NLC India Q2 FY27 Results: Consolidated Net Profit ₹1,328 Crore on Total Income of ₹4,827 Crore
- Earnings
- Power and lignite mining
Reviewed byRachit TripathiBlacklitt Research
NLC India (NSE: NLCINDIA) reported consolidated total income of ₹4,826.61 crore and net profit of ₹1,328.01 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹2,792.43 crore and net profit of ₹1,205.00 crore, it said in a filing on 04 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹4,826.61 crore, up 11.0% YoY and down 0.8% QoQ
- Net profit and EPS: ₹1,328.01 crore and ₹9.96 basic EPS, up 83.2% YoY
- Finance costs: ₹437.57 crore, up 51.3% YoY
- Tax expense: Credit of ₹863.31 crore, against a profit before tax of ₹464.65 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,792.43 crore, down 0.4% YoY and 6.7% QoQ
- Net profit and EPS: ₹1,205.00 crore and ₹8.69 basic EPS, up 148.2% YoY
- Tax expense: Credit of ₹782.20 crore, against a profit before tax of ₹422.80 crore
- Finance costs: ₹148.16 crore, up 20.7% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,826.61 | 4,346.72 | +11.0% | 4,867.85 | -0.8% | |
| Revenue from operations | 4,732.35 | 4,178.41 | +13.3% | 4,716.75 | +0.3% |
| Other income | 94.26 | 168.31 | -44.0% | 151.10 | -37.6% |
| 1,328.01 | 724.80 | +83.2% | 436.33 | +204.4% | |
| Profit before tax | 464.65 | 921.34 | -49.6% | 651.55 | -28.7% |
| Finance costs | 437.57 | 289.18 | +51.3% | 382.12 | +14.5% |
| Depreciation | 728.53 | 547.94 | +33.0% | 665.92 | +9.4% |
| Tax expense | -863.31 | 196.61 | n/a | 215.28 | n/a |
| Net profit margin | 27.51% | 16.67% | +10.84 pp | 8.96% | +18.55 pp |
| EPS, basic (₹) | 9.96 | 4.80 | +107.5% | 3.49 | +185.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit rose faster than income, but the tax line is the main difference from the pre-tax picture. Profit before tax fell 49.6% YoY to ₹464.65 crore, while the statement shows a total tax credit of ₹863.31 crore, which takes net profit for the period to ₹1,328.01 crore. The notes say the company remeasured its deferred tax assets and liabilities during the half year under the new tax regime, with an impact of about ₹714.17 crore; the notes do not link that remeasurement to this quarter's credit.
Costs rose faster than revenue. Finance costs of ₹437.57 crore were up 51.3% YoY and are 9.1% of total income, while depreciation of ₹728.53 crore was up 33.0%. Revenue from operations rose 13.3% to ₹4,732.35 crore as other income fell 44.0% to ₹94.26 crore, so other income is now 2.0% of total income.
Basic EPS is ₹9.96 after adjustment of net regulatory deferral balances and ₹8.96 before it. Against the previous quarter, net profit rose 204.4% from ₹436.33 crore while total income was almost flat.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,792.43 | 2,804.49 | -0.4% | 2,991.47 | -6.7% | |
| Revenue from operations | 2,690.88 | 2,564.91 | +4.9% | 2,871.73 | -6.3% |
| Other income | 101.55 | 239.58 | -57.6% | 119.74 | -15.2% |
| 1,205.00 | 485.49 | +148.2% | 374.28 | +222.0% | |
| Profit before tax | 422.80 | 681.77 | -38.0% | 548.67 | -22.9% |
| Finance costs | 148.16 | 122.79 | +20.7% | 127.83 | +15.9% |
| Depreciation | 356.38 | 350.49 | +1.7% | 336.63 | +5.9% |
| Tax expense | -782.20 | 196.28 | n/a | 174.39 | n/a |
| Net profit margin | 43.15% | 17.31% | +25.84 pp | 12.51% | +30.64 pp |
| EPS, basic (₹) | 8.69 | 3.50 | +148.3% | 2.70 | +221.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit of ₹1,205.00 crore rose 148.2% YoY while total income fell 0.4%. The gap is the tax line: a credit of ₹782.20 crore moved net profit above a profit before tax that fell 38.0% to ₹422.80 crore. The notes give a deferred tax credit of ₹857.70 crore for the quarter but do not state its reason.
Other income of ₹101.55 crore fell 57.6% YoY and is 3.6% of total income, while revenue from operations rose 4.9% to ₹2,690.88 crore. Finance costs of ₹148.16 crore are 5.3% of total income.
Consolidated net profit is ₹123.01 crore higher than standalone net profit for the quarter. Consolidated net profit grew more slowly than standalone net profit both YoY and QoQ, a gap the filing's tables show side by side without giving a reason.
Inference
The filing declares an interim dividend of 15% (₹1.5 per equity share of face value ₹10) for FY 2026-27, with 12 Nov 2026 fixed as the record date and payment to be made in one or more tranches within statutory timelines.
The board approved fund raising through privately placed, phased bonds of up to ₹2,500 crore, listed on BSE and NSE, with coupon, tenure and security to be decided for each tranche. The company invested ₹2,000 crore in NIRL on 12 Oct 2026 by issuing 200,00,00,000 equity shares at ₹10 each, taking its total investment in NIRL to about ₹5,119.75 crore. The notes say advances of about ₹1,537.12 crore recoverable from BGRESL for the NUPPL project are fully provided for, and the company continues to pursue recovery. The filing does not say what the dividend payout amount will be or what caused the size of the deferred tax credit.
Filed with BSE on . Reference: Original filing (PDF)
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