BSE: 504112 | NSE: NELCO | IT - Hardware | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Nelco Ltd is a good quality company.
The key valuation ratios of Nelco Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Nelco Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 18.8% | 14.1% | 7.3% | 5.7% | 8.9% | 19.7% | 18.3% | 16.2% | 30.3% | 28.3% | - |
| Value Creation Index ⓘ | 0.3 | 0.0 | -0.5 | -0.6 | -0.4 | 0.4 | 0.3 | 0.2 | 1.2 | 1.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 91.7 | 88.8 | 25.7 | 31.9 | 33.6 | 38.3 | 131 | 143 | 197 | 223 | 217 |
| Sales YoY Gr. | - | -3.2% | -71.1% | 24.2% | 5.2% | 14.2% | 242.1% | 9.2% | 37.6% | 13% | - |
| Adj EPS ⓘ | 0.5 | -0.1 | -1.6 | -0.5 | 4.1 | 1.9 | 4 | 4.4 | 8.8 | 9 | 6.6 |
| YoY Gr. | - | -116.3% | NA | NA | NA | -54.9% | 116.1% | 8.2% | 102.1% | 2.8% | - |
| BVPS (₹) ⓘ | 4.5 | 2.5 | 6.5 | 10.7 | 18.4 | 22.5 | 33.6 | 37.1 | 44.3 | 51.6 | 51.7 |
| Adj Net Profit ⓘ | 1.1 | -0.2 | -3.6 | -1.2 | 9.4 | 4.3 | 9.2 | 9.9 | 20.1 | 20.6 | 15 |
| Cash Flow from Ops. ⓘ | 24.1 | 0.6 | 26.6 | 17 | 11.9 | 10.9 | 47.7 | 11.9 | 39.9 | 48.6 | - |
| Debt/CF from Ops. ⓘ | 2.6 | 85.4 | 1.9 | 2.1 | 2.7 | 3.4 | 0.4 | 1.5 | 0.4 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.4% | 46% | 19.3% | 13% | ||||
| Adj EPS ⓘ | 38.3% | 17% | 31% | 2.8% | ||||
| BVPSⓘ | 31% | 22.9% | 15.3% | 16.4% | ||||
| Share Price | 32.7% | 42.3% | 21.8% | 64.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.4 | -2.8 | -30.4 | -6.1 | 28.2 | 9.1 | 14.3 | 12.3 | 21.6 | 18.9 | 12.8 |
| Op. Profit Mgn % ⓘ | 4 | 8.7 | -4.4 | 4.9 | 13.4 | 23.1 | 17.8 | 15 | 20.9 | 19.6 | 16 |
| Net Profit Mgn % ⓘ | 1.2 | -0.2 | -13.9 | -3.8 | 28 | 11.1 | 7 | 6.9 | 10.2 | 9.3 | 7 |
| Debt to Equity ⓘ | 6.1 | 9.4 | 3.4 | 1.4 | 0.8 | 0.7 | 0.2 | 0.2 | 0.2 | 0 | 0 |
| Working Cap Days ⓘ | 498 | 296 | 1,301 | 661 | 425 | 445 | 165 | 182 | 139 | 121 | 55 |
| Cash Conv. Cycle ⓘ | 62 | 34 | 198 | 91 | 58 | 89 | 22 | 20 | 31 | 30 | 0 |
Sales growth is growing at healthy rate in last 3 years 19.31%
Net Profit is growing at healthy rate in last 3 years 31.01%
Return on Equity has declined versus last 3 years average to 12.80%
Sales growth is not so good in last 4 quarters at -0.24%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 6.6 | 9.2 |
| TTM Sales (₹ Cr.) | 217 | 321 |
| BVPS (₹.) ⓘ | 51.7 | 55.7 |
| Reserves (₹ Cr.) ⓘ | 100 | 104 |
| P/BV ⓘ | 25.63 | 23.81 |
| PE ⓘ | 200.02 | 144.63 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 647.65 / 1500.00 |
| All Time Low / High (₹) | 2.20 / 1700.00 |
| Market Cap (₹ Cr.) | 3,024 |
| Equity (₹ Cr.) | 22.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 112.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 92 | 133 | 26 | 32 | 34 | 38 | 131 | 143 | 197 | 223 |
| Operating Expenses ⓘ | 89 | 122 | 27 | 31 | 29 | 30 | 108 | 122 | 156 | 179 |
| Manufacturing Costs | 15 | 26 | 4 | 5 | 4 | 5 | 62 | 59 | 81 | 96 |
| Material Costs | 38 | 42 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 17 | 28 | 15 | 17 | 18 | 17 | 19 | 21 | 23 | 28 |
| Other Costs ⓘ | 20 | 25 | 7 | 9 | 8 | 7 | 27 | 41 | 51 | 55 |
| Operating Profit ⓘ | 2 | 12 | -1 | 1 | 4 | 9 | 23 | 21 | 41 | 44 |
| Operating Profit Margin (%) | 2.4% | 8.7% | -4.4% | 3.9% | 13.2% | 23.0% | 17.8% | 15.0% | 20.9% | 19.6% |
| Other Income ⓘ | 6 | 7 | 7 | 3 | 2 | 2 | 2 | 3 | 3 | 2 |
| Interest ⓘ | 6 | 12 | 7 | 5 | 4 | 5 | 4 | 3 | 4 | 3 |
| Depreciation ⓘ | 5 | 7 | 0 | 1 | 1 | 1 | 8 | 8 | 11 | 13 |
| Exceptional Items ⓘ | 12 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 9 | 0 | -1 | -1 | 2 | 11 | 12 | 13 | 29 | 30 |
| Tax ⓘ | 0 | 0 | 0 | 0 | -8 | 3 | 3 | 3 | 8 | 9 |
| Profit After Tax | 9 | 0 | -1 | -1 | 9 | 8 | 9 | 10 | 21 | 21 |
| PAT Margin (%) | 9.6% | -0.2% | -5.0% | -3.9% | 27.9% | 21.3% | 7.0% | 7.1% | 10.6% | 9.6% |
| Adjusted EPS (₹) | 3.9 | -0.1 | -0.6 | -0.5 | 4.1 | 3.6 | 4.1 | 4.5 | 9.2 | 9.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 37% | 34% | 30% | 40% | 22% | 24% |
| PARTICULARS | Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 10 | 9 | 15 | 25 | 42 | 51 | 77 | 85 | 101 | 118 |
| Share Capital ⓘ | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves ⓘ | -12 | -14 | -8 | 2 | 19 | 29 | 54 | 62 | 78 | 95 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 63 | 79 | 50 | 35 | 33 | 37 | 17 | 18 | 12 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 0 |
| Short Term Debt | 62 | 79 | 50 | 35 | 33 | 37 | 17 | 18 | 0 | 0 |
| Trade Payables | 33 | 27 | 20 | 3 | 2 | 2 | 13 | 13 | 12 | 14 |
| Others Liabilities ⓘ | 35 | 14 | 27 | 57 | 111 | 120 | 150 | 51 | 62 | 69 |
| Total Liabilities ⓘ | 141 | 129 | 112 | 120 | 188 | 210 | 256 | 166 | 187 | 201 |
Fixed Assets | ||||||||||
| Gross Block | 81 | 22 | 30 | 7 | 8 | 8 | 76 | 97 | 118 | 130 |
| Accumulated Depreciation | 58 | 7 | 12 | 4 | 5 | 6 | 33 | 42 | 52 | 63 |
| Net Fixed Assetsⓘ | 23 | 15 | 19 | 3 | 3 | 2 | 42 | 55 | 66 | 67 |
| CWIP ⓘ | 0 | 1 | 3 | 0 | 0 | 0 | 4 | 2 | 1 | 10 |
| Investmentsⓘ | 2 | 7 | 6 | 6 | 5 | 5 | 0 | 30 | 30 | 33 |
| Inventories | 15 | 8 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Trade Receivables | 37 | 39 | 31 | 9 | 10 | 15 | 21 | 35 | 41 | 38 |
| Cash Equivalents | 1 | 5 | 3 | 2 | 3 | 6 | 9 | 5 | 13 | 20 |
| Others Assetsⓘ | 62 | 54 | 42 | 100 | 168 | 181 | 179 | 39 | 36 | 34 |
| Total Assets ⓘ | 141 | 129 | 112 | 120 | 188 | 210 | 256 | 166 | 187 | 201 |
| PARTICULARS | Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 24 | 1 | 27 | 17 | 12 | 11 | 48 | 12 | 40 | 49 |
| PBT ⓘ | -11 | 1 | 7 | 12 | 13 | 18 | 16 | 14 | 29 | 30 |
| Adjustment ⓘ | 14 | 14 | 6 | 8 | 13 | 19 | 12 | 9 | 14 | 15 |
| Changes in Working Capital ⓘ | 10 | -9 | 9 | 2 | -12 | -22 | 9 | -13 | -1 | 17 |
| Tax Paid ⓘ | -1 | -6 | 5 | -4 | -2 | -4 | 10 | 2 | -2 | -13 |
| Cash Flow From Investing Activity ⓘ | 0 | -3 | 9 | -3 | -37 | -20 | -15 | -9 | -22 | -16 |
| Capex | -6 | -5 | -9 | -9 | -42 | -28 | -16 | -11 | -22 | -13 |
| Net Investments | 0 | 0 | 4 | 0 | 0 | 7 | 0 | -24 | 0 | -3 |
| Others ⓘ | 6 | 3 | 15 | 5 | 5 | 1 | 1 | 26 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -24 | 5 | -41 | -10 | 26 | 5 | -44 | -7 | -10 | -25 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -9 | -12 | -8 | -5 | -6 | -10 | -4 | -2 | -2 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -4 | -3 | -3 | -4 | -5 |
| Others ⓘ | -14 | 17 | -33 | -5 | 33 | 19 | -37 | -3 | -4 | -20 |
| Net Cash Flow ⓘ | 0 | 3 | -5 | 4 | 1 | -5 | -11 | -4 | 8 | 7 |
| PARTICULARS | Sep'14 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 90.88 | -2.33 | -11.02 | -6.24 | 28.11 | 17.5 | 14.42 | 12.67 | 22.49 | 19.43 |
| ROCE (%) | 18.82 | 14.11 | 7.3 | 5.7 | 8.85 | 19.69 | 18.32 | 16.17 | 30.3 | 28.29 |
| Asset Turnover Ratio | 0.61 | 0.99 | 0.21 | 0.28 | 0.22 | 0.19 | 0.56 | 0.68 | 1.12 | 1.15 |
| PAT to CFO Conversion(x) | 2.67 | N/A | N/A | N/A | 1.33 | 1.38 | 5.33 | 1.2 | 1.9 | 2.33 | Working Capital Days |
| Receivable Days | 175 | 104 | 498 | 226 | 101 | 120 | 51 | 71 | 70 | 65 |
| Inventory Days | 69 | 32 | 121 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 359 | 263 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nelco was established in 1940 and is a part of the leading business house - the Tata group. The company is focused on system integration and product management for industrial controls, power, electronics, defence electronics, VSAT networks and automation. The complete range of the company’s electronic products and solutions are assembled, integrated and tested at Mahape. The premises also house R&D facilities focusing on indigenisation.
Nelco has a nationwide sales and service network with four regional offices, eight branch offices and various project based service locations, providing suitable infrastructure for prompt customer service across the country.
The company is headquartered at Mumbai with 75,000 square feet of modern manufacturing facility at Mahape, Navi Mumbai.
Business area of the company
Nelco specializes in the areas of security and surveillance for defence and civil applications, traction, electronics for locomotives, turnkey projects involving supervisory control and data acquisition system (SCADA), AC and DC drives, real time and embedded software and network management system with VSAT based networks.
The company caters to some of the core industries like defence, railways, steel, cement, automobile, oil and gas, paper, ceramics and services.
Some of the clients of the company
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