Nitco Limited (NITCO)
📢 Recent Corporate Announcements
Infomerics Valuation and Rating Limited has reaffirmed its rating of 'IVR BB+/Stable' on Nitco Limited's facilities totaling ₹200.00 crore. The rated instruments include ₹50.00 crore of Non-Convertible Debentures (coupon 5.00%, maturing February 2028) and ₹150.00 crore of Redeemable Non-Convertible Preference Shares (coupon 0.10%, maturing March 2035). The rating assessment took into account the company's operational and financial performance for FY26 and Q1 FY27.
- Credit rating reaffirmed at 'IVR BB+/Stable' across all reviewed facilities totaling ₹200.00 crore
- Non-Convertible Debentures of ₹50.00 crore carry a 5.00% coupon with maturity in February 2028
- Redeemable Non-Convertible Preference Shares of ₹150.00 crore carry a 0.10% coupon with maturity in March 2035
- Rating is valid for one year through September 01, 2027
NITCO Limited has signed a Memorandum of Understanding (MoU) with The House of Abhinandan Lodha (HoABL) to develop a 40-acre premium mixed-use project in Alibaug. The project is estimated to generate ₹4,500 crore in total revenue over five years, with NITCO's share projected at approximately ₹1,500 crore. The development across Thal and Lonare villages will feature luxury apartments, townhouses, and a boutique hotel executed via wholly owned subsidiaries. The transaction is at the MoU stage and remains subject to statutory approvals and definitive agreements.
- MoU signed to develop 40-acre mixed-use land in Thal and Lonare villages, Alibaug
- Total project revenue potential estimated at ₹4,500 crore over a 5-year period
- NITCO's expected revenue share is ~₹1,500 crore over 5 years (~295% of TTM revenue)
- Project includes luxury apartments, townhouses, curated amenities, and a boutique hotel
- Transaction pending statutory approvals and execution of definitive agreements
NITCO Limited, its subsidiary NITCO Realties, and promoter Vivek Talwar have signed an MoU with HoABL Impactum Land Pvt. Ltd. (House of Abhinandan Lodha) for a joint mixed-use development over 40 acres in Alibaug. The project is projected to generate ₹1,500 crore in revenue for NITCO and ₹3,000 crore for HoABL over a five-year period. HoABL plans to invest ₹1,000 crore towards construction for luxury apartments, townhouses, and a boutique hotel. The transaction remains at the MoU stage, subject to conditions precedent, statutory approvals, and definitive agreements.
- MoU signed for developing 40 acres of land parcels at Thal and Lonare in Alibaug, Raigad.
- Projected revenue of ₹1,500 crore for NITCO and ₹3,000 crore for HoABL over a 5-year timeline.
- HoABL envisages a construction investment of ₹1,000 crore.
- Deal is non-related party and subject to statutory approvals and definitive agreements.
Nitco Limited has dispatched letters containing the web-link for its FY26 Annual Report and Notice of the 60th Annual General Meeting (AGM) to shareholders whose email addresses are not registered. The 60th AGM is scheduled to be held virtually on Thursday, September 17, 2026, at 11:30 AM IST. The cut-off date for remote e-voting eligibility is Thursday, September 10, 2026. The remote e-voting period runs from September 12, 2026 (09:00 AM IST) to September 16, 2026 (05:00 PM IST).
- 60th Annual General Meeting scheduled for Thursday, September 17, 2026, at 11:30 AM IST via Video Conferencing
- Cut-off date for remote e-voting set for Thursday, September 10, 2026
- Remote e-voting window opens September 12, 2026 (09:00 AM IST) and closes September 16, 2026 (05:00 PM IST)
- Dispatched web-link communication under Regulation 36(1)(b) to shareholders without registered emails
Nitco Limited has fully recovered a legacy capital advance of Rs. 995.98 Lakhs (~₹9.96 Cr) from Saumya Buildcon Private Limited. The advance was provided over a decade ago for a land procurement transaction that failed to materialise. With this full settlement, no dues remain outstanding from SBPL, providing immediate liquidity of ~2% of TTM revenue.
- Received entire balance outstanding amount of Rs. 995.98 Lakhs (~₹9.96 Cr) from Saumya Buildcon Private Limited
- Capital advance was originally disbursed more than a decade ago for land procurement that did not materialise
- Capital advance is fully settled with zero balance outstanding as of August 24, 2026
Nitco Limited has dispatched letters containing the web-link for its 60th Annual General Meeting (AGM) Notice and Annual Report for FY 2025-26 to shareholders whose email addresses are unregistered. The AGM is scheduled for September 17, 2026, at 11:30 AM IST via Video Conferencing. The cut-off date for remote e-voting eligibility is set for September 10, 2026, with the voting window open from September 12 to September 16, 2026. This is a standard statutory compliance filing under SEBI LODR Regulation 36(1)(b).
- 60th Annual General Meeting scheduled for September 17, 2026, at 11:30 A.M. IST via VC/OVAM
- Cut-off date for remote e-voting set as September 10, 2026
- Remote e-voting window runs from September 12, 2026 (09:00 AM) to September 16, 2026 (05:00 PM)
- Dispatched web-link details of FY 2025-26 Annual Report to shareholders with unregistered emails
Nitco Limited has dispatched communication letters to shareholders whose email addresses are not registered with the company or depositories, providing web-links to access the Annual Report FY 2025-26 and Notice of the 60th Annual General Meeting (AGM). The 60th AGM is scheduled to be held on Thursday, September 17, 2026, at 11:30 AM IST via video conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is set as Thursday, September 10, 2026. Remote e-voting will commence on September 12, 2026, and conclude on September 16, 2026.
- 60th AGM scheduled for Thursday, September 17, 2026, at 11:30 AM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility fixed as Thursday, September 10, 2026
- Remote e-voting window opens September 12, 2026 (09:00 AM IST) and closes September 16, 2026 (05:00 PM IST)
- Communication dispatched pursuant to Regulation 36(1)(b) of SEBI LODR Regulations for FY 2025-26 Annual Report
Nitco Limited has issued the notice for its 60th Annual General Meeting scheduled for September 17, 2026, via video conferencing. A key special resolution involves seeking shareholder approval to revise the limit for material related party transactions with Authum Investment & Infrastructure Limited up to ₹250 crore for FY27. This proposed ₹250 crore limit represents approximately 49.2% of Nitco's TTM revenue of ₹508 crore. Other agenda items include the adoption of FY26 financial statements, reappointment of retiring director Ms. Poonam Talwar, and ratification of cost auditor remuneration of ₹75,000.
- 60th AGM scheduled for September 17, 2026; e-voting cut-off date fixed as September 10, 2026.
- Shareholder approval sought for Material Related Party Transactions with Authum Investment & Infrastructure Ltd up to ₹250 Crores for FY 2026-27.
- Proposed remuneration of ₹75,000 plus out-of-pocket expenses for Cost Auditor M/s. R. K. Bhandari & Co. for FY27.
- Standalone borrowings stood at ₹24,340.70 Lakhs (₹243.41 crore) as of March 31, 2026.
Nitco Limited has approved a significant Rs 200 Cr buyer finance (bills discounting) agreement with Progcap for FY 2026-27, representing approximately 37% of its TTM revenue. The company confirmed the full utilization of Rs 542.11 Cr raised through preferential issues, with Rs 200 Cr directed toward debt repayment and Rs 168.85 Cr for real estate expansion. However, a major legal risk remains as the company is appealing a Rs 170 Cr penalty from ADGFT regarding export obligations. Real estate monetization efforts are ongoing, with a Rs 143 Cr advance already received for the Kanjurmarg property.
- Approved a Rs 200 Cr bills discounting agreement with Desiderata Impact Ventures (Progcap) for FY 2026-27.
- Fully utilized Rs 542.11 Cr raised via preferential issue, including Rs 200 Cr for debt repayment.
- Facing a Rs 170 Cr penalty from ADGFT for export obligation non-fulfillment, currently under appeal in Bombay High Court.
- Shareholders approved monetization of Kanjurmarg property for Rs 143 Cr plus non-monetary office space.
- Allocated Rs 168.85 Cr from fundraise for acquisition of real estate and land to propel growth.
Nitco Limited's board has approved a significant debtor's bills discounting agreement with Progcap for approximately Rs 200 Cr for FY 2026-27, representing ~37% of its TTM revenue. The company also reported the full utilization of Rs 542.11 Cr raised via preferential issues, with Rs 200 Cr directed toward debt repayment and Rs 168.85 Cr for real estate acquisitions. Investors should note a major contingent liability of Rs 170 Cr regarding an ADGFT penalty currently being contested in the Bombay High Court. Additionally, the company received Rs 83.09 Cr post-June 2026 from the final 75% subscription of promoter warrants.
- Approved a Rs 200 Cr bills discounting agreement with Desiderata Impact Ventures (Progcap) for FY 2026-27
- Utilized Rs 200 Cr from preferential issue proceeds specifically for debt repayment and NCD redemption
- Disclosed a Rs 170 Cr penalty from ADGFT for export obligation non-fulfillment, which remains unprovided for in books
- Received Rs 83.09 Cr subsequent to Q1 FY27 from the exercise of 1.20 Cr promoter warrants
- Pending recognition of Rs 143 Cr from Kanjurmarg property monetization despite receiving the advance
Nitco Limited has approved a ₹200 Cr buyer finance agreement with Progcap for debtor's bills discounting in FY27, providing significant working capital support. The company confirmed full utilization of ₹542.11 Cr raised through preferential issues, with ₹200 Cr directed toward debt repayment and ₹168.85 Cr for real estate/expansion. However, a ₹170 Cr penalty from ADGFT for export obligation defaults remains a major legal risk, currently contested in the Bombay High Court. Real estate monetization of the Kanjurmarg property (advance of ₹143 Cr received) is still pending final definitive agreements.
- ₹200 Cr buyer finance agreement approved with Desiderata Impact Ventures (Progcap) for FY 2026-27
- ₹542.11 Cr total funds raised via preferential issue/warrants fully utilized as of June 30, 2026
- ₹170 Cr penalty levied by ADGFT for non-fulfillment of export obligations, currently under litigation
- ₹200 Cr of raised funds utilized for repayment of existing debt and NCD redemption
- ₹143 Cr advance received for Kanjurmarg property monetization, though sale recognition is pending
Nitco Limited has announced the resignation of Mr. Amit Dhawan from his role as Senior Advisor & Consulting Partner (Senior Managerial Personnel), effective August 07, 2026. The resignation is attributed to personal commitments. This management change occurs while the company is executing a 'strong comeback' strategy targeting a 30% CAGR and transitioning to an asset-light, franchisee-led model. The company recently utilized a preferential issue of ₹625.21 Cr to deleverage its balance sheet, which currently carries ₹250 Cr in debt.
- Mr. Amit Dhawan resigned as Senior Advisor & Consulting Partner effective August 07, 2026.
- The resignation is due to personal commitments, with no other material reasons cited.
- Nitco is currently pursuing a premiumisation strategy to achieve a projected 30% CAGR.
- The company is leveraging a ₹625.21 Cr preferential issue to improve its financial position.
- Nitco reported TTM revenue of ₹542 Cr and a TTM PAT of ₹29 Cr as of the latest period.
Nitco Limited has announced the resignation of Mr. Amit Dhawan from his position as Senior Advisor & Consulting Partner (Senior Management Personnel), effective August 07, 2026. The resignation is attributed to personal commitments. This management change occurs as the company attempts a 'strong comeback' strategy targeting a 30% CAGR and transitioning to an asset-light franchisee model. No successor has been named in the current filing.
- Mr. Amit Dhawan resigned as Senior Advisor & Consulting Partner effective August 07, 2026
- The company is currently executing a turnaround strategy involving a ₹625.21 Cr preferential issue for deleveraging
- Nitco is targeting a 30% CAGR through premiumization and expanding its retail footprint
- The company reported a TTM revenue of ₹542 Cr with a thin operating margin of 4.6%
Nitco Limited has disclosed the resignation of Mr. Amit Dhawan from his position as Senior Advisor & Consulting Partner and Senior Managerial Personnel (SMP). The resignation takes effect from the close of business hours on August 7, 2026, citing personal commitments. Nitco, which recorded a TTM revenue of ₹508 Cr and a net loss of ₹10.33 Cr in Q1 FY27 (Jun 2026), continues its transition toward an asset-light franchisee model. The departure of an advisory SMP is procedural and unlikely to materially impact ongoing operations.
- Resignation of Mr. Amit Dhawan, Senior Advisor & Consulting Partner (SMP), effective close of business hours on August 7, 2026
- Reason cited for the resignation is personal commitments
- Resignation was formally submitted and acknowledged on August 7, 2026
Promoter Vivek Talwar has increased his stake in Nitco Limited by converting warrants into 55,05,935 equity shares. The transaction, valued at approximately Rs 38.09 crore, raises his individual holding from 11.22% to 13.16%. This acquisition was executed on July 24, 2026, through a preferential allotment. This move is part of the company's broader strategy to utilize a Rs 625.21 crore preferential issue for deleveraging and supporting its asset-light growth model.
- Acquisition of 55,05,935 equity shares by Promoter Vivek Talwar through warrant conversion
- Total transaction value reported at Rs 38,09,41,878 (approx. Rs 38.09 Cr)
- Promoter's individual stake increased by 1.94 percentage points to 13.16%
- Transaction value represents approximately 1.65% of the company's Rs 2,309 Cr market capitalization
- Conversion follows the company's plan to raise Rs 625.21 Cr via preferential issues for debt reduction
Financial Performance
Revenue Growth by Segment
Total Operating Income declined by 3.78% from INR 325.22 Cr in FY24 to INR 312.92 Cr in FY25. The Marble segment contributes approximately 11% of total revenue as of FY25. Real Estate inventory saw a significant increase of 75.9% from INR 150.00 Cr to INR 263.89 Cr, indicating a shift in segment focus.
Geographic Revenue Split
NITCO exports to over 40 countries globally. Domestically, the Asia Pacific region dominates the market, with West India holding the largest share of the Indian market for the company's tile and marble products.
Profitability Margins
The company reported a Net Loss of INR 741.15 Cr in FY25, a sharp increase from a loss of INR 162.96 Cr in FY24, primarily due to exceptional items and debt restructuring. PAT Margin worsened from -49.37% to -226.14% YoY.
EBITDA Margin
EBITDA Margin improved slightly from -13.18% (INR -42.87 Cr) in FY24 to -11.05% (INR -34.73 Cr) in FY25. This 2.13% improvement reflects better operating profit management despite the overall revenue decline.
Capital Expenditure
The company is undergoing a 'Turnaround Phase' (2020-2025) involving the disposal of Property, Plant, and Equipment (PPE) at the Alibaug factory to pivot towards an asset-light model. Planned asset monetization is expected to support repayments of INR 30-40 Cr between FY26 and FY28.
Credit Rating & Borrowing
The company's credit rating was assigned as IVR D (Default) by Infomerics in September 2024 due to continuous delays in debt servicing. Total debt was significantly reduced by 70.5% from INR 971.13 Cr in FY24 to INR 285.92 Cr in FY25 following a preferential issue of INR 625.21 Cr.
Operational Drivers
Raw Materials
Key raw materials include clay, feldspar, and marble blocks. Historically, Chinese imports represented a significant portion of the cost structure, though reliance has been reduced to mitigate forex risks.
Import Sources
Raw materials and finished goods were historically sourced heavily from China; however, the company is now focusing on domestic sourcing and processing at its marble plants in India.
Key Suppliers
Not specifically named in the documents, but the company manages a distribution network of franchisees and retail partners across India.
Capacity Expansion
The company has shifted away from heavy manufacturing, evidenced by the shutdown of the Alibaug plant. It is now focusing on a franchisee-led model and trading of floor and wall solutions to maintain an asset-light structure.
Raw Material Costs
Raw material costs are highly sensitive to foreign exchange fluctuations, which previously inflated costs and eroded margins. The company has implemented a strategic talent management system to improve operational efficiency and reduce waste.
Manufacturing Efficiency
The company is focusing on 'Premiumisation' and 'HD Digital Printing' technology to increase the value of output per unit. Inventory turnover ratio slightly decreased from 4.16 in FY24 to 3.97 in FY25.
Logistics & Distribution
Distribution is managed through a pan-India network of display centers and franchisees. Trade payables decreased by 41.3% from INR 157.49 Cr to INR 92.50 Cr in FY25, suggesting improved vendor payment cycles post-restructuring.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
The 30% CAGR will be achieved through a 'strong comeback' strategy focusing on premiumisation, expanding the retail footprint, and leveraging a revitalized team. The company is utilizing a preferential issue of INR 625.21 Cr to deleverage the balance sheet and fund growth in the surfaces and real estate domains.
Products & Services
Floor and wall solutions including ceramic tiles, vitrified tiles, marble, mosaico, and real estate development projects.
Brand Portfolio
NITCO, Nitco Tiles, Nitco Marble, Nitco Mosaico.
New Products/Services
New product launches include HD Digital Printing and Double Digital Printing Technology tiles, aimed at the luxury housing segment to capture higher margins.
Market Expansion
Expansion is targeted at metros and new premium project drops, aligning with luxury housing flows and offering end-to-end design-supported surface packages.
Strategic Alliances
The company works with major developers like the Shapoorji Pallonji Group for project-channel sales.
External Factors
Industry Trends
The industry is shifting toward premium, high-definition surfaces. NITCO is positioning itself to capture this by moving away from commodity tiles toward designer and luxury collections with a projected 30% CAGR.
Competitive Landscape
Competes with major Indian tile manufacturers; market dynamics are driven by the 'Buildings & Decoration' segment, particularly in West India.
Competitive Moat
NITCO's moat lies in its 50+ year brand legacy and its extensive pan-India distribution network. Sustainability is maintained through a shift to an asset-light franchisee model which reduces fixed cost burdens.
Macro Economic Sensitivity
Highly sensitive to the premium housing cycle and macroeconomic shifts that affect consumer discretionary spending on home decoration.
Consumer Behavior
Increasing demand for 'natural variation' and 'HD digital' finishes in tiles as consumers move toward premium home aesthetics.
Geopolitical Risks
Trade barriers or supply chain disruptions in the 40+ export countries could impact the international revenue stream.
Regulatory & Governance
Industry Regulations
Operations are subject to real estate regulatory approvals for its land bank development and manufacturing standards for tile and marble processing.
Legal Contingencies
The company is involved in a debt restructuring process; it recently completed a preferential issue of INR 625.21 Cr to settle existing debt and redeem non-convertible debentures.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to maintain timely debt servicing, given the 'Poor' liquidity rating and historical defaults. A failure to monetize real estate assets as planned would impact the ability to meet the INR 30-40 Cr annual repayment schedule.
Geographic Concentration Risk
High concentration in West India, making the company vulnerable to regional economic downturns or construction slowdowns in that specific area.
Third Party Dependencies
Heavy reliance on a network of franchisees and dealers; attrition in this network (Dealer Attrition Risk) would directly negate brand image and sales.
Technology Obsolescence Risk
Risk of falling behind in digital printing technologies; mitigated by recent investments in HD and Double Digital Printing capabilities.
Credit & Counterparty Risk
Trade receivables increased to INR 64.44 Cr in FY25, indicating rising counterparty credit risk from dealers and developers.
