IR PRESENATION FOR THE QUARTER AND F.Y. ENDED MARCH 31,2026
NIRLON · price
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Nirlon Ltd, a commercial IT park developer in Mumbai, reported FY26 total income of INR 6,833 Mn (up 5.9% YoY) and EBITDA of INR 5,354 Mn with a 78.36% margin (down 97 bps from 79.33% in FY25). PAT surged 58.6% to INR 3,460 Mn with margins expanding to 50.64%, driven by higher other income and lower tax expense. The company owns Nirlon Knowledge Park (~3.08 Mn sq ft in Goregaon) and 75% of Nirlon House in Worli, with occupancy at ~99.7% as of March 2026. Only 8,000 sq ft was vacant across both properties. The board declared interim dividend of INR 15/share and proposed final dividend of INR 15/share. GIC Singapore holds 63.92% stake through its affiliate.
Strong PAT growth driven by tax benefits and other income masks the slight EBITDA margin decline. The company maintains high occupancy and cash generation (CFO of INR 4,775 Mn), but investors should monitor the margin trajectory and upcoming license renewals starting FY27.