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>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

<ul><li>Power Generation Gradually Picking Up: The company’s gross generation in Q2FY26 stood at 6,767 MW, up 2% YoY and QoQ. As per CEA data, the company’s Thermal Power Generation stood at 6,179 MU in Q2FY26, up 2% YoY and QoQ.</li><li>Notably, strong improvement was seen in the PLF of TPS-II expansion after completion of modifications (PLF in Q2FY26 stood at 43% vs 20% in Q1FY26 and 26% in Q2FY25).</li><li>EBITDA Ahead of Estimates; PAT Miss: NLCIL’s EBITDA increased by 30%/50% YoY/QoQ to Rs 1,400 Cr, 8% beat on consensus 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.

Power Generation Gradually Picking Up: The company’s gross generation in Q2FY26 stood at 6,767 MW, up 2% YoY and QoQ. As per CEA data, the company’s Thermal Power Generation stood at 6,179 MU in Q2FY26, up 2% YoY and QoQ.Notably, strong improvement was seen in the PLF of TPS-II expansion after completion of modifications (PLF in Q2FY26 stood at 43% vs 20% in Q1FY26 and 26% in Q2FY25).EBITDA Ahead of Estimates; PAT Miss: NLCIL’s EBITDA increased by 30%/50% YoY/QoQ to Rs 1,400 Cr, 8% beat on consensus 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  - Improved Power Generation; PAT Down Due to Lower Other Income

<ul><li>Thermal &amp; Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur Thermal Power Project and expects the COD by Sep’25.</li><li>The targeted COD for Unit III is Dec’25 (from the earlier guidance of Oct’25). For the 2*500 MW TPS-II Lignite-based expansion plant, the company expects to float a tender by Oct’25.</li><li>The first stage of the Talabira plant of 3x800 MW is tendered to BHEL and is currently in progress, with 808 acres of land parcel out of 880 acres transferred to BHEL. </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: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur Thermal Power Project and expects the COD by Sep’25.The targeted COD for Unit III is Dec’25 (from the earlier guidance of Oct’25). For the 2*500 MW TPS-II Lignite-based expansion plant, the company expects to float a tender by Oct’25.The first stage of the Talabira plant of 3x800 MW is tendered to BHEL and is currently in progress, with 808 acres of land parcel out of 880 acres transferred to BHEL. 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 - Q1FY26 Investors’ Meet: Expansions on Track

<ul><li>Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ, surpassing consensus estimates by 45%.</li><li>Consolidated net sales stood at Rs 3,836 Cr, up 8% YoY but down 13% QoQ, missing the consensus estimates marginally by 2% due to slightly lower blended tariff.</li><li>EBITDA came in at Rs 861 Cr, up 43% YoY but down 53% QoQ, missing the consensus estimates by 20% due to higher employee benefit expenses.</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.

Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ, surpassing consensus estimates by 45%.Consolidated net sales stood at Rs 3,836 Cr, up 8% YoY but down 13% QoQ, missing the consensus estimates marginally by 2% due to slightly lower blended tariff.EBITDA came in at Rs 861 Cr, up 43% YoY but down 53% QoQ, missing the consensus estimates by 20% due to higher employee benefit expenses.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  - Q4FY25 – PAT Beats Consensus

<ul><li>Thermal &amp; Lignite Power Plants Status: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.</li><li>The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.</li><li>The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.</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: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.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  - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

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 - 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

NLC India Limited - Improved Power Generation; PAT Down Due to Lower Other Income

Notably, strong improvement was seen in the PLF of TPS-II expansion after completion of modifications (PLF in Q2FY26 stood at 43% vs 20% in Q1FY26...

Axis Direct

NLC India Limited - Q1FY26 Investors’ Meet: Expansions on Track

Thermal & Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur...

Axis Direct

NLC India Limited - Q4FY25 – PAT Beats Consensus

Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ,...

Axis Direct

NLC India Limited - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98%...

Axis Direct

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