NSE: NESCO · BSE: 505355
NESCO LTD.
Runs a diversified portfolio of real estate and services businesses anchored at Goregaon in Mumbai. The Realty segment operates an IT park where Towers 3 and 4 are at 100% occupancy; a Tower 2 expansion covering 2.5 million sq ft of office space alongside a 5-star hotel has been approved. The Bombay Exhibition Center hosts large-scale exhibitions and events, including the newly opened Hall 6 with capacity for 18,000 visitors; the in-house Nesco Events sub-business grew 55% year-on-year. The Foods business operates restaurants, with 6 new outlets added and 50 brand partnerships reported at the latest annual meeting. Indabrator is an engineering arm manufacturing industrial equipment at Rs 50 crores of revenue. A new Wayside Amenities business has been launched with 11 sites across 3 highway clusters, with management targeting approximately Rs 100 crores of revenue per site. The company is debt-free with Rs 1,100 crores of liquidity, and cost shape is dominated by capital expenditure at 34.6% of revenue, with materials at 14.2%, employee cost at 4.8%, and other operating expenses at 28.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Realty (39%), Bombay Exhibition Center (25%), Foods (23%), Income from investments/other income (10%), Indabrator (4%), Way Side Amenities (0%). Asset-heavy, diversified real estate and services with multiple revenue verticals
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 291 | 337 | 546 | 732 | 932 |
| EBITDA (ex other income) | 186 | 219 | 349 | 438 | 490 |
| margin % | 63.8 | 64.9 | 63.9 | 59.8 | 52.6 |
| Owners' profit | 172 | 189 | 291 | 0 | 413 |
| EPS, as reported (₹) | 24.48 | 26.85 | 41.25 | 53.25 | 58.58 |
| ROE % · ROCE % | 11.3 · 13.2 | 11.1 · 12.4 | 14.8 · 17.6 | 14.3 · 17.5 | 13.8 · 15.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 130 | 163 | 297 | 349 | 388 |
| Capex | (58) | 0 | (9) | (784) | (322) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q3 FY24 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 175 | 178 | 192 | 193 | 239 | 248 | 252 | 212 |
| Profit before tax | 112 | 121 | 112 | 124 | 143 | 132 | 116 | 127 |
| Net profit | 88 | 94 | 89 | 96 | 119 | 105 | 93 | 100 |
| EPS (₹) | 12.46 | 13.30 | 12.58 | 13.64 | 16.88 | 14.85 | 13.21 | 14.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Realty | 398 | 39.5 |
| Bombay Exhibition Center | 260 | 25.8 |
| Indabrator | 36 | 3.6 |
| Foods | 239 | 23.7 |
| Income from Investment/ Other Income | 49 | 4.8 |
| Income from investments/other income | 27 | 2.6 |
| Total, before eliminations | 1,007 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. ◆ | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 13.0 | 46 of 79 | 42% |
| P/B | 2.4 | 1.3 | 63 of 95 | 34% |
| ROCE | 14.8 | 3.4 | 18 of 103 | 83% |
| ROE | 13.8 | 2.9 | 20 of 113 | 83% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| EBITDA margin | 68.9 | 25.4 | 21 of 92 | 78% |
| Revenue growth | 9.6 | 16.2 | 54 of 91 | 41% |
| Profit growth | 4.0 | 5.2 | 57 of 110 | 49% |
| Market cap | 7059 | 47 | 3 of 108 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 25 Oct 2026 · NESCO files newspaper copies of Q2 and half-year FY27 results | compliance | minimal | — | — |
| 23 Oct 2026 · September 2026 quarter profit falls 11.5 percent year on year | results | high | — | — |
| 23 Oct 2026 · NESCO September 2026 quarter profit falls as sales decline | results | high | — | — |
| 8 Oct 2026 · NESCO board to consider Q2 FY26 results on October 23 | results | low | — | — |
| 6 Oct 2026 · NESCO files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 25 Sept 2026 · Nesco trading window closes July 1 ahead of Q1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Nesco gets Rs 2.10 crore penalty from NHLML for project delay | regulatory legal | medium | — | — |
| 22 Sept 2026 · Nesco faces Rs 2.10 crore penalty from NHLML for project delay | general | medium | — | — |
| 15 Sept 2026 · Nesco clarifies NSE query on Q1 FY27 financial results | regulatory legal | medium | — | — |
| 9 Sept 2026 · Nesco gets Rs 2.10 crore penalty notice from NHLML for project delay | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.