Naman Industries Proxima Limited (NAMAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Naman Industries' revenue was ₹74.0 Cr (-16.9% year on year, +7.2% on the previous half-year), and net profit ₹-3.0 Cr (against a profit a year earlier); the operating margin was -1.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹74.0 | -16.9% | +7.2% |
| Operating profit | ₹-1.0 | to loss | to loss |
| Net profit | ₹-3.0 | to loss | — |
| EPS (₹) | -2.00 | to loss | to loss |
| Operating margin | -1.4% | — | — |
NAMAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 66.67% of the NAMAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 92.62%. That is lower than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at its lower price band (circuit) on 16 Oct, one of 8 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 66.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Naman Industries Proxima Limited responded to an NSE surveillance query dated September 28, 2026, regarding significant share price movement. The company clarified that all material events under Regulation 30 have been disclosed and no undisclosed price-sensitive information exists. Management stated that the recent trading action is purely market-driven. The micro-cap company currently has a market capitalization of ₹37 Cr with TTM revenue of ₹298 Cr and TTM PAT of ₹3 Cr.
- NSE issued query Ref. No. NSE/CM/Surveillance/17610 on September 28, 2026
- Company confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015
- Stated no impending or undisclosed price-sensitive events exist to explain price action
- Trading movement characterized as purely market-driven and beyond company control
Naman Industries Proxima Limited has dispatched letters containing the web-links for its 16th Annual General Meeting (AGM) Notice and FY 2025-26 Annual Report to shareholders whose email IDs are not registered. The 16th AGM is scheduled to take place on Friday, 25th September 2026 at 04:00 PM IST via Video Conference. The cut-off date for determining e-voting eligibility is 18th September 2026, with remote e-voting running from 22nd September to 24th September 2026.
- 16th Annual General Meeting scheduled for 25th September 2026 at 04:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set as 18th September 2026
- Remote e-voting window opens on 22nd September 2026 (09:00 AM) and closes on 24th September 2026 (05:00 PM)
- Letter dispatched to physical/non-email registered shareholders as of record cut-off on 28th August 2026
Naman Industries Proxima Limited has scheduled its 16th Annual General Meeting for Friday, September 25, 2026, via Video Conferencing. Key agenda items include the adoption of audited financial statements for FY26 and the re-appointment of retiring directors. Additionally, shareholder approval is sought for material related-party transactions, including unsecured loans of up to Rs 10 Crore and remuneration ceilings of up to Rs 84 Lakhs each for whole-time directors.
- 16th Annual General Meeting scheduled for September 25, 2026, at 04:00 p.m. IST via Video Conferencing.
- Proposed approval of related-party transactions including unsecured loan limits up to Rs 10 Crores from Promoter Raju Mathuradas Paleja.
- Proposed director remuneration ceilings set up to Rs 84 Lakhs each for 5 Executive / Whole-Time Directors.
- Re-appointment of Mr. Anand Sawroop Khanna as an Independent Director on the Board.
Naman Industries Proxima Limited has approved the re-appointment of Managing Director Mr. Raju Mathuradas Paleja and four Whole-Time Directors for a further term of 3 years, subject to shareholder approval. The Board also re-appointed Independent Director Mr. Anand Sawroop Khanna for a 5-year second term and appointed Mr. Amit Mohta as Senior Management Personnel to drive retail fixture growth in Southern India. The company's 16th Annual General Meeting (AGM) is scheduled for September 25, 2026, with a record cutoff date of September 18, 2026.
- Re-appointment of MD Raju Mathuradas Paleja approved for a 3-year term starting November 8, 2026
- Re-appointment of 4 Whole-Time Directors approved for 3-year terms starting November 24, 2026
- Independent Director Anand Sawroop Khanna re-appointed for a 5-year term starting September 25, 2026
- Appointment of Amit Mohta as Senior Management Personnel to lead southern regional expansion
- 16th AGM scheduled on September 25, 2026, with cut-off date fixed as September 18, 2026
Naman Industries Proxima Limited's Board has approved a total capital expenditure of up to ₹16 Crore to expand manufacturing capacity across two locations within approximately 4 months. The expansion includes adding ₹50 Crore annual capacity at Kaman, Maharashtra (₹4 Crore capex) and ₹100 Crore annual capacity via a new facility in Bengaluru, Karnataka (₹12 Crore capex). This will double the company's manufacturing capacity from ₹150 Crore (currently 100% utilized) to ₹300 Crore. Total planned capex of ₹16 Crore represents ~52% of its current market cap of ₹31 Crore and will be funded via machinery term loans, working capital facilities, and internal accruals.
- Approved ₹16 Crore total capex to add ₹150 Crore in annual manufacturing capacity across two sites
- Kaman facility: ₹4 Crore capex to convert existing warehouse and add ~₹50 Crore annual capacity
- Bengaluru facility: ₹12 Crore capex for a new plant adding ~₹100 Crore annual capacity in South India
- Both projects scheduled for completion within approximately 4 months
- Existing capacity stands at ₹150 Crore with 100% capacity utilization
Financial Performance
Revenue Growth by Segment
Total Operating Income for H1FY26 was INR 69 Cr, up 3.7% YoY from INR 66 Cr in H1FY25. Segmental contributions shifted with Industrial revenue at 66.1% (down from 72.7%), Government revenue at 5.5% (up from 2.9%), and Retail/Others at 28.4% (up from 24.4%).
Geographic Revenue Split
The company maintains a strong presence in Western and Southern India. It recently expanded internationally with its first export order from the USA, though specific percentage splits by region are not disclosed in available documents.
Profitability Margins
Profitability saw a significant decline in H1FY26. Gross margin was approximately 42% based on material costs of INR 40 Cr against INR 69 Cr revenue. Net Profit Margin for FY25 was 4.03%, but dropped to 0.5% in H1FY26 as PAT fell 69.1% YoY to INR 0.33 Cr.
EBITDA Margin
EBITDA margin fell sharply to 5% in H1FY26 from 15.3% in H1FY25, representing a 42% decrease in absolute EBITDA to INR 3 Cr. This was driven by a 24.8% increase in other expenses and a 19.9% rise in employee benefits.
Capital Expenditure
The company is planning a major greenfield expansion at Wada, Maharashtra, with an estimated capital expenditure of INR 45-50 Cr. This facility is expected to be operational within 12-18 months (Dec 2026 – Mar 2027).
Credit Rating & Borrowing
The company maintains a low Debt-Equity ratio of 0.23 as of FY25. Finance costs for H1FY26 were INR 1.39 Mn, a slight decrease from INR 1.86 Mn in H1FY25. Specific credit ratings and interest rate percentages are not disclosed.
Operational Drivers
Capacity Expansion
Current capacity is not specified in units, but the company is expanding via a new facility in Wada, Maharashtra, requiring INR 45-50 Cr in investment to drive future volume growth.
Raw Material Costs
Cost of materials consumed in H1FY26 was INR 40 Cr, representing 58% of total operating income, compared to INR 39 Cr (59% of income) in H1FY25.
Strategic Growth
Growth Strategy
Growth will be driven by capacity expansion at the Wada facility (INR 45-50 Cr capex), entry into the switchgear vertical (first billing expected by FY26-end), and expansion into high-margin segments like Jewellery and Beauty & Cosmetics. The company is also targeting Tier 2/3 cities and international markets following its first USA order.
Products & Services
Commercial furniture, in-store retail fixtures, specialized jewellery displays, beauty and cosmetics fixtures, airport smoking lounges (18+ projects executed), and upcoming switchgear products.
Brand Portfolio
NAMAN IN-STORE
New Products/Services
Switchgear vertical (billing by FY26-end), specialized Jewellery fixtures, and high-margin Beauty & Cosmetics retail solutions.
Market Expansion
Expansion into Tier 2 and Tier 3 cities in India and aggressive targeting of global markets, starting with the USA.
External Factors
Industry Trends
The industry is seeing a shift toward specialized retail (Jewellery/Beauty) and organized players. Naman is positioning itself by expanding capacity and diversifying into industrial verticals like switchgear to mitigate retail cyclicality.
Competitive Landscape
The market is highly competitive with both organized and unorganized players posing challenges to margin sustainability.
Competitive Moat
The company's moat is built on product differentiation and a strong customer focus, allowing it to maintain market position against unorganized players. Sustainability depends on the successful execution of the Wada expansion and switchgear vertical.
Macro Economic Sensitivity
Operations are sensitive to general economic conditions affecting demand-supply and price conditions in domestic and overseas markets.
Consumer Behavior
Increased demand for specialized and high-end retail environments is driving the company's expansion into Jewellery and Beauty segments.
Geopolitical Risks
Global tariff impacts are cited as a factor that previously caused a temporary slowdown in export revival.
Regulatory & Governance
Industry Regulations
Operations are subject to Section 134, 135 (CSR), and 188 (Related Party Transactions) of the Companies Act, 2013, and SEBI Listing Obligations (LODR) Regulations.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 29.4% (INR 2.5 Cr tax on INR 8.5 Cr PBT).
Risk Analysis
Key Uncertainties
The primary uncertainties involve the timely commencement of the Wada facility (Dec 2026 - Mar 2027) and the successful scaling of the new switchgear vertical by FY26-end.
Geographic Concentration Risk
Revenue is primarily concentrated in Western and Southern India, though the company is actively diversifying into the USA and Tier 2/3 domestic cities.
Credit & Counterparty Risk
The company has a strong Current Ratio of 2.89, suggesting high liquidity and low counterparty risk.
