Nitco Limited has submitted to the Exchange, the financial results for the period ended June 30, 2025.
NITCO · price
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On the reaction day the stock moved 1.0 pts more than Nifty Microcap 250 and 0.9 pts more than its Ceramics peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Nitco Limited reported a sharp turnaround in Q1 FY26 with standalone profit after tax of Rs. 4,920.65 lakhs compared to a loss of Rs. 4,351.90 lakhs in Q1 FY25. Total revenue from operations more than doubled to Rs. 14,968.68 lakhs (standalone) from Rs. 6,931.51 lakhs a year ago, driven largely by a one-time recognition of Rs. 5,842 lakhs as an interest-free adjustable advance from a Joint Development Agreement (JDA) for the Alibaug land plotted development. The core Tiles business, however, remained in segment loss of Rs. 816.61 lakhs despite 31% revenue growth to Rs. 9,070 lakhs. The auditor (M M Nissim & Co LLP) issued a clean limited review report but flagged four Emphasis of Matter items, including an unresolved DGFT penalty of Rs. 17,000 lakhs (no provision made), an unrecovered capital advance of Rs. 855 lakhs to Saumya Buildcon, pending bank balance confirmations, and the variable-consideration nature of the Alibaug JDA income.
The headline turnaround looks dramatic, but most of the profit comes from booking a real estate advance rather than sustainable operating earnings — the core tiles business is still loss-making. Shareholders should weigh the DGFT penalty exposure (Rs. 17,000 lakhs) as a material contingent risk, while the pending Kanjurmarg property sale (Rs. 23,200 lakhs) could be a positive trigger if completed. Stock may react positively to the return to profit, but the quality of earnings warrants caution.