NLC India Limited reported mixed financial results for the third quarter of FY26, with revenue growth offset by declining profitability amid operational challenges and regulatory disputes.

Financial Performance Overview

The company's standalone financial results for Q3 FY26 showed revenue from operations of ₹2,885.08 crore, representing a 4.0% increase from ₹2,774.68 crore in the corresponding quarter of the previous year. However, net profit declined 4.8% to ₹427.92 crore compared to ₹408.40 crore in Q3 FY25.

Nine-Month Performance

For the nine-month period ended December 31, 2025, NLC India demonstrated stronger overall performance with revenue from operations growing 5.1% to ₹7,945.59 crore from ₹7,562.63 crore in the corresponding period of FY25. Net profit for the nine-month period increased 3.0% to ₹1,281.59 crore.

Operational Challenges and Regulatory Issues

The company continues to face significant operational challenges, particularly regarding land availability at Neyveli for lignite mining operations. To ensure lignite availability, NLC India has undertaken contingency mining with additional costs and resources. The company remains confident of overcoming these challenges through sustained efforts.

Several regulatory disputes are ongoing, including appeals before APTEL and CERC regarding tariff determinations and energy charge recoveries. The company has retained regulatory deferral liabilities totaling ₹409.46 crore as of December 31, 2025, related to disputed amounts under the Vivad Se Vishwas Scheme.

Renewable Energy Progress

Under the CPSU Scheme, NLC India has made significant progress in its renewable energy initiatives. The company successfully commissioned 52.83 MW capacity in Q2 FY26 and an additional 106 MW capacity on October 29, 2025, at its Barsingsar Solar Power Project. CERC has adopted a tariff of ₹2.45 per kWh for the project.

Corporate Actions and Developments

NLC India declared an interim dividend of 36% (₹3.60 per equity share) for FY 2025-26 on January 12, 2026. The company also received exemption from DIPAM for payment of minimum dividend for FY 2024-25.

A significant corporate restructuring occurred with the transfer of Renewable Energy Assets (1430 MW) to NLC India Renewables Limited, a wholly owned subsidiary, effective January 1, 2026, pursuant to a Business Transfer Agreement executed on October 31, 2025.

Segment Performance

The mining segment generated revenue of ₹2,249.66 crore in Q3 FY26, while the power generation segment contributed ₹2,316.97 crore. For the nine-month period, mining segment revenue reached ₹6,598.71 crore and power generation segment revenue was ₹6,093.41 crore.

Source: None/Company/INE589A01014/6e3daeff-66ed-4c91-872b-e325dc8ce5be.pdf

NLC India Limited has announced the promotion of Shri Ashok Kumar Mali to Executive Director, marking a significant leadership appointment within the Navratna government enterprise. The promotion takes effect from March 1, 2026, as part of the company's departmental advancement process.

Leadership Appointment Details

The promotion has been communicated to both the National Stock Exchange of India and BSE Limited in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointment follows the company's extant policy framework for executive positions.

Professional Background

Shri Ashok Kumar Mali brings substantial financial and operational expertise to his new role. He is a qualified Cost & Management Accountant from the Institute of Cost Accountants of India and currently serves as Chief Financial Officer at Neyveli Uttar Pradesh Power Limited, a subsidiary of NLC India Limited.

Mali's professional experience spans three decades, encompassing critical areas of corporate finance and operations. His expertise includes:

• Project financing and treasury management
• Capital expenditure planning and cost optimization
• Statutory compliance under Indian Accounting Standards (Ind AS)
• Audit coordination including Comptroller and Auditor General oversight
• Corporate governance frameworks
• SAP ERP implementation and management

Corporate Governance Compliance

The appointment notification was signed by Sushanta Kumar Panda, Company Secretary and Compliance Officer, ensuring proper regulatory disclosure. The communication includes comprehensive details as prescribed under SEBI circular No. SEBI/HO/CFD/CFDPoD1/P/CIR/2023/123 dated July 13, 2023.

NLC India Limited, headquartered in Chennai with its corporate office in Neyveli, Tamil Nadu, continues to strengthen its leadership team through internal promotions. The company maintains its registered office at No.135, EVR Periyar High Road, Kilpauk, Chennai, and operates under CIN L93090TN1956GOI003507.