NCL Holdings Unlisted Shares

DRHP Status : Not Filed

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110

Fundamentals About NCL Holdings

Current Price 110

Market Cap 74 Cr

ISIN INE06DT01010

Face Value 10

P/E Ratio 4.36

EPS 0.12

P/B Ratio 0.74

Book Value 172.48

Debt to Equity Ratio 1.72

Downloads & Investor Documents

All documents are provided for informational purposes and are subject to regulatory disclosures.

Key Financials of NCL Holdings

P&L Statement	2022	2023	2024	2025
Revenue	21.06	98	41	62
Cost of Material Consumed	6.98	13	9	15.6
Change in Inventory	-22.49	44	3	0.6
Gross Margins	173.65	41.84	70.73	73.87
Employee Benefit Expenses	4.02	4	4	6
Other Expenses	31.39	7	7	13
EBITDA	1.16	30	18	26.8
OPM	5.51	30.61	43.9	43.23
Other Income	3.91	2	4	14
Finance Cost	1.55	14	11	14
D&A	0.44	3	3	6
EBIT	0.72	27	15	20.8
EBIT Margins	3.42	27.55	36.59	33.55
PBT	3.07	15	7	21
PBT Margins	14.58	15.31	17.07	33.87
Tax	1.27	5	1	4
PAT	1.8	10	6	17
NPM	8.55	10.2	14.63	27.42
EPS	3.11	17.3	10.53	29.41

Financial Ratios	2022	2023	2024	2025
Operating Profit Margin	5.51	30.61	43.9	43.23
Net Profit Margin	8.55	10.2	14.63	27.42
Earning Per Share (Diluted)	3.11	17.3	10.53	29.41

Assets	2022	2023	2024	2025
Fixed Assets	11.61	95	94	94
CWIP	82.5	0	0	0
Investments	2.15	3	54	36
Trade Receivables	0.91	4	20	14
Inventory	104.71	56	52	54
Other Assets	27.8	65	50	76
Total Assets	229.68	223	270	274

Liabilities	2022	2023	2024	2025
Share Capital	5.78	5.78	5.7	5.78
FV	10	10	10	10
Reserves	60.32	63	68	84
Borrowings	96.68	118	176	154
Trade Payables	3.47	4	1	3
Other Liabilities	63.43	32.22	19.3	27.22
Total Liabilities	229.68	223	270	274

Annual Report 2022-2023

Annual Report 2023-2024

Annual Report 2024-2025

Annual Report 2025-2026

About Company

NCL Holdings (A&S) Limited is a Hyderabad-based unlisted company formed via an NCLT-sanctioned scheme to manage non-building material assets from NCL Alltek & Seccolor. It functions as an investment entity holding interests in real estate (NCL Green Habitats), hydro power (Eastern Ghats Renewable Energy), and agro-chemicals (Sun Crop Sciences).

The following table shows a 10-point analysis of NCL Holdings Limited. We will discuss each point in detail after this table.

Parameter	Key Numbers	Insights
Business Overview	Investment Holding Company	Engaged in holding investments across group entities.
Industry	Diversified Holdings	Exposure to cement, infrastructure, and allied sectors.
Core Business	Investment activities	Earnings through dividends, interest, and capital appreciation.
Group Presence	Part of NCL Group	Backed by an established industrial group.
Revenue	Primarily non-operational	Income is largely from investments and financial assets.
Profitability	Linked to investment income	Earnings fluctuate based on portfolio performance.
Balance Sheet	Asset-heavy structure	Strong reserves driven by investments.
Debt Position	Generally low leverage	Conservative financial structure.
Business Model	Holding structure	Value derived from underlying subsidiaries.
Outlook	Dependent on group performance	Growth is tied to the performance of invested entities.

Company Overview

(i) NCL Holdings Limited is a holding and investment company, primarily engaged in managing investments across group companies and financial assets.

(ii) The company is part of the NCL Group, which has a presence in sectors such as cement, infrastructure, and construction materials.

(iii) Its business model revolves around earning income through dividends, interest, and appreciation in investments, rather than direct operational activities.

(iv) NCL Holdings plays a strategic role in capital allocation and financial structuring within the group, supporting long-term growth initiatives.

(v) The company’s performance is closely linked to the operational and financial performance of its underlying investments and subsidiaries.

Challenges in NCL Holdings Limited’s Business

Dependence on subsidiary performance: Earnings are directly linked to the financial performance of group companies.
Limited operational revenue visibility: Absence of core operating business leads to reliance on investment income.
Market-linked valuation risks: Fluctuations in investment value can impact profitability and net worth.
Liquidity constraints: Unlisted nature and holding structure may limit exit opportunities for investors.

Financial Review of NCL Holdings Limited

Here are some highlights of the financial performance of NCL Holdings Limited over the past few years.

FY24 Performance

• Revenue primarily comprised of other income and investment returns
• Profit before tax remained positive, driven by dividend income
• Profit after tax showed stable performance
• Balance sheet remained strong with high reserves

FY23 Performance

• Income derived mainly from investment portfolio
• Profitability linked to returns on financial assets
• No major operational revenue contribution
• Stable financial position maintained

FY22 Performance

• Revenue driven by interest and dividend income
• Profitability remained moderate
• Strong reserve base supported financial stability
• Conservative financial management continued

Quick Summary

NCL Holdings Limited is a pure investment holding company with exposure to diversified sectors through its group entities. While it does not have direct operational revenues, its strength lies in a strong balance sheet and strategic investments. The company’s long-term potential depends on the growth and profitability of its underlying businesses.

Click Here to visit the official website of NCL Holdings Limited.