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NGIL - Nakoda Group

📊 NSE: NGIL 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 10:15

📢 Recent Corporate Announcements

Nakoda Group Promoters Declare No New Share Pledges for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Apr 2026, 12:39 PM

The Promoters and Promoter Group of Nakoda Group of Industries Limited (NGIL) have submitted their annual declaration for the financial year ending March 31, 2026. They have confirmed that no new encumbrances or pledges were created on their shareholding during the year, other than those already disclosed to the exchanges. This filing is a mandatory requirement under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. Such declarations provide transparency regarding the stability of promoter holdings and the absence of hidden debt-related risks involving company shares.

Annual declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Promoters including Jayesh Pravin Choudhary and Pravin Navalchand Choudhary confirmed zero new encumbrances for FY26.
The disclosure covers the entire promoter group including Manju Choudhary, Pooja Choudhary, and others.
The filing confirms that all shareholdings remain as previously disclosed without additional liens for the period ending March 31, 2026.

💡 No immediate action is required as this is a routine compliance filing. Investors should note the stability in promoter shareholding as no new pledges were reported during the fiscal year.

Nakoda Group to Raise Rs 24.36 Crore via Preferential Issue of 87 Lakh Convertible Warrants

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 16 Apr 2026, 06:47 PM

The Board of Nakoda Group of Industries has approved a fundraise of Rs 24.36 crore through the issuance of 87,00,000 convertible warrants at a price of Rs 28 per warrant. This preferential issue includes participation from both promoter and non-promoter groups, with the promoter entity CTRL Enterprises LLP subscribing to 40,00,000 warrants. The warrants are convertible into equity shares on a 1:1 basis within 18 months, with 25% of the price payable upfront. An Extraordinary General Meeting (EGM) is scheduled for May 13, 2026, to obtain shareholder approval for this capital infusion.

Approved issuance of 87,00,000 convertible warrants at Rs 28 per warrant, aggregating to Rs 24.36 Crores.
Promoter entity CTRL Enterprises LLP to be allotted 40,00,000 warrants, indicating strong insider commitment.
Warrants are convertible to equity shares within 18 months with a 25% upfront payment requirement.
Nine non-promoter investors, including Equirise Advisors LLP and Onvo Aquarrius Private Limited, are part of the allotment.
Appointment of Mr. Apurv Hirde as the new Company Secretary and Compliance Officer effective April 16, 2026.

💡 Investors should view the promoter's significant participation in the warrant issue as a positive sign of confidence in the company's growth prospects. Monitor the upcoming EGM results and subsequent announcements regarding the specific utilization of these funds for business expansion.

Nakoda Group of Industries Announces Resignation of CS Aditya Vinod Kokil

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Apr 2026, 05:12 PM

Nakoda Group of Industries Limited (NGIL) has announced the resignation of Mr. Aditya Vinod Kokil from the role of Company Secretary and Compliance Officer, effective April 1, 2026. As a Key Managerial Personnel (KMP), his departure requires formal disclosure under SEBI regulations. The company cited his desire to pursue external career opportunities as the reason for leaving. NGIL is currently in the process of identifying a suitable replacement to ensure regulatory compliance remains uninterrupted.

Aditya Vinod Kokil resigned as Company Secretary and Compliance Officer effective April 1, 2026.
The departure is classified as a change in Key Managerial Personnel (KMP) per SEBI (LODR) Regulations.
The resignation was submitted on April 1, 2026, to pursue career opportunities outside the organization.
The company is actively searching for a successor to fill the vacant compliance position.

💡 This is a routine administrative change; investors should monitor for the appointment of a new Compliance Officer to ensure ongoing regulatory adherence.

NGIL Announces Resignation of Company Secretary Aditya Vinod Kokil Effective April 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Apr 2026, 04:56 PM

Nakoda Group of Industries Limited (NGIL) has announced the resignation of Mr. Aditya Vinod Kokil from the position of Company Secretary and Compliance Officer. The resignation is effective from the closing business hours of April 1, 2026, as he moves to pursue external career opportunities. As a Key Managerial Personnel (KMP), his role is critical for regulatory filings and corporate governance. The company is currently in the process of identifying a suitable successor to fill the vacancy.

Mr. Aditya Vinod Kokil (ACS 59159) resigned as Company Secretary and Compliance Officer effective April 1, 2026.
The resignation was submitted to the Board of Directors on April 1, 2026, to pursue outside career opportunities.
The departure is being processed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company has initiated the process of identifying and hiring a suitable candidate for the vacant KMP position.

💡 This is a routine management change; investors should monitor future filings for the appointment of a new Compliance Officer to ensure continued regulatory adherence.

Nakoda Group Enters Packaged Drinking Water Segment with New Brand "NOCTRL"

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Mar 2026, 06:08 PM

Nakoda Group of Industries Limited (NGIL) has approved a strategic co-packing agreement with Rudransh Beverages Private Limited. This partnership marks NGIL's entry into the consumer beverage market with the launch of packaged drinking water under the brand name "NOCTRL". The agreement covers the manufacturing, supply, and co-packing of the products, allowing NGIL to diversify its portfolio beyond processed fruits and nuts. This move is expected to increase the company's product range and overall turnover through a capital-light manufacturing model.

Authorized agreement with Rudransh Beverages Private Limited for manufacturing and supply.
Launch of a new consumer brand "NOCTRL" for the packaged drinking water segment.
Strategic diversification into the high-volume consumer product segment.
The arrangement is a non-related party transaction conducted at arms length.
Aims to improve capacity utilization and expand the company's domestic product footprint.

💡 Investors should monitor the market reception of the 'NOCTRL' brand and its contribution to revenue growth in future quarterly reports. This expansion into beverages could provide a significant new growth lever if distribution is executed effectively.

NGIL Announces Trading Window Closure from April 1, 2026, for Q4 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Mar 2026, 01:20 PM

Nakoda Group of Industries Limited (NGIL) has announced that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ending March 31, 2026. The window will remain shut for all designated persons until 48 hours after the declaration of the audited financial results. The specific date for the board meeting to approve these results will be notified separately.

Trading window closure effective from April 1, 2026
Closure pertains to audited financial results for the quarter ended March 31, 2026
Window to reopen 48 hours after the announcement of financial results
Applies to all Directors, KMPs, and designated persons of the company

💡 This is a routine regulatory filing and requires no immediate action from investors. Monitor the company's future announcements for the specific date of the Q4 FY26 earnings release.

Nakoda Group Reports Resignation of Company Secretary Rishi Upadhaya Effective Sept 2025

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Feb 2026, 01:30 PM

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.

💡 No immediate action is required as the replacement is already in place, though investors should note the administrative delay in reporting.

Nakoda Group Notes Penalty for Late Filing of Q2 FY26 Limited Review Report

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 09 Feb 2026, 07:44 PM

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.

💡 Investors should treat this as a minor regulatory lapse but monitor future filing timelines to ensure management has successfully improved internal controls. No immediate action is required unless further compliance issues arise.

NGIL Q3 PAT Jumps to ₹35.24 Lakhs; Profitability Turnaround Despite Revenue Decline

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 06:56 PM

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.

💡 Investors should focus on the company's ability to maintain profitability despite shrinking revenues and monitor if the corrective measures for regulatory compliance are effective. The turnaround in 9M performance is a positive sign, but the YoY revenue drop warrants caution.

Nakoda Group Forfeits 2.77 Lakh Equity Shares Due to Non-Payment of Call Money

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 27 Jan 2026, 06:34 PM

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.

💡 Investors should note the minor reduction in the total share count, which slightly concentrates ownership for existing shareholders. No immediate action is required as this is a standard regulatory adjustment to the capital structure.

NGIL Submits Quarterly SEBI Compliance Certificate for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:18 PM

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.

💡 No action is required as this is a routine administrative filing. Investors should continue to monitor the company's upcoming quarterly financial results for material performance updates.

Nakoda Group of Industries Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 06:01 PM

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.

💡 This is a routine regulatory filing with no direct impact on the company's fundamentals. Investors should wait for the announcement of the Board Meeting date to anticipate the Q3 earnings release.

NGIL Fined ₹1.53 Lakh by BSE and NSE for Late Submission of Q2 FY26 Financial Report

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 17 Dec 2025, 12:13 PM

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.

💡 While the fine is financially immaterial, investors should monitor the company's ability to meet future reporting deadlines. Repeated compliance lapses can indicate administrative weaknesses that may affect investor confidence.

Nakoda Group Clarifies Missing Limited Review Report for Quarter Ended Sept 2025

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 12 Dec 2025, 03:11 PM

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.

💡 Investors should note that the compliance gap has been addressed; however, they should monitor for any penalties imposed by the exchange. This incident reflects minor administrative lapses rather than fundamental business risks.

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💰 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.