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Nelco Ltd (NELCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504112 NSE: NELCO IT - Hardware | Small Cap | NELCO Share Price

₹949.40 12.10 (1.29%)

As on 11-Sep'26 15:50

Nelco Ltd (NELCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504112 NSE: NELCO IT - Hardware | Small Cap | NELCO Share Price

₹949.40 12.10 (1.29%)

As on 11-Sep'26 15:50

Key Metrics
Valuation Multiples
Market Cap
₹2,139 Cr.
Current Price
₹949.4
52-Week Low / High
₹502 / 1,121
TTM EPS
₹1.7
TTM Sales
₹312 Cr.
Book Value per Share
₹57.5
P/E Ratio
554.09
Higher than its 5-year historical median
Industry PE
65.3
Price to Book (P/B)
16.31
In line with its 5-year historical median
Price to Sales (P/S)
6.86
Lower than its 5-year historical median
EV/EBITDA
65.84
Higher than its 5-year historical median
Dividend Yield
0.11%
Profitability Efficiency
Return on Equity (ROE)
2.59%
Underperforms industry median
Return on Capital Employed (ROCE)
5.65%
Underperforms industry median
Return on Assets (ROA)
1.11%
Operating Profit Margin
9.5%
Net Profit Margin
1.08%
Gross Profit Margin
9.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-3.86%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-31.7%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-65.16%
Asset Quality
Promoter Holding
50.09%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹108 Cr.
Equity
₹22.8 Cr.
Face Value
₹10
All Time Low / High
₹2.20 / 1700.00

Nelco stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Nelco Ltd a good quality company?
Nelco Ltd is a good quality company, based on a consistently good 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.

View More

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.

View More
How does Nelco Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Nelco Ltd vs industry peers?
Nelco Ltd revenue CAGR is 8.56%, compared to the industry median CAGR of 8.63%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Nelco Ltd?
Promoters hold 50.09% of the Nelco Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Nelco Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26.7% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Nelco Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ7.3%5.7%8.9%19.7%18.3%16.2%30.3%28.3%18.3%7.8%-
Value Creation
Index ⓘ		-0.5-0.6-0.40.40.30.21.21.00.3-0.4-

Growth Parameters ⓘ
Sales ⓘ25.731.933.638.3131143197223206198206
Sales YoY Gr.-24.2%5.2%14.2%242.1%9.2%37.6%13%-7.7%-3.9%-
Adj EPS ⓘ-1.6-0.54.11.944.48.894.333.8
YoY Gr.-NANA-54.9%116.1%8.2%102.1%2.8%-52.4%-31.4%-
BVPS (₹) ⓘ6.510.718.422.533.637.144.351.653.655.357
Adj Net
Profit ⓘ		-3.6-1.29.44.39.29.920.120.69.86.79
Cash Flow from Ops. ⓘ26.61711.910.947.711.939.948.612.422.4-
Debt/CF from Ops. ⓘ1.92.12.73.40.41.50.4000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ25.5%8.6%0.1%-3.9%
Adj EPS ⓘNA-6%-30.5%-31.4%
BVPSⓘ26.8%10.4%7.6%3.1%
Share Price 26.6% 11.6% 4.2% 16.1%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-30.4-6.128.29.114.312.321.618.98.25.46.8
Op. Profit
Mgn % ⓘ		-4.44.913.423.117.81520.919.614.910.511.5
Net Profit
Mgn % ⓘ		-13.9-3.82811.176.910.29.34.83.44.3
Debt to
Equity ⓘ		3.41.40.80.70.20.20.2000-
Working Cap
Days ⓘ		1,30166142544516518213912112412267
Cash Conv.
Cycle ⓘ		198915889222031304051-6

Valuation of NELCO - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales144150191220226260313320305307
Operating Expenses ⓘ + 127125156171181210252260262278
Manufacturing Costs485359718386112128136133
Material Costs25183431284551352737
Employee Cost 21232834343437434651
Other Costs ⓘ 32323535364553545457
Operating Profit ⓘ 17243549455061604329
Operating Profit Margin (%) 11.8%16.2%18.5%22.3%19.7%19.3%19.6%18.7%14.0%9.5%
Other Income ⓘ + 6653353254
Exceptional Items ⓘ 000100000-4
Interest ⓘ 967131089765
Depreciation ⓘ 891320222528222220
Profit Before Tax ⓘ 715202016232834205
Tax ⓘ 13-2647810101
Profit After Tax 612221412162024103
PAT Margin (%) 4.4%8.1%11.7%6.5%5.5%6.2%6.3%7.4%3.1%1.1%
Adjusted EPS (₹)2.85.39.86.35.47.18.710.44.21.5
Dividend Payout Ratio (%)0%0%15.40%19%22.20%25.50%23%21.20%24%68.70%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 223456667689105124128129
Share Capital ⓘ 23232323232323232323
Reserves ⓘ -1113343536682101105106
Debt +54466898524626263859
Long Term Debt283429151919000
Short Term Debt5238346937288263859
Minority Interest0000000000
Trade Payables24333638355345354741
Others Liabilities ⓘ 44598481848191966790
Total Liabilities ⓘ 143171244283247270267281279319

Fixed Assets

Net Fixed Assets ⓘ +36518711710811095877877
Gross Block5579127177188210194193194199
Accumulated Depreciation192840608010098105116123
CWIP ⓘ 3517343110941
Investments ⓘ 5600000444
Inventories99811111621263136
Trade Receivables3455607063788385107104
Cash Equivalents 44613101617221520
Others Assets ⓘ 53426768514749473737
Total Assets ⓘ 143171244283247270267281279319
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 38322133545158452015
PBT ⓘ 715202016232833194
Adjustment ⓘ 14131732313038282523
Changes in Working Capital ⓘ 126-12-10-3-2-22-10-4
Tax Paid ⓘ 5-2-4-910-0-6-18-15-8
Cash Flow From Investing Activity ⓘ + -3-14-45-40-8-18-25-19-17-21
Capex -16-17-47-48-9-18-25-16-16-21
Net Investments 4007000-300
Others ⓘ 103211000-00
Cash Flow From Financing Activity ⓘ + -40-12254-47-19-33-20-1111
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 0000000-1800
Interest Paid ⓘ -9-6-7-12-8-4-5-3-4-4
Dividend Paid ⓘ -0-00-4-3-3-4-5-5-2
Others ⓘ -31-63220-36-12-236-217
Net Cash Flow ⓘ -562-2-11416-86
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)33.343.5349.7523.6317.4219.4820.5120.757.582.59
ROCE (%)17.2226.0824.6921.0915.8221.4325.5227.2415.995.65
Asset Turnover Ratio0.960.990.920.840.851.011.171.171.091.02
PAT to CFO Conversion(x)6.332.670.952.364.53.192.91.8825
Working Capital Days
Receivable Days97.50107.80109.60108.10107.809993.5095.60114.70125.10
Inventory Days21.6021.801615.3017.7019.1021.6026.9033.9039.90
Payable Days392.40556.10370.10434.40473.20361.20354.70415.10553.70437.40

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Nelco Ltd FAQs

The current trading price of NELCO on 11-Sep-2026 15:50 is ₹949.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of NELCO stood at ₹2,138.8 Cr

The latest P/E ratio of NELCO as of 10-Sep-2026 is 245.0.

The latest P/B ratio of NELCO as of 10-Sep-2026 is 16.46.

The 52-week high of NELCO is ₹1,120.6 and the 52-week low is ₹502.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of NELCO is ₹206 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Nelco Ltd is a good quality company.

The key valuation ratios of Nelco Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Nelco Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Nelco Ltd

Nelco was established in 1940 and is a part of the leading business house - the Tata group. The company is focused on system integration and product management for industrial controls, power, electronics, defence electronics, VSAT networks and automation. The complete range of the company’s electronic products and solutions are assembled, integrated and tested at Mahape. The premises also house R&D facilities focusing on indigenisation.

Nelco has a nationwide sales and service network with four regional offices, eight branch offices and various project based service locations, providing suitable infrastructure for prompt customer service across the country.

The company is headquartered at Mumbai with 75,000 square feet of modern manufacturing facility at Mahape, Navi Mumbai.

Business area of the company

Nelco specializes in the areas of security and surveillance for defence and civil applications, traction, electronics for locomotives, turnkey projects involving supervisory control and data acquisition system (SCADA), AC and DC drives, real time and embedded software and network management system with VSAT based networks.

The company caters to some of the core industries like defence, railways, steel, cement, automobile, oil and gas, paper, ceramics and services.

Some of the clients of the company

  • Ministry of Defence
  • State Electricity Boards
  • Siemens
  • Power Grid Corporation of India
  • Jindal Steel and Power
  • Philips Carbon Black 
  • Tata Iron and Steel Company 
  • Indian Railways
  • Steel Authority of India 
  • Hindustan Paper and Chemicals
  • Hindustan Petroleum Corporation
  • Cochin Port Trust
  • Tata Power Company
  • Tata Motors

Strategic Partners

  • Eagle Telonics
  • Secotec
  • Viasat
  • STM Networks
  • Serck Controls
  • ASI Robicon
  • OSI
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