Logistics · Founded 1984 · www.neccgroup.com · BSE 534615 · NSE NECC LTD · ISIN INE553C01016
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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.
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| #(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 |
| #(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 |
| # | 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% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -37% | -8% | 10% | -7% |
| ROE Average | 5% | 5% | 4% | 6% |
| ROCE Average | 7% | 8% | 7% | 9% |
| #(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 |
| #(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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.67 | 52.67 | 52.3 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 |
| FII | 0.04 | 0.15 | 0.12 | 0.01 | 0.04 | 0.01 | 0 | 0.02 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.29 | 47.17 | 47.58 | 45.8 | 45.77 | 45.8 | 45.81 | 45.79 | 45.81 | 45.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.02 | 5.02 | 5.02 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 |
| FII | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.51 | 4.5 | 4.57 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.54 | 9.54 | 9.6 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| # | 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% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.67 | 52.67 | 52.3 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 | 54.19 |
| FII | 0.04 | 0.15 | 0.12 | 0.01 | 0.04 | 0.01 | 0 | 0.02 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.33 | 47.33 | 47.7 | 45.81 | 45.81 | 45.81 | 45.81 | 45.81 | 45.81 | 45.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.02 | 5.02 | 5.02 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 | 5.42 |
| FII | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.51 | 4.51 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 | 4.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.54 | 9.54 | 9.6 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
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