Board Meeting Details

The Board meeting commenced at 12:05 PM IST and concluded at 12:45 PM IST on November 2, 2026. The Audit Committee reviewed and the Board of Directors approved the unaudited financial results for the quarter and half year ended September 30, 2026.

Financial Results Overview

Quarter Ended September 30, 2026 (Q2 FY27):

  • Total Income: ₹1,741.338 million (₹1,690.835 million in Q2 FY26)
  • Revenue from Operations: ₹1,690.816 million (₹1,653.085 million in Q2 FY26)
  • Other Income: ₹50.522 million (₹35.450 million in Q2 FY26)
  • Total Expenses: ₹780.326 million (₹758.216 million in Q2 FY26)
  • Employee Benefits Expense: ₹15.967 million
  • Finance Costs: ₹264.807 million
  • Depreciation and Amortization: ₹139.483 million
  • Property Management Expenses: ₹146.395 million
  • Other Expenses: ₹213.674 million
  • Profit Before Tax: ₹961.012 million (₹930.319 million in Q2 FY26)
  • Tax Expense: ₹242.116 million (negative ₹546.321 million in Q2 FY26 due to deferred tax reversal)
  • Profit After Tax: ₹718.896 million (₹1,476.640 million in Q2 FY26)
  • EPS (Basic and Diluted): ₹7.98 per share (₹16.39 per share in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

  • Total Income: ₹3,467.968 million (₹3,359.008 million in H1 FY26)
  • Revenue from Operations: ₹3,373.870 million (₹3,283.045 million in H1 FY26)
  • Other Income: ₹94.098 million (₹75.963 million in H1 FY26)
  • Total Expenses: ₹1,573.893 million (₹1,527.157 million in H1 FY26)
  • Profit Before Tax: ₹1,894.075 million (₹1,831.851 million in H1 FY26)
  • Tax Expense: ₹481.390 million (negative ₹228.864 million in H1 FY26)
  • Profit After Tax: ₹1,412.685 million (₹2,060.715 million in H1 FY26)
  • EPS (Basic and Diluted): ₹15.68 per share (₹22.87 per share in H1 FY26)

Tax Regime Change Impact

The Company exercised the option under section 115BAA of the Income Tax Act, 1961 (New Tax Regime) in FY 2025-26. Accordingly, it remeasured opening deferred tax liability and reversed ₹69.5051 million in Q2 FY26, which significantly impacted YoY tax expense comparisons.

Balance Sheet Position (as of September 30, 2026)

  • Total Assets: ₹22,612.720 million (₹22,496.910 million as of March 31, 2026)
  • Investment Properties: ₹17,920.404 million
  • Cash and Cash Equivalents: ₹309.541 million
  • Bank Balances (other than cash): ₹3,153.733 million
  • Total Equity: ₹4,746.953 million
  • Borrowings (Non-current): ₹10,895.933 million
  • Borrowings (Current): ₹575.751 million
  • Total Debt: ₹11,471.684 million

Cash Flow Statement (H1 FY27)

  • Cash Flow from Operating Activities: ₹2,377.362 million
  • Cash Flow from Investing Activities: negative ₹397.254 million
  • Cash Flow from Financing Activities: negative ₹1,770.101 million
  • Net Increase in Cash: ₹210.007 million

Operational Highlights

  • Nirlon Knowledge Park (NKP) has approximately 3.08 million sq. ft. chargeable area across 5 phases
  • As of September 30, 2026, approximately 6,800 sq. ft. was vacant across NKP and Nirlon House combined
  • NIUM India Pvt Ltd renewed approximately 37,000 sq. ft. at NKP that was expiring in FY28
  • Total secured debt facility sanctioned by HSBC is ₹12,300 million including OD facility
  • Debt outstanding from HSBC Bank was ₹11,500 million as of September 30, 2026

Dividend Information

Shareholders approved a final dividend of ₹15 per share aggregating ₹1,351.771 million for FY 2025-26 at their meeting held on September 18, 2026. The dividend was paid on September 21, 2026.

Dividend Distribution Policy Modification

The Board approved modifications to the Dividend Distribution Policy, which outlines parameters for dividend declaration including financial requirements, growth opportunities, and capital conservation circumstances. The policy specifies that dividend payments will be made only through electronic modes.

Company Background

Nirlon Limited, incorporated in 1958, transitioned from manufacturing to commercial/IT-ITES real estate development and management since 2006. Primary assets include Nirlon Knowledge Park (approx. 23 acres in Goregaon East, Mumbai) and 75% undivided interest in Nirlon House (Worli, Mumbai). GIC Singapore affiliate Reco Berry Private Limited holds 63.92% stake.