NIKITA GREENTECH RECYCLING LIMITED (NIKITA)
Q2 FY27 results
📅 Next results: 13 Nov 2026 (board meeting)NIKITA GREENTECH RECYCLING LIMITED's board meets on 13 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
NIKITA delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 100.0% of the NIKITA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.46%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 80.0% · 100.0% · 68.4% · 83.3% · 100.0%
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
Nikita Greentech Recycling Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Skyline Financial Services confirmed zero physical share certificates were received for dematerialization during the period. This is a recurring regulatory compliance filing with no operational or financial impact.
- Compliance certificate filed for the quarter ended September 30, 2026
- No physical share certificates were received for dematerialization during the quarter
- Certificate issued by RTA Skyline Financial Services Pvt. Ltd. dated October 03, 2026
Nikita Greentech Recycling Limited shareholders approved key resolutions at the 37th AGM held on September 30, 2026. Members approved the re-appointment of Mr. Ayush Bansal as Whole-Time Director for five years from April 1, 2026, to March 31, 2031, and Mrs. Sandhya Bansal as Executive Director for five years from November 30, 2026, to November 29, 2031. Additionally, shareholders approved material related-party transactions allowing the company to accept loans up to ₹70 Crores from directors, which include an enabling provision for potential equity conversion. The AGM also approved shifting the registered office from Delhi to Uttar Pradesh and broadening the MoA object clause to cover recycling, power generation, and gaseous by-products.
- Re-appointment of Whole-Time Director Mr. Ayush Bansal approved for 5 years from April 1, 2026, to March 31, 2031
- Re-appointment of Executive Director Mrs. Sandhya Bansal approved for 5 years from November 30, 2026, to November 29, 2031
- Shareholders approved material related-party loan transactions from directors aggregating up to ₹70 Crores
- Director loan agreement includes an enabling provision for potential conversion into equity shares or other securities
- MoA altered to expand objects into power generation, gas sales, and to shift registered office from Delhi to Uttar Pradesh
Nikita Greentech Recycling Limited shareholders approved key resolutions at the 37th AGM held on September 30, 2026. Members approved the re-appointment of Mr. Ayush Bansal as Whole-Time Director for five years from April 1, 2026, to March 31, 2031, and Mrs. Sandhya Bansal as Executive Director for five years from November 30, 2026, to November 29, 2031. Additionally, shareholders approved material related-party transactions allowing the company to accept loans up to ₹70 Crores from directors, which include an enabling provision for potential equity conversion. The AGM also approved shifting the registered office from Delhi to Uttar Pradesh and broadening the MoA object clause to cover recycling, power generation, and gaseous by-products.
- Re-appointment of Whole-Time Director Mr. Ayush Bansal approved for 5 years from April 1, 2026, to March 31, 2031
- Re-appointment of Executive Director Mrs. Sandhya Bansal approved for 5 years from November 30, 2026, to November 29, 2031
- Shareholders approved material related-party loan transactions from directors aggregating up to ₹70 Crores
- Director loan agreement includes an enabling provision for potential conversion into equity shares or other securities
- MoA altered to expand objects into power generation, gas sales, and to shift registered office from Delhi to Uttar Pradesh
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited announced shareholder approvals from its 37th AGM held on September 30, 2026. Key approvals include a material Related Party Transaction allowing acceptance of secured/unsecured loans from certain Directors aggregating up to ₹70 Crores, with an enabling provision for potential equity conversion. Shareholders also approved altering the MOA Object Clause to broaden operations into electricity generation, gas by-products, and EPR activities, alongside shifting the registered office from Delhi to Uttar Pradesh. Additionally, 5-year re-appointments for Whole-Time Director Ayush Bansal and Executive Director Sandhya Bansal were confirmed.
- Approval of material Related Party Transaction to accept director loans aggregating up to ₹70 Crores with potential equity conversion
- Re-appointment of Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026 to March 31, 2031
- Re-appointment of Executive Director Sandhya Bansal for 5 years effective November 30, 2026 to November 29, 2031
- Approved alteration of MOA to expand business scope into power generation, gas/gaseous by-products, and EPR activities
- Approved shifting of Registered Office from Delhi to Uttar Pradesh, subject to Regional Director approval
Nikita Greentech Recycling Limited submitted its Director's AGM speech, reviewing FY2025-26 performance and strategic expansion projects. The company reported FY26 revenue of ₹350.07 crore (down from ₹369.71 crore in FY25) and PAT of ₹11.14 crore amid raw material volatility and import competition. Post-IPO, net worth increased to ₹178.74 crore, improving debt-to-equity to 1.74x from 2.68x. The company is undertaking an expansion project involving a ₹107.54 crore MoU with the UP Government to raise capacity from 400 TPD to 550 TPD (~1.80 lakh MTPA) alongside a captive co-generation power plant.
- Proposed investment of approximately ₹107.54 crore under an MoU with the Government of Uttar Pradesh for a co-generation power plant and paper machinery
- Paper manufacturing capacity expanding from 400 TPD to 550 TPD (~1.80 lakh MTPA), up from current 1.33 lakh MTPA
- FY26 Revenue from Operations reported at ₹35,007.17 lakh vs ₹36,971.32 lakh in the previous year; PAT stood at ₹1,113.90 lakh
- Post-IPO shareholders' funds increased to ₹178.74 crore from ₹104.12 crore, reducing debt-to-equity ratio to 1.74x from 2.68x
- Empanelled by Indraprastha Gas Limited as an execution partner for Compressed Bio Gas (CBG) plants
Nikita Greentech Recycling Limited announced the outcome of its 37th Annual General Meeting held on September 30, 2026. Shareholders approved all 7 resolutions with the requisite majority, including the adoption of FY2025-26 audited financials and re-appointment of whole-time directors. Key special resolutions passed include expanding the Memorandum of Association object clause into power generation and gas sales, shifting the registered office from Delhi to Uttar Pradesh, and approving material related party loans from directors up to ₹70 Crores with potential conversion into equity.
- Shareholders approved material related party transactions for director loans aggregating up to INR 70 Crores, with conversion provisions.
- Passed special resolution to alter MOA objects to include power generation, gas sales, recycling, and EPR activities.
- Approved shifting of registered office from Delhi to Uttar Pradesh, subject to Regional Director approval.
- Re-appointed Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026, to March 31, 2031.
Nikita Greentech Recycling Limited announced the outcome of its 37th Annual General Meeting held on September 30, 2026. Shareholders approved all 7 resolutions with the requisite majority, including the adoption of FY2025-26 audited financials and re-appointment of whole-time directors. Key special resolutions passed include expanding the Memorandum of Association object clause into power generation and gas sales, shifting the registered office from Delhi to Uttar Pradesh, and approving material related party loans from directors up to ₹70 Crores with potential conversion into equity.
- Shareholders approved material related party transactions for director loans aggregating up to INR 70 Crores, with conversion provisions.
- Passed special resolution to alter MOA objects to include power generation, gas sales, recycling, and EPR activities.
- Approved shifting of registered office from Delhi to Uttar Pradesh, subject to Regional Director approval.
- Re-appointed Whole-Time Director Ayush Bansal for a 5-year term from April 1, 2026, to March 31, 2031.
Infomerics has reaffirmed Nikita Greentech Recycling Limited's credit ratings at 'IVR BBB/Negative' for long-term and 'IVR A3+' for short-term facilities, while enhancing total rated bank loan facilities from ₹160.95 crore to ₹227.90 crore. The Negative outlook reflects a sharp decline in profitability and missed financial targets in FY26, with revenue dropping to ₹356.63 crore from ₹377.53 crore and PAT falling 51.6% to ₹11.14 crore. Rating strengths include three decades of promoter experience and ongoing capex of ₹50 crore for a captive power plant and ₹57.54 crore for Unit 1 modernization.
- Total rated bank facilities enhanced from ₹160.95 crore to ₹227.90 crore
- Long-term rating reaffirmed at IVR BBB with a Negative outlook; short-term reaffirmed at IVR A3+
- FY26 revenue dropped to ₹356.63 crore (FY25: ₹377.53 crore) and PAT fell to ₹11.14 crore (FY25: ₹23.02 crore)
- Gross Current Assets remained stretched at 336 days as on March 31, 2026, with 122 debtor days
- Undergoing ₹50 crore capex for a captive power plant and ₹57.54 crore capex for absorbent paper modernization
Nikita Greentech Recycling Limited has released the Notice and Annual Report for its 37th Annual General Meeting scheduled for September 30, 2026. The cut-off date for e-voting is set for September 23, 2026. In its overview, the company highlighted an ongoing MoU with the Government of Uttar Pradesh involving a proposed investment of ₹107.54 Crore for a co-generation power plant and paper machinery project. Additionally, the company is targeting an expansion of manufacturing capacity from 400 TPD to 550 TPD (approx. 1.80 lakh MTPA).
- 37th Annual General Meeting scheduled for September 30, 2026 via video conferencing.
- Remote e-voting period runs from September 27 to September 29, 2026, with cut-off date on September 23, 2026.
- Proposed capacity expansion from 400 TPD to 550 TPD, reaching approximately 1.80 lakh MTPA.
- MoU executed with Government of UP for a co-generation power plant and paper machinery project of ~₹107.54 Crore.
Nikita Greentech Recycling Limited has released the notice for its 37th Annual General Meeting scheduled for September 30, 2026, along with its FY2025-26 Annual Report. The company's corporate report highlights ongoing expansion plans to increase manufacturing capacity from 400 TPD to 550 TPD (~1.80 lakh MTPA), up from the existing ~1.33 lakh MTPA. It also reiterated a ₹107.54 crore MoU with the Government of Uttar Pradesh for a co-generation power plant and paper machinery project, alongside empanelment by IGL for CBG plants.
- 37th AGM scheduled for September 30, 2026, with remote e-voting from September 27 to September 29, 2026 (cut-off date September 23, 2026).
- MoU executed with Government of UP for proposed Co-generation Power Plant and Paper Machinery Project involving ~₹107.54 Crore investment.
- Proposed capacity expansion from 400 TPD to 550 TPD, taking annual capacity to approximately 1.80 Lakh MTPA.
- Installed capacity currently stands at approximately 1,33,000 MTPA of Kraft Paper.
Financial Performance
Revenue Growth by Segment
Total revenue grew 9% YoY to INR 370 Cr in FY25 from INR 339 Cr in FY24, primarily driven by the Kraft Paper segment which includes Corrugation, Fluting Paper, and Carry Bag Paper. The company achieved a 4-year revenue CAGR of 33%.
Geographic Revenue Split
The company serves both domestic and international markets; however, specific percentage splits per region were not disclosed in the available documents.
Profitability Margins
Gross Profit stood at INR 122 Cr (33% margin) in FY25. Net Profit Margin improved slightly to 6.2% in FY25 from 6.1% in FY24, with PAT reaching INR 23 Cr, an 11% YoY increase.
EBITDA Margin
EBITDA margin improved to 13.5% in FY25 compared to 11.9% in FY24. EBITDA grew 24% YoY to INR 50 Cr, driven by operational improvements and cost control measures.
Capital Expenditure
The company has planned a capital expenditure of INR 50 Cr for setting up a 9 MW Waste-to-Energy power plant, funded through IPO proceeds of INR 67.54 Cr raised in May 2025.
Credit Rating & Borrowing
Total borrowings increased to INR 223 Cr in FY25 from INR 189 Cr in FY24. The Interest Coverage Ratio stood at 2.98, a slight decline from 3.05 YoY, indicating a stable but pressured ability to service debt.
Operational Drivers
Raw Materials
Key raw materials include wood pulp, recycled/waste paper, and chemicals. Cost of Goods Sold (COGS) accounted for INR 248 Cr, representing 67% of total revenue in FY25.
Import Sources
The company sources recycled paper and wood pulp from both domestic and international markets to mitigate supply chain risks, though specific countries were not listed.
Capacity Expansion
Current capacity includes PM-1 (150 TPD) and PM-2 (250 TPD). PM-1 operates at 86% utilization (130 TPD) and PM-2 at 90% utilization (225 TPD). Total production in FY25 was 1.08 lakh metric tons at 82% overall utilization.
Raw Material Costs
Raw material costs (COGS) rose 11% YoY to INR 248 Cr. The company utilizes a procurement strategy focused on recycled inputs to manage price volatility in global wood pulp markets.
Manufacturing Efficiency
Manufacturing efficiency is driven by high capacity utilization (82% overall) and the integration of automation to optimize production costs and reduce waste.
Logistics & Distribution
The company is optimizing its supply chain and procurement processes to improve efficiency and reduce distribution costs, though specific INR values were not provided.
Strategic Growth
Expected Growth Rate
7-8%
Growth Strategy
Growth will be achieved through a transition to 100% green energy via the 9 MW RDF plant (reducing costs), entering the B2C segment to connect directly with consumers, and expanding the product portfolio into specialty paper grades for international markets like Dubai, Cairo, and Kenya.
Products & Services
Kraft paper, Corrugation paper, Fluting paper, and Carry bag paper.
Brand Portfolio
Nikita Papers.
New Products/Services
The company is developing advanced Kraft paper grades and specialty segments to cater to specific brand requirements in the B2C market.
Market Expansion
Targeting global expansion through exhibitions in Dubai, Cairo, Dhaka, Saudi Arabia, and Kenya to increase international sales volumes.
Market Share & Ranking
The Kraft paper market is projected to grow at a 10% CAGR to 12.5 million tons by FY30; Nikita aims to capitalize on this as a leading name in recycled paper.
Strategic Alliances
The company is working with brands to certify their paper quality, which helps in enrolling converters that supply to those specific brands.
External Factors
Industry Trends
The industry is shifting toward sustainable packaging and green energy. The Kraft paper market is growing at 10% CAGR, and Nikita is positioning itself by transitioning to 100% renewable power within 18 months.
Competitive Landscape
Faces competition from both domestic and international paper manufacturers and substitute packaging products influencing market share and pricing.
Competitive Moat
The company's moat is built on 35+ years of industry experience and a cost leadership strategy derived from captive waste-to-energy power generation, which provides a sustainable competitive advantage over non-integrated peers.
Macro Economic Sensitivity
The company is sensitive to global economic uncertainties and inflationary pressures which affect commodity prices and interest rates (Interest Coverage Ratio at 2.98).
Consumer Behavior
Increasing consumer demand for sustainable and recycled packaging products is driving the shift toward Kraft paper over plastic-based alternatives.
Geopolitical Risks
Geopolitical tensions influence volatile commodity prices and trade regulations, which could impact the cost of imported raw materials and export profitability.
Regulatory & Governance
Industry Regulations
Operations are governed by pollution control standards and sustainable sourcing requirements. The company has integrated sustainability into its business model to mitigate regulatory risks.
Environmental Compliance
The company must adhere to strict environmental norms regarding emissions and effluent treatment; non-compliance poses risks of penalties and operational disruptions.
Taxation Policy Impact
Tax expenses for FY25 were INR 10 Cr, representing an effective tax rate of approximately 30% on PBT of INR 33 Cr.
Legal Contingencies
The Secretarial Audit for FY25 reported no significant instances of non-compliance with the Companies Act or SEBI regulations; no specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Raw material price volatility and global economic shifts are the primary uncertainties, with potential to impact margins by 5-10% if not managed through cost-plus pricing or efficient sourcing.
Geographic Concentration Risk
The company operates primarily from Shamli, Uttar Pradesh, indicating a concentration of manufacturing assets in a single region.
Third Party Dependencies
Dependency on waste paper suppliers and chemical vendors; the company is mitigating this through supplier diversification.
Technology Obsolescence Risk
The company mitigates technology risk by investing in modern paper machines (PM-2 installed in 2021) and digital transformation for process optimization.
Credit & Counterparty Risk
Debtors turnover remained stable at 3.11, indicating consistent collection cycles, though the corrugation segment recycling receipts can take longer periods.
