One would always want to expand, provided if they think the success could be repeated.
I think the reason could be both a qualitative and quantitative one.
I don’t know about the management, do they have hold on Mumbai area/market only? To move to other cities and build real estate and do business, can they do it on their own or do they have to do a JV with someone else like Ashiana does? Who would want to lose control, when they can expand and grow where they are?
The profits will also be less if they don’t know about the nuances in other cities you mentioned. There have to be similar events happening and similar environment existing for Nesco to venture into those cities and become profitable. The fixed assets jumped from 213 crores to 776 crores in FY 20. They have done capex. So they don’t want to go to other cities, check the thread.
And I guess, your question may have been asked before, to the management, and they may have already replied. Check concalls or transcripts. Or they may have mentioned about this in their ARs.
Not invested.