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NILKAMAL - Nilkamal Ltd

📊 NSE: NILKAMAL 🏢 Plastics Products 📅 Last Updated: 12/14/2025 10:32

📢 Recent Corporate Announcements

Nilkamal Q3 FY26 Net Profit Rises 17.5% YoY to ₹25.4 Cr; Revenue Up 12.6%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 02:11 PM

Nilkamal Limited reported a steady performance for Q3 FY26 with consolidated revenue reaching ₹962.03 crore, a 12.6% increase from ₹854.28 crore in the same period last year. Consolidated Net Profit grew 17.5% YoY to ₹25.40 crore, although it faced a sequential decline from ₹33.66 crore in Q2 FY26. The B2B segment continues to be the primary revenue driver, contributing ₹852.47 crore. Results were impacted by an exceptional item of ₹15.41 crore related to the new Labour Code provisions.

Consolidated Revenue from Operations grew 12.6% YoY to ₹962.03 crore.
Consolidated Net Profit increased 17.5% YoY to ₹25.40 crore from ₹21.62 crore.
B2B segment revenue rose to ₹852.47 crore, up from ₹756.36 crore in Q3 FY25.
Retail and Ecommerce segment revenue grew 11.9% YoY to ₹109.56 crore.
Earnings Per Share (EPS) for the quarter stood at ₹16.93, up from ₹14.40 YoY.

💡 Investors should focus on the consistent YoY growth in the B2B segment and the improving scale of the Retail/E-commerce division. While the QoQ profit dip and exceptional items are notable, the overall trajectory remains positive for long-term holders.

Nilkamal Q3 Consolidated Net Profit Rises 17.5% YoY to ₹25.4 Cr; Revenue Up 12.6%

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 02:09 PM

Nilkamal Limited reported a steady year-on-year performance for Q3 FY26, with consolidated revenue growing 12.6% to ₹962.03 crore. However, on a sequential basis, net profit declined by 24.5% to ₹25.40 crore, significantly impacted by an exceptional item of ₹15.41 crore related to the Labour Code. The B2B segment remains the primary revenue driver, contributing approximately 88% of the total turnover. While YoY growth is positive, the quarterly margin pressure and exceptional costs present a mixed financial picture.

Consolidated Revenue from Operations grew 12.6% YoY to ₹962.03 crore from ₹854.28 crore.
Consolidated Net Profit increased 17.5% YoY to ₹25.40 crore, despite a 24.5% decline from the previous quarter.
An exceptional expense of ₹15.41 crore was recognized in the standalone results due to the impact of the Labour Code.
B2B segment revenue rose to ₹852.47 crore, while Retail and E-commerce segment revenue grew to ₹109.56 crore.
Consolidated EPS for the quarter stood at ₹16.93, compared to ₹14.40 in the corresponding quarter of the previous year.

💡 Investors should monitor if the exceptional labour costs are a one-time hit or lead to structural margin changes. The steady YoY revenue growth is encouraging, but the sequential dip in profitability suggests a cautious 'Hold' until margin stability is restored.

Nilkamal Receives GST Appeal Order Disallowing Claim; Demand of ₹37.37 Lakh Upheld

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Jan 2026, 06:05 PM

Nilkamal Limited has received an order from the Central GST Appeal Commissionerate in Ahmedabad regarding its FY 2019-20 assessment. The order disallows the company's appeal, upholding a total demand of ₹37,36,987, which includes a tax component of ₹33,97,261 and a penalty of ₹3,39,726. The company plans to contest this decision by filing an appeal with the GST Tribunal. Management has stated that this order will not have a material impact on the company's financial or operational performance.

GST appeal for FY 2019-20 in Gujarat was disallowed by the Commissionerate on January 22, 2026.
Total monetary demand raised is ₹37,36,987, including tax, interest, and penalties.
The demand consists of ₹33,97,261 in tax and a penalty of ₹3,39,726.
Nilkamal intends to challenge the order by filing a further appeal in the GST Tribunal.
Company confirms no material impact on financial or operational activities due to this order.

💡 No immediate action is required as the financial impact is negligible relative to the company's size. Investors should treat this as a routine tax-related legal proceeding.

Nilkamal Limited Submits Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 04:50 PM

Nilkamal Limited has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by MUFG Intime India Private Limited, confirms that the company has processed all requests for dematerialization of securities within the prescribed timelines. This filing ensures that physical share certificates received were properly mutilated, cancelled, and the names of depositories were updated in the register of members. As a routine regulatory requirement, this update confirms the company's adherence to standard administrative protocols for share registry management.

Compliance certificate issued for the quarter ended December 31, 2025.
MUFG Intime India Private Limited (formerly Link Intime) acted as the Registrar and Share Transfer Agent (RTA).
Confirmation that securities received for dematerialization are listed on the stock exchanges.
Verification that physical certificates were mutilated and cancelled after due verification by the depository participant.

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

Nilkamal Announces Trading Window Closure from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 05:00 PM

Nilkamal Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is in anticipation of the financial results for the quarter and nine months ending December 31, 2025. The window will remain shut for all designated persons, including directors and promoters, until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from January 1, 2026
Pertains to financial results for the quarter and nine months ending December 31, 2025
Window to reopen 48 hours after the results are declared to the exchanges
Restriction applies to directors, promoters, and all designated persons of the company

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should await the announcement of the board meeting date for the upcoming Q3 FY26 earnings.

View All NILKAMAL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the B2B segment grew 18% in value and 13% in volume, while the Retail & E-commerce segment grew 20%. For FY25, the B2B segment contributed INR 2,961.84 Cr (up 5% YoY), while the retail segment contributed INR 350.90 Cr (down 7% YoY). The mattress business grew 38% in FY25.

Geographic Revenue Split

India remains the primary market, with the plastic division contributing 94% of total operating income in FY24. International operations include subsidiaries in Sri Lanka (Nilkamal Eswaran Plastics and Marketing) and UAE (Nilkamal Crates and Bins FZE), both of which exhibited growth in revenue and PBT in Q2 FY26.

Profitability Margins

Standalone PBT for Q2 FY26 stood at INR 43 Cr with PAT at INR 33 Cr. Consolidated PBT was INR 45 Cr and PAT was INR 34 Cr. Profitability is susceptible to volatility in raw material prices and foreign exchange fluctuations.

EBITDA Margin

EBIDTA for Q2 FY26 stood at INR 88 Cr, representing a 16% increase YoY. The margin for Q2 FY26 is approximately 9.28% based on revenue of INR 948 Cr.

Capital Expenditure

The company invested INR 280 Cr in capital expenditure during FY25. This included a greenfield project in Hosur for foam and modular furniture, rigid packing production at Puducherry and Noida, and bubble guard production at Hosur.

Credit Rating & Borrowing

CARE reaffirmed ratings of 'CARE AA; Stable' for long-term bank facilities and NCDs, and 'CARE A1+' for short-term facilities and commercial paper. Net borrowing stood at INR 376 Cr as of September 30, 2025, compared to INR 305 Cr in the previous year.

⚙️ Operational Drivers

Raw Materials

Plastic granules and polymers (derived from crude oil) are the primary raw materials, as the plastic division accounts for 94% of total operating income.

Capacity Expansion

Current expansion includes a greenfield project in Hosur for foam, modular furniture, and sofas, along with rigid packing production lines at Puducherry and Noida plants.

Raw Material Costs

Raw material costs are highly volatile due to their link to crude oil prices. This volatility is cited as a key risk factor tempering profitability margins.

Manufacturing Efficiency

The company is investing in new injection moulding machines and moulds for crates, pallets, and plastic furniture to enhance production efficiency.

Logistics & Distribution

The company maintains a wide-spread distribution network with over 1,200 channel partners and 20,000+ dealers across India.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is driven by rebranding the retail division to 'Nilkamal Homes' (unifying @home and Nilkamal Furniture Ideas), expanding the B2B segment (18% value growth in Q2 FY26), and scaling the e-commerce business which grew 23% to INR 52.44 Cr in Q2 FY26. New capacity in Hosur for foam and modular furniture is expected to further boost revenue.

Products & Services

Bins, crates, pallets, material handling equipment, shelving and racking systems, insulated boxes, waste management solutions, road safety barriers, hospitality products, moulded furniture, mattresses (Nilkamal Sleep), and bubble guard.

Brand Portfolio

Nilkamal, Nilkamal Homes, @home, Nilkamal Sleep, Nilkamal Edge.

New Products/Services

New product offerings include foam, modular furniture, sofas, rigid packing products, and bubble guard. The Sleep vertical grew 32% in FY25 following new production lines.

Market Expansion

Focus on market penetration in the organized furniture retail segment and expanding the B2B material handling business.

Market Share & Ranking

Leading market position in moulded plastic products and material handling business in India.

Strategic Alliances

Cambro Nilkamal Private Limited is a 50% Joint Venture in India that exhibited an uptrend in revenue with new product offerings.

🌍 External Factors

Industry Trends

The industry is shifting toward organized furniture retail and increased demand for specialized material handling solutions in logistics and e-commerce. Nilkamal is positioning itself through rebranding and expanding its B2B portfolio.

Competitive Landscape

Competes in the organized furniture retail and material handling segments against both organized and unorganized players.

Competitive Moat

Sustainable advantages include a strong brand name ('Nilkamal'), a massive distribution network of 20,000+ dealers, and a leading market position in the moulded plastics segment.