Tulsyan NEC Ltd

₹ 30.1 4.99%

05 Oct - close price

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 ₹ 49.5 Cr.
Current Price ₹ 30.1
High / Low ₹ 49.4 / 17.1
Stock P/E
Book Value ₹ 113
Dividend Yield 0.00 %
ROCE -3.12 %
ROE -42.6 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.27 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.44% over past five years.
Company has a low return on equity of -26.4% over last 3 years.
Contingent liabilities of Rs.29.4 Cr.
Promoters have pledged 99.6% of their holding.
Earnings include an other income of Rs.42.9 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

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	153
Operating Profit	6	0	-1	-3	15	10	-12	1	13	2	-11	-4	-6
OPM %	2.5%	0.1%	-0.4%	-1.4%	6%	5%	-7%	0.3%	4.9%	1.0%	-7%	-2.6%	-4.3%
	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 %	16%	0%	0%	-2%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-14	-1	-14	-20	1	-4	-27	-42	-10	-6	-29	-19	-21
EPS in Rs	-8.43	-0.43	-8.68	-11.94	0.35	-2.61	-16.18	-25.10	-6.15	-3.70	-17.39	-11.76	-13.01
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,293	919	534	705	837	750	620	850	1,022	977	868	808	697
	1,258	851	501	692	803	719	594	831	1,005	975	854	808	716
Operating Profit	35	68	33	13	34	32	26	19	17	2	14	-0	-19
OPM %	2.7%	7%	6%	1.8%	4.1%	4.2%	4.2%	2.2%	1.6%	0.2%	1.6%	-0.0%	-2.8%
	4	4	-2	-7	4	1	197	804	213	18	3	32	43
Interest	78	96	122	142	230	227	206	7	14	42	67	74	77
Depreciation	19	17	25	26	25	26	25	25	26	25	23	22	22
Profit before tax	-58	-42	-116	-163	-217	-220	-8	791	189	-48	-73	-64	-76
Tax %	-27%	-15%	-19%	-1%	1%	-1%	40%	0%	-30%	3%	0%	0%
	-43	-36	-94	-161	-219	-219	-12	791	246	-49	-73	-64	-75
EPS in Rs	-28.52	-23.67	-62.77	-107.41	-146.30	-146.14	-7.71	527.25	147.45	-29.47	-43.54	-39.08	-45.86
Dividend Payout %	-1%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-1%
5 Years:	5%
3 Years:	-8%
TTM:	-18%

Compounded Profit Growth
10 Years:	%
5 Years:	9%
3 Years:	%
TTM:	9%

Stock Price CAGR
10 Years:	6%
5 Years:	%
3 Years:	-28%
1 Year:	-30%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	-26%
Last Year:	-43%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	85	50	-52	-212	-431	-649	-661	129	379	327	233	169
	795	822	1,125	1,190	1,334	1,472	1,559	638	377	335	372	406
	476	389	131	189	188	235	69	160	161	177	229	214
Total Liabilities	1,371	1,275	1,220	1,181	1,105	1,072	982	942	933	856	851	806
	332	325	745	726	702	680	656	635	573	550	529	509
CWIP	270	292	1	0	0	0	0	0	0	2	7	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	770	658	473	455	403	392	325	307	360	304	314	296
Total Assets	1,371	1,275	1,220	1,181	1,105	1,072	982	942	933	856	851	806

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-201	112	9	149	109	41	235	864	340	15	39	3
	-37	-29	-13	8	5	-4	-3	-5	-0	53	-10	38
	267	-115	6	-209	-118	-37	-229	-862	-330	-80	-30	-40
Net Cash Flow	28	-31	2	-51	-4	-0	3	-3	10	-12	-1	1
Free Cash Flow	-245	82	-10	144	112	38	234	860	336	68	28	40
CFO/OP	-575%	167%	27%	1,170%	319%	132%	913%	4,641%	2,041%	869%	280%	-853%

Ratios

Consolidated / View Standalone

	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	111	131	141	141	107	115	99	67	37	40	43	44
Inventory Days	47	69	122	65	58	64	74	46	47	37	41	35
Days Payable	101	115	90	79	56	59	30	35	41	57	90	81
Cash Conversion Cycle	58	85	173	128	110	119	143	78	42	20	-6	-1
Working Capital Days	52	49	-206	-263	-275	-341	-358	-147	2	-23	-56	-38
ROCE %	3%	6%	1%	-1%	1%	1%	0%	-1%	-1%	-3%	-1%	-3%

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 ・Standalone data

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	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 ・Standalone data

Power Production
Lac Units ・Standalone data

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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