Nila Spaces Limited (NILASPACES)
₹11.05 -0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nila Spaces' revenue was ₹46.7 Cr (+14.3% year on year, -6.3% on the previous quarter), and net profit ₹8.6 Cr (+47.2% year on year); the operating margin was 38.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹46.7 | +14.3% | -6.3% |
| Operating profit | ₹18.0 | +49.3% | -66.9% |
| Net profit | ₹8.6 | +47.2% | -8.5% |
| EPS (₹) | 0.21 | +40.0% | -8.7% |
| Operating margin | 38.7% | — | — |
NILASPACES delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.5% of the NILASPACES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.05%. That is higher than usual for this stock. Turnover was only ₹38 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 49.1% · 45.1% · 45.7% · 53.8% · 68.5%
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
Nila Spaces Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MCS Share Transfer Agent Limited confirms that all securities received for dematerialisation during the quarter were duly processed, verified, and cancelled. It also confirms that depositories were updated in the register of members within the required 15-day window. This is a recurring administrative compliance filing with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) for quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MCS Share Transfer Agent Limited on October 05, 2026
- Confirmation that member register was updated with depositories within the required 15 days
Nila Spaces Limited announced the proceedings and voting results of its 26th Annual General Meeting held on September 29, 2026. Shareholders approved all 11 resolutions with requisite majority, including the appointment of Mr. Deep S Vadodaria as Chairman & Managing Director. In addition, approvals were granted for borrowing powers, inter-corporate loans/investments, and material related party transactions for FY 2026-27 with Nila Urban Living Private Limited and Mr. Deep S. Vadodaria. The meeting saw participation from 48 shareholders (6 promoter and 42 public) out of 83,993 total shareholders on the record date.
- All 11 resolutions passed with requisite majority at the 26th AGM
- Deep S Vadodaria approved as Chairman & Managing Director via Special Resolution
- Material related party transactions approved for FY 2026-27 with Nila Urban Living Pvt Ltd and Mr. Deep S. Vadodaria
- Total of 48 shareholders attended via VC (6 promoter, 42 public) out of 83,993 total shareholders on the record date
- Cut-off date for e-voting was September 22, 2026
Nila Spaces Limited has dispatched reminders to physical shareholders to update mandatory KYC details, including PAN, bank details, and specimen signatures, pursuant to SEBI regulations. The company also reminded shareholders of a special SEBI window open from February 5, 2026, to February 4, 2027, for the transfer and dematerialisation of physical shares purchased or sold prior to April 1, 2019. This is an administrative compliance communication and has no financial or operational impact on the company.
- Reminder sent to physical shareholders to submit PAN, bank account, contact details, and specimen signatures.
- Special window for transfer and dematerialisation of physical securities runs from February 5, 2026, to February 4, 2027.
- Applies to physical share transfers executed prior to April 1, 2019.
- Securities transferred under this window will be locked in for 1 year from the transfer registration date.
Nila Spaces Limited has dispatched letters containing weblinks to the FY2025-26 Annual Report and Notice of the 26th Annual General Meeting (AGM) to shareholders without registered email addresses, pursuant to SEBI LODR Regulation 36(1)(b). The 26th AGM is scheduled for Tuesday, September 29, 2026, at 11:30 AM IST via Video Conferencing/OAVM. This is a standard administrative compliance filing with no impact on the company's financial operations or earnings.
- Dispatched weblinks for FY2025-26 Annual Report and 26th AGM Notice to unregistered email holders
- 26th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:30 AM IST
- Meeting to be conducted virtually through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Filing executed under Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015
Nila Spaces Limited has scheduled its 26th Annual General Meeting (AGM) for Tuesday, September 29, 2026, via video conferencing. The cut-off date to determine shareholder voting eligibility is set for September 22, 2026. The company's Register of Members and Share Transfer Register will remain closed from September 23 to September 29, 2026. Remote e-voting will be open from September 24 to September 28, 2026.
- 26th Annual General Meeting scheduled for September 29, 2026 at 11:30 AM via VC/OAVM
- Record/cut-off date for e-voting eligibility fixed as September 22, 2026
- Book closure period set from September 23, 2026 to September 29, 2026 (both days inclusive)
- Remote e-voting window opens September 24, 2026 (09:00 AM) and closes September 28, 2026 (05:00 PM)
Nila Spaces Limited has scheduled its 26th Annual General Meeting (AGM) for September 29, 2026, via video conferencing. Key agenda items include the approval of the appointment of Mr. Deep S. Vadodaria as Chairman & Managing Director (with basic monthly salary up to ₹10 lakh) and the re-appointment of Mr. Prashant H. Sarkhedi as Whole Time Director (Director Finance, basic monthly salary up to ₹5 lakh) for 3-year tenures starting May 7, 2026. The company is also seeking member approvals for related-party transaction limits, including up to ₹500 crore in loans to subsidiary Nila Urban Living Private Limited. The cut-off date for e-voting eligibility is September 22, 2026.
- 26th AGM scheduled for September 29, 2026 at 11:30 AM via VC/OAVM.
- Remote e-voting window open from September 24 to September 28, 2026; cut-off date set to September 22, 2026.
- Proposed basic salary of up to ₹10,00,000 per month for CMD Deep S. Vadodaria for a 3-year term from May 7, 2026.
- Proposed basic salary of up to ₹5,00,000 per month for WTD (Finance) Prashant Sarkhedi for a 3-year term from May 7, 2026.
- Shareholder approval sought for related-party transaction limits including up to ₹500 crore in loans and ₹300 crore in security/guarantees for subsidiary NULPL.
Nila Spaces Limited has received an electronic notification from the NCLT Ahmedabad Bench regarding a petition filed by Mrs. Nivedita Ritesh Oswal & ANR. The petitioners seek a waiver under Section 244(1) of the Companies Act, 2013, to pursue proceedings under Sections 241 and 242 (oppression and mismanagement). The dispute centers on a recent postal ballot process, voting results, and seeks interim reliefs regarding resolutions proposed for the upcoming Annual General Meeting. The company stated that the application is devoid of merit and currently does not envisage any material financial impact.
- Petition filed under Section 244(1) seeking waiver to initiate Section 241 and 242 (oppression & mismanagement) proceedings
- Litigation filed before NCLT Ahmedabad Bench by shareholder Mrs. Nivedita Ritesh Oswal & ANR.
- Dispute pertains to postal ballot voting results and seeks interim relief against AGM resolutions
- Financial impact and quantum of claims currently stated as 'Not Applicable' / cannot presently be ascertained
Nila Spaces has decided to void the results of its recent Postal Ballot and re-submit all resolutions for fresh shareholder approval at the upcoming Annual General Meeting (AGM). This decision follows technical glitches in the e-voting system and procedural concerns regarding the subsequent use of physical ballots that were not part of the original notice. Consequently, the company has suspended the remuneration of Managing Director Deep Vadodaria and will not enter into any new material Related Party Transactions (RPTs) until fresh approval is secured. This move is described as a measure of 'abundant caution' to ensure transparency and equal voting rights.
- Board meeting held on August 12, 2026, to address technical failures and procedural concerns from the recent Postal Ballot.
- Managing Director Deep Vadodaria will not be entitled to receive any remuneration until fresh shareholder approval is obtained.
- Company is restricted from entering into any new material Related Party Transactions (RPTs) requiring shareholder approval in the interim.
- Technical issues reported by shareholders included difficulties with OTPs and repeated abrupt logouts during the e-voting period.
- The decision follows an Independent Scrutinizer's Report dated August 06, 2026, which recorded the voting difficulties.
Nila Spaces shareholders have approved the appointment of Deep S. Vadodaria as Chairman & Managing Director and Prashant H. Sarkhedi as Whole Time Director (Finance). The company also secured enabling resolutions for borrowing powers, investments, and material Related Party Transactions (RPT) for FY 2026-27. Notably, while all resolutions passed, there was significant dissent from public non-institutional shareholders, with approximately 46.32% voting against the CMD appointment and RPT resolutions. The company currently maintains a healthy debt-to-equity ratio of 0.33 on a TTM revenue of Rs 185 Cr.
- Deep S. Vadodaria appointed as CMD with 87.70% total votes in favor, though 46.32% of public non-institutional votes were against.
- Material Related Party Transactions with Nila Urban Living Pvt Ltd for FY 2026-27 approved despite 46.32% public non-institutional dissent.
- Borrowing powers under Section 180(1)(c) approved with near-unanimous 99.98% total favor.
- Public non-institutional e-voting showed a sharp divide, with over 87% of e-votes in that category cast against the CMD appointment and RPTs.
- Total number of shareholders eligible for voting as of the June 26, 2026 cut-off date was 84,981.
Nila Spaces Limited reported a strong start to FY2027 with consolidated net profit rising 57% YoY to ₹9.17 Cr, up from ₹5.84 Cr in Q1 FY2026. Consolidated revenue grew 22% YoY to ₹49.80 Cr, reflecting steady execution in its construction and real estate segments. On a standalone basis, the company showed improved efficiency as PAT rose 22% YoY to ₹7.31 Cr despite a marginal 4% dip in standalone revenue. The consolidated EPS improved significantly to ₹0.23 from ₹0.15 in the previous year's corresponding quarter.
- Consolidated Net Profit surged 57% YoY to ₹9.17 Cr from ₹5.84 Cr
- Consolidated Revenue increased 22% YoY to ₹49.80 Cr compared to ₹40.83 Cr
- Consolidated EPS grew to ₹0.23 from ₹0.15 in the year-ago period
- Standalone PAT increased 22% YoY to ₹7.31 Cr despite a 4% dip in standalone revenue to ₹39.14 Cr
- Finance costs on a standalone basis rose to ₹7.25 Cr from ₹4.87 Cr YoY
Nila Spaces Limited reported a strong start to FY2027 with consolidated net profit growing 71.4% YoY to ₹9.17 Cr, up from ₹5.35 Cr in Q1 FY2026. Consolidated revenue from operations increased by 22% YoY to ₹49.80 Cr, driven by its focus on high-tech residential projects in GIFT City. Standalone performance remained stable with a net profit of ₹7.31 Cr and an EPS of ₹0.19. The company maintains a healthy balance sheet with a debt-to-equity ratio of 0.33, supporting its ongoing 'VIDA' project expansion.
- Consolidated Net Profit increased 71.4% YoY to ₹9.17 Cr from ₹5.35 Cr.
- Consolidated Revenue from operations grew 22% YoY to ₹49.80 Cr.
- Standalone EPS improved to ₹0.19 compared to ₹0.15 in the previous year's quarter.
- Total Consolidated Income for the quarter stood at ₹52.46 Cr.
- Consolidated Profit Before Tax (PBT) rose to ₹11.31 Cr from ₹7.53 Cr YoY.
Nila Spaces Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, issued by MCS Share Transfer Agent Limited, confirms that share certificates received for dematerialization were processed, mutilated, and cancelled as per regulations. The registrar confirmed that the name of the depositories was substituted in the register of members within the required 15-day period. This is a standard administrative filing ensuring the integrity of electronic shareholding records.
- Compliance certificate issued for the quarter ended June 30, 2026
- Dematerialization requests processed and confirmed within 15 days
- Certificate issued by Registrar and Share Transfer Agent (RTA) dated July 04, 2026
- Confirmation that security certificates were mutilated and cancelled after due verification
Nila Spaces has issued a postal ballot notice seeking shareholder approval for significant corporate actions, including a new borrowing limit of Rs 750 Crore. This proposed limit is approximately 4.4x the company's current net worth of Rs 171 Crore and 4x its TTM revenue of Rs 185 Crore, indicating a massive headroom for future expansion. The ballot also seeks to appoint Deep S Vadodaria as Chairman & Managing Director and re-appoint Prashant H. Sarkhedi as WTD (Finance) for three-year terms starting May 2026. Shareholders must cast their e-votes by August 5, 2026.
- Proposed increase in borrowing powers to Rs 750 Crore under Section 180(1)(c)
- Appointment of Deep S Vadodaria as CMD for 3 years with a maximum monthly salary of Rs 10 Lakh
- Re-appointment of Prashant H. Sarkhedi as WTD (Finance) for 3 years with a maximum monthly salary of Rs 5 Lakh
- E-voting period concludes on August 5, 2026, at 5:00 p.m. IST
- Authority sought to create charges/mortgages on company assets to secure the increased borrowings
Nila Spaces Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting July 01, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ended June 30, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the financial results are made public. This is a standard regulatory procedure to prevent insider trading during the sensitive period of financial result finalization.
- Trading window closure begins on July 01, 2026, for the Q1 FY2026-27 period.
- Closure pertains to the approval of un-audited financial results for the quarter ending June 30, 2026.
- The restriction applies to all Designated Persons and their relatives as per SEBI guidelines.
- Trading window will reopen 48 hours after the official announcement of the financial results.
Nila Spaces Limited has announced the results of its postal ballot, where shareholders approved six ordinary resolutions related to material related party transactions for the financial year 2026-27. The transactions involve entities such as Nila Urban Living Private Limited, Nila Infrastructures Limited, and Romanovia Industrial Park Private Limited. All resolutions were passed with a significant majority, with approval rates ranging from 92.31% to 97.44% of the valid votes cast. This regulatory clearance ensures the company can proceed with its planned operational engagements with these related entities.
- Shareholders approved material related party transactions with 6 different entities/individuals for FY 2026-27.
- Resolutions for transactions with Nila Urban Living and Nila Infrastructures passed with 97.44% votes in favor.
- The resolution involving transactions with Mr. Deep S. Vadodaria received 92.31% approval, the lowest among the six.
- A total of 84,768 shareholders were eligible to vote as of the cut-off date of April 3, 2026.
- The e-voting process was conducted between April 11, 2026, and May 10, 2026, with results declared on May 12, 2026.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: 'Construction and Development of Building for sale and other Real Estate activities'. Total operating income grew by 8,881% from INR 1.01 Cr in FY2023 to INR 90.71 Cr in FY2024. For H1FY2025, revenue stood at INR 63.02 Cr, representing a strong run-rate compared to the previous full year.
Geographic Revenue Split
Revenue is highly concentrated in Gujarat, specifically around Ahmedabad and the GIFT City in Gandhinagar. 100% of the current flagship project 'VIDA' (4.25 lakh sq. ft.) is located in GIFT City, creating a significant regional dependency.
Profitability Margins
Net Profit Margin (PAT) was 7.46% in FY2024 (INR 6.77 Cr profit on INR 90.71 Cr revenue) and improved to 10.23% in H1FY2025 (INR 6.45 Cr profit on INR 63.02 Cr revenue). This trend indicates improved operational efficiency as projects reach advanced stages of completion.
EBITDA Margin
EBITDA (PBILDT) margin improved significantly from 12.28% in FY2024 (INR 11.14 Cr) to 22.45% in H1FY2025 (INR 14.15 Cr). This 82.8% relative increase in margin reflects better cost management and higher realization from the 'VIDA' project.
Capital Expenditure
The company invested INR 4.79 Cr in financial assets/investments as of September 2025, up from INR 3.07 Cr in March 2025. This includes a strategic 30% stake acquisition in VirtSpaces Private Limited to integrate virtual reality into property sales.
Credit Rating & Borrowing
The company was assigned a 'CARE BBB; Stable' issuer rating as of November 12, 2024. It maintains a debt-free status for construction funding, with an overall gearing ratio of 0.01x, ensuring minimal interest cost impact on the bottom line.
Operational Drivers
Raw Materials
Primary materials include steel, cement, and sand, though specific percentage breakdowns per material are not disclosed in available documents. These typically constitute 60-70% of total construction costs in the real estate sector.
Import Sources
Not disclosed in available documents; however, procurement is typically localized within Gujarat to minimize logistics costs for Ahmedabad-based projects.
Capacity Expansion
Current development capacity is centered on the 'VIDA' project with 4.25 lakh square feet (lsf) of saleable area. The company is expanding its 'Prop-tech' capacity through the VisionX accelerator program and a 30% stake in VirtSpaces.
Raw Material Costs
Construction costs are funded through internal accruals and customer advances rather than debt. Inventory increased by 15.1% from INR 103.04 Cr in March 2025 to INR 118.63 Cr in September 2025, reflecting ongoing construction activity.
Manufacturing Efficiency
Inventory turnover ratio improved from 0.95 in FY2024 to 1.39 in FY2025. This indicates faster conversion of construction-in-progress into sales, reducing the capital lock-up period.
Strategic Growth
Growth Strategy
Growth is driven by a shift from traditional affordable housing to high-tech residential projects in emerging hubs like GIFT City. The strategy involves leveraging the VisionX accelerator to invest in Prop-tech startups, which enhances the sales process and operational scalability.
Products & Services
Residential apartments (specifically the 'VIDA' project), affordable housing units, and virtual reality prop-tech solutions through its associate VirtSpaces.
Brand Portfolio
Nila Spaces, VIDA (GIFT City project), VisionX (Prop-tech Accelerator).
New Products/Services
The company is introducing immersive VR property exploration through its 30% stake in VirtSpaces, which is expected to reduce sales cycles and marketing costs.
Market Expansion
Expansion is focused on the GIFT City (Gandhinagar) region, capitalizing on the area's growth as a financial hub. The company is also targeting the 25 million unit affordable housing shortage expected by 2030.
Strategic Alliances
30% stake in VirtSpaces Private Limited; VisionX accelerator managed by Awfficacy Capital; Associate Megacity Cinemall Private Limited; Subsidiary Nila Urban Living Private Limited.
External Factors
Industry Trends
The industry is shifting toward sustainable development and Prop-tech integration. There is a current urban housing shortage of ~10 million units, with an additional 25 million affordable units required by 2030, positioning the company for long-term volume growth.
Competitive Landscape
Competes with other residential developers in the Ahmedabad and Gandhinagar regions, particularly those launching new housing projects in GIFT City.
Competitive Moat
The company's moat is built on its debt-free balance sheet and early-mover advantage in GIFT City. Being part of the established Sambhaav Group provides a proven track record that acts as a barrier to entry for new developers in the premium GIFT City segment.
Macro Economic Sensitivity
Highly sensitive to urban population growth and housing demand; India requires 5 houses per 1,000 people but currently builds only 3, indicating a massive structural demand gap.
Consumer Behavior
Shifting lifestyle preferences toward technology-integrated living and sustainable 'green' buildings are driving demand for the company's new project formats.
Geopolitical Risks
Minimal direct impact as operations are localized in Gujarat, though global private equity sentiment (expected $5 billion in FY2025 for India RE) affects overall sector liquidity.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA (Real Estate Regulatory Authority) and local Ahmedabad/Gandhinagar municipal building codes. Compliance with Ind AS 108 for segment reporting and Ind AS 34 for interim financials is maintained.
Environmental Compliance
The company has proactively prepared a Business Responsibility & Sustainability Report (BRSR) to align with ESG principles, although it is not yet mandatory for them.
Taxation Policy Impact
Current tax liabilities increased from INR 1.55 Cr in March 2025 to INR 6.04 Cr in September 2025, reflecting higher taxable profits.
Risk Analysis
Key Uncertainties
The primary uncertainty is the cyclicality of the real estate sector and the risk of slower-than-envisaged bookings in upcoming projects, which could increase unsold inventory carrying costs.
Geographic Concentration Risk
100% of current major project revenue is derived from the Ahmedabad/Gandhinagar region, creating high vulnerability to local economic shifts.
Third Party Dependencies
Dependency on joint venture partners to share costs and risks; any partner default could increase the company's financial burden.
Technology Obsolescence Risk
The company is mitigating technology risks by proactively investing in Prop-tech (VirtSpaces) to ensure its sales and rendering tools remain competitive.
Credit & Counterparty Risk
Trade receivables turnover ratio declined from 162.63 to 33.84, suggesting that while sales are growing, the collection of receivables is slowing down relative to the pace of sales.
