Earning call transcript of the conference held on May 21,2025
NIRLON · price
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Nirlon reported Q4 FY25 total income of Rs. 161 crore (up 4% YoY), EBITDA of Rs. 126 crore (margin 78.22%), and PAT of Rs. 54 crore (up 5% YoY). For full-year FY25, total income was Rs. 645 crore (up 6% YoY), EBITDA Rs. 512 crore (margin 79.33%), and PAT Rs. 218 crore (up 6% YoY). Average occupancy stood at 98.2%, with 76,000 sq ft already licensed by BNP and 15,000 sq ft under advanced discussion for the vacant 92,000 sq ft at NKP. Of the 316,000 sq ft coming up for renewal in FY26, terms have been finalised for 136,000 sq ft. Rental rates for NTT and Barclays are in the Rs. 174–185 per sq ft per month range. Cash on the balance sheet rose to Rs. 164 crore, and a Rs. 11 per share dividend is planned for October.
Operational performance is steady with high occupancy and consistent rental escalations, but several minority shareholders openly expressed frustration over the absence of any update on the long-pending corporate restructuring, the choice of tax regime, plans for surplus cash, and the non-participation of majority shareholder GIC in calls. This lack of clarity on capital allocation and structural tax inefficiency could keep a lid on valuation re-rating despite strong cash generation.