Tulsyan NEC Ltd

₹ 31.3 4.30%

07 Oct 10:13 a.m.

About

Incorporated in 1947, Tulsyan NEC Ltd is engaged in the manufacturing of TMT bars, Coal Based Power Plant and Synthetics Woven fabrics and sacks^[1]

Key Points

Business Overview:^[1]^[2]
TNECL is one of the major manufacturers of thermo mechanically treated (TMT) bars and billets in South India. It also manufactures of High Density Polyethylene (HDPE)/ Poly Propylene (PP) sacks and Flexible Intermediate Bulk Containers (FIBC). The company's
operation are divided in 3 divisions viz.
a) Steel division:
The company manufactures TMT Bars, Sponge Iron, Billets, and Ingots. TMT Bars are primarily used in the construction sector.
b) Synthetics division:
TNECL produces PP Woven Sacks, FIBC (Flexible Intermediate Bulk Containers), and Woven Fabric, catering to the packaging needs of industries such as cement, fertilizers, food grains, sugar, among others.
c) Power division:
It also operates under an Independent Power Producer (IPP) model, supplying thermal power through power exchanges and third-party agreements

Website BSE

Market Cap ₹ 51.5 Cr.
Current Price ₹ 31.3
High / Low ₹ 49.4 / 17.1
Stock P/E
Book Value ₹ 127
Dividend Yield 0.00 %
ROCE 1.08 %
ROE -26.7 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.24 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.17% over past five years.
Company has a low return on equity of -19.6% over last 3 years.
Contingent liabilities of Rs.27.8 Cr.
Promoters have pledged 99.6% of their holding.
Earnings include an other income of Rs.31.2 Cr.
Company's cost of borrowing seems high
Promoter holding has decreased over last 3 years: -6.25%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	245	237	246	228	261	181	160	196	233	215	136	145	139
	241	237	248	232	247	171	173	196	222	213	147	150	145
Operating Profit	4	-0	-2	-5	14	9	-13	0	11	2	-11	-5	-6
OPM %	1.8%	-0.1%	-0.7%	-2.0%	5%	5%	-8%	0.0%	4.7%	0.8%	-8%	-3.1%	-4.2%
	0	15	2	0	1	1	0	1	0	15	6	10	0
Interest	11	10	9	10	9	8	8	38	16	17	17	20	20
Depreciation	6	6	6	7	6	6	6	4	6	6	6	5	5
Profit before tax	-13	-1	-14	-21	0	-5	-27	-41	-11	-6	-28	-19	-31
Tax %	15%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-14	-1	-14	-21	0	-5	-27	-41	-11	-6	-28	-19	-31
EPS in Rs	-8.68	-0.34	-8.63	-12.45	0.23	-2.86	-16.13	-24.86	-6.60	-3.60	-17.02	-11.84	-18.74
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,235	846	539	710	843	736	567	752	950	956	797	729	635
	1,193	772	503	695	817	713	545	738	935	958	787	732	655
Operating Profit	41	74	37	15	26	23	22	15	15	-2	10	-3	-20
OPM %	3.3%	9%	7%	2.1%	3.0%	3.1%	3.8%	1.9%	1.6%	-0.2%	1.3%	-0.4%	-3.1%
	4	3	-2	-7	4	1	197	804	213	18	3	31	31
Interest	75	93	119	140	228	224	203	5	11	39	64	71	74
Depreciation	17	16	25	26	25	25	25	24	26	25	22	22	22
Profit before tax	-47	-32	-109	-158	-223	-226	-9	790	191	-48	-73	-64	-84
Tax %	-22%	-11%	-20%	0%	0%	0%	0%	0%	-30%	4%	0%	0%
	-37	-29	-87	-158	-223	-226	-9	790	248	-50	-73	-64	-84
EPS in Rs	-24.48	-19.11	-58.21	-105.03	-148.39	-150.69	-6.15	526.63	148.76	-30.10	-43.62	-39.15	-51.20
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-1%
5 Years:	5%
3 Years:	-8%
TTM:	-17%

Compounded Profit Growth
10 Years:	%
5 Years:	11%
3 Years:	%
TTM:	0%

Stock Price CAGR
10 Years:	6%
5 Years:	%
3 Years:	-28%
1 Year:	-28%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	-20%
Last Year:	-27%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	15	15	15	15	15	15	15	15	17	17	16	16
Reserves	99	71	-23	-180	-403	-629	-639	150	403	351	257	192
	775	802	1,100	1,167	1,314	1,451	1,474	617	356	314	351	385
	449	366	99	158	171	218	106	135	138	158	210	196
Total Liabilities	1,338	1,253	1,190	1,160	1,096	1,055	957	917	914	840	833	789
	321	315	737	718	695	673	650	628	565	542	521	502
CWIP	270	292	1	0	0	0	0	0	0	2	7	0
Investments	8	8	6	6	6	6	6	7	7	7	7	7
	739	638	446	435	395	375	301	283	343	289	298	280
Total Assets	1,338	1,253	1,190	1,160	1,096	1,055	957	917	914	840	833	789

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-195	97	19	147	76	39	232	860	336	11	36	-1
	-38	-29	-13	8	4	-4	-3	-3	1	54	-8	39
	262	-100	-3	-151	-84	-35	-226	-860	-327	-76	-28	-37
Net Cash Flow	29	-32	2	3	-4	-0	3	-3	10	-12	-1	1
Free Cash Flow	-240	66	-0	141	79	36	231	858	332	65	26	37
CFO/OP	-474%	132%	52%	983%	296%	172%	1,074%	5,865%	2,185%	-646%	338%	33%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	114	139	139	139	106	117	101	71	37	40	45	46
Inventory Days	46	72	112	62	56	64	85	50	49	37	42	38
Days Payable	100	124	62	59	41	50	13	25	44	57	87	78
Cash Conversion Cycle	60	87	189	143	121	130	173	96	42	19	1	6
Working Capital Days	56	67	-180	-240	-255	-331	-370	-151	15	-11	-47	-26
ROCE %	4%	7%	1%	-1%	0%	-0%	-0%	-1%	-1%	-1%	-1%	1%

Insights

In beta

Mar 2015

Feb 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Synthetic Products Production
MT

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xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx

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TMT (Steel Rods) Production
MT

Power Production
Lac Units

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.45%	70.45%	70.45%	70.45%	63.40%	63.40%	63.40%	63.40%	64.20%	64.20%	64.20%	64.20%
	0.00%	0.00%	0.00%	0.00%	10.00%	10.00%	10.00%	10.00%	10.12%	10.12%	10.12%	10.12%
	29.54%	29.54%	29.56%	29.53%	26.61%	26.59%	26.59%	26.59%	25.68%	25.67%	25.66%	25.68%
No. of Shareholders	4,527	4,481	4,521	4,674	4,542	4,586	4,599	4,551	4,505	4,490	4,451	4,396

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	70.45%	70.45%	70.45%	70.45%	70.45%	70.45%	70.45%	70.45%	63.40%	64.20%	64.20%
	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.00%	10.12%	10.12%
	0.00%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	29.54%	29.07%	29.55%	29.55%	29.55%	29.55%	29.55%	29.56%	26.59%	25.66%	25.68%
No. of Shareholders	6,338	5,192	4,795	4,473	4,463	4,456	4,669	4,521	4,599	4,451	4,396

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Tulsyan NEC Ltd

Tulsyan NEC Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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