1. At a Glance
North Eastern Carrying Corporation Ltd (NECC) is trading at ₹14.2, down ~52% over 1 year, with a market cap of ₹142 Cr—which, in smallcap land, officially qualifies as “blink-and-you-miss-it”.
The latest Q3 FY26 (Quarterly Results) delivered ₹71.97 Cr revenue (YoY flat-ish, QoQ -11%) but PAT jumped 78% QoQ to ₹3.45 Cr. So yes, sales were tired, but profits suddenly woke up like it’s exam season.
Valuation-wise, the stock trades at P/E ~16x, P/B ~0.63x, and EV/EBITDA ~11.4x—cheap on paper, but paper doesn’t pay EMIs.
Returns?
- 3 months: -32%
- 6 months: -36%
- 1 year: -52%
This is not a momentum stock. This is a “sit, stare, and question life choices” stock.
ROCE at 6.7% and ROE at ~5% suggest capital is working… but at a very government-office pace. Still, recent profit growth and large logistics contracts mean something might be cooking in the engine room.
2. Introduction
NECC has been around since 1984, which means it has survived liberalisation, GST chaos, demonetisation, e-way bills, fuel price tantrums, and now EV logistics buzz. Survival itself deserves a slow clap.
The company operates in freight forwarding and logistics, with 250+ branches, serving the eastern and north-eastern corridors—regions that most logistics players either avoid or charge “emotional damage” premiums for.
But here’s the plot twist: despite being everywhere geographically, NECC’s financial performance has been… geographically flat for many years.
Revenue has barely grown over a decade, margins are thin, debt is chunky, and cash flows look like they’ve been running away from home.
And yet—
- Profit growth over the last 3 years is 37% CAGR
- Q3 FY26 profit jumped sharply
- Big-ticket clients like Tata Steel, HUL, Bosch, and Havells are onboard
- Multi-year logistics contracts are finally coming
- in
So the question is simple:
Is NECC a boring truck company… or a late bloomer stuck in traffic?
3. Business Model – WTF Do They Even Do?
NECC is basically the Indian Railways of road logistics—not flashy, not fast, but somehow still running.
Core Services:
- PTL (Parcel / Part Truck Load) – Their bread and butter. Small parcels moving from all over India to eastern & north-eastern states.
- FTL (Full Truck Load) – Custom trucks for corporates, anywhere-to-anywhere.
- Bulk Mining Logistics – Iron, chrome, manganese ores moving from mines to plants.
- ODC (Over Dimensional Cargo) – Big, awkward, headache-inducing consignments.
- Warehousing & 3PL – ~1.5 million sq ft of warehousing space across India.
Revenue split FY23:
- Freight: ~95%
- Loading/unloading: ~3%
- Warehousing: ~2%
So yes—this is a pure logistics play, not a warehousing REIT in disguise.
But here’s the catch:
Top 5 customers contribute 46% of revenue. That’s not diversification; that’s “please don’t leave us” concentration.
Would you be comfortable if half your salary depended on five clients?
4. Financials Overview (Quarterly Results)
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 71.97 | 81.05 | 70.75 | -11.2% | +1.7% |
| EBITDA | 6.62 | 5.31 | 2.84 | +24.7% | +133% |
| PAT | 3.45 | 1.94 | 1.82 | +77.8% | +89.6% |
| EPS (₹) | 0.34 | 0.19 | 0.18 | +78.9% | +88.9% |
Annualised EPS (Q3 rule):
Average
