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Nelco Ltd.

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nelco.inBSE: 504112NSE: NELCO
Market Cap₹ 2,161 Cr.
Current Price
High / Low₹ 1,120 / 500
Stock P/E559.8
Book Value₹ 57
Price to Book8.96
Dividend Yield0.11 %
ROCE5.7 %
ROE2.6 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Network Systems: 98.1% • Automation & Control: 1.9%

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence
68%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 30.0% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.19x)
  • Company has been maintaining a healthy dividend payout of 68.7%
  • Working capital cycle has improved - days down from 18 to -23
  • Company generates healthy free cash flow

CONS

  • A large part of profit comes from other income (95.0% of PBT)
  • Interest coverage is weak at 1.9x - earnings barely cover interest
  • Valuation is stretched - P/E of 559.8 is well above its own 5-year median (215.4)
  • Company has delivered a poor profit growth of -23.1% over past five years
  • Total debt has risen sharply - up 54.9% year on year
  • Operating margins have contracted to 9.5% from 20.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyConsumer DurablesIT - Hardware
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.NETWEB5026.90114.6529883.690.0685.32179.93819.69172.1337.9514.70
2.NELCO946.90559.762160.670.112.3430.0080.037.015.6510.40
3.IVALUE222.5511.761218.540.0015.7251.74179.73-21.1425.509.69
4.CONTROLPR593.1524.35948.701.693.92-54.23115.563.8417.9913.24
5.TVSELECT411.0077.82766.530.00-6.62-86.48106.049.705.65-2.25
6.DCI272.0021.03446.080.0445.341120.131672.36868.2522.974.68
7.EMPOWER2.2913.78266.510.001.49778.8237.3840.811.78-1.12
8.UMIYA-MRO95.9827.40179.330.000.24-99.2516.3327.2529.9427.92
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
79778382748381687574787980
64636767627269616767707478
Operating Profit14141615121112787862
OPM %18.32%18.15%19.61%18.04%16.63%13.13%15.09%9.82%10.35%10.05%9.99%6.98%2.41%
0011012311-32-1
Interest2221112212111
Depreciation5566555655555
Profit before Tax8898657122-223
Tax %28.91%24.73%37.66%26.18%25.58%25.97%29.29%394.70%27.15%25.70%28.88%36.46%25.24%
Net Profit0000545-422-112
2.512.492.692.672.001.802.17-1.790.790.71-0.520.481.02

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
144150191220226260313320305307312
127125156171181210252260262278289
Operating Profit1724354945506160432923
OPM %11.79%16.22%18.47%22.31%19.74%19.28%19.61%18.73%13.97%9.49%7.30%
6654353251-1
Interest8671310897655
Depreciation89132022252822222020
Profit before Tax7152020162328342055
Tax %9.38%20.43%-11.34%29.02%22.17%30.54%28.65%29.36%51.53%27.67%28.02%
Net Profit6122214121620241034
EPS2.755.319.776.305.427.058.7010.374.181.45—
Dividend Payout %0.00%0.00%15.36%19.04%22.16%25.54%22.99%21.21%23.95%68.73%—

COMPOUNDED SALES GROWTH

10 Years:
4%
5 Years:
6%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
4%
5 Years:
-23%
3 Years:
-45%

STOCK PRICE CAGR

10 Years:
27%
5 Years:
12%
3 Years:
6%
1 Year:
16%

RETURN ON EQUITY

10 Years:
24%
5 Years:
14%
3 Years:
10%
Last Year:
3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jun 9

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2025

Jun 9

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2024

Jun 10

₹ 0.22

Rs.2.2000 per share(22%)Dividend

2023

Jun 6

₹ 0.20

Rs.2.0000 per share (20%)Dividend

2022

Jun 21

₹ 0.18

Rs.1.8000 per share(18%)Dividend

2021

Jun 7

₹ 0.12

Rs.1.2000 per share (12%) Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital23232323232323232323
-1113343536682101105106
544668104736958454570
Trade Payables24333638355345354741
44598375635960776079
Total Liabilities143171244283247270267281279319
36518711710811095877877
Capital Work in Progress3517343110941
5600000444
99811111621263136
000000085107104
Cash & Bank44613101617221520
8797127139114125132473737
Total Assets143171244283247270267281279319

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
33342543445164452015
Cash from Investing-3-14-45-40-8-18-25-19-17-21
Cash from Financing-40-12254-47-19-33-20-1111
-562-2-11416-86

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
50.0950.0950.0950.0950.0950.0950.0950.0950.09
4.794.635.404.824.634.564.614.735.62
0.050.050.120.120.120.160.160.260.05
0.250.250.250.250.250.250.250.250.25
44.8244.9844.1444.7244.9144.9444.8944.6844.00

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27
Copy of Newspaper Publication

2026-08-27 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-26
Credit Rating- Revision

2026-08-26 - NELCO Limited has informed the Exchange about Credit Rating- Revision (Chang in Outlook)

2026-08-17
Copy of Newspaper Publication

2026-08-17 - NELCO Limited has informed the Exchange about "Nelco Announces Strategic Partnership with Elveo to bring Next Generation Direct-to-Device and IoT Connectivity to South Asian Markets"

2026-08-17
General Updates

2026-08-17 - NELCO Limited has informed the Exchange about Strategic Investment in Lunar Holdco, Inc.

2026-07-18
Copy of Newspaper Publication

2026-07-18 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-16
Change in Auditors

2026-07-16 - NELCO Limited has informed the Exchange regarding Change in Auditors of the company.

2026-07-16
Outcome of Board Meeting

2026-07-16 - NELCO Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-07
Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-07 - NELCO Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-30
Copy of Newspaper Publication

2026-06-30 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for NELCO

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