Tulsyan NEC

BSE: TULSYAN · Iron & Steel Products

52W Range₹17 ₹49

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Snapshot

Unlock Tulsyan NEC's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Tulsyan NEC Ltd is a diversified manufacturing company operating across the steel, synthetic packaging, and power generation sectors. Its primary offerings include TMT bars, sponge iron, and billets for construction, alongside PP woven sacks and FIBC for industrial packaging.

Business Model

The company operates through three distinct divisions: a steel division focused on construction materials, a synthetics division providing industrial packaging solutions, and a power division that functions as an independent power producer.

Growth Outlook

Growth is primarily driven by infrastructure development in South India, which sustains demand for TMT bars, and the increasing requirement for industrial packaging solutions in the cement and food grain sectors.

Key Risks

  • Cyclicality of Steel Industry. The company's profitability is highly sensitive to the volatile prices of raw materials and the cyclical nature of the construction sector.
  • Regulatory and Environmental Risks. Operations in the steel and coal-based power sectors are subject to stringent environmental regulations and potential policy shifts regarding carbon emissions.
  • Input Cost Volatility. Fluctuations in the prices of coal and other energy inputs directly impact the margins of both the steel and power generation divisions.

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Key Metrics

REVENUE

₹808 Cr

TTM · consolidated

-7.0%YoY

NET PROFIT

₹64 Cr

TTM · consolidated

+479.5%YoY

EPS

₹39.08

TTM · consolidated

+471.3%YoY

RETURN ON EQUITY

27.5%

TTM · consolidated

+24.0 ppYoY

RETURN ON CAPITAL EMPLOYED

27.1%

TTM · consolidated

+13.4 ppYoY

P/E

0.6x

Q4 FY26 · consolidated

0.6 vs 0.6x5Y avg

EV/EBITDA

2.8x

Q4 FY26 · consolidated

2.8 vs 18.7x5Y avg

EBITDA MARGIN

19.9%

TTM · consolidated

+8.3 ppYoY

NET PROFIT MARGIN

11.7%

Q4 FY26 · consolidated

-7.8 ppYoY

DEBT TO EQUITY

2.2x

Q4 FY26 · consolidated

+0.70xYoY

Peers · Iron & Steel Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Tulsyan NECTULSYAN
₹44 Cr0.682.80-7.0%19.9%27.5%27.1%-12.3%
Panchmahal SteelPANCHMAHQ
₹580 Cr99.7231.765.0%3.9%7.2%+13.9%
Modern MalleableMODMA
₹569 Cr29.4021.16189.2%18.2%11.8%15.1%
Azad India Mobility LimitedAZADIND
₹509 Cr3.3%-1.4%-1.3%-30.1%
SurajSURAJLTD
₹385 Cr46.4419.13-15.2%12.0%6.1%12.6%-32.1%
Shah MetacorpSHAH
₹369 Cr26.7125.4348.8%10.1%5.6%5.4%+12.3%

As of Q4 FY26

Financials