North Eastern Carrying Corp. Ltd. (NECCLTD) AI Stock Analysis

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North Eastern Carrying Corp. Ltd.

(NSE:NECCLTD)

Select Model

Rating:64Neutral

Price Target:INR 24.50▲(6.99% Upside)

Action:reiterated

Date:11/14/26

The score is held back mainly by weak cash generation (consistently negative operating and free cash flow) and recent margin compression despite a healthier balance sheet. These risks are partially offset by strong technical momentum and an improving leverage profile, while valuation (P/E ~27.6 with no dividend yield provided) remains only moderately supportive.

Positive Factors

Long-term revenue expansionRevenue has expanded materially over the five-year period, indicating that the company has grown its operating base and retained demand over time. Although the latest year declined, the larger revenue platform can support future scale benefits if management restores consistent growth.

Negative Factors

Persistent negative cash generationRepeatedly negative operating and free cash flow shows that reported profitability is not translating into self-funded cash generation. This can force greater reliance on external funding or balance-sheet resources, limiting financial flexibility and increasing execution risk if investment needs remain elevated.

North Eastern Carrying Corp. Ltd. (NECCLTD) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.39B
Dividend Yield: ―
Average Volume (3M): 40.22K
Price to Earnings (P/E): 27.6
Beta (1Y): 1.57
Revenue Growth: 3.58%
EPS Growth: 11.43%
Country: India
Employees: 436
Sector: General
Sector Strength: 55
Industry: Trucking

North Eastern Carrying Corp. Ltd. Business Overview & Revenue Model

Company Description

Established in 1984 and headquartered in Delhi, India, North Eastern Carrying Corporation Limited (NECCL) delivers an extensive array of transportation and logistics solutions. Its operational reach spans India, Nepal, Bhutan, and Bangladesh. The com...

North Eastern Carrying Corp. Ltd. Financial Statement Overview

Summary

Profitability is positive but thin and recently weaker (2026 net margin ~2.5% and EBITDA margin ~5.5%, both down vs 2025) and revenue declined in the latest year after a multi-year rise. The balance sheet is improving with manageable leverage (debt-to-equity ~0.55 in 2026), but earnings quality is pressured by persistently negative operating cash flow and negative free cash flow (OCF negative every year; ~-90.1M OCF and ~-242.8M FCF in 2026), which is the primary financial risk.

Income Statement

66Positive

Balance Sheet

73Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	3.20B	3.08B	3.29B	3.35B	3.06B	2.50B
Gross Profit	297.77M	278.44M	375.54M	391.24M	341.17M	270.82M
EBITDA	198.96M	232.25M	226.76M	216.63M	202.74M	155.15M
Net Income	83.19M	77.51M	102.53M	80.22M	57.71M	42.58M
Balance Sheet
Total Assets	3.72B	3.72B	3.45B	3.17B	2.43B	2.18B
Cash, Cash Equivalents and Short-Term Investments	91.51M	95.79M	155.04M	212.47M	81.45M	76.65M
Total Debt	1.16B	1.24B	1.06B	1.03B	1.19B	1.01B
Total Liabilities	1.34B	1.45B	1.26B	1.23B	1.39B	1.19B
Stockholders Equity	2.38B	2.27B	2.19B	1.94B	1.05B	989.36M
Cash Flow
Free Cash Flow	-67.37M	-242.78M	-258.79M	-490.68M	-180.12M	-133.33M
Operating Cash Flow	2.54M	-90.08M	-212.38M	-462.10M	-144.11M	-102.09M
Investing Cash Flow	-47.83M	-157.78M	-18.26M	-60.02M	-31.89M	-24.26M
Financing Cash Flow	7.15M	188.60M	173.22M	653.14M	180.82M	147.69M

North Eastern Carrying Corp. Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price22.90

Price Trends

50DMA18.72Positive

100DMA17.25Positive

200DMA16.10Positive

Market Momentum

MACD0.67Negative

RSI69.18Neutral

STOCH88.46Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NECCLTD, the sentiment is Positive. The current price of 22.90 is above the 20-day moving average (MA) of 18.41, above the 50-day MA of 18.72, and above the 200-day MA of 16.10, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 69.18 is Neutral, neither overbought nor oversold. The STOCH value of 88.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NECCLTD.

North Eastern Carrying Corp. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:NECCLTD against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:VRLLOG	78Outperform	INR 59.48B	18.57	―	2.94%	10.86%	37.15%
IN:PATINTLOG	65Neutral	INR 809.38M	8.14	―	1.57%	17.29%	28.42%
IN:NECCLTD	64Neutral	INR 2.39B	27.60	―	―	3.58%	11.43%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:AVG	55Neutral	INR 3.10B	9.48	―	0.72%	2.73%	34.62%
IN:RITCO	48Neutral	INR 7.77B	25.09	―	―	15.70%	-39.73%
IN:LANCER	41Neutral	INR 4.24B	20.82	―	―	5.75%	―

* General Sector Average

Performance Comparison

IN:NECCLTD and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:NECCLTD	North Eastern Carrying Corp. Ltd.	22.90	2.18	10.52%
IN:AVG	AVG Logistics Ltd.	165.45	-27.41	-14.21%
IN:LANCER	Lancer Container Lines Ltd	11.41	-3.51	-23.53%
IN:PATINTLOG	Patel Integrated Logistics Ltd.	12.61	-1.11	-8.08%
IN:RITCO	Ritco Logistics Ltd.	271.60	-9.50	-3.38%
IN:VRLLOG	VRL Logistics Ltd.	340.00	67.65	24.84%

North Eastern Carrying Corp. Ltd. Corporate Events

North Eastern Carrying Corp Completes AGM Notice Dispatch and E-Voting Setup

Aug 18, 2026

North Eastern Carrying Corporation Limited has notified exchanges that it has completed dispatch of the notice for its 41st Annual General Meeting, along with the annual report for financial year 2025-26. The communication also confirms that e-voting...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 14, 2026

North Eastern Carrying Corp. Ltd. AI Stock Analysis