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. 

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Equity Bottom-Up

<ul><li>PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ, surpassing consensus estimates by 185%.</li><li>Consolidated net sales stood at Rs 4,411 Cr, up 39% YoY and 21% QoQ, beating consensus estimates by 45%.</li><li>EBITDA came in at Rs 1,827 Cr, up 102% YoY and 70% QoQ, exceeding consensus estimates by 150%.</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.

PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ, surpassing consensus estimates by 185%.Consolidated net sales stood at Rs 4,411 Cr, up 39% YoY and 21% QoQ, beating consensus estimates by 45%.EBITDA came in at Rs 1,827 Cr, up 102% YoY and 70% QoQ, exceeding consensus estimates by 150%.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  - Decent Q3; Despite Seasonally Weak Quarter

Thematic (Sector/Industry)

<ul><li>Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.</li><li>The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.</li><li>The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.</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.

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year.The peak demand was 243 GW for Q1FY26 in Jun’25 (vs. 250 GW during Q1FY25 in May’24), a 3% YoY decline.The weakness in electricity demand is led by the early onset of monsoon and less intense summer. y companies under our coverage, led by lower power generation and slower execution.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.

Q1FY26 Earnings Preview - Power & Ancillaries

<ul><li>Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.</li><li>For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).</li><li>Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. </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.

Cumulative all-India electricity demand over Jan-Mar'25 stood at 416 BU as compared to 400 BU for the same period last year.For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224 GW during Q4FY24 in Jan '24).Improvement in demand is also reflected in improved merchant prices, as IEX DAM prices in Q4FY25 stood at Rs 4.4/KWH vs 3.7/KWH during Q3FY25. 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.

Q4FY25 Earnings Preview - Power & Ancillaries

<ul><li>Expected reduction in under-recovery: In H1FY25, the group’s under-recovery stood at Rs 292 Cr (Rs 152 Cr in Q2FY25) due to the boiler issues at the TPS-II expansion Plant.</li><li>The modification of the plant’s boiler at unit 1 is in progress and is expected to be completed by Dec’24.</li><li>The Management will observe the performance improvement of the unit and follow it with performance improvement for Unit 2. </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.

Expected reduction in under-recovery: In H1FY25, the group’s under-recovery stood at Rs 292 Cr (Rs 152 Cr in Q2FY25) due to the boiler issues at the TPS-II expansion Plant.The modification of the plant’s boiler at unit 1 is in progress and is expected to be completed by Dec’24.The Management will observe the performance improvement of the unit and follow it with performance improvement for Unit 2. 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  - Q2FY25 Investors’ Meet: Growth Outlook Intact

<ul><li>Robust Q2 with allround beat: NLCIL reported robust numbers despite Q2 being a seasonally weak quarter.</li><li>Revenue at Rs 3,657 Cr (up 23%/8% YoY/QoQ) beat our estimates by 15%.</li><li>EBITDA stood robust at Rs 1,076 Cr (up 29%, flat QoQ), a 26% beat vs. our estimates. </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.

Robust Q2 with allround beat: NLCIL reported robust numbers despite Q2 being a seasonally weak quarter.Revenue at Rs 3,657 Cr (up 23%/8% YoY/QoQ) beat our estimates by 15%.EBITDA stood robust at Rs 1,076 Cr (up 29%, flat QoQ), a 26% beat vs. our estimates. 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 - Robust Q2, Despite Seasonally Weak Quarter

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)

NLC India Limited - Decent Q3; Despite Seasonally Weak Quarter

PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 696 Cr, up 174% YoY but down 29% QoQ,...

Axis Direct

Q1FY26 Earnings Preview - Power & Ancillaries

Cumulative all-India electricity demand over Apr’25-Jun'25 stood at 446 BU as compared to 452 BU for the same period last year. The peak demand was...

Axis Direct

Q4FY25 Earnings Preview - Power & Ancillaries

For Q4FY25, electricity demand has improved with the early onset of summer and peak demand reaching up to 238 GW during Q4FY25 in Feb’25 (vs. 224...

Axis Direct

NLC India Limited - Q2FY25 Investors’ Meet: Growth Outlook Intact

Expected reduction in under-recovery: In H1FY25, the group’s under-recovery stood at Rs 292 Cr (Rs 152 Cr in Q2FY25) due to the boiler issues at...

Axis Direct

NLC India Limited - Robust Q2, Despite Seasonally Weak Quarter

Robust Q2 with allround beat: NLCIL reported robust numbers despite Q2 being a seasonally weak quarter. Revenue at Rs 3,657 Cr (up 23%/8% YoY/QoQ)...

Axis Direct

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