Investors'' presentation for the quarter and half year ended September 30,2025
NIRLON · price
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Awaiting price reaction for this filing.
Nirlon Ltd, a Mumbai-based commercial/IT-ITeS real estate company (GIC Singapore holds 63.92%), reported Q2-FY26 total income of INR 1,689 Mn (up 3.9% YoY) and EBITDA of INR 1,329 Mn at 78.69% margin. H1-FY26 total income stood at INR 3,359 Mn (up 4.8% YoY) with EBITDA margin of 78.83%. PAT jumped to INR 1,477 Mn in Q2 (and INR 2,061 Mn for H1), largely because the company moved to the new tax regime from Q2FY26 and reversed INR 69.5 Cr of deferred tax liability. Occupancy remained very high at 98.6%, and the company leased ~260,000 sq.ft. during Q2 to marquee tenants including Deutsche Bank, Barclays, MUFG, Citi, and EY. Debt outstanding from HSBC was INR 1,150 Cr (spread revised from 200 bps to 233 bps), with CRISIL reaffirming its AA+/Stable rating.
Core operations remain stable with high occupancy and strong lease renewals, but the headline PAT surge is largely a one-time tax accounting benefit rather than operational improvement. Slight margin compression and a higher loan spread are minor watchpoints, though the AA+ rating and marquee tenant additions support the long-term story.