Small IT

Nelco Ltd.

NELCO

₹899.85

-0.12% (-1.05)

Market Cap

₹2,051 Cr.

P/E

215.18

Nelco Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Nelco Ltd. Shareprice

Has the share price of NELCO grown faster than its competition?

NELCO has given lower returns compared to its competitors.
NELCO has grown at ~20.64% over the last 2yrs while peers have grown at a median rate of 36.93%

Is NELCO stock expensive?

Yes, NELCO is expensive.
Latest PE of NELCO is 215, while 3 year average PE is 88.49.
Also latest EV/EBITDA of NELCO is 49.54 while 3yr average is 30.16.

View FAQ's On Business

Growth Table

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	23.72	20.64	11.41	39.12	38.05	19.87	20.23	35.43	28.76	29.88
TTM EPS CAGR	-59.73	-30.79	-18.32	-8.95	-7.31	-13.12	-2.56	5.42	8.57	—
Sales CAGR	-4.82	-1.36	5.44	7.76	6.75	8.10	10.70	9.86	9.44	8.52
PAT Margin (Abs Growth)	-4.26	-3.21	-3.06	-2.34	-3.41	-8.54	-4.97	-1.25	2.80	-4.30
PE CAGR	211	74.31	36.39	52.37	48.74	37.97	22.48	28.72	18.60	—
CFO CAGR	-56.20	-41.82	-27.01	-22.26	-9.93	-1.26	-6.78	-7.89	24.78	-4.91

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	155	143	171	244	283	247	270	267	281	279
Non Current Assets	69.96	83.05	96.01	150	172	164	155	135	150	137
Net Block	27.61	35.60	50.76	86.68	117	108	110	95.40	87.20	77.96
Capital Work in Progress	6.11	2.85	4.68	16.60	3.39	4.06	2.60	1.48	9.85	8.70
Intangible Assets Under Development	—	—	—	—	—	—	—	—	0.23	—
Long Term Investments	8.77	5.27	5.76	0.16	0.16	0.16	0.16	0.22	3.73	3.92
Current Assets	85.79	61.16	75.85	95.80	117	91.03	124	143	152	167
Inventory	8.00	9.01	8.87	7.89	10.52	11.38	15.82	21.27	25.87	30.69
Accounts Receivable	43.11	33.65	54.73	59.97	70.26	63.26	77.86	82.74	85.07	107
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	5.27	3.58	4.25	5.77	13.43	9.51	16.10	16.64	22.32	14.61
Liabilities	155	143	171	244	283	247	270	267	281	279
Shareholders Funds	15.85	21.87	33.77	55.84	65.89	76.01	89.05	105	124	128
Share Capital	22.82	22.82	22.82	22.82	22.82	22.82	22.82	22.82	22.82	22.82
Reserves	-6.97	-0.95	10.95	33.02	43.07	53.19	66.23	81.73	101	105
Non Current Liabilities	4.49	18.26	21.56	45.54	41.99	47.68	47.84	43.51	18.24	-1.28
Secured Loans	—	1.56	4.58	31.65	29.48	15.14	18.75	18.62	0.17	—
Unsecured Loans	0.29	0.12	3.00	2.20	—	—	—	—	—	—
Current Liabilities	135	103	116	142	175	123	133	119	139	153
Accounts Payable	30.91	23.68	32.51	36.33	37.72	34.95	53.49	45.06	35.20	46.77
Short Term Loans	84.51	52.32	38.39	34.06	68.53	37.33	27.50	7.84	26.21	37.78

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	200	144	150	191	220	226	260	313	320	305
Operating Expenses	181	127	125	156	171	181	210	252	260	262
Raw Material	42.06	26.40	18.30	32.97	33.74	28.89	49.11	56.14	39.89	31.84
Material Cost (%)	21.08	17.67	12.33	17.77	14.15	12.40	17.18	16.18	11.02	8.86
Employee Cost	27.94	21.18	22.56	27.79	33.61	34.11	34.03	36.94	43.04	45.73
Power & Fuel Cost	2.77	1.94	2.05	2.09	1.93	2.01	2.00	2.40	2.61	2.96
Operating Profit	18.78	16.94	24.27	35.27	49.07	44.63	50.15	61.45	59.98	42.59
Other Income	5.64	6.12	5.80	5.00	3.19	3.08	5.17	2.83	2.45	5.18
OPM (%)	9.39	11.79	16.22	18.47	22.31	19.74	19.28	19.61	18.73	13.97
Depreciation and Amortisation	11.11	8.02	9.49	12.96	20.02	22.30	24.64	27.78	22.14	22.16
Interest	13.09	8.50	5.93	7.38	13.13	9.53	7.53	8.68	7.25	6.14
Profit Before Tax	0.66	6.93	15.22	20.02	20.26	15.88	23.15	27.82	33.51	19.66
Tax	0.00	0.65	3.11	-2.27	5.88	3.52	7.07	7.97	9.84	10.13
Net Profit	2.21	6.28	12.11	22.29	14.38	12.36	16.08	19.85	23.67	9.53
Number of shares(Crs)	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28
Dividend Payout Ratio(%)	0.00	0.00	0.00	15.36	19.04	22.16	25.54	22.99	21.21	23.95

Cash Flow

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	2.68	37.93	32.15	21.22	33.17	53.83	50.56	58.08	44.89	19.66
Profit Before Tax	2.21	6.93	15.22	20.02	20.26	15.88	23.15	27.82	33.04	19.47
Adjustments	21.45	14.19	13.21	17.41	31.89	31.37	29.61	37.95	28.06	24.80
OCF Before Working Capital	23.66	21.12	28.43	37.43	52.15	47.25	52.76	65.77	61.10	44.27
Working Capital Changes	-11.90	11.88	6.00	-12.08	-9.52	-3.12	-1.89	-2.06	1.66	-9.81
Taxes Paid	-9.08	4.93	-2.28	-4.13	-9.46	9.70	-0.31	-5.63	-17.87	-14.80
Cash from Investing Activity	-7.71	-2.51	-14.26	-44.68	-40.06	-7.56	-17.89	-24.93	-19.22	-16.54
Net Fixed Assets Purchased	-10.27	-16.21	-16.78	-46.59	-47.89	-8.93	-17.90	-27.07	-16.18	-16.36
Fixed Assets Purchased	-10.34	-16.21	-20.79	-53.39	-48.00	-9.30	-17.98	-25.09	-16.31	-16.57
Fixed Assets Sold	0.07	—	4.01	6.80	0.11	0.37	0.08	-1.98	0.13	0.21
Investment Purchased	—	—	—	—	—	—	—	—	-3.04	—
Investment Sold	—	3.80	0.20	—	6.77	—	—	—	—	—
Interest Recieved	0.48	0.05	0.03	2.01	1.07	1.37	0.11	0.19	0.05	0.05
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	5.37	-40.12	-12.19	25.02	4.47	-46.90	-18.92	-32.64	-20.04	-11.06
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	0.00	-31.22	-5.50	0.00	0.00	0.00	0.00	0.00	-18.45	-0.17
Proceeds From Borrowings	—	112	133	—	—	—	—	—	—	—
Repayment From Borrowings	—	-143	-139	—	—	—	—	—	-18.45	-0.17
Interest Paid	-13.21	-8.87	-5.96	-7.38	-11.84	-8.08	-4.41	-5.18	-2.97	-4.25
Dividend Paid	—	-0.03	-0.06	—	-4.03	-2.72	-2.71	-4.07	-4.53	-4.82
Net Cash Flow	0.34	-4.70	5.70	1.56	-2.42	-0.63	13.75	0.51	5.63	-7.94
Opening Cash & Cash Equivalents	4.59	2.38	-2.32	3.38	4.95	2.53	1.90	15.65	16.16	21.79
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	4.93	-2.32	3.38	4.94	2.53	1.90	15.65	16.16	21.79	13.85
Net Capex (est)	10.27	16.21	16.78	46.59	47.89	8.93	17.90	27.07	16.18	16.36
Free Cash Flow (est)	-7.59	21.72	15.37	-25.37	-14.72	44.90	32.66	31.01	28.71	3.30

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Operational Ratios
Quick Ratio	0.58	0.50	0.58	0.62	0.61	0.64	0.81	1.02	0.90	0.89
Liquid Assets (Crs)	77.79	52.15	66.98	87.91	106	79.65	108	122	126	136
Current Liabilities (Crs)	135	103	116	142	175	123	133	119	139	153
Current Ratio	0.64	0.59	0.65	0.67	0.67	0.74	0.93	1.20	1.09	1.10
Current Assets (Crs)	85.79	61.16	75.85	95.80	117	91.03	124	143	152	167
Current Liabilities (Crs)	135	103	116	142	175	123	133	119	139	153
Interest Coverage Ratio	1.05	1.82	3.57	3.71	2.54	2.67	4.07	4.21	5.62	4.20
EBIT (Crs)	13.31	15.04	20.58	27.31	32.24	25.41	30.68	36.50	40.29	25.61
Interest Expenses (Crs)	13.09	8.50	5.93	7.38	13.13	9.53	7.53	8.68	7.25	6.14
Fixed Asset Turnover	5.16	2.63	1.90	1.50	1.24	1.20	1.24	1.62	1.66	1.57
Net Sales (Crs)	200	144	150	191	220	226	260	313	320	305
Fixed Assets (Crs)	38.72	54.73	78.75	127	177	188	210	194	193	194
Cash Conversion Cycle	-192	-273	-426	-244	-311	-348	-243	-240	-293	-405
Inventory Days	21.13	21.61	21.81	16.01	15.28	17.68	19.09	21.60	26.86	33.86
Days Receivable	74.62	97.51	108	110	108	108	99.03	93.54	95.61	115
Days Payable	288	392	556	370	434	473	361	355	415	554
Debt to Equity Ratio	5.36	2.59	1.48	1.47	1.71	0.88	0.61	0.36	0.27	0.30
Total Debt (Crs)	84.99	56.55	50.02	82.36	113	66.82	54.50	37.94	33.22	37.95
Shareholders Equity (Crs)	15.85	21.87	33.77	55.84	65.89	76.01	89.05	105	124	128
Free Cash Flow/Sales (%)	-3.80	15.12	10.27	-13.28	-6.69	19.86	12.56	9.90	8.96	1.08
Free Cash Flow(est) (Crs)	-7.59	21.72	15.37	-25.37	-14.72	44.90	32.66	31.01	28.71	3.30
Net Sales (Crs)	200	144	150	191	220	226	260	313	320	305
Profitability Ratios
Gross Margin (%)	78.92	82.33	87.67	82.23	85.85	87.60	82.82	83.82	88.98	91.14
Op Profit Margin (%)	9.39	11.79	16.22	18.47	22.31	19.74	19.28	19.61	18.73	13.97
Operating Profit (Crs)	24.42	23.06	30.07	40.27	52.26	47.71	55.32	64.28	62.43	47.77
Net Sales (Crs)	200	144	150	191	220	226	260	313	320	305
Net Profit Margin (%)	1.11	4.37	8.09	11.67	6.54	5.47	6.18	6.34	7.39	3.13
Net Profit (Crs)	2.21	6.28	12.11	22.29	14.38	12.36	16.08	19.85	23.67	9.53
Net Sales (Crs)	200	144	150	191	220	226	260	313	320	305
ROCE (%)	65.44	37.48	37.20	26.94	29.89	20.54	22.41	24.65	28.41	20.23
EBIT (Crs)	13.31	15.04	20.58	27.31	32.24	25.41	30.68	36.50	40.29	25.61
Capital Employed (Crs)	20.34	40.13	55.33	101	108	124	137	148	142	127
Return on Assets (%)	1.42	4.38	7.06	9.14	5.08	5.00	5.95	7.43	8.42	3.41
Net Profit (Crs)	2.21	6.28	12.11	22.29	14.38	12.36	16.08	19.85	23.67	9.53
Total Assets (Crs)	155	143	171	244	283	247	270	267	281	279
ROIC (%)	-37.14	-111	107	45.82	38.48	23.95	19.99	22.92	30.64	11.30
Op Profit after Taxes (Crs)	7.67	8.08	11.76	24.84	20.62	17.38	17.72	24.02	26.73	9.90
Invested Capital (Crs)	-20.65	-7.27	10.95	54.21	53.58	72.57	88.66	105	87.22	87.67
ROE (%)	13.94	28.72	35.86	39.92	21.82	16.26	18.06	18.99	19.15	7.45
Net Profit Margin (%)	1.11	4.37	8.09	11.67	6.54	5.47	6.18	6.34	7.39	3.13
Asset Turnover ratio	1.29	1.00	0.87	0.78	0.78	0.91	0.96	1.17	1.14	1.09
Equity Multiplier	9.79	6.56	5.08	4.37	4.29	3.25	3.03	2.55	2.28	2.18
Adjusted EPS	0.97	2.75	5.31	9.77	6.30	5.42	7.05	8.70	10.37	4.18
Valuation Ratios
P/E	92.21	28.62	29.20	27.97	21.34	34.82	101	59.50	66.82	215
Price to Book	12.86	8.22	10.47	11.17	4.66	5.66	18.32	11.30	12.80	16.05
EV/EBITDA	11.61	10.09	13.28	17.39	7.77	10.22	30.18	18.71	25.51	43.46
Dividend Yield (%)	0.00	0.00	0.00	0.55	0.89	0.64	0.25	0.39	0.32	0.11

Quarterly Results

Nelco Ltd.
GTL Infrastructure
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D-Link (India)
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	74.23	81.98	78.80	76.65	83.24	81.61	74.08	82.55	80.72	67.52
Operating Expenses	59.07	65.16	64.36	62.74	66.92	66.89	61.76	71.71	68.54	60.89
Increase/Decrease in Stock	-0.48	-1.68	-1.67	-2.33	3.80	-4.40	-0.36	4.35	-0.24	-8.57
Raw Material	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	8.97	9.62	11.19	10.36	10.46	11.03	12.05	11.44	11.21	11.03
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	15.16	16.82	14.44	13.91	16.32	14.72	12.32	10.84	12.18	6.63
Other Income	0.69	0.85	0.38	0.41	0.84	0.73	0.11	0.91	1.52	2.64
Interest	1.80	2.07	1.54	1.68	1.91	1.44	1.08	1.41	1.51	1.52
PBDT	14.05	15.60	13.28	12.64	15.25	14.01	11.35	10.34	12.19	7.75
Depreciation and Amortization	6.84	7.95	5.22	5.12	5.85	5.95	5.29	5.18	5.26	6.43
Profit Before Tax	7.21	7.65	8.06	7.52	9.40	8.06	6.06	5.16	6.93	1.32
Tax	2.21	1.99	2.33	1.86	3.54	2.11	1.55	1.34	2.03	5.21
Profit After Tax	5.00	5.66	5.73	5.66	5.86	5.95	4.51	3.82	4.90	-3.89
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	5.00	5.66	5.73	5.69	6.15	6.10	4.56	4.10	4.95	-4.08
Quarterly Ratios
EPS	2.19	2.48	2.51	2.49	2.69	2.67	2.00	1.80	2.17	-1.79
Operating Profit Margin	20.42	20.52	18.32	18.15	19.61	18.04	16.63	13.13	15.09	9.82
Net Profit Margin	6.74	6.90	7.27	7.38	7.04	7.29	6.09	4.63	6.07	-5.76

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

113.30%

Implied Growth Rate over a 5 year period*

42.00%

Implied Growth Rate over a 10 year period*

19.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Rhapson method.

Learn how to use Reverse DCF

FAQs on Nelco Ltd. Financials

How strong is NELCO balance sheet?

Balance sheet of NELCO is strong.
But short term working capital might become an issue for this company.

Is the debt of NELCO increasing or decreasing?

Yes, The net debt of NELCO is increasing.
Latest net debt of NELCO is ₹12.16 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹8.23 Crs.

Is the profitablity of NELCO improving?

The profit is oscillating.
The profit of NELCO is ₹9.53 Crs for Mar 2025, ₹23.67 Crs for Mar 2024 and ₹19.85 Crs for Mar 2023

Does NELCO pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
NELCO latest dividend payout ratio is 23.95% and 3yr average dividend payout ratio is 22.72%

How has NELCO allocated its funds?

Companies resources are allocated to majorly unproductive assets like Inventory, Accounts Receivable

View FAQ's On Shareholding

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Nelco Ltd.

Nelco Ltd.

Has the share price of NELCO grown faster than its competition?

Is NELCO stock expensive?

How strong is NELCO balance sheet?

Is the debt of NELCO increasing or decreasing?

Is the profitablity of NELCO improving?

Does NELCO pay decent dividends?

How has NELCO allocated its funds?

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