Nirlon Ltd (500307)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nirlon's revenue was ₹168 Cr (+3.3% year on year, -1.6% on the previous quarter), and net profit ₹69.4 Cr (+19.6% year on year); the operating margin was 76.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹168 | +3.3% | -1.6% |
| Operating profit | ₹129 | +0.9% | -2.1% |
| Net profit | ₹69.4 | +19.6% | -2.3% |
| EPS (₹) | 7.70 | +18.8% | -1.7% |
| Operating margin | 76.8% | — | — |
📢 Recent Corporate Announcements
BSREP IV FPI Two Holdings (DIFC) Ltd acquired 23,25,000 equity shares (2.58% stake) of Nirlon Limited via an off-market inter-se transfer on October 14, 2026. The transfer was executed from InRe Fund II, an entity acting in concert (PAC) with the acquirer, reducing InRe Fund II's direct holding to nil. Following this internal transfer, BSREP IV's individual holding increased from 12.48% to 15.06%, while the aggregate group holding remained unchanged at 15.06% (1,35,70,558 shares). The transaction causes no net change in total promoter or public ownership and has zero impact on company operations.
- 23,25,000 equity shares (2.58% of voting capital) transferred off-market on October 14, 2026
- Acquirer BSREP IV FPI Two Holdings increased its direct stake from 12.48% (1,12,45,558 shares) to 15.06% (1,35,70,558 shares)
- Transferor and PAC InRe Fund II reduced its holding from 2.58% to Nil
- Net combined holding of the acquirer and PAC remains completely unchanged at 15.06%
- Total target company voting equity base remains at 9,01,18,040 shares (₹90,11,80,400)
BSREP IV FPI Two Holdings (DIFC) Ltd acquired 23,25,000 equity shares (2.58% stake) of Nirlon Limited via an off-market inter-se transfer on October 14, 2026. The transfer was executed from InRe Fund II, an entity acting in concert (PAC) with the acquirer, reducing InRe Fund II's direct holding to nil. Following this internal transfer, BSREP IV's individual holding increased from 12.48% to 15.06%, while the aggregate group holding remained unchanged at 15.06% (1,35,70,558 shares). The transaction causes no net change in total promoter or public ownership and has zero impact on company operations.
- 23,25,000 equity shares (2.58% of voting capital) transferred off-market on October 14, 2026
- Acquirer BSREP IV FPI Two Holdings increased its direct stake from 12.48% (1,12,45,558 shares) to 15.06% (1,35,70,558 shares)
- Transferor and PAC InRe Fund II reduced its holding from 2.58% to Nil
- Net combined holding of the acquirer and PAC remains completely unchanged at 15.06%
- Total target company voting equity base remains at 9,01,18,040 shares (₹90,11,80,400)
InRe Fund II, managed by Monocap Investment Advisors, along with Person Acting in Concert (PAC) BSREP IV FPI Two Holdings (DIFC) Ltd (Brookfield affiliate), increased their combined stake in Nirlon Ltd to 15.06% from 12.15%. On October 1, 2026, InRe Fund II acquired 23,25,000 shares (2.58%) via the open market. Additionally, the filing noted that the PAC had previously acquired 3,00,000 shares (0.33%) on August 26, 2026. The 23,25,000 shares acquired represent approximately ₹137.8 Cr in transaction value based on the current share price of ₹592.5.
- InRe Fund II acquired 23,25,000 equity shares (2.58%) through open market purchases on October 01, 2026
- PAC BSREP IV FPI Two Holdings held 1,09,45,558 shares (12.15%) prior, and also acquired 3,00,000 shares (0.33%) on August 26, 2026
- Total combined holding of Acquirer and PAC rose from 12.15% to 15.06% (1,35,70,558 shares)
- Total voting capital remains at 9,01,18,040 equity shares of face value ₹10 each
Nirlon Limited has dispatched its 67th Annual Report and AGM Notice for FY 2025-26, scheduling its AGM for September 18, 2026. The Board has recommended a final dividend of ₹15 per equity share (150% on face value of ₹10), subject to shareholder approval. The record date to determine eligible shareholders and the last date for submitting TDS exemption forms is September 3, 2026. Dividend payment will occur after September 23, 2026.
- Recommended final dividend of ₹15 per share (150%) on ₹10 face value equity shares
- Record date for dividend entitlement fixed as Thursday, September 3, 2026
- Deadline for submission of TDS exemption forms is September 3, 2026 (up to 5:00 p.m. IST)
- 67th Annual General Meeting scheduled for Friday, September 18, 2026 at 12:00 noon via VC/OAVM
- Remote e-voting period runs from September 14, 2026 (9:00 a.m.) to September 17, 2026 (5:00 p.m.)
Nirlon Ltd has dispatched its 67th Annual Report for FY25-26 and scheduled its 67th AGM for Friday, September 18, 2026 via video conferencing. The company confirmed a recommended final dividend of ₹15 per equity share (150% on ₹10 face value). The record date for determining shareholder entitlement for the final dividend is Thursday, September 3, 2026, with payment to be made after September 23, 2026 subject to shareholder approval.
- Final dividend recommended at ₹15 per equity share (150% of face value of ₹10 each)
- Record date for dividend entitlement fixed as September 3, 2026
- 67th Annual General Meeting scheduled for September 18, 2026 at 12:00 PM IST
- Remote e-voting window open from September 14, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)
Nirlon Limited has published its 67th Annual Report for FY 2025-26 and scheduled its Annual General Meeting for Friday, September 18, 2026, via Video Conferencing. The meeting will seek shareholder approval for a final dividend of ₹15 per equity share (150% on ₹10 face value). The record date to determine shareholder eligibility for the dividend has been fixed as Thursday, September 3, 2026. Other business includes the re-appointment of Nominee Director Mr. Kunnasagaran Chinniah and ratifying cost auditor remuneration of ₹1,50,000 for FY 2026-27.
- 67th AGM scheduled for Friday, September 18, 2026, at 12:00 PM IST via VC/OAVM.
- Proposed final dividend of ₹15 per equity share of face value ₹10 (150%) for FY 2025-26.
- Record date for dividend entitlement established as Thursday, September 3, 2026.
- Ratification of ₹1,50,000 remuneration for Cost Auditor Mr. Vinay B. Mulay for FY 2026-27.
Nirlon Ltd submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its 67th Annual Report. The filing confirms that 99.04% of the company's ₹669.17 crore annual turnover is derived from the development and management of Nirlon Knowledge Park (NKP). The company reported a net worth of ₹468.60 crore and a lean structure with 3 permanent employees. All 30 shareholder grievances received during the year were resolved with zero complaints pending.
- Nirlon Knowledge Park operations generated 99.04% of total company turnover in FY26
- Turnover stood at ₹669.17 crore with a reported net worth of ₹468.60 crore
- Reported 3 permanent employees as of March 31, 2026, with a 0% turnover rate over the last 3 financial years
- Resolved all 30 shareholder complaints received during FY26, with 0 pending at year-end
Nirlon Limited has published its 67th Annual Report for FY 2025-26 under Regulation 34 of SEBI LODR Regulations. The company has scheduled its 67th Annual General Meeting (AGM) for Friday, September 18, 2026, via video conferencing. The Board has recommended a final dividend of ₹15 per equity share (150% of ₹10 face value) for FY 2025-26, setting the record date as September 3, 2026. In FY26, the company recorded total revenue of ₹669.0 crore and net profit of ₹346.0 crore.
- 67th AGM scheduled to be held on Friday, September 18, 2026, via Video Conferencing.
- Proposed final dividend of ₹15 per equity share of face value ₹10 (150%) for FY 2025-26.
- Record date for dividend entitlement fixed as Thursday, September 3, 2026.
- Ratification of ₹1,50,000 remuneration for Cost Auditor for FY 2026-27 placed for shareholder approval.
Nirlon Limited has published its 67th Annual Report for FY 2025-26 and scheduled its 67th Annual General Meeting (AGM) for Friday, September 18, 2026, via video conferencing. The company confirmed a final dividend recommendation of ₹15 per equity share of face value ₹10 (150%) for FY 2025-26. The record date for dividend entitlement has been fixed as Thursday, September 3, 2026. Other business includes the adoption of FY26 financials, the re-appointment of retiring Nominee Director Mr. Kunnasagaran Chinniah, and cost auditor remuneration ratification of ₹1.50 lakh.
- 67th Annual General Meeting scheduled for Friday, September 18, 2026 at 12:00 noon IST via Video Conferencing.
- Final dividend of ₹15 per equity share (150% of face value ₹10) proposed for FY 2025-26.
- Record date for dividend entitlement established as Thursday, September 3, 2026.
- Ratification of ₹1,50,000 remuneration for Cost Auditor Mr. Vinay B. Mulay for FY 2026-27.
In its Q1 FY27 earnings call transcript, Nirlon reported total income of ₹173 crore (up 3% YoY) and a PAT of approximately ₹69 crore (up 19% YoY with a 40.19% net margin). Operational performance remained solid with portfolio occupancy standing at 99.8% and total vacant area at just ~6,900 sq. ft. Management reiterated that debt repayments (5% annually totaling 25%) will commence in May 2027 under lender agreements. Furthermore, management indicated no active plans for REIT conversion or near-term redevelopment at Nirlon House, and noted minimal lease expiries for FY27.
- Q1 FY27 total income reached ₹173 crore (up 3% YoY) with EBITDA of ₹134 crore (77.30% margin).
- Net profit (PAT) grew 19% YoY to approximately ₹69 crore.
- Portfolio occupancy remained at 99.8%, with unleased space at ~6,900 sq. ft. as of June 30, 2026.
- Debt principal repayments will begin in May 2027 at 5% per annum for the next few years (25% total).
- Management noted no major lease expiries in FY27 and no concrete plans currently for REIT conversion.
Nirlon Ltd conducted its Q1 FY27 earnings conference call on August 11, 2026, led by CEO Rahul V. Sagar and CFO Manish B. Parikh. The company maintains a high-margin profile with a TTM Operating Profit Margin of 77.9% and a portfolio of 3.08 Mn sq. ft. in Mumbai. While TTM revenue reached Rs 669 Cr, investors should note the high debt-to-equity ratio of 2.45. The call recording is now available for public review, providing insights into occupancy and rental trends.
- Earnings call conducted on August 11, 2026, for the Q1 FY27 reporting period
- Portfolio consists of 3.08 Mn sq. ft. Grade A IT-ITES space in Mumbai
- TTM Revenue of Rs 669 Cr and TTM PAT of Rs 346 Cr as of FY26
- Current occupancy remains high at 98.6% across its primary assets
- Management present included CEO Rahul V. Sagar and CFO Manish B. Parikh
Nirlon Ltd has announced a final dividend of Rs 15 per equity share (150% of face value) for the financial year 2025-26. The record date to determine shareholder eligibility is fixed for September 3, 2026, with the 67th AGM scheduled for September 18, 2026. Based on the current market price of Rs 621, this represents a dividend yield of approximately 2.4%. The payout follows a strong FY26 performance where the company reported a net profit of Rs 346 Cr.
- Final dividend of Rs 15 per equity share (150%) recommended for FY 2025-26
- Record date for dividend eligibility fixed as Thursday, September 3, 2026
- Book closure period set from September 4, 2026, to September 18, 2026
- Dividend payment to be credited or dispatched on or after September 25, 2026
- 67th Annual General Meeting (AGM) to be held on September 18, 2026
Nirlon Ltd has approved its Q1 FY27 results, reporting a total income of ₹172.7 Cr and maintaining a robust EBITDA margin of 77.30%. The company confirmed a final dividend of ₹15.00 per share for FY26, which translates to a dividend yield of approximately 2.4% at current prices. The record date for this dividend is set for September 3, 2026, with the 67th AGM scheduled for September 18, 2026. Operations remain stable with a 3.08 Mn sq. ft. chargeable area and high occupancy from marquee BFSI and IT tenants.
- Final dividend of ₹15.00 per equity share (150%) confirmed for FY 2025-26.
- Q1 FY27 Total Income reached ₹172.7 Cr, showing marginal growth over the ₹171.0 Cr reported in Mar 2026.
- EBITDA margin remains high at 77.30% for the quarter ended June 30, 2026.
- Record date for dividend eligibility fixed as Thursday, September 3, 2026.
- Total chargeable area maintained at 3.08 Mn sq. ft. across Nirlon Knowledge Park and Nirlon House.
Nirlon Ltd approved its unaudited financial results for the quarter ended June 30, 2026, in a board meeting held on August 10, 2026. The company continues to manage a 3.08 Mn sq. ft. Grade A IT park portfolio with a high historical operating margin of 77.9%. Given the TTM revenue of Rs 669 Cr and a debt of Rs 1147 Cr, these results are key to monitoring rental stability and debt servicing. The board meeting was notably brief, concluding in just 10 minutes.
- Board meeting for Q1 FY27 results concluded in 10 minutes (12:00 to 12:10 IST)
- Company manages a total chargeable area of 3.08 Mn sq. ft. across NKP and Nirlon House
- Historical TTM revenue stands at Rs 669 Cr with a net profit of Rs 346 Cr
- Maintains a high TTM Operating Profit Margin (OPM) of 77.9%
- Portfolio occupancy was recently reported at 98.6% with marquee tenants like JP Morgan and Barclays
Nirlon Ltd reported a steady Q1 FY27 with total income reaching ₹172.7 Cr, a 3.4% increase YoY, driven by stable license fees of ₹149 Cr. Net profit grew significantly by 18.8% YoY to ₹69.4 Cr, primarily aided by lower tax expenses compared to the previous year. The company continues to demonstrate high operational efficiency with a 99.8% occupancy rate across its 3.08 Mn sq. ft. portfolio. Debt remains stable at ₹1,150 Cr, supported by a CRISIL AA+/Stable rating.
- Total Income for Q1 FY27 reached ₹172.7 Cr, representing approximately 25.8% of TTM revenue.
- Profit After Tax (PAT) increased to ₹69.4 Cr from ₹58.4 Cr in Q1 FY26, an 18.8% YoY growth.
- Portfolio occupancy stands at 99.8%, with only ~6,900 sq. ft. vacant out of a total 3.08 Mn sq. ft. chargeable area.
- Outstanding debt from HSBC Bank is ₹1,150 Cr, which is approximately 20.5% of the current market capitalization.
- EBITDA margins remain robust at 77.30%, although slightly down from 78.93% in the same quarter last year.
Financial Performance
Revenue Growth by Segment
Total income for H1-FY26 reached INR 3,359 Mn, a 4.8% increase YoY. This was driven by License Fees of INR 2,916 Mn (up 3.3% YoY) and Other Operating Income (CAM) of INR 367 Mn (up 6.4% YoY).
Geographic Revenue Split
100% of revenue is generated from Mumbai, India, specifically from Nirlon Knowledge Park (NKP) in Goregaon East and Nirlon House in Worli.
Profitability Margins
Profitability showed significant variance due to tax changes. H1-FY26 PAT margin was 61.36% (INR 2,061 Mn) compared to 33.18% (INR 1,063 Mn) in H1-FY25. This 93.9% increase in PAT was primarily due to a one-time reversal of deferred tax liability amounting to INR 69.50 Cr upon transitioning to the New Tax Regime.
EBITDA Margin
EBITDA margin for H1-FY26 remained stable at 78.83% (INR 2,648 Mn) compared to 78.84% in H1-FY25, reflecting consistent operational efficiency in managing IT park assets.
Capital Expenditure
The company has no major capital expenditure plans in the near future as Phase V (1.16 Mn sq. ft.) was completed and capitalized in December 2021. Historical capex focused on the 3.06 Mn sq. ft. development of NKP.
Credit Rating & Borrowing
CRISIL reaffirmed its 'CRISIL AA+/Stable' rating in November 2025. Total borrowings stood at INR 1,146.6 Cr as of September 30, 2025, with an adjusted interest coverage ratio of 4.53x in FY25.
Operational Drivers
Raw Materials
As a real estate leasing company, Nirlon does not consume traditional raw materials. Its primary operational costs are Common Area Maintenance (CAM) and utilities, which grew 6.4% to INR 367 Mn in H1-FY26.
Import Sources
Not applicable as the company provides IT-ITES real estate services rather than manufacturing goods.
Key Suppliers
Not disclosed, but primary vendors include facility management, security, and utility providers for the 23-acre NKP campus.
Capacity Expansion
Current chargeable area is 3.08 Mn sq. ft. (NKP: 3.06 Mn, Nirlon House: 0.05 Mn). There are no current plans for further capacity expansion beyond the existing five phases.
Raw Material Costs
Total expenses for H1-FY26 were INR 711 Mn, representing 21.1% of total income, a 4.9% increase YoY, largely tracking revenue growth.
Manufacturing Efficiency
Operational efficiency is measured by occupancy, which stood at 98.6% in Q2-FY26. Chargeable area efficiency is approximately 80% of constructed area.
Logistics & Distribution
Not applicable; revenue is derived from on-site leasing of commercial space.
Strategic Growth
Expected Growth Rate
5%
Growth Strategy
Growth is achieved through scheduled rent escalations (typically 15% every 3 years) and renewals at market rates. In Q2-FY26, 2,60,000 sq. ft. was licensed/taken up by marquee tenants like Deutsche Bank and Barclays.
Products & Services
Leave-and-license of Grade A IT-ITES and commercial real estate space in Nirlon Knowledge Park and Nirlon House.
Brand Portfolio
Nirlon Knowledge Park (NKP) and Nirlon House (NH).
New Products/Services
No new products; focus remains on maintaining high occupancy (currently 98.6%) and managing the existing 3.08 Mn sq. ft. portfolio.
Market Expansion
No current plans for geographic expansion outside of the Mumbai market.
Market Share & Ranking
Nirlon is a significant niche player in the Goregaon micro-market of Mumbai with a 3.06 Mn sq. ft. Grade A IT park.
Strategic Alliances
Majority owned by GIC (Government of Singapore Investment Corporation) with a 63.9% stake through Reco Berry Pvt Ltd.
External Factors
Industry Trends
The industry is seeing a flight to quality with demand for sustainable, 'Occupier Friendly' Grade A spaces. Nirlon is positioned as a premium provider with 98.6% occupancy despite broader market volatility.
Competitive Landscape
Competes with other Grade A commercial developers in Mumbai like DLF, Blackstone-backed REITs, and Brookfield.
Competitive Moat
Moat is based on prime location (Goregaon East, near Western Express Highway), marquee tenant base (JP Morgan, etc.), and a low LTV ratio (<20%), which provides high financial stability.
Macro Economic Sensitivity
Highly sensitive to the growth of the Indian IT and BFSI sectors, which drive demand for Grade A office space in Mumbai.
Consumer Behavior
Shift toward hybrid work models is a monitorable, though Nirlon's high occupancy suggests continued demand for its specific high-quality campus environment.
Geopolitical Risks
Low direct risk, but global slowdowns in the banking sector could impact the expansion plans of its primary multinational tenants.
Regulatory & Governance
Industry Regulations
Subject to Maharashtra state land laws, BMC regulations, and IT/ITES policy benefits. Operations must comply with the Leave and License regulatory framework.
Environmental Compliance
Focus on sustainability for NKP is a key strength, though specific ESG spend in INR is not disclosed.
Taxation Policy Impact
Transitioned to the New Tax Regime in Q2-FY26, resulting in a lower concessional tax rate and a one-time deferred tax reversal of INR 69.50 Cr.
Legal Contingencies
Not specifically disclosed in the provided financial summaries, though the company follows Ind AS accounting standards.
Risk Analysis
Key Uncertainties
Refinancing risk is a key uncertainty due to a bullet repayment of ~75% of debt (approx. INR 860 Cr) due in fiscal 2033.
Geographic Concentration Risk
100% of assets and revenue are concentrated in Mumbai, making the company vulnerable to local real estate market downturns.
Third Party Dependencies
High dependency on a few marquee tenants; one tenant alone previously occupied 15% of the total leasable area.
Technology Obsolescence Risk
Low risk for physical real estate, but requires ongoing maintenance to meet 'Grade A' standards for global tech/finance firms.
Credit & Counterparty Risk
Low risk due to the high credit quality of multinational tenants like JP Morgan and Deutsche Bank.
