NECCLTD
North Eastern Carrying Corporation financials
- Market cap
- ₹201 Cr
- Sector
- Services
What North Eastern Carrying Corporation Limited does
North Eastern Carrying Corporation is a surface logistics and transportation company specialising in part-truck-load (PTL) and full-truck-load (FTL) freight movement, over-dimensional cargo (ODC) and bulk movements such as iron ore and chrome ore, warehousing and 3PL, and customs clearance. It operates on a hub-and-spoke distribution model using owned and leased trucks - including GPS-tracked multi-axle container trucks and, more recently, Electric Commercial Vehicles (EV) - along with owned and leased warehouse space, earning revenue from freight and warehousing/3PL contracts with clients such as Tata Steel, Jindal Stainless, GAIL, Hindalco and Havells. Its core stronghold is PTL services in the North and North-East India (Seven Sister States) corridor, with cross-border operations extending into Nepal, Bhutan and Bangladesh (up to the border).
Segments
- PTL (Part Truck Load)
- FTL (Full Truck Load)
- ODC & Bulk Movements
- Warehousing & 3PL
- Customs clearance
- Branches/offices
- 230+ across India, Nepal and operational set-ups in border areas of Bhutan & Bangladesh (FY25)
- Truck fleet
- 150+ owned multi-axle container trucks, GPS-tracked
- Warehouse space
- 1.5-1.8 Mn sq ft, owned & leased, spread across ~250 major Indian cities
- Customer base
- ~2 lakh customers served
- Vendor network
- 5,000+ associated vendors
- Geographic footprint
- 28 states in India plus Nepal, Bhutan and Bangladesh (up to border)
Quarterly results
Q1 FY27: revenue up 9.4%, net profit up 12.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82 | 81 | 88 | 69 | 71 −14% | 72 −11% | 96 +9% | 76 +9% |
| EBITDA | 7 | 5 | 2 | 5 | 3 −57% | 7 +25% | 2 −14% | 4 −16% |
| Net profit | 3 | 2 | 2 | 2 | 2 −37% | 3 +78% | 1 −60% | 2 +13% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.0% 1Y
1Y: ₹20.77 on 10 Sept 2025 → ₹19.1. High ₹22.56 (28 Oct 2025), low ₹10.77 (30 Mar 2026).
Financials, as filed
Revenue fell 10.6% a year over 5 years, FY16 to FY26. Operating margin widened to 5.5%.
| Year ending | FY16 | FY17 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Revenue | ₹538 Cr | ₹548 Cr | ₹306 Cr | ₹335 Cr | ₹329 Cr | ₹308 Cr |
| Operating profit | ₹19 Cr | ₹19 Cr | ₹20 Cr | ₹21 Cr | ₹22 Cr | ₹17 Cr |
| Operating margin | 3.6% | 3.5% | 6.5% | 6.2% | 6.7% | 5.5% |
| Interest | ₹9 Cr | ₹8 Cr | ₹8 Cr | ₹9 Cr | ₹7 Cr | ₹9 Cr |
| Depreciation | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Net profit | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹8 Cr | ₹10 Cr | ₹8 Cr |
| Net margin | 1.0% | 1.0% | 1.9% | 2.4% | 3.1% | 2.5% |
| Cash from operations | — | — | ₹-14 Cr | ₹-46 Cr | ₹-21 Cr | ₹-9 Cr |
| Free cash flow | — | — | ₹-18 Cr | ₹-48 Cr | ₹-23 Cr | ₹-21 Cr |
| ROCE | — | — | 8.0% | 7.0% | 7.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹50 Cr | ₹50 Cr | ₹50 Cr | ₹95 Cr | ₹100 Cr | ₹100 Cr |
| Reserves | ₹45 Cr | ₹49 Cr | ₹55 Cr | ₹99 Cr | ₹123 Cr | ₹127 Cr |
| Borrowings | ₹86 Cr | ₹101 Cr | ₹119 Cr | ₹103 Cr | ₹124 Cr | ₹124 Cr |
| Other liabilities | ₹16 Cr | ₹18 Cr | ₹20 Cr | ₹20 Cr | ₹18 Cr | ₹21 Cr |
| Total liabilities | ₹196 Cr | ₹218 Cr | ₹243 Cr | ₹317 Cr | ₹364 Cr | ₹372 Cr |
| Fixed assets | ₹14 Cr | ₹13 Cr | ₹14 Cr | ₹13 Cr | ₹19 Cr | ₹24 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹9 Cr | ₹9 Cr |
| Other assets | ₹183 Cr | ₹205 Cr | ₹230 Cr | ₹299 Cr | ₹334 Cr | ₹340 Cr |
| Total assets | ₹196 Cr | ₹218 Cr | ₹243 Cr | ₹317 Cr | ₹364 Cr | ₹372 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.99 pp while promoters added +1.97 pp. The shareholder count shrank 10% to 42,243.
- Promoters
- 56.2%
- Public
- 43.8%
Since Jun 2025
- Public −1.99 pp
- Promoters +1.97 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Over this window the public fell from 47.3% to 43.8% — −3.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.7%, Public 47.3%.Dec '23: Promoters 52.7%, FIIs 0.0%, Public 47.3%.Mar '24: Promoters 52.7%, FIIs 0.1%, Public 47.2%.Jun '24: Promoters 52.3%, FIIs 0.1%, Public 47.6%.Sep '24: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Dec '24: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Mar '25: Promoters 54.2%, Public 45.8%.Jun '25: Promoters 54.2%, Public 45.8%.Sep '25: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Dec '25: Promoters 54.2%, Public 45.8%.Mar '26: Promoters 54.2%, Public 45.8%.Jun '26: Promoters 56.2%, Public 43.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sunil Kumar Jain +4.13 pp 8.09% held
The same filing shows 11 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of North Eastern Carrying Corporation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Necc Automobiles Private Limited | 15.15% | −0.68 pp |
| Necc Securities Private Limited | 13.92% | −0.63 pp |
| Vanya Jain | 9.13% | −0.41 pp |
| Sunil Kumar Jain | 8.09% | +4.13 pp |
| Utkarsh Jain | 6.91% | −0.31 pp |
| Religare Finvest Ltd | 5.78% | −0.26 pp |
| Suvi Developers Private Limited | 2.97% | −0.13 pp |
| Forest Vincom Pvt Ltd | 2.12% | −0.10 pp |
| Brilliant Investment Consultants Private Limited | 2.02% | −0.09 pp |
| Discovery Buildcon Private Limited | 1.68% | −0.07 pp |
| Peeyush Kumar Aggarwal | 1.39% | −0.06 pp |
| Sawarnbhumi Vanijya Private Limited | 1.27% | −0.05 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹19, this stock must grow earnings at 70% every year for 7 years. Our analysis caps realistic growth at ~-27%. At that growth it is worth ₹0 — downside of 99%.
- Growth the price implies
- 70.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -26.1% a year
- net profit, FY23–FY26 · EPS -27.2%
- The gap
- 1.0 pp
- -99% downside if it only repeats history
Learn to analyse North Eastern Carrying Corporation Limited
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