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Swing Capital

NELCO Ltd

NSE: NELCO BSE: 504112

Incorporated in 1940, Nelco Ltd provides domestic satellite communication services to close user group networks[1]

₹656
52W: ₹500 — ₹1162
PE 242 · Book ₹55.3 · +1086% vs book
Market Cap₹1,497 Cr
Stock P/E242Price to Earnings
ROCE8.73%Return on Capital
ROE4.98%Return on Equity
Div. Yield0.15%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 28.1%

Weaknesses

  • −Stock is trading at 11.8 times its book value
  • −The company has delivered a poor sales growth of 8.56% over past five years.
  • −Company has a low return on equity of 10.5% over last 3 years.

Shareholding Pattern

Promoters50.09%
FIIs4.73%
DIIs0.26%
Public44.67%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.09%50.09%50.09%50.09%50.09%50.09%50.09%50.09%
FIIs4.8%4.64%▼0.25.41%▲0.84.83%▼0.64.64%▼0.24.57%▼0.14.61%▲0.04.73%▲0.1
DIIs0.05%0.05%0.14%▲0.10.13%▼0.00.12%▼0.00.16%▲0.00.16%0.26%▲0.1
Public44.82%44.99%▲0.244.13%▼0.944.72%▲0.644.91%▲0.244.94%▲0.044.89%▼0.044.67%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales57.9755.2153.2850.3851.250.7746.8748.6249.6652.55
Expenses45.6746.3444.2745.9142.6842.6342.6442.645.0246.98
Operating Profit12.38.879.014.478.528.144.236.024.645.57
OPM %21.22%16.07%16.91%8.87%16.64%16.03%9.02%12.38%9.34%10.6%
Net Profit5.494.184.131.324.39-0.031.162.71-0.572.79
EPS ₹2.411.831.810.581.92-0.010.511.19-0.251.22

AI Insights

Revenue Trend

Mar 2026 revenue at ₹198Cr, down 3.9% YoY. OPM at 10%.

Debt Position

Borrowings at ₹9Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Capex Cycle

CWIP at ₹39Cr (66% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.26% (+0.21pp change). FIIs: 4.73% (+0.39pp change). Promoters hold 50.09%.

Margin & Efficiency

ROCE improving from 3% (Sep 2014) to 9% (Mar 2026). Working capital days: -80.

Valuation

PE 242x with 8.73% ROCE. Price is 1086% above book value of ₹55.3. Dividend yield: 0.15%.

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