NLC India Limited (NLCINDIA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NLC India Limited stock ₹208, price ₹238, that is 12.5% below the price, quality 45 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range ₹43.33 – ₹370.55 · fair‑value band ₹149.51 – ₹308.70 · the ₹237.61 price screens above the ₹207.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
Follow NLC India in your weekly email
Every Wednesday you see whether NLC India is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
NLC India Limited engages in the mining and power generation business in India. The company mines for lignite and coal; and generates power through lignite and coal, as well as through thermal, solar, and wind power plants.
Show moreShow less
It also operates open cast lignite mines with a mining capacity of 28.0 million tonnes per annum (MTPA) in Tamil Nadu and 30.10 MTPA in Rajasthan; and has total coal mining capacity of 20.00 MTPA. In addition, it provides consultancy services to the mining sector and firms in the solar power generation sector.
Further, the company has a total installed thermal power generation capacity of 5,300 MW; and renewable energy generation capacity of 1,483.89 MW. It serves state distribution firms, commercial enterprises, and industrial consumers.
The company was formerly known as Neyveli Lignite Corporation Limited and changed its name to NLC India Limited in April 2016. The company was incorporated in 1956 and is based in Cuddalore, India.
Stock analysis
NLC India Limited (NLCINDIA) currently trades at ₹237.61, while our model-based Fair Value estimate is ₹207.95, 12% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹435.93 per share, and 6 of the 16 models we run sit above the ₹237.61 price.
Bear case: the Dividend Discount group reads lowest at ₹71.73, and 10 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹149.51 (bear) to ₹308.70 (bull), the price of ₹237.61 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
NLC India Limited reported revenue of ₹175B in FY2026 versus ₹119B in FY2022, a compound +10.0%/yr. Reported net income was ₹35.2B in FY2026, compounding +34.0%/yr from FY2022.
Key figures
Market cap ₹329B (≈ $3.5B) Mid · P/E ratio 10.3 · P/S ratio 1.79 · EPS (TTM) ₹23.07 · Dividend yield 0.4% · Net margin 17.5% · Return on equity 16.0% · Return on assets (EBIT) 15.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (medium confidence).
What moves the price
The share trades about 36% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −12%, NLCINDIA screens cheaper than that median.
Fair Value models
Bear₹149.51Fair Value ₹207.95Bull₹308.70
Price ₹237.61 · Downside -12.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹13.51 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
Start year 2021 (pandemic). Over 10 years: +8.3% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+33.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.8%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22.4% vs 10.4%, picking up
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.41% → 18%
2026 sits 90% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Electric · 156 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside−12.5% · Above median
Profitability
Return on equity (12 months)16.0% · Top 25%
Return on assets5.4% · Top 25%
Net margin (12 months)17.5% · Top 25%
Operating margin (12 months)17.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)23.3% · Top 25%
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity1.09× · Above median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NLC India Limited Fair Value". https://www.fairvalue-calculator.com/stock/NLCINDIA
Frequently asked questions
Is NLC India Limited (NLCINDIA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ₹207.95 versus a price of ₹237.61, about 12% lower (overvalued).
What is the fair value of NLCINDIA?
Our model-based fair value for NLC India Limited is ₹207.95 (as of Nov 3, 2026), built from audited fundamentals. The current price: ₹237.61.
What is the quality score of NLCINDIA?
NLC India Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NLC India Limited (NLCINDIA)?
Our model-based price target is the fair value of ₹207.95 (as of Nov 3, 2026) from 16 valuation models. Cautious scenario ₹149.51, optimistic scenario ₹308.70. It is a calculation from audited fundamentals, not an analyst target.
What is the NLC India Limited stock forecast for 2026?
Our models put fair value at ₹207.95, about 12% lower versus a price of ₹237.61 (overvalued). Cautious scenario ₹149.51, optimistic scenario ₹308.70. The calculation is refreshed regularly with new filings.
What is the revenue of NLC India Limited (NLCINDIA)?
NLC India Limited reported trailing-twelve-month revenue of about ₹184B (latest available figure, as of Nov 3, 2026).
Does NLC India Limited pay a dividend?
NLC India Limited currently shows a dividend yield of 0.36% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of NLC India Limited (NLCINDIA) and when is the ex-dividend date?
NLC India Limited pays a dividend of ₹0.85 per share a year, a dividend yield of 0.4%. The dividend was cut; the year before it was ₹3.00 per share. The last ex-dividend date was Sep 22, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 3.7% of earnings. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of NLC India Limited (NLCINDIA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NLC India Limited it is ₹207.95 per share (as of Nov 3, 2026), against a price of ₹237.61. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is NLC India Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, NLCINDIA trades above its calculated fair value: price ₹237.61, fair value ₹207.95, a gap of about −12% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NLCINDIA?
No. The price is what the market pays today (₹237.61); the fair value is what the company's own numbers justify (₹207.95). For NLC India Limited the two are ₹29.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is NLC India Limited worth?
The market values NLC India Limited at about ₹329B (market capitalisation, as of Nov 3, 2026). Per share that is ₹237.61; our models calculate a fair value of ₹207.95 per share.
What do the bullish and bearish scenarios say about NLCINDIA?
Our models span a range for NLC India Limited: cautious scenario ₹149.51, base ₹207.95, optimistic ₹308.70 per share (as of Nov 3, 2026, price ₹237.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NLCINDIA?
NLC India Limited trades at a price-to-earnings ratio of 10.3 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹207.95 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 7.5. Other multiples: P/B 1.6, P/S 1.8, EV/EBITDA 9.0.
How solid is the balance sheet of NLC India Limited (NLCINDIA)?
Balance-sheet figures for NLC India Limited (as of Nov 3, 2026): return on equity 16.0%, debt of 1.09 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is NLCINDIA from its 52-week high?
NLC India Limited trades at ₹237.61, about 36% below its 52-week high of ₹370.55 and 4% above the low of ₹227.95 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹207.95 is for.
Which stocks are comparable to NLC India Limited?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NLC India Limited stock attractive at the current price?
The data as of Nov 3, 2026: price ₹237.61, calculated fair value ₹207.95 (−12%), Quality Score 45/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NLCINDIA calculated?
We run NLC India Limited through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹207.95 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. NLC India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NLC India Limited (NLCINDIA)?
The closing price on Nov 6, 2026 was ₹237.61. Our model-based fair value is ₹207.95, about 12% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NLC India Limited right now?
A fairly wide model range (₹149.51 to ₹308.70) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of NLC India Limited (NLCINDIA) come from?
Earnings per share at NLC India Limited grew +10.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +9.2 %, EBIT margin −3.4 %, tax rate +0.4 %, residual (interest, one-offs) +3.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of NLC India Limited
How large is the market capitalisation of NLC India Limited (NLCINDIA)?
The market capitalisation of NLC India Limited is ₹329B (≈ $3.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NLC India Limited (NLCINDIA)?
The price-to-sales ratio of NLC India Limited is 1.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NLC India Limited (NLCINDIA)?
Earnings per share at NLC India Limited are ₹23.07 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NLC India Limited (NLCINDIA)?
The dividend yield of NLC India Limited is 0.4% (payout 3.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NLC India Limited (NLCINDIA)?
The net margin of NLC India Limited is 17.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NLC India Limited (NLCINDIA)?
The return on equity (ROE) of NLC India Limited is 16.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NLC India Limited (NLCINDIA)?
On an EBIT basis the return on assets of NLC India Limited is 15.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NLC India Limited (NLCINDIA)?
The operating margin of NLC India Limited is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NLC India Limited (NLCINDIA)?
Revenue at NLC India Limited is growing +23.3% versus a year earlier (3y avg +2.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NLC India Limited (NLCINDIA)?
Earnings per share at NLC India Limited are growing −42.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NLC India Limited (NLCINDIA) generate?
The free cash flow of NLC India Limited is −₹46.7B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NLC India Limited (NLCINDIA) carry?
The net debt of NLC India Limited is ₹270B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch NLC India Limited in the live analysis
One click puts NLC India Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 3, 2026