🔍

Nilkamal Limited (NILKAMAL)

₹1,757.90 -1.67% last close, 16 Oct

📊 NSE: NILKAMAL 🏢 Plastics Products 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Nilkamal's revenue was ₹820 Cr (-7.2% year on year, -15.1% on the previous quarter), and net profit ₹24.4 Cr (+59.2% year on year); the operating margin was 9.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹820	-7.2%	-15.1%
Operating profit	₹74.6	+28.7%	-22.2%
Net profit	₹24.4	+59.2%	-41.5%
Operating margin	9.1%	—	—

Full quarterly financials → Results calendar →

NILKAMAL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 50.79% of the NILKAMAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.67%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

50.79%Delivery, 16 Oct

47.67%Own 20-session average

0.5×Volume vs its average

₹1,757.90NSE close · -1.67%

Delivery in the last 5 sessions: 44.2% · 46.6% · 65.7% · 28.5% · 50.8%

Delivery across the market →

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

Nilkamal Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 03:11 PM

Nilkamal Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that all securities received for dematerialisation during the period were duly processed, confirmed or rejected, and cancelled as per timelines. This is a purely procedural regulatory filing with zero financial or operational impact on the company.

Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 3, 2026
Filing officially submitted to BSE and NSE on October 6, 2026
Confirmation that received certificates were mutilated, cancelled, and depositories substituted within prescribed timelines

💡 No action required. Investors should track Nilkamal's upcoming Q2 FY27 financial earnings release to assess core business growth and operating margins.

Nilkamal Faces ₹7.22 Lakh GST Demand as Appellate Authority Rejects Appeal

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 10 Sep 2026, 05:08 PM

Nilkamal Limited received an Order-in-Appeal dated August 31, 2026, from the Joint Commissioner, CGST & CX, Siliguri Appeal Commissionerate, upholding an earlier tax demand. The appellate authority rejected the company's appeal against an Order-in-Original regarding wrongly availed and utilized Input Tax Credit (ITC) for FY 2018-19 and FY 2019-20 in West Bengal. The total demand stands at ₹7,22,362, comprising ₹3,61,181 in tax dues and ₹3,61,181 in penalty. Relative to Nilkamal's TTM revenue of ₹3,715 crore and quarterly PAT of ₹24.4 crore (Jun 2026), this demand is negligible, and the company stated there is no material impact on operations.

Appellate authority upheld the tax demand of ₹7,22,362 (Tax: ₹3,61,181 and Penalty: ₹3,61,181)
Order passed under Section 107(11) of the CGST Act, 2017 for alleged wrongful ITC availed in FY 2018-19 and FY 2019-20
Company received the Order-in-Appeal on September 10, 2026, following the original order dated November 20, 2025
Management noted no material impact on the financial or operational activities of the company

💡 Track whether the company pursues further legal remedies before the Appellate Tribunal; no fundamental financial adjustments are required.

Nilkamal Clarifies on Volume Spurt: No Undisclosed Price Sensitive Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 11:14 AM

Nilkamal Limited has submitted a clarification to the National Stock Exchange on August 20, 2026, regarding a noticeable increase in trading volume. The company confirmed that it has been strictly complying with Regulation 30 of the SEBI LODR Regulations. Furthermore, management clarified that there is currently no undisclosed price-sensitive information or corporate announcement that would explain the volume or price movement.

Response filed on August 20, 2026, against NSE surveillance query reference NSE/CM/Surveillance/17375.
Company confirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
No pending undisclosed price-sensitive information or announcements reported by the management.

💡 Track regular quarterly results and fundamental corporate filings; avoid speculative trading driven purely by unexplained volume spikes.

60% PAT Growth in Q1 FY27; Retail Segment Turns Profitable as Debt Drops to ₹116 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 01:15 PM

Nilkamal reported a strong bottom-line performance for Q1 FY27, with consolidated PAT rising to ₹24.32 cr from ₹15.24 cr YoY, despite a 7.2% decline in consolidated revenue to ₹819.73 cr. The profitability surge was primarily driven by the Retail & E-commerce segment, which turned around to an EBIT of ₹1.68 cr from a loss of ₹9.5 cr in the previous year. A significant highlight is the reduction in net borrowing to ₹116 cr, down from ₹331 cr a year ago, representing a ~15% reduction relative to net worth. While B2B volumes saw a sharp 37% degrowth, high-growth pockets like Mattress & Foam (up 49%) and Ready Furniture (up 20%) provided support.

Consolidated PAT grew ~60% YoY to ₹24.32 cr despite revenue headwinds.
Retail & E-commerce segment achieved a turnaround with EBIT of ₹1.68 cr vs a loss of ₹9.5 cr YoY.
Net borrowing significantly reduced to ₹116 cr from ₹331 cr as of June 30, 2025.
Mattress and Foam business recorded a robust 49% growth during the quarter.
Capex for the quarter stood at ₹41 cr, up from ₹36 cr in Q1 FY26.

💡 Investors should monitor the sustainability of the Retail segment's profitability and watch for a recovery in B2B volumes, which currently show a 37% degrowth. The significant debt reduction is a positive structural change to track in upcoming interest cost savings.

Nilkamal Q1 PAT Rises 60% to ₹24.32 Cr Despite 7% Revenue Dip; Retail Segment Turns Profitable

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 01:12 PM

Nilkamal Limited reported a strong bottom-line performance for Q1 FY27 (ended June 30, 2026), with consolidated PAT growing 60% YoY to ₹24.32 cr. This growth was achieved despite a 7.2% decline in consolidated revenue to ₹819.73 cr, primarily due to a 37% volume degrowth in the B2B segment. A key driver was the Retail & E-commerce division turning EBIT positive at ₹1.68 cr, compared to a ₹9.50 cr loss in the same quarter last year. The company also significantly strengthened its balance sheet, reducing net borrowing by 65% YoY to ₹116 cr.

Consolidated Profit After Tax (PAT) increased 60% YoY to ₹24.32 cr from ₹15.24 cr.
Retail & E-commerce segment achieved a turnaround with EBIT of ₹1.68 cr vs a loss of ₹9.50 cr YoY.
Net borrowing reduced significantly to ₹116 cr as of June 30, 2026, compared to ₹331 cr a year ago.
B2B segment faced a 37% volume degrowth, although value-term profitability was sustained.
Quarterly Capex spend increased to ₹41 cr from ₹36 cr in the corresponding previous year quarter.

💡 Investors should monitor the recovery of B2B volumes, particularly in plastic furniture and material handling which saw double-digit degrowth, and track if the retail segment can maintain its newfound profitability.

Nilkamal FY26: 14% Revenue Growth to ₹3,686 Cr; Non-Plastic Sales Surpass Plastic Furniture

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 17 Jul 2026, 05:27 PM

Nilkamal reported a steady 14% growth in revenue to ₹3,686 crore for FY26, with PAT rising to ₹105 crore from ₹91 crore. A significant strategic milestone was reached as sales from non-plastic furniture, mattresses, and foam exceeded plastic furniture sales for the first time. The company invested ₹144 crore in expansion (approx. 9.8% of net worth) and maintains a net cash surplus of ₹67 crore. A final dividend of ₹20 per share (200%) has been recommended.

Revenue from operations increased 14% YoY to ₹3,686 crore from ₹3,239 crore
Non-plastic furniture and mattress sales surpassed plastic furniture sales for the first time in company history
Profit After Tax rose to ₹105 crore, despite a one-time ₹5.41 crore charge for new Labour Codes
Total investment of ₹144 crore made during the year for expansion and operational strengthening
Recommended a final dividend of ₹20 per equity share, totaling a payout of ₹29.84 crore

💡 Investors should monitor the margin impact of rising raw material prices noted by the Chairman and track the scaling of the 'Nilkamal Homes' rebranding and Hosur greenfield project.

Rs 20 Final Dividend Approved at Nilkamal's 40th AGM; All Resolutions Passed

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 17 Jul 2026, 05:11 PM

Nilkamal Limited concluded its 40th Annual General Meeting on July 17, 2026, where shareholders approved all five proposed resolutions with over 99.98% majority. A key outcome is the ratification of a final dividend of Rs 20 per equity share for FY 2025-26, representing a dividend yield of approximately 1.36% at the current market price. The meeting also confirmed the re-appointment of Mr. Manish V. Parekh as a Director and adopted the audited financial statements for the year ended March 31, 2026.

Final dividend of Rs 20 per equity share (200% of face value) approved for FY 2025-26
Adoption of Standalone and Consolidated Financial Statements passed with 99.9999% majority
Re-appointment of Director Manish V. Parekh approved with 99.9845% of votes in favor
AGM conducted via video conferencing with 62 members in attendance
Ratification of Cost Auditors' remuneration approved with 99.9999% majority

💡 Investors should track the upcoming payment date for the Rs 20 dividend and monitor the execution of the Hosur greenfield project for modular furniture and sofas as part of the company's expansion strategy.

₹20 Final Dividend Approved at Nilkamal's 40th AGM; All Resolutions Passed

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 17 Jul 2026, 05:09 PM

Nilkamal Limited concluded its 40th Annual General Meeting on July 17, 2026, with shareholders approving all five proposed resolutions with over 99.9% majority. The key outcome for retail investors is the formal approval of a ₹20 per share final dividend for FY 2025-26. The meeting also ratified the audited financial statements for a year where the company achieved TTM revenue of ₹3,778 Cr and a PAT of ₹116 Cr. Management addressed shareholder queries regarding the company's performance and strategic direction.

Final dividend of ₹20 per equity share (200% of face value) approved for FY 2025-26
All 5 resolutions, including adoption of financial statements and director re-appointment, passed with >99.9% majority
Remote e-voting was conducted between July 14 and July 16, 2026, with 62 members attending the virtual meeting
The company reported TTM revenue of ₹3,778 Cr and an operating profit margin of 8.7% for the period ending March 2026
Shareholders approved the re-appointment of Mr. Manish V. Parekh as a Director

💡 Investors should monitor the dividend credit timeline and track the execution of the 'Nilkamal Homes' rebranding strategy in upcoming quarterly results.

CARE Re-affirms Nilkamal's 'AA; Stable' and 'A1+' Ratings for Rs 1,106.89 Cr Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 17 Jul 2026, 04:36 PM

CARE Ratings has re-affirmed Nilkamal Limited's credit ratings, maintaining a 'CARE AA; Stable' for long-term instruments and 'CARE A1+' for short-term facilities. The total rated bank facilities and instruments amount to Rs 1,106.89 Cr, which is significant compared to the company's market cap of Rs 2,010 Cr. The long-term bank facility limit was slightly reduced to Rs 547.68 Cr from Rs 568.75 Cr, while short-term facilities were marginally increased. This re-affirmation indicates a stable credit profile and continued access to low-cost borrowing despite recent stock price pressure.

Long-term bank facilities of Rs 547.68 Cr re-affirmed at CARE AA; Stable.
Short-term bank facilities of Rs 209.21 Cr re-affirmed at CARE A1+.
Non-convertible debentures (NCDs) totaling Rs 150 Cr re-affirmed at CARE AA; Stable.
Commercial Paper (carved out) totaling Rs 200 Cr re-affirmed at CARE A1+.
Long-term bank facility amount reduced by Rs 21.07 Cr from the previous Rs 568.75 Cr.

💡 Investors should monitor the company's operating margins (currently 8.7%) and raw material costs, as maintaining these credit ratings depends on stable cash flow generation to service its Rs 418 Cr debt.

Nilkamal Limited Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 05:11 PM

Nilkamal Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. This is a standard administrative procedure to ensure the company's share registry is accurately updated with the depositories. The filing has no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026.
Confirmation provided by Registrar and Transfer Agent, MUFG Intime India Private Limited.
Securities received for dematerialization were confirmed, cancelled, and substituted in the register of members within prescribed timelines.
The filing pertains to the company's total market capitalization of Rs 1,961 Cr.

💡 This is a routine regulatory filing. Investors should monitor the upcoming Q1 FY27 earnings results for updates on the company's expansion projects in Hosur and Puducherry.

Nilkamal Limited to Close Trading Window from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 02:34 PM

Nilkamal Limited has announced the closure of its trading window for all designated persons and their relatives starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the unaudited standalone and consolidated financial results are declared. The specific date for the Board meeting to approve these results will be announced separately.

Trading window closure effective from July 1, 2026.
Closure pertains to the unaudited financial results for the quarter ending June 30, 2026.
Window to reopen 48 hours after the official declaration of results.
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 wait for the upcoming earnings release to assess performance.

Nilkamal Limited Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 02:29 PM

Nilkamal Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026. This closure is in compliance with SEBI's Prohibition of Insider Trading Regulations ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons, directors, and promoters until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from July 1, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ending June 30, 2026.
The restriction applies to all Directors, promoters, and designated persons of the company.
Trading window will reopen 48 hours after the financial results are officially declared.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to review the Q1 financial performance.

Nilkamal Limited to Hold 40th AGM on July 17, 2026; Recommends Rs. 20 Final Dividend

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Jun 2026, 02:04 PM

Nilkamal Limited has announced its 40th Annual General Meeting (AGM) to be held on July 17, 2026, via video conferencing. The Board has recommended a final dividend of Rs. 20 per equity share (200% of face value) for the financial year ended March 31, 2026. The cut-off date to determine eligibility for the dividend and e-voting is July 10, 2026. Remote e-voting will be available to shareholders from July 14 to July 16, 2026.

40th Annual General Meeting scheduled for Friday, July 17, 2026, through Video Conferencing.
Recommended final dividend of Rs. 20 per equity share for the financial year 2025-26.
Cut-off date for dividend eligibility and remote e-voting is set for July 10, 2026.
Remote e-voting period begins on July 14, 2026 (9:00 AM) and ends on July 16, 2026 (5:00 PM).
Register of Members and Share Transfer Books will remain closed from July 11 to July 17, 2026.

💡 Shareholders should ensure their bank account and KYC details are updated with their Depository Participant or the RTA by July 10, 2026, to receive the Rs. 20 dividend. Investors may participate in the e-voting process starting July 14 to vote on company resolutions.

Nilkamal Limited to Hold 40th AGM on July 17, 2026; Proposes Rs 20 Final Dividend

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 19 Jun 2026, 02:25 PM

Nilkamal Limited has announced its 40th Annual General Meeting (AGM) to be held on July 17, 2026, via video conferencing. The company has recommended a final dividend of Rs 20 per equity share (200% of face value) for the financial year ended March 31, 2026. Shareholders as of the cut-off date of July 10, 2026, will be eligible for the dividend and voting rights. The dividend, if approved at the AGM, will be paid on or after July 24, 2026.

40th Annual General Meeting scheduled for Friday, July 17, 2026, through VC/OAVM.
Proposed final dividend of Rs 20 per equity share of face value Rs 10 for FY 2025-26.
Book closure for dividend and AGM set from July 11, 2026, to July 17, 2026.
Remote e-voting period begins on July 14, 2026 (9:00 AM) and ends on July 16, 2026 (5:00 PM).
Dividend payment date scheduled on or after July 24, 2026, subject to shareholder approval.

💡 Investors should ensure their bank account details and PAN are updated with their Depository Participants by the July 10 cut-off date to ensure seamless receipt of the Rs 20 dividend.

Nilkamal Opens 6-Month Special Window for Physical Share Transfer Re-lodgement

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Jun 2026, 11:41 AM

Nilkamal Limited has announced a special window for shareholders to re-lodge transfer requests for shares held in physical form, following SEBI mandates. This window is specifically for transfer requests that were sold or purchased prior to April 1, 2019, and were previously rejected or returned. The special window is open for a six-month period from February 11, 2026, to August 11, 2026. Shareholders must submit original share certificates and transfer deeds to the company's Registrar and Transfer Agent (RTA), Link Intime India Private Limited.

Special window for re-lodgement of physical share transfers is open for 6 months.
The window period is active from February 11, 2026, until August 11, 2026.
Applies to shares purchased or sold prior to April 1, 2019, with previously rejected transfer requests.
Shareholders must submit original certificates and transfer deeds to Link Intime India Private Limited.
The move is in compliance with SEBI circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8.

💡 Shareholders holding physical shares with pending transfer issues should resubmit their documents to the RTA before the August 11, 2026 deadline. This is a routine regulatory update and does not impact the company's financial valuation.

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.