NGIL - Nakoda Group
📢 Recent Corporate Announcements
Nakoda Group of Industries Limited (NGIL) has formally intimated the resignation of Mr. Rishi Upadhaya as Company Secretary and Compliance Officer, effective September 19, 2025. The company reported that a new successor was appointed on October 1, 2025, to maintain compliance continuity. Notably, there was a significant delay in this disclosure, which the company attributed to a technical software error during the PDF merging process. While the resignation of a Key Managerial Personnel (KMP) is noteworthy, the transition appears to have been handled internally within two weeks.
- Mr. Rishi Upadhaya (ACS 74324) resigned from the KMP position on September 19, 2025.
- The company appointed a replacement on October 1, 2025, minimizing the vacancy period to approximately 11 days.
- The formal intimation to the exchange was delayed until February 2026 due to a cited software error.
- The resignation was voluntary, intended for the individual to pursue external career opportunities.
Nakoda Group of Industries Limited (NGIL) has informed exchanges that its Board of Directors met on February 9, 2026, to address a penalty for the delayed filing of the Limited Review Report for the quarter ended September 30, 2025. The company attributed the delay to an unintentional procedural oversight and confirmed that the report was submitted immediately upon identifying the lapse. The Board has expressed concern and directed management to strengthen internal controls and monitoring mechanisms. To prevent recurrence, the company has established new timelines and improved coordination with statutory auditors.
- Board noted penalty for late submission of Limited Review Report for the quarter ended September 30, 2025.
- Company cited inadvertent procedural oversight as the reason for the compliance delay.
- Management directed to enhance internal controls and monitoring to ensure strict SEBI LODR compliance.
- New systems and advanced coordination with Statutory Auditors implemented to prevent future lapses.
Nakoda Group of Industries Limited (NGIL) reported a significant turnaround in profitability for the quarter ended December 31, 2025, with a PAT of ₹35.24 Lakhs compared to just ₹0.03 Lakhs in the previous year's quarter. However, revenue from operations declined by 25.2% YoY to ₹1,064.51 Lakhs. For the nine-month period, the company turned profitable with a PAT of ₹76.09 Lakhs against a loss of ₹119.72 Lakhs in the same period last year. The board also addressed a regulatory delay regarding the previous quarter's limited review report filings.
- Net Profit (PAT) surged to ₹35.24 Lakhs in Q3 FY26 from a nominal ₹0.03 Lakhs in Q3 FY25.
- Revenue from operations for the quarter stood at ₹1,064.51 Lakhs, down 28% on a QoQ basis.
- Nine-month PAT shows a turnaround to ₹76.09 Lakhs from a loss of ₹119.72 Lakhs in 9M FY25.
- Earnings Per Share (EPS) improved to ₹0.20 for the quarter compared to ₹0.11 YoY.
- The Board acknowledged a regulatory delay in Q2 filings and has implemented corrective measures for future compliance.
Nakoda Group of Industries Limited (NGIL) has finalized the forfeiture of 2,77,146 equity shares of face value ₹10 each. This action was taken due to the non-payment of call money by certain shareholders, following a board approval dated November 14, 2025. The company has received formal confirmations from both CDSL and NSDL as of January 27, 2026, to update their records. Consequently, the company's paid-up equity share capital has been adjusted to ₹17.54 crore.
- Forfeiture of 2,77,146 equity shares of face value ₹10 each due to non-payment of call money.
- Revised paid-up equity share capital stands at ₹17,53,80,520.
- Total number of outstanding equity shares reduced to 1,75,38,052 shares.
- Final confirmations received from NSDL on January 27, 2026, and CDSL on January 09, 2026.
Nakoda Group of Industries Limited (NGIL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no rematerialization requests were received during the quarter ended December 31, 2025. Additionally, the filing confirms that 100% of the company's shares are already held in dematerialized form. This is a standard procedural disclosure required for all listed companies in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar confirms that 100% of the company's shareholding is in demat form.
- Zero requests for rematerialization were received during the reporting period.
- The filing adheres to standard SEBI (Depositories and Participants) Regulations.
Nakoda Group of Industries Limited (NGIL) has notified the exchange regarding the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming declaration of financial results. The restriction applies to all designated persons, including directors and KMPs, for the quarter ending December 31, 2025. The window will reopen 48 hours after the financial results are officially announced to the public.
- Trading window closure commences on January 1, 2026, for all designated persons and their relatives.
- The closure is related to the review and approval of Unaudited Financial Results for the quarter ended December 31, 2025.
- The window will remain closed until 48 hours after the declaration of the financial results.
- The specific date for the Board Meeting to approve the Q3 results will be communicated separately in due course.
Nakoda Group of Industries Limited (NGIL) has received penalty notices from both BSE and NSE for the late submission of its Standalone Limited Review Report for the quarter ended September 30, 2025. The total penalty amounts to ₹1,53,400, with NSE charging ₹1,29,800 and BSE charging ₹23,600. The company attributed the delay to a system error and is currently working on completing the required filings. Although the financial impact is minimal, the delay in reporting financial results is a negative signal regarding corporate compliance and internal controls.
- BSE imposed a fine of ₹23,600 including GST for non-compliance with SEBI Regulation 33.
- NSE levied a penalty of ₹1,29,800 for the same reporting delay for the quarter ended September 2025.
- The company cited a system error as the primary reason for the failure to submit the report on time.
- Total monetary impact is limited to ₹1,53,400, which the company is required to pay within 15 days.
Nakoda Group of Industries Limited (NGIL) has responded to a clarification sought by the National Stock Exchange regarding the non-submission of its Standalone Limited Review Report for the quarter ended September 30, 2025. The company attributed the omission to a system error and confirmed that the missing report was subsequently filed via XBRL on November 21, 2025, and in PDF format on December 08, 2025. Management has formally requested the exchange to waive any potential penalties, citing the incident as a technical oversight rather than intentional non-disclosure. This clarification addresses the regulatory gap identified by the exchange under Regulation 33 of SEBI LODR.
- NSE sought clarification regarding the missing Standalone Limited Review Report for the Sept 2025 quarter.
- Company attributed the filing failure to a system error and confirmed no intention of withholding data.
- Revised XBRL filing including the financials and report was completed on November 21, 2025.
- A secondary PDF filing of the required documents was submitted on December 08, 2025.
- Management has requested a waiver of penalties associated with this technical compliance delay.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Manufacturing and Trading of Dry Fruits, Tutty Fruity, and Agro Commodities. Revenue from operations for Q2 FY26 was INR 14.78 Cr, representing a 58% YoY growth from INR 9.38 Cr. H1 FY26 revenue reached INR 21.70 Cr, up 20% YoY from INR 18.04 Cr.
Geographic Revenue Split
The revenue split has shifted to 60% Domestic and 40% Export. Historically, the business was 80% export-oriented, serving Middle East and European countries.
Profitability Margins
Net Profit Margin (PAT) for H1 FY26 turned positive at 1.88% (INR 0.40 Cr) compared to -6.64% (INR -1.19 Cr) in H1 FY25. Gross margins improved due to a scale-up in trade activity and disciplined cost management.
EBITDA Margin
EBITDA margin for Q2 FY26 improved significantly to 6.99% from -1.87% YoY. For H1 FY26, the EBITDA margin stood at 8.61% (INR 1.86 Cr) compared to -1.57% (INR -0.28 Cr) in the previous year, driven by operating leverage and reduced financial costs.
Capital Expenditure
Investment in Property, Plant, and Equipment (Net) was INR 2.04 Cr for H1 FY26, compared to INR 2.59 Cr in H1 FY25. Capital Work-in-Progress stands at INR 0.29 Cr as of September 30, 2025.
Credit Rating & Borrowing
The long-term credit rating was downgraded to 'ACUITE C' from 'ACUITE B+' in June 2024 due to delays reflected in credit reports. Short-term rating is reaffirmed at 'ACUITE A4'. Finance costs for H1 FY26 were INR 0.65 Cr, a reduction from INR 0.74 Cr YoY due to debt reduction.
Operational Drivers
Raw Materials
Primary raw materials include Raw Papaya (for Tutty Fruity), Amla, various nuts (almonds, cashews), makhana, and seeds. Raw material costs accounted for INR 17.95 Cr in H1 FY26, representing approximately 82.7% of total revenue.
Import Sources
Sourced primarily from domestic markets in India (centralized in Nagpur, Maharashtra) for agro-commodities, with established export channels to the Middle East and Europe.
Capacity Expansion
Current raw material processing capacity is 100 Metric Tons (MT) per day, with a finished product capacity of 8 to 10 MT per day. The company increased manufacturing plant capacity from 5 MT to 20 MT per day for finished goods in 2016.
Raw Material Costs
Cost of materials consumed was INR 17.95 Cr in H1 FY26, a 13% increase from INR 15.88 Cr YoY. Procurement strategies focus on leveraging Nagpur's central location for prompt supply and reduced transit loss.
Manufacturing Efficiency
The company is focusing on automation and technology upgrades to enhance operational efficiency and tighter execution in the beverage vertical.
Logistics & Distribution
Distribution is expanding through quick commerce (Blinkit) and a strengthened sales network across 23 states in India.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
Growth will be achieved by scaling the FMCG beverage vertical (Energy Drinks), expanding into unpenetrated domestic markets, and enhancing digital reach via quick commerce platforms like Blinkit. Management expects revenue to 'almost double' by FY26-27 as new distribution channels mature.
Products & Services
Dry fruits, Tutty Fruity, Energy Drinks, fruit jams, fruit pulps, roasted nuts, makhana, seeds, Amla-based products, and inverted sugar syrup.
Brand Portfolio
NAKODAS
New Products/Services
Launched a new Energy Drink on October 28, 2025. Revenue contribution is expected to start from Q3 FY26, with exponential growth projected for FY26-27.
Market Expansion
Targeting unpenetrated domestic markets and increasing presence in organized retail and quick commerce (Blinkit).
External Factors
Industry Trends
The industry is shifting toward quick commerce and branded FMCG beverages. NGIL is positioning itself by moving from bulk agro-trading to branded consumer products like energy drinks to capture higher margins.
Competitive Landscape
Competes with both unorganized agro-processors and organized FMCG beverage players.
Competitive Moat
Moat is based on a 30-year track record, a centralized manufacturing hub in Nagpur for pan-India distribution, and established export relationships since 1998. Sustainability depends on successful brand transition in the competitive beverage market.
Macro Economic Sensitivity
Sensitive to agro-climatic conditions affecting raw material supply and domestic consumption trends in the FMCG sector.
Consumer Behavior
Increasing demand for convenience through quick commerce apps like Blinkit, which the company started utilizing in November 2025.
Geopolitical Risks
Trade barriers or instability in the Middle East could impact the 40% export revenue stream.
Regulatory & Governance
Industry Regulations
Subject to food safety standards for processing 5000 MT of fruits and vegetables annually. Operations must comply with Indian Accounting Standards (Ind AS).
Taxation Policy Impact
Effective tax expense for H1 FY26 was INR 0.13 Cr (entirely deferred tax), as the company reported a PBT of INR 0.54 Cr.
Legal Contingencies
The company forfeited 2,77,146 partly paid-up equity shares in November 2025 due to non-payment of call money. No specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful adoption of the new energy drink line and the ability to reverse the 'Issuer Not Cooperating' credit status, which impacts borrowing costs.
Geographic Concentration Risk
60% of revenue is concentrated in the Indian domestic market across 23 states, with the remaining 40% in the Middle East and Europe.
Third Party Dependencies
High dependency on quick commerce partners (Blinkit) for the new retail growth strategy.
Technology Obsolescence Risk
Risk is mitigated by planned investments in automation and technology upgrades for manufacturing processes.
Credit & Counterparty Risk
Trade receivables of INR 3.97 Cr as of Sept 2025. Management claims high market liquidity reduces credit risk, despite the company's own credit rating challenges.