The Earning call transcript of the investors call held on February 11,2026
NIRLON · price
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Nirlon reported Q3 FY26 total income of Rs. 173 crores (up 6% YoY) with EBITDA of Rs. 135 crores and PAT of Rs. 69 crores at margins of 77.93% and 40.04% respectively. For the nine months, income was Rs. 509 crores (up 5% YoY) with EBITDA of Rs. 400 crores. Occupancy stood at 99.7% across NKP and Nirlon House, with only about 7,800 sq ft vacant. Citi renewed roughly 25,000 sq ft at a new rate "north of Rs. 185 per sq ft." The Board declared an interim dividend of Rs. 15 (150%) per share and cash balance stood around Rs. 325 crores. The company has moved to the new concessional tax regime from Q2 FY26. Debt of about Rs. 1,150 crores is priced at 30-day T-bill plus 233 bps.
Steady but slowing growth (revenue up 6% but EBITDA up just 1% in Q3) signals limited near-term upside given near-full occupancy; the strong dividend and cash pile offer income support, though management gave no commitment on a special dividend, buyback, or expansion, which may limit re-rating potential.