NELCO share price & results
- Sept 2026
- Sept 2026
Tata Group Satcom operator serving enterprise, maritime, aviation and government customers in India.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 52.8 | +8.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 16.9 | +4.6 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3.5 | +28.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 4.64 | −7.9 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -1.93 | −3.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 6.15 | +5.3 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −18.0% 1Y
1Y: ₹862.65 on 24 Oct 2025 → ₹707.8. High ₹1,081.5 (17 Aug 2026), low ₹506.1 (30 Mar 2026).
- Previous close
- ₹700.65
- Market cap
- ₹1.6k Cr
- 52-week range
- ₹506.1 – ₹1,081.5
- One year
- −16.86%
- Price to earnings (TTM to Sept 2026)
- 262.99×
- Return on equity (TTM to Sept 2026)
- 4.64%
Overview
- Symbol
- NSE:NELCO
- Sector
- Information Technology
- Exchange
- NSE
- Currency
- INR
What NELCO Limited does
Based on the company's own presentations, annual report and earnings calls.
Nelco Limited, a Tata Group company, provides satellite communication (Satcom) solutions, connecting enterprises, maritime vessels, aircraft (in-flight connectivity), government bodies and remote/rural communities where terrestrial networks don't reach. It earns revenue by selling connectivity services and related network equipment built on satellite (currently GEO, with hybrid GEO-LEO capability under development pending regulatory approval) and ground infrastructure. The company operates as a single reportable segment, Network Systems, and runs its equipment business through a wholly-owned subsidiary, Nelco Network Products Ltd (NNPL), alongside an associate company, Piscis Networks Pvt Ltd (PISCIS).
Segments
- Network Systems
- Indian Satcom market share
- ~40%+ (dominant/leadership position)
- Customer verticals served
- Enterprise, Maritime, Aviation (in-flight connectivity), Government, remote/rural communities
- Group structure
- 1 wholly-owned subsidiary (Nelco Network Products Ltd) + 1 associate company (Piscis Networks Pvt Ltd)
- Promoter group
- Tata Group
- Satellite network technology
- GEO satellite connectivity, with hybrid GEO-LEO multi-orbit capability in development
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +28% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 51 | 51 | 47 | 49 | 50 | 53 | 55 | 53 |
| Expenses | 43 | 43 | 43 | 43 | 45 | 47 | 48 | 44 |
| Operating profit | 9 | 8 | 4 | 6 | 5 | 6 | 7 | 9 |
| Operating margin | 16.6% | 16.0% | 9.0% | 12.4% | 9.3% | 10.6% | 13.3% | 16.9% |
| Other income | 1 | 1 | 1 | 1 | -2 | 2 | 1 | 3 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 |
| Profit before tax | 6 | 6 | 2 | 4 | -1 | 4 | 5 | 5 |
| Tax rate | 29.3% | 100.5% | 26.1% | 24.3% | −18.6% | 26.6% | 25.2% | 25.9% |
| Net profit | 4 | -0 | 1 | 3 | -1 | 3 | 4 | 3 |
| EPS (₹ per share) | 1.92 | -0.01 | 0.51 | 1.19 | -0.25 | 1.22 | 1.67 | 1.52 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 313 | 223 | 206 | 198 |
| Expenses | 253 | 179 | 175 | 177 |
| Operating profit | 61 | 43 | 30 | 20 |
| Other income | 3 | 2 | 4 | 2 |
| Interest | 8 | 2 | 2 | 1 |
| Depreciation | 28 | 13 | 13 | 13 |
| Profit before tax | 28 | 30 | 20 | 8 |
| Net profit | 20 | 21 | 10 | 6 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 78 | 95 | 100 | 106 | 103 | 109 |
| Borrowings | 27 | 12 | 10 | 72 | 9 | 205 |
| Other liabilities | 49 | 65 | 51 | 109 | 98 | 79 |
| Total liabilities | 177 | 195 | 183 | 309 | 232 | 415 |
| Fixed assets | 66 | 66 | 61 | 78 | 59 | 93 |
| Capital work in progress | 1 | 10 | 7 | 10 | 39 | 6 |
| Investments | 30 | 33 | 33 | 4 | 33 | 226 |
| Other assets | 80 | 86 | 82 | 218 | 101 | 90 |
| Total assets | 177 | 195 | 183 | 309 | 232 | 415 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 48 | 12 | 40 | 49 | 12 | 22 |
| Cash from investing | -10 | -9 | -22 | -16 | -9 | -12 |
| Cash from financing | -44 | -7 | -10 | -25 | -9 | -5 |
| Net cash flow | -6 | -4 | 8 | 7 | -6 | 6 |
| Free cash flow | 32 | 0 | 18 | 35 | 3 | 9 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 59 | 88 | 76 | 62 | 71 | 80 |
| Cash conversion cycle | 59 | 88 | 76 | 62 | 71 | 80 |
| Working capital days | -4 | -54 | -6 | -33 | -7 | -80 |
| Return on capital employed | 18.0% | 15.0% | 28.0% | 26.0% | 17.0% | 9.0% |
| Dividend payout | 22.0% | 37.0% | 22.0% | 24.0% | 23.0% | 37.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Network Systems contributes 98.1% of reported segment revenue.
Year ended 31 Mar 2019 · Consolidated
- Network Systems 98.1%
₹187.40 crore
- Automation & Control 1.9%
₹3.61 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Network Systems | 187.40 | 98.1% |
| Automation & Control | 3.61 | 1.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹191.01 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹191.01 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
What the price assumes
Growth trapTo justify its price of ₹708, this stock must grow earnings at 65% every year for 7 years. Our analysis caps realistic growth at ~-33%. At that growth it is worth ₹5 — downside of 99%.
- Growth the price implies
- 64.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -32.6% a year
- net profit, FY23–FY26 · EPS -32.5%
- The gap
- 1.0 pp
- -99% downside if it only repeats history
Ownership
Who owns it
Promoters hold 50.09% as of Sept 2026; institutions cut 0.79 pts since Jun 2026.
- Promoters 50.09%
- Foreign institutions 4.83%
- Domestic institutions 0.05%
- Government 0.25%
- Public 44.77%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +0.23 pp 1.28% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of NELCO Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 50.04% | unchanged | |
| Corporate | 3.80% | unchanged |
| 1.28% | +0.23 pp | |
| 0.04% | unchanged | |
| FPI fund | — | off the list |
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.
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