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Dossier · NELCO LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
NELCO LTD NSE: NELCO · BSE: 504112
Information Technology › Information Technology › IT - Hardware › Computers Hardware & Equipments
NELCO LTD
StateQ1 FY27 filed
Last close · 28 Oct 2026₹719.50
Market cap₹1.6k cr
TTM P/E · P/B · EV/EBITDA425.7 · 12.75 · 55.5
Operates in the IT – Hardware space, organised around a Network Systems segment that handles connectivity infrastructure and end-user solutions, including a dedicated maritime communications business. Internal functions include Network Operations and Products and Solutions, indicating the company both runs and supplies network systems. The legacy Automation & Control segment was discontinued; the company now reports Network Systems as its single operating segment. Operating costs are dominated by other operating expenses at 62.2% of revenue, with employee cost at 16.5% and depreciation at 6.5%. Q1 FY27 standalone net profit jumped to Rs 3.80 crore from Rs 1.16 crore a year earlier. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Network Systems. IT hardware and network systems provider with maritime communications focus
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
260
313
320
305
307
EBITDA (ex other income)
51
61
59
42
25
margin %
19.4
19.4
18.5
13.8
8.1
Owners' profit
0
0
0
0
0
EPS, as reported (₹)
7.05
8.70
10.37
4.18
1.45
ROE % · ROCE %
18.1 · 23.6
19.0 · 24.8
19.2 · 27.8
7.5 · 18.5
2.6 · 6.5
Debt / equity (x)
0.61
0.36
0.27
0.30
0.46
Cash from operations
49
58
45
20
15
Capex
(18)
(23)
(16)
(17)
(23)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NELCO LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
83
81
68
75
74
78
79
80
Profit before tax
5
7
1
2
2
(2)
2
3
Net profit
4
5
(4)
2
2
(1)
1
2
EPS (₹)
1.80
2.17
(1.79)
0.79
0.71
(0.52)
0.48
1.02
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
GNG ELECTRONICS LIMITED
8,254
58.6
10.87
42.9
17.4
18.7
—
12.8
RASHI PERIPHERALS LIMITED
5,299
16.6
2.60
12.4
13.9
18.0
—
3.4
MOSCHIP TECHNOLOGIES LTD
3,351
123.2
8.20
56.6
8.6
7.4
40.9
10.1
NELCO LTD ◆
1,642
425.7
12.74
57.8
2.6
3.1
6.3
11.9
D-LINK INDIA LTD
1,475
13.7
2.92
9.7
20.6
27.2
16.6
8.6
IVALUE INFOSOLUTIONS LTD
1,167
11.2
2.06
7.4
17.3
21.9
—
13.4
CONTROL PRINT LIMITED
944
24.2
2.09
9.8
9.7
15.5
18.8
13.4
BHARAT GLOBAL DEVELOPERS LIMIT
791
289.4
4.16
—
(0.1)
(0.1)
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
425.7
25.1
16 of 16
0%
P/B
12.7
2.8
16 of 16
0%
ROCE
3.1
14.9
13 of 19
33%
ROE
2.6
9.1
10 of 16
40%
Debt / Equity
0.5
0.1
13 of 16
20%
EBITDA margin
11.9
8.8
5 of 13
67%
Revenue growth
7.0
7.0
8 of 15
50%
Profit growth
30.0
30.0
8 of 15
50%
Market cap
1642
575
4 of 19
83%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NELCO LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
28 Oct 2026 · Nelco extends physical share transfer re-lodgement window
compliance
minimal
—
—
21 Oct 2026 · Nelco publishes Q2 and H1 FY26 results, declares Re 1 interim dividend
compliance
minimal
—
—
19 Oct 2026 · Nelco Q2 FY27 results: standalone H1 PAT nearly doubles
results
high
—
—
19 Oct 2026 · Q2 FY27: Standalone PAT rises 28%, Rs 191 cr CCD investment made
results
high
—
—
13 Oct 2026 · Nelco Board to consider Q2 FY27 results on 19 Oct 2026
results
low
—
—
6 Oct 2026 · Nelco files quarterly dematerialisation certificate with BSE and NSE
27 Aug 2026 · Newspaper ad on special window for physical share transfer re-lodgement
compliance
minimal
—
—
26 Aug 2026 · CRISIL puts NELCO bank loan ratings on Watch Developing after Lunar deal
credit debt
medium
—
—
17 Aug 2026 · Nelco partners with Elveo for Direct-to-Device and IoT satellite connectivity
strategic transactions
high
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
