Company Overview

Nirlon Limited (Scrip Code: 500307) is a real estate development and management company, incorporated in 1958. It primarily develops and manages commercial/IT-ITES real estate. Its 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. in 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 Highlights

Marketing & Occupancy

  • As of June 30, 2026, the combined vacant area across NKP and NH was approximately 6,900 sq. ft.
  • Specifically, approximately 1,800 sq. ft. was vacant at NKP and approximately 5,000 sq. ft. was vacant at Nirlon House.
  • During Q1-FY27, an office of approximately 1,100 sq. ft. (Nirlon's share) was licensed at Nirlon House.

Debt Summary

  • Total secured debt facility sanctioned by HSBC is ₹1,230 Crore, which includes an overdraft facility.
  • The debt outstanding as of June 30, 2026, from HSBC Bank was ₹1,150 Crore.
  • CRISIL has reaffirmed a 'CRISIL AA+/Stable' rating for this borrowing facility.

Dividend Proposal

  • The Board has proposed a final dividend of ₹15 (150%) per share for FY26. This is subject to approval by shareholders in the forthcoming Annual General Meeting (AGM).

Q1-FY27 Financial Performance (Ind AS)

Income Statement

  • License Fees: ₹1,490 Mn
  • Other Operating Income (CAM, etc.): ₹193 Mn (a decrease of 16.8% from ₹232 Mn in Q1-FY26)
  • Other Income: ₹44 Mn (an increase of 29.4% from ₹34 Mn in Q1-FY26)
  • Total Income: ₹1,727 Mn (a slight decrease of 0.9% from ₹1,743 Mn in Q1-FY26)
  • Total Expenses: ₹392 Mn (an increase of 1.6% from ₹386 Mn in Q1-FY26)
  • EBITDA: ₹1,335 Mn (a decrease of 1.6% from ₹1,357 Mn in Q1-FY26)
  • EBITDA Margin: 77.30% (a decrease of 55 basis points from 77.85% in Q1-FY26)
  • Depreciation: ₹139 Mn (a decrease of 2.1% from ₹142 Mn in Q1-FY26)
  • Finance Cost: ₹263 Mn (an increase of 1.2% from ₹260 Mn in Q1-FY26)
  • Profit Before Tax (PBT): ₹933 Mn (a decrease of 2.3% from ₹955 Mn in Q1-FY26)
  • Tax: ₹239 Mn (a decrease of 4.0% from ₹249 Mn in Q1-FY26)
  • Profit After Tax (PAT): ₹694 Mn (a decrease of 1.7% from ₹706 Mn in Q1-FY26)
  • PAT Margin: 40.19% (a decrease of 31 basis points from 40.50% in Q1-FY26)
  • Diluted EPS: ₹7.70 per share (a decrease of 1.7% from ₹7.83 in Q1-FY26)

Historical Financial Performance (Ind AS)

A summary of annual and quarterly performance is provided below (Amounts in INR Mn):

| Particulars | FY24 | FY25 | FY26 | Q1-FY27 |

| License Fees | 5,348 | 5,607 | 5,901 | 1,490 |

| Other Operating Income | 684 | 754 | 790 | 193 |

| Other Income | 42 | 89 | 142 | 44 |

| Total Income | 6,074 | 6,450 | 6,833 | 1,727 |

| Total Expenses | 1,260 | 1,333 | 1,479 | 392 |

| EBITDA | 4,814 | 5,117 | 5,354 | 1,335 |

| EBITDA Margin (%) | 79.26% | 79.33% | 78.36% | 77.30% |

| Depreciation | 564 | 563 | 556 | 139 |

| Finance Cost | 1,235 | 1,170 | 1,079 | 263 |

| PBT | 3,015 | 3,384 | 3,719 | 933 |

| Tax | 959 | 1,202 | 259 | 239 |

| PAT | 2,056 | 2,182 | 3,460 | 694 |

| PAT Margin (%) | 33.85% | 33.83% | 50.64% | 40.19% |

| Diluted EPS (₹) | 22.81 | 24.21 | 38.39 | 7.70 |

Note: Pursuant to an amendment in Ind AS-23, finance costs for borrowings related to completed phases were capitalized until Phase V was capitalized on December 15, 2021.

Balance Sheet Highlights (Ind AS) as of FY26

  • Equity Share Capital: ₹901 Mn
  • Other Equity: ₹3,785 Mn
  • Total Equity: ₹4,686 Mn
  • Non-Current Borrowings: ₹11,467 Mn
  • Total Non-Current Liabilities: ₹15,904 Mn
  • Current Liabilities: ₹1,907 Mn
  • Total Liabilities and Equity: ₹22,497 Mn
  • Investment Properties: ₹18,314 Mn
  • Cash and Cash Equivalents: ₹100 Mn
  • Bank Balances other than Cash Equivalents: ₹2,878 Mn
  • Total Current Assets: ₹3,380 Mn
  • Total Assets: ₹22,497 Mn

Capital Market Data (As on June 30, 2026)

  • Face Value per share: ₹10.00
  • Market Price per share: ₹618.20
  • 52-Week High/Low: ₹646.00 / ₹445.00
  • Equity Shares Outstanding: 90.12 Million
  • Market Capitalization: ₹55,710.97 Million
  • 1-Year Average Trading Volume: 31,200 shares