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Nirlon Overview

Nirlon Ltd is engaged in the enterprise of development and managing an Industrial Park. The Company is focused on development and control of industrial park operations at Goregaon (East), Mumbai. The Company owns Nirlon Knowledge Park, that is an commercial park/IT park covering approximately 23 acre in Goregaon.

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Nirlon Key Financials

Market Cap ₹4864 Cr.

Stock P/E 22.3

P/B 9.1

Current Price ₹539.8

Book Value ₹ 59.2

Face Value 10

52W High ₹615

Dividend Yield 4.82%

52W Low ₹ 445

Nirlon Share Price

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Volume
Price

Nirlon Quarterly Price

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Nirlon Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 149 152 153 157 160 161 158 163 165 170
Other Income 1 1 1 1 2 3 3 4 4 3
Total Income 151 153 154 158 163 164 161 167 169 173
Total Expenditure 30 32 32 36 32 30 35 35 36 38
Operating Profit 121 121 123 122 131 133 126 132 133 135
Interest 30 30 33 30 30 29 28 28 26 28
Depreciation 14 14 15 14 14 14 13 14 14 14
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 77 77 75 78 87 90 84 90 93 93
Provision for Tax 24 24 24 28 30 31 30 32 -55 24
Profit After Tax 52 52 51 50 56 58 54 58 148 69
Adjustments 0 0 0 0 -0 -0 0 0 -0 0
Profit After Adjustments 52 52 51 50 56 58 54 58 148 69
Adjusted Earnings Per Share 5.8 5.8 5.7 5.5 6.3 6.5 5.9 6.5 16.4 7.7

Nirlon Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 239 289 288 291 299 310 317 384 573 603 636 656
Other Income 2 1 5 3 1 1 2 3 3 4 9 14
Total Income 241 290 293 294 300 311 319 387 576 607 645 670
Total Expenditure 55 65 66 71 73 79 80 87 115 126 133 144
Operating Profit 185 224 227 223 227 232 240 300 461 481 512 526
Interest 76 72 78 66 70 32 14 35 126 123 117 110
Depreciation 69 80 71 72 59 53 49 75 103 56 56 55
Exceptional Income / Expenses 7 -3 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 48 69 78 85 99 146 177 190 233 302 338 360
Provision for Tax 15 26 27 30 35 37 50 79 75 96 120 31
Profit After Tax 33 44 51 56 64 109 127 111 158 206 218 329
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 33 44 51 56 64 109 127 111 158 206 218 329
Adjusted Earnings Per Share 3.6 4.8 5.7 6.2 7.1 12.1 14.1 12.3 17.5 22.8 24.2 36.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 5% 18% 15% 10%
Operating Profit CAGR 6% 20% 17% 11%
PAT CAGR 6% 25% 15% 21%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 2% 12% 15% 11%
ROE Average 60% 50% 39% 28%
ROCE Average 30% 27% 21% 18%

Nirlon Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1420 1456 373 297 352 454 574 478 402 373 357
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 615 581 514 611 853 963 978 1094 1145 1146 1146
Other Non-Current Liabilities 75 82 180 175 203 330 329 414 352 413 485
Total Current Liabilities 276 253 165 91 111 131 130 349 202 194 255
Total Liabilities 2387 2371 1231 1173 1520 1878 2012 2335 2101 2126 2243
Fixed Assets 2299 2251 1 1 1 0 0 0 0 0 0
Other Non-Current Assets 39 70 1183 1098 1479 1826 1990 2167 2061 2048 2034
Total Current Assets 49 50 47 75 40 52 22 167 40 78 209
Total Assets 2387 2371 1231 1173 1520 1878 2012 2335 2101 2126 2243

Nirlon Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 6 9 3 17 37 4 12 2 96 17 54
Cash Flow from Operating Activities 205 205 217 212 224 311 209 340 377 425 480
Cash Flow from Investing Activities -162 -75 -63 -118 -405 -325 -120 -159 -90 -51 -38
Cash Flow from Financing Activities -39 -136 -140 -74 148 22 -100 -86 -365 -337 -332
Net Cash Inflow / Outflow 4 -6 14 20 -33 8 -10 95 -79 37 110
Closing Cash & Cash Equivalent 9 4 17 37 4 12 2 96 17 54 164

Nirlon Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.61 4.83 5.67 6.18 7.07 12.15 14.14 12.3 17.52 22.81 24.21
CEPS(Rs) 11.23 13.77 13.51 14.19 13.6 18.06 19.54 20.67 28.93 29.07 30.46
DPS(Rs) 0.75 0.75 0.75 0.75 0.75 0.75 8 26 26 26 26
Book NAV/Share(Rs) 27.17 31.11 41.38 32.95 39.11 50.36 63.74 53.04 44.59 41.4 39.61
Core EBITDA Margin(%) 76.81 77.34 77.09 75.74 75.7 74.48 74.84 77.45 79.99 79.12 79.06
EBIT Margin(%) 51.64 48.93 54.24 51.87 56.42 57.62 60.25 58.51 62.55 70.47 71.6
Pre Tax Margin(%) 20.03 23.91 27.13 29.32 33.08 47.26 55.83 49.5 40.61 50 53.2
PAT Margin (%) 13.63 15.08 17.76 19.15 21.32 35.31 40.2 28.86 27.58 34.08 34.3
Cash Profit Margin (%) 42.36 42.95 42.32 43.99 41.04 52.49 55.57 48.52 45.52 43.44 43.16
ROA(%) 1.31 1.83 2.84 4.63 4.73 6.44 6.55 5.1 7.12 9.72 9.99
ROE(%) 14.03 16.59 15.64 16.63 19.61 27.16 24.78 21.06 35.9 53.06 59.78
ROCE(%) 13.41 14.85 16.21 15.97 15.95 13.49 12.75 14 22.37 27.73 30.14
Receivable days 4.76 4.48 5.04 4.02 3.02 3.71 3.34 2.39 1.91 1.83 2.01
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 54.39 38.25 35.98 32.28 28.9 19.72 19.32 33.37 21.44 18.7 21.14
Price/Book(x) 7.24 5.94 4.93 6.06 5.22 4.76 4.29 7.74 8.43 10.3 12.92
Dividend Yield(%) 0.38 0.41 0.37 0.38 0.37 0.31 2.93 6.34 6.92 6.1 5.08
EV/Net Sales(x) 10.37 8.05 8.44 8.15 9 10.11 10.85 12.44 7.87 8.17 8.78
EV/Core EBITDA(x) 13.36 10.36 10.72 10.63 11.82 13.52 14.34 15.91 9.78 10.24 10.91
Net Sales Growth(%) 18.57 20.87 -0.42 1.09 2.71 3.8 2.23 21.15 49.15 5.32 5.46
EBIT Growth(%) 10.72 14.52 10.39 -3.33 11.73 6 6.9 17.65 59.46 18.65 7.16
PAT Growth(%) 2.97 33.74 17.25 9.02 14.34 71.92 16.38 -13.03 42.51 30.17 6.15
EPS Growth(%) 2.97 33.74 17.26 9.01 14.34 71.92 16.38 -13.03 42.51 30.17 6.15
Debt/Equity(x) 2.92 2.36 1.63 2.06 2.42 2.18 1.7 2.47 2.85 3.07 3.21
Current Ratio(x) 0.18 0.2 0.29 0.82 0.36 0.4 0.17 0.48 0.2 0.4 0.82
Quick Ratio(x) 0.18 0.2 0.29 0.82 0.36 0.4 0.17 0.48 0.2 0.4 0.82
Interest Cover(x) 1.63 1.96 2 2.3 2.42 5.56 13.61 6.49 2.85 3.44 3.89
Total Debt/Mcap(x) 0.4 0.4 0.33 0.34 0.46 0.46 0.4 0.32 0.34 0.3 0.25

Nirlon Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 70.34 67.84 67.79 67.76 67.73 67.71 67.7 67.68 67.67 67.67
FII 14.25 14.34 10.46 10.37 10.48 11.98 12.25 13.29 13.34 15.78
DII 0.02 0.02 4.78 4.81 4.85 3.72 3.41 2.4 2.31 0.08
Public 15.39 17.81 16.97 17.06 16.94 16.59 16.64 16.64 16.69 16.47
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Nirlon News

Nirlon Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 50%

Cons

  • Stock is trading at 9.1 times its book value.
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