NESCO Ltd

₹ 950 0.46%

21 May 4:01 p.m.

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 ₹ 6,694 Cr.
Current Price ₹ 950
High / Low ₹ 1,082 / 780
Stock P/E 17.8
Book Value ₹ 373
Dividend Yield 0.63 %
ROCE 20.4 %
ROE 15.2 %
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

Sector: Realty Industry: Construction

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 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Dec 2024	Mar 2025
	81	93	91	103	143	143	157	137	175	178	189	207	192
	30	32	29	37	42	61	58	51	66	64	72	81	85
Operating Profit	50	61	62	66	101	82	99	86	109	114	117	125	107
OPM %	62%	65%	69%	65%	71%	57%	63%	63%	62%	64%	62%	61%	56%
	10	10	12	8	16	19	20	25	23	27	31	31	20
Interest	2	2	3	3	5	3	2	3	5	6	0	2	1
Depreciation	7	7	8	8	8	8	9	14	14	14	12	13	13
Profit before tax	51	61	64	63	104	90	109	94	112	121	136	142	112
Tax %	13%	20%	16%	15%	22%	22%	22%	19%	22%	23%	23%	22%	21%
	44	49	54	54	82	70	85	76	88	94	105	110	89
EPS in Rs	6.24	7.00	7.60	7.62	11.62	9.95	12.05	10.80	12.46	13.31	14.92	15.60	12.58
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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
	160	195	263	311	321	361	432	291	337	546	678	732
	50	56	75	97	103	128	154	105	117	179	252	294
Operating Profit	110	138	189	215	218	233	278	186	220	367	426	438
OPM %	69%	71%	72%	69%	68%	64%	64%	64%	65%	67%	63%	60%
	18	28	33	43	36	32	43	65	44	45	105	114
Interest	0	0	4	5	6	5	6	8	9	12	14	12
Depreciation	11	7	7	8	11	12	22	26	28	33	54	50
Profit before tax	117	160	211	244	238	248	292	216	226	367	463	489
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
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
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:	8%

Compounded Profit Growth
10 Years:	14%
5 Years:	10%
3 Years:	25%
TTM:	3%

Stock Price CAGR
10 Years:	11%
5 Years:	19%
3 Years:	20%
1 Year:	4%

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

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
Equity Capital	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
	0	0	0	0	0	0	0	0	1	0	0	1
	122	137	159	182	172	178	252	293	273	298	354	385
Total Liabilities	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016
	160	159	165	188	229	213	776	759	846	804	757	916
CWIP	5	100	143	262	357	509	2	51	82	86	162	753
Investments	368	384	442	482	499	531	672	810	846	1,161	1,494	1,135
	28	33	90	101	99	96	160	202	197	212	237	211
Total Assets	561	676	841	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016

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	-3	0
Working Capital Days	-56	-39	-18	-23	-107	-54	-37	-56	2	3	157	100
ROCE %		29%	35%	33%	26%	23%	24%	16%	15%	22%	22%	20%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 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%
	1.98%	2.10%	2.37%	2.30%	2.09%	2.79%	3.02%	3.50%	3.87%	3.95%	4.91%	4.90%
	4.73%	4.30%	3.95%	3.91%	3.81%	4.07%	4.14%	3.99%	3.89%	4.06%	3.36%	3.19%
	24.76%	25.07%	25.14%	25.24%	25.55%	24.60%	24.29%	23.97%	23.70%	23.45%	23.18%	23.38%
No. of Shareholders	36,711	36,127	35,987	37,631	37,525	36,251	45,871	46,796	45,047	44,222	43,448	43,897

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	68.17%	68.18%	68.20%	68.32%	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%
	4.80%	5.35%	5.64%	5.46%	5.29%	4.83%	3.91%	3.99%	3.19%
	23.27%	24.23%	23.72%	23.37%	24.04%	24.64%	25.24%	23.97%	23.38%
No. of Shareholders	12,846	22,426	23,467	25,911	39,865	36,630	37,631	46,796	43,897

* 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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Documents

Announcements

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Annual reports

Concalls

Aug 2024

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Nov 2021

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Jun 2020

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Sep 2019

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Mar 2019

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Feb 2018

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