Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

<ul>
<li>With 100% occupancy in Tower 3 and Tower 4, Nesco continues to generate steady revenue of INR 98cr+ and EBIT of INR 80cr+ per quarter.</li>
<li>Q1 tends to be seasonally weak for exhibitions (BEC), thus QoQ comparison is not relevant. YoY BEC revenue and EBIT grew 10% YoY to INR 44cr+ and INR 22cr+, respectively.</li>
<li>The Foods business continues to maintain its growth momentum with revenue up 20%+. Work has commenced on 4 sites on Hyderabad-Vishakapatnam expressway for wayside amenities.</li>
</ul>


With 100% occupancy in Tower 3 and Tower 4, Nesco continues to generate steady revenue of INR 98cr+ and EBIT of INR 80cr+ per quarter.
Q1 tends to be seasonally weak for exhibitions (BEC), thus QoQ comparison is not relevant. YoY BEC revenue and EBIT grew 10% YoY to INR 44cr+ and INR 22cr+, respectively.
The Foods business continues to maintain its growth momentum with revenue up 20%+. Work has commenced on 4 sites on Hyderabad-Vishakapatnam expressway for wayside amenities.


Nesco: Leveraging Strengths to Get Into Adjacencies like Wayside Amenities

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Nesco's primary value proposition lies in its large, strategically located, and underutilized land bank in Mumbai, providing significant long-term real estate development optionality.</li>
  <li>The company is experiencing robust growth driven by its Bombay Exhibition Centre (BEC) and Nesco Foods divisions, complemented by a fully occupied IT Park that generates stable rental income.</li>
  <li>While poised for future growth through new ventures like Wayside Amenities and the development of IT Tower 2, the company faces near-term margin compression due to the investment phase and execution risks associated with project approvals and timelines.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Nesco's primary value proposition lies in its large, strategically located, and underutilized land bank in Mumbai, providing significant long-term real estate development optionality.
  The company is experiencing robust growth driven by its Bombay Exhibition Centre (BEC) and Nesco Foods divisions, complemented by a fully occupied IT Park that generates stable rental income.
  While poised for future growth through new ventures like Wayside Amenities and the development of IT Tower 2, the company faces near-term margin compression due to the investment phase and execution risks associated with project approvals and timelines.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>In Q4FY26, the IT Parks (Realty) business saw revenue growth of 4% YoY led by contractual rent increments. The BEC (Exhibitions) business performed well with revenue growth of 60%+ YoY. </li>
<li>For full-year FY26, the IT Parks business grew 8% YoY while the BEC business grew 30% YoY. Nesco's venture into Wayside amenities holds significant promise.</li>
<li>The Foods business continues to grow rapidly with revenues up 75%+ YoY in Q4Fy26. For full-year FY26, revenue in the Food business more than doubled to INR 238cr.</li>
</ul>


In Q4FY26, the IT Parks (Realty) business saw revenue growth of 4% YoY led by contractual rent increments. The BEC (Exhibitions) business performed well with revenue growth of 60%+ YoY. 
For full-year FY26, the IT Parks business grew 8% YoY while the BEC business grew 30% YoY. Nesco's venture into Wayside amenities holds significant promise.
The Foods business continues to grow rapidly with revenues up 75%+ YoY in Q4Fy26. For full-year FY26, revenue in the Food business more than doubled to INR 238cr.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco Ltd (NSE IN)</a>’s FY26 income crossed INR 1,032 crore, led by 100% leased IT Park towers, Hall 6 ramp-up, and Foods revenue doubling to INR 238 crore.</li>
<li>Its 65-acre Goregaon land bank has 86% unused FSI, creating rare Mumbai real-estate optionality with debt-free, high-margin operating cashflows.</li>
<li>: Nesco is not just a rental business anymore; Tower 2, BEC expansion and Foods can drive the next compounding phase.</li>
</ul>



Nesco Ltd (NSE IN)’s FY26 income crossed INR 1,032 crore, led by 100% leased IT Park towers, Hall 6 ramp-up, and Foods revenue doubling to INR 238 crore.
Its 65-acre Goregaon land bank has 86% unused FSI, creating rare Mumbai real-estate optionality with debt-free, high-margin operating cashflows.
: Nesco is not just a rental business anymore; Tower 2, BEC expansion and Foods can drive the next compounding phase.


NESCO Limited: The Mumbai's Most Underrated Landlord.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco</a>  reported strong revenue growth of 15%+ YoY in Q3FY26 led by the Foods business where the revenue doubled YoY. The IT Parks and Exhibitions businesses posted steady performance.</li>
<li>However, operating PBT declined -7% YoY due to investments, operational and finance costs being incurred towards the Way Side Amenities business and Tower 2 construction.</li>
<li>Led by its new initiatives like the Foods and the Events businesses, Nesco is growing well. Its venture into Way Side Amenities segment also looks promising.</li>
</ul>



Nesco  reported strong revenue growth of 15%+ YoY in Q3FY26 led by the Foods business where the revenue doubled YoY. The IT Parks and Exhibitions businesses posted steady performance.
However, operating PBT declined -7% YoY due to investments, operational and finance costs being incurred towards the Way Side Amenities business and Tower 2 construction.
Led by its new initiatives like the Foods and the Events businesses, Nesco is growing well. Its venture into Way Side Amenities segment also looks promising.


Nesco: Strong Q3FY26 | Foods Business Scaling Up Rapidly

India

Nesco Ltd. is a diversified company involved in manufacturing and engineering products for railways and forging, realty development, and runs an exhibition center.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NESCO (NESCO IN)

Nesco: Leveraging Strengths to Get Into Adjacencies like Wayside Amenities

Nesco has been leveraging its strengths to expand into adjacencies. Led by its Restaurants and Catering expertise, it is venturing into Wayside...

Ankit Agrawal, CFA

Primer: Nesco Ltd (NSE IN) - Aug 2026

Nesco's primary value proposition lies in its large, strategically located, and underutilized land bank in Mumbai, providing significant...

αSK Primers

Nesco: Steady Q4FY26 Performance

Nesco's Foods business continues to scale up rapidly while the relatively new Wayside Amenities business holds significant promise. An investment...

Ankit Agrawal, CFA

NESCO Limited: The Mumbai's Most Underrated Landlord.

Nesco sees strong revenue growth in FY26, with potential for further expansion in FY27 through new approvals and untapped FSI at Goregaon Campus.

Nimish Maheshwari

Nesco: Strong Q3FY26 | Foods Business Scaling Up Rapidly

Nesco reported a strong Q3FY26 with 15%+ YoY revenue growth, led by rapid scaling up of the Foods business. Its new venture into Way Side Amenities...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nesco: Leveraging Strengths to Get Into Adjacencies like Wayside Amenities

Nesco has been leveraging its strengths to expand into adjacencies. Led by its Restaurants and Catering expertise, it is venturing into Wayside...

Ankit Agrawal, CFA

Primer: Nesco Ltd (NSE IN) - Aug 2026

Nesco's primary value proposition lies in its large, strategically located, and underutilized land bank in Mumbai, providing significant...

αSK Primers

Nesco: Steady Q4FY26 Performance

Nesco's Foods business continues to scale up rapidly while the relatively new Wayside Amenities business holds significant promise. An investment...

Ankit Agrawal, CFA

NESCO Limited: The Mumbai's Most Underrated Landlord.

​Nesco sees strong revenue growth in FY26, with potential for further expansion in FY27 through new approvals and untapped FSI at Goregaon Campus.

Nimish Maheshwari

Nesco: Strong Q3FY26 | Foods Business Scaling Up Rapidly

Nesco reported a strong Q3FY26 with 15%+ YoY revenue growth, led by rapid scaling up of the Foods business. Its new venture into Way Side Amenities...

Ankit Agrawal, CFA

Nesco sees strong revenue growth in FY26, with potential for further expansion in FY27 through new approvals and untapped FSI at Goregaon Campus.