Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Nesco Limited (NESCO)
Micro CapServices stocks · Micro cap · NSE
Nesco Limited operates a diversified portfolio including IT parks, exhibition centers, food & beverage services, engineering, and wayside amenities. It owns and manages Nesco Center in Mumbai, a hub for business and events, and is expanding into national expressway networks, marking a strategic foray into high-potential mobility corridors.
₹1,019
-16.80 · -1.62%
Market cap ₹7,405 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result27 Jul, 07:04 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -1.6% / mo · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NESCOD candles · FIT view-16.2%Latest close ₹1019.00 on 2026-10-21
Bar
-1.6%
RSI
39
MACD hist
-1.34
52W pos
6%
2026-10-21O ₹1035.90H ₹1039.70L ₹1016.10C ₹1019.00Vol 51,867 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NESCONifty 500
- NESCO
- -5.4%
- Nifty 500
- -6.5%
- Vs Nifty 500
- +1.1 pp
Chart stats
21 Oct 2026- From 52W high
- -27.9%
- 52W range position
- 6%
- ATR (14)
- 2.5%
- Volume vs 20D
- 1.20x
- Avg traded value
- ₹4.6 Cr
- 20D price channel
- ₹1,016.1 - ₹1,096.8
₹1,413.3
₹996 - ₹1,413.3
₹25.7
Latest completed session
20-session average
21.1% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +9.8% · PAT +4.2% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model+35.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +10% YoY · PAT +4% YoY
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹212 Cr | +9.8% | -15.9% |
| EBITDA | ₹102 Cr | -7.3% | -13.6% |
| Operating margin | 48.0% | -900 bps | +100 bps |
| PAT | ₹100 Cr | +4.2% | +7.5% |
| PAT margin | 47.2% | -257 bps | +1027 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 17.80
- P/B
- 2.47
- EV/EBITDA
- 14.43
- Market Cap
- 7405.00Cr
Profitability
- ROE
- 14.80%
- ROCE
- 18.50%
- ROA
- 11.30%
- Dividend Y
- 0.67%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 16.62×
- Altman Z
- 8.11
- Book Value
- 425.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 388.00 Cr
- EPS TTM
- 59.13
Shareholding
- Promoter Hold
- 68.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 212-15.9% vs prev
Net Profit
₹ CrLatest: 100+7.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
38
RS percentile
Stage 1 Base / Transition
1M return
-5.8%
3M return
-5.4%
6M return
-14.1%
1Y return
-25.1%
RS 1D
+4
RS 20D
+1
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 8.0% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 80.47-0.70%
RS vs Nifty 50080
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation10/30
Growth16/25
Quality9/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 35.1%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
17.8
PB
2.5
EV/EBITDA
14.4
ROE
14.8%
ROCE
18.5%
FCF Yield
—
Debt/Equity
0.1
MoS
+35.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+35.1%
Previous: +34.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹751.95
-35.5% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹1,569.9
+35.1% MoS
PEG
1.13
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WEWORK
Micro
WeWork India Management Limited
Real Estate
match 86
40
106.0
31.6%
-4082%
WATCHLIST
SMARTWORKS
Micro
Smartworks Coworking Spaces Limited
Real Estate
match 85
32
192.0
3.1%
-617%
WATCHLIST
INDIQUBE
Small
Indiqube Spaces Limited
Real Estate
match 77
28
—
-42.2%
—
OVERVALUED
AWFIS
Small
Awfis Space Solutions Limited
Real Estate Services
match 76
55
20.6
15.4%
+24%
FAIR VALUE
KONTOR
SME
Kontor Space Ltd.
Real Estate
match 74
50
14.6
8.3%
+45%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T11:40:00.149Z
Management commentary snapshot
H1 FY25-26 Total Income reached 485 Cr, EBIDTA 299 Cr, and PAT 215 Cr. FY2025 saw Total Income grow 7.9% YoY to 845 Cr, EBIDTA 3.8% YoY to 551 Cr, and PAT 3.4% YoY to 375 Cr, indicating steady but moderating growth.
Nesco demonstrates consistent financial performance, primarily driven by its IT Park and Exhibition segments. Future growth hinges on the successful execution of the large-scale Tower 2 IT Park expansion and the new Wayside Amenities business, which offers significant diversification potential.
Growth engines
IT Park Tower 2 Expansion
Proposed 2.25 Mn sq. ft. chargeable area of premium office spaces.
Wayside Amenities Foray
Developing, operating, and managing amenities across express highways with 11 sites awarded.
Proposed Hotel Development
Includes 732 premium rooms, 172 service apartments, and conference facilities.
Exhibition Hall 6 Commissioning
Added 15,443 Sq. Mtr. during FY24-25, expanding exhibition capacity.
Capacity and execution
IT Park Tower 2
Intimation of Disapproval (IOD) received from BMC. Will span approx. 5.01 Mn sq. ft. total constructed area, offering 2.25 Mn sq. ft. chargeable area.
Proposed Hotel
Will include 732 premium rooms and suites, and 172 service apartments.
Wayside Amenities
11 sites awarded, possession taken for 8 sites. Estimated capex is approx. 400 Crs.
Exhibition Hall 6
15,443 Sq. Mtr. commissioned during FY24-25.
Tailwinds
Strategic Location
Nesco Center is located on Western Express Highway, with Mumbai Metro Line 7 steps outside the campus.
Favorable Policy Environment
IT Park area calculations are based on incentives and concessions from Maharashtra IT/ITeS Policy 2024.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is essential for assessing overall financial health and growth trends across its diverse, potentially seasonal businesses. QoQ is relevant for monitoring sequential progress on new projects like Tower 2 and Wayside Amenities, and for tracking utilization rates in the exhibition segment.
Sector KPIs management disclosed
IT Park Occupancy (Towers 3 & 4)
100% occupancy rate for both Towers 3 and 4.
IT Park ARR (Towers 3 & 4)
179 psf/pm for Tower 3; 173 psf/pm for Tower 4.
Exhibition Utilization (H1 FY25-26)
44% Days and 33% Sq. Mtrs.
Exhibition Average Realization (H1 FY25-26)
244 Psm/pd.
Management forward view
Strategic Foray
Entered Way Side Amenities, expanding presence beyond urban centers into national expressway networks.
Green Energy Transition
Actively switching to green power for exhibitions, events, head office, kitchens, and other facilities from April 2025.
ESG Commitment
ESG Roadmap 2030 is in progress, focusing on sustainability, inclusivity, and transparency.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| IT Park Tower 2 Progress | IOD received from BMC. | Commencement of construction, pre-leasing activity, and project completion timelines. |
| Wayside Amenities Execution | Possession taken for 8 of 11 awarded sites. | Project development progress, capex deployment, and revenue generation from operational sites. |
| Exhibition Segment Performance | H1 FY25-26 utilization 44% days, 33% sqm; realization 244 Psm/pd. | Improvement in utilization rates and average realization, especially with new Hall 6. |
| Nesco Foods Sustained Growth | H1 FY25-26 income from operations up 136% YoY. | Continued strong growth momentum, new brand partnerships, and expansion into new cities/venues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 83rd percentile within Services. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
22 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Services: 83rd pctile, median 66 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
22 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
69
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 68.5%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸ROCE trend is -2.2%.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nesco Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 9 Sep - NHLML levies Rs 2.10 crore penalty on NESCO for project implementation delay on 9 Sep 2026.
Source: Bse
Announcement
Announcement Under Regulation 30 22 Sep - NHLML levies Rs 2.09 crore penalty on NESCO for delay in additional site implementation.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Regulation 30- Para B 27 Aug - NESCO received environmental clearance on 26 Aug 2026, enabling commencement certificate process for proposed projects at Nesco Center.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Nesco to attend Equirus Annual India Conference 2026 on 13 August 2026 in Mumbai.
Source: Bse
Announcement
Announcement Under Regulation 30- Para A 27 Aug - BMC issued property tax invoices for Goregaon properties, including Rs 1.60 crore penalty.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug - Schedule of Nirmal Bang Semi-Annual Investor Conference 2026 to be attended by the Company.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 28 Jul - Nesco appointed Ashish Joshi as Chief Procurement & Contracts Officer and Senior Managerial Personnel on 28 July 2026.
Source: Bse
Annual reportJul 2026
Jul 2026 · Updates 3 Jul - 67th AGM scheduled for 27 July 2026; annual report sent and KYC/email updates requested.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 25 May - Board approved FY26 audited results, ₹7 final dividend, AGM on 27 July 2026, and appointed Rajesh Upadhyay WTD.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 May - NESCO approved FY26 audited results, ₹7 final dividend, 67th AGM on 27 July 2026, and Rajesh Upadhyay’s appointment.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Record Date For Dividend 25 May - Board approved FY26 audited results, ₹7 dividend, AGM on 27 Jul 2026, and Rajesh Upadhyay’s appointment.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.