NESCO (CMP ₹1,302, Market Cap ₹9,177 Cr) is the only company in India that runs an IT park, India’s largest private exhibition center, a mega catering division, and still finds time to make shot-blasting machines for Railways. Q1FY26 revenues hit ₹193 Cr (+36.8% YoY), PAT ₹96.2 Cr (+37.9% YoY), with an OPM hovering near 59% – yes, they’re more profitable than most mutual funds are honest. Stock trades at P/E ~23, ROCE 21%, ROE ~16%, and debt is as negligible as your gym attendance. Over 40% one-year return suggests investors love Goregaon real estate landlords disguised as a listed company.
2. Introduction
If Mumbai had a monopoly board, NESCO would own half the Goregaon squares. Imagine sitting on a ₹3,500 Cr land bank, leasing towers to HSBC and KPMG, feeding 80,000 meals a day, and occasionally making industrial machines just to remind people you’re “diversified.” That’s NESCO.
The company is less like a corporate and more like your rich Gujarati uncle: debt-free, land-rich, and always thinking of the next banquet hall. It doesn’t chase glamour but prints cash from rents and exhibitions. When IT employees eat, NESCO earns. When companies host trade shows, NESCO earns. When you buy samosas at their food court, guess what? Yes, NESCO earns.
But don’t get carried away. Expansion projects (₹3,500 Cr Tower 2, new exhibition halls) take years, approvals come slower than Mumbai traffic, and political noise can stall projects. Still, for a 75-year-old family-run firm, it’s one of the cleanest “landlord with business model” plays you’ll find on Dalal Street.
3. Business Model – WTF Do They Even Do?
IT Parks (41% of FY24 revenue): Think high-rises in Goregaon where global MNCs like MSCI and BlackRock park their staff. Occupancy >98%. Basically, commercial real estate with steady annuity income.
Bombay Exhibition Center (27%): India’s Comic Con, Auto Expo, and random handloom melas – all under NESCO’s roof. They host 100+ events yearly with 2M+ visitors. Entry fees go to organizers, but hall rent and services = NESCO ka paisa.
Nesco Foods (13%): The only listed company where you can say “PWC employees eating biryani contributed to EPS.” Operates 80k meals/day, partners with Social, Smoke House Deli, Foo, etc.
Indabrator (7%): The weird cousin. Manufactures industrial equipment like shot-blasting machines for NALCO and Railways. Keeps reminding investors that NESCO is more than just “land & rent.”
Put simply: NESCO monetizes every square foot of Goregaon – from cubicles to samosas to trade fairs – and throws in a side hustle making machines.
4. Financials Overview
Source table
Metric
Latest Qtr (Q1FY26)
YoY Qtr (Q1FY25)
Prev Qtr (Q4FY25)
YoY %
QoQ %
Revenue
₹193 Cr
₹141 Cr
₹192 Cr
+36.8%
+0.5%
EBITDA
₹110 Cr
₹86 Cr
₹107 Cr
+27.9%
+2.8%
PAT
₹96.2 Cr
₹70 Cr
₹89 Cr
+37.9%
+8.1%
EPS (₹)
13.65
9.90
12.58
+37.9%
+8.5%
Commentary: Margins are so fat (58–60%) that if NESCO were a restaurant, it’d be serving only ghee. Annualized EPS ~₹55 puts P/E at ~23, in line with industry. Stability of IT park rentals + cyclicality of exhibitions = a combo thali with guaranteed return.
