Nelco Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Network Systems: 98.1% • Automation & Control: 1.9%
AI Sector View
AI GENERATEDInformation Technology
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NETWEB | 5026.90 | 114.65 | 29883.69 | 0.06 | 85.32 | 179.93 | 819.69 | 172.13 | 37.95 | 14.70 |
| NELCO | 946.90 | 559.76 | 2160.67 | 0.11 | 2.34 | 30.00 | 80.03 | 7.01 | 5.65 | 10.40 |
| IVALUE | 222.55 | 11.76 | 1218.54 | 0.00 | 15.72 | 51.74 | 179.73 | -21.14 | 25.50 | 9.69 |
| CONTROLPR | 593.15 | 24.35 | 948.70 | 1.69 | 3.92 | -54.23 | 115.56 | 3.84 | 17.99 | 13.24 |
| TVSELECT | 411.00 | 77.82 | 766.53 | 0.00 | -6.62 | -86.48 | 106.04 | 9.70 | 5.65 | -2.25 |
| DCI | 272.00 | 21.03 | 446.08 | 0.04 | 45.34 | 1120.13 | 1672.36 | 868.25 | 22.97 | 4.68 |
| EMPOWER | 2.29 | 13.78 | 266.51 | 0.00 | 1.49 | 778.82 | 37.38 | 40.81 | 1.78 | -1.12 |
| UMIYA-MRO | 95.98 | 27.40 | 179.33 | 0.00 | 0.24 | -99.25 | 16.33 | 27.25 | 29.94 | 27.92 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 79 | 77 | 83 | 82 | 74 | 83 | 81 | 68 | 75 | 74 | 78 | 79 | 80 | |
| 64 | 63 | 67 | 67 | 62 | 72 | 69 | 61 | 67 | 67 | 70 | 74 | 78 | |
| Operating Profit | 14 | 14 | 16 | 15 | 12 | 11 | 12 | 7 | 8 | 7 | 8 | 6 | 2 |
| 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% |
| 0 | 0 | 1 | 1 | 0 | 1 | 2 | 3 | 1 | 1 | -3 | 2 | -1 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 1 |
| Depreciation | 5 | 5 | 6 | 6 | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | 8 | 8 | 9 | 8 | 6 | 5 | 7 | 1 | 2 | 2 | -2 | 2 | 3 |
| 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 Profit | 0 | 0 | 0 | 0 | 5 | 4 | 5 | -4 | 2 | 2 | -1 | 1 | 2 |
| 2.51 | 2.49 | 2.69 | 2.67 | 2.00 | 1.80 | 2.17 | -1.79 | 0.79 | 0.71 | -0.52 | 0.48 | 1.02 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 144 | 150 | 191 | 220 | 226 | 260 | 313 | 320 | 305 | 307 | 312 | |
| 127 | 125 | 156 | 171 | 181 | 210 | 252 | 260 | 262 | 278 | 289 | |
| Operating Profit | 17 | 24 | 35 | 49 | 45 | 50 | 61 | 60 | 43 | 29 | 23 |
| OPM % | 11.79% | 16.22% | 18.47% | 22.31% | 19.74% | 19.28% | 19.61% | 18.73% | 13.97% | 9.49% | 7.30% |
| 6 | 6 | 5 | 4 | 3 | 5 | 3 | 2 | 5 | 1 | -1 | |
| Interest | 8 | 6 | 7 | 13 | 10 | 8 | 9 | 7 | 6 | 5 | 5 |
| Depreciation | 8 | 9 | 13 | 20 | 22 | 25 | 28 | 22 | 22 | 20 | 20 |
| Profit before Tax | 7 | 15 | 20 | 20 | 16 | 23 | 28 | 34 | 20 | 5 | 5 |
| Tax % | 9.38% | 20.43% | -11.34% | 29.02% | 22.17% | 30.54% | 28.65% | 29.36% | 51.53% | 27.67% | 28.02% |
| Net Profit | 6 | 12 | 22 | 14 | 12 | 16 | 20 | 24 | 10 | 3 | 4 |
| EPS | 2.75 | 5.31 | 9.77 | 6.30 | 5.42 | 7.05 | 8.70 | 10.37 | 4.18 | 1.45 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| -1 | 11 | 33 | 43 | 53 | 66 | 82 | 101 | 105 | 106 | |
| 54 | 46 | 68 | 104 | 73 | 69 | 58 | 45 | 45 | 70 | |
| Trade Payables | 24 | 33 | 36 | 38 | 35 | 53 | 45 | 35 | 47 | 41 |
| 44 | 59 | 83 | 75 | 63 | 59 | 60 | 77 | 60 | 79 | |
| Total Liabilities | 143 | 171 | 244 | 283 | 247 | 270 | 267 | 281 | 279 | 319 |
| 36 | 51 | 87 | 117 | 108 | 110 | 95 | 87 | 78 | 77 | |
| Capital Work in Progress | 3 | 5 | 17 | 3 | 4 | 3 | 1 | 10 | 9 | 41 |
| 5 | 6 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 4 | |
| 9 | 9 | 8 | 11 | 11 | 16 | 21 | 26 | 31 | 36 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85 | 107 | 104 | |
| Cash & Bank | 4 | 4 | 6 | 13 | 10 | 16 | 17 | 22 | 15 | 20 |
| 87 | 97 | 127 | 139 | 114 | 125 | 132 | 47 | 37 | 37 | |
| Total Assets | 143 | 171 | 244 | 283 | 247 | 270 | 267 | 281 | 279 | 319 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 33 | 34 | 25 | 43 | 44 | 51 | 64 | 45 | 20 | 15 | |
| Cash from Investing | -3 | -14 | -45 | -40 | -8 | -18 | -25 | -19 | -17 | -21 |
| Cash from Financing | -40 | -12 | 25 | 4 | -47 | -19 | -33 | -20 | -11 | 11 |
| -5 | 6 | 2 | -2 | -1 | 14 | 1 | 6 | -8 | 6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - NELCO Limited has informed the Exchange about Credit Rating- Revision (Chang in Outlook)
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 - NELCO Limited has informed the Exchange about Strategic Investment in Lunar Holdco, Inc.
2026-07-18 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - NELCO Limited has informed the Exchange regarding Change in Auditors of the company.
2026-07-16 - NELCO Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07 - NELCO Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
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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Nelco Ltd.
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