Key Balance Sheet Items (Standalone as of September 30, 2026):
Paid-up Equity Share Capital: ₹1,386.64 crore
Paid-up Debt Capital: ₹9,120.93 crore
Net Worth: ₹20,858.73 crore
Total Assets: ₹37,866.01 crore
Dividend Declaration:
Interim Dividend: 15% (₹1.5 per equity share of face value ₹10 each)
Record Date: November 12, 2026
Fundraising:
Approval for issuance of bonds in the nature of debentures up to ₹2,500 crore
Method: Private Placement
Proposed listing: BSE & NSE
Tenure, coupon, and security details to be determined at time of issue
Dates of Action
Board Meeting Date: November 4, 2026 (11:00 to 13:50 hours)
Record Date for Dividend: November 12, 2026
Financial Period: Quarter and Half Year ended September 30, 2026
Parties Involved
Regulatory Bodies: SEBI, BSE Ltd., National Stock Exchange of India Ltd., CERC
Subsidiaries: NLC India Renewables Limited (NIRL), Neyveli Uttar Pradesh Power Ltd. (NUPPL), NLC Tamilnadu Power Limited (NTPL), NLC India Green Energy Limited (NIGEL), NLC Rajasthan Power Limited (NRPL)
Joint Ventures: NIRL OREDA Renewables Limited (with Odisha Renewable Energy Development Agency), NIRL PTC Renewables Limited (with PTC India Limited)
Auditors: G. Natesan & Co., Chartered Accountants; R V K S and Associates, Chartered Accountants
Debenture Trustees: SBICAP Trustee Company Limited, IDBI Trusteeship Services Limited
Purpose/Rationale
The fundraising of up to ₹2,500 crore is for general corporate requirements and will be executed in phased manner based on requirement.
The 660 MW expansion at Ghatampur Thermal Power Station is to enhance power generation capacity within existing premises.
The Offer for Sale in NIRL is part of the subsidiary's proposed Initial Public Offering process.
Financial Impact
The change in tax regime from old to new resulted in a deferred tax benefit of ₹714.17 crore for H1 FY27.
The company has made a 100% provision of ₹1,537.12 crore for advances recoverable from BGRESL for the NUPPL project, including accrued interest and liquidated damages of ₹567.41 crore.
Phase II transfer of 708.96 MW renewable assets to NIRL was completed for ₹853.97 crore based on assets and liabilities as of September 1, 2026.
The company invested ₹2,000 crore in NIRL on October 12, 2026, increasing total investment in NIRL to ₹5,119.75 crore.
Capital Structure Impact
The Offer for Sale of up to 10 crore shares in NIRL may reduce the company's holding in its subsidiary as part of the IPO process.
The bond issuance of up to ₹2,500 crore will increase the debt capital of the company.
Cash Flow Implications
Dividend payment will result in cash outflow to eligible shareholders as per statutory timelines.
Bond issuance will provide cash inflow of up to ₹2,500 crore in phased manner.
CERC and Regulatory Matters
Income of ₹44.64 crore for Q2 FY27 and ₹283 crore cumulatively recognized under regulatory deferral account for 2024-29 tariff period operating norms.
Regulatory income of ₹6.69 crore for Q2 FY27 and ₹382.43 crore cumulatively recognized towards expenses subject to CERC check.
Received truing-up orders for TPS-I Expansion (₹61.03 crore debit notes raised) and BTPS (₹76.02 crore unbilled income recognized) for FY 2019-24.
Regulatory deferral liability of ₹415.77 crore retained for income tax recoverable from DISCOMs under litigation.
NIRL PTC Renewables Limited (74:26 with PTC India)
The following subsidiaries are included in consolidation: NTPL (89%), NUPPL (51%), NIRL (100%), NIGEL (100%), NRPL (74%), and various step-down subsidiaries of NIRL.
Auditor Certification
Joint statutory auditors issued limited review reports on both standalone and consolidated financial results.
Auditors certified security cover compliance for listed secured debt securities (₹2,067.01 crore) with security cover ratio of 1.32 times.
