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Tulsyan NEC Ltd (TULSYAN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513629 NSE: TULSYAN Steel & Iron Products | Small Cap | Tulsyan NEC Share Price

₹29 0.20 (0.69%)

As on 03-Jul'26 16:59

Tulsyan NEC Ltd (TULSYAN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513629 NSE: TULSYAN Steel & Iron Products | Small Cap | Tulsyan NEC Share Price

₹29 0.20 (0.69%)

As on 03-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹48 Cr.
Current Price
₹29
52-Week Low / High
₹17 / 49
TTM EPS
₹-39.2
TTM Sales
₹729 Cr.
Book Value per Share
₹126.9
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
24.4
Price to Book (P/B)
0.23
In line with its 5-year historical median
Price to Sales (P/S)
0.07
Lower than its 5-year historical median
EV/EBITDA
15.29
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-22.69%
Underperforms industry median
Return on Capital Employed (ROCE)
-1.30%
Underperforms industry median
Return on Assets (ROA)
-9.47%
Operating Profit Margin
1.3%
Net Profit Margin
-9.12%
Gross Profit Margin
-6.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-16.59%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
64.20%
Pledged shares (%) of Promoter's holding (%)
99.63%
Reserves
₹192 Cr.
Equity
₹16.5 Cr.
Face Value
₹10
All Time Low / High
₹4.00 / 142.90

Tulsyan NEC stock performance

Key Ratios
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Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 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.

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.

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.
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.
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.

10 Year X-Ray : Login to view analysis.

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.
Tulsyan NEC Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 6.9%1%-1.7%0.5%-0.2%23%97.4%26%-1.3%-1.3%-
Value Creation
Index
-0.5NANANANANA6.00.9-1.1-1.1-

Growth Parameters

Sales 846539710843736567752950956797729
Sales YoY Gr.--36.2%31.7%18.7%-12.7%-23%32.8%26.3%0.6%-16.6%-
Adj EPS -19.6-57-99.9-147.8-150.2-97.9151.260-37.3-45-39.2
YoY Gr.-NANANANANANA-60.3%-162.2%NA-
BVPS (₹) 58.3-6.3-113-263.6-417.4-424.2112.3253.6222166126.9
Adj Net
Profit
-29.3-85.4-150-222-225-147227100-62.2-74.1-64
Cash Flow from Ops. 97.218.714775.839.223286033611.235.5-
Debt/CF from Ops. 8.258.9817.3376.40.71.128.19.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -0.7%1.6%2%-16.6%
Adj EPS NANA-166.8%NA
BVPS12.3%NA13.9%-25.2%
Share Price 0.5% 18% -27.1% -24.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-27-199.5171.880.14523.7-98.834.2-15.8-23.1-26.7
Op. Profit
Mgn %
8.66.71.83.23.13.61.81.5-0.41.3-0.4
Net Profit
Mgn %
-3.5-15.9-21.1-26.3-30.6-25.930.210.5-6.5-9.3-8.8
Debt to
Equity
8.4-118.3-7-3.4-2.4-2.43.70.90.91.31.5
Working Cap
Days
266329215177189214138988810149
Cash Conv.
Cycle
75146129117129156102563223-20

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales845.55539.10710.01842.56735.99566.51752.32950.46956797.43
Operating Expenses + 773.07503.56697.33818.66714.65546.64739936.79959.68787.16
Manufacturing Costs77.2872.96116.90135.30123.94102.99121.63137.92129.37139.64
Material Costs646.74392.50515.41610.06538.74392.46573.76735.18786.17603.33
Employee Cost 28.0826.4629.1730.6732.4428.4631.0931.8522.7222.17
Other Costs 20.9711.6435.8642.6319.5422.7312.5231.8321.4222.02
Operating Profit 72.4835.5412.6723.9021.3419.8813.3113.67-3.6910.26
Operating Profit Margin (%) 8.6%6.6%1.8%2.8%2.9%3.5%1.8%1.4%-0.4%1.3%
Other Income + 4.572.126.578.292.221.871.413.7919.263.60
Exceptional Items 0-2.90-11.46-2.410196.93804.38210.8700
Interest 93.24119.45139.70227.56224.47203.22511.0638.9764.21
Depreciation 15.8624.5625.6324.8125.1424.6824.1625.9124.8822.35
Profit Before Tax -32.05-109.26-157.54-222.59-226.04-9.22789.94191.37-48.28-72.70
Tax -3.38-21.9500000-56.561.890
Profit After Tax -28.66-87.31-157.54-222.59-226.04-9.22789.94247.93-50.17-72.70
PAT Margin (%) -3.4%-16.2%-22.2%-26.4%-30.7%-1.6%105.0%26.1%-5.3%-9.1%
Adjusted EPS (₹)-19.5-59.4-107.0-151.0-153.0-6.3536.9149.8-30.3-44.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Tulsyan NEC - Standalone

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!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 94.46-8.79-165.56-387.91-614.17-624.20165.17419.78367.37273.28
Share Capital 23.5414.7014.7014.7114.7114.7114.7116.5516.5516.46
Reserves 70.92-23.49-180.26-402.63-628.88-638.92150.46403.23350.82256.82
Debt +792.72941.50883.041,008.211,156.241,181.64316.17306.63287.54295.47
Long Term Debt569.82501.19428.52495.83619.07700.80149.11240.26219.04226.01
Short Term Debt222.90440.31454.52512.38537.17480.84167.0766.3768.5069.46
Minority Interest0000000000
Trade Payables226.2270.8787.3272.4778.2813.4039.8988.57122.56123.64
Others Liabilities 139.64186.71354.84403.62434.65385.84396.0542.064.9659.83
Total Liabilities 1,253.041,190.291,159.631,096.381,055.01956.68917.29857.05782.43752.21

Fixed Assets

Net Fixed Assets +315.20737.15718.04694.91673.36649.51627.74564.88541.51521.37
Gross Block432.71761.45767.85769.11888.55888.98890.73839.65817.10813.14
Accumulated Depreciation117.5024.3049.8074.19215.18239.47262.99274.77275.59291.77
CWIP 292.120.940000002.377.09
Investments 7.936.506.506.506.506.506.516.516.546.53
Inventories131.74128.4892.3297.7599.4490.4878.6198.3779.0369.95
Trade Receivables321.10205.06270.71245.06235.15156.49146.3397.42103.6394.75
Cash Equivalents 18.0715.978.673.463.979.096.7912.771.180.32
Others Assets 166.8896.1863.3948.7136.5844.6151.3077.1048.1752.20
Total Assets 1,253.041,190.291,159.631,096.381,055.01956.68917.29857.05782.43752.21

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 97.1718.68146.5675.7739.23231.91860.29336.1311.1835.54
PBT -32.05-109.26-157.54-222.59-226.04-9.22789.94191.37-48.28-72.70
Adjustment 101.30137.50159.62255.85248.63227.1729.0635.5746.6962
Changes in Working Capital 27.92-9.41144.6842.6316.8314.0841.41107.5514.1846.23
Tax Paid 0-0.16-0.21-0.12-0.18-0.13-0.131.66-1.420
Cash Flow From Investing Activity + -29.34-13.138.273.84-4.32-2.70-3.400.8553.57-8.31
Capex -30.67-18.82-5.622.80-3.57-0.83-2.41-3.7853.44-9.52
Net Investments 05.1612.930.85-1-2-140.05-0.03
Others 1.320.530.960.190.250.1300.630.081.24
Cash Flow From Financing Activity + -99.81-3.26-151.39-83.97-35.40-226.09-860.18-327.01-76.29-28.12
Net Proceeds from Shares 0.430.0400.060006.8400
Net Proceeds from Borrowing -11.98-83.78-72.6767.31123.2481.73-551.6991.15-21.226.97
Interest Paid -88.26-109.37-92.94-209.19-183.43-315.91-2.77-72.98-34.60-64.15
Dividend Paid 0000000000
Others 0189.8614.2157.8524.808.09-305.73-352.02-20.4729.06
Net Cash Flow -31.982.293.44-4.36-0.493.12-3.309.98-11.55-0.88

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-28.73N/AN/AN/AN/AN/A084.77-12.75-22.69
ROCE (%)6.89N/AN/AN/AN/AN/A97.425.98-1.28-1.3
Asset Turnover Ratio0.690.480.620.750.680.560.81.071.171.04
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/A1.091.36N/AN/A
Working Capital Days
Receivable Days143.50165.30119.70111.70119.10126.2073.5046.8038.4045.40
Inventory Days55.2081.7055.6041.2048.9061.20413433.9034.10
Payable Days148.90138.105647.8051.1042.601731.904974.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *8.478.478.4798.4099.6399.630.0099.6399.6399.63
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Tulsyan NEC Ltd FAQs

The current trading price of Tulsyan NEC on 03-Jul-2026 16:59 is ₹29.00.

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 02-Jul-2026 the market cap of Tulsyan NEC stood at ₹47.74 Cr

The latest P/E ratio of Tulsyan NEC as of 02-Jul-2026 is 0.00.

The latest P/B ratio of Tulsyan NEC as of 02-Jul-2026 is 0.23.

The 52-week high of Tulsyan NEC is ₹49.35 and the 52-week low is ₹17.10.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tulsyan NEC is ₹729 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Tulsyan NEC Ltd is a average quality company.

The key valuation ratios of Tulsyan NEC Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Tulsyan NEC Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Tulsyan NEC Ltd

Tulsyan NEC Limited (TULSYAN) was incorporated in 1955, the company earlier known as National Engineering Company. The company office is located at 61, Sembudoss Street, Chennai, Tamil Nadu-600001 .The company is a diversified company with business interests in steel and plastic packaging material. Manufacturing facilities are spread across Goa, Karnataka and Tamil Nadu.

Business Profile:

The company manufactures thermo mechanically treated (TMT) bars, billets and ingots in the steel division and polypropylene woven sacks, flexible intermediate bulk containers and woven fabric in the synthetic division. The steel products are used in the construction sector and the plastic products cater to the packaging needs of the cement, fertilizers, food grains, sugar, and other sectors. It is having a total combined capacity of 84,000 MTPA steel products; 222,000 MTPA MS pipes, billets, rounds, wires and other rolled products; 36,000 MTPA mild steel ingots; and 17,541 MTPA high density polyethylene and polypropylene woven fabric and sacks. The company has enhanced its customer base and caters to the markets in Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh, Goa, Kerala and Karnataka

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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