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Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹154 Cr.
Stock P/E
15
P/B
0.7
Current Price
₹15.4
Book Value
₹ 22.6
Face Value
10
52W High
₹27.3
52W Low
₹ 10.4
Dividend Yield
0%

North Eastern Carry. Overview

Business

North Eastern Carrying Corporation Ltd. (NECCLTD), commonly known as NECC, is an Indian logistics company established in 1968. It provides integrated logistics solutions across India, with a historical strength and significant presence in the North Eastern, Eastern, and Southern regions. Its core services include Full Truck Load (FTL), Less Than Truck Load (LTL), parcel services, and warehousing.

The company operates on a hybrid model, utilizing its owned fleet, hired vehicles, and a vast network of branches, warehouses, and transit hubs to serve predominantly B2B clients across various industries. Revenue is primarily generated from fees for transportation services (based on distance, volume/weight, cargo type) and warehousing solutions.

Revenue Mix

NECCLTD primarily functions as an integrated logistics service provider. Its main revenue streams are derived from road transportation (FTL, LTL, and parcel cargo) and warehousing services. While the company markets itself as offering "total logistics solutions," specific breakdowns of revenue contribution from distinct segments are not consistently detailed in publicly available general information. It can be inferred that road freight transportation constitutes the largest portion of its revenue, followed by warehousing and other value-added logistics services.

Industry

The Indian logistics industry is large, fragmented, and undergoing significant formalization and consolidation. It comprises a mix of unorganized local players, regional specialists, and larger organized national and international players. The sector is a beneficiary of strong government focus on infrastructure development (e.g., National Logistics Policy, Gati Shakti) and the Goods and Services Tax (GST) regime, which has streamlined inter-state movement.

NECCLTD is positioned as a mid-sized, established player with deep-rooted experience, particularly in the challenging terrains of North-East India. While not among the largest pan-India integrated logistics giants, its extensive network and decades of operations in specific regions give it a strong foothold. It competes with both large national players and numerous smaller regional transporters, leveraging its regional specialization and local market understanding.

MOAT

Network & Regional Expertise: NECCLTD possesses an established and dense operational network, particularly in the North Eastern, Eastern, and Southern parts of India. This long-standing presence and deep understanding of local dynamics, especially in regions with complex logistics challenges, provide a significant competitive advantage.

Operational Know-how: Decades of experience in managing diverse cargo types, fleet operations, and navigating regulatory complexities across India have built valuable operational expertise.

Customer Relationships: Long-term relationships with a diversified client base across various industries contribute to repeat business and some degree of customer stickiness.

Brand Recognition (Regional): Over five decades of operation have likely built a recognizable brand for reliable freight movement within its primary operating regions.

Growth Drivers

Economic Growth & Industrialization: Sustained growth in the Indian economy, manufacturing, and consumption will continue to drive demand for efficient logistics services.

Infrastructure Development: Continued government investment in roads, railways, and multimodal connectivity under initiatives like the National Logistics Policy and Gati Shakti will enhance efficiency and open new logistics corridors.

E-commerce & Organized Retail Expansion: The rapid growth of e-commerce and the expansion of organized retail chains across India create substantial demand for robust and far-reaching logistics networks.

Formalization of Logistics Sector: The ongoing shift from unorganized to organized logistics players, spurred by GST implementation, favors established and compliant companies like NECCLTD.

"Look East" Policy: Government focus on enhancing trade and connectivity with Southeast Asian nations is expected to boost logistics activity in India's North East, a region where NECCLTD has significant strength.

Supply Chain Optimization: Businesses are increasingly outsourcing logistics to specialized third-party providers to reduce costs and improve supply chain efficiency.

Risks

Fuel Price Volatility: Fuel costs represent a major operating expense; significant fluctuations can directly impact profitability if not effectively passed on to customers.

Intense Competition: The Indian logistics sector remains highly fragmented and competitive, leading to potential pricing pressures and margin erosion.

Economic Slowdown: A downturn in industrial production or consumer spending can reduce demand for transportation and warehousing services.

Infrastructure Bottlenecks & Operational Disruptions: Despite improvements, challenges like road congestion, last-mile connectivity issues, and natural calamities (especially in the North East) can disrupt operations and increase costs.

Regulatory Changes: Changes in trucking laws, taxation policies, environmental regulations, or labor laws could impact operations and compliance costs.

Technology Adoption: Lagging in the adoption of new logistics technologies (e.g., IoT, AI for route optimization, warehouse automation) could lead to competitive disadvantages.

Management & Ownership

NECCLTD was founded by Late Sardar Inder Singh. The company continues to be managed by the promoter family, with Mr. S. K. Singh serving as the Chairman and Managing Director. The management team includes individuals with long-standing experience in the logistics sector, suggesting operational expertise and continuity. Promoter holding typically constitutes a significant stake in such family-managed Indian companies, indicating their long-term commitment and control.

Outlook

NECCLTD operates in a dynamic Indian logistics sector poised for growth, driven by macro tailwinds such as economic expansion, infrastructure development, and ongoing formalization. The company's deep regional expertise, particularly in the North East, provides a defensible niche and potential advantage from government initiatives like the "Look East" policy. Its established network and decades of operational experience in challenging terrains are key strengths.

However, the sector remains highly competitive, with pricing pressures from numerous organized and unorganized players. The company is also exposed to inherent industry risks such as volatile fuel prices and susceptibility to economic slowdowns. Future success will hinge on its ability to effectively scale operations, enhance technological integration, maintain cost efficiencies, and potentially diversify its service offerings or geographic reach, while navigating the competitive landscape and operational complexities of the logistics industry.

North Eastern Carry. Share Price

Live · BSE / NSE · Inception: 1984
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

North Eastern Carry. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 74 86 92 78 82 81 88 69 71 72
Other Income 0 0 1 0 0 0 0 0 3 1
Total Income 74 86 93 78 82 81 88 69 74 73
Total Expenditure 69 79 87 70 75 76 86 64 68 65
Operating Profit 5 7 6 8 7 5 3 5 6 8
Interest 2 3 2 2 2 2 1 2 2 2
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 2 3 3 5 4 3 1 2 3 5
Provision for Tax 1 1 0 2 1 1 -1 1 1 1
Profit After Tax 1 3 3 4 3 2 2 2 2 3
Adjustments 0 -0 0 0 -0 -0 0 0 0 0
Profit After Adjustments 1 3 3 4 3 2 2 2 2 3
Adjusted Earnings Per Share 0.2 0.3 0.3 0.4 0.3 0.2 0.2 0.2 0.2 0.3

North Eastern Carry. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 531 538 548 385 343 376 231 250 306 335 329 300
Other Income 1 1 1 1 1 2 2 0 0 2 1 4
Total Income 532 540 549 386 344 378 233 251 306 337 329 304
Total Expenditure 511 518 528 369 328 359 221 235 286 314 306 283
Operating Profit 21 22 20 17 16 19 12 16 21 23 23 22
Interest 9 10 9 7 6 7 7 6 8 9 8 7
Depreciation 3 3 3 3 3 3 3 4 3 3 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 9 9 6 7 9 1 6 9 10 13 11
Provision for Tax 3 3 3 2 2 2 -0 1 4 2 3 2
Profit After Tax 6 6 6 4 5 6 1 4 6 8 10 9
Adjustments 0 0 0 0 0 0 0 -0 0 0 0 0
Profit After Adjustments 6 6 6 4 5 6 1 4 6 8 10 9
Adjusted Earnings Per Share 1 1 1 0.7 0.8 1.2 0.3 0.8 1.1 0.8 1 0.9

North Eastern Carry. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 67 73 78 82 87 93 95 99 105 194 219
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 4 5 7 10 6 4 2 3 18 10 4
Other Non-Current Liabilities -1 -0 -0 -0 -1 -1 -1 1 2 1 1
Total Current Liabilities 92 89 91 62 89 102 100 114 119 110 120
Total Liabilities 163 167 176 154 182 199 196 217 243 316 344
Fixed Assets 15 18 18 19 20 17 14 13 14 13 8
Other Non-Current Assets 4 4 4 4 4 3 3 3 3 8 12
Total Current Assets 144 144 154 131 157 179 179 201 226 295 324
Total Assets 163 167 176 154 182 199 196 217 243 316 344

North Eastern Carry. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 3 4 3 4 5 6 6 6 8 8 21
Cash Flow from Operating Activities 1 2 -2 34 -13 -4 -11 -10 -14 -46 -21
Cash Flow from Investing Activities -2 -7 -3 -3 -4 -0 0 -2 -3 -6 -2
Cash Flow from Financing Activities 2 4 5 -30 19 4 10 15 18 65 17
Net Cash Inflow / Outflow 0 -0 0 1 1 -0 -0 2 0 13 -6
Closing Cash & Cash Equivalent 4 3 4 5 6 6 6 8 8 21 16

North Eastern Carry. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.02 1.04 1.03 0.71 0.84 1.18 0.26 0.79 1.07 0.84 1.03
CEPS(Rs) 1.63 1.61 1.53 1.3 1.47 1.75 0.84 1.47 1.59 1.17 1.28
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 12.41 13.45 14.49 15.2 16.04 17.22 17.48 18.26 19.35 20.35 21.91
Core EBITDA Margin(%) 3.75 3.82 3.57 4.05 4.33 4.64 4.18 6.11 6.57 6.32 6.86
EBIT Margin(%) 3.37 3.51 3.2 3.48 3.74 4.32 3.76 4.79 5.78 5.87 6.29
Pre Tax Margin(%) 1.61 1.66 1.64 1.56 2.05 2.33 0.51 2.27 3.07 3.03 3.97
PAT Margin (%) 1.04 1.05 1.02 1.01 1.32 1.7 0.62 1.7 1.89 2.39 3.12
Cash Profit Margin (%) 1.67 1.62 1.52 1.82 2.32 2.52 1.97 3.19 2.82 3.33 3.9
ROA(%) 3.52 3.43 3.27 2.35 2.7 3.36 0.73 2.06 2.51 2.87 3.11
ROE(%) 8.6 8.05 7.4 4.82 5.36 7.09 1.52 4.4 5.66 5.37 4.96
ROCE(%) 12.98 12.9 11.21 8.98 8.67 9.89 4.96 6.3 8.34 7.55 6.66
Receivable days 78.32 79.23 82.19 106.35 110.39 109.19 173.87 153.18 131.94 128.11 135.79
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 69.12 40.54 53.68 20.41 9.18 2.78 27.77 38.02 15.67 26.98 22.06
Price/Book(x) 5.7 3.14 3.83 0.96 0.48 0.19 0.42 1.64 0.86 1.12 1.03
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.86 0.56 0.69 0.33 0.31 0.23 0.52 1.02 0.66 0.89 0.96
EV/Core EBITDA(x) 21.4 13.84 18.79 7.75 6.66 4.56 10.21 16.23 9.81 13.09 13.6
Net Sales Growth(%) -7.19 1.45 1.79 -29.77 -10.9 9.69 -38.71 8.59 22.22 9.52 -1.91
EBIT Growth(%) -1.64 5.48 -7.05 -23.73 -4.3 26.83 -46.57 38.13 47.44 11.19 5.23
PAT Growth(%) -11.67 1.72 -0.69 -30.84 17.06 40.91 -77.62 197.7 35.55 39.01 27.8
EPS Growth(%) -11.66 1.72 -0.68 -30.84 17.05 40.92 -77.62 197.75 35.55 -20.97 21.8
Debt/Equity(x) 1.1 1.07 1.06 0.65 0.83 0.82 0.91 1.02 1.14 0.53 0.48
Current Ratio(x) 1.56 1.62 1.68 2.1 1.77 1.75 1.79 1.77 1.91 2.67 2.7
Quick Ratio(x) 1.56 1.62 1.68 2.1 1.77 1.75 1.79 1.77 1.91 2.67 2.7
Interest Cover(x) 1.91 1.9 2.05 1.81 2.22 2.17 1.16 1.9 2.14 2.07 2.7
Total Debt/Mcap(x) 0.19 0.34 0.28 0.68 1.74 4.28 2.17 0.62 1.32 0.48 0.47

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -2% +10% -3% -5%
Operating Profit CAGR 0% +13% +4% +1%
PAT CAGR +25% +36% +11% +5%
Share Price CAGR -37% -8% +10% -7%
ROE Average +5% +5% +4% +6%
ROCE Average +7% +8% +7% +9%

North Eastern Carry. Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 54.19 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 45.81 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 52.6752.6752.354.1954.1954.1954.1954.1954.1954.19
FII 0.040.150.120.010.040.0100.0200
DII 0000000000
Public 47.3347.3347.745.8145.8145.8145.8145.8145.8145.81
Others 0000000000
Total 100100100100100100100100100100

North Eastern Carry. Peer Comparison

Logistics Edit Columns

North Eastern Carry. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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North Eastern Carry. Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Company has a low return on equity of 5% over the last 3 years.
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