Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2793 Cr.
Stock P/E
24.1
P/B
1.7
Current Price
₹1871.8
Book Value
₹ 1071.5
Face Value
10
52W High
₹2150
52W Low
₹ 1035.5
Dividend Yield
1.07%

Nilkamal Overview

Business

Nilkamal Ltd. is a leading Indian manufacturer and seller of plastic products. Its core business revolves around producing a wide range of plastic items for both consumer and industrial applications. The company's business model involves in-house manufacturing, extensive distribution networks, and a strong brand presence. It makes money by selling its diverse product portfolio, including molded plastic furniture, material handling solutions (crates, pallets), storage systems, and sleep solutions (mattresses under 'Nilkamal Mattrezzz').

Revenue Mix

Nilkamal's business can generally be broken down into:

Plastic Products (Consumer & Industrial): This includes its iconic plastic furniture (chairs, tables, cabinets), material handling solutions (plastic crates, pallets, dustbins), storage systems, and various custom molded products. This is historically its largest segment.

Mattresses & Sleep Solutions: Under the 'Nilkamal Mattrezzz' brand, the company manufactures and sells mattresses, beds, and related sleep products.

Specific revenue contributions by segment are not consistently disclosed in public summaries, but plastic products typically form the dominant share.

Industry

The company operates in the Indian plastic products industry, which is characterized by a mix of organized and unorganized players. Nilkamal holds a prominent position, particularly in the organized molded plastic furniture segment, where it is a market leader with significant brand recall. In the material handling segment, it is also a major player, serving various industries. Its strong manufacturing capabilities and widespread distribution network give it a competitive edge over smaller, unorganized players.

MOAT

Brand Recognition: Nilkamal is a household name in India, especially for plastic furniture, built over decades. This strong brand equity fosters trust and preference among consumers.

Scale & Manufacturing Efficiency: Extensive manufacturing facilities across India enable economies of scale, cost efficiency, and wide product range capabilities.

Distribution Network: A vast pan-India distribution network comprising dealers, distributors, and company-owned retail stores provides extensive market reach.

Product Diversification: Its presence across consumer (furniture, mattresses) and industrial (material handling) segments reduces reliance on a single market and offers cross-selling opportunities.

Growth Drivers

Rising Disposable Income & Urbanization: Increasing incomes and growing urban populations in India drive demand for home furnishing and consumer durables.

Growth in Organized Retail & E-commerce: Expansion of these sectors boosts demand for plastic material handling and storage solutions.

Industrial & Infrastructure Development: Growth in manufacturing, logistics, and warehousing sectors fuels demand for material handling equipment like pallets and crates.

Product Portfolio Expansion: Introduction of new products and categories within consumer and industrial segments.

"Make in India" Initiative: Government focus on domestic manufacturing could benefit industrial plastic product demand.

Risks

Raw Material Price Volatility: The company's profitability is highly susceptible to fluctuations in crude oil prices, which directly impact the cost of polymers (key raw materials).

Competition: Intense competition from both organized players (e.g., Supreme Industries) and a large number of unorganized manufacturers, particularly in price-sensitive segments.

Environmental Regulations: Increasing global and domestic scrutiny on plastic usage, potential bans, taxes, or stricter recycling norms could impact demand and operating costs.

Economic Slowdown: A slowdown in the Indian economy could lead to reduced consumer discretionary spending and lower industrial demand.

Input Cost Inflation: Beyond raw materials, rising energy, labor, and transportation costs can erode margins.

Management & Ownership

Nilkamal Ltd. was founded by Vamanrai Parekh and Maneklal Parekh, and it remains largely a promoter-driven company. The Goenka family (descendants of the founders) holds significant ownership and key management positions. Over the years, the management has demonstrated strategic expansion and brand building. The promoter group holds a substantial stake, indicating alignment of interests with the company's long-term growth.

Outlook

Nilkamal benefits from its strong brand equity, diverse product portfolio, and extensive distribution network, positioning it to capitalize on India's long-term growth trends in consumer spending and industrialization. Its leadership in key plastic product categories provides a stable base. However, the company remains exposed to significant raw material price volatility, which can impact profitability. Additionally, increasing environmental concerns around plastics and intense competition necessitate continuous innovation and cost management. Its ability to navigate these challenges while leveraging its brand and market position will be crucial for sustained performance.

Nilkamal Share Price

Live · BSE / NSE · Inception: 1985
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Nilkamal Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 834 743 822 854 894 883 968 962 965 820
Other Income 2 4 3 3 2 4 3 4 4 4
Total Income 836 746 824 857 896 887 971 966 969 824
Total Expenditure 753 686 744 791 809 825 882 872 869 745
Operating Profit 84 60 80 67 87 62 89 93 100 79
Interest 9 9 10 11 11 11 11 11 11 10
Depreciation 29 29 30 30 31 34 35 37 37 39
Exceptional Income / Expenses 0 0 0 0 0 0 0 -15 0 0
Profit Before Tax 46 22 41 26 45 17 43 30 51 31
Provision for Tax 12 5 10 6 12 4 11 8 12 9
Profit After Tax 34 16 31 19 33 13 32 22 39 22
Adjustments 2 2 2 2 1 2 2 3 2 3
Profit After Adjustments 36 18 33 21 34 15 34 25 42 24
Adjusted Earnings Per Share 23.8 12.3 21.8 14.4 22.9 10.2 22.5 16.9 27.8 16.3

Nilkamal Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1926 2024 2124 2362 2257 2092 2730 3131 3196 3313 3778 3715
Other Income 3 3 4 13 14 16 12 11 13 12 14 15
Total Income 1930 2027 2128 2375 2272 2108 2742 3142 3210 3324 3792 3730
Total Expenditure 1694 1790 1882 2146 1973 1836 2506 2819 2903 3028 3446 3368
Operating Profit 236 238 246 229 298 272 236 323 307 297 346 361
Interest 21 14 16 18 29 26 31 40 40 43 47 43
Depreciation 55 51 50 52 94 97 101 113 115 120 142 148
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 -15 -15
Profit Before Tax 168 178 187 166 182 150 109 177 161 141 152 155
Provision for Tax 52 54 63 48 39 37 26 43 38 34 35 40
Profit After Tax 116 124 124 118 142 113 83 134 122 107 116 115
Adjustments -2 -2 -0 -0 -0 -0 -0 -0 -0 -0 -0 10
Profit After Adjustments 114 123 123 117 142 113 83 134 122 106 116 125
Adjusted Earnings Per Share 76.4 82.1 82.7 78.6 95.2 75.7 55.9 89.8 81.9 71.3 77.5 83.5

Nilkamal Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 628 742 849 941 1032 1139 1202 1314 1410 1487 1577
Minority's Interest 7 7 7 7 1 1 1 1 1 1 2
Borrowings 9 0 0 44 48 29 117 160 127 207 192
Other Non-Current Liabilities 57 63 74 85 204 238 232 229 231 236 169
Total Current Liabilities 297 281 319 216 266 317 402 371 453 613 578
Total Liabilities 998 1093 1248 1294 1551 1724 1953 2075 2221 2544 2518
Fixed Assets 273 271 344 399 592 634 695 782 775 936 1031
Other Non-Current Assets 90 120 101 116 99 91 113 105 186 201 143
Total Current Assets 635 702 803 779 860 999 1145 1188 1260 1407 1344
Total Assets 998 1093 1248 1294 1551 1724 1953 2075 2221 2544 2518

Nilkamal Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 14 13 13 17 13 18 31 65 20 82 139
Cash Flow from Operating Activities 183 112 121 175 252 203 69 190 250 247 306
Cash Flow from Investing Activities -41 -70 -96 -106 -152 -121 -89 -165 -160 -225 -160
Cash Flow from Financing Activities -142 -38 -20 -73 -100 -71 60 -71 -32 34 -213
Net Cash Inflow / Outflow -1 3 5 -4 -0 11 40 -46 58 56 -67
Closing Cash & Cash Equivalent 13 13 17 13 18 31 65 20 82 139 76

Nilkamal Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 76.44 82.11 82.74 78.63 95.21 75.68 55.86 89.76 81.92 71.32 77.45
CEPS(Rs) 114.58 117.2 116.83 113.49 158.58 140.94 123.6 165.78 159.38 152.07 173.14
DPS(Rs) 7 11 13 13 15 15 15 20 20 20 20
Book NAV/Share(Rs) 420.52 497.19 568.66 630.71 691.63 763.53 805.17 880.69 944.81 996.61 1057.05
Core EBITDA Margin(%) 11.29 10.84 10.12 8.28 11.34 11.22 7.69 9.29 8.59 8.11 8.21
EBIT Margin(%) 9.14 8.9 8.46 7.07 8.41 7.74 4.82 6.46 5.88 5.24 4.91
Pre Tax Margin(%) 8.13 8.23 7.81 6.36 7.25 6.59 3.76 5.28 4.7 4.01 3.75
PAT Margin (%) 5.63 5.75 5.18 4.51 5.69 4.96 2.87 3.99 3.58 3.04 2.87
Cash Profit Margin (%) 8.3 8.09 7.29 6.5 9.45 9.23 6.34 7.37 6.96 6.46 6.39
ROA(%) 11.79 11.89 10.58 9.26 10.01 6.91 4.54 6.65 5.7 4.48 4.59
ROE(%) 20.12 18.16 15.57 13.15 14.44 10.42 7.13 10.65 8.99 7.37 7.58
ROCE(%) 25.68 24.7 22.91 18.98 20.05 15.42 10.95 15.07 12.71 10.47 10.76
Receivable days 45.74 48.12 48.9 45.44 46.23 50.69 39.03 40.66 47.93 48.08 41.97
Inventory Days 52.89 54.08 54.57 54.06 58.27 72.41 72.74 71.67 66.88 66.7 60.22
Payable days 34.24 35.01 43.19 39.97 41.97 53.58 45.43 43.24 43.57 49.66 48.57
PER(x) 14.46 23.77 18.39 18.21 10.54 25.77 36.36 19.52 20.83 21.58 13.78
Price/Book(x) 2.63 3.93 2.68 2.27 1.45 2.55 2.52 1.99 1.81 1.54 1.01
Dividend Yield(%) 0.63 0.56 0.85 0.91 1.5 0.77 0.74 1.14 1.17 1.3 1.87
EV/Net Sales(x) 0.9 1.47 1.1 0.92 0.68 1.37 1.15 0.89 0.85 0.76 0.47
EV/Core EBITDA(x) 7.37 12.54 9.52 9.52 5.16 10.55 13.31 8.62 8.83 8.53 5.1
Net Sales Growth(%) 1.68 5.06 4.94 11.22 -4.45 -7.31 30.49 14.68 2.09 3.64 14.05
EBIT Growth(%) 82.21 2.15 5.21 -8.93 14.18 -16.2 -20.41 54.55 -7.43 -8.26 7.85
PAT Growth(%) 126.23 7.23 -0.39 -4.98 21.01 -20.56 -26.27 60.63 -8.63 -12.76 8.68
EPS Growth(%) 125.97 7.42 0.76 -4.97 21.09 -20.52 -26.2 60.71 -8.73 -12.94 8.6
Debt/Equity(x) 0.17 0.11 0.11 0.06 0.06 0.04 0.15 0.14 0.18 0.25 0.16
Current Ratio(x) 2.14 2.5 2.52 3.61 3.23 3.15 2.85 3.2 2.78 2.29 2.33
Quick Ratio(x) 1.11 1.3 1.33 1.79 1.7 1.58 1.2 1.43 1.47 1.17 1.21
Interest Cover(x) 9.07 13.38 13.01 10.05 7.3 6.73 4.55 5.44 5.01 4.24 4.22
Total Debt/Mcap(x) 0.06 0.03 0.04 0.03 0.04 0.02 0.06 0.07 0.1 0.16 0.16

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +14% +6% +13% +7%
Operating Profit CAGR +16% +2% +5% +4%
PAT CAGR +8% -5% +1% 0%
Share Price CAGR +20% -7% -7% +4%
ROE Average +8% +8% +8% +12%
ROCE Average +11% +11% +12% +17%

Nilkamal Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 64.54 %
FII 0.97 %
DII (MF + Insurance) 12.91 %
Public (retail) 21.58 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 64.5464.5464.5464.5464.5464.5464.5464.5464.5464.54
FII 1.141.081.11.091.0111.0210.980.97
DII 19.1217.714.3214.3214.3214.2914.2514.1813.7212.91
Public 15.216.6820.0420.0520.1320.1620.1920.2820.7521.58
Others 0000000000
Total 100100100100100100100100100100

Nilkamal Peer Comparison

Plastic Products Edit Columns

Nilkamal Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Nilkamal Pros & Cons

Pros

  • Debtor days have improved from 49.66 to 48.57days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 8% over the last 3 years.
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