NSE: NECCLTD · BSE: 534615
NORTH EAST CARRY CORP LTD
A logistics solution provider earning revenue from transport services, with FY26 revenue of Rs 308.04 crore and net profit of Rs 7.75 crore. The cost shape is dominated by other operating expenses at 89.4% of revenue, with no materials cost and employee costs at 5.1%, consistent with a model that relies on hired transport capacity rather than owned assets or large in-house staff. Shareholders approved, via a postal ballot concluded in May 2026, an alteration of the objects clause to add warehousing, cold storage and distribution centre operations alongside the existing transport business, and authorised acquisition of transport vehicles. The company has a material related party transaction framework with Shreyans Logistics Private Limited. Trade receivables stood at Rs 13,014.53 lakhs in FY26, on which the statutory auditor flagged non-provision for doubtful debts as a repetitive qualification, and finance costs rose to Rs 930.75 lakhs from Rs 707.82 lakhs the prior year. Borrowings increased to Rs 12,437.09 lakhs, and operating cash flow was negative at Rs (900.76) lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transport services, Warehousing, cold storage and distribution centres. Asset-light logistics services with high working capital intensity and negative operating cash flow
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 250 | 306 | 335 | 329 | 308 |
| EBITDA (ex other income) | 15 | 20 | 21 | 22 | 17 |
| margin % | 6.0 | 6.5 | 6.2 | 6.7 | 5.5 |
| Owners' profit | 4 | 6 | 8 | 10 | 8 |
| EPS, as reported (₹) | 0.85 | 1.15 | 0.84 | 1.03 | 0.78 |
| ROE % · ROCE % | 4.3 · 11.2 | 5.5 · 15.0 | 4.1 · 9.3 | 4.7 · 8.9 | 3.4 · 8.2 |
| Debt / equity (x) | 1.02 | 1.14 | 0.53 | 0.48 | 0.55 |
| Cash from operations | (10) | (14) | (46) | (21) | (9) |
| Capex | (3) | (4) | (3) | (5) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81 | 88 | 69 | 71 | 72 | 96 | 76 | 76 |
| Profit before tax | 3 | 1 | 2 | 3 | 5 | 1 | 3 | 3 |
| Net profit | 2 | 2 | 2 | 2 | 3 | 1 | 2 | 2 |
| EPS (₹) | 0.20 | 0.18 | 0.18 | 0.19 | 0.34 | 0.08 | 0.18 | 0.22 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 33,633 | 27.6 | 2.49 | 16.9 | 4.6 | 5.6 | 7.2 | 23.1 |
| DELHIVERY LIMITED | 32,219 | 174.1 | 3.28 | 50.0 | 0.7 | 0.7 | — | 6.7 |
| SHADOWFAX TECHNOLOGIES L | 17,344 | 75.6 | 9.19 | 80.5 | 7.1 | 6.1 | — | 6.7 |
| BLUE DART EXPRESS LTD | 10,809 | 37.7 | 6.08 | 11.3 | 13.9 | 13.4 | 13.3 | 15.8 |
| TRANSPORT CORPN OF INDIA | 6,630 | 14.4 | 2.34 | 13.1 | 7.9 | 6.6 | 11.9 | 10.4 |
| VRL LOGISTICS LIMITED | 5,570 | 13.9 | 4.21 | — | — | — | — | 22.1 |
| TVS SUPPLY CHAIN SOL L | 5,294 | 82.1 | 2.57 | 7.4 | 5.7 | 4.8 | — | 6.7 |
| MAHINDRA LOGISTIC LIMITED | 4,335 | 57.7 | 3.51 | 11.3 | 4.6 | 4.5 | 16.5 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.7 | 16.3 | 34 of 52 | 35% |
| P/B | 0.8 | 1.4 | 8 of 41 | 83% |
| ROCE | 2.4 | 5.6 | 39 of 49 | 21% |
| ROE | 1.8 | 5.0 | 31 of 40 | 23% |
| Debt / Equity | 0.5 | 0.3 | 27 of 41 | 35% |
| EBITDA margin | 6.9 | 6.7 | 26 of 56 | 55% |
| Revenue growth | 7.8 | 12.6 | 26 of 43 | 41% |
| Profit growth | 18.5 | 82.8 | 25 of 36 | 31% |
| Market cap | 186 | 143 | 27 of 56 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Newspaper publication of September 2026 unaudited results | compliance | minimal | — | — |
| 24 Oct 2026 · Rights issue funds redirected without shareholder approval | compliance | minimal | — | — |
| 24 Oct 2026 · Utkarsh Jain changes to non-executive director | management changes | medium | — | — |
| 24 Oct 2026 · September quarter profit rises; auditor modifies review conclusion | results | high | — | — |
| 17 Oct 2026 · Board Meeting on Oct 24, 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · RTA confirms timely dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · AGM minutes submitted to NSE for meeting held on Sept 10, 2026 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Allotment of one crore convertible warrants to promoter | fund raising | high | — | — |
| 1 Oct 2026 · NECCLTD allots 1 crore convertible warrants to promoter at Rs 18.51 each | fund raising | high | — | — |
| 30 Sept 2026 · NECC wins Rs 78.19 Cr Tata Steel iron ore transport contract | business updates | high | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.