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Axis Securities Report
We initiate coverage of NLC India Ltd. with a BUY recommendation and a target price of Rs 340/share, implying an upside potential of 20% from the current market price.
NLC India is a Navratna CPSE and operates across lignite and coal mining, power generation, power trading, and consultancy for mining and power.
NLC India is the designated nodal agency for lignite mining in India and owns more than 50% of the lignite reserves. The company has an elaborate capacity expansion plan for Thermal Power, renewable energy, and mining capacity.
It plans to increase total power capacity from the current level of 6 giga watt to 18.5 GW and mining capacity from 50 million tonnes per annum to 102 mtpa by 2030.
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