Nicco Parks & Resorts Limited

Consumer Cyclical — Leisure · NSE

₹70.10−₹2.67 (−3.67%)

DalalBaazaar Score

45 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Nicco Parks & Resorts Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Nicco Parks & Resorts Limited primarily engages in the operation of theme-based entertainment businesses in India. It operates through three segments: Park Operations; Consultancy, Contracts and Sale of Rides Components; and F&B and Other Recreational Facilities.

IndustryLeisure

SectorConsumer Cyclical

Employees223

Annual revenue₹66 Cr

How does it make money?

Turns over ₹66 Cr a year. Of every ₹100 of sales, about ₹-4 reaches shareholders as profit, with ₹25 left at the operating level before interest, tax and depreciation. Each of its 223 employees supports ₹29.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹29.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 0.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -13% while net margin moved -114% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-13%

Margin effect-114%

DalalBaazaar Score

45/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 4.6% a year
✗ Latest-year revenue growth of -27.6% is below the longer-term trend — momentum is fading
✗ Profit fell 112.1% in the latest year

Quality vs. Valuation

Company Quality

46/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

55.2x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 20% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -20%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

19.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 30.0% to -2.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 39.7% to 0.2% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴The company is lossmakingFinancial
Net profit of -₹3 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 20.8 points, from 45.8% to 24.9%.
🔴Receivables growing faster than salesFinancial
Receivables up 160% against revenue up -13% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹11 Cr in the latest year.
🟡Inventory building faster than salesFinancial
Inventory up 27% against revenue up -13% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 20% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 45.8% to 24.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 160% against revenue up -13%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 30.0% to -2.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 23%✓ 24.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 0.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

2 good · 3 neutral · 6 weak

Market Cap

₹328 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

55.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.14x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.27

Profitable

Profitable on a per-share basis

ROE

-2.6%

Weak

Weak capital efficiency

ROCE

0.2%

Weak

Low return on total capital employed

Debt/Equity

0.37x

Low

Conservative leverage

Revenue Growth (YoY)

-27.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

-112.1%

Falling

Profits are shrinking

Dividend Yield

0.71%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹11 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

26.5%

Good

Healthy core-business profitability

Net Margin

10.0%

Average

Average bottom-line conversion

Current Ratio

2.54

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.22

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

RSI (14)

20.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹76 Cr	₹79 Cr	₹74 Cr	₹66 Cr	-4.6%
EBITDA	₹35 Cr	₹36 Cr	₹29 Cr	₹16 Cr	-22.0%
EBITDA Margin	45.8%	45.3%	39.0%	24.9%	—
PAT (Net Profit)	₹23 Cr	₹25 Cr	₹22 Cr	-₹3 Cr	—
EPS	₹4.82	₹5.29	₹4.79	₹-0.58	—
ROE	30.0%	26.5%	20.9%	-2.6%	—
ROCE	39.7%	33.0%	25.0%	0.2%	—
Free Cash Flow	₹22 Cr	₹16 Cr	₹8 Cr	-₹11 Cr	—

🔴 Revenue has shrunk at 4.6% a year over 3 years.

🔴 EBITDA has shrunk at 22.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 45.8% to 24.9% over 3 years (-20.8 pts).

🔴 PAT (Net Profit) has turned negative, from ₹23 Cr to -₹3 Cr.

🔴 EPS has turned negative, from ₹4.82 to ₹-0.58.

🔴 ROE has fallen from 30.0% to -2.6% over 3 years (-32.6 pts).

🔴 ROCE has fallen from 39.7% to 0.2% over 3 years (-39.5 pts).

🔴 Free Cash Flow has turned negative, from ₹22 Cr to -₹11 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹136 Cr

Total Liabilities

₹32 Cr

Total Debt

—

Cash & Equivalents

₹11 Cr

Operating Cash Flow

₹7 Cr

Capex

-₹18 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

90.1%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

21 Aug 2026

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive1 mixed4 general

Nicco Parks shareholders approve appointment of two new directors

scanx.trade, 17 Oct

NICCOPAR Stock Price and Chart — NSE:NICCOPAR

TradingView, 18 Aug

Silverstorm Parks and Resorts (BSE:544840) - Stock Analysis

Simply Wall Street, 31 Jul

Silverstorm Parks and Resorts Share Price: Valuation Check

Univest, 29 Sept

Nicco Parks & Resorts Board Meeting on May 14, 2026 to Consider FY26 Results and Final Dividend

scanx.trade, 14 MayCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Silverstorm Parks Share Price Rises 9.46% on Price Action

Univest, 30 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Revenue growth is negative (-27.6%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingBusiness Quality

WeakGrowth · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 3 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑