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


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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.

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

<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.


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Nimish Maheshwari

Market & Forensics Analyst

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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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco</a> reported a strong Q2FY26 led by 20% YoY growth in BEC (exhibitions) revenue.  IT Parks segment also reported YoY growth of 11% YoY in revenue.</li>
<li>The Foods segment continues to grow rapidly. Q2FY26 revenue more than doubled to INR 54cr vs INR 24cr YoY and EBIT grew to INR 5cr vs INR 2cr+ YoY.</li>
<li>Core EBIT grew 18% YoY in Q2FY26. Nesco's growth prospects remain strong led by continuous expansion and synergistic expansion into adjacencies like Foods, Events and most recently into Wayside Amenities.</li>
</ul>



Nesco reported a strong Q2FY26 led by 20% YoY growth in BEC (exhibitions) revenue.  IT Parks segment also reported YoY growth of 11% YoY in revenue.
The Foods segment continues to grow rapidly. Q2FY26 revenue more than doubled to INR 54cr vs INR 24cr YoY and EBIT grew to INR 5cr vs INR 2cr+ YoY.
Core EBIT grew 18% YoY in Q2FY26. Nesco's growth prospects remain strong led by continuous expansion and synergistic expansion into adjacencies like Foods, Events and most recently into Wayside Amenities.


Nesco: Strong Q2FY26 | 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.

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NESCO (NESCO IN)

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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: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Nesco continues to grow well and holds tremendous future potential led by continued growth in leasing and expansion into adjacencies like Foods,...

Ankit Agrawal, CFA

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52-week Range

Market Cap (USDm)

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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

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: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Nesco continues to grow well and holds tremendous future potential led by continued growth in leasing and expansion into adjacencies like Foods,...

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.