unique Code of 312311.

Compliance Disclosure

The intimation was issued by Sushanta Kumar Panda, Company Secretary and Compliance Officer of NLC India. The filing confirms that there are no relationships between the directors and the appointed audit firms, marked as "NA" in the regulatory disclosure.

Nlc India has secured a confirmed work order valued at Rs 200.0 lakh from Sjn limited. The contract pertains to the development of a 200 MW Wind Power Project from ISTS connected Wind Power Projects on a PAN India basis under Tariff-Based Competitive Bidding. This follows a recent disclosure of a Rs 275.0 lakh order from Gujarat Urja Vikas Nigam Ltd (GUVNL) for setting up Standalone Battery Energy Storage Systems.

ORDER IN FINANCIAL CONTEXT

The new order value of Rs 200.0 lakh is minuscule relative to the company's financial scale, representing less than 0.01% of the average quarterly revenue of Rs 5033.45 crore. The total disclosed order book now covers approximately 0.05 quarters of average quarterly revenue, summing the two orders disclosed across the last three fiscal quarters. This indicates that the current filings do not significantly alter the company's near-term revenue visibility or backlog position.

COMPANY ORDER TRACK RECORD

The company has disclosed orders from multiple entities in the last three fiscal quarters. The table below summarizes the recent inflows:

Note: The new Rs 200.0 lakh order from Sjn limited was disclosed on 08 Sep 2026 and will be reflected in subsequent quarterly aggregations.

EXECUTION AND REVENUE QUALITY

The company maintains robust profitability metrics. In Q1FY27, revenue stood at Rs 4944.90 crore with a net profit of Rs 436.30 crore and an OPM of 31.20%. This follows Q4FY26, which saw higher margins at 35.19% due to significant other income. The consistent OPM above 30% signals stable execution quality on existing operations.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Nlc India has sustained order wins, its annual revenue has grown from Rs 16889.40 crore in FY25 to Rs 17489.50 crore in FY26, representing a YoY growth of +3.6% based on the latest annual data. While recent order disclosures are sparse, the underlying revenue base remains resilient.

WORKING CAPITAL AND EXECUTION CAPACITY

Liquidity positions require monitoring. The current ratio stands at 0.80x, indicating that current liabilities exceed current assets. Total Liabilities/Equity is 2.03x, reflecting elevated leverage when including trade payables. However, operating cashflow remained strong at Rs 8977.10 crore in FY25, suggesting that core operations are generating sufficient cash to manage working capital needs despite the balance sheet structure.

WHAT TO WATCH

• Execution rate: Monitor if new wind and BESS projects convert to revenue at the historical run-rate.
• OPM trajectory: Watch for margin stability as the company executes on diverse renewable contracts.
• Client concentration: Assess if Sjn limited or GUVNL account for a disproportionate share of future inflows.
• Liquidity management: With a current ratio below 1.0x, track working capital cycles closely.

KEY OBSERVATIONS

• Contract structure: This is a confirmed work order. Revenue recognition can proceed upon fulfillment of contract milestones.
• Valuation check (as of 08 Sep 2026): P/E of 11.1x against ROCE of 9.82%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
• Promoter holding: Moved from 72.20% to 69.47% in Q1FY27, a -2.73 pp change.
• Leverage flag: Total Liabilities/Equity of 2.03x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.