Nesco Limited 67th AGM Highlights FY26 Performance

Meeting Details

The 67th Annual General Meeting of Nesco Limited was held on Monday, 27 July 2026 at 3:30 pm through video conference. The meeting was chaired by Krishna S. Patel from Mumbai.

Attendance

Board Members Present:

Mr. Arun Todarwal, Independent Director and Chairman of the Audit Committee (Mumbai)
Mr. Manish Panchal, Independent Director (Mumbai)
Ms. Sudha Patel, Non-Executive, Non-Independent Director and Chairperson of Stakeholders Relationship Committee and Corporate Social Responsibility Committees (Mumbai)
Ms. Amrita Chowdhury, Independent Director and Chairman of Nomination and Remuneration Committee (Mumbai)
Dr. Ramakrishnan Ramamurthi, Independent Director (Mumbai)
Mr. Rajesh Upadhyay, Executive Director (Commercial and Operations) (Karamsad, Gujarat) - first AGM with the Company

Management Present:

Mr. Dipesh R. Singhania, Chief Financial Officer (Registered Office)
Ms. Shalini Kamath, Company Secretary and Compliance Officer (Registered Office)

Auditors Present:

Mr. Sharad Gupta, Partner of S G D G & Associates LLP, Statutory Auditors
Ms. Neeta Desai of ND & Associates, Secretarial Auditor

Voting Process

The Company provided e-voting facility through NSDL platform:

Remote e-voting period: Thursday, 23 July 2026 (9:00 am) to Sunday, 26 July 2026 (5:00 pm)
E-voting during AGM also available
Ms. Neeta H. Desai of ND & Associates appointed as Scrutinizer
Promoter group companies submitted representations covering 2,94,19,218 equity shares

Financial Performance Highlights FY26

Overall Performance:

Total income: ₹1,031 crores (22% year-on-year growth)
EBITDA: ₹590 crores
Profit after tax: ₹412 crores (10% year-on-year growth)
Debt-free with liquidity of ₹1,471 crores
Final dividend recommended: ₹7 per share (subject to approval)

Business Division Performance:

Realty Division:

Revenue: ₹398 crores (8.6% growth over previous year)
Towers 3 and 4 maintained 100% occupancy
Commenced work on Tower 2 (integrated office space and hotel development)
Expected completion: Within 60 months of getting commencement certificate
Transitioned to 100% renewable energy

Exhibition and Events Division:

Revenue: ₹260 crores (30% growth over previous year)
Hosted over 135 exhibitions, corporate events and live experiences

Foods Division:

Revenue: ₹238 crores (107% growth over previous year)
12 restaurants, gaming zone, three large food courts
Catering division with eight in-house brands and partnerships with over 50 food brands

Engineering Division (Indabrator):

Revenue: ₹35 crores (lower due to softer demand across capital goods sectors)
Serves railways, defense, and heavy engineering sectors

Wayside Amenities:

Construction progressing at four sites along Hyderabad-Visakhapatnam Expressway
Expected to start operations by end of FY27

ESG Initiatives

Towers 3 and 4 hold Platinum-rated Green Building certifications
Entire Mumbai facility operates on 100% renewable energy
Commenced work on ESG Roadmap 2030
1,300 trees in campus
Certifications: ISO 9001, ISO 45001, ISO 14001, "Eat Right Campus" from FSSAI
"Great Places to Work" for two consecutive years

CSR Activities

Contributed ₹8.30 crores towards CSR initiatives
Focus on education and healthcare
Supports two old age homes and senior citizen living facilities

Shareholder Q&A Highlights

Construction and Development:

Tower 2 work started 7-8 months ago, site at ground zero
Estimated investment: ₹3,500 crores
FSI calculation: Tower 3 and 4 consumed 14% of potential, Tower 2 will consume 18%
Hotel expected to start operations same timeline as Tower 2 commercial building

Real Estate Metrics:

Total chargeable area: 17.70 lakh square feet (6.60 lakh in Tower 3, 11.10 lakh in Tower 4)
100% occupancy with 26 clients (13 in each tower)
Average rent: ₹180 per square feet per month (range ₹150-₹210)
Most leases have several years remaining, no major exits expected in near future

Exhibition Business:

Plan to redevelop Hall 1 (operational within 12 months, capex within ₹200 crores)
Subsequently redevelop Hall 2 and 3 into one hall
Total capacity: 55,500 square meters across five exhibition halls and three banquet halls

9x9 Music Concert Incident (11 April 2026):

Unfortunate situation, heart goes out to families of deceased
No Nesco employees involved
Cooperating with authorities
Industry associations taking up matter with Government of Maharashtra

Financial Details:

Treasury size: ₹1,650 crores (30 June 2026), ₹1,520 crores (March 2026), ₹1,135 crores (March 2025)
Investments in debt funds, bonds, preference shares, CDs and mutual funds
CWIP as on 31 March 2026: ₹763 crores (Realty: ₹740 crores, BEC: ₹16 crores, Others: ₹7 crores)
Dip in treasury income due to ₹640 crores payment to BMC for Tower 2 in March 2025

Wayside Amenities:

Surrendered some sites due to local villager unrest, infrastructure deficiencies, regulatory issues
Financial impact: ₹1.25-1.5 crores per project charged to P&L in June 2026 quarter

Human Resources:

Total employees: 349 permanent, 638 contractual
Total manpower cost: ₹74 crores for FY26

Technology:

Using AI in finance, creative work, architecture, designing
Consultants use AI for mechanical, electrical, plumbing designs and clash management

Corporate Actions:

No decision on bonus issue (last bonus was in 2010)
Annual report cost: approx. ₹12 lakhs including printing of 200 reports

Future Plans:

Continue virtual AGMs based on shareholder preference
Considering regular investor con-calls for better updates
Focus on growth and potential diversification over next 5-6 years
Funding for capex primarily through internal accruals, debt as last option

Resolutions

Seven resolutions proposed in the AGM
Detailed explanatory statement available in notice from page 261 of Annual Report

Voting Results

Combined results of remote e-voting and voting at AGM to be announced within prescribed timeline
Results will be available on Company's website, NSDL website, and stock exchanges