NLC India Moat Analysis: Score & Risks
NLC India Ltd.
A first-pass moat teardown of NLC India Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Efficient Scale. Provisional, single-pass evidence.
NLC India Ltd. scores 5.11 on MoatSCORE 6.0 — a narrow moat in Power. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“MoEF&CC has granted Stage 2 forest clearance for Pachwara South OCP of NUPPL.”
“Power Purchase Agreement signed by NLC India Renewables Limited with Rajasthan Rajya Vidyut Utpadan Nigam Limited, RVUNL, for its 810 MW Solar Power project at Pugal Solar Park, Rajasthan.”
“The average Plant Load Factor (PLF) of the Thermal Power Plants of the Company as a whole during the year 2016-17 was 73.73% against the National Average of 59.88%.”
“The average sale price of coal for the first 9 months is Rs. 1,652 per ton against last year figure of Rs. 2,537 per ton.”
“In the R&D outcome 4 patents have been granted till 2020-21 and 2 more patent applications have been filed.”
“Ministry of Coal accorded approval for the revised cost estimates of Rs. 21,780 Crore for 3 x 660 MW Ghatampur thermal power project of NUPPL”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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