NELCO Ltd

₹ 590 -0.34%

17 Mar 10:26 a.m.

About

Incorporated in 1940, Nelco Ltd provides domestic satellite communication services to close user group networks^[1]

Key Points

Business Overview:^[1]^[2]
a) Nelco is a subsidiary of Tata Power and an TL9000, ISO 20000-1:2011 and ISO 27001:2013 certified company.
b) Company provides domestic satellite communication services to close user group (CUG) networks via Satellite System on non-exclusive basis within the territorial boundary of India
c) It offers its enterprise & government customers customized solutions in areas of VSAT connectivity, Satcom Projects and Integrated Security & Surveillance Solutions.
d) It connects businesses and remote operations through satellite communication services. In addition, it offers end to end networking solutions (Satcom Projects) and maintenance of private hubs and hybrid networks for its customers, from government to corporates.
e) It helps Government, Defense and Enterprise sectors when it comes to security and surveillance in India.

Website BSE NSE

Market Cap ₹ 1,347 Cr.
Current Price ₹ 590
High / Low ₹ 1,162 / 568
Stock P/E 320
Book Value ₹ 54.2
Dividend Yield 0.17 %
ROCE 16.7 %
ROE 8.17 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 22.9%

Cons

Stock is trading at 10.9 times its book value

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	51.91	56.28	55.62	53.88	57.97	55.21	53.28	50.38	51.20	50.77	46.87	48.62	49.66
	41.16	42.31	44.75	42.71	45.67	46.34	44.27	45.91	42.68	42.63	42.64	42.60	45.02
Operating Profit	10.75	13.97	10.87	11.17	12.30	8.87	9.01	4.47	8.52	8.14	4.23	6.02	4.64
OPM %	20.71%	24.82%	19.54%	20.73%	21.22%	16.07%	16.91%	8.87%	16.64%	16.03%	9.02%	12.38%	9.34%
	0.88	0.60	0.35	0.52	0.85	0.64	0.11	0.97	1.41	1.46	0.68	1.14	-1.81
Interest	0.73	0.90	0.55	0.50	0.91	0.53	0.09	0.38	0.57	0.50	0.21	0.34	0.23
Depreciation	2.68	2.93	2.91	3.15	3.38	3.40	3.50	3.27	3.15	2.71	3.13	3.24	3.30
Profit before tax	8.22	10.74	7.76	8.04	8.86	5.58	5.53	1.79	6.21	6.39	1.57	3.58	-0.70
Tax %	28.83%	28.21%	28.22%	25.00%	38.04%	25.09%	25.32%	26.26%	29.31%	100.47%	26.11%	24.30%	-18.57%
	5.85	7.71	5.57	6.03	5.49	4.18	4.13	1.32	4.39	-0.03	1.16	2.71	-0.57
EPS in Rs	2.56	3.38	2.44	2.64	2.41	1.83	1.81	0.58	1.92	-0.01	0.51	1.19	-0.25
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016 18m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	110	92	133	26	32	34	38	131	143	197	223	206	196
	112	100	121	27	31	29	29	108	121	156	179	175	173
Operating Profit	-2	-8	12	-1	1	4	9	23	22	41	44	31	23
OPM %	-2%	-9%	9%	-4%	4%	13%	23%	18%	15%	21%	20%	15%	12%
	1	20	8	15	14	11	13	5	3	3	2	4	1
Interest	10	6	12	7	5	4	5	4	3	4	3	2	1
Depreciation	6	5	7	0	1	1	1	8	8	11	13	13	12
Profit before tax	-16	1	1	7	10	10	17	16	14	29	30	20	11
Tax %	0%	0%	0%	0%	0%	-78%	17%	21%	22%	29%	30%	51%
	-16	1	1	7	10	18	14	12	11	21	21	10	3
EPS in Rs	-7.17	0.57	0.58	2.92	4.28	7.77	6.00	5.38	4.86	9.15	9.32	4.30	1.44
Dividend Payout %	0%	0%	0%	0%	0%	19%	20%	22%	37%	22%	24%	23%

Compounded Sales Growth
10 Years:	8%
5 Years:	40%
3 Years:	13%
TTM:	-7%

Compounded Profit Growth
10 Years:	17%
5 Years:	2%
3 Years:	-1%
TTM:	-70%

Stock Price CAGR
10 Years:	21%
5 Years:	25%
3 Years:	4%
1 Year:	-22%

Return on Equity
10 Years:	19%
5 Years:	15%
3 Years:	16%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	23	23	23	23	23	23	23	23	23	23	23	23	23
Reserves	-14	-12	-14	-8	2	19	29	54	62	78	95	100	101
	78	63	79	50	35	33	37	23	29	27	12	10	9
	60	50	41	39	57	113	120	139	45	49	65	51	64
Total Liabilities	146	123	129	104	117	187	209	239	159	177	195	183	197
	22	23	15	19	3	3	2	42	55	66	66	61	60
CWIP	1	0	1	3	0	0	0	4	2	1	10	7	8
Investments	2	2	7	6	6	5	5	0	30	30	33	33	33
	121	97	107	77	108	179	201	193	71	80	86	82	96
Total Assets	146	123	129	104	117	187	209	239	159	177	195	183	197

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	22	24	1	27	17	12	11	48	12	40	49	12
	-3	-0	-3	9	-3	-37	-20	-10	-9	-22	-16	-9
	-20	-24	5	-41	-10	26	5	-44	-7	-10	-25	-9
Net Cash Flow	-1	-0	3	-5	4	1	-5	-6	-4	8	7	-6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2013	Sep 2014	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	172	146	108	437	100	107	147	59	88	76	62	71
Inventory Days	132	145	69
Days Payable	279	319	238
Cash Conversion Cycle	25	-27	-61	437	100	107	147	59	88	76	62	71
Working Capital Days	-128	-143	-116	-513	23	144	146	-4	-54	-6	-33	-7
ROCE %	-7%	3%	14%	14%	23%	21%	20%	18%	15%	28%	26%	17%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Market Share in Total Installed Base of VSATs
%

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

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Number of Satellite Teleports/Gateways
Units

Total Installed Base of VSATs
Units

Market Share in Indian Satcom Industry (Revenue)
%

Growth in Satellite Bandwidth Capacity (YoY)
%

Incremental Market Share in ATM VSAT Deployments
%

International Aircraft Connectivity (Overflights)
Aircraft

Revenue Mix - Service/Bandwidth Usage %
%

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%
	4.42%	4.34%	4.44%	4.51%	4.54%	4.80%	4.64%	5.41%	4.83%	4.64%	4.57%	4.61%
	0.05%	0.05%	0.09%	0.08%	0.05%	0.05%	0.05%	0.14%	0.13%	0.12%	0.16%	0.16%
	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
	45.21%	45.28%	45.13%	45.07%	45.08%	44.82%	44.99%	44.13%	44.72%	44.91%	44.94%	44.89%
No. of Shareholders	65,567	67,242	70,534	69,077	72,703	72,952	66,823	67,645	69,809	70,299	72,451	71,859

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	50.10%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%	50.09%
	0.00%	0.06%	1.55%	1.55%	1.75%	3.36%	4.42%	4.54%	4.83%	4.61%
	4.17%	4.47%	4.40%	4.27%	3.86%	3.85%	0.05%	0.05%	0.13%	0.16%
	0.36%	0.31%	0.31%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
	45.37%	45.07%	43.64%	43.84%	44.06%	42.45%	45.21%	45.08%	44.72%	44.89%
No. of Shareholders	25,073	22,087	21,128	23,238	30,690	60,256	65,567	72,703	69,809	71,859

* 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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NELCO Ltd

NELCO Ltd

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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