NIBE Limited (NIBE)
₹1,345.70 +1.62% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NIBE's revenue was ₹63.0 Cr (-23.6% year on year, -75.8% on the previous quarter), and net profit ₹-12.0 Cr (against a profit a year earlier); the operating margin was -15.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹63.0 | -23.6% | -75.8% |
| Operating profit | ₹-9.5 | to loss | to loss |
| Net profit | ₹-12.0 | to loss | to loss |
| EPS (₹) | -7.34 | to loss | to loss |
| Operating margin | -15.1% | — | — |
NIBE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.55% of the NIBE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.14%. That is close to its usual level.
Delivery in the last 5 sessions: 54.2% · 53.3% · 12.5% · 31.7% · 35.5%
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
NIBE Limited has received new credit ratings for its bank facilities from Infomerics Valuation and Rating Private Limited. The rating agency assigned 'IVR BBB-/Stable' for long-term bank facilities and 'IVR A3' for short-term bank facilities via letter dated October 06, 2026. This formal credit assessment establishes an investment-grade baseline for the company's borrowing requirements. As of latest filings, NIBE holds debt of Rs 104 Cr with a debt-to-equity ratio of 0.29.
- Infomerics assigned 'IVR BBB-/Stable' rating for Long Term Bank Facilities
- Infomerics assigned 'IVR A3' rating for Short Term Bank Facilities
- Rating action confirmed via agency letter dated October 06, 2026
- Company currently carries Rs 104 Cr in total debt against a net worth of Rs 353 Cr
NIBE Limited has submitted its voting results and Scrutinizer's Report for the 21st Annual General Meeting held on September 29, 2026. Shareholders approved all resolutions, including the adoption of FY26 financial statements and a dividend of ₹1.30 per share (13%). Approvals were also granted to exceed borrowing limits under Section 180(1)(c) and for material related-party transactions with group entities including Global Munition Limited and Globe Forge Ltd.
- Declared a dividend of ₹1.30 per equity share (13%) on face value of ₹10 for FY26
- Total of 81,62,466 votes polled (53.48% turnout) on ordinary business resolutions, passing with 100% approval
- Approval granted to borrow funds in excess of limits specified under Section 180(1)(c) with 99.92% approval
- Material related party transactions approved with promoter group entities Global Munition Limited and Globe Forge Ltd
NIBE Limited and its group companies signed a Memorandum of Understanding (MoU) with France-based Naval Group on September 18, 2026. The partnership establishes a cooperation framework for modern naval technologies including underwater drones, mine countermeasure vessels, submarine systems, and naval weapon launching systems. Naval Group brings substantial scale with EUR 4.679 billion in revenue and 17,170 employees, though no direct contract values or financial commitments were disclosed in the MoU.
- MoU signed on September 18, 2026, establishing a formal cooperation framework with Naval Group, France
- Focus areas include underwater drones, submarine systems, modular launching systems, and mine countermeasures
- Partner Naval Group reported EUR 4.679 billion in revenue and 17,170 employees as of December 31, 2025
- No commercial order value or revenue commitment disclosed in the announcement
Nibe Limited has dispatched letters to shareholders without registered email addresses regarding the availability of the Annual Report for FY 2025-26. The company's 21st Annual General Meeting is scheduled for Tuesday, September 29, 2026, at 3:00 PM via Video Conferencing. The cut-off date for determining shareholder voting rights is Tuesday, September 22, 2026. Remote e-voting will commence on September 26, 2026 (9:00 AM) and conclude on September 28, 2026 (5:00 PM).
- 21st Annual General Meeting scheduled for September 29, 2026, at 3:00 PM IST via VC/OAVM
- Voting eligibility cut-off date set as September 22, 2026
- E-voting period runs from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Communication sent to unregistered email holders providing QR/web access to FY 2025-26 Annual Report
NIBE Limited has issued the notice for its 21st Annual General Meeting scheduled for September 29, 2026. Key agenda items include the approval of a dividend of ₹1.30 per share (13%) on ₹10 face value stock for FY26. In addition, the company is seeking shareholder approval to increase its borrowing limit to ₹1,000 crore under Section 180(1)(c), compared to its current debt of ₹104 crore and net worth of ₹353 crore. Other resolutions involve ratifying cost auditor remuneration of ₹1,60,000 and approving material related-party transactions.
- AGM scheduled for September 29, 2026, with cut-off date set to September 22, 2026
- Dividend recommended at ₹1.30 per equity share (13%) for FY26
- Special resolution to authorize borrowing limits up to ₹1,000 crore under Section 180(1)(c)
- Ratification of remuneration of ₹1,60,000 for Cost Auditor for FY27
NIBE Limited has scheduled its 21st Annual General Meeting (AGM) for Tuesday, September 29, 2026, to be held via Video Conferencing. The company has fixed Tuesday, September 22, 2026, as the record date and cut-off date for determining voting eligibility and final dividend entitlement for FY 2025-26. The share transfer books and register of members will remain closed from September 23 to September 29, 2026. If approved at the AGM, the dividend will be disbursed within 30 days of declaration.
- 21st AGM scheduled for Tuesday, September 29, 2026 at 3:00 PM IST via VC/OAVM
- Record date and cut-off date fixed as Tuesday, September 22, 2026
- Book closure period set from September 23, 2026 to September 29, 2026 (both days inclusive)
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Final dividend for FY26 to be paid within 30 days of approval at the AGM
NIBE Limited has scheduled its 21st Annual General Meeting for September 29, 2026, via video conferencing. The company fixed September 22, 2026, as the record date and cut-off date to determine shareholder eligibility for voting and payment of the final dividend for FY 2025-26. The share transfer books will remain closed from September 23 to September 29, 2026. If approved at the AGM, the dividend will be disbursed within 30 days.
- Record date and cut-off date fixed as Tuesday, September 22, 2026
- 21st Annual General Meeting scheduled for Tuesday, September 29, 2026, at 3:00 PM
- Book closure period set from September 23, 2026, to September 29, 2026
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Dividend payment to be executed within 30 days from the AGM date upon declaration
Nibe Limited's subsidiary, Nibe Space Private Limited, has received a Letter of Award worth Rs 12.15 crore (exclusive of GST) from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). The scope involves GIS-based survey, mapping, and digital data preparation of MSEDCL's electrical distribution network across Pune and Kokan regions. The contract is scheduled to be executed in tranches over a timeline of 42 months. The total order value represents approximately 2.7% of NIBE's TTM revenue of Rs 455 crore.
- Subsidiary Nibe Space Private Limited awarded Rs 12,14,85,476 (excl. GST) contract by MSEDCL
- Project scope includes comprehensive network digitization from 33 KV substations to consumer service points in Pune and Kokan
- Execution timeline spans 42 months across multiple tranches
- Order value represents ~2.7% of NIBE's TTM revenue of Rs 455 crore
NIBE Limited held its Board Meeting on August 14, 2026, approving the appointment of M/s BDO India Services Private Limited as Internal Auditors for FY 2026-27 following the completion of the previous auditor's term. The Board also appointed Managing Director Ganesh Ramesh Nibe as Chief Executive Officer and re-appointed Dhananjay Laxman Gawade & Co. as Cost Auditors. Additionally, the company submitted its fund utilization report for ₹134.67 Cr raised via preferential allotment, reporting zero deviation across planned capex, debt repayment, and working capital allocations. As of June 30, 2026, 75% warrant subscription remains pending for 1,242,000 warrants.
- Appointed BDO India Services Pvt Ltd as Internal Auditor for FY 2026-27 upon term completion of ADV & Associates
- Appointed Chairman & MD Ganesh Ramesh Nibe as Chief Executive Officer effective August 14, 2026
- Reported nil deviation in utilization of ₹134.67 Cr raised via preferential allotments
- ₹75.00 Cr utilized for full repayment of existing borrowings; ₹24.00 Cr utilized against ₹126.85 Cr capex allocation
- 75% warrant subscription pending for 1,242,000 warrants as of June 30, 2026
NIBE Limited's Board approved the appointment of Chairman and Managing Director Ganesh Ramesh Nibe as Chief Executive Officer (CEO) effective August 14, 2026. The Board also appointed BDO India Services Private Limited as the company's Internal Auditor for FY 2026-27, replacing M/s ADV & Associates upon term completion. Additionally, M/s Dhananjay Laxman Gawade & Co. was re-appointed as Cost Auditor for FY 2026-27. In a separate fund utilization disclosure, the company reported zero deviation in the deployment of Rs 134.67 Cr raised via preferential allotment, utilizing Rs 75 Cr for debt repayment and Rs 24 Cr towards capital expenditure.
- Appointed Promoter & MD Ganesh Ramesh Nibe as Chief Executive Officer effective August 14, 2026
- Engaged BDO India Services Private Limited as Internal Auditor for FY 2026-27
- Re-appointed M/s Dhananjay Laxman Gawade & Co. as Cost Auditor for FY 2026-27
- Reported nil deviation on Rs 134.67 Cr raised via preferential allotment, with Rs 75 Cr utilized for debt repayment
- 75% warrant subscription pending on 12,42,000 warrants as of June 30, 2026
NIBE Limited's Board approved the appointment of Chairman and Managing Director Mr. Ganesh Ramesh Nibe as Chief Executive Officer (CEO) effective August 14, 2026. The board also appointed BDO India Services Private Limited as its Internal Auditor and re-appointed Dhananjay Laxman Gawade & Co. as Cost Auditor for FY 2026-27. Additionally, the company filed its Statement of Deviation reporting nil deviation in utilizing Rs 134.67 crore raised via preferential allotment across March and June 2026. Of the proceeds, Rs 75.00 crore was deployed toward debt repayment and Rs 24.00 crore toward new facility capex.
- Mr. Ganesh Ramesh Nibe appointed as Chief Executive Officer (CEO) effective August 14, 2026
- BDO India Services Private Limited appointed as Internal Auditor for FY 2026-27
- Nil deviation reported on Rs 134.67 crore (Rs 1,346,689,000) raised through preferential allotment
- Fund utilization includes Rs 75.00 crore for debt repayment and Rs 24.00 crore against Rs 126.85 crore capex allocation
- 75% of warrant subscription pending for 1,242,000 warrants as of June 30, 2026
NIBE Limited's board approved unaudited financial results for the quarter ended June 30, 2026, and appointed Managing Director Ganesh Ramesh Nibe as Chief Executive Officer (CEO) effective August 14, 2026. The board also appointed BDO India Services Pvt Ltd as the Internal Auditor for FY 2026-27. In a monitoring report, the company confirmed nil deviation in the deployment of ₹134.67 Cr raised via preferential allotment, having deployed ₹75 Cr toward debt repayment and ₹24 Cr toward new facility capex. Furthermore, 75% subscription remains pending on 1,242,000 warrants as of June 30, 2026.
- Appointed MD Ganesh Ramesh Nibe as Chief Executive Officer w.e.f. August 14, 2026
- Appointed BDO India Services Pvt Ltd as Internal Auditor for FY 2026-27
- Reported nil deviation in utilization of ₹134.67 Cr raised via preferential allotment
- Deployed ₹75 Cr for debt repayment and ₹24 Cr toward new facility capex
- 75% warrant subscription pending on 1,242,000 warrants as of June 30, 2026
NIBE Limited submitted its quarterly Statement of Deviation or Variation for the period ended June 30, 2026, confirming zero deviation in the deployment of preferential issue proceeds. The company raised Rs 1,346,689,000 (~Rs 134.67 crore) across allotments on March 5, 2026, and June 8, 2026, monitored by CRISIL Ratings Limited. Out of the allocated Rs 12,685 Lakhs (~Rs 126.85 crore) earmarked for capital expenditure and setting up new facilities, Rs 2,400.00 Lakhs (~Rs 24.00 crore) has been utilized so far. Both the Audit Committee and the monitoring agency reported no adverse remarks or changes in fund objectives.
- Raised Rs 1,346,689,000 via preferential allotment on 05/03/2026 and 08/06/2026
- Allocated Rs 12,685 Lakhs for funding capex requirements and setting up new facilities
- Utilized Rs 2,400.00 Lakhs toward capex as of June 30, 2026
- Reported nil deviation/variation, verified with monitoring agency Crisil Ratings Limited
NIBE Limited has signed a major contract with the Indian Army for the supply of the 'Vayuastra' loitering munition system under the Fast Track Procurement (FTP) route. The company secured the L2 vendor share valued at approximately ₹563.35 crore. This single order represents roughly 118.6% of NIBE's TTM revenue of ₹475 crore, significantly expanding its defence order book. Deliveries are scheduled to commence in accordance with the fast-track contractual timeline agreed with the Indian Army.
- Awarded contract valued at approximately ₹563.35 crore as the L2 (Second Lowest) vendor
- Procured by the Indian Army under the Fast Track Procurement (FTP) category
- Order value exceeds 100% of the company's TTM revenue of ₹475 crore
- Covers the supply of 'Vayuastra' man-portable, precision-guided loitering munitions
NIBE Limited has signed a major supply contract worth Rs 563.35 crore (inclusive of taxes and duties) with the Indian Army, Ministry of Defence under the Buy (Indian) category. The contract encompasses manufacturing and supplying 30 sets of Loiter Munition Systems comprising 300 Loiter Munitions along with associated testing equipment and accessories. The order is slated for execution in tranches within 12 months from the release of advance payment. This single order represents approximately 118.6% of the company's TTM revenue of Rs 475 crore, significantly expanding its order book.
- Order value of Rs 563.35 crore awarded by the Indian Army, Ministry of Defence.
- Scope covers 30 sets of Loiter Munition Systems comprising 300 Loiter Munitions and associated testing equipment.
- Execution timeline set within 12 months from the date of advance payment release.
- Requires a 10% Performance cum Warranty Bank Guarantee within 45 days of contract signing.
Financial Performance
Revenue Growth by Segment
The Defence segment revenue grew 81.02% QoQ from INR 81.53 Cr in Q1 FY26 to INR 147.58 Cr in Q2 FY26. The Aeronautics segment, introduced in June 2025, saw revenue surge 751.82% QoQ from INR 0.97 Cr to INR 8.29 Cr in the same period.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates primarily out of Pune, Maharashtra, and maintains business ties with nations for export/import as indicated by forex risk disclosures.
Profitability Margins
Profitability saw a sharp decline in Q2 FY26; Standalone Net Profit margin dropped from a positive trajectory to a loss with an EPS of INR (3.44) for the quarter, compared to INR 12.81 for the half-year ended September 30, 2025. Consolidated PBT margin for Q2 FY26 was -7.29% (Loss of INR 11.36 Cr on revenue of INR 155.87 Cr).
EBITDA Margin
Historical EBITDA for Q2 2022-23 was INR 4.34 Cr (24.35% margin). Current EBITDA margins are under pressure due to segment losses in Aeronautics (INR 6.02 Cr loss) and Defence (INR 5.34 Cr loss) during Q2 FY26.
Capital Expenditure
The company invested INR 11.03 Cr in the purchase of property, plant, and equipment (including capital work in progress) during H1 FY26, compared to INR 29.99 Cr in the previous year's corresponding period.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company identifies 'funding' and 'interest rate sensitivity' as key risks for its capital-intensive defence operations.
Operational Drivers
Raw Materials
Not specifically named in documents, but identified as a pivotal factor where fluctuations significantly impact operations and margins.
Capacity Expansion
Not disclosed in available documents; however, the company recently expanded its operational scope by adding the Aeronautics segment in June 2025.
Raw Material Costs
Raw material costs are identified as a significant risk factor; the company manages this through a risk assessment and minimization system, though it does not currently engage in commodity hedging.
Strategic Growth
Growth Strategy
Growth is driven by diversification into Aeronautics (launched Q1 FY26), the acquisition of a 48.95% stake in Nibe Meson Naval Limited to enter the fluid control equipment manufacturing industry, and a 10-year licensing agreement with DRDO to manufacture and sell Solar Heated Shelters.
Products & Services
Fabrication and machining of components for the defence sector; manufacturing, selling, and maintaining defense electronic systems (naval, land, air, space); Solar Heated Shelters; and fluid control equipment.
Brand Portfolio
Nibe Limited (formerly Kavita Fabrics Limited).
New Products/Services
Aeronautics electronic systems (naval, land, air, and space) and Solar Heated Shelters (DRDO technology).
Market Expansion
Expansion into the fluid control equipment manufacturing industry via the acquisition of Nibe Meson Naval Limited.
Strategic Alliances
10-year technology licensing agreement with DRDO for Solar Heated Shelters; acquisition of 48.95% equity in Nibe Meson Naval Limited.
External Factors
Industry Trends
The industry is shifting toward indigenous manufacturing (Atmanirbhar Bharat) in defence and aeronautics. Nibe is positioning itself by acquiring specialized technology (DRDO) and expanding into high-tech electronics and fluid control systems.
Competitive Landscape
Operates in a niche segment of Defence Supplies and Aeronautics; competition includes other specialized defence fabricators and electronic system manufacturers.
Competitive Moat
Moat is built on specialized fabrication capabilities for the defence sector and exclusive/non-exclusive technology licenses (like DRDO). These are sustainable due to high entry barriers in defence manufacturing and long-term (10-year) license periods.
Macro Economic Sensitivity
Highly sensitive to global inflation and macroeconomic conditions which persist as challenges to business growth.
Consumer Behavior
Not applicable as the company is B2B/B2G; demand is driven by government defence budgets and procurement cycles.
Geopolitical Risks
Operations are impacted by economic developments in India and nations with which the company maintains business ties, particularly relevant for defence exports/imports.
Regulatory & Governance
Industry Regulations
Operations are governed by Defence sector regulations, Ind AS 108 for segment reporting, and SEBI Listing Obligations for corporate governance.
Taxation Policy Impact
Current tax liabilities stood at INR 6.71 Cr as of September 30, 2025. The company follows Ind AS and Section 133 of the Companies Act, 2013.
Risk Analysis
Key Uncertainties
Raw material price volatility, global supply chain disruptions, and changes in government defence procurement policies pose significant risks to revenue and margins.
Geographic Concentration Risk
Manufacturing is concentrated in Pune, Maharashtra (MIDC Chakan).
Third Party Dependencies
Dependency on DRDO for licensed technology for Solar Heated Shelters.
Technology Obsolescence Risk
The company mitigates technology risk through licensing agreements with DRDO and expanding into the Aeronautics sector to stay current with defense electronic systems.
Credit & Counterparty Risk
Trade receivables stood at INR 54.24 Cr as of September 30, 2025, indicating significant credit exposure to defence and aeronautics clients.
