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Niraj Ispat Industries Limited (NIRAJISPAT)

₹271.00 +4.84% last close, 16 Oct

📊 NSE: NIRAJISPAT 🏢 Plastics Products 📢 Latest filing: 03 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Niraj Ispat's revenue was ₹0.9 Cr (-6.6% year on year, -0.3% on the previous quarter), and net profit ₹0.3 Cr (-25.5% year on year); the operating margin was 6.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹0.9	-6.6%	-0.3%
Operating profit	₹0.1	-76.9%	-73.4%
Net profit	₹0.3	-25.5%	-23.6%
EPS (₹)	4.97	-25.5%	-23.5%
Operating margin	6.0%	—	—

Full quarterly financials → Results calendar →

NIRAJISPAT exchange data

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

It closed at a price band (circuit) on 5 sessions in about the last 20.

₹271.00NSE close · +4.84%

Circuit stocks →

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

Niraj Ispat Clarifies Price Movement is Market-Driven with No Undisclosed Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 03:14 PM

Niraj Ispat Industries Limited responded on September 3, 2026, to an NSE query dated August 31, 2026, regarding significant price movement in its shares. The company confirmed that there is no pending material information or announcement that could impact its operational or financial performance. Management stated that the scrip's recent price and volume behaviour is purely market driven and they are not connected to it.

Clarification submitted on September 3, 2026, following NSE's query dated August 31, 2026
Company confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015
Management clarified zero pending undisclosed events or operational developments

💡 Investors should monitor upcoming periodic quarterly financial results and formal regulatory disclosures rather than trading on speculative price and volume spikes.

Niraj Ispat AGM Approves FY26 Accounts and Director Appointment with 100% Votes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Aug 2026, 01:24 PM

Niraj Ispat Industries Limited submitted the Scrutinizer's Report for its 41st Annual General Meeting held on August 20, 2026. Both ordinary resolutions were passed unanimously with 100% of the 3,536 votes cast in favour by 45 participating members via remote e-voting. The resolutions covered the adoption of FY26 financial statements and the re-appointment of Director Chaitanya Chaudhry. The voting reflects standard corporate governance compliance with zero dissenting votes.

100% approval (3,536 votes from 45 members) for adoption of audited financial statements for FY ended March 31, 2026
100% approval (3,536 votes from 45 members) for the re-appointment of Mr. Chaitanya Chaudhry as Director
Zero dissenting or invalid votes recorded during the remote e-voting period (August 17 to August 19, 2026)
41st Annual General Meeting concluded smoothly on August 20, 2026

💡 Track subsequent quarterly financial performances and operational updates, as this announcement is purely procedural compliance.

Niraj Ispat Industries Concludes 41st AGM; 20 Members Attend

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 03:40 PM

Niraj Ispat Industries Limited submitted the proceedings of its 41st Annual General Meeting held on August 20, 2026. A total of 20 members attended the meeting. The agenda covered standard ordinary business, including the adoption of FY26 audited financial statements and the reappointment of Director cum CEO Chaitanya Chaudhry, who was liable to retire by rotation.

41st Annual General Meeting successfully convened on August 20, 2026, from 12:00 PM to 02:00 PM
20 members attended the meeting as per attendance records
Transacted adoption of financial statements for the financial year ended March 31, 2026
Considered re-appointment of Mr. Chaitanya Chaudhry (DIN: 06813394) as a director retiring by rotation

💡 Track the formal voting results and scrutinizer's report to be filed under Regulation 44 of SEBI LODR regulations.

Niraj Ispat Q1 PAT drops 26% YoY to ₹29.8 Lakhs; core operations near break-even

🔴 NEGATIVE ⭐ 5/10

EARNINGS 📅 12 Aug 2026, 03:45 PM

Niraj Ispat Industries reported a weak Q1 FY27 with net profit declining 25.9% YoY to ₹29.80 Lakhs, down from ₹40.22 Lakhs. Revenue from operations fell 6.8% YoY to ₹88.75 Lakhs. A significant concern for investors is that core operational profit (Revenue minus Expenses) was nearly zero at ₹0.76 Lakhs, meaning almost the entire Profit Before Tax of ₹39.82 Lakhs was derived from 'Other Income' of ₹39.06 Lakhs. The company continues to operate in the manufacturing of poly buttons despite its name.

Net Profit for Q1 FY27 fell 25.9% YoY to ₹29.80 Lakhs from ₹40.22 Lakhs in Q1 FY26
Revenue from operations decreased 6.8% YoY to ₹88.75 Lakhs compared to ₹95.23 Lakhs
Other Income of ₹39.06 Lakhs contributed 98% of the total Profit Before Tax
Cost of Raw Materials consumed rose significantly to ₹55.91 Lakhs from ₹40.86 Lakhs YoY
Earnings Per Share (EPS) dropped to ₹4.97 from ₹6.70 in the year-ago period

💡 Investors should monitor the source and sustainability of 'Other Income', as the core manufacturing business is currently generating negligible profit. Watch for any management commentary on rising raw material costs which have squeezed operational margins.

Niraj Ispat to hold 41st AGM on August 20, 2026; Book closure starts August 10

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 04:34 PM

Niraj Ispat Industries Limited has scheduled its 41st Annual General Meeting (AGM) for August 20, 2026. The primary agenda includes the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of Mr. Chaitanya Chaudhry as a Director. The company, a micro-cap with a market capitalization of Rs 11 Cr, reported a TTM revenue of Rs 4 Cr and a PAT of Rs 2 Cr. Shareholders as of the cut-off date of August 14, 2026, will be eligible to participate in the e-voting process.

41st Annual General Meeting scheduled for August 20, 2026, at 12:00 PM
Register of Members and Share Transfer Books to remain closed from August 10 to August 19, 2026
Cut-off date for e-voting eligibility set for August 14, 2026
Remote e-voting period runs from August 17 (9:00 AM) to August 19, 2026 (5:00 PM)
Agenda includes re-appointment of Mr. Chaitanya Chaudhry (DIN: 06813394) as Director

💡 Investors should review the FY26 annual report once available on the company website to understand the sustainability of 'Other Income' which significantly contributes to the company's net profit.

Niraj Ispat Re-Appoints Internal Auditor with 36 Years Experience for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Jul 2026, 01:26 PM

Niraj Ispat Industries Limited has re-appointed M/S Vipin Kumar & Company as its Internal Auditor for the Financial Year 2026-2027. The appointment was approved during the Board meeting held on July 25, 2026. This is a routine compliance-related filing for the micro-cap company, which has a market capitalization of approximately ₹11 Cr and TTM revenue of ₹4 Cr. The appointed auditor brings 36 years of professional experience to the role.

Appointment of M/S Vipin Kumar & Company as Internal Auditor for the full FY 2026-2027
The lead auditor, Mr. Vipin Kumar, possesses 36 years of professional experience in accounting
Board approval finalized on July 25, 2026, ensuring statutory compliance under the Companies Act, 2013
Company maintains a lean structure with TTM revenue of ₹4 Cr and a high promoter holding of 74.44%

💡 No immediate action is required as this is a routine administrative update; investors should focus on the company's ability to grow its core operational revenue, which was ₹0.89 Cr in the most recent quarter.

Niraj Ispat to Hold 41st AGM on August 20, 2026; Re-appoints Internal Auditor

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 25 Jul 2026, 01:19 PM

Niraj Ispat Industries Limited has scheduled its 41st Annual General Meeting (AGM) for August 20, 2026. The Board has re-appointed M/S Vipin Kumar & Company as Internal Auditors for the 2026-2027 financial year. Additionally, the Board approved the annual report for the fiscal year ended March 31, 2026. These actions are routine administrative procedures for the company, which currently has a market capitalization of Rs 11 Cr and TTM revenue of Rs 4 Cr.

41st Annual General Meeting (AGM) scheduled for August 20, 2026
Re-appointment of M/S Vipin Kumar & Company as Internal Auditor for FY 2026-27
Internal Auditor brings 36 years of professional experience to the role
Board meeting concluded within a 2-hour window (11:00 AM to 01:00 PM)

💡 Investors should monitor the upcoming Annual Report for FY26 to evaluate the sustainability of 'Other Income', which has been a primary driver of the company's Rs 2 Cr TTM PAT.

Rs 15.93 Cr net worth: Niraj Ispat claims SEBI corporate governance reporting exemption

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 17 Jul 2026, 01:33 PM

Niraj Ispat Industries has filed for an exemption from submitting the quarterly corporate governance report for the period ended June 30, 2026. Under SEBI (LODR) Regulation 15(2), companies with paid-up capital below Rs 10 crore and net worth below Rs 25 crore are exempt from these disclosures. As of March 31, 2026, the company reported a paid-up capital of Rs 0.60 crore and a net worth of Rs 15.93 crore. This filing confirms the company's status as a small-scale entity with reduced regulatory reporting requirements.

Paid-up equity share capital has remained constant at Rs 0.60 crore for the last three financial years.
Net worth has increased by 22.8% over two years, rising from Rs 12.97 crore in FY24 to Rs 15.93 crore in FY26.
The company's current net worth of Rs 15.93 crore is approximately 64% of the Rs 25 crore mandatory reporting threshold.
Exemption is claimed under Regulation 15(2)(a) of Chapter IV of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor the company's growth towards the Rs 25 crore net worth threshold, which would trigger more stringent corporate governance disclosures and oversight.

Niraj Ispat Reports Zero Physical Share Dematerialization for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Jul 2026, 12:18 PM

Niraj Ispat Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Skyline Financial Services, confirmed that no physical share certificates were received for dematerialization during the quarter ended June 30, 2026. This is a standard procedural filing for listed entities. The company remains a small-scale player with a TTM revenue of ₹4 Cr and a significant portion of its profit derived from other income.

Quarterly compliance certificate submitted for the period ending June 30, 2026.
Confirmed 0 physical share certificates were received for dematerialization during the quarter.
Skyline Financial Services Pvt. Ltd. acted as the Registrar and Share Transfer Agent (RTA).
Company maintains a high promoter holding of 74.44% as of March 2026.
TTM revenue stands at ₹4 Cr with a TTM PAT of ₹2 Cr.

💡 This is a routine administrative filing. Investors should monitor the upcoming Q1 FY27 financial results to track core operational growth versus investment income.

Niraj Ispat Resubmits Signed FY26 Results; Annual Net Profit Rises to ₹1.62 Crore

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Jun 2026, 05:54 PM

Niraj Ispat Industries Limited has resubmitted its audited financial results for the year ended March 31, 2026, following a clarification request from the NSE regarding missing signatures in the original filing. The company reported a net profit of ₹162.44 Lakhs for FY26, marking a 21.6% increase from ₹133.55 Lakhs in the previous year. While revenue from operations saw a slight decline to ₹362.19 Lakhs from ₹371.59 Lakhs, total income grew to ₹508.21 Lakhs due to higher other income. The Earnings Per Share (EPS) improved significantly to ₹27.07 from ₹22.26 year-on-year.

Net Profit for FY26 increased to ₹162.44 Lakhs compared to ₹133.55 Lakhs in FY25.
Total Income grew to ₹508.21 Lakhs, bolstered by Other Income of ₹146.02 Lakhs.
Earnings Per Share (EPS) rose to ₹27.07 from ₹22.26 in the previous financial year.
Revenue from operations remained relatively flat at ₹362.19 Lakhs versus ₹371.59 Lakhs YoY.
The company maintains a single operating segment focused on the manufacturing of poly buttons.

💡 This is a procedural resubmission to address a regulatory observation regarding signatures and does not alter the previously reported financial performance. Investors should monitor the company's ability to grow core operational revenue, which remained stagnant despite the bottom-line growth.

Niraj Ispat Industries Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 05:18 PM

Niraj Ispat Industries Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the announcement of un-audited financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons, directors, and their immediate relatives. The window will reopen 48 hours after the financial results are officially declared to the public.

Trading window closure effective from July 1, 2026
Closure pertains to un-audited financial results for the quarter ending June 30, 2026
Window reopens 48 hours after the results are made generally available
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a standard regulatory procedure. Investors should monitor for the announcement of the board meeting date to review Q1 performance.

Niraj Ispat Submits SDD Compliance Certificate for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 May 2026, 12:18 PM

Niraj Ispat Industries has filed its annual compliance certificate for the Structured Digital Database (SDD) as required by SEBI's Prohibition of Insider Trading regulations for the year ended March 31, 2026. The company secretary certified that the internal database is non-tamperable and maintains an 8-year audit trail. Notably, the company successfully captured 2 out of 2 required UPSI events during the fiscal year. This filing confirms the company's adherence to standard operating processes for handling sensitive information.

Confirmed full compliance with SEBI (Prohibition of Insider Trading) Regulations for FY 2025-26
Successfully captured 2 out of 2 required UPSI events in the digital database
Maintains a non-tamperable internal database with an 8-year record-keeping capability
Zero instances of non-compliance or remedial actions reported for the period

💡 No action is required as this is a routine regulatory filing. It indicates the company is following standard governance protocols regarding insider trading information.

Niraj Ispat Exempt from SEBI Annual Secretarial Compliance Report for FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 May 2026, 02:44 PM

Niraj Ispat Industries Limited has informed the exchange that it is exempt from filing the Annual Secretarial Compliance Report for the financial year ending March 31, 2026. This exemption is granted under Regulation 15(2) of SEBI (LODR) as the company's financials are below the mandatory thresholds. As of March 31, 2025, the company reported a paid-up equity share capital of ₹0.60 crore and a net worth of ₹14.30 crores. These figures are significantly lower than the ₹10 crore and ₹25 crore limits required for mandatory compliance.

Exempted from Regulation 24A of SEBI (LODR) for the financial year ending March 31, 2026
Paid-up Equity Share Capital stands at ₹0.60 crore, below the ₹10 crore threshold
Company Net Worth is ₹14.30 crores, below the ₹25 crore mandatory reporting limit
Exemption is based on financial data as of the year ended March 31, 2025

💡 This is a routine regulatory filing typical for small-cap companies and does not impact the company's fundamentals. Investors should continue to monitor the company's operational performance and quarterly earnings.

Niraj Ispat Industries Confirms Non-Applicability of Large Corporate Framework

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Apr 2026, 04:28 PM

Niraj Ispat Industries Limited has informed the stock exchange that it does not meet the criteria to be classified as a 'Large Corporate' under SEBI's debt securities framework. This declaration is based on the criteria specified in SEBI circulars dated November 26, 2018, and October 19, 2023. As a result, the company is not subject to the mandatory requirement of raising a portion of its incremental borrowings through the issuance of debt securities. This is a standard annual compliance disclosure for listed companies in India.

Company confirms it does not fall under the 'Large Corporate' criteria as of March 31.
Compliance with SEBI circulars regarding fund raising via debt securities.
Exempt from mandatory 25% incremental borrowing through debt markets.
Routine regulatory filing with no impact on operational or financial performance.

💡 No action is required from investors as this is a routine regulatory disclosure. Investors should focus on the company's upcoming financial results for actual performance metrics.

Niraj Ispat Promoter Confirms Zero Pledged Shares for FY 2025-26

🟢 POSITIVE ⭐ 3/10

REGULATORY 📅 08 Apr 2026, 11:10 AM

Promoter Vaidehi Chaudhary has submitted the annual declaration under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The disclosure confirms that the promoter, along with persons acting in concert, has not created any encumbrance on their shareholding during the year. As of March 31, 2026, the total number of pledged or encumbered shares by the promoter group is NIL. This routine filing provides transparency regarding the stability of the promoter's stake in the company.

Annual disclosure submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Promoter Vaidehi Chaudhary confirms zero encumbered or pledged shares as of March 31, 2026.
No new encumbrances were created directly or indirectly during the 2025-26 financial year.
The disclosure has been formally placed on record with the Audit Committee and the National Stock Exchange.

💡 No action is required as this is a routine regulatory filing. The confirmation of zero pledged shares is a positive sign of promoter financial stability.

View All NIRAJISPAT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment, primarily steel-related manufacturing. Revenue from operations for H1 FY26 was INR 1.92 Cr, representing a marginal decline of 0.83% compared to INR 1.93 Cr in H1 FY25. Quarterly revenue for Q2 FY26 stood at INR 0.96 Cr, a 6.2% decrease from INR 1.03 Cr in Q2 FY25.

Geographic Revenue Split

Not specifically disclosed in available documents; however, the company's registered office and operations are centered in North Delhi and Ghaziabad, Uttar Pradesh.

Profitability Margins

Net Profit Margin for H1 FY26 significantly improved to 31.6% (based on total income) from 25.7% in H1 FY25. This was driven by a 38% increase in 'Other Income' (INR 0.71 Cr vs INR 0.51 Cr) and better control over raw material costs, which fell from 49.9% of operational revenue to 45.5%.

EBITDA Margin

EBITDA for H1 FY26 was INR 1.21 Cr, resulting in an EBITDA margin of 45.8% on total income. This is an improvement from the H1 FY25 EBITDA of INR 0.93 Cr (38.1% margin), primarily due to the surge in investment-related other income.

Capital Expenditure

The company shows minimal capital expenditure. Property, Plant, and Equipment (Net) decreased from INR 1.16 Cr as of March 31, 2025, to INR 1.11 Cr as of September 30, 2025, indicating that depreciation (INR 0.075 Cr) outpaced new asset additions.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, stood at INR 4.78 Cr, comprising non-current borrowings of INR 4.02 Cr and current borrowings of INR 0.76 Cr. Finance costs remained low at INR 0.0098 Cr for H1 FY26, suggesting highly subsidized or promoter-linked interest rates.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not listed, but the 'Ispat' designation implies steel scrap, billets, or ingots. Raw material consumption accounted for 45.5% of operational revenue in H1 FY26 (INR 0.87 Cr).

Import Sources

Not disclosed in available documents; procurement is likely domestic given the scale of operations.

Capacity Expansion

Current installed capacity is not specified. The lack of significant change in Property, Plant, and Equipment (INR 1.11 Cr) suggests no major capacity expansion was undertaken in the current half-year.

Raw Material Costs

Raw material costs decreased by 9.6% YoY in H1 FY26 (INR 0.87 Cr vs INR 0.96 Cr), despite relatively flat revenue, indicating improved procurement efficiency or lower market prices for steel inputs.

Manufacturing Efficiency

Employee benefit expenses rose 8.1% YoY to INR 0.23 Cr in H1 FY26, while revenue slightly declined, suggesting a decrease in labor productivity per unit of revenue.

📈 Strategic Growth

Expected Growth Rate

32.70%

Growth Strategy

The company aims to achieve growth by leveraging its substantial 'Other Income' from investments (INR 0.71 Cr in H1 FY26) to offset sluggish core operational growth. Strategy includes maintaining a lean corporate structure and utilizing its net worth of INR 15.14 Cr to sustain operations during industry downturns.

Products & Services

Steel-based industrial products (implied by 'Ispat' name and raw material consumption patterns).

Brand Portfolio

Niraj Ispat Industries.

Market Share & Ranking

Not disclosed; the company is a small-cap entity with a paid-up capital of only INR 0.60 Cr.

Strategic Alliances

The company has a joint venture, Electiromeccanica India Private Limited, though its investment has been eroded due to accumulated losses and is not currently contributing to the financials.

🌍 External Factors

Industry Trends

The industry is facing a 'low trend' environment. The company is positioned as a small-scale player focusing on statutory compliance and maintaining a high net-worth-to-capital ratio to weather volatility.

Competitive Landscape

Operates in a fragmented steel products market with competition from both large-scale integrated plants and small-scale local manufacturers.

Competitive Moat

The company lacks a significant manufacturing moat but maintains a financial cushion through 'Other Equity' of INR 14.54 Cr, which is 24x its base share capital, providing high solvency.

Macro Economic Sensitivity

Highly sensitive to the Indian steel industry cycle and interest rate environments that affect investment income.

Geopolitical Risks

Minimal direct exposure; however, global steel price volatility influenced by geopolitical factors indirectly impacts raw material costs.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Companies Act 2013 and SEBI LODR Regulations. It is currently exempt from certain corporate governance requirements (Regulations 17-27) because its paid-up capital is below INR 10 Cr and net worth is below INR 25 Cr.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 25.8% (INR 0.29 Cr tax on INR 1.13 Cr PBT).

Legal Contingencies

The company was penalized INR 61,360 by SEBI for failing to appoint a qualified Company Secretary within the prescribed time under Regulation 6(1). The penalty was paid on June 6, 2025.