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NILASPACES - Nila Spaces

📊 NSE: NILASPACES 🏢 Construction 📅 Last Updated: 12/14/2025 10:32

📢 Recent Corporate Announcements

Nila Spaces Assigned 'CARE BBB; Stable' Rating for ₹125 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 03 Feb 2026, 01:34 PM

Nila Spaces Limited has received a new credit rating from CARE Ratings Limited for its long-term bank facilities. The agency has assigned a 'CARE BBB' rating with a 'Stable' outlook for facilities amounting to ₹125.00 crore. Concurrently, the previous issuer rating assigned to the company in November 2024 has been withdrawn. This new rating provides a formal assessment of the company's creditworthiness regarding its bank debt obligations.

CARE Ratings assigned 'CARE BBB; Stable' for Long Term Bank Facilities.
The total rated amount for the bank facilities is ₹125.00 crore.
The previous Issuer Rating assigned on November 8, 2024, stands withdrawn.
The rating communication was officially received by the company on February 2, 2026.

💡 Investors should note the investment-grade rating which may help the company secure better borrowing terms. Monitor if the company can improve this rating in future cycles through consistent execution of its real estate projects.

Nila Spaces Q3 FY26 PAT Reaches ₹8.18 Cr; 9M EBITDA Margins Expand by 900 Bps

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jan 2026, 02:03 PM

Nila Spaces reported a strong Q3 FY26 with consolidated revenues of ₹5,220 lakh and a PAT of ₹818 lakh, reflecting a 15.7% margin. For the nine-month period, the company achieved a significant EBITDA margin expansion of over 900 basis points to 29.6%, driven by operational efficiency. Management is pivoting towards wellness-led developments and technology-driven real estate, including tokenized ownership via Alt DRX. The balance sheet remains healthy with a low debt-equity ratio of 0.42 and an improved ROCE of 21.4%.

Q3 FY26 revenue of ₹5,220 lakh with a strong EBITDA margin of 34.5%
9M FY26 PAT margins improved to 14.3% from 9.74% in the previous year
EBITDA margins for 9M FY26 expanded by over 900 basis points to 29.6%
ROCE improved to 21.4% from 18.47% in FY25 with a low debt-equity ratio of 0.42
Proposed tokenization of the 'Vida' project to enable fractional ownership via blockchain

💡 The company's focus on high-margin wellness projects and innovative fractional ownership models suggests a strong competitive moat. Investors should watch for the scalability of these tech-led initiatives and continued margin stability.

Nila Spaces Q3 Net Profit Surges 81% YoY to ₹6.82 Cr; Strategic Investment Approved

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 01:52 PM

Nila Spaces Limited reported a robust performance for the quarter ended December 31, 2025, with standalone net profit jumping 81% year-on-year to ₹6.82 crore. Revenue from operations grew by 23.4% to ₹40.77 crore, while consolidated net profit more than doubled to ₹8.18 crore. Alongside the strong earnings, the Board approved a strategic investment in Alt Realtech Private Limited through Compulsorily Convertible Preference Shares (CCPS). The company maintains a healthy profit margin with standalone PBT rising 89% YoY.

Standalone Net Profit increased by 81% YoY to ₹6.82 crore from ₹3.77 crore in Q3 FY2025.
Revenue from operations grew 23.4% YoY to ₹40.77 crore compared to ₹33.02 crore in the previous year.
Consolidated Net Profit for the quarter stood at ₹8.18 crore, up from ₹3.72 crore YoY.
Board approved a new strategic investment in Alt Realtech Private Limited via CCPS.
Earnings Per Share (EPS) improved significantly to ₹0.17 from ₹0.10 in the year-ago period.

💡 The significant jump in profitability and strategic move into Alt Realtech suggest strong operational momentum; investors should monitor the impact of the new investment on future cash flows.

Nila Spaces Q3 PAT Surges 81% YoY to ₹6.82 Cr; Board Approves Strategic Investment

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 01:47 PM

Nila Spaces Limited reported a robust performance for the quarter ended December 31, 2025, with standalone net profit rising 80.9% YoY to ₹6.82 crore. Revenue from operations grew by 23.4% to ₹40.77 crore compared to ₹33.02 crore in the same quarter last year. On a consolidated basis, the company's net profit more than doubled to ₹8.18 crore. Furthermore, the board has approved a new investment in Alt Realtech Private Limited through Compulsorily Convertible Preference Shares (CCPS).

Standalone Net Profit increased by 80.9% YoY to ₹6.82 crore in Q3 FY2026.
Revenue from operations grew 23.4% YoY to ₹40.77 crore from ₹33.02 crore.
Consolidated Net Profit for the quarter reached ₹8.18 crore, up from ₹3.72 crore in Q3 FY2025.
Profit Before Tax (PBT) rose significantly to ₹9.88 crore compared to ₹5.22 crore in the year-ago period.
Board approved a strategic investment in Alt Realtech Private Limited via CCPS.

💡 The company demonstrates strong bottom-line growth and improving margins, making it a positive signal for shareholders. Investors should track the impact of the new investment in Alt Realtech on future consolidated earnings.

Nila Spaces Q3 FY26 Consolidated PAT Jumps 120% YoY to ₹8.18 Cr; Revenue Up 58% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 01:46 PM

Nila Spaces Limited reported a strong financial performance for the quarter ended December 31, 2025, with consolidated revenue reaching ₹5,220.03 lakhs, a 58% increase year-on-year. Net profit (PAT) for the quarter surged by 120% to ₹817.57 lakhs compared to ₹371.89 lakhs in the same period last year. For the nine-month period, the company's consolidated profit reached ₹1,935.98 lakhs, nearly doubling from the previous year. Additionally, the board approved a strategic investment in Alt Realtech Private Limited through Compulsorily Convertible Preference Shares (CCPS).

Consolidated Revenue from operations grew 58% YoY to ₹5,220.03 lakhs in Q3 FY26.
Consolidated PAT increased by 120% YoY to ₹817.57 lakhs from ₹371.89 lakhs in Q3 FY25.
Nine-month consolidated profit for FY26 stands at ₹1,935.98 lakhs compared to ₹998.81 lakhs in the previous year.
Earnings Per Share (EPS) for the quarter rose to ₹0.20 from ₹0.10 in the year-ago period.
Board approved a new investment in Alt Realtech Private Limited via Compulsorily Convertible Preference Shares.

💡 Investors should view the strong YoY growth in profitability and revenue as a positive sign of operational efficiency. Monitor the strategic impact of the new investment in Alt Realtech and the company's ability to maintain these margins in upcoming quarters.

Nila Spaces Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 03:57 PM

Nila Spaces Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by MCS Share Transfer Agent Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed correctly. It verifies that security certificates were mutilated and cancelled after due verification and the name of the depositories substituted in the register of members. This is a standard administrative filing ensuring the company's adherence to share processing regulations.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirms that securities received for dematerialization were listed on the stock exchanges where earlier securities are listed.
Physical security certificates were mutilated and cancelled within the mandated 15-day period.
The filing was verified and signed by MCS Share Transfer Agent Limited, the company's RTA.

💡 No action is required from investors as this is a routine regulatory compliance filing regarding the dematerialization of shares.

Nila Spaces Reports on Special Window for Physical Share Transfer Re-lodgement

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 08 Jan 2026, 03:52 PM

Nila Spaces Limited has submitted a report regarding the special window for the re-lodgement of transfer requests for physical shares. This filing is in compliance with SEBI Circular No. SEBI/HO/MIRSD/LIRSD-PoD/P/CIR/2025/97 dated July 02, 2025. The report was prepared by the company's Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, and dated January 07, 2026. This is a routine regulatory procedure and does not affect the company's core business operations or financial health.

Compliance with SEBI Circular dated July 02, 2025, regarding physical share transfers.
Report received from Registrar and Share Transfer Agent (RTA) MCS Share Transfer Agent Limited.
The RTA report is dated January 07, 2026, and filed with exchanges on January 08, 2026.
The update pertains specifically to the re-lodgement process for physical securities.

💡 No action is required for investors holding shares in demat form. Those holding physical certificates should check the company's website for details on the transfer window if applicable.

Nila Spaces Announces Trading Window Closure from Jan 1, 2026 for Q3 FY2026 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 05:18 PM

Nila Spaces Limited has notified the stock exchanges that its trading window will be closed starting January 1, 2026. This closure is a mandatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are officially declared. This is a standard procedure to ensure market integrity during the finalization of financial statements.

Trading window closure effective from January 1, 2026
Closure pertains to the approval of financial results for Q3 and nine months ending Dec 31, 2025
Window to remain closed until 48 hours after the results are declared
Applies to all Designated Persons and their immediate relatives as per company code

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's future announcements for the specific date of the board meeting to review Q3 results.

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💰 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.