Earnings call transcript of the investors/ analysts call held on November 17,2025
NIRLON · price
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Nirlon Ltd reported Q2 FY26 total income of Rs. 169 crore (up ~4% YoY) and EBITDA of Rs. 133 crore (up ~2% YoY) with margins at 78.69%. PAT for the quarter surged to Rs. 148 crore largely due to a one-time reversal of Rs. 69.5 crore in deferred tax liability after the company moved to the new concessional tax regime from Q2 FY26. For H1 FY26, total income was Rs. 336 crore (up ~5% YoY) with EBITDA of Rs. 265 crore and EBITDA margins of 78.83%. Occupancy remained very strong at 98.6%, with about 2,60,000 sq ft re-leased during the quarter to Deutsche Bank, Barclays, MUFG, Citi and EY after Morgan Stanley's exit. The final dividend of Rs. 11 per share for FY25 has already been paid.
Short-term PAT looks inflated by a tax one-off, so underlying earnings remain steady rather than dramatically improved. The shift to the new tax regime could lead to higher future dividends and stronger cash flows, but management declined to give specific guidance on payouts or on REIT/restructuring plans, leaving key strategic questions unanswered.