Monitoring Agency Report for the quarter ended December 31, 2025.
NITCO · price
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Nitco Limited's Monitoring Agency (Infomerics Valuation and Rating) confirmed no deviation from the stated objects of its Rs. 625.21 crore preferential issue (equity shares and convertible warrants at Rs. 92.25 each). Of the Rs. 463.24 crore actually received so far, the company has utilised Rs. 441.71 crore, with Rs. 21.53 crore (about 5%) still unutilized and parked in HDFC Bank fixed deposits at 7.25% interest. During the December 2025 quarter, only Rs. 16.77 crore was deployed — entirely towards working capital for the tiles and marble business. Debt repayment (Rs. 200 cr) and payment to operational creditors (Rs. 50 cr) are fully completed, while the reallocated real estate acquisition object (Rs. 251.94 cr, used: Rs. 89.98 cr) and general corporate purposes (Rs. 25.21 cr, used: Rs. 11.31 cr) remain largely unspent. The company has missed its stated 6-month utilisation timeline by about five months across the ongoing objects.
Shareholders should note that the stock's market price is currently below the warrant exercise price of Rs. 92.25, which could discourage warrant conversion and delay the remaining Rs. 161.97 crore inflow. The unutilised funds and timeline slippage suggest slower-than-promised deployment, though the safe parking in bank FDs limits immediate concern. Completion of debt repayment is a positive for the balance sheet.