Nesco Limited (NESCO) · mywealthgrid

Loading page…

About

Nesco operates diversified commercial services in industrials with ₹7,317.9 Cr market cap. Recent quarterly revenues range ₹211–251 Cr, demonstrating significant operational scale. The company is characterized by exceptionally high operating margins of 52.61%.

Face value: ₹2

Market cap

₹7,249 Cr

P/E

17.4×

P/B

2.4×

Dividend yield

1.3%

ROE

14.7%

ROCE

17%

Debt / equity

OPM

52.6%

EPS (TTM)

₹59.1

Book value

₹425.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue declined sharply from ₹251.62 Cr (Mar 2026) to ₹211.8 Cr (Jun 2026) — verify if seasonal, cyclical, or structural loss of contracts.
Operating margin compressed from 56.91% (Sep 2025) to 46.86% (Mar 2026), indicating cost pressures or unfavorable mix — verify drivers and sustainability.
EPS trended down from ₹16.88 (Sep 2025) to ₹14.19 (Jun 2026) while stock fell 24.57% in 1y — verify if market is pricing further deterioration or if valuation stabilizing.
Commercial services are cyclical and subject to competition; verify customer concentration, contract visibility, and pricing power.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E = 0) removes financial constraints for growth investments or acquisitions — verify if management has announced expansion plans.
If operating margin compression from 56.91% (Sep 2025) to 46.86% (Mar 2026) reverses, recovery would drive profit growth on current revenue base of ₹211.8 Cr (Jun) — verify if decline is structural or temporary.
ROE of 14.67% and net profit range of ₹93–118 Cr across quarters allow organic reinvestment or strategic capital deployment — verify capital allocation priorities.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,028.2-1.2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 52.6%
+Profit CAGR of 19.1% over the last 5 years
+Revenue CAGR of 26.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 21.4×
+High promoter holding of 68.5% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 76
Growth: 48
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
International Gemological Institute LimitedIGILIGIL	₹13,482 Cr	₹13,482 Cr	₹1,363 Cr	₹827 Cr	60.9%	₹610 Cr	44.5%	61.1%	49.1%	36
Wework India Management LimitedWEWORKWEWORK	₹8,931 Cr	₹9,264 Cr	₹2,589 Cr	₹1,676 Cr	64.5%	₹84 Cr	3.1%	12.4%	25%	-18
Nesco LimitedNESCONESCO	₹7,249 Cr	₹7,249 Cr	₹951 Cr	₹482 Cr	52.6%	₹417 Cr	44.3%	17%	14.7%	1
Indiabulls LimitedIBULLSLTDIBULLSLTD	₹6,856 Cr	₹7,314 Cr	₹1,101 Cr	₹417 Cr	33.2%	₹419 Cr	41.5%	—	8.9%	—
Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
Leap India LimitedLEAPINDLEAPIND	₹6,036 Cr	₹7,054 Cr	₹730 Cr	₹157 Cr	21.5%	₹62 Cr	8.6%	9.5%	9.6%	-520
Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS	₹5,837 Cr	₹6,044 Cr	₹1,963 Cr	₹1,260 Cr	64.3%	₹28 Cr	0.6%	7.5%	2%	-102
Elevate Campuses LimitedELEVATEELEVATE	₹5,811 Cr	₹9,931 Cr	₹569 Cr	₹405 Cr	71.3%	₹174 Cr	30.6%	9.3%	21.1%	—
Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	266	314	322	360	432	291	337	546	678	732	932
COGS	13	18	18	24	19	17	26	36	62	68	130
Gross profit	253	296	304	336	413	274	312	510	616	664	802
	65	90	96	116	135	88	93	161	190	226	312
	189	207	207	220	278	186	219	349	426	438	490
OPM %	70.8%	65.7%	64.5%	61.1%	64.4%	63.8%	64.9%	63.9%	62.9%	59.8%	52.6%
Depreciation	7	—	—	—	22	26	28	33	54	50	49
Interest	4	5	6	5	6	8	9	12	14	12	25
	33	43	36	33	43	65	45	63	105	114	100
Profit before tax	211	244	238	248	292	216	226	367	463	489	516
Tax	67	74	59	67	58	44	37	76	100	114	103
Tax %	31.6%	30.5%	24.9%	27.2%	20%	20.3%	16.5%	20.8%	21.6%	23.3%	20%
	144	170	179	180	234	172	189	291	363	375	413
PAT margin %	54.1%	54.1%	55.5%	50.2%	54.2%	59.2%	56.1%	53.2%	53.5%	51.3%	44.3%
EPS (₹)	—	—	—	—	33.2	24.5	26.9	41.3	—	53.3	58.6
EPS adjusted (₹)	20.5	24.1	25.4	25.6	33.2	24.5	26.9	41.3	51.5	53.3	58.6
	—	—	—	—	9%	12.3%	11.2%	10.9%	—	12.2%	11.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	14	14	14	14	14
Reserves	644	837	997	1,156	1,343	1,515	1,684	1,951	2,282	2,615	2,982
Minority interest	—	—	—	0	—	—	—	—	0	0	—
	—	—	—	—	0	0	0	0	—	0	0
	148	182	172	178	252	293	274	298	354	386	693
Total equity & liabilities	806	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016	3,689
	165	188	98	95	94	87	174	151	121	299	578
CWIP	143	262	356	507	1	51	82	85	162	753	763
Investments	407	482	499	531	1,355	1,482	1,519	1,814	1,494	1,753	2,116
	90	101	230	216	160	202	197	212	873	211	231
Total assets	806	1,033	1,183	1,349	1,610	1,822	1,972	2,263	2,650	3,016	3,689

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Realty	397.92	331.76	1,468.41	249.63	1,218.78	27.22
Bombay Exhibition Center	259.82	133.12

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	93.3%	95.7%	94.1%	92.4%	93.4%	90.8%	90.6%	86.1%
EBITDA margin %	61.1%	64.4%	63.8%	64.9%	63.9%	62.9%	59.8%	52.6%
EBIT margin %	61.1%	59.2%	54.9%	56.5%	57.9%	54.9%	53%	47.3%
PAT margin %	50.2%	54.2%	59.2%	56.1%	53.2%	53.5%	51.3%	44.3%
Working capital
Receivable days	18	14	37	20	15	7	8	8
Inventory days	138	170	159	107	119	80	56	36
Payable days	164	287	227	128	147	17	63	43
NWC days	-8	-104	-31	-1	-12	69	0	1
Leverage
Current ratio	0.78	1.1	1.73	8.04	4.7	3.12	2.5	2.63
Debt to EBITDA	—	0	0	0	0	—	0	0
Debt to equity	—	0	0	0	0	—	0	0
Interest coverage	53.6	49.6	27.3	25.6	31.1	34	40.7	21.4
Asset turnover	0.27	0.27	0.16	0.17	0.24	0.26	0.24	0.25
Return ratios
Return on assets %	13.4%	14.5%	9.5%	9.6%	12.8%	13.7%	12.4%	11.2%
Return on capital employed %	21.9%	21.6%	14%	13.1%	18.7%	20.5%	18.7%	17%
Return on equity %	15.4%	17.2%	11.3%	11.1%	14.8%	15.8%	14.3%	13.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%	68.54%
	2.8%	3.03%	3.5%	3.86%	3.95%	4.91%	4.9%	4.89%	4.9%	4.65%	4.63%	4.32%
	4.07%	4.15%	3.99%	3.91%	4.07%	3.37%	3.19%	3.06%	3.97%	3.79%	3.85%	4.12%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.59%	24.28%	23.97%	23.69%	23.44%	23.18%	23.37%	23.51%	22.59%	23.02%	22.98%	23.02%
No. of shareholders	—	—	—	—	—	—	—	—	44,938	47,254	46,130	46,381

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 10 Nov 2023 – 10 Nov 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,14,251	₹741.82	₹30.73 Cr
10 Nov 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,14,251	₹741.08	₹30.70 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Krishna Sumant PatelExecutive Director-Chairperson-MD
Dipesh SinghaniaChief Financial Officer
Mrs. Sudha Sumant PatelNon-Executive - Non Independent Director
Mr. Ramakrishnan RamamurthiNon-Executive - Independent Director
Mr. Manish Ishwarlal PanchalNon-Executive - Independent Director
Mr. Arun Lalchand TodarwalNon-Executive - Independent Director
Ms. Amrita V. ChowdhuryNon-Executive - Independent Director
Mr. Rajesh UpadhyayExecutive Director
Ms. Shalini KamathCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

0.89%

of the company's equity

All mutual funds

2.88%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Parag Parikh Dynamic Asset Allocation Fund	PPFAS Mutual Fund	2.28 L	23.73	0.92%	0.323%	-0
Parag Parikh Flexi Cap Fund	PPFAS Mutual Fund	1.94 L	20.19	0.01%	0.275%	+42,307
Small Cap Fund	Bajaj Finserv Mutual Fund	1.35 L	14.03	0.53%	0.191%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	54,622	5.69	0.23%	0.077%	-1,196
Parag Parikh ELSS Tax Saver Fund	PPFAS Mutual Fund	15,060	1.57	0.03%	0.021%	-0
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	373	0.04	0.01%	0.001%	+1
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	61	0.01	0.01%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

22 Sept 2026, 8:15 pmCompany Update

Announcement Under Regulation 30

General PDF

9 Sept 2026, 7:49 pmCompany Update

Announcement Under Regulation 30

General PDF

2 Sept 2026, 8:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

27 Aug 2026, 9:29 pmCompany Update

Announcement Under Regulation 30- Para A

General PDF

27 Aug 2026, 9:21 pmCompany Update

Announcement Under Regulation 30- Para B

General PDF

10 Aug 2026, 2:44 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

3 Aug 2026, 10:27 pmCompany Update

Transcript Of 67Th AGM

General PDF

28 Jul 2026, 8:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
22 Sept 2026, 8:15 pm	Company Update General	Announcement Under Regulation 30	PDF
9 Sept 2026, 7:49 pm	Company Update General	Announcement Under Regulation 30	PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	93.3%	95.7%	94.1%	92.4%	93.4%	90.8%	90.6%	86.1%
EBITDA margin %	61.1%	64.4%	63.8%	64.9%	63.9%	62.9%	59.8%	52.6%
EBIT margin %	61.1%	59.2%	54.9%	56.5%	57.9%	54.9%	53%	47.3%
PAT margin %	50.2%	54.2%	59.2%	56.1%	53.2%	53.5%	51.3%	44.3%
Working capital
Receivable days	18	14	37	20	15	7	8	8
Inventory days	138	170	159	107	119	80	56	36
Payable days	164	287	227	128	147	17	63	43
NWC days	-8	-104	-31	-1	-12	69	0	1
Leverage
Current ratio	0.78	1.1	1.73	8.04	4.7	3.12	2.5	2.63
Debt to EBITDA	—	0	0	0	0	—	0	0
Debt to equity	—	0	0	0	0	—	0	0
Interest coverage	53.6	49.6	27.3	25.6	31.1	34	40.7	21.4
Asset turnover	0.27	0.27	0.16	0.17	0.24	0.26	0.24	0.25
Return ratios
Return on assets %	13.4%	14.5%	9.5%	9.6%	12.8%	13.7%	12.4%	11.2%
Return on capital employed %	21.9%	21.6%	14%	13.1%	18.7%	20.5%	18.7%	17%
Return on equity %	15.4%	17.2%	11.3%	11.1%	14.8%	15.8%	14.3%	13.8%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	137	153	146	171	208	130	163	297	377	349	388
	-110	-153	-123	-155	-157	-133	-142	-265	-334	-315	-610
	-25	-0	-19	-20	-47	-0	-21	-24	-33	-42	222
Net cash flow	1	-0	4	-4	4	-3	0	8	10	-8	0
Free cash flow	81	-3	9	21	151	72	163	288	272	-436	66
CFO / Operating profit %	72.5%	73.9%	70.5%	77.8%	74.9%	69.9%	74.5%	85.1%	88.4%	79.7%	79.1%

Nesco Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

20

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Bombay Exhibition Center · revenue

Nesco Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends20

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Bombay Exhibition Center · revenue

20

1

1