NLC India has scheduled its 70th Annual General Meeting for September 29, 2026, to approve the transfer of 2,138.96 MW of renewable energy assets to its wholly owned subsidiary, NLC India Renewables Limited (NIRL). The transaction values the assets at ₹3,439.60 crore, aligning with the company’s strategy to ring-fence its clean energy business ahead of NIRL’s planned initial public offering.

The meeting will also confirm a total dividend payout of ₹3.85 per equity share for FY26. This figure comprises an interim dividend of ₹3.60 per share already paid and a proposed final dividend of ₹0.25 per share. Shareholders on record as of September 22, 2026, will be eligible for the final dividend payment.

Renewable Energy Asset Transfer

The core special business item involves the slump sale of operational and under-construction renewable energy projects to NIRL. This move aims to enhance operational efficiency and allow the subsidiary to raise project-specific financing independently.

The valuation includes ₹2,419.24 crore for 1,430 MW of assets and an estimated ₹1,020.36 crore for 708.96 MW, subject to auditor certification. The transfer covers solar, wind, and green hydrogen projects across Tamil Nadu, Rajasthan, Gujarat, and the Andaman Islands.

Board Appointments

Shareholders will vote on the appointment or re-appointment of several directors:

• Dr. Prasanna Kumar Acharya and Dr. Suresh Chandra Suman are up for re-appointment by rotation.
• Shri Rajesh Pratap Singh Sisodia is proposed as a Whole-time Director, bringing over 35 years of experience in thermal power and renewable energy from Bharat Heavy Electricals Ltd.
• Shri Anil Meshram, Principal Secretary to the Tamil Nadu Government, and Shri Gopal Singh, Joint Secretary in the Ministry of Coal, are appointed as Government Nominee Directors.
• Shri Poonam Chandrakar is proposed as an Independent Director for a three-year term.

Voting and Logistics

The AGM will be held via Video Conferencing/Other Audio Visual Means. Remote e-voting opens on September 25, 2026, at 9:00 am and closes on September 28, 2026, at 5:00 pm. The register of members remains closed from September 23 to September 29, 2026.

What the Numbers Show

The dividend structure reveals a heavy reliance on interim payouts, with the interim dividend of ₹3.60 constituting approximately 94% of the total declared dividend of ₹3.85 per share. This suggests the company distributed the bulk of its shareholder returns earlier in the fiscal year, leaving a minimal final dividend component for approval at the AGM.

NLC India has filed its Business Responsibility and Sustainability Report (BRSR) for FY26. The disclosure outlines the company’s environmental, social, and governance performance across its power generation and mining operations.

The report covers consolidated operations, including subsidiaries such as NLC Tamil Nadu Power Limited and NLC India Green Energy Limited. It details key sustainability indicators, ranging from greenhouse gas emissions to employee well-being measures.

Environmental Performance

The company reported a total energy consumption of 313,582.55 TJ for the period. This figure includes 73.19 TJ from renewable sources and 313,509.36 TJ from non-renewable sources. Energy intensity per rupee of turnover stood at 1.79 TJ/Million Rupees, down from 1.97 TJ/Million Rupees in the prior year.

Water withdrawal totaled 25,29,62,099.88 kilolitres, with consumption at 10,13,48,379.96 kilolitres. The company discharged 15,16,13,717.92 kilolitres of water, primarily after treatment to meet regulatory standards.

Greenhouse gas emissions (Scope 1 and 2) reached 3,16,48,306.78 tonnes of CO2 equivalent. Emission intensity per rupee of turnover was 180.96 T CO2e/Million Rupees. The company noted that Flue Gas Desulphurisation (FGD) implementation is underway to reduce SOx emissions.

Social and Governance Metrics

NLC India reported 3,592 permanent employees and 32,140 workers. The company incurred costs on well-being measures amounting to 0.96% of total revenue, up from 0.80% in the previous year. Union membership among permanent employees stood at 69%, while permanent worker union membership was 82%.

Safety incidents included 3 fatalities among workers and 1 recordable work-related injury among employees. The Lost Time Injury Frequency Rate (LTIFR) for employees was 0.134, and for workers, it was 0.094 per one million-person hours worked.

Assurance and Compliance

Social Responsibility Asia (SR Asia) provided reasonable assurance on the BRSR Core disclosures. The assurance covered key performance indicators including energy consumption, water usage, GHG emissions, waste management, and safety-related incidents. The company confirmed compliance with applicable environmental laws, including the Water and Air (Prevention and Control of Pollution) Acts.

What the Numbers Show

The reduction in energy intensity from 1.97 TJ/Million Rupees in FY25 to 1.79 TJ/Million Rupees in FY26 suggests improved operational efficiency relative to revenue generation. However, total non-renewable energy consumption increased by approximately 4.3% year-on-year, indicating that efficiency gains were partially offset by higher overall operational scale or fuel usage.