NCL Holdings (A&S) Limited is an unlisted public company incorporated in January 2018 as part of the NCL Group’s restructuring following an NCLT-approved scheme of arrangement.
The company was created to hold the non-building-material businesses and investments that were separated from the erstwhile NCL Alltek & Seccolor structure, while the building-material business was transferred to NCL Buildtek Limited. Its stated objective is to make and hold investments in companies engaged in manufacturing, trading and services.
Company Snapshot
| Particular | Details |
|---|---|
| Company | NCL Holdings (A&S) Limited |
| CIN | U65920TG2018PLC121664 |
| Incorporated | 5 January 2018 |
| Status | Unlisted Public Company |
| Registered Office | NCL Pearl, Secunderabad, Telangana |
| Face Value | ₹10 |
| Paid-up Capital | ~₹5.78 Cr |
| Equity Shares | ~57.85 lakh |
| ISIN | INE06DT01010 |
| RTA | Venture Capital & Corporate Investments |
| Group | NCL Group |
| Website | NCL Holdings – Official Website |
The company is currently active and remains unlisted on NSE/BSE. Its authorised capital is ₹12 crore and paid-up capital is approximately ₹5.78 crore.
How NCL Holdings Was Created
NCL Holdings was formed through the NCL Group’s restructuring process.
The broad structure was:
Earlier NCL Alltek & Seccolor
→ Building-material businesses transferred to NCL Buildtek
→ Non-building-material investments/businesses consolidated into NCL Holdings
This makes NCL Holdings different from NCL Buildtek.
NCL Buildtek = building materials
NCL Holdings = investments + real estate/land + other businesses/assets
The company’s official website describes its investment-holding objective and the businesses within its group.
Business & Investment Portfolio
NCL Holdings is essentially a diversified investment/holding company, rather than a conventional single-business operating company.
1. Kakatiya Industries
Kakatiya Industries operates across:
- Chemicals
- Sodium nitrate
- Ammonium nitrate
- Hydropower
The company has historically been one of the important operating subsidiaries within the NCL Holdings structure.
2. Real Estate & Land
NCL Holdings has exposure to real estate and land assets through its group structure.
Its real-estate activity has included:
- Land acquisition
- Land development
- Sale of land parcels
- Construction-related activities
- Real-estate consultancy
During FY24, land sales in Andhra Pradesh contributed significantly to revenue.
3. Renewable Energy / Hydropower
Eastern Ghat Renewable Energy has historically been part of the group’s renewable-energy exposure.
Its business includes:
- Hydropower generation
- Power-project development
- Project implementation
- Operation of hydro projects
Eastern Ghat Renewable Energy was subsequently absorbed into NCL Holdings through a merger scheme.
4. Sun Crop Sciences
Sun Crop Sciences operates in the agricultural-seed business, including:
- Seed development
- Manufacturing
- Processing
- R&D
- Distribution
However, an important point for investors is that NCL Holdings disclosed that it sold its remaining investment in Sun Crop Sciences in March 2024, after which it ceased to be an associate. Therefore, older websites that still show Sun Crop as a current subsidiary should be treated cautiously.
FY25 Financial Performance
The latest consolidated financial data available for FY25 shows a significant improvement in profitability.
Consolidated Financials
| ₹ Cr | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 21.1 | 98.0 | 41.0 | 61.9 |
| Other Income | 3.9 | 2.0–0.3* | 3.6 | 14.1 |
| EBITDA | 1.2 | 30.0 | 18.0 | 26.8 |
| EBITDA Margin | 5.5% | 30.6% | 43.9% | 43.2% |
| PBT | 3.1 | 15.0 | 7.0 | 21.0 |
| PAT | 1.8 | 10.0 | 6.0 | 17.0 |
| EPS | ₹3.11 | ₹17.30 | ₹10.53 | ₹29.41 |
*Figures rounded from third-party compilations of company financial statements.
FY25 revenue increased to approximately ₹61.9 crore, while PAT increased to around ₹17 crore. EBITDA was approximately ₹26.8 crore, translating into an EBITDA margin of about 43%.
The company’s FY25 consolidated statement reported revenue from operations of ₹61.94 crore and other income of approximately ₹14.09 crore. Profit before tax was approximately ₹20.75 crore, with profit attributable after minority interest around ₹17 crore.
FY25 Balance Sheet
| Particular | FY25 |
|---|---|
| Fixed Assets | ~₹94 Cr |
| Investments | ~₹36 Cr |
| Trade Receivables | ~₹14 Cr |
| Inventory | ~₹54 Cr |
| Total Assets | ~₹274 Cr |
| Borrowings | ~₹154 Cr |
| Share Capital | ~₹5.78 Cr |
| Reserves | ~₹84 Cr |
The balance sheet indicates that NCL Holdings has meaningful asset backing but also carries substantial borrowings. Third-party financial compilations put FY25 debt/equity at approximately 1.72x.
Cash Flow
FY25 cash-flow data indicates:
- Operating cash flow: ~₹22 Cr
- Investing cash flow: ~₹22.1 Cr
- Financing cash flow: ~₹43.5 Cr outflow
- Net cash flow: ~₹0.7 Cr
The positive operating cash flow is noteworthy, although the company’s financing and investment activities can create significant year-to-year volatility in reported cash generation.
Shareholding
As of 31 March 2025:
| Category | Holding |
|---|---|
| Promoters | 62.01% |
| Public | 37.99% |
| Total | 100% |
Total equity shares are approximately 57.85 lakh.
Current Unlisted Share Price
Because NCL Holdings is not listed on NSE or BSE, there is no exchange-traded market price.
Recent indicative secondary-market sources show prices around:
₹105–₹108 per share
For example, UnlistedZone showed ₹108 as of 10 September 2026, while Moneycontrol displayed an indicative ₹104.83. These are indicative off-market levels, not exchange prices, and different intermediaries can quote different prices.
Indicative Valuation
Using approximately ₹108 per share:
| Metric | Approx. |
|---|---|
| Indicative Price | ₹108 |
| Shares Outstanding | 57.85 lakh |
| Implied Market Cap | ~₹62 Cr |
| FY25 EPS | ₹29.41 |
| P/E | ~3.7x |
| Book Value | ~₹172 |
| P/B | ~0.63x |
| Debt/Equity | ~1.72x |
| ROE | ~18.9% |
These ratios are based on FY25 financials and indicative unlisted-market pricing; they should not be interpreted like live NSE/BSE valuation multiples.
Important Investment Point: Asset Value vs Earnings
NCL Holdings is interesting because its valuation cannot be viewed purely as a normal operating-company P/E story.
The company has exposure to:
Investments + land/real estate + operating subsidiaries + financial assets + other group interests
Consequently, an investor should look at both:
Earnings valuation
and
Net asset / book value valuation
At an indicative price around ₹108 against reported book value around ₹172, the stock is trading at a substantial discount to reported book value.
However, book value itself does not automatically equal realizable value. The quality, carrying value, liquidity and monetisation potential of individual assets need to be assessed.
One Important Development
NCL Holdings has also continued to hold/increase exposure to NCL Industries Limited.
Recent September 2026 exchange disclosures show NCL Holdings (A&S) Ltd acquired additional NCL Industries shares through open-market transactions, with its individual holding increasing during September.
This is relevant because changes in listed investments can influence the value of an investment-holding company.
Key Positives
1. Diversified asset base
Exposure is spread across investments, real estate, chemicals and energy-related businesses rather than a single operating vertical.
2. Strong FY25 profitability
FY25 PAT was around ₹17 crore versus approximately ₹6 crore in FY24.
3. High reported EBITDA margin
FY25 EBITDA margin was approximately 43%, although the composition of earnings should be analysed carefully because investment/real-estate activities can create volatility.
4. Discount to book value
Indicative market pricing around ₹108 compares with reported book value of approximately ₹172 per share.
5. NCL Group ecosystem
The company sits within the broader NCL Group ecosystem, providing access to multiple operating and investment businesses.
Key Risks
1. Holding-company discount
Investment holding companies can trade below book value because investors may apply a discount to the value of underlying assets.
2. Debt
FY25 borrowings were approximately ₹154 crore, considerably higher than the company’s equity capital.
3. Earnings volatility
Revenue has fluctuated significantly across years, partly because land sales and investment-related activity can vary substantially from one year to another.
4. Asset monetisation
The reported book value of assets does not necessarily mean those assets can immediately be sold at the same value.
5. Unlisted-market liquidity
There is no NSE/BSE order book. Exit depends on finding an off-market buyer, and transaction prices can vary between intermediaries.
6. Data inconsistency across third-party portals
Some unlisted-share websites continue to show older subsidiary structures or different financial classifications. The company’s own disclosures should therefore take precedence, particularly regarding the status of Sun Crop Sciences and merged entities.
What Investors Should Track
For NCL Holdings, the following five factors are particularly important:
- Book value growth
- Debt reduction
- Value of listed/unlisted investments
- Real-estate/land monetisation
- Sustainable recurring earnings excluding one-off asset sales
The key question is whether the company’s underlying asset value and recurring earnings can continue to grow while the holding-company discount narrows.
UnlistedCart Takeaway
NCL Holdings is better understood as an NCL Group investment/asset-holding vehicle than as a conventional operating company.
FY25 showed a sharp improvement in profitability, with approximately ₹17 crore consolidated PAT and ₹29.41 EPS. At indicative unlisted prices around ₹105–₹108, the company trades at roughly 3.6–3.7x FY25 earnings and below reported book value.
The investment case therefore revolves around asset value, book-value discount, debt reduction and the future monetisation of its underlying investments/assets, rather than simply revenue growth.
Investors should independently verify the latest financial statements, share availability, transaction price, taxation and liquidity before entering an unlisted transaction.
Disclaimer: NCL Holdings is unlisted. Prices quoted in the secondary market are indicative and can vary based on quantity, seller availability, settlement terms and market demand. Unlisted shares may have limited liquidity and valuation uncertainty. Past financial performance does not guarantee future returns. This report is for informational purposes and is not investment advice.
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