Nitiraj Engineers Ltd – DGCA Approval and Market Reaction

Nitiraj Engineers Ltd, an Indian manufacturer of electronic weighing scales, currency counting machines and digital fare meters marketed under the Phoenix brand, saw its share price rise sharply on Thursday. The stock reached a day‑high of Rs 202 per share, up 9.4% from the previous close of Rs 184.63, representing an almost 10% surge following the receipt of a Type Certificate from the Directorate General of Civil Aviation (DGCA) for its agricultural drone model, NADR10. The company’s market capitalization stands at approximately Rs 196 crore, and the shares have generated a cumulative return of about 270% over the last five years.

DGCA Type Certificate Details

The DGCA certification, issued under the Drone Rules, 2021, confirms that the NADR10 meets all required standards for design, construction, performance, specifications and operational safety. The drone is classified as a medium‑class agricultural spraying unit equipped with a 10‑litre spraying system intended for agro‑chemical applications. The approval process involved extensive testing, technical evaluations, regulatory scrutiny, quality compliance checks and detailed documentation over several years. With the Type Certificate, Nitiraj Engineers can now commercially manufacture and market the NADR10, which the company expects to strengthen its position in India’s growing precision‑agriculture and agri‑technology ecosystem.

Business Outlook and Growth Prospects

Management indicated that the certification will open new business opportunities, support future growth, and that the firm will continue to enhance drone capabilities, expand production capacity and develop additional products to meet evolving market and regulatory requirements.

Recent Financial Performance

In the fourth quarter of FY 2026, the company reported a sharp decline in revenue, which fell 64% year‑on‑year to Rs 8.18 crore from Rs 22.6 crore in the same quarter of FY 2025. Earnings before interest, depreciation and taxes (EBIDT) turned into an operational loss of Rs 0.30 crore, compared with a positive EBIDT of Rs 0.75 crore a year earlier. The net bottom line widened to a loss of Rs 0.64 crore from a loss of Rs 0.06 crore in Q4 FY 2025, resulting in earnings per share (EPS) slipping to a negative Rs 0.62 per share from a negative Rs 0.06 per share in the prior year.

Company Background

Headquartered in Dhule, Maharashtra, Nitiraj Engineers designs and develops its products domestically and has established a presence across multiple markets in Asia and Africa through its technology‑driven measurement and automation solutions.

---