External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.</li><li>The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.</li><li>Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Risk Deflation: The prospect of geopolitical de-escalation has acted as a powerful macro catalyst.The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky assets.Stock Picker’s Market: The headline stock market indices are trading sideways without a clear direction. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

<ul><li>Power Generation Improvement: Total thermal generation stood at 7,737 MU in Q4FY26, up 14%/16% YoY/QoQ.</li><li>The improvement was mainly led by TPS-II Expansion generation, which grew to 573 MU (vs Q4FY25: 175 MU and Q3FY26: 565 MU), with PLF recovering sharply to 52.3% (vs Q4FY25: 16% and Q3FY26: 51.6%), following completion of technical modification works on Unit I, which had previously weighed on availability and under-recovery.</li><li>Ghatampur generation improved materially to 1,668 MU (Q4FY25: 810 MU and Q3FY26: 1,116 MU), aided by the COD of Unit II (660 MW) achieved on 9 th Dec’25, as the plant is progressively ramping up. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Generation Improvement: Total thermal generation stood at 7,737 MU in Q4FY26, up 14%/16% YoY/QoQ.The improvement was mainly led by TPS-II Expansion generation, which grew to 573 MU (vs Q4FY25: 175 MU and Q3FY26: 565 MU), with PLF recovering sharply to 52.3% (vs Q4FY25: 16% and Q3FY26: 51.6%), following completion of technical modification works on Unit I, which had previously weighed on availability and under-recovery.Ghatampur generation improved materially to 1,668 MU (Q4FY25: 810 MU and Q3FY26: 1,116 MU), aided by the COD of Unit II (660 MW) achieved on 9 th Dec’25, as the plant is progressively ramping up. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLC India Limited - Strong Q4; Driven by Power Generation Improvement

<ul><li>Thermal &amp; Lignite Power Plants Status: Ghatampur Unit II (660 MW) achieved COD on 9 th Dec’25. Units I and II are now operating with improved availability and reliability.</li><li>Unit III is currently undergoing steam blowing activities, with the entire 3x660 MW (1,980 MW) station expected to be under commercial operation within FY26.</li><li>The TPS-II expansion (500 MW Lignite plant), Unit I, had earlier technical challenges that led to elevated under-recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermal &amp; Lignite Power Plants Status: Ghatampur Unit II (660 MW) achieved COD on 9 th Dec’25. Units I and II are now operating with improved availability and reliability.Unit III is currently undergoing steam blowing activities, with the entire 3x660 MW (1,980 MW) station expected to be under commercial operation within FY26.The TPS-II expansion (500 MW Lignite plant), Unit I, had earlier technical challenges that led to elevated under-recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLC India Limited  - Muted Q3 Results; Expansion Projects Largely on Track

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.
</li>
<li>This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.
</li>
<li>The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.</li>
</ul>


NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.

This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.

The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.


The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

<ul><li>Thermal &amp; Lignite Power Plants Status: Ghatampur Unit I is fully operational and is profitable now.</li><li>Ghatampur Unit II (660 MW) completed its operational trial run recently and awaits COD shortly (earlier guidance Sep’25; delay due to monsoon).</li><li>660 MW Unit III COD targeted for Jan/Feb’26 (from Dec’25). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermal &amp; Lignite Power Plants Status: Ghatampur Unit I is fully operational and is profitable now.Ghatampur Unit II (660 MW) completed its operational trial run recently and awaits COD shortly (earlier guidance Sep’25; delay due to monsoon).660 MW Unit III COD targeted for Jan/Feb’26 (from Dec’25). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLC India Limited - Q2FY26 Investors’ Meet: Expansion Projects Broadly on Track

India

NLC India Limited operates as a mining and power company. The Company focuses on lignite mining, as well as provides thermal and renewable power generation services. NLC India serves clients in India.

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NLC India (NLC IN)

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

NLC India Limited - Strong Q4; Driven by Power Generation Improvement

The improvement was mainly led by TPS-II Expansion generation, which grew to 573 MU (vs Q4FY25: 175 MU and Q3FY26: 565 MU), with PLF recovering...

Axis Direct

NLC India Limited - Muted Q3 Results; Expansion Projects Largely on Track

Thermal & Lignite Power Plants Status: Ghatampur Unit II (660 MW) achieved COD on 9 th Dec’25. Units I and II are now operating with improved...

Axis Direct

The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

NLCIL plans Rs. 1.17 lakh crore capex, aims for 42% PAT growth by FY28E, balancing thermal power with 10 GW renewable energy by FY30 for...

Sudarshan Bhandari

NLC India Limited - Q2FY26 Investors’ Meet: Expansion Projects Broadly on Track

Ghatampur Unit II (660 MW) completed its operational trial run recently and awaits COD shortly (earlier guidance Sep’25; delay due to monsoon).

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Quant Report June 2026

The sharp contraction in crude oil's risk premium has flushed fear out of the system, freeing up liquidity to rotate aggressively back into risky...

Axis Direct

NLC India Limited - Strong Q4; Driven by Power Generation Improvement

The improvement was mainly led by TPS-II Expansion generation, which grew to 573 MU (vs Q4FY25: 175 MU and Q3FY26: 565 MU), with PLF recovering...

Axis Direct

NLC India Limited - Muted Q3 Results; Expansion Projects Largely on Track

Thermal & Lignite Power Plants Status: Ghatampur Unit II (660 MW) achieved COD on 9 th Dec’25. Units I and II are now operating with improved...

Axis Direct

The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

​NLCIL plans Rs. 1.17 lakh crore capex, aims for 42% PAT growth by FY28E, balancing thermal power with 10 GW renewable energy by FY30 for...

Sudarshan Bhandari

NLC India Limited - Q2FY26 Investors’ Meet: Expansion Projects Broadly on Track

Ghatampur Unit II (660 MW) completed its operational trial run recently and awaits COD shortly (earlier guidance Sep’25; delay due to monsoon).

Axis Direct

NLCIL plans Rs. 1.17 lakh crore capex, aims for 42% PAT growth by FY28E, balancing thermal power with 10 GW renewable energy by FY30 for...