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Last Updated: April 2, 2026, 3:24 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 504112 | NSE: NELCO

NELCO Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹8,383.07Undervalued by 1,410.46%vs CMP ₹555.00

P/E (2,435.0) × ROE (7.6%) × BV (₹56.30) × DY (0.18%)

₹1,278.28Undervalued by 130.32%vs CMP ₹555.00
MoS: +56.6% (Strong)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹5,418.9622%Under (+876.4%)
Graham NumberEarnings₹72.7716%Over (-86.9%)
Earnings PowerEarnings₹37.8511%Over (-93.2%)
DCFCash Flow₹11.6713%Over (-97.9%)
Net Asset ValueAssets₹56.557%Over (-89.8%)
EV/EBITDAEnterprise₹253.399%Over (-54.3%)
Earnings YieldEarnings₹41.807%Over (-92.5%)
ROCE CapitalReturns₹163.099%Over (-70.6%)
Revenue MultipleRevenue₹133.715%Over (-75.9%)
Consensus (9 models)₹1,278.28100%Undervalued
Key Drivers: EPS CAGR -35.4% drags value — could be higher if earnings stabilize. | P/E of 2,435 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -35.4%

*Investments are subject to market risks

Investment Snapshot

42
NELCO Ltd scores 42/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 14.4% GoodROE 7.6% AverageD/E 0.69 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 50.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 17% Steady
Quarterly Momentum15/100 · Weak
Revenue (4Q): -8% YoY DecliningProfit (4Q): -109% YoY DecliningOPM: 10.0% (down 5.1% YoY) Margin pressure
Industry Rank25/100 · Weak
P/E 2,435.0 vs industry 365.2 Premium to peersROCE 14.4% vs industry 16.3% AverageROE 7.6% vs industry 15.7% Below peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:24 am

Market Cap 1,266 Cr.
Current Price 555
Intrinsic Value₹1,278.28
High / Low 1,162/500
Stock P/E2,435
Book Value 56.3
Dividend Yield0.18 %
ROCE14.4 %
ROE7.63 %
Face Value 10.0
PEG Ratio-68.87

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for NELCO Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
NELCO Ltd 1,266 Cr. 555 1,162/5002,435 56.30.18 %14.4 %7.63 % 10.0
GTL Infrastructure Ltd 1,319 Cr. 1.03 2.17/0.96 4.990.00 %%% 10.0
ADC India Communications Ltd 560 Cr. 1,216 2,090/96330.5 1672.47 %46.6 %34.7 % 10.0
Umiya Buildcon Ltd 140 Cr. 74.7 111/56.815.0 60.50.00 %9.59 %8.27 % 5.00
Prabhat Technologies (India) Ltd 107 Cr. 100 /13.5 7.290.00 %1.11 %8.44 % 10.0
Industry Average15,704.10 Cr262.86365.1551.050.25%16.26%15.66%8.17

All Competitor Stocks of NELCO Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 74.2381.9878.8076.6583.2481.6174.0882.5580.7267.5274.7974.3378.30
Expenses 59.1065.1664.3662.7466.9266.8961.7671.7168.5461.0867.0566.8670.48
Operating Profit 15.1316.8214.4413.9116.3214.7212.3210.8412.186.447.747.477.82
OPM % 20.38%20.52%18.32%18.15%19.61%18.04%16.63%13.13%15.09%9.54%10.35%10.05%9.99%
Other Income 0.720.850.380.441.130.880.161.191.572.640.761.31-3.09
Interest 1.802.071.541.681.911.441.081.411.511.521.181.521.44
Depreciation 6.847.955.225.125.855.955.295.185.266.434.925.095.02
Profit before tax 7.217.658.067.559.698.216.115.446.981.132.402.17-1.73
Tax % 30.65%26.01%28.91%24.64%36.53%25.70%25.37%24.63%29.08%461.06%25.00%25.35%-31.21%
Net Profit 5.005.665.735.696.156.104.564.104.95-4.081.801.62-1.19
EPS in Rs 2.192.482.512.492.702.672.001.802.17-1.790.790.71-0.52

Last Updated: February 4, 2026, 8:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 5:02 am

MetricSep 2013Sep 2014Mar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 135123200144150191220226260313320305295
Expenses 133124178125124155170181209252260262265
Operating Profit 2-12218253650455162604329
OPM % 1%-1%11%13%17%19%23%20%19%20%19%14%10%
Other Income 01955644353352
Interest 10713867131089766
Depreciation 9911891320222528222221
Profit before tax -1722715202016232834204
Tax % -2%24%0%9%20%-11%29%22%31%29%29%52%
Net Profit -172261222141216202410-2
EPS in Rs -7.290.850.972.755.319.776.305.427.058.7010.374.18-0.81
Dividend Payout % 0%0%0%0%0%15%19%22%26%23%21%24%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%83.33%-36.36%-14.29%33.33%25.00%20.00%-58.33%
Change in YoY Net Profit Growth (%)0.00%-16.67%-119.70%22.08%47.62%-8.33%-5.00%-78.33%

NELCO Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:7%
3 Years:5%
TTM:-3%
Compounded Profit Growth
10 Years:20%
5 Years:-7%
3 Years:-16%
TTM:-70%
Stock Price CAGR
10 Years:31%
5 Years:32%
3 Years:-7%
1 Year:-37%
Return on Equity
10 Years:21%
5 Years:17%
3 Years:16%
Last Year:8%

Last Updated: September 5, 2025, 11:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:42 am

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 23232323232323232323232323
Reserves -7-6-7-1113343536682101105106
Borrowings 816685575082121908163575372
Other Liabilities 67635552789993729395102107109
Total Liabilities 164146156131162237280238263262282287309
Fixed Assets 37352836518711710811095877878
CWIP 1363517343110910
Investments 8895600000444
Other Assets 1189911387101134160126150165181197218
Total Assets 164146156131162237280238263262282287309

Reserves and Borrowings Chart

Cash Flow

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 26333383221335451584520
Cash from Investing Activity + -8-7-8-3-14-45-40-8-18-25-19-17
Cash from Financing Activity + -18-245-40-12254-47-19-33-20-11
Net Cash Flow -110-562-2-11416-8
Free Cash Flow 1725-72215-25-15453333293
CFO/OP 1,977%-3,159%54%179%137%70%86%98%101%103%104%81%

Free Cash Flow

MonthMar 2016n n 18mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2013Sep 2014
Free Cash Flow22.00-39.00-25.00-46.00-71.00-45.00-30.00-1.003.00-10.00-79.00-67.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthSep 2013Sep 2014Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 15211479851341151171021099697128
Inventory Days 1321456913017685123148129153268415
Days Payable 292341268340644391443455437324364632
Cash Conversion Cycle -8-81-120-125-334-191-203-205-198-750-90
Working Capital Days -109-131-94-116-109-89-11922-369-120
ROCE %-6%5%15%17%26%25%20%14%18%22%23%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%
FIIs 4.42%4.34%4.44%4.51%4.54%4.80%4.64%5.41%4.83%4.64%4.57%4.61%
DIIs 0.05%0.05%0.09%0.08%0.05%0.05%0.05%0.14%0.13%0.12%0.16%0.16%
Government 0.25%0.25%0.25%0.25%0.25%0.25%0.25%0.25%0.25%0.25%0.25%0.25%
Public 45.21%45.28%45.13%45.07%45.08%44.82%44.99%44.13%44.72%44.91%44.94%44.89%
No. of Shareholders 65,56767,24270,53469,07772,70372,95266,82367,64569,80970,29972,45171,859

Shareholding Pattern Chart

No. of Shareholders

NELCO Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4.1810.378.707.055.42
Diluted EPS (Rs.) 4.1810.378.707.055.42
Cash EPS (Rs.) 13.8019.8720.8717.8415.19
Book Value[Excl.RevalReserv]/Share (Rs.) 56.0554.1545.8139.0233.21
Book Value[Incl.RevalReserv]/Share (Rs.) 56.0554.1545.8139.0233.21
Revenue From Operations / Share (Rs.) 133.60140.36137.30113.9799.09
PBDIT / Share (Rs.) 20.6627.0627.7524.2420.91
PBIT / Share (Rs.) 10.9517.3615.5813.4411.13
PBT / Share (Rs.) 8.5314.4812.1910.146.96
Net Profit / Share (Rs.) 4.0910.178.707.055.42
NP After MI And SOA / Share (Rs.) 4.1810.378.707.055.42
PBDIT Margin (%) 15.4619.2720.2121.2721.09
PBIT Margin (%) 8.1912.3611.3411.7911.23
PBT Margin (%) 6.3810.318.878.907.02
Net Profit Margin (%) 3.067.246.336.185.46
NP After MI And SOA Margin (%) 3.127.386.336.185.46
Return on Networth / Equity (%) 7.4519.1518.9818.0516.31
Return on Capital Employeed (%) 18.5127.7724.8223.5822.21
Return On Assets (%) 3.318.397.566.105.02
Long Term Debt / Equity (X) 0.000.000.170.210.19
Total Debt / Equity (X) 0.290.260.360.610.69
Asset Turnover Ratio (%) 1.071.180.890.700.16
Current Ratio (X) 1.101.091.200.920.75
Quick Ratio (X) 0.890.901.020.800.66
Inventory Turnover Ratio (X) 10.780.000.000.000.00
Dividend Payout Ratio (NP) (%) 52.6719.2620.7017.0322.16
Dividend Payout Ratio (CP) (%) 15.849.958.626.727.90
Earning Retention Ratio (%) 47.3380.7479.3082.9777.84
Cash Earning Retention Ratio (%) 84.1690.0591.3893.2892.10
Interest Coverage Ratio (X) 8.549.408.197.355.01
Interest Coverage Ratio (Post Tax) (X) 2.694.533.573.142.30
Enterprise Value (Cr.) 2076.111592.551202.461669.46473.35
EV / Net Operating Revenue (X) 6.814.973.846.422.09
EV / EBITDA (X) 44.0325.7918.9930.189.92
MarketCap / Net Operating Revenue (X) 6.734.943.776.271.90
Retention Ratios (%) 47.3280.7379.2982.9677.83
Price / BV (X) 16.0512.8011.3018.325.68
Price / Net Operating Revenue (X) 6.734.943.776.271.90
EarningsYield 0.000.010.010.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Nelco Ltd. is a Public Limited Listed company incorporated on 31/08/1940 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L32200MH1940PLC003164 and registration number is 003164. Currently Company is involved in the business activities of Installation of telecommunications wiring, computer network and cable television wiring, including fibre optic, satellite dishes. Company's Total Operating Revenue is Rs. 205.63 Cr. and Equity Capital is Rs. 22.82 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Telecom EquipmentEL-6, TTC Industrial Area, New Mumbai Maharashtra 400710Contact not found
Management
NamePosition Held
Mr. A S LakshminarayananChairman
Mr. P J NathManaging Director & CEO
Mr. Vijay SomaiyaDirector
Mr. Saurabh RayDirector
Dr. Lakshmi NadkarniDirector
Mr. Ajay Kumar PandeyDirector

FAQ

What is the intrinsic value of NELCO Ltd and is it undervalued?

As of 10 April 2026, NELCO Ltd's intrinsic value is ₹1278.28, which is 130.32% higher than the current market price of ₹555.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (7.63 %), book value (₹56.3), dividend yield (0.18 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of NELCO Ltd?

NELCO Ltd is trading at ₹555.00 as of 10 April 2026, with a FY2026-2027 high of ₹1,162 and low of ₹500. The stock is currently near its 52-week low. Market cap stands at ₹1,266 Cr..

How does NELCO Ltd's P/E ratio compare to its industry?

NELCO Ltd has a P/E ratio of 2,435, which is above the industry average of 365.15. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is NELCO Ltd financially healthy?

Key indicators for NELCO Ltd: ROCE of 14.4 % is moderate; ROE of 7.63 % is below ideal levels (industry average: 15.66%). Dividend yield is 0.18 %.

Is NELCO Ltd profitable and how is the profit trend?

NELCO Ltd reported a net profit of ₹10 Cr in Mar 2025 on revenue of ₹305 Cr. Compared to ₹16 Cr in Mar 2022, the net profit shows a declining trend.

Does NELCO Ltd pay dividends?

NELCO Ltd has a dividend yield of 0.18 % at the current price of ₹555.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in NELCO Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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