NESCO Ltd

₹ 1,223 -1.07%

26 Dec - close price

About

NESCO is engaged in the businesses of Licencing premises in IT park buildings and providing related services, licencing premises for exhibitions and providing services to the organisers, manufacturing of machines and capital equipment, and providing hospitality and catering services.(Source : 202003 Annual Report Page No:74)

Key Points

Business Segments
1. IT Parks Division (41% in FY24 vs 45% in FY20): ^[1] The company’s flagship Nesco IT Park offers premium office spaces lincensed to multinational companies like HSBC, KPMG, PWC, MSCI, BlackRock, Here Solution, Framestore, etc. Its towers 3 and 4 span 62,315 sq. mt and 1,04,515 sq. mt, respectively, with 24 floors and 83 leasable units. It has an occupancy rate of over 98%. The segment revenue grew by 49% between FY20 and FY24. ^[2] ^[3] ^[4]

Website BSE NSE

Market Cap ₹ 8,617 Cr.
Current Price ₹ 1,223
High / Low ₹ 1,639 / 842
Stock P/E 20.8
Book Value ₹ 397
Dividend Yield 0.53 %
ROCE 21.1 %
ROE 15.8 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.

Cons

* 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

Services Services Commercial Services & Supplies Diversified Commercial Services

Part of BSE SmallCap BSE Allcap Nifty Microcap 250 Nifty Total Market BSE Services

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	143	143	157	137	175	178	189	141	192	207	192	193	239
	42	61	58	51	66	64	72	55	73	81	85	83	103
Operating Profit	101	82	99	86	109	114	117	86	120	125	107	110	136
OPM %	71%	57%	63%	63%	62%	64%	62%	61%	62%	61%	56%	57%	57%
	16	19	20	25	23	27	31	30	33	31	20	28	24
Interest	5	3	2	3	5	6	0	3	6	2	1	4	5
Depreciation	8	8	9	14	14	14	12	12	12	13	13	11	12
Profit before tax	104	90	109	94	112	121	136	100	135	142	112	124	143
Tax %	22%	22%	22%	19%	22%	23%	23%	31%	21%	22%	21%	22%	17%
	82	70	85	76	88	94	105	70	107	110	89	96	119
EPS in Rs	11.62	9.95	12.05	10.80	12.46	13.31	14.92	9.90	15.17	15.60	12.58	13.64	16.88
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	160	195	263	311	321	361	432	291	337	546	678	732	831
	50	56	75	97	103	128	154	105	117	179	252	294	353
Operating Profit	110	138	189	215	218	233	278	186	220	367	426	438	479
OPM %	69%	71%	72%	69%	68%	64%	64%	64%	65%	67%	63%	60%	58%
	18	28	33	43	36	32	43	65	44	45	105	114	104
Interest	0	0	4	5	6	5	6	8	9	12	14	12	13
Depreciation	11	7	7	8	11	12	22	26	28	33	54	50	48
Profit before tax	117	160	211	244	238	248	292	216	226	367	463	489	521
Tax %	31%	30%	32%	30%	25%	27%	20%	20%	16%	21%	22%	23%
	81	112	144	170	179	180	234	172	189	291	363	375	414
EPS in Rs	11.49	15.82	20.45	24.11	25.36	25.61	33.19	24.48	26.85	41.25	51.49	53.25	58.70
Dividend Payout %	9%	8%	8%	9%	9%	10%	9%	12%	11%	11%	12%	12%

Compounded Sales Growth
10 Years:	14%
5 Years:	11%
3 Years:	29%
TTM:	19%

Compounded Profit Growth
10 Years:	15%
5 Years:	11%
3 Years:	26%
TTM:	10%

Stock Price CAGR
10 Years:	14%
5 Years:	18%
3 Years:	26%
1 Year:	28%

Return on Equity
10 Years:	16%
5 Years:	15%
3 Years:	17%
Last Year:	16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	425	525	667	837	997	1,156	1,343	1,515	1,684	1,950	2,282	2,615	2,785
	0	0	0	0	0	0	0	0	1	0	0	1	110
	122	137	159	182	172	178	252	293	273	298	354	385	445
Total Liabilities	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016	3,353
	160	159	165	188	229	213	776	759	846	804	757	916	1,034
CWIP	5	100	143	262	357	509	2	51	82	86	162	753	761
Investments	368	384	442	482	499	531	672	810	846	1,161	1,494	1,135	1,321
	28	33	90	101	99	96	160	202	197	212	237	211	238
Total Assets	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016	3,353

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	117	103	137	153	146	171	208	130	163	297	377	349
	-107	-91	-110	-153	-123	-155	-157	-133	-142	-268	-334	-315
	-8	-11	-25	-0	-19	-20	-47	-0	-21	-24	-33	-42
Net Cash Flow	2	1	1	-0	4	-4	4	-3	0	5	10	-8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	26	20	20	14	16	18	14	37	20	15	7	8
Inventory Days	184			271	248	138		159	107	119	83	56
Days Payable	312			463	187	164		227	126	147	93	63
Cash Conversion Cycle	-102	20	20	-178	76	-8	14	-31	1	-12	-4	0
Working Capital Days	-56	-39	-18	-23	-107	-54	-37	-56	2	2	-21	-23
ROCE %		29%	35%	33%	26%	23%	24%	16%	15%	22%	22%	21%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%
	2.37%	2.30%	2.09%	2.79%	3.02%	3.50%	3.87%	3.95%	4.91%	4.90%	4.89%	4.89%
	3.95%	3.91%	3.81%	4.07%	4.14%	3.99%	3.89%	4.06%	3.36%	3.19%	3.06%	3.97%
	25.14%	25.24%	25.55%	24.60%	24.29%	23.97%	23.70%	23.45%	23.18%	23.38%	23.52%	22.60%
No. of Shareholders	35,987	37,631	37,525	36,251	45,871	46,796	45,047	44,222	43,448	43,897	43,336	44,938

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	68.17%	68.18%	68.20%	68.32%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%
	3.76%	2.24%	2.45%	2.84%	2.14%	1.99%	2.30%	3.50%	4.90%	4.89%
	4.80%	5.35%	5.64%	5.46%	5.29%	4.83%	3.91%	3.99%	3.19%	3.97%
	23.27%	24.23%	23.72%	23.37%	24.04%	24.64%	25.24%	23.97%	23.38%	22.60%
No. of Shareholders	12,846	22,426	23,467	25,911	39,865	36,630	37,631	46,796	43,897	44,938

* 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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