Dear Members,
The Board of Directors is pleased to present the 70 th Directors Report outlining the performance, business activities and operations of your Company for the financial year ended March 31, 2026, along with the Audited Financial Statements, the report of the Statutory Auditors and the comments of the Comptroller and Auditor General (C&AG) of India.
This report not only covers the audited Financial Statements and statutory reports but also captures the Companys overall journey during the year-marked by resilience, progress and an unwavering focus on generating long-term value for all stakeholders.
Your Company continues to advance with strength and resolve, exploring new opportunities while steadfastly adhering to its core principles of integrity and sustainability. We remain dedicated to achieving sustainable growth that creates value for all stakeholders.
L. -
Major Highlights:
The Financial Year 2025-26 has been a period of noteworthy accomplishments for your Company, marked by consistent and all-round performance. The key highlights of achievements during the year are as follows:
- All time Highest ever for any year since inception recorded in FY 2025-26:
- Coal Production of 19.14 MT from Talabira II & III OCP.
- Coal Dispatch of 17.69 MT from Talabira II & III OCP.
- Renewable Power Generation of 2.26 BU (Billion Units).
- 5,960 MW installed thermal capacity across Neyveli and Barsingsar, comprising 3,640 MW lignite-based and 2,320 MW coal-based JV capacity.
- With the COD of 660 MW Unit-3 of GTPP of NUPPL on 13 th June 2026, NLCIL Groups thermal capacity has increased to 6,620 MW.
- Further with commissioning of 353 MW of Renewable Capacity including 300 MW in Rajasthan in January 2026 and 50 MW in Neyveli during April 2026 the Groups renewable portfolio reached 1,785 MW.
- Pachwara South Coal Mine (9 MTPA) commenced Coal Production on March 29, 2026. -
- Obtained approval from the Ministry of Coal for the Mining Plan and Mine Closure Plan of Machhakata (Revised) OCP and New Patrapara South Coal Mine, marking a key milestone towards their operationalisation.
- Gross Power Generation of 28.94 BU achieved in FY 2025-26, including RE Generation of 2.26 BU.
All time Highest ever recorded in FY 2025-26:
- All time Highest Ever Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) amounting to Rs7,475 crore as against Rs6,513 crore of previous year registering a growth of 14.78%.
- Profit Before Tax (PBT) of Rs3,875 crore as against Rs3,697 crore in the corresponding period of previous year, registering a growth of 4.82%.
- Profit After Tax (PAT) of Rs3,769 crore as against Rs2,714 crore in the corresponding period of the previous year, registering a growth of 38.91%.
- All time Highest ever Capital Expenditure of Rs9,131 crore achieved during the Financial Year 2025-26.
- Revenue from operations of Rs17,490 crore as against Rs15,283 crore in the corresponding period of the previous year, registering a growth of 14.44%.
- Total Income of Rs18,467 crore as against Rs16,889 crore in the corresponding period of the previous year, registering a growth of 9.34%.
- Market Capitalisation has touched its all-time high of more than Rs53,700 Crore on 14 th May, 2026.
- The Net-worth stood at Rs21,525 crore compared to Rs18,723 crore of previous year registering a growth of 14.96%.
- 100% collection efficiency from power debtors.
- The Comptroller and Auditor General (C&AG) has issued NIL comments on the Companys Standalone and Consolidated Financial Statements during the supplementary audit for Financial Year 2025-26.
Operational Performance
Mining - Lignite
Your Company is presently operating three opencast Lignite Mines atNeyveli in the State of Tamil Nadu and one opencast Lignite Mine atBarsingsarinthe State of Rajasthan. The total mining capacity of all the Lignite Mines is 30.10 Million Tonnes Per Annum (MTPA).
During FY 2025-26, the total overburden (Oil) removal from the Lignite Mines stood at 1,543.39 Lakh Cubic Meter (LCM i as compared to 1,486.35 LCM in FY 2024-25. Lignite production during the year under review was 212.74 Lakh Tonnes (LT), as against 240.60 LT in the previous year.
Raw Lignite Sales (RLS) to TAQA (an Independent Power Producer) (IPP)-250 MW Thermal Power Plant located in Neyveli, Tamil Nadu) under Long Term Fuel Supply Agreement and direct sales in the open market during the FY 2025-26 were 15.86 LT and 5.12 LT, respectively, compared to 17.02LT and6.37LTin FY 2024-25.
Mining - Coal
Your Company also operates Talabira II & III OCP Coal Mine in Odisha, with a mining capacity of 20.00 MTPA, and Pachwara South ()CP Coal Mine in Jharkhand, with a mining capacity of 9.00 MTPA. Mining operations at Talabira II & III OCP commenced in December 2019, with coal production commencing in April 2020. Pachwara South Coal Mine commenced mining operations in December 2025 and coal production in March 2026.
During FY 2025-26, the total overburden (Oil) removal from the Coal Mines stood at 145.26 Lakh Cubic Meter (LCM), as compared to 203.00 LCM in FY 2024-25. Coal production during the year was 191.42 Lakh Tonnes (LT), compared to 172.02 LT in the previous year, reflecting a growth of 11.28%.
The Ministry of Coal (MoC), Government oflndia, vide notification dated 22 nd May, 2026. permitted the sale of surplus coal from Talabira II & III OCP up to 85% of coal production for the year 2025-26, subject to certain conditions.
Coal dispatch from the Talabirall & III Coal Mine during PY 2025-26 stood at 176.87 LT as compared to 167.05 LT in the previous year, marking a growth of 5.88%.
The total combined mining capacity of lignite and coal for your Company stands at 50.10 MTPA.
Power
As on 31 st March, 2026, the total installed Power generation capacity ofyourCompany, stood at 3.942 MW. The total capacity of theNLCIL Group, including subsidiary companiesNTPL, NUPPL andNIRL was 7,694 MW.
During FY 2025-26, the total NLCIL Thermal Power Generation (Gross) was 16.94 Billion Units (BU), as compared to 19.33 BU in FY2024-25. Thermal Power Export during the year stood 14.26 BU. as against 16.56 BU in the previous year.
NLCIL Thermal Power Surrender during the FY 2025-26 was 2087.57 MU. as against 927.02 MU in the previous year. NLCIL Thermal Power Surrender including .TVs during the FY 2025-26 was 6487.58 MU. as against 3279.56 MU in the previous year.
Total Renewable Power Generation (NLCIL & NIRL) during the FY2025-26 was 2.26 BU as against 2.09 BIJ in the Previous Year.
The total power generation of the NLCIL group including the Subsidiary Companies (viz., NTPL, NUPPL & NIRL) was 28.94 BIJ m FY 2025-26 compared to 27.87 BU in the previous year.
The total power generation of the NLCIL group including the Subsidiary Companies (viz., NTPL,NUPPL & NIRL) was 28.94 BU in FY 2025-26 compared to 27.87 BU in the previous year. NLCIL Thermal Power Surrender including .TVs during the FY 2025-26 was 6,487 MU. as against 3.272 MU in the previous year.
The total power generation including power surrender of the NLCIL group including the Subsidiary Companies (viz.. NTPL & NUPPL) was 35.43 BU in FY 2025-26 compared to 31.14 BU in the previous year.
Productivity
The output per man-shift achieved during the year 2025-26 along with comparable details of 2024-25 are given below:
| Product | Unit | 2025-26 | 2024-25 |
| Lignite | Tonne | 17.09 | 17.60 |
| Power | KwHr | 35,012 | 36,929 |
Financial Performance
During the year 2025-26, your Company on a Standalone basis had registered a revenue from operations of Rs10,863.92 crore as against Rs10,285.78 crore during the year 2024-25. The Profit Before Tax (PBT) and Profit After Tax (PAT) for the year 2025-26 were Rs3,038.81 crore and Rs2,525.07 crore respectively, as against Rs2,857.83 crore and Rs1,899.99 crore respectively during the previous year 2024-25.
()n a consolidated basis, the total revenue from operations for the year 2025-26 was Rs 17.4X0.53 crore as against Rs15,282.96 crore in 2024-25. The consolidated PI3T and PAT for the year 2025-26 were Rs3,875.12 crore and Rs3,769.18 crore respectively as against Rs3,696.93 crore and Rs2.713.37 crore respectively in the year 2024-25.
The details of profit earned for the financial year 2025-26 and appropriation of the same are as follows:
(Rs crore)
| Particulars | ||||
| 2025-26 | 2024-25 | 2025-26 | 2024-25 | |
| Revenue from operations | 10,863.92 | 10,285.78 | 17,489.53 | 15,282.96 |
| Profit Before Tax | 3,038.81 | 2.857.83 | 3,875.12 | 3,696.93 |
| Tax Provision | 513.74 | 957.84 | 105.94 | 983.56 |
| Profit/(Loss) for the Period (PAT) | 2,525.07 | 1.899.99 | 3,769.46 | 2,713.61 |
| Appropriation | ||||
| Transfer (to)/from Interest Differential Fund Reserve | 1.29 | (0.94) | 1.29 | (0.94) |
| Transfer (to) from PRMA Reserve Fund | 0 | 0 | 0 | 0 |
| Transfer to Contingency Reserve | (10.00) | (10.00) | (10.00) | (10.00) |
| Dividend (Interim Final) | (707.19) | (416.00) | (707.19) | (416.00) |
Shareholding of Government of India (Gol)
The Shareholding of the President of India as on 31.03.2026 in the Company was 72.20%. On 8 th June 2026. the promoter of the Company. The President of India, acting through Ministry of Coal. Government oflndia had offered for sale of upto 4.15.99.498 equity shares which is 3.00% of the total paid up equity shares of NLC India Limited, through OPS - Stock Exchange mechanism. Further, 25,000 shares representing 0.0018% of the paid-up equity share capital of the Company w ere also offered to the employees of the Company under OPS. The number of shares and percentage of shares held by the Promoter before and after the disinvestment done through Offer for Sale were 100,11,56,562 equity shares (72.20% of the paid up equity share capital) of the Company and 96,33,63,407 equity shares (69.47% of the paid up equity share capital) of the Company.
Dividend
For the year 2025-26, the Board of Directors of your Company declared an Interim Dividend of 36% of paid-up share capital (Rs3.60 Per equity share). Further, your Board has also recommended a final dividend of 2.5% of paid-up share capital (Rs0.25 per equity share) subject to the approval of the shareholders at the ensuing Annual General Meeting. Accordingly, the total dividend for the FY 2025-26, on accrual basis, amounts to Rs533.86 crore, which is 38.5% of paid-up share capital.
The total dividend paid during FY 2025-26. including the final dividend forFY 2024-25 and interim dividend for FY 2025-26. amounts to Rs707.19 crore.
Transfer to Reserve
There is no amount proposed to be transferred to any specific reserves during the FY 2025-26.
Projects Under Implementation:
The details of projects under implementation are as under:
150 MW Hybrid (100 MW Solar + 50 MW Wind)
RE Power Project (SECI)
Your Company participated in the Wind & Solar 1 lybrid Request for Selection (RfS) floated by Solar Energy Corporation of India (SECI) and emerged as a successful bidder for a capacity of 150 MW (comprising 50 MW Wind and 100 MW Solar) at a quoted tariff of Rs2.34 per 1 Jnit. The Letter of Award (LOA) has been received from SECT and the Power Purchase Agreement (PPA) has been signed.
a) 50 MW Wind Power Project:
The LoA for the 50 MW Wind Power Project was issued and the Land Lease Agreement has been Executed. The Central Transmission Utility oflndia Limited (CTUIL)has granted in-principle connectivity, with the scheduled commencement dated being July 31, 2026. Out of total 25 Wind Turbine Generators (WTGs), erection of 13 WTG have been completed and balance 12 WTGs are in the process of erection.
b) 100 MW Solar Power Project:
LoA for the 100 MW Solar Power Project was issued, and final connectivity at the 220 kV level at Bhuj PS was granted by CTUIL on 06.06.2025, with the start date of connectivity being November 19,2026. Against the total land requirement of approx 500 acres, around 200 acres of land have been transferred by the C ontractor. Site execution is expected to commence upon completion of the required land acquisition. As a material development, SECI has initiated action under the SECI 1 lybrid Tranehe-IV Scheme, andNLCIL has paid prescribed amount to SECI in lieu of encashment of the Bank Guarantee.
510 M W solar power project under CPSU scheme
Your Company has emerged as a successful bidder under the CPSII scheme tender issued by the Indian Renewable Energy Development Agency (IREDA) for setting up 510 MW solar power project. The Project is being executed in three phases: out of 510 MW, 300 MW in Rajasthan and 10 MW inNeyveli under the Smart City initiative have already been commissioned.
a) 200 MW Solar Power Project - Gujarat
The LoA lor the 200 MW Solar Power Project was issued and Power Usage Agreement was signed with Telangana Stale I )ISC( )MS on August 27,2024. Connectivity has been granted at Bhuj Sub Station, with a Bay allotted. A Consultancy agreement has been entered between your Company and Power Grid Corporation oflndia Limited for the extension of one 220 kV bay at power grids Bhuj-1 Substation. Further, for 289 Ac of land lease agreement and for the balance required land identification and lease agreement is under progress. CTUIL vide its communication dated July 07.2026 has revoked the connectivity. NLCIL is in discussion with MNRE and IREDA/CTUIL for restoration of connectivity. Site activities will be undertaken after completion of land acquisition and restoration of connectivity.
Projects Under Implementation under NIRL:
GSECL - Solar park, Gujarat (600 MW)
Gujarat Urja VikasNigamLimited (GUVNL) has floated tender for installation of600 MW Solar power project with Greenshoe option at Gujarat State Electricity Corporation Ltd (GSECL) Solar Park, Khavda, Gujarat. Pursuant to the bidding process your Company was awarded 300 MW Solar Power Project. Subsequently, the Company exercised the Greenshoe option for an additional 300 MW capacity, for which the Letter of Award (LoA) was received from GUVNL. Order has been placed for supply of Modules and BoS (Balance of System). Construction activities at Site are progressing and the plant is expected to be commissioned in the FY 2026-27.
810 MW Solar in Rajasthan Area
Your Company was awarded 810 MW of Grid Connected Solar Power project under competitive bidding in the tender floated by Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for development at Pugal Solar Park, Bikaner, Rajasthan. Letter of Intent (LOI) was received from RVUNL. Owners Engineering Consultant was appointed and BoS tender has been floated.
The Power Purchase Agreement (PPA) between NLC India Renewables Limited (NIRL), (a Wholly Owned Subsidiary Company ofNLCIL) & RRVUNL was signed. This project has been Implemented and Support Agreement signed on September26,2025 between RVUNL & NLC India Renewables Limited (NIRL), (a Wholly Owned Subsidiary Company of NLCIL). Further, the Topography, drone survey & cube strength testing has been completed. Order has been placed for BoS (Balance of System)
and Tender Evaluation is progressing for supply of Modules. Construction activities at Site have started and the plant is expected to be commissioned in the FY 2027-28.
NLC Talabira Thermal Power Project (3 X 800 MW)
NLC Talabira Thermal Power Project (NTTPP). is a coal based thermal power project with an aggregate capacity 2400 MW. comprising three units of 800 MW capacity each. The project is proposed to be set up at Jharsuguda & Sambalpur District in the State of Odisha and will be linked to the allocated captive mine, Talabira Mines. The total estimated project cost is Rs27, 212.96 crore.
The proposed plant will deploy state of the art Ultra Supercritical technology, in compliance with latest emission norms. All statutory approvals require for setting up the project including the Environmental Clearance have already been obtained. Power Purchase Agreement for the entire 2400MW have been signed already with TANGEDCO (for 1500MW), Puducherry DISCOM (for 100MW), KSEB Kerala (for400MW) and GRIDCO Odisha (fordOOMW).
The Engineering, Procurement, and Construction contract for the Talabira Thermal Power Project was awarded to M/s Bharat Heavy Electricals Ltd (BHEL) on January 12.2024. with the formal Notice to Proceed issued on November 27. 2024. The first unit is scheduled to be commissioned within 63 months from the notice date, with subsequent units following al six-month intervals. On the land management front, land possession remains a crtical area for NLCIL and secured possession of 815 acres for the main plant area revised by reengineering and remains as on March 31,2026 with physical and financial progress of 1.9% and 12.68% respectively.
Battery Energy Storage System (BESS) with TNGECL
An LoA has been received from Tamil Nadu Green Energy Corporation Ltd (TNGECL) on June 20. 2025 following this, on June 22. 2025, NLC India Renewables Ltd (NIRL), a wholly owned Subsidiary of the Company won the I iattery Energy Storage System (BESS) 250MW/500 MWhr project through a tariff-based competitive bidding process under the Viability Gap Funding (VGF) scheme and BESPA was signed on June 30,2025. Land Lease Agreement has been signed between NIRL & TANTRANSCO on August 30, 2025. The project is proposed to be financed by KlW Germany. 1.()A was i ssued to M s Pace Digitek I ,td on May 15,2026 for supply of battery and other EPC activities. LOA issued for supply of transformer and PMC consultancy for the Project. The project is proposed to be financed by KfW Germany.
Overburden (OB) to M-Sand
NLCIL is implementing an M-Sand project in Neyveli for conversion of Overburden (OB) material into M-Sand, based on studies undertaken by CARD in association with IIT Madras. The
0.42 MTPA M-Sand Plant at Mine-IA was commissioned m April 2024 and is under commercialisation. An MoU was entered into with TAMIN on July 14. 2025 for M-Sand sales. The 1 MTPA M-Sand Plant at Mine-1 was inaugurated by the Honble Union
Minister of Coal and Mines on February 23, 2026, and TNPCB granted Consent to Operate (CTO) on April 22, 2026. These initiatives facilitate productive utilisation of OB material and promote sustainable resource management.
Lignite to Methanol
In view of the Government of Indias Scheme for Promotion of Surface Coal/Lignite Gasification Projects, the NLCILs Lignite- to-Methanol Project is being reviewed for implementation.
Thermal Power Station II 2 nd Expansion
Thermal Power Station II 2 nd Expansion (TPS II SE) is a lignite based Thermal Power Plant with a capacity of 1000 MW (with two units of 500 MW capacity each), proposed to be set up at Mudanai village (near Neyveli), Cuddalore District, Tamil Nadu and linked to Neyveli Lignite Mines. Land for the proj cct is al ready in possession of NLCIL.
The Sub Critical exemption from Ministry of Power has been received for the 2X500MW project on 04 th November, 2024. The Feasibility Report for 2x500 MW unit configuration was prepared with a base Project Cost of Ml.652.65 crore. Activities for EC amendment were under progress. Further, the revised allocation of Power has been received from Ministry ofPower on 04 th July,2025. The PPA Amendment based on the revised power allocation is under discussion with different beneficiaries. EC - Tender for Consultancy services for obtaining amendment to Environmental Clearance from MOEF &CC for TPS-II 2 nd Expansion floated through GeM on 14.08.2026 with scheduled opening date on 15.09.2026. Technology Tie up by the bidders for 500MW subcritical lignite fired boilers due to the backdrop of global fossil fuel exit remains as a challenge and bid submission date was extended for three times as per the request of bidders and the last date of submission is 15.09.2026.
Mine-Ill (11.5 MTPA)
The Mine- III Project, with an approved capacity of 11.50 MTPA and encompassing a project area of 3893Ha, is proposed to be commissioned to fuel the requirement of TPS II 2 nd Expansion at an estimated cost of Rs3,755.71 crore. The identified block contains a mineable reserve of 415 MT.
The process of obtaining all statutory and regulatory approvals for the commencement of mining operations is currently in progress. The MoC has accorded in-principal approval for the Mining Plan and Mine Closure Plan (Modification) of Mine-Ill on 23 rd July.
2024. Administrative approval from Government of Tamil Nadu for Land Acquisition is in process.
The project is under review in view of the prevailing power surrender scenario.
Commercial Mining
North Dhadu (Western Part) Coal mine (3.0 MTPA)
The Mining Plan for North Dhadu (Western Part) Coal Mine in Latehar District. Jharkhand, wasapproved by the Mi nistryofCoal on 20" November, 2025. Your Company has issued the Letter of Award (LoA) for appointment of the Mine Developer and Operator (MIX)) to M s CRN Construction Pvt. Ltd. on3 rd November, 2025, followed by execution of the Coal Mining Agreement on 30 th December,
2025. The Terms of Reference (ToRj were issued by the Ministry of Environment, Forest and Climate Change (MoEF&CC) on 7 th February, 2026. The process for obtaining Environmental Clearance (EC) and Forest Clearance (FC) is underway, along with efforts for development of the railway siding.
Machhakata Coal Mine (30.0 MTPA)
Your Company emerged as the successful bidder for the Machhakata (Revised) Coal Mine in Angul district of Odisha on 04 July 2024. The mine has a normative production capacity of 30.0 MTPA and the Company signed the Coal Mine Development and Production Agreement (CMDPA) with the Ministry of Coal on 15 July 2024. The Vesting Order was issued on 05 September 2024 and the Geological Report was accorded by the Ministry of Coal on 26 March 2025. During FY 2025-26, approval for the Mine Plan and Mine Closure Plan was obtained on 17 March 2026. The Government of Odisha issued NoC for an additional 374.13 ha beyond the block boundary in February 2026. Land acquisition progressed with issuance of statutory notifications and receipt of NoC under Section 8(2) ofthe CBA (A&D)Act, 1957. Progress was also made towards Environmental and Forest Clearances, railway siding, socio-economic survey and appointment ofMDO, with the MDO tender floated during January 2026. Preparatory activities for R&R, integrated township, coal transportation infrastructure and power-line diversions are also under progress.
New Patrapara South Coal Block (12.0 MTPA)
Your Company emerged as the successful bidder for the New Patrapara (South) Coal Mine, located in Angul district of Odisha, with a normative production capacity of 12.0 MTPA. The Coal Mine Development and Production Agreement (CMDPA) was
signed with the Ministry of Coal on 05 December 2024. During F Y 2025-26, the Geological Report was approved by the Ministry of Coal in August 2025 and the Mine Plan and Mine Closure Plan were approved in January 2026, ahead of the CMDPA timeline. Land acquisition progressed with issuance of the statutory notification under the CBA (A&D) Act. 1957. along with completion ofDGPS survey and preparation of the land schedule. Activities towards Environmental Clearance progressed with completion of the EIA baseline study and submission of the ToR application, while the Stage-I Forest Clearance application was submitted in March 2026. F urther activities relating to land acquisition, appointment ofMDO. Environmental, Forest & Wildlife Clearances and development of railway siding are under progress.
Critical Mineral Mines Your Company er as declared the preferred bidder for the Semhardih Phosphorite & Limestone Block and Raipura Phosphorite & Limestone Block in Balod district. Chhattisgarh, under Tranche-V auction of Critical and Strategic Mineral Blocks conducted by the Ministry of Mines in May 2025. The Performance Security was submitted in June 2025 and Letters of Intent (Lois) for grant of Composite Licence were issued by the Government of Chhattisgarh in September 2025. Subsequently, Composite Licences were granted for both blocks and the Composite Licence deeds with the District Collector were executed during June 2026. During FY 2025-26, the Company obtained Forest Department NoC for drilling and sampling, and initiated pre-exploration activities. The Scheme ofProspecting for the Composite Licence was submitted to IBM. with land schedules, maps, plans and baseline environmental data progressed towards statutory submissions. The Company is also exploring opportunities for acquisition of Critical and Strategic Mineral assets overseas.
Your Company was declared as preferred bidder for Govindpur and Parvathapur Vanadium, Titanium & Aluminous Laterite block of in Sanga Reddy District, of Telangana subsequent to the Critical & Strategic mineral blocks E-auction held on 11 th & 12 th June, 2026 by Ministry of Mines, Gol.
Projects under formulation
The details of projects under formulation are as follows:
Green Energy
In alignment with the Government of Indias target of developing 500 GW ofNon fossil fuel based capacity by 2030, your Company is actively pursuing opportunities in the Renewable Energy Sector as a key pillar of its future growth strategy. Business plans have been formulated to leverage these opportunities effectively, while ensuring that the existing thermal power fleet continues to operate with high efficiency, cost-effectiveness and reliability, thereby contributing to meeting the countrys growing energy demand.
All the operational and under construction Renewable Projects have been being transferred to NLC India Renewables Limited (NIRL) a 100% subsidiary of NLCIL. All new renewable projects are being developed under the umbrella of NIRL either directly or through Joint Venture (JV) mode with other entities. Your Company will explore possible opportunities for monetising renewable assets to support the future growth plans in the Renewable portfolio through IPO.
Business Development and Strategic Initiatives
During the year, your Company made significant progress in enhancing both its renewable and conventional energy portfolios through, driven by new project awards, execution of Joint Venture Agreements and Formation of Strategic Partnerships, as detailed below:
1. Letters of Award (LoA):
- 450 MW Hybrid Power Project with NTPC (Solar-300 MW + Wind-150 MW)
NLCIL received a Letter of Award (LoA) from NTPC Limited on 27.06.2025 for setting up of 450 MW ISTS (Inter State Transmission System) Connected Wind- Solar 1 lybrid Power Project. The project will be developed after signing of long term Power Purchase Agreement i PPA i for the project.
- 200 MW Wind Power Project with SJ VNL
NLCIL received LoA from SJVN Ltd. On 28.02.2025 for development of 200 MW Wind Power Project. PPA has been signed with Bihar State Electricity Utility. NIRL in turn floated tender and engaged EPC Contractor for development of the said project on PAN India basis.
Further, during FY2025-26 and as on date NLCIL and its groupcompanies emerged as the successful bidder m the following competitive tenders; 110 MW Solar (NCRTC, UP), 600 MW Solar with 300 MW/1800
MWhr BESS (SECI), 900MW Solar Capacity with GUVNL (Gujarat), 600 MW Solar (NHPC, UP), and 250 MW/500 MWhr BESS (PSEB, Punjab). 200 MW wind floated by SJVNL, 200 MW Wind floated by GUVNL, 200 MW wind floated by SECI, 275 MWh BESS floated GUVNL, 50MWh BESS floated by West Bengal. Additionally, planning was progressed for 1000 MW SPP in Assam (through NARL JV), 2000 MW Solar (through NRRL JV), 99 MW Wind and 750 MW Pumped Storage Project in Odisha.
2. Joint Venture (JV):
With National Aluminium Company Limited (NALCO):
.1V Agreement was signed on 08 th July. 2026 for development of 4 X 270 MW (1080 MW) Coal Based Thermal Captive Power Plant at Angul, Odisha to Meet the Captive Power requirement ofNALCOs 0.5 MTPA Aluminium Smelter Expansion Project.
Through NLC India Renewables Limited:
1. Incorporated a Joint Venture Company (JVC) with Assam Power Distribution Company Limited (APDCL) m the name of NIRL Assam Renewables Limited (NARL) on 7 th May. 2025 with equity participation in the ratio of 51:49. to undertake Green Energy Projects in order to meet renewable energy obligations in the state of Assam.
2. Incorporated a Joint Venture Company (JVC ) with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) in the name of NIRL Rajasthan Renewables Ltd (NRRL) on June 2. 2025. with equity participation in the ratio of 74:26 to undertake 2 GW Renewable Energy Projects in the State of Rajasthan with Equity participation in the ratio of 74:26.
3. Incorporated a Joint Venture Company (JVC) with National Capital Region Transport Corporation (NCRTC) in the name of NIRL NCRTC Renewables Limited (NNRL) on 27 th May, 2026, with equity participation in the ratio of 74:26 for development of 110 MW Solar Power Project at Uttrar Pradesh.
4. JV Agreement signed on 29 th May,2025 with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) for establishing and undertaking O&M of Green Energy Projects.
5. JV Agreement Signed on 12 th December, 2025 with PTC India Ltd for development of (500 MW Phase I) Renewable energy projects on PAN India basis.
6. JV Agreement Signed on 23 rd June, 2026 with OREDA Ltd for establishment, of 1000 MW Green Energy Projects across the state of Odisha. Accordingly a Joint Venture Company has been incorporated in the name of NIRL OREDA Renewables Limited.(NORL)
3. Memorandum of Understanding:
1. MoU signed on 22 nd June, 2026 with Indian Oil Corporation Limited (IOCL) for formation of a Joint Venture (JV) for the development of large scale Renewable Energy (RE) projects including Solar, Wind, Hybrid Power with or without Energy Storage such as Battery Storage and Pumped Storage Projects in the State of Tamil Nadu.
2. MoU signed on 10 th June, 2026 with CSIR-CECRI, Karaikudi for Collaboration in Critical and Strategic Mineral beneficiation and Extraction Technologies.
3. MoU signed on 26 th May, 2026 with IIT (ISM) TEXMiN, Dhanbad for critical and Strategic Mineral Exploration and Research.
4. MoU signed on 25 th May, 2026 with NPCIL for development of Nuclear Power Projects through a JV Company.
5. MoU signed on 14 th February, 2026 with NALCO for thermal and renewable energy collaboration.
6. MoU signed on 13 th January, 2026 with Government of Gujarat for development of large-scale Renewable Energy Projects.
7. MoU signed on 6 th August, 2025 with Bhabha Atomic Research, Mumbai for "Setting-up a Pilot Scale Demonstration facility for Recovery of Rare Earths from Lignite Coal Fly Ash.
8. MoU signed on 06 th May, 2025 with M/s. IREL (India) Limited to cooperate and collaborate for development (Mining/Excavation/Refining etc.) of mutually agreed assets of critical mineral in general including REE by acquiring assets/sourcing raw materials domestically or internationally.
9. MoU signed on 14 th May, 2025 with Indian Institute of Technology (IIT), Madras to develop efficient and economically viable Carbon Capture System technologies to reduce CO 2 Emissions from Lignite based Thermal Power Plants and to carry out proof of concept and lab scale study under Phase-I.
10. MoU signed on 10 th September, 2025 with M/s. Khanij Bidesh India Limited (KABIL) to collaborate in the identification, acquisition, and Development of critical & strategic mineral projects on a global scale.
Corporate Plan 2030
Mining Projects
Your Company is presently operating three opencast lignite Mines at Neyveli in the State of Tamil Nadu and one opencast lignite Mine at Barsingsar in the State of Rajasthan, with a combined lignite mining capacity of 30.10 MTPA.
"In the lignite mining segment, Your Company proposes to commission Mine-III (11.5 MTPA) at Neyveli, Tamil Nadu linked to the TPS-II Second Expansion and Bithnok Lignite Mine (2.25 MTPA) in Bikaner district of Rajasthan. Upon commissioning, the aggregate lignite mining capacity is projected to reach 41.35 MTPA by FY 2029-30.
In the coal mining segment, Your Company operates Talabira II & III OCP in Odisha with a capacity of 20.0 MTPA. Further strengthening its coal mining portfolio, Pachwara South Coal Mine in Jharkhand commenced mining operations in December 2025, with a capacity of 9.0 MTPA.
Further, Your Company has secured three major commercial coal blocks, namely North Dhadu (Western Part) Coal Mine (3.0 MTPA) in Latehar District of Jharkhand, and Machhakata (Revised) Coal Mine (30.0 MTPA) and New Patrapara South Coal Mine (12.0 MTPA) in Angul District of Odisha.
The energy transition is also driving demand for minerals required for fertilisers, batteries, renewable energy technologies and other advanced industries. In line with this emerging requirement, Your Company has initiated diversification of its mining portfolio into critical and strategic minerals. In 2025, Your Company emerged as the preferred bidder for the Semhardih Phosphorite & Limestone Block and Raipura Phosphorite & Limestone Block in Balod District, Chhattisgarh, under the Ministry of Mines auction of critical and strategic minerals. Letters of Intent for the two blocks were subsequently issued by the Government of Chhattisgarh, and exploration activities have been initiated.
During the month of June 2026 NLCIL Secured Two critical mineral blocks viz., Parvathapur Block and Govindpur Block in Sangareddy district of Telangana having deposits of Vanadium, Titanium, and Aluminous Laterite.
Your Company has envisaged developing a critical mineral mining capacity of 1.0 MTPA by FY 2029-30, while continuing to explore opportunities for additional critical and strategic mineral assets in India and overseas.
Consequently, with the planned lignite, coal and critical mineral projects, Your Companys total mining capacity is projected to exceed 100 MTPA by FY 2029-30.
Thermal Power Projects
Your Company is presently operating five lignite based thermal power stations - four at Neyveli, Tamil Nadu and one at Barsingsar, Rajasthan, with an aggregate capacity of 3,640 MW. In addition, through Joint Ventures, your Company operates:
- NLC Tamil Nadu Power Limited (NTPL) - a coal based thermal power plant of 1,000 MW (2 X 500 MW) capacity at Tuticorin, Tamil Nadu and
- Neyveli Uttar Pradesh Power Limited (NUPPL) - a coal based thermal power plant 1980 MW (3x660MW) Capacity in Kanpur District of Uttar Pradesh.
Upon implementation of the following coal and lignite-based thermal projects, the total thermal generation capacity is projected to reach 10,020 MW by 2030.
- NLC Talabira Thermal Power Project (Phase I & II) -
capacity 3200 MW (4 X 800 MW) and
- TPS II 2 nd Expansion - lignite based Thermal Power Project of capacity 1,000 MW (2X500 MW).
Renewable Power Projects:
In the renewable energy segment, your Company through its WOS i.e. NIRL, plans to enhance its installed capacity from the current 1,785 MW to 10,110 MW by 2030, through the implementation of various solar, wind, BESS, PSP power projects. Presently more than 2 GW of RE Projects are under implementation in various States.
The Total Installed Power Capacity of Thermal and Renewable of NLCIL Group is estimated to reach 20,130 MW by 2030.
Diversification Projects:
Your Company has adopted the diversification strategy and has ventured and implemented 02 Nos of OB to M-Sand, five EV Charging stations, 8 MWhr Battery storage & 4 MW Green Hydrogen electrolyser were under implementation. Further, MoU has been signed with WAPCOS, for the purpose of carrying out collaborative technical services and advisories for development of various schemes of Pumped storage, Reservoirs/Storage, Run of River Hydro-Power Projects in India.
Initially, the collaboration is to develop 700 MW Indigenous Pressurised Heavy Water Reactor (PHWR) based Nuclear Power Project and Feasibility report of some of these projects are also under preparation.
Further, MoU has been signed on 6 th August, 2025 with BARC for setting up a pilot project at Neyveli for extraction of rare earth elements from fly ash and with IIT Madras to undertake advanced research on Carbon Capture Systems (CCS).
The total capital expenditure for mining, power generation, and diversification projects as mentioned above is likely to exceed Rs1.00 Lakh crore.
Ash Management at NLCIL
Your Company continues to pursue environmentally responsible and sustainable management of fly ash and bottom ash generated from its Thermal Power Stations, with emphasis on maximising beneficial utilisation and ensuring environmentally sound disposal in compliance with the applicable MoEF&CC Fly Ash Notifications and guidelines issued by the Ministry of Power (MoP).
The Company continues to achieve 100% utilisation of fly ash generated from its Thermal Power Stations through environmentally sound and approved avenues, including its use in cement, bricks, blocks and other value-added products. Bottom ash is managed through scientifically controlled disposal and beneficial utilisation, including its deployment in infrastructure and road projects, in accordance with applicable MoEF&CC notifications and guidelines. Appropriate measures are undertaken for the safe handling, transportation, containment and monitoring of ash to minimise potential environmental impacts.
As part of its continued efforts towards resource recovery and advancing circular economy principles, the Company is progressively promoting value addition and reducing dependence on ash disposal facilities. In a significant step towards this objective, the Company entered into a Memorandum ofUnderstanding (MoU) with BARC on 06 August, 2025 for the extraction of Rare Earth Elements (REEs) from fly ash. A pilot plant is proposed to be established at Neyveli and is targeted to be operational by the end of2027. This initiative is expected to support sustainable resource utilisation and contribute to the nations critical mineral objectives.
Through these initiatives, the Company remains committed to responsible ash management, regulatory compliance, environmental protection and resource efficiency. The Company will continue to explore and implement innovative pathways for the beneficial utilisation, resource recovery and value creation from fly ash and bottom ash, in furtherance of its sustainability and circular economy objectives.
Subsidiaries/Joint Ventures:
INLC Tamil Nadu Power Limited (NTPL) - A Joint Venture between NLCIL and TNPGCL Tuticorin Power Plant (1000 MW) in Tamil Nadu
NLC Tamil Nadu Power Limited (NTPL), a Subsidiary of your Company, operates a 1,000 MW coal-based thermal power plant at Tuticorin, Tamil Nadu.
Performance Highlights:
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Power Generation (MU) (Excl. Power surrender) | 5,278.13 | 5,236.45 |
| Revenue from Operations (^ crore) | 3,426.64 | 4,430.38 |
| Profit Before Tax (^ crore) | 697.78 | 1,086.43 |
| Profit After Tax (^ crore) | 1,191.71 | 1,060.69 |
Further, the Board of Directors of NTPL declared an Interim Dividend of Rs1.2/-per equity share (12%) for FY 2025-26, which was paid in two Instalments (Eight Percent on 11.08.2025 and Four percent on 04.02.2026). During the supplementary Audit conducted by the C&AG for the Financial Year 2025-26, C&AG has issued NIL comments on its Financials.
Neyveli Uttar Pradesh Power Limited (NUPPL) - A Joint Venture between NLCIL & UPRVUNL Ghatampur Thermal Power Project (GTPP) (1,980 MW) linked to Pachwara South Coal Block (9.0 MTPA) in Jharkhand
Neyveli Uttar Pradesh Power Limited (NUPPL), a subsidiary company, is operating the 3 x 660 MW Ghatampur Coal-based Thermal Power Project (GTPP) at Ghatampur Tehsil, Kanpur Nagar District, Uttar Pradesh, at a Revised Cost Estimate (RCE-II) of Rs 21,780.94 crore.
The Board, in its meeting held on 02.02.2026, accorded approval for Revised Cost Estimate-III (RCE-III) of the 3x660 MW Ghatampur Thermal Power Plant at Rs23,266.88 crore.
Subsequently, NUPPL, vide its letter dated 14.03.2026, submitted the RCE-III for the 3x660 MW Ghatampur Thermal Power Project to the Ministry of Coal (MoC) for approval. The proposal is presently under consideration/approval by the Government of India.
NUPPL has executed Power Purchase Agreements (PPAs) with Uttar Pradesh Power Corporation Limited (UPPCL) for the Generated power from the Plant.
Performance Highlights:
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Power Generation (MU) (Excl. Power surrender) | 4,468.14 | 1,208.73 |
| Revenue from Operations (^ crore) | 3,350.37 | 700.50 |
| Profit Before Tax (^ crore) | 302.90 | (49.90) |
| Profit After Tax (^ crore) | 238.15 | (49.90) |
Coal Linkage & Fuel Supply
The coal requirement for GTPP is linked to thePachwara South OCP
Mine development activities commenced in December 2025 and coal production commenced in March 2026.
The captive coal production is being ramped up progressively, with the rated capacity of 9 MTPA envisaged to be achieved in the fifth year of operation as per the approved mining plan.
Until the required level of captive coal production is achieved, GTPP Project continues to meet its coal requirement through bridge linkage coal from Coal India Limited (CIL) mines as per the recommendations of the Standing Linkage Committee (1 ,ong Term) [SLC(LT)].
Accordingly, SLC(LT), vide its recommendation dated 30.03.2026, approved 6.58 Million Tonnes of bridge linkage coal front CIL mines forFY 2026-27 on a tapering basis. Based on the recommendation, CIL has allocated coal from:
- Eastern Coalfields Limited (ECL) - 2.990 MT
- Northern Coalfields Limited (NCL) - 1.113 MT
- Central Coalfields Limited (CCL) - 1.074 MT
Furthermore, in order to meet out the operational coal requirements of GTPP, NUPPL has also signed an MoU for 2 MT with NLCILs Talabira-II & III OCP Mines for F Y 2026-27 and coal dispatch has started from 24.07.2026.
Coal Lignite Urja Vikas Private Limited (CLUVPL) - A Joint Venture Company between NLCIL & CIL
Your Company had entered into a Joint Venture Agreement with Coal India Limited (CIL) to implement conventional and noil- conventional power projects by forming a JV Company with an equity participation of 50:50 each. The .TV Company "Coal Lignite Urja Vikas Private Ltd" was incorporated on 10 th November, 2020.
The Joint Venture Company has been entrusted with the development of renewable energy projects and, in this regard, has received a Project Management Consultancy (PMC) order from South Eastern Coalfields Limited (SECL)on 12 th July, 2021 for establishing a 40 MW Solar Power Project at Bishrampur and Bhatgaon, Chhattisgarh. The Project has been implemented successfully. The Company is exploring development of other renewable projects on PAN India basis.
Mahanadi Coalfields Limited, your Company and Hindalcojointly formed MN11 Shakti Limited with an equity participation of 70:15:15 to implement 20.0 MTPA Coal Mining Project in Talabira, in the State of Odisha. The Talabira II & III Coal Blocks allocated for this purpose have been cancelled pursuant to the judgement of Honble Supreme Court of India and the Coal Mines (Special Provisions) (Ordinance, 2014. Consequently, the winding up of the Company has been proposed and the necessary statutory and legal formalities in the regard are currently under progress.
NLC India Renewables Limited - A Wholly Owned Subsidiary
Project Progress & Expenditure
- The Project (GTPP & South Pachwara) achieved a Capital Expenditure (CAPEX) of Rs2,424.64 crore during FY 2025-26 against the annual target of Rs1,500 crore, achieving 161.64% of the target.
Your Company has incorporated NLC India Renewables Limited (NIRL). as its wholly owned subsidiary on 14" June, 2023, with the objective of consolidating and managing its renewable energy assets. The incorporation ofNIRL is a strategic step under the Asset Monetisation Plan of your Company, aimed at unlocking value and directing focused investments into the renewable energy sector. Under national asset monetisation pipeline, Your Company is in the process of monetising its renewable assets. BRLMs and other intermediaries has been appointed to take this forward.
Significant Developments:
The Cabinet Committee on Economic Affairs (CCEA) on
29 th July 2025. approved an investment off 7,000 crore by NLCIL in
NIRL. This approval allowing it to invest in various projects either
directly or through joint ventures, beyond the limits prescribed by
Navaratna Guidelines of DPT.
The following projects are under operation:
1. 709 MW, 500 MW, 130 MW. 10 MW and 10 MW Solar Power Projects at various locations of Tamil Nadu, 20 MW Solar Power Project with BESS at Andaman, 51 MW Wind Power at Tenkasi totalling to 1430 MW were transferred to the NIRL under a Business Transfer Agreement (BTA).
2. 300 MW Solar project located at Rajasthan was successfully commissioned on 2.3 rd January, 2026, for which foundation stone was laid by I lonble Prime Minister of India on 16 th February, 2024. The generated poweris being supplied to RVUNL through Power Usage Agreement i PUA).
3. 50 MW Solar Power Project tSPP) located in Neyveli has successfully commissioned from 25 th January, 2026.
The above Two projects (300 MW and 50 MW ) have been transferred to NIRL w.e.f 01.09.202 through a separate Business Transfer Agreement, through a separate Business Transfer Agreement.
4. A 4 MW rooftop solar installation under the PM Surya Ghar Muft Bijli Yojana was commissioned on 31 sl May, 2026, across NLCIL and its Group office buildings, marking a significant milestone in advancing clean energy adoption and supporting the nations renewable energy goals.
NLC India Green Energy Limited - A Wholly Owned Subsidiary Company
Your Company has incorporated NLC India Green Energy Limited (NIGEL), as its wholly owned subsidiary on 13 th October, 2023 to carry out other diversification Projects of your Company.
NLC Rajasthan Power Limited - A Joint Venture between NLCIL and RVUNL
NLC India Limited and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL i entered into a Memorandum of Understanding (MoU) on 10 th March, 2024, followed by a Joint Venture Agreement (JVA) signed on 23 rd October, 2024 for the formation of a Joint Venture Company.
Accordingly, the JV Company, NLC Rajasthan Power Limited (NRPL), was incorporated on 2 nd June, 2025, with equity participation in the ratio of 74:26 by NLCIL and RVUNL respectively. This JV Company will develop a .3x125 MW Lignite- based Thermal Power Station and to develop and operate lignite mines primarily to meet the fuel requirements of the proposed thermal power plant.
Apart from the above, the following projects are under execution;
| s. No | Name of the Project | Capacity |
| i | Standalone BESS | |
| BESS Project at Tamil Nadu. - TNGECL | 250MW/500 Mwlir | |
| 2 | Solar Power Project | |
| IREDAunder CPSE Scheme (Solar) | 200 MW | |
| Hybird RE Solar Power Project - A | 100 MW | |
| Solar Power Project at Gujarat. GSECI. Solar Park | 600 MW | |
| Solar Power Project at Rajasthan. RRVl INI, | 810 MW | |
| 3 | Wind Project | |
| I lybird RE Power Project - B | 50 MW | |
| Wind Power Project -SJYNL | 200 MW | |
| 4 | Floating solar power project at Net veli | 1 MW |
Further, apart from the list mentioned above NIRL directly or through .1V Mode is developing various renewable energy projects lor around 4 GW on PAN India basis.
NIRL has formed .1V Companies with APDCL, RVUNL, NCRTC, OREDA and is in the process of collaborating with PTC, and MAHAPREIT for formation of joint venture Companies to develop various renewables projects.
Joint Venture Companies Under NIRL
IRL ASSAM RENEWABLES LIMITED(NARL) - A Joint Venture between NIRL and APDCL
NLC India Limited (NLCIL) and Assam Power Distribution Company Limited (APDCL) signed an MoU on 09 th August, 2022. and subsequently it was amended on 18 th August, 2023.
Pursuant to this, a Joint Venture Agreement (JVA) was signed on 10 th January, 2025 between NIRL, a wholly owned subsidiary of the Company, and APDCL for the formation of a Joint Venture Company. Accordingly, the JV Company, NIRL Assam Renewables 1 imited (NARL), was incorporated on 7 th May, 2025, with equity participation in the ratio of 51:49 by NIRL and APDCL respectively, for developing 1,000 MW Green Energy Projects across the State of Assam.
In line with this agreement, few sites have been identified for development of Solar Power Projects in the state of Assam.
DIRECTORS REPORT (CONTD.)
NIRL RAJASTHAN RENEWABLES LIMITED (NRRL) - A Joint Venture between NIRL and RVUNL
NLC India Limited (NLCIL) and Rajasthan Rajya VidyutUtpadan Nigam Limited (RVUNL) signed a Memorandum of Understanding (MoU) on 10 th March, 2024, followed by a Joint Venture Agreement (JVA) signed on23 rd October, 2024 between NLC India Renewables Limited (NIRL) and RVUNL for the formation of a Joint Venture Company.
Accordingly, the JV Company, NIRL Rajasthan Renewables Limited (N R RL), was incorporated on 2 nd June, 2025, with equity participation i n the ratio of74:26 by NIRL andRVUN 1?€ž respectively.
The primary objective of the JV Company is to establish and operate 2,000 MW Green Energy projects in the State of Rajasthan to meet the Renewable Purchase Obligation (RPO) of the State.
Few land parcels has been identified and assigned to the Company for development of Renewable Energy Projects. The various projects viabilities is under evaluation.
NIRL NRCTC RENEWABLES LIMITED (NNRL) - A Joint Venture between NIRL and NCRTC
NLC India Renewables 1 Tmited (NIRL), wholly owned subsidiary of the Company and National Capital Region Transport Corporation Limited (NCRTC) has incorporated a Joint Venture Company on 27" 1 May, 2026 under the name NIRL NCRTC Renewables 1 -imiled (NNRL) with equity participation in the ratio of 74:26 by NIRL andNCRTC, respectively.
The primary objective of the JV Company is for setting up of 110 MW (AC) Grid Connected Solar PV Power Project in the state of Uttar Pradesh for Captive use of NCRTC. In this regard, land has been identified and 1 !oS Tender has been floated for development of the Project.
NIRL OREDA RENEWABLES LIMITED (NORL) - A Joint Venture between NIRL and add OREDA Limited
NLC I ndia Renewables Limited (NIRL), wholly owned subsidiary of the Company and OREDA Limited has incorporated a JV Company, under the name of NIRL OREDA Renewables Limited (NORL) on 31 st August, 2026 with equity participation in the ratio of 51:49 by NIRL and ORE]DA, respectively.
The primary objective ofthe JV Company is for setting up ofGreen Iinergy Power Plant(s) in the state of (Misha as a primary objective.
Loan, Guarantees and Investments
Details of loans and investments covered under the provisions of Section 186 of the Companies Act. 2013 forms part ofthe Financial Statements.
Deposits
The Company has not accepted any deposits from the public during the year.
Bonds, Borrowing & Credit Rating
During the financial year 2025-26, your Company has not issued any Bonds.
Commercial Paper
During the Financial year 2025-26, as part of optimising the financial cost, your Company had mobilised funds by issue of Commercial Papers in diflerent tranches with different tenures lor an aggregate value ofRs 1,600 crore. The Commercial Papers issued earlier were redeemed on the due date as perthe terms ofallotment. Total value of Commercial Papers as on 31 st March, 2026, was Rs800 crore.
Sales Bill Discounting
During the Financial year 2025-26, your Company has not availed the facility of Sales Bill 1 Discounting as the DISC( )MS/Debtors were promptly paying the dues within the prescribed timelines.
Credit Rating for Borrowings
I During the year, your Company has retained AAA rating for I ,ong Term Borrowings including issue of Bonds and A1+ for issue of Commercial Papers and working capital facilities from Credit Rating Agencies. The present Ratings are given below:
NLC INDIA LIMITED
Credit Rating assigned along with Outlook as on March 31,2026
| s. No. | Rating Agency/Particulars of Loan | Rating Assigned | Rated Amount (Rs crore) |
| i | ICRA | ||
| NCDs (Secured) | [ICRA] AAA (Stable) | 2.000.00 | |
| 2.000.00 | |||
| 2 | CRISIL | ||
| Working Capital Loan [State Bank of India] | CRISIL AAA Stable | 8.000.00 | |
| NCDs [issued amount - 22.175 crore] | CRISIL AAA Stable | 2.500.00 | |
| NNTP loan (SIB 2581 crore and IOB 21.078 crore) | CRISIL AAA Stable | 1,426.60 | |
| External Commercial Borrowings | CRISIL AAA Stable | 867.10 | |
| Proposed Long Term Bank Loan Facility | CRISIL AAA Stable | 41.00 | |
| 12.S34.70 | |||
| 3 | CARE Ratings | ||
| Non Fund Based LT ST BG [ICICI Bank] | CARE AAA; Stable CARE A11 | 772.00 | |
| Punjab National Bank - NNTPS Loan | CARE AAA; Stable | 1,200.00 | |
| Commercial Paper | CARE Al- | 6,000.00 | |
| 7,972.00 | |||
| 4 | India Rating (Fitch Group) | ||
| Solar 709 MW State Bank oiIndia | IND AAA Stable | 923.00 | |
| NCDs (Secured) | IND AAA Stable | 2.000.00 | |
| NCDs (Unsecured) | IND AAA Stable | 500.00 | |
| Commercial Paper | IND Al | 6.000.00 | |
| Sales Bill Discounting | IND Al | 2.000.00 | |
| 11,423.00 | |||
| 5 | Infomerics valuation and Ratings | ||
| Solar 200MW [Bank of Baroda] | IVR AAA Stable | 916.00 | |
| 916.00 | |||
| 6 | Acuite Ratings & Research | ||
| External Commercial Borrowings (SMBC, Axis) | ACUITE AAA Stable | 1,000.00 | |
| Solar 300 MW [Induslnd Bank] | ACUITE AAA Stable | 950.00 | |
| 1,950.00 |
COMMERCIAL
Power Dues Realisation:
- During the year under review, your Company had received an amount of 28,658.96 crore out of the total billed value of
27,705.15 crore for the FY 2025-26 which includes instalment payments of the Previous periods, with this total collection efficiency is more than 100%.
?– The outstanding power dues as on 31 st March, 2026 was 21,671 crore as against 22,681 crore for the corresponding period of the previous year. The dues beyond the 45 days limit as on March 31,2026 was 2922 crore as against 21,597 crore for the corresponding period of the previous year.
- Pursuant to Business Transfer Agreement entered between NLCIL and NIRL during the year the renewable assets of NLC India Limited has been transferred to NLC India Renewables Limited (NIRL). The outstanding power dues of NIRL as on
March 31,2026 is 2203.67 crore.
- Scheduling of power is being done in compliance with the MOP directives on IX - Payment priority mechanism.
Power Trading in Power Exchange
- During the year 2025-26, 280.82 MUs of Un-Requisitioned Surplus (1 IRS) power were sold from NLCIL Thermal Power Stations in various segments of the Power Exchange, resulting in a gross revenue of 269.55 crore - a significant increase compared to 186.67 Ml Is and 257.89 crore in 2024-25.
- Whenever opportunity comes, the Company is continuously trading surrendered power from its thermal stations in DAM
NLC India Limited
& RTM market segment of Power Exchanges. During the year. Gross power surrender was 2083 MU out of which 869 MU (42%) is from NLDC under Ancillary Service Regulation to maintain Grid Frequency and Unit Shut Down (USD (/Reserve Shut down(RSD).
- The Company has also traded 421 MU of power in FY 2025-26 as against 259 MU in the year 2024-25 under Trading Licence which includes sale & purchase of power for various grid connected entities.
Regulatory
CERC has notified the Second Amendment to the CERC (Terms and Conditions of Tariff) Regulations, 2024-29, introducing significant changes to the tariff framework. The key amendments include revised provisions relating to Additional Capitalisation and recovery of Annual Extraction Cost in cases of power surrender. These amendments are expected to provide greater regulatory clarity in the treatment of various regulatory expenses.
- I During the year, the Company received a favourable order from CERC i n the long-pending regulatory matter relating to the TPS 11 Truing-up for the tariff period 2009-14.
- I During the year, the Company made significant progress in the long- pending regulatory dispute relating to reimbursement of income tax paid under the Vivad Se Vishwas Scheme (VS VS). The Company successfully secured vacation of writ petitions in High Courts of Tamil Nadu, Kerala, Karnataka, with the matters being remanded to the CERC foradjudication. Consequently, the Company has initiated proceedings beibie CERC for resolution of the disputes.
Interaction with Stakeholders:
During the year under review, your Company has proactively undertaken multiple stakeholder engagement initiatives to foster transparency, enhance confidence, and strengthen long-term relationships. The measures undertaken include:
?– Investor Engagement:
?– Conducting Investor Meet/Conference to apprise institutional and retail investors of the Companys performance, strategic initiatives, and growth roadmap.
?– Organising periodical investor calls to ensure timely communication on operational and financial updates.
?– Customer and Vendor Outreach:
?– Hosting Customer Meets and Vendor Meets to address operational issues, capture stakeholder feedback, and reinforce collaborative partnerships.
- Lenders Meet:
- The Company has organised its 2 nd Lenders meet at Mumbai to engage with Lenders community for addressing various issues and to strengthen future collaborations for Capex plan of the Company.
- Corporate Communications:
- During F Y2025-26, the Company strengthened its Corporate Communications function to facilitate transparent, timely and consistent engagement with its diverse stakeholder groups. The Company disseminated information on its business performance, strategies, milestones, key projects, operational achievements, sustainability and CSR initiatives, and other significant developments through press releases, media engagement, digital and social media platforms, and internal communication channels.
- The Company continued to enhance stakeholder outreach, strengthen its corporate identity and promote awareness of its Environmental Social Governance (ESG) and sustainability initiatives. These efforts contributed to greater transparency, stakeholder engagement, public awareness and stakeholder confidence.
These continuous engagement efforts have significantly contributed to strengthening stakeholder confidence, ensuring alignment with the Companys strategic vision, and enhancing its reputation in the domestic and international markets.
Sustainability Development Measures
Scientific reclamation of mined-out land continued to remain one of the Companys flagship sustainability initiatives. During FY 2025-26, your Company successfully reclaimed more than 126 hectares of mined-out land through scientific bio-reclamation and ecological restoration techniques. With this achievement, the cumulative biologically reclaimed area has exceeded 2.900 hectares since inception, representing one of the largest mine reclamation programmes undertaken by any mining company in the country.
The reclaimed areas have been transformed into ecologically sustainable landscapes comprising dense plantations, forests, eco-parks, grasslands, wetlands, water bodies and habitats supporting diverse flora and fauna. These reclamation efforts have substantially contributed towards restoration of degraded land, enhancement of biodiversity, carbon sequestration, improvement of soil quality, prevention of erosion and strengthening of the regional ecological balance.
During the year, Your Company continued large-scale afforestation and plantation programmes under Mission GRt iEN through active participation of employees, schools, local communities and other stakeholders during World Environment Day, Van Mahotsav and other environmental awareness campaigns. These initiatives have strengthened environmental consciousness while contributing to enhancement of the green cover across the Companys operational areas.
Your Company also continued scientific ecological monitoring of reclaimed mine areas through reputed academic and research institutions for assessment of vegetation growth, biodiversity, biomass accumulation and ecosystem sustainability. These studies provide valuable inputs for continuous improvement in reclamation practices and long-term environmental planning.
In line with its commitment to sustainable land utilisation, Your Company continued initiatives for repurposing mined-out lands for renewable energy projects, water resource development, sustainable, apiculture, pisciculture and other productive postmining land uses, thereby creating long-term environmental and socio-economic value.
Environmental Compliance and Resource Management
Your Company remains committed to maintaining the highest standards of environmental compliance across all mining, power generation and allied operations. A robust Environmental Management System (EMS i is implemented across all units to ensure compliance with statutory requirements and continual improvement in environmental performance.
During FY 2025-26, comprehensive environmental monitoring covering ambient air quality, stack emissions, water quality, noise levels and other environmental parameters was carried out through approved laboratories and continuous online monitoring systems. The monitored parameters remained within the prescribed regulatory standards, demonstrating the effectiveness of the Companys environmental management practices. As part of its continuous efforts to minimise environmental impacts, the Company further strengthened dust mitigation measures through extensive deployment of water sprinklers, fixed and mobile mist cannons, high-pressure spray systems, mechanised road cleaning equipment and other advanced dust suppression technologies across mines, transportation corridors and material handling facilities.
The Company continued to promote water conservation through efficient water management practices, recycling and reuse of treated wastewater, optimisation of freshwater consumption and strengthening of wastewater treatment infrastructure across its operational facilities.
During the year, Your Company successfully obtained Consent to Operate (CTO) from the Tamil Nadu Pollution Control Board for the Water Treatment Plant. Modern Sewage Treatment Plant and Airport facilities, further reinforcing its commitment to statutory compliance and environmentally responsible infrastructure management.
In compliance with the provisions of the Environment (Protection) Act. 19S6 and subsequent amendments relating to emission standards for thermal power plants, the Company continued implementation of various emission reduction measures, including Flue Gas Desulplmrisation (FGD) systems and other pollution control technologies, in accordance with applicable regulatory requirements and implementation schedules.
Climate Action and ESC
Your Company continues to integrate climate considerations into its business strategy through enhanced resource efficiency, renewable energy development, scientific mine reclamation, afforestation, carbon sequestration and sustainable operational practices. Continuous efforts are being made to improve environmental performance, strengthen ESG governance, enhance climate resilience and contribute towards Indias low-carbon development pathway.
The Company also continued strengthening its environmental data management systems, monitoring mechanisms and sustainability reporting framework to support transparent disclosure of environmental performance and facilitate informed decision-making.
Insurance
During FY 2025-26, the Company obtained Mega Insurance Policies for the Assets and Stocks of Production Units viz., Mines, Thermal and Renewable Energy (RE). The policy provide coverage for Material Damage (MD)ofall Mine assets and Material damage (MD). Machinery 1 Breakdown (MBD), Fire Loss of Profit (FLOP) and Machinery Loss of Profit (MLOP) of all Thermal and RE assets. In addition, the assets of Service Units are covered under the Standard Fire and Special Perils Policy (SFSP) along with Electronic Equipment Insurance (EEI), Transit Insurance and Public Liability Industrial Risk Insurance.
LAND ACQUISITION AND REHABILITATION & RE-SETTLEMENT
Land Acquisition and R&R Policy
Your Company is committed to minimising the socio-economic impact of land acquisition and displacement on Project Affected Persons (PAPs) through appropriate Rehabilitation & Resettlement (R&R) measures. Your Company implements R&R measures in accordance with the applicable provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act), the rules and notifications issued thereunder, and the R&R policies, rules, Government Orders and guidelines of the respective State Governments, as applicable to the projects.
The R&R measures adopted by Your Company are. wherever applicable, in addition to and over and above the statutory entitlements prescribed under the applicable Central and State laws, policies and Government orders. The Company also provides additional rehabilitation, resettlement, livelihood and developmental measures based on the specific requirements of the projects and the applicable approved R&R framework.
Apart from development of Resettlement Centres (RCs) in the vicinity of projects, Your Company provides essential infrastructure and civic amenities at these centres to facilitate the smooth resettlement of eligible Project Affected Families (PAFs). Rehabilitation measures are supplemented by payment of statutory compensation and, wherever applicable, enhanced compensation/ ex-gratia over and above statutory entitlements, with the support and coordination of the respective District Administrations.
A Grievance Redressal Mechanism is in place for addressing the grievances and representations of PAPs. Further, Your Company provides enhanced land compensation, wherever applicable, based on the prevailing Government Orders and approved R&R provisions, including payment of ex-gratia and settlement through Lok Adalats, based on applications received from eligible landowners who have handed over their lands and houses.
Your Company also supports capacity building and skill development of PAPs. One-year Post-Graduate programmes are provided to eligible PAPs possessing Engineering and Diploma qualifications through the National Power Training Institute (NPTI). Training is also provided to PAPs selected as SME Operator Assistant Trainees and Mines Support Service Trainees under the three-year training programme, thereby facilitating sustainable employment and livelihood opportunities.
Your Company has put in place a structured mechanism for providing monthly annuity to eligible Project Affected Families (PAFs) through an insurance company. In the first phase. PAFs relating to the acquired and possessed land have been mapped with the insurance company, with the remaining eligible PAFs to be covered in subsequent phases.
Research and Development (R & D)
The Centre for Applied Research & Development (CARD) continues to serve as the in-house R&I) Centre of your Company and has been recognised by the Department of Science & Technology since 1975. CARD is accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABF) in accordance with the international standard ISO/IEC 17025:2017.
During the year under review, the NABF accreditation of CARD laboratories was renewed for the disciplines of Mechanical, Chemical and Biological Testing on 23.01.2026, valid up to 22.01.2030. Further, the recognition of your Companys In-House R&D Unit was also renewed by the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology, on 09.03.2026, valid up to 31.03.2029.
Further, during FY 2025-26, the following two patent applications were tiled:
- "A System and Method for IoT-Enabled Nutrient Dosing and Environmental Monitoring in Vertical Farming"
- "Environmentally Sustainable and Eco-Friendly Geo Polymer Brick Composition and Method of Manufacturing 1 Jtilising Fly Ash, M-Sand and GGBFS"
CARD functions as a multidisciplinary research and technical support unit, contributing to innovation, operational efficiency, and sustainability across the Companys core sectors.
The major functions of CARD include:
- Undertaking Science & Technology (S&T) research projects aligned with the Companys strategic objectives.
- Conducting environmental monitoring, pollution assessment, quality control testing, consultancy, and technical services.
- Promoting technology development, patenting, and commercialisation based on R&D outcomes and pilot plant studies, as well as coordinating S&T projects undertaken across the Company.
- Providing institutional supportto students, carrying out special studies for operational improvement, and supporting new initiatives and schemes.
- Delivering analytical and testing services for quality assurance of materials used in mining, power generation, and other service units, including services to external agencies on a chargeable basis.
- Undertaking research in key areas such as lignite utilisation, product diversification, by-product utilisation, solid waste management, wasteland reclamation, renewable energy, clean coal technologies, and implementation of real-time monitoring systems.
The total expenditure incurred on Research & Development during the year 2025-26 is Rs44.53 crore.
Human Resource Development
Your Company recognises that its employees are its most valuable assets and the key drivers of growth and operational excellence. A conducive and enabling work environment is consistently provided to employees, thereby fosteri ng high performance, innovation, and sustained engagement.
Training
In 2025-26, a total of 2012 training programmes were conducted comprising 523 planned and 14X0 add-on programmes. Together, these programmes reached 39,778 participants, demonstrating Companys wide outreach and adaptability in addressing diverse training needs.
Planned programmes primarily focused on Behavioural Competencies, HR, Health & Well-being, and Safety Notably, 120 behavioural competency programmes trained over 3478 employees, reinforcing companys focus on leadership and interpersonal effectiveness, additionally, HR functional training saw strong participation with nearly 1,848 attendees, highlighting internal capability enhancement in people management practices.
Add-on programmes complemented core training efforts with agile, high-impact interventions. The Skills Upgradation initiative alone trained more than 8121 participants emerging as the highest- engagement module. Management Development, Functional HR and Safety-related sessions also made significant contributions to professional growth and regulatory compliance.
Industrial Relations
Your Company continues to uphold the principle of participative management by maintaining regular bipartite meetings with Recognised 1 Jnions (collective bargaining agents) and Associations to address employee concerns in a constructive manner.
- The industrial relations climate remained cordial throughout FY 2025-26, with no man-hours lost due to industrial unrest.
- The Secret Ballot Election was conducted on April 25,2025 by the Returning Officer. DCLC (Central), Chennai. Subsequently, on June 23. 2025, the NLC Labour Progressive Union and Kanaraga ThozhirPirivu Anna Thozhir Sanga Peravai (ATP) were conferred recognition as collective bargaining agents.
- Guidelines issued for Empanelment of Banks for Corporate Salary Accounts and Extension of Exclusive Salary Account benefits to the Employees ofNLCIL.
- Enhancement of Multipurpose Loan for Below Board Level Executives. Non-Unionised Supervisors and Unionised category of Workmen/Non-executives in the scheme was issued.
- Monetary reliefwas extended through the respective contractor employers to contract workmen deployed for dewatering works at Cuddalore, Villupuram and Chennai during 2024. along with regular employees, and the gratuity ceiling was enhanced from Rs20 lakh to Rs2 5 lakh.
The Company has been adjudged the winner of the "Organisation with Proactive ER Practices Award" at the National ER Conference & Awards 2025, organised by the Southern India Chamber of Commerce and Industry (SICCI) at Chennai.
Manpower
The total employee strength (including subsidiaries) stood at 9.735 as on March 31. 2026 as against 10,227 as on March 31,2025.
Reservation of Posts
The group-wise representation of SC/ST/()] 5C as on 31 sl March, 2026 stands as follows:
| Group | Strength of SC/ST/OBC | % of SC/ST/OBC | |||||
| SC | ST | OBC | SC | ST | OBC | ||
| A | 2.876 | 618 | 321 | 784 | 21.49 | 11.16 | 27.26 |
| B | 300 | 45 | 12 | 124 | 15.00 | 4.00 | 41.33 |
| C | 4.291 | 822 | 40 | 1,720 | 19.16 | 0.93 | 40.08 |
| D | 2.268 | 521 | 10 | 1,164 | 22.97 | 0.44 | 51.32 |
| Total | 9,735 | 2,006 | 3X3 | 3,792 | 20.61 | 3.93 | 38.95 |
However, more than required percentage of employees (covered in the Central list of 015C category) have been recruited on the strength ofBC category prior to reservation for OBCs came to effect and continue to be on the rolls of the Company.
EMPLOYEES WELFARE AND SOCIAL SECURITY SCHEMES
Educational facilities
Your Company recognises education as a cornerstone for social upliftment and continues to extend quality education to employee wards, children of contract workman, daily wage earners, and student from economically weaker sections of society residing in peripheral villages. Presently, 8 Schools are being run under the patronage of your Company with a total student strength of 3,755 during the year 2025-26.
Scholarship Schemes
Your Company provides educational assistance (scholarships) to the wards of employees (General. SC ST. OBC category) and wards of Contract Workmen to pursue higher education (under graduate degree diploma professional courses) till the duration of the course subject to a maximum of five years.
| Educational Assistance | Beneficiaries during FY 2025-26 | Amount Disbursed |
| General | 150 | 724,87,000 - |
| SC ST | 202 | 738.72.000 - |
| OBC | 547 | 71.04.87.000 - |
| Total | 899 | 71.68.46.000/- |
Besides these schemes, your Company presents cash award to meritorious wards of employees who secure 80 deg o & above in CBSE and 90% above in State Board 10 th & 12 th Std., exams.
Tuition Fee Concession:
Your Company reimburses the tuition lees every year (ranging from 725,660/- to 42,530/- per annum) for students belonging to SC ST OBC category (predominantly hailing from the surrounding villages of your Companys projects)studying the Jawahar Science College. Ney veli, patronised by your Company.
| Category of students | Beneficiaries | Amount sanctioned (Rs) |
| SC/ST (Excluding CSR) | 53 | Rs14.61.490/- |
| OBC (Excluding CSR) | 80 | Rs22,91,680/- |
| Total | 133 | Rs37,53,170/- |
Medical Facilities
Your Company has established a robust health care model for protecting, preserving and promoting the health and well-being of its workforce and the community. The model is time-tested with proven results, founded on the belief that a healthy workforce is the key driver of economic and organisational sustainability. Since the establishment of the NLC India Hospital (NLCIH) in 1962, your Company has continued to support and expand comprehensive medical services. NLCIL Hospital - a secondary level medical facility with a bed capacity of 350, catering not only to employees and their families but also to residents of peripheral villages. As part of fulfilling the social agenda of providing quality primary health care to external stakeholders, NLCIL hospital is treating rural patients free of cost in all its specialty departments on OP basis. By providing free access to quality medical care, NLCIL contributes to sustaining the livelihood of rural people as they need not have to spend on health care needs. An average of 1,000 patients are visiting every day in NLC India Hospital totalling to 3,65,000 patients a year. The facilities includes:
- Out-Patient Department (OPD) Services: The Hospitals OPD services, supported by well-equipped diagnostic facilities, pharmacy and therapy services, catered to 3,65,449 patients during the year. Treatment was provided across various specialties, including General Medicine, General Surgery, Obstetrics & Gynaecology, Paediatrics, Dermatology, Orthopaedics, Ophthalmology, ENT, Chest Medicine, Psychiatry, Dental and Ayurveda.
- In-Patient (IP) Services: In-patient services were provided in General Medicine, General Surgery, Obstetrics & Gynaecology, Paediatrics, Orthopaedics, Ophthalmology and ENT. benefiting 7,362 patients during the financial year.
?– Laboratory and Blood Bank Services: Laboratory services remained an integral part of patient care, with more than 18 lakh in-house laboratory investigations conducted during the year. Blood donation initiatives were also undertaken to meet emergency healthcare requirements.
?– Radiology Services: Radiology services were strengthened through the upgradation of the Computed Radiography (CR) workstation. Nearly 600 X-rays were conducted for age assessment and around 6,000 chest X-rays were undertaken as part of Tuberculosis screening programmes.
?– Emergency and Casualty Services: Round-the-clock Emergency and Casualty Services provided treatment to 47,416 patients during the year. Emergency transportation was supported by three Advanced Life Support (ALS) ambulances, one Basic Life Support (BLS) ambulance and 15 empanelled ambulances, ensuring timely referral and emergency response.
- Industrial Medical Centre (IMC): The IMC continued to play an important role in safeguarding occupational health by conducting statutory medical examinations.
- Occupational Hearing Health: Workers engaged in hazardous
mining locations were subjected to audiometry for the early detection of Noise-Induced I learing Loss. Positive cases were followed up and rehabilitated through the ENT Department of the I lospital.
- Respiratory Health Screening: All workers were subjected to Lung Function Tests for the early detection of respiratory problems. Positive cases were treated and followed up through the Chest Clinic of the I lospital.
- First Aid Training: First Aid training was initiated for Contract Indcoserve workers and SME IT personnel, with the approval of the competent authority. Around 156 persons were successfully trained during FY 2025-26.
- Ayurveda Services: Ayurveda services continued to gain wider acceptance, with 24,264 OP consultations and 2,329 Panchakarma therapy procedures conducted during the year.
- Yoga Services: Six new Yoga batches, involving nearly 300 participants, were introduced during the year. Yoga therapy services were also provided to 38 new patients.
- Ayurveda Day Care Facility: A Day Care treatment facility
was introduced at the Ayurveda Dispensary, Block-8, and was utilised by 72 patients during the year.
- Physiotherapy Services: More than 11,000 physiotherapy sessions were provided during the year. To strengthen rehabilitation services, Class-IV Laser Therapy equipment was procured, installed and commissioned.
?– Tertiary and Quaternary Care: 24 hospitals were empanelled
for providing tertiary/quaternary care services to employees and beneficiaries.
- Cardiac Screening: Cardiac screening of all employees was commenced on 19.01.2026 as part of the Hospitals preventive healthcare initiatives.
- Ambulance Services: One new Advanced Life Support (ALS) ambulance was purchased and commissioned to further strengthen emergency medical transportation services.
- First Aid Training for Non-Mining Establishments:
Administrative approval was obtained from the competent authority to initiate First Aid Training through St. John Ambulance Association for Thermal and other offices, excluding Mines.
In coordination with State health department, the following activities were conducted for the benefit of the general public.
- Family Welfare Services for achieving fertility control among the local population.
?– Universal Immunisation programme for protecting children and adults against all infectious diseases.
?– Integrated Counselling and Testing. Treatment facilities for HIV infected patients.
?– Revised National Tuberculosis programme for prevention and treatment of TB among the local population.
- Occupational I lealth services that monitor health and well-being of workforce through medical surveillance programme.
- Community 1 lealth camps to reach out to rural population and create awareness on various health issues.
- Geriatric care services to the inmates of Anandha Illam run by the Company for care of elderly persons who have no family support.
Social Security Schemes:
- The Company has signed MoUs with Five Nationalised Banks for offering various social security support to the employees under Corporate Salary Package. Till date more than 20 claims has been settled by the Banks to support the family members of deceased employees. Also Company has tied-up with Four Banks for providing Social Security and other benefits to the Workmen of the Contract Employers who are awarded with the Contracts by NLCIL under Corporate Salary Package.
- Company has rolled out National Pension Scheme (NPS) to its employees to ensure flexible social security benefit and investment option.
Elders Home - Ananda Illam
To fulfil the special needs and requirements of the senior citizens, your Company runs ANANDA ILLAM in Neyveli. This elders home provides hospice & home care to the elders and help them to lead a happy and peaceful life with dignity. The employees of your Company also lend their helping hand by contributing a fixed amount every month from their salary to run the old age home.
Holiday Home facilities
Asa part of employee wel fare measures, your Company has resumed the concept of I loliday I Ionics for the benefit of employees and their families in 2025-26 to enhance their work life balance. The Holiday Homes facilities are available at popular tourist destinations of Ooty, Kodaikanal, Courtallam and Kanyakumari. As part of a process improvement initiative and to enhance administrative efficiency, the process of booking are digitised, enabling employees to have a seamless experience of online booking.
Compliance under Persons with Disabilities Act, 2016
Your Company has evolved a comprehensive policy for Persons with Disabilities (PwDs) as per the guidelines issued by DoPT for providing certain facilities/amenities to PwDs to meet their requirements and enable them to effectively discharge their duties. The strength of PwDs as on March 31,2026 stood at 217.
"SNEHA" Opportunity Services and School Your Company implements various social welfare measures towards the cause and upliftment of the Physically Challenged Persons through Neyveli Health Promotion and Social Welfare Society (NHPSWS), "SNEHA" Opportunity Services and School both patronised by your Company. This School imparts education and training to mentally challenged children (S2 children: Boys-59 & Girls-23) which includes training in vocations like arts & crafts, candle making, paper cup & cover making, carpentry, gardening, cooking and doormat weaving.
Health Promotion and Social Welfare Society (NHPSWS)
Through the society, Tricycles, Wheel chairs, Hearing aids etc. are distributed at free of cost to the disabled persons during Independence Day and Republic Day celebrations. The society runs retail outlet shops namely VAIGHAI.
Implementation of Official Language Act, 1963
Your Company has made all concerted efforts to promote the ()fficial Language Implementation Policy in line with the provisions and guidelines prescribed by Government of India under the ()fficial Language Act, 1963. Inline with the Policy of Government of India and the Provisions prescribed under the Official Language Act, 1963 your Company continues to promote the Official Language, the following activities undertaken throughout the year include:
- The Official Language Implementation Committee (OLIC) meetings were held quarterly under the chairmanship of the CMI), with minutes shared with all stakeholders including MoC and TOLIC (Puducherry). Regular monitoring of Hindi usage at the unit level was carried out. and the Best Performance in OL Award was presented quarterly. Quarterly Progress Reports and Annual Assessment Reports were submitted to the Department of Official Language, MoHA, and the Ministry of Coal. The Hindi version of Annual Reports forNLCIL and its subsidiaries was also submitted to MoC.
- A total of 164 employees were enrolled in Hindi Correspondence Courses for2025-26, with exam fees sponsored by the Company. Cash awards were given to successful candidates from 2024-25. OL inspections were conducted across various units, with appreciation received from the Ministry of Coal for efforts at RO/Delhi and Ney veli. NLCIL was awarded 1 st Prize by TOLIC (Puducherry) for Best OL Implementation. Hindi Fortnight 2025 was celebrated with competitions and Kavi Sammelan, while Spoken Hindi classes, workshops, and translation activities continued across all units. Key documents, reports, and committee materials were regularly translated and submitted on time.
Women Empowerment - Forum of Women in Public Sector (WIPS):
WIPS NLCIL chapter was formed in 12 th February, 1990 and is a Corporate Life Member in the SCOPE since 1990. The strength of women employees in the Company as on 31 st March, 2026 stood at 757 constituting 7.77% of Companys human resource.
The following activities were organised by WIPS, NLCIL by developing their potentials:
- In pursuance of provisions of section 4 of Sexual Harassment of women at workplaces (Prevention, Prohibition and Redressal) Act, 2013 and Rule 13 (e) of Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Rule 2013, the internal complaint committee is constituted to deal with complaints relating to Sexual Harassment of Working women in the Company.
- For the benefit of the working women employees, "Anbalaya" a well-equipped Creche with trained personnel is in operation.
- TheNLC India Limited chapter of WIPS has also organised and conducted several sports, cultural activities, group discussions for the benefit of women employees.
- The Company has undertaken Skill and Entrepreneurship Development Training programmes to empower women with practical skills and promote self-employment and sustainable livelihood opportunities. Training was provided in areas such as tailoring, beauty therapy, data entry, fashion jewellery, general duty assistance, handmade incense stick making, and sewing machine operation.
- The Company celebrated International Womens Day 2026 on 7 th March 2026 in a grand manner, with the participation of eminent women achievers. The event was graced by Smt. V. Pushpa, Advocate & Senior Standing Counsel, Income Tax. High Court, Chennai, as the Chief Guest; Sqn Ldr. Archana Thiagarajan (Retd.), Indian Air Force veteran and Indias deepest female freediver, as the Guest of Honour; and Smt. Vidisha Suman, Analytics and AI Expert, as the Special Invitee.
Safety
Your Company remains committed to strengthening industrial safety through proactive and innovative initiatives, continuous improvement in safety practices, and strict compliance with statutory requirements across all its Mines and Thermal Power Plants.
Key measures undertaken lo ensure safety of personnel and equipment include:
i. The Company promotes blast-free mining practices across its mining operations, usi ng advanced equipment such as Bucket Wheel Excavators, bell conveyors, spreaders, and surface miners, as well as conventional mining equipment, to enhance safety and reduce the risks associated with blasting.
ii. All HEMM and Specialised Mining Equipment (SME) deployed in the Mines and Thermal Plants has been fitted with AFDSS (Automatic Fire Detection and Suppression System) and all other safety devices as per statutory guidelines.
iii. Adequate Sufficient Fire Extinguishers are provided at have been provided at strategic locations across in workshops, offices, SME, Conveyor Drive heads and other critical area, with regular inspection and maintenance to ensure readiness., etc. and regularly checked and updated.
iv. Annual safety audits of all Mines are conducted by a multidisciplinary Corporate Safety Team, while Thermal Power Plants undergo safety audits by accredited external agencies once in every two years.
v. A new Corporate Safety Council Team, comprising formed consisting of Executives and Workmen from Different Units has been constituted to conduct ofmonthly safety inspection of designated units and present its findings to the NLCIL to make inspection of the pre-determined unit every month and present its findings to the respective Unit head for necessary correction, and his team.
vi. Regular safety Conducting workshops & Training programmes are conducted across Mines and Thermal Power Units through established on Safety in Mines and Thermal units in every Unit Training centre, well established Group VTC. Power station Training Centre and L&DC.
vii. Standard Operating Procedures (SOPs) have been established for all the activities of the mines and thermal plants and are strictly adhered to. ensuring safe, consistent, and standardised operations implemented.
viii. Risk-based Safety Management Plans (SMPs) have been prepared and implemented for all major mining activities in accordance with the Coal Mines Regulations, 2017
lx. Monthly safety committee meetings are conducted across all Mines and Thermal Power Plants, along with zonal, fire safety, and OEM safety meetings to review safety performance and address identified risks.
x. Weekly Safety inspections of Mines. Thermal plants and REPP units are being carried out by Corporate Safety Executives and inspection report is submitted to concerned Units for compliance and improvement in safety standard.
xi. The Company Industrial Medical Centre serves as a recognised First Aid Training Centre, conducting regular training for workmen in accordance with DGMS. DGFASLI and DISH/ Cl F requirements, with batches trained every month.
xii. NFCIF Industrial Medical Centre has been recognised as training centre for imparting First Aid Training that meets the requirements of the DGMS initiatives and also the requi rements of the industries under the DGFASLI, DISH CIF and batches of workmen are trained on first aid every month.
xiii. Mobile phone use is prohibited in mine working areas with Walkie-Talkies provided for safe and effective communication.
xiv. Respirable dust monitoring conducted in all the Mines of NLCIL for free silica assessment under regulation 143(14) of CMR, 2017 read with GSR 978(E) ofOl 10 2018. Respirable dust monitoring and free silica assessment are regularly carried out across all Mines in compliance with Regulation 143(14) of the Coal Mines Regulations, 2017 and applicable statutory requirements.
xv. Safety and Health Management System Audit has been conducted for all mines.
xvi. Safety App- NLCTT, Aran launched on National Safety Day, 2025 for reporting of unsafe observations, near misses for needful compliance.
xvii. Mines Safety Week Observance 2025 conducted for all Mines as per DGMS guidelines.
xviii. The 55 th National Safety Day National Safety Month2026 was observed across the Corporate Office, Mines, and Thermal Power Plants of NLCIL to promote safety awareness and reinforce a strong safety culture.
xix. RFID-enabled Smart FOTO System has been implemented in the conveyor system to strengthen equipment isolation, enhance personnel safety, and ensure safe maintenance operations.
xx. A scientific study on slope stability of mine pits and dumps was conducted by NIT Rourkela to strengthen mine safety and slope management practices.
STATUTORY REPORTS
Awards & Recognition
In recognition of its various activities, your Company, has been conferred with the following awards during the year 2025-26:
The Company became the 1 st Organisation in India to receive the IPMA Delta Competence Class 3 "Standardised" Certification at the IPMA Global Project Professional Forum 2026 held on 14 th February, 2026.
Received three prestigious National Awards from the Public Relations Society of India (PRSI): First Place for Best e-Newsletter, First Place for Best PSU Implementing RTI, and Second Place for Best Annual Report.
Received the GeM Award for "Highest Procurement by Value by CPSEs in F Y 2025-26," recognising its exemplary contribution to public procurement through the Government e-Marketplace.
Mine-IA, Barsingsar Lignite Mine and Talabira II & III OCP were awarded 5-Star Ratings under the Ministry of Coals Star Rating of Coal Mines for FY 2023-24 on 4 September 2025, with Mine-IA securing 1 st position in India.
Received the Prestigious SKOCH Gold Award for Outstanding Financial Performance on the theme "Governing Viksit Bharat".
Received the Greentech Award 2025 for excellence in Environmental Protection
Thermal Units received the "Environment Excellence Gold Award - Thermal Sector (2025)" at the 1 st GreenEnviro Environment Awards, in recognition of their exemplary environmental management, pollution control measures, and commitment to sustainable power generation.
Mine-I received the Platinum Award under the Apex India Occupational Health & Safety (OHS) Awards 2025 at Udaipur on 20 November 2025 and the Platinum Award for Safety Excellence 2025 at Goa on 11 January 2026.
Received the ICAI Award for Excellence in Financial Performance.
Received the Greentech Corporate Leadership Award in ESG category.
NLCIL Thermal Units received the "Environment Excellence Gold Award - Thermal Sector (2025)" from the 1 st GreenEnviro Environment Awards held atLonavala, Maharashtra, inrecognition of their outstanding environmental management practices, pollution control measures, and commitment towards sustainable thermal power generation.
Mine-I secured 1 st Prize in Safety Performance, Electrical Installations and Machinery Maintenance and 2 nd Prize in Water Management, Mine Lighting and Mine Operations during the 65 th Mines Safety Week held in 2025.
| Mine-IA received the Platinum Award under the Apex India Green Leaf Award 2024 for environmental excellence on 9 May 2025. | Mine-II received the EXCEED OHS Champion Award in the Mining Category on 30 January 2026. | Barsingsar Lignite Mine secured the Overall First Prize in the Lignite Category at the 39 th Mines Safety Week 2025-26 under NWZ, Ajmer Region, along with 11 awards across various categories. |
| Talabira II & III OCP secured First Prize in Safety Performance, Strata Control & Scientific Study and Overall Third Prize in the MDO-operated Mines Category during the Annual Mines Safety Fortnight 2025. | "TPS-I Expansion received the "Productivity Excellence Award - Thermal 2024-25" and "Sustainable Performance Award" at the 3 rd National Power-Gen Leadership Award 2025, including the "Public Sector Excellence - Lignite Plant of the Year" award. | NLCIL received the CSR Times Award 2025, National Green Environment CSR Award 2025, and National CSR Award 2026 in recognition of its exemplary CSR initiatives in water augmentation, management, and sustainability. |
| NLCIL received the "Organisation with Proactive ER Practices Award" at the National ER Conference & Awards 2025, organised by SICCI. | For the second consecutive year, NLCIL received the "Award of Excellence" in Learning & Development at the 12 th Governance Now PSU Awards 2026. | NLCIL received the Best Performance Award from TOLIC (Puducherry), MoHA, Gol, for excellence in the implementation of Official Language during FY 2025-26. |
| NLCIL was conferred the Nishta Ki Pratishta I Prize by the Honble Minister of Coal and Mines, in recognition of its commitment to Official Language implementation.. | NLC India Hospital, Neyvelis Jan Aushadhi Kendra was recognised as the Top Performer in Tamil Nadu for FY 2025-26 under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana. | Barsingsar Lignite Mine received the Apex India Platinum Award for Occupational Health & Safety (OHS) for 2023 and 2024. |
Risk Management
The Company operates under a robust. Board-sanctioned Integrated Risk Management Policy and Framework. In addition to setting clear criteria for prioritising enterprise risks, it explicitly defines the roles and accountabilities of all key personnel. In line with policy guidelines, a sub-board Internal Risk Review Committee evaluates risk exposures every quarter, while the overarching risk assessment and mitigation protocols are regularly examined by the Risk Management Committee, Audit Committee, and the Board ofDirectors.
To manage exposure on foreign currency borrowings, NLCIL maintains a dedicated Foreign I ixchange Risk Management Policy (FERMP). This framework balances the minimisation of debt servicing costs against exchange rate and interest rate fluctuations, fully aligned with the organisations risk tolerance.
The primary aim of the FERMP is to continuously recognise, measure, and track foreign exchange and interest rate sensitivities. It utilises selective hedging mechanisms to control risks within acceptable boundaries while ensuring strict adherence to governance standards. By placing stability and risk containment above speculative profit, the policy protects NLCILs long-term financial health.
Vigilance
Your Company has a robust Vigilance Department headed by the Chief Vigilance ()fficer (CVO), at the level of Joint Secretary to the Government of India, who advises the CMD on vigilance matters and coordinates with the C VC and CBI.
The Department continues to promote integrity, transparency, and accountability through a proactive and preventive approach, with focus on strengthening internal controls, transparent procurement, and ethical project and operational practices.
During FY 2025-26, preventive vigilance initiatives were strengthened across the Corporate Office and major project locations. The Department identified systemic vulnerabilities and implemented Systemic Improvement Measures (SIMs) to strengthen controls and mitigate operational and financial risks.
The Vigilance Department has evolved into a proactive governance partner, supporting risk mitigation and operational excellence through preventive vigilance, digital initiatives, ethical awareness, and systemic improvements, while upholding the highest standards of integrity, transparency, fairness, and accountability.
Notable improvements made:
a) Mines:
- Corporate (N I P) Network Time Protocol server on implemented & plugged the loopholes in the Integrated Weighment Tracking System (IW I S); Processing for admitting contract workmen for basic Vocational Training is now done through e-office mode.
- Digitalisation of Land Records: For Neyveli region- A dynamic online Dashboard of land acquisition was developed and deployed successfully in NLCIL server on 19-11-2025.
- Diesel Decanting & Distribution System-The RFID based fuel dispensing system was implemented in Barsingsar Lignite Mine and TalabiraII & III OCP during Feb 2026 and Aug 2025 respectively.
- At NLCIL Neyveli mines, automation of diesel dispensing units using RFID technology and GPS based fuel monitoring and anti-theft management system has been implemented during Sep 2025.
b) Thermal: Improper maintenance of existing settling tanks in Thermal Power Station-II which led to loss of Lignite (through the drains) and damage caused to environment was resolved by commissioning new desilting equipment; Unauthorised Entry/Exit of vehicles to ash pond curtailed by installing boom barrier and deploying CISF to regulate and avoid entry of unauthorised vehicles and persons.
c) HR: Launched twin grievance portals in 2025 - GRAPE for employees and CARE for retirees - ensuring transparent, efficient redressal aligned with DoPT and Vigilance guidelines. These digital platforms mark a major step in strengthening institutional support and welfare for serving and retired workforce. The official mascot "NEYON" was unveiled during NLCIL Raising Day 2025, symbolising a fresh brand identity and renewed organisational spirit. This milestone marked the beginning of a unified visual identity, strengthening employee engagement and public outreach. Post Retirement Felicitation scheme for honouring the retired employees of NLCIL for their lifelong contributions by granting a lump sum amount when they reach specific age milestones was introduced from 01-01-2026.
d) Procurement/Contract: An automated system has been implemented i nNeAT portal to generate pre-bid documents by capturingrelevantinputsdirectlyfromthePurchaseRequisition (PR). The system automatically incorporates technical specifications, commercial conditions, special conditions and other tender-specific clauses based on the procurement requirements. This eliminates repetitive manual data entry and significantly reduces the possibility of errors, omissions
and missing tender-specific conditions during pre-bid document preparation.
e) General Hospital: Lab test data, Billing module & Referrals are now integrated with Integrated Hospital Management System (IHMS); Responsibility of Contractor for Waste management is reinforced.
f) Disposal of scraps is streamlined by ensuring weighment at both units and Disposal yard (initially it was only at disposal yard); segregation of costly items (such as copper cables) during disposal of machine scrap introduced to generate more revenue.
g) Security: SOP formulated for CCTV control room at Security Office for CCTV footage viewing/sharing, access control, exception reporting log. Authorisation of CCTV maintenance crew etc.
h) e-Auction: Outsourcing of e-Auction platform to outside firm was gradually reduced and taken up through in house NeAT platform.
i) (SjNTPL: Implemented biometric/digital attendance for contract workers; mandated independent verification ofPolice Verification Certificates (PVC s).
j) wNUPPL: Strengthened surveillance in the township by installation of CCTV Cameras (32) inside Township; setting up of access control through face reader for regulating entry/exit of contract workers: A book on Dos & Donts for Site Executives, containing HR, IR and Financial guidelines released.
k) @Talabira: Digital Logistic Management System (DLMS) implemented and linked it with SAP Data i Sales).
l) @Barsingsar: Fixed critical inventory thresholds at OllC Pharmacy; digitised records; strengthened inspection frequency.
m) IT initiatives: Role based access control (RBAC ) application and Software Requirement Management (SRM) launched.
n) Capacity building programme:
a. Conducted 4 sectoral interactive workshops (Mines. Thermal, Procurement, Finance) with focus on case studies and transparency issues.
b. Organised 11 training programmes, benefitting 675 executives (including new recruits), covering vigilance administration, GeM procurement, ethical awareness, case studies on purchase & contracts, CCTV/video analytics, and refresher courses on conduct rules.
o) Vigilance Awareness Week 2025 was observed under the theme "Vigilance: Our Shared Responsibility," and the department organised:
- Workshops: To uphold integrity in procurement activities, workshops were conducted covering NLCIGH, Thermal Domain, Mines Domain and P&P Domain. From senior level executives to non-executives, Indcoserve workers/ contract employees.
- Grama Sabhas: Direct engagement with rural stakeholders in neighbouring villages to educate the public on their rights and anti-corruption mechanisms.
- Integrity Clubs: Launched in 13 local schools, these clubs focus on building ethical foundations in the next generation of leaders.
- Mass Engagement: Activities included a "placard competition," VAC Walkathons, and innovative "Poster Design by Rangoli" competitions.
Implementation of Integrity Pact
Your Company is committed to have most ethical business dealing with the Vendors, Bidders and Contractors of goods and services and deal with them in a transparent manner with equity and fairness. To achieve these goals, your Company is implementing the Integrity Pact Programme in co-operation with Central Vigilance Commission (CVC) and renowned International Non- Governmental Organisation, Transparency International India (Til). Integrity Pact with the suppliers/contractors for all Tenders with an estimate of Rs1 crore and above are monitored.
During the year 2025-26, two (2) Structured Meetings were held with Independent External Monitors (IEMs) for discussions on procurement and contract related issues. Also, the IEMs conducted two discussion meetings to evaluate the complaints raised by bidder. Nine (9) Review Meetings were conducted by the IEMs wherein the Orders covered under Integrity Pact were reviewed.
Cyber Security
During the year, your Company continued to strengthen its digital and cybersecurity capabilities through key initiatives aimed at enhancing operational efficiency, information security, governance, and business continuity. Major initiatives included:
- Implementation of Micro-Segmentation across critical infrastructure to strengthen workload isolation and mitigate lateral cyber threats.
- Implementation of IKE-based Machine Certificate Authentication for secure VPN access, restricting access to authorised corporate-managed devices.
- Progress towards ISO/IEC 27001:2022 ISMS Certification for the Data Centre and Disaster Recovery facilities.
- Strengthening of virtualisation, backup, disaster recovery, endpoint security, and network resilience to enhance cyber resilience and service availability.
- Enhancement of enterprise applications, dashboards, and analytical reporting to improve operational efficiency, monitoring, and decision-making.
- Strengthened cybersecurity through Micro-Segmentation, Machine Certificate-based VPN Authentication, Endpoint Detection & Response (EDR), and continuous security monitoring.
Your Company continued to strengthen its digital infrastructure by enhancing virtualisation, backup, disaster recovery, endpoint security, and network resilience, thereby improving service availability, business continuity, and cyber resilience.
Digital Culture
Your Company continued to strengthen its digital culture through technology adoption, secure digital governance, and process automation. Key initiatives during the year included:
- SAP ERP continued as the enterprise-wide platform supporting finance, materials management, human resources, project management, and other core functions.
- Implemented a Tender Templating System to enhance efficiency, transparency, standardisation, and compliance in procurement.
- Enhanced ESS, MSS, Logistics, Safety, and other enterprise applications to automate processes and improve user experience.
- Deployment of digital solutions including Tender Document Automation, Eco-Tourism Management and ARAN Safety Application.
- Enhanced the ARAN Safety Application to support technology- enabled occupational safety management across Coal Public Sector 1 Jndertakings.
- Expanded digital dashboards, analytics, and MIS for real-time performance monitoring and data-driven decision-making.
- Strengthened digital infrastructure through 1 ICE virtualisation, secure backup, disaster recovery, MPES connectivity, and highspeed networks.
- Continued the shift towards paperless governance through e-Office, digital approvals, electronic document management, video conferencing, collaboration platforms, and electronic payments, improving efficiency, transparency, and sustainability.
Centralised Payment Process of Stores and Spares
In your Company, the respective unit account centre except for the materials purchased by Permanent Central Stores (PCS ) and Mines Sub Stores (MSS) carried out payment for spares and other materials purchased by units. For PCS and MSS, accounts centres of Material Management Complex (MMC) and Mine I carried out the payment, respectively. Thus, the centralised payment implemented in March, 2024 has helped in controlling the payments and reducing the time taken for making the payments.
Compliance Monitoring
Your Company has set up a software based Legal Compliance Management System (LCMS) for effectively monitoring and ensuring compliances of all legal provisions applicable to the Company.
Corporate Social Responsibility
Your Company, as a socially responsible corporate citizen, continues to carry out developmental works in the surrounding villages, right from its inception, focusing on the socio economic development of the operating regions for achieving inclusive & sustainable growth.
Your Company is adopting a Corporate Social Responsibility Policy covering the various sectors of sustainable socio-economic development. Your Company focuses on healthcare, education, sanitation, safe drinking water, hunger, poverty and malnutrition eradication, women empowerment, gender equality, environment
sustainability, rural sports, protection of National Eleritage, Arts and Culture, Rural Development, Water Resource Augmentation. The funds utilised for the CSR projects, programmes and activities selected for implementation are as per the CSR Policy of the Company which is available in the website in the following link hllps:/Aww.nlcindia.in/webassets/csr/overview/NLCIL CSR Policy 2024.pdf . During the year 2025-26, your Company had spent Rs48.06 crore which is more than 2% of the average net profits of the Company for the last three years.
The details on specific Corporate Social Responsibility projects undertaken in compliance with Section 135 of the Companies Act, 2013 is placed as Annexure- 1.
Compliance under the Right to Information Act,
2005
Your Company continues to ensure full compliance with the provisions of the Right to Information Act, 2005 by facilitating transparency and timely response to RTI requests. Central Assistant Public Information Officers (CAPIOs) representing different functional areas, along with the Nodal Officer, Central Public Information Officer (CPIO), Appellate Authority and Transparency Officer have been nominated to address RTI Applications and Appeals in a lime-bound manner.
During the year 2025-26:
- RTI Applications: A total of 496 applications comprising 2544 Information Sought were received, out of which 479 applications were disposed of within the prescribed timelines. The remaining 17 applications were under process and not elapsed the mandatory period.
- First Appeals: 91 First Appeals were received and disposed of fully in accordance with the provisions of RTI Act., 2005.
- Second Appeals: Hearings were attended for 15 cases before the Central Information Commission (CIC) out of which, 13 decisions were favourable to NLCIL.
?– Third-Party Transparency Audit: The Third-Party Transparency Audit for 2025-26 was carried out by Indian Institute of Public Administration (Regional Branch), Puducherry and got the audit score ot91.75%. The audit report along with the certificate has been hosted on the RTI web-page of your Companys website.
Compliance under Public Procurement Policy In line with the Public Procurement Policy notified by the Ministry of Micro, Small and Medium Enterprises (MSMEs), your Company achieved total procurement of 60.09% from MSMKs during the year 2025-26, significantly exceeding the prescribed target of 25 deg o.
Your Company has also been onboarded on the Trade Receivables e-Discounting System i TReDS) platform, which facilitates timely realisation of trade receivables of MSMEs through financing by multiple financiers, thereby enhancing their liquidity. The Company remains committed to supporting MSMEs by ensuring prompt payments and expanding procurement opportunities in accordance with Government oflndia guidelines and the Department of Public Enterprises (DPE) directives.
Nl.CH, has achieved full compliance with the Ministry ofMSME (MoMSME) guidelines on the Trade Receivables Discounting System (TRel)S) by onboarding all five TRel )S platforms. During FY 2025-26, C2FO and DTX were onboarded in addition to the existing platforms-RXIL, InvoiceMart, and Ml Exchange- thereby providing MSME vendors with enhanced access to bill discounting and improved liquidity.
Procurement through GeM Portal
During the year 2025-26, your Company istandalone) procured goods and services valued at Rs 19,271.85 crore including the multiyear MDO contract for Rs16,700 crore through the Government e-Marketplace (GeM) Portal, in line with the directives of the Government oflndia to promote transparency, efficiency, and competitiveness in public procurement. The overall procurement figures ofNLCIL and its .TVs is Rs19,896.06 crore.
Continuous efforts are being made to enhance procurement through GeM by leveraging its various functionalities, including the "Custom Bid" facility introduced in 2020, enabling the Company to source customised requirements while ensuring wider vendor participation and cost efficiency.
Citizens Charter
Your Company maintains Citizens Charter, indicating details of clients, customers under different heads, different system of redressal of grievance etc., and the same is regularly updated.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The particulars required under Section 134( 3)(m) of the C ompanies Act. 2013 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are furnished in Annexure-II.
Management Discussion & Analysis Report and Report on Corporate Governance
The Management Discussion & Analysis Report is furnished m Annexure-III. The report on Corporate Governance on the compliance of Corporate Governance conditions stipulated by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the DPE guidelines on corporate governance is furnished m Annexure-IV
The Auditors Certificate on the compliance of above Corporate Governance Conditions is furnished in Annexure - V.
Statutory Disclosures under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015
Annual Return
In accordance with the Companies Act, 2013, the annual return in the prescribed format is available https:/Avww.nlcindia.in/ webassets/mvestor/AR2024-25.pdf
Particulars of Contracts or Arrangements with Related Parties
All related party transactions entered during the year2025 - 26 were in the ordinary course of the business and are on an arms length basis. The disclosure of related party transactions as required under Section 134( 3)(h) of the Companies Act. 2013 in Form AOC 2 is not applicable to your Company. Members may refer to Note no. 40 to the financial statement which sets out related party disclosures pursuant to Ind AS-24.
Declaration by Independent Directors
The Independent Directors have given a declaration on meeting the criteria of independence as stipulated in Section 149(6) of the Companies Act. 2013 & Regulation 25(8) SEBI (LODR) and they have registered their names in the Independent Directors Databank.
Particulars of Employees
As per provisions of Section 197(12) of the Companies Act, 201.3 read with Rule 5 ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014. every listed Company is required to disclose the ratio of the remuneration of each Director to the median employees remuneration and details of employees receiving remuneration exceeding limits as prescribed from time to time in the Directors Report.
However, as per notification dated 05 th June, 2015 issued by the Ministry of Corporate Affairs. Government Companies are exempted from complying with provisions of Section 197 of the Companies Act. 2013. Therefore, such particulars have not been included as part of I Directors Report.
Disclosures with respect to Demat Suspense Account/ Unclaimed Suspense Account in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
As on 31 st March. 2026, there were 800 shares pending unclaimed in the Demat Suspense Account/unclaimed Suspense Account.
Material changes affecting financial position occurring between the end date of Financial Year and the date of the Report.
There are no material changes affecting the financial position of the Company between the end of the Financial Year and the date of this Report.
Sexual Harassment of Women at Workplace:
In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder, your Company has in place a robust policy and mechanism to prevent, prohibit, and redress complaints of sexual harassment at the workplace. An Internal Complaints Committee (ICC) has been constituted at the Corporate ()ffice and all major Units/Projects to provide a safe and secure working environment for women employees and contract personnel.
The ICCs are empowered to receive and investigate complaints in a fair and impartial manner, ensuring strict confidentiality and adherence to statutory timelines. Awareness programmes and training sessions on prevention of sexual harassment are conducted periodically across the organisation to promote a culture of respect and inclusion.
During the Financial Year 2025-26:
(a) Number of complaints received: 1
(b) Number of complaints disposed of: 1
(c) Number of cases pending for more than 90 days: 0
Maternity Benefit to Women employees
The Company has duly complied with the applicable provisions of the Maternity Benefit Act, 1961 and the rules made thereunder. The Company ensures that all eligible women employees with less than two surviving Children arc granted upto 180 days of Maternity Leave, flexible Nursing Breaks and other prescribed entitlements as per Maternity Benefits Act. 1961. The Company is committed towards fostering a supportive work environment that promotes the health, safety and welfare of its women employees.
MOU RATING:
NLC India Limited has been awarded a Excellent rating by the Department of Public Enterprises ( DPR) for its performance under the Memorandum of Understanding (Mol J) signed with the Ministry of Coal for the FY 2024-25.
With respect to the Mol 1 signed by NLCIL with the Ministry of Coal for FY 2025-26, evaluation of MoU for the year 2025-26 is under process. The Target in respect of Main Parameters for the year 2025-26 is as follows:
| s. No. | Name of Parameter | Unit | Weightage | Target for FY 2025-26 | Actual Achievement for FY 2025-26 |
| i | Revenue from Operations | Rs crore | 5 | 19,360.00 | 15,282.26 |
| 2 | Power Generation | MU | 20 | 38,500.00 | 28.944.71 |
| 3 | Coal Production | MT | 10 | 21.68 | 19.14 |
| 4 | Capital Expenditure | 7 crore | 10 | 5,078.00 | 9,130.50 |
| 5 | EBITDA (as a percentage of Total Income) | % | 10 | 40.70 | 38.56 |
| 6 | Return on Capital Employed | % | 15 | 11.82 | 11.45 |
| 7 | Asset Turnover Ratio | deg o | 5 | 37.15 | 29.19 |
| 8 | Procurement through GeM (as deg o of Total Procurement) | % | 2 | 100.00 | 98.17 |
| 9 | Trade Receivables (as number of days of Revenue from Operations) | No. of Days | 4 | 62.00 | 62 |
| 10 | Expenditure on R&D (including Innovations Initiatives, as percentage of previous 3 years average PBT) (1% of PBT 736.97 erore) | % | 4 | 1.50 | 1.55 |
| 11 | Total Return to Shareholders | % | 15 | 1 ()().()() | 11,87 |
| Total | 100 | 15,282.26 |
Information pursuant to OM No. M-03/0006/2024-DPE(MoU) dated 24.03.2026. Attached as Annexure VIII
AUDITORS:
Statutory Auditors
In accordance with the provisions of Section 139 of the Companies Act, 2013, the Comptroller and Auditor General of India (C&AG) appointed M/s. PKF Sridhar and Santhanam LLP, Chartered Accountants and M/s. Sundaram & Srinivasan, Chartered Accountants, as the Joint Statutory Auditors of the Company for the Financial Year 2025-26.
The Board of Directors, on the recommendation of the Audit Committee, has fixed the Statutory Audit fees at Rs50.00 lakh plus applicable taxes for FY 2025-26, to be shared equally between the Joint Statutory Auditors.
The Board and the Audit Committee review the Auditors findings, management responses, and action taken reports to ensure that appropriate remedial measures are implemented in a timely manner.
Branch Auditors
In accordance with Section 143(8) of the Companies Act, 2013, and as appointed by the C&AG, the following firms were engaged as Branch Auditors for FY 2025-26:
- M/s. N. Sarda & Associates, Chartered Accountants, appointed for auditing the Barsingsar Branch. The Board of Directors fixed the Branch Audit fees at Rs5.00 lakh plus applicable taxes.
- M/s. K. D. Lath & Co., Chartered Accountants, appointed for auditing the Talabira Branch. The Board of Directors fixed the Branch Audit fees at Rs5.00 lakh plus applicable taxes.
The Board of Directors and the Audit Committee, review their reports, and ensure that any observations or recommendations are acted upon promptly to maintain the integrity of financial reporting and compliance at the branch level.
Secretarial Auditors
In accordance with the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, the Board of Directors, on the recommendation of the Audit Committee, appointed M/s. D. Hanumanta Raju & Co., Practicing Company Secretaries, as the Secretarial Auditor of the Company for the for a period of 5 Years as approved by the Shareholders of the Company at its 69 th AGM held on 27 th September, 2025.
The Secretarial Audit Report for the Financial Year 2025-26, along with the Managements reply to the observations of the Secretarial Auditors, forms part of this Report and is annexed hereto as Annexure-VI. The Secretarial Audit Reports of the Material Subsidiary Companies are also appended to the said Annexure.
The Secretarial Audit Report confirms that the Company has complied with the applicable provisions of the Companies Act, 2013, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other relevant laws, to the extent applicable, and that there are no
material qualifications, reservations, or adverse remarks, except as stated in the said report.
Cost Auditors
Pursuant to the provisions of Section 148 of the Companies Act,
2013, read with the Companies (Cost Records and Audit) Rules,
2014, the Company has duly maintained the prescribed Cost Accounts and Records for its Mines and Power Stations.
The Board of Directors, on the recommendation of the Audit Committee, appointed M/s Dhananjay V. Joshi & Associates, Cost Accountants, Pune (Firm Registration No: 000030) as the Cost Auditors of the Company for the Financial Year 2025-26, to conduct the Audit of the aforesaid units. The remuneration payable to the Cost Auditors for the FY 2025-26 was ratified by the Members at the 69 th Annual General Meeting ofthe Company held on 27 th September, 2025.
The Board of Directors and the Audit Committee review the Cost Audit Reports for the Financial Year 2024-25 and it was filed with the Ministry of Corporate Affairs on 21 st October, 2025, within the prescribed due date.
C&AGs Comments
In terms of Section 143(6)(b) of the Companies Act, 2013, the comments of the Comptroller and Auditor General ofIndia (C&AG) on the Standalone and Consolidated Financial Statements of the Company for the financial year ended 31 st March 2026 form part of this Annual Report and are annexed hereto as Annexure VII.
Adequacy of internal financial controls with reference to the Financial Statements
Pursuant to the provisions of Section 134(5)(e) of the Companies Act, 2013, your Company has laid down internal financial controls to be followed by the Company and such controls are adequate and were operating effectively as at 31 st March, 2026. The internal control framework has been designed and implemented considering the essential components of internal control as stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These controls ensure the orderly and efficient conduct of business, including adherence to the Companys policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
The Board of Directors, through its Audit Committee, exercises oversight of the adequacy and effectiveness of the internal financial controls. Periodic internal audit reports, management reviews, and compliance reports are placed before the Audit Committee, which monitors the implementation of audit recommendations and ensures compliance with the provisions of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable laws.
Directors Responsibility Statement as per Section 134(3)(c) & 134(5) of the Companies Act, 2013.
The Board of Directors declares that:
a. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b. the Directors had selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit and Loss of the Company for that period;
c. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the Directors had prepared the annual accounts on a going concern basis;
e. the Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f. t he Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
BOARD OF DIRECTORS
Appointment
Details of appointment of Directors on the Board of the Company
are as under:
a. Shri Sanjeev Kumar Kassi, Joint Secretary, Ministry of Coal, has been appointed as as an Additional Director (Part - time Official Director) w.e.f. 03 rd April, 2025.
b. Shri Sanoj Kumar Jha, Additional Secretary, Ministry ofCoal, has been appointed as an Additional Director (Part - time Official Director) w.e.f. 9 th May, 2025 and was entrusted with an Additional charge of Chairman and Managing Director of the Company w.e.f. 01 st July, 2026.
c. Shri Rajesh Pratap Singh Sisodia has been appointed as an Additional Director, (Director (Planning and Projects)) w.e.f. 02 nd December, 2025.
d. Shri Mangat Ram Sharma, I.A.S, Additional Chief Secretary to the Government of Tamil Nadu, Energy Department, as an Additional Director (Government Nominee Director) w.e.f. 16 th January, 2026 w.e.f. 16 th January, 2026.
e. Shri Anil Meshram, I.A.S. Principal Secretary to Government of Tamil Nadu, Energy Department has been appointed as an Additional Director (Government Nominee Director) w.e.f. 03 rd June, 2026.
f. Shri Gopal Singh, Joint Secretary, Ministry of Coal has been appointed as an Additional Director (Government Nominee)
w.e.f. 10 th July, 2026.
g. Shri Poonam Chandrakar has been appointed as an Additional Director (Independent Director) w.e.f. 16 th July, 2026.
Cessation
The following Directors relinquished from the Board of Directors
of the Company:
a. Smt. Vismita Tej, Additional Secretary, Ministry of Coal ceased to be Government Nominee Director, w.e.f. 3 rd April,2025 due to change in nomination.
b. Shri. Sanjeev Kumar Kassi, Joint secretary, Ministry of Coal, ceased to be Part-time Official Director w.e.f. 1 st May, 2025 due to change in nomination.
c. Dr. Beela Venkatesan IAS, Director and Principal Secretary, Energy Department, Government of Tamil Nadu, ceased to be Government Nominee Director on 24 th September, 2025 due to sudden demise.
d. Dr. Vasant Ashok Patil ceased to be an Independent Director of the Company w.e.f. 28 th March, 2026.
e. Shri. Pradeep Kumar Saraogi ceased to be an Independent Director of the Company w.e.f. 28 th March, 2026.
f. Shri. M.T. Ramesh Ceased to be an Independent Director of the Company w.e.f. 28 th March, 2026.
g. Shri. M. Venkatachalam ceased to be Director (Power) w.e.f. 31 st May, 2026 due to superannuation.
h. Shri. Mangat Ram Sharma I.A.S. Additional Chief Secretary to Government of Tamil Nadu, Energy Department ceased to be Government Nominee Director w.e.f. 03 rd June, 2026 due to Change in Nomination.
i. Shri. M. Prasanna Kumar, ceased to be Chairman and Managing Director w.e.f. 01 st July, 2026 due to superannuation.
j. Shri. Sanoj Kumar Jha, Additional Secretary, Ministry of Coal, has been ceases as Government Nominee Director w.e.f. 10 th July, 2026 and continued as Chairman and Managing Director (Additional Charge w.e.f. 01 st July, 2026).
Your Directors wish to place on record their whole-hearted appreciation for the valuable guidance and services rendered by them during their tenure as Directors on the Board of the Company.
Key Managerial Personnel:
Shri. Prashant Vinay Kaushik ceased as Company Secretary and Compliance Officer of the Company w.e.f. 30 th October, 2025.
Shri. Sushanta Kumar Panda was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 30 th October, 2025.
Further, pursuant to Section 152 of the Companies Act, 2013, Dr. Suresh Chandra Suman and Dr. Prasanna Kumar Acharya, Directors will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible offer themselves for the re-appointment.
Reporting of Frauds by Auditors
During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013.
Acknowledgement
The Board of Directors of your Company places on record its sincere appreciation for the continued support and guidance extended by the Ministry of Coal, Ministry of Power, Ministry of New and Renewable Energy, Ministry of Finance, Ministry of Environment & Forest and Climate Change, Ministry of Mines, Ministry of Personnel, Public Grievances and Pensions, Ministry of Jal Sakthi, Ministry of Industry, Ministry of Labour and Employment, Ministry of Railways, Ministry of Heavy Industries, Ministry of Road Transport and Highways, NITI Aayog, DIPAM, DPE, Central Electricity Authority, Central & State Government Departments, Central & State Electricity Regulatory Commissions, Andaman & Nicobar Islands Administration, State Electricity Boards and beneficiaries of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Kerala, Uttar Pradesh, Gujarat, Odisha, Puducherry and Rajasthan and also the Joint Venture Partners, viz., Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Coal India Limited, Mahanadi Coalfields Limited and Hindalco.
The Board of Directors of your Company is pleased to acknowledge with gratitude the co-operation and continued support extended by the Governments of Tamil Nadu, Rajasthan, Uttar Pradesh, Jharkhand, Assam, Gujarat and Odisha, V.O.C. Port Trust, Tuticorin and the District Administrations of Cuddalore, Tuticorin,
Bikaner, Andaman & Nicobar, Sambalpur, Jharsuguda, Kanpur Nagar, Latehar, Angul and Dumka. The support and co-operation extended by the Comptroller and Auditor General of India, Statutory Auditors, Branch Auditors, Internal Auditors, Cost Auditor, Secretarial Auditor, Director General of Mines Safety, Directorate of Industrial Health & Safety, Boiler Inspectorates, Chief Inspector of Factories, the Director of Boilers, Central Pollution Control Board, State Pollution Control Board, Chief Controller of Explosives, Chief Vigilance Commissioner, Coal Controller Officers, Regional Labour Commissioner, Regional Provident F und Commissioner and other Statutory Authorities, the Companys Bankers, Financial Institutions and KfW of Germany, Vendors, Suppliers, Contractors and other valued Stakeholders need special mention and the Directors acknowledge the same.
Your Directors also wish to place on record their appreciation for the dedicated work put forth by the Employees at all levels.
The positive role played by the recognised Trade Unions and Associations of the Engineers and Officers in maintaining cordial industrial relations deserves special mention.
For and on behalf of the Board of Directors
| Place: New Delhi Date: 05 th September, 2026 Chairman and Managing Director |
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