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>EBITDA Grows YoY but Declines Sequentially: NLCIL's Q1FY27 consolidated revenue grew a strong 23% YoY to Rs 4,717 Cr, but moderated 6% QoQ.</li><li>The sequential decline was led largely by the Power-Thermal segment, whose revenue fell ~9% QoQ, while Mining and Renewables were broadly flat sequentially.</li><li>As per CEA, total thermal generation declined 5% QoQ to 7,389 MU in Q1FY27 (vs 7,737 MU in Q4FY26), even as it grew ~22% YoY. </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.

EBITDA Grows YoY but Declines Sequentially: NLCIL's Q1FY27 consolidated revenue grew a strong 23% YoY to Rs 4,717 Cr, but moderated 6% QoQ.The sequential decline was led largely by the Power-Thermal segment, whose revenue fell ~9% QoQ, while Mining and Renewables were broadly flat sequentially.As per CEA, total thermal generation declined 5% QoQ to 7,389 MU in Q1FY27 (vs 7,737 MU in Q4FY26), even as it grew ~22% YoY. 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 - Soft Q1; Capacity Gains Offset by Seasonal Headwinds

<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

<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

India

NLC India Limited is a Navratna Central Public Sector Enterprise engaged in lignite and coal mining, thermal power generation, and renewable energy development, including solar and wind power. The company supplies electricity to state utilities and distribution companies. It was founded in 1956 and is headquartered in Neyveli, Tamil Nadu, India.

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NLC India (NLC IN)

NLC India Limited - Soft Q1; Capacity Gains Offset by Seasonal Headwinds

EBITDA Grows YoY but Declines Sequentially: NLCIL's Q1FY27 consolidated revenue grew a strong 23% YoY to Rs 4,717 Cr, but moderated 6% QoQ.

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

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

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