Tulsyan NEC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Steel: 81.0% • Power: 15.0% • Synthetic: 4.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.18x)
- Working capital cycle has improved - days down from -23 to -58
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Promoter holding has decreased over last 2 years: -6.2pp
- Company has a low return on capital employed of 8.2%
- Interest coverage is weak at -0.1x - earnings barely cover interest
- Effective tax rate is unusually low at 0.0% - earnings may be flattered
- Company has delivered a poor sales growth of 3.0% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1308.00 | 12.91 | 319865.38 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 185.95 | 21.04 | 232129.86 | 2.15 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 184.00 | 17.79 | 76001.67 | 1.28 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2775.65 | 31.71 | 73219.05 | 0.18 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 762.35 | 19.35 | 62849.63 | 0.52 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2198.00 | 49.66 | 61029.32 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1086.30 | 27.00 | 30322.09 | 0.41 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 317.60 | 31.08 | 20310.78 | 0.63 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.00 | 45.47 | 19681.83 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 537.05 | 16.75 | 18924.64 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 252.40 | 21.07 | 16992.55 | 0.40 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| TULSYAN | 27.64 | 0.00 | 45.50 | 0.00 | -21.41 | -108.91 | 146.70 | -42.99 | -0.86 | -4.29 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 236 | 247 | 253 | 242 | 275 | 199 | 180 | 214 | 257 | 229 | 156 | 165 | 147 | |
| 230 | 247 | 254 | 245 | 260 | 189 | 192 | 213 | 245 | 227 | 167 | 169 | 179 | |
| Operating Profit | 6 | 0 | -1 | -3 | 15 | 10 | -12 | 1 | 13 | 2 | -11 | -4 | -32 |
| OPM % | 2.46% | 0.15% | -0.37% | -1.37% | 5.49% | 5.18% | -6.79% | 0.30% | 4.87% | 1.04% | -7.05% | -2.60% | -21.96% |
| 0 | 15 | 2 | 0 | 1 | 1 | 0 | 1 | 0 | 15 | 6 | 11 | 11 | |
| Interest | 11 | 10 | 10 | 10 | 10 | 9 | 9 | 39 | 17 | 18 | 17 | 21 | 20 |
| Depreciation | 7 | 6 | 6 | 7 | 6 | 6 | 6 | 5 | 6 | 6 | 6 | 5 | 6 |
| Profit before Tax | -12 | -1 | -14 | -20 | 1 | -4 | -27 | -42 | -10 | -6 | -29 | -19 | -21 |
| Tax % | -15.54% | -0.00% | -0.00% | 2.16% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | -4 | -27 | -42 | -10 | -6 | -29 | -19 | -21 |
| -8.49 | -0.43 | -8.73 | -12.02 | 0.35 | -2.63 | -16.29 | -25.41 | -6.23 | -3.70 | -17.39 | -11.76 | -13.01 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 919 | 534 | 705 | 837 | 750 | 622 | 850 | 1,022 | 977 | 868 | 697 | |
| 852 | 502 | 695 | 805 | 720 | 598 | 833 | 1,007 | 977 | 855 | 742 | |
| Operating Profit | 66 | 32 | 10 | 32 | 30 | 24 | 17 | 15 | 0 | 14 | -45 |
| OPM % | 7.23% | 5.92% | 1.49% | 3.86% | 4.00% | 3.85% | 2.03% | 1.46% | 0.02% | 1.58% | -6.48% |
| 5 | -1 | -5 | 6 | 2 | 199 | 806 | 215 | 19 | 4 | 43 | |
| Interest | 96 | 122 | 142 | 230 | 227 | 206 | 7 | 14 | 42 | 67 | 77 |
| Depreciation | 17 | 25 | 26 | 25 | 26 | 25 | 25 | 26 | 25 | 23 | 22 |
| Profit before Tax | -42 | -116 | -163 | -217 | -220 | -8 | 791 | 189 | -48 | -73 | -75 |
| Tax % | 15.44% | 19.08% | 0.89% | -0.98% | 0.53% | -40.00% | 0.04% | -30.17% | -3.04% | -0.00% | -0.00% |
| Net Profit | -36 | -94 | -161 | -219 | -219 | -12 | 791 | 246 | -49 | -73 | -75 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -148.98 | -7.86 | 537.50 | 148.48 | -29.67 | -44.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -4%
- 5 Years:
- 3%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- -69%
- 5 Years:
- 11%
- 3 Years:
- 18%
- Last Year:
- -24%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15 | 15 | 15 | 15 | 15 | 15 | 15 | 17 | 17 | 16 | |
| Minority Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 50 | -52 | -212 | -431 | -649 | -661 | 129 | 379 | 327 | 233 | |
| 977 | 1,130 | 1,197 | 1,343 | 1,483 | 1,539 | 654 | 395 | 327 | 339 | |
| Trade Payables | 232 | 101 | 117 | 97 | 94 | 38 | 63 | 91 | 124 | 140 |
| -0 | 15 | 54 | 81 | 118 | 43 | 74 | -13 | -5 | 33 | |
| Total Liabilities | 1,275 | 1,210 | 1,170 | 1,105 | 1,061 | 974 | 934 | 868 | 791 | 762 |
| 325 | 745 | 726 | 702 | 680 | 656 | 635 | 573 | 550 | 529 | |
| Capital Work in Progress | 292 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 7 |
| 139 | 138 | 97 | 102 | 101 | 94 | 83 | 102 | 81 | 73 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106 | 98 | |
| Cash & Bank | 18 | 16 | 9 | 4 | 4 | 9 | 7 | 13 | 1 | 0 |
| 501 | 310 | 338 | 297 | 275 | 214 | 209 | 180 | 50 | 54 | |
| Total Assets | 1,275 | 1,210 | 1,170 | 1,105 | 1,061 | 974 | 934 | 868 | 791 | 762 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 113 | 9 | 149 | 109 | 42 | 235 | 864 | 339 | 15 | 39 | |
| Cash from Investing | -29 | -13 | 8 | 5 | -4 | -3 | -5 | -0 | 53 | -10 |
| Cash from Financing | -115 | 6 | -209 | -118 | -37 | -229 | -862 | -330 | -80 | -30 |
| -31 | 2 | -51 | -4 | -0 | 3 | -3 | 10 | -11 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
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