Check Before You Invest : Tulsyan NEC Ltd

Q: Which industry/sub-sector does Tulsyan NEC Ltd belong to?

Tulsyan NEC Ltd belongs to the Metals & Mining sector, operating specifically within the Steel & Iron Products segment.

Q: Is Tulsyan NEC Ltd a good quality company?

Tulsyan NEC Ltd is a quality company, based on a multi-year financial track record. This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q: Is Tulsyan NEC Ltd undervalued or overvalued?

Tulsyan NEC Ltd appears Undervalued, as its key valuation ratios are lower than their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: -, Historic Median: 0.03. Price to Book, Current: 0.26, Historic Median: 0.24. Price to Sales, Current: 0.08, Historic Median: 0.09. EV to EBITDA, Current: 17.92, Historic Median: 29.74

Q: Is Tulsyan NEC Ltd a good buy now?

Tulsyan NEC Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Q: Revenue growth of Tulsyan NEC Ltd?

Tulsyan NEC Ltd revenue growth is -16.6% for FY-2025, which is below its 5-year CAGR of 1.62%, indicating slower growth.

Q: Gross Profit margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Gross profit margin which is the profit after deduction of direct costs, is -6.3% for FY-2025, which is below its 5-year median of -2.5%, indicating decreasing margins.

Q: Operating Profit Margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 1.29% for FY-2025, which is below its 5-year median of 1.46% indicating decreasing margins.

Q: Net Profit Margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Net Profit Margin is -9.12% for FY-2025, is below its 5-year median of -1.63%, indicating decreasing margins. Profitability Metrics. Gross Profit Margin (%), Current: -6.3, Historic Median: -2.5. Operating Profit Margin (%), Current: 1.29, Historic Median: 1.46. Net Profit Margin (%), Current: -9.12, Historic Median: -1.63

Q: Return on Asset of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Return on Asset is -9.47%, which is below its 5-year historical median of -0.92%, indicating deteriorated asset utilization efficiency.

Q: Return on capital employed (ROCE) of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Return on capital employed is -1.3% for FY-2025, which is below its 5-year historical median of 23%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Check Before You Invest : Tulsyan NEC Ltd

Snapshot

Q.1 Which industry/sub-sector does Tulsyan NEC Ltd belong to?

Tulsyan NEC Ltd belongs to the Metals & Mining sector, operating specifically within the Steel & Iron Products segment.

Q.2 Is Tulsyan NEC Ltd a good quality company?

Tulsyan NEC Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Tulsyan NEC Ltd undervalued or overvalued?

Tulsyan NEC Ltd appears Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	-	0.03
Price to Book	0.26	0.24
Price to Sales	0.08	0.09
EV to EBITDA	17.92	29.74

Q.4 Is Tulsyan NEC Ltd a good buy now?

Tulsyan NEC Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Tulsyan NEC Ltd?

Tulsyan NEC Ltd revenue growth is -16.6% for FY-2025, which is below its 5-year CAGR of 1.62%, indicating slower growth.

Q.2 Gross Profit margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Gross profit margin which is the profit after deduction of direct costs, is -6.3% for FY-2025, which is below its 5-year median of -2.5%, indicating decreasing margins.

Q.3 Operating Profit Margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 1.29% for FY-2025, which is below its 5-year median of 1.46% indicating decreasing margins.

Q.4 Net Profit Margin of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Net Profit Margin is -9.12% for FY-2025, is below its 5-year median of -1.63%, indicating decreasing margins.

	Current Level	5-year Historic Median
Gross Profit Margin (%)	-6.3	-2.5
Operating Profit Margin (%)	1.29	1.46
Net Profit Margin (%)	-9.12	-1.63

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Return on Asset is -9.47%, which is below its 5-year historical median of -0.92%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Return on capital employed is -1.3% for FY-2025, which is below its 5-year historical median of 23%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 14%, indicating value preservation.

Q.7 Return on Equity (ROE) of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Return on equity is -22.69% for FY-2025, which is in line with its 5-year historical median of -22.69%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Cash conversion cycle is 23 days, below its 5-year historical median of 56 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.

	Current Level	5-year Historic Median
Asset Turnover (x)	1.04	1.04
ROE (%)	-22.69	-22.69
ROCE (%)	-1.3	23
Cash Conversion Cycle	23 days	56 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Debt-to-Equity ratio is 1.28, which is above the industry average of 0.31, indicating higher debt levels in the industry.

Q.10 Debt to cash flow from operations of Tulsyan NEC Ltd?

Tulsyan NEC Ltd Debt to cash flow from operations is 9.86, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Tulsyan NEC Ltd?

Q.1 Promoter shareholding and pledge status of Tulsyan NEC Ltd?

Promoters hold 64.20% of the Tulsyan NEC Ltd, with 99.63% of their stake pledged, indicating high pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Tulsyan NEC Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Tulsyan NEC Ltd vs industry peers?

Tulsyan NEC Ltd revenue CAGR is 1.62%, compared to the industry median CAGR of 7.56%, indicating slower growth and losing its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth (%)	-16.6	7.6
Gross Profit Growth (%)	0	19.3
Operating Profit Growth (%)	0	13.8
Net Profit Growth (%)	0	24.6

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover (x)	1.04	1.27
ROE (%)	-22.69	8.04
ROCE (%)	-1.3	11.28
Cash Conversion Cycle (days)	22.97	72

Valuation & price assessment

Q.1 Stock return of Tulsyan NEC Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 5.7% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	5.7%	23.2%	-11.7%	-23.8%

Q.2 Valuation ratios of Tulsyan NEC Ltd vs historical?

The current P/E ratio of 0 is lower than its historical median of 0.03, indicating that the stock is trading below its historical average valuation.

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	-	0.03	17.36
Price to Book	0.26	0.24	1.63
Price to Sales	0.08	0.09	0.74
EV to EBITDA	17.92	29.74	10.05

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Check Before You Invest : Tulsyan NEC Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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Check trending companies

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