--- title: "Tulsyan NEC Ltd (TULSYAN) — Share Price, Financials & Analysis" symbol: "TULSYAN" company: "Tulsyan NEC Ltd" canonical: "https://tapetide.com/stocks/TULSYAN" bse_code: "513629" sector: "Industrials" industry: "Industrial Products" generated_at: "2026-10-13T11:02:28.817Z" --- # Tulsyan NEC Ltd (TULSYAN) Canonical page: https://tapetide.com/stocks/TULSYAN ## Company - **BSE Code:** 513629 - **Sector:** Industrials - **Industry:** Industrial Products - **Macro Sector:** Industrials - **Face Value:** ₹10 - **F&O Eligible:** No - **Website:** tulsyannec.co.in ## About Incorporated in 1947, Tulsyan NEC Ltd is engaged in the manufacturing of TMT bars, Coal Based Power Plant and Synthetics Woven fabrics and sacks[1] ## Latest Price ## Key Insights ### Strengths - Stock is trading at 0.27 times its book value ### Weaknesses - Company has low interest coverage ratio. - The company has delivered a poor sales growth of 5.44% over past five years. - Company has a low return on equity of -26.4% over last 3 years. - Contingent liabilities of Rs.29.4 Cr. - Promoters have pledged 99.6% of their holding. - Earnings include an other income of Rs.42.9 Cr. - Company's cost of borrowing seems high - Promoter holding has decreased over last 3 years: -6.25% ## Growth Rates | Metric | 1Y | 3Y | 5Y | | --- | --- | --- | --- | | net income growth | 9% | — | 9% | | revenue growth | -18% | -8% | 5% | ## Financial Statements ### Quarterly Results All figures in ₹ crore unless the row name says otherwise. | Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales | 247 | 253 | 242 | 275 | 199 | 180 | 214 | 257 | 229 | 156 | 165 | 147 | | Expenses | 247 | 254 | 245 | 260 | 189 | 192 | 213 | 245 | 227 | 167 | 169 | 153 | | Operating Profit | 0 | -1 | -3 | 15 | 10 | -12 | 1 | 13 | 2 | -11 | -4 | -6 | | OPM % | 0.1 | -0.4 | -1.4 | 6 | 5 | -7 | 0.3 | 4.9 | 1 | -7 | -2.6 | -4.3 | | Other Income | 15 | 2 | 0 | 1 | 1 | 0 | 1 | 0 | 15 | 6 | 11 | 11 | | Interest | 10 | 10 | 10 | 10 | 9 | 9 | 39 | 17 | 18 | 17 | 21 | 20 | | Depreciation | 6 | 6 | 7 | 6 | 6 | 6 | 5 | 6 | 6 | 6 | 5 | 6 | | Profit before tax | -1 | -14 | -20 | 1 | -4 | -27 | -42 | -10 | -6 | -29 | -19 | -21 | | Tax % | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Net Profit | -1 | -14 | -20 | 1 | -4 | -27 | -42 | -10 | -6 | -29 | -19 | -21 | | EPS in Rs | -0.43 | -8.68 | -11.94 | 0.35 | -2.61 | -16.18 | -25.1 | -6.15 | -3.7 | -17.39 | -11.76 | -13.01 | ### Profit & Loss All figures in ₹ crore unless the row name says otherwise. | Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales | 705 | 837 | 750 | 620 | 850 | 1022 | 977 | 868 | 808 | 697 | | Expenses | 692 | 803 | 719 | 594 | 831 | 1005 | 975 | 854 | 808 | 716 | | Operating Profit | 13 | 34 | 32 | 26 | 19 | 17 | 2 | 14 | 0 | -19 | | OPM % | 1.8 | 4.1 | 4.2 | 4.2 | 2.2 | 1.6 | 0.2 | 1.6 | 0 | -2.8 | | Other Income | -7 | 4 | 1 | 197 | 804 | 213 | 18 | 3 | 32 | 43 | | Interest | 142 | 230 | 227 | 206 | 7 | 14 | 42 | 67 | 74 | 77 | | Depreciation | 26 | 25 | 26 | 25 | 25 | 26 | 25 | 23 | 22 | 22 | | Profit before tax | -163 | -217 | -220 | -8 | 791 | 189 | -48 | -73 | -64 | -76 | | Tax % | -1 | 1 | -1 | 40 | 0 | -30 | 3 | 0 | 0 | — | | Net Profit | -161 | -219 | -219 | -12 | 791 | 246 | -49 | -73 | -64 | -75 | | EPS in Rs | -107.41 | -146.3 | -146.14 | -7.71 | 527.25 | 147.45 | -29.47 | -43.54 | -39.08 | -45.86 | | Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | ### Balance Sheet All figures in ₹ crore unless the row name says otherwise. | Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 17 | 17 | 16 | 16 | | Reserves | -52 | -212 | -431 | -649 | -661 | 129 | 379 | 327 | 233 | 169 | | Borrowings | 1125 | 1190 | 1334 | 1472 | 1559 | 638 | 377 | 335 | 372 | 406 | | Other Liabilities | 131 | 189 | 188 | 235 | 69 | 160 | 161 | 177 | 229 | 214 | | Total Liabilities | 1220 | 1181 | 1105 | 1072 | 982 | 942 | 933 | 856 | 851 | 806 | | Fixed Assets | 745 | 726 | 702 | 680 | 656 | 635 | 573 | 550 | 529 | 509 | | CWIP | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 7 | 0 | | Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Other Assets | 473 | 455 | 403 | 392 | 325 | 307 | 360 | 304 | 314 | 296 | | Total Assets | 1220 | 1181 | 1105 | 1072 | 982 | 942 | 933 | 856 | 851 | 806 | ### Cash Flow All figures in ₹ crore unless the row name says otherwise. | Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Cash from Operating Activity | 9 | 149 | 109 | 41 | 235 | 864 | 340 | 15 | 39 | 3 | | Cash from Investing Activity | -13 | 8 | 5 | -4 | -3 | -5 | 0 | 53 | -10 | 38 | | Cash from Financing Activity | 6 | -209 | -118 | -37 | -229 | -862 | -330 | -80 | -30 | -40 | | Net Cash Flow | 2 | -51 | -4 | 0 | 3 | -3 | 10 | -12 | -1 | 1 | | Free Cash Flow | -10 | 144 | 112 | 38 | 234 | 860 | 336 | 68 | 28 | 40 | | CFO/OP | 27 | 1170 | 319 | 132 | 913 | 4641 | 2041 | 869 | 280 | -853 | ### Ratios | Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Debtor Days | 141 | 141 | 107 | 115 | 99 | 67 | 37 | 40 | 43 | 44 | | Inventory Days | 122 | 65 | 58 | 64 | 74 | 46 | 47 | 37 | 41 | 35 | | Days Payable | 90 | 79 | 56 | 59 | 30 | 35 | 41 | 57 | 90 | 81 | | Cash Conversion Cycle | 173 | 128 | 110 | 119 | 143 | 78 | 42 | 20 | -6 | -1 | | Working Capital Days | -206 | -263 | -275 | -341 | -358 | -147 | 2 | -23 | -56 | -38 | | ROCE % | 1 | -1 | 1 | 1 | 0 | -1 | -1 | -3 | -1 | -3 | ## Shareholding Pattern ### annual | Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Promoters | 70.45% | 70.45% | 70.45% | 70.45% | 70.45% | 70.45% | 70.45% | 70.45% | 63.4% | 64.2% | 64.2% | | DIIs | 0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 10% | 10.12% | 10.12% | | Government | 0% | 0.48% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | | Public | 29.54% | 29.07% | 29.55% | 29.55% | 29.55% | 29.55% | 29.55% | 29.56% | 26.59% | 25.66% | 25.68% | | No. of Shareholders | 6338 | 5192 | 4795 | 4473 | 4463 | 4456 | 4669 | 4521 | 4599 | 4451 | 4396 | ### Quarterly | Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Promoters | 70.45% | 70.45% | 70.45% | 70.45% | 63.4% | 63.4% | 63.4% | 63.4% | 64.2% | 64.2% | 64.2% | 64.2% | | DIIs | 0% | 0% | 0% | 0% | 10% | 10% | 10% | 10% | 10.12% | 10.12% | 10.12% | 10.12% | | Public | 29.54% | 29.54% | 29.56% | 29.53% | 26.61% | 26.59% | 26.59% | 26.59% | 25.68% | 25.67% | 25.66% | 25.68% | | No. of Shareholders | 4527 | 4481 | 4521 | 4674 | 4542 | 4586 | 4599 | 4551 | 4505 | 4490 | 4451 | 4396 | ## Technical Indicators Derived from daily closing prices and recomputed each trading session; values move with the market. - **Overall Signal:** Buy - **Buy / Neutral / Sell:** 8 / 7 / 4 ### Moving Averages — summary: **Strong Buy** | Indicator | Value | Signal | | --- | --- | --- | | SMA (10) | 30.79 | Sell | | EMA (10) | 30.26 | Buy | | SMA (20) | 29.76 | Buy | | EMA (20) | 29.94 | Buy | | SMA (50) | 30.29 | Buy | | EMA (50) | 29.84 | Buy | | SMA (100) | 30.84 | Sell | | EMA (100) | 30.45 | Buy | | SMA (200) | 31.01 | Sell | | EMA (200) | 32.16 | Sell | ### Oscillators — summary: **Buy** | Indicator | Value | Signal | | --- | --- | --- | | RSI (14) | 53.2 | Neutral | | MACD (12,26,9) | 0.37 | Buy | | Stochastic (14,3,3) | 48.56 | Neutral | | ADX (14) | 10.86 | Neutral | | Williams %R (14) | -49.93 | Neutral | | ATR (14) | 1.72 | High Volatility | | ROC (12) | 7.98 | Buy | | Stoch RSI (14) | 35.56 | Neutral | | UO (7,14,28) | 46.68 | Neutral | ## Filings & Documents ### Other Documents | Date | Document | | --- | --- | | 2026-09-29 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9a012ec6-c23e-4095-9e6b-8cbc0c1048bc.pdf) | | 2026-09-21 | [Shareholder Meeting / Postal Ballot-Scrutinizer''s Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=10129311-2bf8-4d96-84d3-c910cae30842.pdf) | | 2026-09-20 | [Video Recording Link Of 79Th AGM Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0b4d4e38-4c99-46ef-9241-02a350238eff.pdf) | | 2026-09-19 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6727638d-c8ec-4bf6-b373-79a7f8024f00.pdf) | | 2026-09-19 | [Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=345682ad-7432-4b3f-bef1-964294222952.pdf) | | 2026-08-28 | [Intimation Of 79Th AGM Notice And Annual Report 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0e65b3df-e221-4df8-92cb-420e86e3c3c8.pdf) | | 2026-08-28 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=59acc5a9-6632-42e8-897f-65fc9467f0b1.pdf) | | 2026-08-11 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4e496633-3e08-4715-84cc-b2e448ff7f34.pdf) | | 2026-08-10 | [Board Meeting Outcome for Outcome Of Board Meeting Held On August 10, 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b6f565df-e98a-403a-ab3c-c9be68134b2a.pdf) | | 2026-08-10 | [Financial Results For The Quarter Ended June 30, 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=723dc028-cee0-43e9-8fb7-9caec4a4d7e8.pdf) | ### Annual Reports | Date | Document | | --- | --- | | 2026 | [Annual Report 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/59acc5a9-6632-42e8-897f-65fc9467f0b1.pdf) | | 2025 | [Annual Report 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f5320991-2d03-4b0e-b38f-11c3cba6c76c.pdf) | | 2024 | [Annual Report 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/919a4681-9fe3-48a9-ae42-18eafbdcb950.pdf) | | 2023 | [Annual Report 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/beb4eb63-08ca-4ffb-b8f5-7946b0ac0943.pdf) | | 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport/513629/76928513629.pdf) | | 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport/513629/71966513629_05_10_21.pdf) | | 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/513629/67268513629.pdf) | | Mar 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport/513629/5136290319.pdf) | | Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/513629/5136290318.pdf) | | Mar 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/513629/5136290317.pdf) | ### Credit Rating Reports | Date | Document | | --- | --- | | 2024-03-28 | Credit rating update — CARE Ratings | | 2024-03-22 | Credit rating update — Acuité | | 2023-12-20 | Credit rating update — CARE Ratings | | 2023-03-23 | Credit rating update — Acuité | | 2022-10-14 | Credit rating update — CARE Ratings | | 2021-07-23 | Credit rating update — CARE Ratings | --- Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:02:28.817Z.