Chairman and MD's Message
Experience. Elevated.
Dear Shareowners,
I am pleased to present our 66th Annual Report, marking another year of steady progress
purposeful growth our businesses. This performance is shaped our focus on innovation,
operational discipline, strategic foresight and the integration of sustainable practices
everyday decisions.
In FY 2024-25, the realty vertical posted a healthy growth of 15.03%, with Tower 3 and
Tower 4 achieving full occupancy by year-end.
The past year saw us sharpen our capabilities, expand our presence and deepen the value
we deliver - across real estate, exhibitions and events, hospitality engineering and our
newest vertical, way side amenities. Each milestone reflects the momentum we've built, as
well as our intent to continuously raise the standard of what the Nesco experience can be.
This report offers a closer view of how our strategy is translating into action, through
key developments, forward-looking initiatives and the expanding role each of our
businesses plays in shaping Nesco's evolving identity. It is also a reflection of how we
continue to scale with purpose, bringing together ambition and execution to deliver
long-term value.
A multifaceted growth story
Each of Nesco's business verticals operates at the intersection of opportunity,
relevance and innovation. Our integrated approach allows us to stay ahead of the curve,
leveraging deep operational expertise, scalable infrastructure and a future-focused
mindset. This has deepened our strategic moat, allowing us to offer a holistic destination
that caters to evolving urban lifestyles and business needs.
In Real Estate, long-term structural drivers remain firmly in place. Government
investments in infrastructure, growing urban density and increasing formalisation of
commercial spaces are reinforcing demand for sustainable and digitally enabled Grade A
office developments. With Tower 3 and 4 of Nesco IT Park offering sustainable smart office
spaces and new plans in the pipeline, Nesco Realty is poised to benefit from occupiers'
shift toward environmentally responsible and employee-centric workplaces.
We continue to be the preferred destination for marquee multinational clients seeking
future-ready workspaces that align with their sustainability and performance goals.
In FY 2024-25 the vertical posted a healthy growth of 15.03%, with Tower 3 and Tower 4
achieving full occupancy by year-end. Plans for Tower 2, which will house next-generation
smart offices alongside a premium hotel, are set to further elevate our mixed-use
proposition.
India's emergence as a global exhibitions and trade fair hub is transforming the
Exhibitions and Events industry. According to a report by Mordor Intelligence, the India
Event and Exhibition Market size is estimated at USD 5.66 billion in 2025 and is expected
to reach USD 8.44 billion by 2030, at a CAGR of 8.31% during the forecast period
(2025-2030), driven by expanding industrial clusters and renewed interest from
international organisers. Nesco's Bombay Exhibition Center, the largest venue in Mumbai
and Nesco Events, continues to see strong traction, having hosted over 140+ exhibitions
and events in FY 2024-25 alone.
Strategic upgrades, including sustainability-led enhancements and renewable energy
integrations, are reinforcing our position as a preferred destination.
The BEC delivered a revenue of 174.61 crores, bolstered by marquee events and enhanced
visitor experiences. The Events division registered a strong 55.76% growth supported by
the launch of Hall 6 - a state-of-the-art facility with capacity for 18,000 visitors.
Alongside enhancing operational scale, this addition has also reinforced our standing
as a destination of choice in India's rapidly growing MICE (Meetings, Incentives,
Conferences and Exhibitions) ecosystem. We remain focused on integrating smart venue
technologies and sustainable practices to enrich both organiser and attendee journeys.
We remain cognizant of the fact that food services are becoming more experiential,
wellness-driven and localised. With Nesco Foods operating at the convergence of events,
real estate and public food service, we are uniquely placed to curate culinary offerings
that resonate across touchpoints - from corporate catering and premium dine-in to Quick
Service Restaurants ('QSR') formats at exhibitions. FY 2024-25 saw a significant uptick in
event-linked F&B demand, with a rise in curated menus and brand partner collaborations
across formats.
Nesco Foods reported a 15.98% growth during the year, driven by an expanded F&B
footprint and deeper engagement across events and catering. With the launch of six new
restaurants, taking the total to nine, guests now enjoy a richer culinary journey within
our verdant Mumbai campus. Momentum in large-scale event catering, from corporate
functions to private celebrations, underscores the scalability and excellence of this
vertical, with further growth planned for the coming year.
The Engineering division – Indabrator - continues to capitalise on India's
manufacturing resurgence. With over 2,500 installations across key sectors such as
railways, defence, steel and heavy engineering, Indabrator has strengthened its position
as a leading surface preparation solution provider. FY 2024-25 was marked by enhanced
operational efficiencies, a robust capex cycle in user industries and strong aftermarket
revenues. Our backward-integrated model remains a strategic differentiator. The vertical
recorded a revenue of 50.39 crores, continuing its leadership in surface preparation
technology. With a fully integrated manufacturing setup and strong capabilities in
customisation, the division serves critical sectors like railways, defence, auto
ancillaries and heavy engineering. Its deep domain expertise and robust aftermarket
support remain key enablers of long-term client partnerships.
Nesco's entry into Wayside Amenities, through tenders awarded by National Highways
Logistics Management Limited represents a significant step in expanding our footprint
beyond urban 2024-25 centres. These travel hubs, designed to integrate fuel, retail and
dining, align with the government's push for modernisation and commuter convenience.
Supported by our Realty and Foods expertise, the venture is well positioned to become a
scalable, high-impact business vertical.
Together, these diverse engines of growth reflect Nesco's ability to respond to
evolving sectoral dynamics while creating long-term stakeholder value. As we continue to
strengthen synergies between our verticals, we are building not just for today, but for
the India of tomorrow.
Focused execution driving Sustainable Growth
Our growth is the result of purposeful action, guided by a clear strategy and
deep-rooted belief in our ability to shape the future. The philosophy that “Believe
and all things will be possible” continues to inspire our progress. Backed by this
conviction, we have consistently prioritised strategic investments in talent,
infrastructure, digital systems and sustainable practices, ensuring each initiative
contributes meaningfully to long-term value creation.
FY 2024-25 was a year of momentum, with each vertical pushing boundaries, strengthening
and delivering more impactful outcomes. Our efforts translated into a consolidated revenue
of 845.67 crores, reflecting a growth of 7.99% over the previous year. Profit After Tax
('PAT') stood at 375.22 crores, registering a 3.43% increase over FY 2023-24. This
financial performance is emblematic of Nesco's resilience, disciplined capital allocation,
and ability to navigate dynamic market conditions while sustaining profitability.
In line with our focus on shareholder value, the Board of Directors has recommended a
final dividend of 6.50 (325%) per equity share, subject to approval at the upcoming annual
general meeting. This recommendation reaffirms our confidence in the Company's robust
fundamentals and commitment to consistent value distribution while retaining the strength
to invest in the future.
Growing responsibly
At Nesco, sustainability has always been a conscious choice; it is a part of how we
think, plan and build every single day and not something we do on the side. Our IT Park
buildings are IGBC LEED India (Core and Shell) Platinum Certified. Further, our facilities
management operations have earned the ISO 45001:2018 certification - proof that we're just
as serious about safety and well-being as we are about efficiency.
We've also made a clear shift to clean energy. Today, at the Nesco IT park, 100% of
electricity is sourced from renewable energy, reflecting a firm commitment to clear energy
transition. Whether it's the Bombay Exhibition Center, Events, our restaurants, our
kitchens, or our own offices - everything is offered/runs on green power. And when event
organisers choose our venue, they're automatically reducing their environmental footprint.
That's something we're proud to enable. We've also put in place strong safety protocols
across our exhibition and event operations, ensuring that vendors and partners meet the
same high standards we hold ourselves to.
Looking ahead, we're working closely with experts to shape a strong ESG roadmap for
2030 - one that's built on responsibility, inclusivity and clarity. And as a team, we're
honoured to be recognised as a Great Place to Work ? (December 2024- December 2025). This
recognition underscores the culture we've built together and the impact we want to leave
behind.
Putting purpose into practice
At Nesco, our CSR approach is guided by the belief that the success of a business is
measured beyond numbers and by the lives it improves. Our approach to CSR is thoughtful
and rooted in a genuine desire to enable long-term, inclusive progress.
In the reporting year, we directed 6.62 crores towards initiatives that focus on
education and healthcare - two areas we believe have the power to transform communities at
the most fundamental level. Whether it's supporting children in gaining access to quality
learning or helping families receive timely medical support, our programmes are designed
to address real needs with compassion and intent. We continued to work closely with local
institutions to drive these efforts, recognising that lasting change comes from shared
purpose and strong collaboration.
As we move forward, this commitment remains a core part of how we operate. It shapes
our culture, influences our decisions and reflects the kind of Company we strive to be -
responsible, responsive and always connected to the world beyond our walls.
Forging ahead with purpose and momentum
As we look to the future, Nesco stands at a promising inflection point, shaped by years
of thoughtful progress and powered by a clear vision of what lies ahead.
With every business vertical aligned to long-term value creation, we are building a
platform for sustained growth, deeper impact and meaningful differentiation. Our journey
continues to be guided by strategic clarity, operational discipline and a culture that
values innovation, responsibility and integrity. Whether it is reimagining how people
work, gather, create or celebrate, our focus remains on elevating experiences, empowering
people and enriching communities. The momentum we have built is strong; but it is the
trust and support of our stakeholders that truly propels us forward. We are grateful for
this partnership. Together, we will continue to shape a future that reflects the best of
who we are and all that we aspire to become.
Today, at the Nesco IT park, 100% of electricity is sourced from renewable energy,
reflecting a firm commitment to clear energy transition. Whether it's the Bombay
Exhibition Center, Events, our restaurants, our kitchens, or our own offices - everything
is offered/runs on green power.
Thank you for believing in the Nesco vision.
Krishna S. Patel
Chairman and Managing Director