Nirlon FY26 PAT Surges 58.6% to INR 3,460 Mn

Company Overview and Disclosure Details

Nirlon Limited (Scrip Code: 500307) submitted an earnings presentation for the Fourth Quarter and Financial Year ended March 31, 2026, to BSE Limited pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made via a letter dated May 25, 2026, signed by Jasmin K. Bhavsar, Company Secretary, Vice President (Legal) & Compliance Officer.

Company Business Profile

Nirlon Limited was incorporated in 1958. Since 2006, its primary business has been the development and management of commercial/IT-ITES Real Estate. The company's key assets are Nirlon Knowledge Park (NKP), an approximately 23-acre Information Technology Park in Goregaon (East), Mumbai, with a total chargeable area of approximately 3.08 Million sq. ft., and a 75% undivided interest in approximately 0.05 Million sq. ft. of Nirlon House (NH), a building in Worli, Mumbai. GIC Singapore, through its affiliate Reco Berry Private Limited, is the majority shareholder with a 63.92% holding.

Operational and Marketing Highlights

As of March 31, 2026, the combined vacant area at NKP and NH was approximately 8,000 sq. ft. This is an improvement from the approximately 8,000 sq. ft. (1,800 at NKP + 6,200 at NH) reported as vacant on March 31, 2025. In April 2026, a tenant named 'Gcorp' renewed approximately 1,500 sq. ft. of area at Nirlon House.

Financial Performance: Q4 FY26 (Quarterly)

License Fees: INR 1,477 Mn; decreased 2.1% Q-o-Q from INR 1,508 Mn (Q3-FY26) and increased 8.8% Y-o-Y from INR 1,357 Mn (Q4-FY25).
Other Operating Income (CAM, etc.): INR 232 Mn; increased 21.5% Q-o-Q from INR 191 Mn and 3.6% Y-o-Y from INR 224 Mn.
Other Income: INR 34 Mn; increased 6.3% Q-o-Q from INR 32 Mn and 30.8% Y-o-Y from INR 26 Mn.
Total Income: INR 1,743 Mn; increased 0.7% Q-o-Q from INR 1,731 Mn and 8.5% Y-o-Y from INR 1,607 Mn.
Total Expenses: INR 386 Mn; increased 1.0% Q-o-Q from INR 382 Mn and 10.3% Y-o-Y from INR 350 Mn.
EBITDA: INR 1,357 Mn; increased 0.6% Q-o-Q from INR 1,349 Mn and 8.0% Y-o-Y from INR 1,257 Mn.
EBITDA Margin: 77.85%; decreased 8 basis points Q-o-Q from 77.93% and decreased 37 basis points Y-o-Y from 78.22%.
Depreciation: INR 142 Mn; increased 2.9% Q-o-Q from INR 138 Mn and 5.2% Y-o-Y from INR 135 Mn.
Finance Cost: INR 260 Mn; decreased 6.8% Q-o-Q from INR 279 Mn and decreased 8.1% Y-o-Y from INR 283 Mn.
Profit Before Tax (PBT): INR 955 Mn; increased 2.5% Q-o-Q from INR 932 Mn and increased 13.8% Y-o-Y from INR 839 Mn.
Tax: INR 249 Mn; increased 4.2% Q-o-Q from INR 239 Mn and decreased 18.1% Y-o-Y from INR 304 Mn.
Profit After Tax (PAT): INR 706 Mn; increased 1.9% Q-o-Q from INR 693 Mn and increased 32.0% Y-o-Y from INR 535 Mn.
PAT Margin: 40.50%; increased 47 basis points Q-o-Q from 40.03% and increased 721 basis points Y-o-Y from 33.29%.
Diluted EPS: INR 7.86 per share; increased 2.2% Q-o-Q from INR 7.69 and increased 32.3% Y-o-Y from INR 5.94.

Financial Performance: FY26 (Annual)

License Fees: INR 5,901 Mn; increased 5.2% Y-o-Y from INR 5,607 Mn (FY25).
Other Operating Income (CAM, etc.): INR 790 Mn; increased 4.8% Y-o-Y from INR 754 Mn.
Other Income: INR 142 Mn; increased 59.6% Y-o-Y from INR 89 Mn.
Total Income: INR 6,833 Mn; increased 5.9% Y-o-Y from INR 6,450 Mn.
Total Expenses: INR 1,479 Mn; increased 11.0% Y-o-Y from INR 1,333 Mn.
EBITDA: INR 5,354 Mn; increased 4.6% Y-o-Y from INR 5,117 Mn.
EBITDA Margin: 78.36%; decreased 97 basis points Y-o-Y from 79.33%.
Depreciation: INR 556 Mn; decreased 1.2% Y-o-Y from INR 563 Mn.
Finance Cost: INR 1,079 Mn; decreased 7.8% Y-o-Y from INR 1,170 Mn.
Profit Before Tax (PBT): INR 3,719 Mn; increased 9.9% Y-o-Y from INR 3,384 Mn.
Tax: INR 259 Mn; decreased 78.5% Y-o-Y from INR 1,202 Mn.
Profit After Tax (PAT): INR 3,460 Mn; increased 58.6% Y-o-Y from INR 2,182 Mn.
PAT Margin: 50.64%; increased significantly from 33.83% in FY25.
Diluted EPS: INR 38.39 per share; increased 58.6% Y-o-Y from INR 24.21.

Dividend Declaration

The Company paid an interim dividend of INR 15 per share (150%) for FY 2025-26 during Q4 FY26. The Board has proposed a final dividend of INR 15 per share for FY26, which is subject to approval by shareholders at the forthcoming Annual General Meeting (AGM).

Debt and Credit Rating

The total secured debt facility sanctioned by HSBC is INR 1,230 Crore, which includes an overdraft (OD) facility. The debt outstanding as of December 31, 2025, from HSBC Bank was INR 1,150 Crore. CRISIL has reaffirmed a 'CRISIL AA+/Stable' rating for this facility.

Balance Sheet Highlights (INR Mn)

As of March 31, 2026 (FY26):

Total Equity: INR 4,686 Mn (FY25: INR 3,569 Mn)
Equity Share Capital: INR 901 Mn (unchanged)
Other Equity: INR 3,785 Mn (FY25: INR 2,668 Mn)
Total Liabilities: INR 17,811 Mn
Non-Current Borrowings: INR 11,467 Mn (FY25: INR 11,464 Mn)
Current Borrowings: INR 2 Mn (FY25: INR 0 Mn)
Deferred Tax Liabilities (Net): INR 1,944 Mn (FY25: INR 2,485 Mn)
Current Tax Liabilities (Net): INR 26 Mn (FY25: INR 680 Mn)
Total Assets: INR 22,497 Mn
Investment Properties: INR 18,314 Mn (FY25: INR 18,693 Mn)
Non-Current Tax Assets (Net): INR 34 Mn (FY25: INR 735 Mn)
Cash and Cash Equivalents: INR 100 Mn (FY25: INR 1,639 Mn)
Bank Balances other than cash: INR 2,878 Mn (FY25: INR 100 Mn)

Capital Market Data (As of a recent date)

Face Value per share: INR 10.00
Market Price per share: INR 501.25
52-Week High/Low: INR 615.00 / INR 445.00
Equity Shares Outstanding: 90.12 Million
Market Capitalization: INR 45,171.67 Million
1-Year Average Trading Volume: 23,360 shares

Disclaimer and Investor Contact

The presentation includes standard disclaimers stating it is for informational purposes only and not an offer to sell securities. It contains forward-looking statements subject to risks and uncertainties. Valorem Advisors is named as the Independent Investor Relations management service company. For further details, contact was provided for Mr. Anuj Sonpal at Valorem Advisors (Tel: +91-22-3507 5100 | Email: nirlon@valoremadvisors.com).