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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +10% YoY · PAT +4% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
44NeutralSMA20 -2.6% / mo · MACD + · near 52W low
Technical chart
NESCOdaily · 1Y · AUTO-5.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 36% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 32.5%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 68.5%. Key concern: ROCE trend is -2.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 83rd pctile, median 66 · Micro: 60th pctile, median 73
22 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 17.70
- P/B
- 2.47
- EV/EBITDA
- 14.39
- Market Cap
- 7381.00Cr
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
- 8%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Services, ranked by similarity
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.