Company Overview

Nirlon Limited (Scrip Code: 500307) submitted its earnings presentation for the half year and quarter ended September 30, 2026, pursuant to Regulation 30 of SEBI Listing Regulations. The document date is November 2, 2026.

Company Background

Nirlon Limited was incorporated in 1958 and transitioned from manufacturing to real estate development in 2006. The company currently owns two primary assets: Nirlon Knowledge Park (NKP), an approximately 23-acre Information Technology Park in Goregaon (East), Mumbai with total chargeable area of approximately 3.08 Mn sq. ft., and 75% undivided interest in approximately 0.05 Mn sq. ft. in Nirlon House, Worli, Mumbai. GIC Singapore became majority shareholder through Reco Berry Private Limited in 2015 and currently holds 63.92% of the company.

Operational Highlights

As of September 30, 2026, approximately 6,800 sq. ft. area 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.

Debt Position

Total secured debt facility sanctioned by HSBC is ₹1,230 Cr including an OD facility. Debt outstanding from HSBC Bank was ₹1,150 Cr as of September 30, 2026.

Q2-FY27 Financial Performance (₹ Mn)

  • License Fees: ₹1,499 (0.6% QoQ growth, 2.4% YoY growth)
  • Other Operating Income (CAM, etc.): ₹191 (1.0% QoQ decline, 0.5% YoY growth)
  • Other Income: ₹51 (15.9% QoQ growth, 45.7% YoY growth)
  • Total Income: ₹1,741 (0.8% QoQ growth, 3.1% YoY growth)
  • Total Expenses: ₹376 (4.1% QoQ decline, 4.4% YoY growth)
  • EBITDA: ₹1,365 (2.2% QoQ growth, 2.7% YoY growth)
  • EBITDA Margin: 78.40% (110 bps QoQ improvement, 29 bps YoY decline)
  • Depreciation: ₹139 (flat QoQ, 0.7% YoY growth)
  • Finance Cost: ₹265 (0.8% QoQ growth, 1.5% YoY growth)
  • PBT: ₹961 (3.0% QoQ growth, 3.3% YoY growth)
  • Tax: ₹242 (1.3% QoQ growth)
  • PAT: ₹719 (3.6% QoQ growth, 51.3% YoY decline)
  • PAT Margin: 41.30% (111 bps QoQ improvement)
  • Diluted EPS: ₹7.98 per share (3.6% QoQ growth, 51.3% YoY decline)

H1-FY27 Financial Performance (₹ Mn)

  • License Fees: ₹2,989 (2.5% YoY growth)
  • Other Operating Income: ₹385 (4.9% YoY growth)
  • Other Income: ₹94 (23.7% YoY growth)
  • Total Income: ₹3,468 (3.2% YoY growth)
  • Total Expenses: ₹767 (7.9% YoY growth)
  • EBITDA: ₹2,701 (2.0% YoY growth)
  • EBITDA Margin: 77.88% (95 bps YoY decline)
  • Depreciation: ₹279 (1.1% YoY growth)
  • Finance Cost: ₹528 (2.2% YoY decline)
  • PBT: ₹1,894 (3.4% YoY growth)
  • Tax: ₹481
  • PAT: ₹1,413 (31.4% YoY decline)
  • PAT Margin: 40.74%
  • Diluted EPS: ₹15.68 per share (31.4% YoY decline)

Tax Regime Change Impact

The Company moved to New Tax Regime for FY26 from Q2-FY26 onwards. Accordingly, tax expense for Q2-FY26 and 6-month period ended September 30, 2025 was based on the new concessional tax rate. The Company remeasured opening deferred tax liability and reversed ₹69.50 Cr. in Q2-FY26, which significantly impacted YoY PAT comparisons.

Historical Financial Performance (₹ Mn)

| Period | License Fees | Total Income | EBITDA | PAT |

| FY24 | 5,348 | 6,074 | 4,814 | 2,056 |

| FY25 | 5,607 | 6,450 | 5,117 | 2,182 |

| FY26 | 5,901 | 6,833 | 5,354 | 3,460 |

| H1-FY27| 2,989 | 3,468 | 2,701 | 1,413 |

Balance Sheet Position (₹ Mn, H1-FY27)

Equity & Liabilities:

  • Equity Share Capital: ₹901
  • Other Equity: ₹3,846
  • Total Equity: ₹4,747
  • Non-Current Borrowings: ₹10,896
  • Current Borrowings: ₹576
  • Total Debt: ₹11,472
  • Deferred Tax Liabilities (Net): ₹1,984
  • Total Liabilities & Equity: ₹22,613

Assets:

  • Investment Properties: ₹17,920
  • Capital Work in Progress: ₹233
  • Cash & Cash Equivalents: ₹310
  • Bank Balances (other): ₹3,154
  • Total Current Assets: ₹3,856
  • Total Assets: ₹22,613

Capital Market Data (As on September 30, 2026)

  • Face Value: ₹10.00
  • Market Price: ₹595.30
  • 52 Week High/Low: ₹646.20 / ₹476.85
  • Market Capitalization: ₹53,647.27 Mn
  • Equity Shares Outstanding: 90.12 Mn
  • 1 Year Average Trading Volume: 23.98 ('000)