Nirlon Limited (NIRLON) · mywealthgrid

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About

Nirlon Limited operates in diversified commercial services within India's industrials sector, with a market capitalisation of ₹5,645.67 Cr. The company maintains exceptional operating margins of 79%, delivering stable profitability from a revenue base of approximately ₹75–82 Cr per quarter over the past two years.

Face value: ₹10

Market cap

₹5,467 Cr

P/E

42.9×

P/B

15.3×

Dividend yield

6.8%

ROE

59.8%

ROCE

23.2%

Debt / equity

3.21

OPM

79.1%

EPS (TTM)

₹14.1

Book value

₹39.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Expensive valuation at PE 44.31 leaves limited room for error; verify what earnings growth trajectory justifies this multiple.
Flat revenue over ~two years (₹75–82 Cr range) shows no growth; identify whether this reflects market saturation, execution challenges, or structural positioning.
High leverage with D/E ratio of 3.21 constrains financial flexibility; stress margins or demand and refinancing becomes risky.
FII shareholding collapsed from 15.78% (Mar 2026) to 4.49% (Jun 2026) in one quarter; verify what triggered institutional reallocation.

Generated analysis · source review pending

Growth drivers

ROE of 59.78% demonstrates efficient capital deployment; retained earnings could fund expansion in service lines or geographies if management pursues it (ROE 59.78%)
Operating margins sustained at 79.06% (historically 71–77% range) mean revenue growth would flow to profit without margin compression (OPM 79.06%)
Compact revenue base of ₹75–82 Cr per quarter with ₹28–33 Cr net profit suggests small organic growth from this stable foundation would materially lift absolute earnings (Revenue ₹77–82 Cr, net profit ₹28–33 Cr)
Stock returned 18.3% in one year; verify if driven by announced strategic initiatives or sector rerating.

Generated analysis · source review pending

2,420 historical price candles were omitted because the exchange source has not been verified.

₹606.8+0.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 49.6% (3-yr avg)
+High return on capital employed of 21.4%
+Healthy operating margin of 79.1%
+Revenue CAGR of 15.5% over the last 5 years
+Dividend yield of 6.8%
+High promoter holding of 67.7% with no pledge

Cons

−Heavily leveraged (debt/equity 3.2)
−Trading at 15.3× book value

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 56
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	289	279	291	301	310	317	384	573	603	636
	66	68	71	73	79	80	87	115	126	133
Operating profit (EBITDA)	223	211	219	228	231	237	297	458	477	503
OPM %	77.3%	75.7%	75.4%	75.9%	74.5%	74.9%	77.5%	80%	79.1%	79.1%
Depreciation	80	71	71	59	53	49	75	103	56	56
Interest	72	65	66	72	32	14	35	126	123	117
	1	2	3	1	1	2	3	3	4	9
Profit before tax	69	80	85	99	146	177	190	233	302	338
Tax	—	23	30	35	37	50	79	75	96	120
Tax %	—	28.5%	34.7%	35.6%	25.3%	28%	41.7%	32.1%	31.8%	35.5%
	44	57	56	64	109	127	111	158	206	218
PAT margin %	15.1%	20.5%	19.2%	21.2%	35.3%	40.2%	28.9%	27.6%	34.1%	34.3%
EPS (₹)	4.8	6.4	6.2	7.1	12.2	14.1	12.3	17.5	22.8	24.2
EPS adjusted (₹)	—	6.4	6.2	7.1	12.2	14.1	12.3	17.5	22.8	24.2
	15.5%	11.8%	12.1%	10.6%	6.2%	56.6%	211.4%	148.4%	114%	107.4%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	90	90	90	90	90	90	90	90	90
Reserves	240	159	262	364	484	388	312	283	267
	596	529	879	989	1,063	1,178	1,145	1,146	1,146
	266	289	226	345	269	542	554	608	740
Total equity & liabilities	1,192	1,068	1,457	1,788	1,906	2,199	2,101	2,126	2,243
	1	—	1	—	0	0	0	0	0
CWIP	12	55	—	—	0	13	6	3	9
Investments	—	—	—	—	—	1,985	1,932	1,910	1,869
	1,180	1,012	1,457	1,788	1,906	200	163	214	364
Total assets	1,192	1,068	1,457	1,788	1,906	2,199	2,101	2,126	2,243

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	75.4%	75.9%	74.5%	74.9%	77.5%	80%	79.1%	79.1%
EBIT margin %	50.9%	56.3%	57.3%	59.5%	57.8%	62%	69.8%	70.2%
PAT margin %	19.2%	21.2%	35.3%	40.2%	28.9%	27.6%	34.1%	34.3%
Working capital
Receivable days	5	3	5	2	3	2	2	2
Inventory days	—	—	—	—	0	0	0	0
Payable days	—	0	2	3	108	53	39	58
NWC days	—	—	—	—	-105	-51	-37	-56
Leverage
Current ratio	0.22	0.25	0.31	0.17	0.39	0.2	0.4	0.82
Debt to EBITDA	2.41	3.85	4.28	4.48	3.96	2.5	2.4	2.28
Debt to equity	2.12	2.49	2.18	1.85	2.47	2.85	3.07	3.21
Interest coverage	2.3	2.4	5.6	13.6	6.5	2.9	3.4	3.9
Asset turnover	0.27	0.21	0.17	0.17	0.17	0.27	0.28	0.28
Return ratios
Return on assets %	5.2%	4.4%	6.1%	6.7%	5%	7.5%	9.7%	9.7%
Return on capital employed %	15.3%	15%	11.8%	11.1%	12.2%	18.9%	22.2%	23.2%
Return on equity %	22.3%	18.1%	24.1%	22.2%	23.2%	39.3%	55.1%	61.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.34%	70.34%	67.84%	67.79%	67.76%	67.73%	67.71%	67.7%	67.68%	67.67%	67.67%	67.65%
	14.38%	14.25%	14.34%	10.46%	10.37%	10.48%	11.98%	12.25%	13.29%	13.34%	15.78%	4.49%
	0.02%	0.02%	0.02%	4.78%	4.81%	4.85%	3.72%	3.41%	2.39%	2.31%	0.08%	0.02%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.26%	15.39%	17.8%	16.97%	17.06%	16.94%	16.59%	16.64%	16.64%	16.68%	16.47%	27.84%
No. of shareholders	—	—	—	—	—	—	—	—	27,298	26,909	27,608	26,433

Promoter holding down 2.69 percentage points since Sep 2023.

40 deals · 12 Mar 2024 – 17 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Feb 2026	BSREP IV FPI TWO HOLDINGS (DIFC) LIMITED	Bulk	BSE	Buy	15,33,755	₹519.72	₹79.71 Cr
17 Feb 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	BSE	Sell	7,65,000	₹520.00	₹39.78 Cr
17 Feb 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	BSE	Sell	6,36,300	₹520.00	₹33.09 Cr
16 Sept 2025	BSREP IV FPI TWO HOLDINGS (DIFC) LIMITED	Bulk	BSE	Buy	5,37,977	₹540.00	₹29.05 Cr
30 Aug 2024	BSREP IV FPI TWO HOLDINGS (DIFC) LIMITED	Bulk	BSE	Buy	69,32,873	₹440.00	₹305.05 Cr
30 Aug 2024	ALBULA INVESTMENT FUND LTD	Bulk	BSE	Sell	25,29,646	₹440.00	₹111.30 Cr
30 Aug 2024	ARIAL HOLDINGS 1	Bulk	BSE	Sell	16,62,492	₹440.00	₹73.15 Cr
30 Aug 2024	ARES DIVERSIFIED	Bulk	BSE	Sell	15,83,925	₹440.00	₹69.69 Cr
30 Aug 2024	ALBULA INVESTMENT FUND LTD	Block	BSE	Sell	13,12,145	₹440.00	₹57.73 Cr
30 Aug 2024	BSREP IV FPI TWO HOLDINGS (DIFC) LIMITED	Block	BSE	Buy	13,12,145	₹440.00	₹57.73 Cr

1–10 of 40

1 / 4

Mr. RAJINDER PAL SINGHNon-Executive - Independent Director-Chairperson
Manish ParikhChief Financial Officer
Ms. ANJALI KARAMNARAYAN SETHNon-Executive - Independent Director
Mr. CHANDRESH H RUPARELNon-Executive - Independent Director
Mr. KUNNASAGARAN CHINNIAHNon-Executive - Nominee Director
Mr. ARJUN KHULLARNon-Executive - Nominee Director
Mr. RAHUL VIRENCHEE SAGARExecutive Director-CEO
Jasmin K BhavsarCompany Secretary & Vice President - Legal & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	83	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

28 Sept 2026, 8:49 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	75.4%	75.9%	74.5%	74.9%	77.5%	80%	79.1%	79.1%
EBIT margin %	50.9%	56.3%	57.3%	59.5%	57.8%	62%	69.8%	70.2%
PAT margin %	19.2%	21.2%	35.3%	40.2%	28.9%	27.6%	34.1%	34.3%
Working capital
Receivable days	5	3	5	2	3	2	2	2
Inventory days	—	—	—	—	0	0	0	0
Payable days	—	0	2	3	108	53	39	58
NWC days	—	—	—	—	-105	-51	-37	-56
Leverage
Current ratio	0.22	0.25	0.31	0.17	0.39	0.2	0.4	0.82
Debt to EBITDA	2.41	3.85	4.28	4.48	3.96	2.5	2.4	2.28
Debt to equity	2.12	2.49	2.18	1.85	2.47	2.85	3.07	3.21
Interest coverage	2.3	2.4	5.6	13.6	6.5	2.9	3.4	3.9
Asset turnover	0.27	0.21	0.17	0.17	0.17	0.27	0.28	0.28
Return ratios
Return on assets %	5.2%	4.4%	6.1%	6.7%	5%	7.5%	9.7%	9.7%
Return on capital employed %	15.3%	15%	11.8%	11.1%	12.2%	18.9%	22.2%	23.2%
Return on equity %	22.3%	18.1%	24.1%	22.2%	23.2%	39.3%	55.1%	61.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
International Gemological Institute LimitedIGILIGIL	₹13,482 Cr	₹13,482 Cr	₹1,363 Cr	₹827 Cr	60.9%	₹610 Cr	44.5%	61.1%	49.1%	36
Wework India Management LimitedWEWORKWEWORK	₹8,931 Cr	₹9,264 Cr	₹2,589 Cr	₹1,676 Cr	64.5%	₹84 Cr	3.1%	12.4%	25%	-18
Nesco LimitedNESCONESCO	₹7,249 Cr	₹7,249 Cr	₹951 Cr	₹482 Cr	52.6%	₹417 Cr	44.3%	17%	14.7%	1
Indiabulls LimitedIBULLSLTDIBULLSLTD	₹6,856 Cr	₹7,314 Cr	₹1,101 Cr	₹417 Cr	33.2%	₹419 Cr	41.5%	—	8.9%	—
Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
Leap India LimitedLEAPINDLEAPIND	₹6,036 Cr	₹7,054 Cr	₹730 Cr	₹157 Cr	21.5%	₹62 Cr	8.6%	9.5%	9.6%	-520
Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS	₹5,837 Cr	₹6,044 Cr	₹1,963 Cr	₹1,260 Cr	64.3%	₹28 Cr	0.6%	7.5%	2%	-102
Elevate Campuses LimitedELEVATEELEVATE	₹5,811 Cr	₹9,931 Cr	₹569 Cr	₹405 Cr	71.3%	₹174 Cr	30.6%	9.3%	21.1%	—
Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

Date	Category	Subject	Filing
28 Sept 2026, 8:49 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
20 Sept 2026, 7:21 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
18 Sept 2026, 6:02 pm	Corp. Action Dividend Updates	Announcement under Regulation 30 (LODR)-Dividend Updates	PDF
18 Sept 2026, 5:58 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 5:29 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF
18 Sept 2026, 5:13 pm	Corp. Action Date of payment of Dividend	Announcement under Regulation 30 (LODR)-Date of payment of Dividend	PDF
18 Sept 2026, 5:06 pm	Company Update General	The 67Th AGM Of The Company Held On Friday, September 18, 2026 At 12.00 Noon Through VC/OAVM. The Scrutiniser''s Report Dated September 18, 2026 Stating That All Resolutions Have Been Carried Out With A Requite Majority.	PDF
18 Sept 2026, 5:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	217	212	224	311	209	340	392	425	480
	-63	-118	-405	-325	-120	-159	-90	-51	-38
	-140	-74	148	22	-100	-86	-381	-337	-332
Net cash flow	14	20	-33	8	-10	95	-79	37	110
Free cash flow	—	—	—	—	—	179	307	370	433
CFO / Operating profit %	102.9%	96.8%	98.1%	134.7%	88.3%	114.4%	85.7%	89%	95.5%

Nirlon Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

18

2

Compounded sales growth

Compounded profit growth

Return on equity

Nirlon Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends18

Board meetings2

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

18

2