National Fittings Ltd (531289)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, National Fittings' revenue was ₹27.1 Cr (+31.8% year on year, +15.3% on the previous quarter), and net profit ₹3.9 Cr (+50.4% year on year); the operating margin was 19.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹27.1 | +31.8% | +15.3% |
| Operating profit | ₹5.3 | +49.6% | +66.3% |
| Net profit | ₹3.9 | +50.4% | +129.0% |
| EPS (₹) | 4.34 | +50.7% | +129.6% |
| Operating margin | 19.7% | — | — |
📢 Recent Corporate Announcements
National Fittings Limited has executed a Memorandum of Understanding on October 13, 2026, to acquire approximately 4.5 acres (19,020 sq. meters) of land in Savli Taluka, Vadodara, Gujarat. The land is adjacent to its existing leased site where a new manufacturing plant is currently under construction. The acquisition cost is approximately Rs 4.65 crore, funded entirely through internal accruals (~5.2% of its Rs 89 crore net worth).
- Entered into MoU on October 13, 2026, to acquire ~4.5 acres (19,020 Sq. meters) of land
- Total land acquisition cost estimated at approximately Rs 4.65 crores
- Capex funded entirely through internal accruals (~5.2% of net worth)
- Land is adjacent to existing leased site at R. S. 314/315, Khakariya Road, Vadodara, Gujarat
- Approved via Board of Directors Circular Resolution 1/26-27 dated October 13, 2026
National Fittings Ltd has issued the notice for its 33rd Annual General Meeting (AGM) scheduled to be held virtually on September 16, 2026. The key agenda items include the adoption of FY26 audited financial statements, declaration of dividend for FY25-26, and the re-appointment of director Mr. Arpit Agarwal. The record date for determining shareholder eligibility for voting and dividend is September 9, 2026. The register of members and share transfer books will remain closed from September 10 to September 16, 2026.
- 33rd AGM scheduled for September 16, 2026 at 10:30 AM via Video Conferencing
- Record date (cut-off date) fixed as September 9, 2026 for dividend and e-voting
- Book closure set from September 10, 2026 to September 16, 2026 (both days inclusive)
- Remote e-voting window runs from September 13, 2026 (9:00 AM) to September 15, 2026 (5:00 PM)
National Fittings Limited has submitted its Annual Report for FY26 along with the Notice for its 33rd Annual General Meeting (AGM), scheduled to be held on September 16, 2026, via video conferencing. The cut-off / record date for remote e-voting has been fixed as September 09, 2026. Ordinary business at the AGM includes adoption of FY26 financial statements, declaration of dividend for FY26, and director re-appointment.
- 33rd Annual General Meeting to be held on Wednesday, 16th September 2026 at 10:30 AM via VC/OAVM
- Record date / cut-off date for e-voting eligibility set for September 09, 2026
- Book closure period scheduled from 10.09.2026 to 16.09.2026 (both days inclusive)
- Remote e-voting window open from 13.09.2026 (9:00 AM) to 15.09.2026 (5:00 PM)
National Fittings Ltd has announced its 33rd Annual General Meeting (AGM) to be held on September 16, 2026. The company has fixed September 9, 2026, as the record date for determining shareholder eligibility for voting and the final dividend. The register of members will remain closed from September 10 to September 16, 2026. This follows a fiscal year (FY26) where the company maintained steady operations with a revenue of ₹91.4 crore and a PAT of ₹9.11 crore.
- 33rd Annual General Meeting scheduled for September 16, 2026
- Record date for dividend and voting eligibility fixed as September 9, 2026
- Book closure period set from September 10, 2026, to September 16, 2026
- Remote e-voting window open from September 13 (9:00 AM) to September 15 (5:00 PM)
- Company reported FY26 revenue of ₹91.4 crore and PAT of ₹9.11 crore
National Fittings reported a strong start to the fiscal year with Q1 FY27 revenue growing 31.8% YoY to ₹27.13 Cr. Net profit increased 50.4% YoY to ₹3.94 Cr, a significant recovery from the ₹1.72 Cr reported in the preceding March quarter. The company maintained efficient cost management as total expenditure grew at a slower rate (27.7%) than total income (30.6%). Additionally, the company is progressing with the amalgamation of Banil Castings and AVISA Private Limited, currently awaiting BSE approval.
- Net Sales increased 31.8% YoY to ₹27.13 Cr from ₹20.58 Cr in the year-ago period.
- Net Profit rose 50.4% YoY to ₹3.94 Cr, resulting in a quarterly EPS of ₹4.34.
- Profit Before Tax (PBT) grew 45% YoY to ₹5.22 Cr compared to ₹3.60 Cr in June 2025.
- Total Income for the quarter reached ₹28.07 Cr, representing nearly 30% of the total TTM revenue.
- The company is awaiting regulatory 'No Objection' for the merger of two entities approved on May 22, 2026.
National Fittings reported a strong performance for Q1 FY27, with net sales growing 31.8% YoY to ₹27.13 Cr. Net profit surged 50.4% YoY to ₹3.94 Cr, compared to ₹2.62 Cr in the same quarter last year. The quarterly EPS improved significantly to ₹4.34 from ₹2.89 YoY. The company is also progressing with the amalgamation of Banil Castings and AVISA Private Limited, which is currently awaiting regulatory approvals from BSE and NCLT.
- Net sales increased by 31.8% YoY to ₹27.13 Cr from ₹20.58 Cr in Q1 FY26
- Net profit grew by 50.4% YoY to ₹3.94 Cr, a significant recovery from the ₹1.72 Cr reported in the preceding quarter (Mar 2026)
- Basic and diluted EPS rose to ₹4.34 for the quarter, compared to ₹2.89 in the year-ago period
- Total expenditure increased to ₹22.85 Cr, driven by a ₹1.85 Cr increase in material costs YoY
- The company confirmed the ongoing merger process for two entities approved by the board on 22.05.2026
National Fittings Ltd has scheduled a board meeting for August 5, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of ₹91.4 cr and a net profit of ₹9.11 cr. Investors will be monitoring these results for the operational impact of the company's strategic relocation from Coimbatore, Tamil Nadu, to Halol, Gujarat. The company currently maintains a healthy debt-to-equity ratio of 0.18 and a market capitalization of ₹139 cr.
- Board meeting scheduled for August 5, 2026, to approve Q1 FY27 results
- Company reported TTM revenue of ₹91 cr and TTM PAT of ₹9 cr as of March 2026
- Promoter holding marginally increased to 34.27% in June 2026 from 34.04% in March 2026
- Company is targeting a growth rate of 29.7% following its operational relocation to Gujarat
Financial Performance
Revenue Growth by Segment
The company reported an operating income of INR 86.02 Cr in FY23, representing a significant growth of 29.74% compared to INR 66.30 Cr in FY22. Segment-specific growth percentages for pipe fittings versus ball valves were not disclosed in the available documents.
Geographic Revenue Split
Not disclosed in available documents; however, the company is shifting its registered office from Tamil Nadu to Gujarat to improve operational convenience, suggesting a strategic focus on the Western Indian industrial corridor.
Profitability Margins
PAT Margin improved significantly to 5.10% in FY23 from 2.03% in FY22, a 307 basis point increase. This was driven by a 227.6% surge in Profit After Tax (PAT) from INR 1.34 Cr to INR 4.39 Cr, indicating improved operational leverage and cost management.
EBITDA Margin
Core profitability as measured by PBDIT/Interest improved from 5.09 times in FY22 to 10.44 times in FY23, a 105% increase in interest coverage, reflecting much stronger cash flow relative to debt obligations.
Capital Expenditure
The company has leased new premises at Halol, Gujarat, for its business operations as of January 2026. Specific INR values for the lease or associated setup costs were not disclosed.
Credit Rating & Borrowing
The company's short-term rating is 'ACUITE A4', which was reaffirmed and subsequently withdrawn in April 2024. The rating was flagged as 'Issuer Not-Cooperating' due to the company's failure to provide necessary information and No Default Statements (NDS). Bank facilities totaling INR 14.65 Cr were rated, primarily with Bank of India.
Operational Drivers
Raw Materials
The primary raw materials include stainless steel and spheroidal graphite (SG) iron, used for manufacturing pipe fittings and ball valves. Specific cost percentages for each material were not disclosed.
Capacity Expansion
The company is relocating its operational base to a leased premises in Halol, Gujarat (109-Indralok, Kanajari Road) to carry on business more efficiently. Current and planned MTPA or unit capacity figures were not provided.
Raw Material Costs
Not disclosed as a specific percentage of revenue; however, the improvement in PAT margins from 2.03% to 5.10% suggests better procurement or pricing strategies in FY23.
Manufacturing Efficiency
Manufacturing efficiency is reflected in the PBDIT/Interest ratio doubling to 10.44x in FY23, suggesting that the production of SG and stainless steel fittings is generating higher returns per unit of capital employed.
Logistics & Distribution
Distribution costs are expected to be optimized through the relocation to Gujarat, a major industrial hub, which the company states will allow it to manage business more effectively and economically.
Strategic Growth
Expected Growth Rate
29.7%
Growth Strategy
The company is pursuing a relocation strategy, moving its registered office and operations from Coimbatore, Tamil Nadu, to Halol, Gujarat. This move is designed to enhance administrative and operational convenience, allowing the company to scale more effectively in a major manufacturing state. Growth is also driven by the expansion of its product portfolio in spheroidal graphite and stainless steel fittings.
Products & Services
Spheroidal graphite pipe fittings, stainless steel fittings, and stainless steel ball valves.
Brand Portfolio
National Fittings Limited (formerly known as Interfit Techno Products Limited).
Market Expansion
Targeting the Gujarat industrial region with a new operational base in Halol, expected to be finalized following the postal ballot results in February 2026.
External Factors
Industry Trends
The industry is shifting toward higher-grade materials like stainless steel and spheroidal graphite for better durability in piping systems. National Fittings is positioning itself by specializing in these materials and moving to Gujarat, a state with high industrial density.
Competitive Landscape
The company competes in the fragmented industrial fittings and valves market; however, its focus on SG and SS materials provides a niche advantage.
Competitive Moat
The company's moat lies in its specialized manufacturing capability for spheroidal graphite and stainless steel components, which require specific technical expertise. This is sustained by its long-standing presence since 1993.
Macro Economic Sensitivity
As a manufacturer of industrial fittings and valves, the company is sensitive to industrial CAPEX cycles and infrastructure growth in India.
Consumer Behavior
Industrial demand is shifting toward more corrosion-resistant and high-pressure capable fittings (SS and SG iron) in sectors like chemicals, oil and gas, and water management.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies Act, 2013, specifically Sections 12, 13, and 110 for shifting its registered office across states, which requires approval from the Regional Director, Chennai.
Legal Contingencies
The company is currently undergoing a legal-regulatory process to shift its registered office from Tamil Nadu to Gujarat, involving a Special Resolution via postal ballot and subsequent approval from the Central Government/Regional Director.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Issuer Not-Cooperating' status with Acuité Ratings, which creates an information risk for investors and may impact the company's ability to secure future financing. Potential impact could be a 10-20% increase in cost of capital if credit lines are restricted.
Geographic Concentration Risk
Currently concentrated in Tamil Nadu, but transitioning to Gujarat. The move involves execution risk regarding the transfer of administrative and operational functions.
Third Party Dependencies
Dependency on Bank of India for the majority of its INR 14.65 Cr credit facilities.
Technology Obsolescence Risk
The shift toward stainless steel and SG iron suggests the company is keeping pace with material science trends in the fittings industry.
Credit & Counterparty Risk
The company has a healthy PBDIT/Interest ratio of 10.44x, suggesting low immediate counterparty risk for lenders, despite the lack of information sharing with rating agencies.
