NSE: NIBE · BSE: 535136
NIBE LIMITED
Manufactures and supplies defence equipment to the Indian armed forces, with a small aeronautics line that is currently loss-making. The Defence segment accounts for 91.2% of FY26 segment revenue at Rs 434.02 crore and is profitable, while Aeronautics contributes the remaining 8.8% at Rs 41.72 crore and reported a negative EBIT. Product portfolio includes rocket launchers (Suryastra, a 300km system), loitering munitions (Vayu Astra-1), and vehicle-mounted mortars (Garudastra 120mm). A Rs 293 crore Indian Army contract under the Emergency Procurement framework was awarded in January 2026 for the Suryastra system, which completed trials at ITR Chandipur in May 2026 with 1.5m and 2.0m CEP accuracy. The company operates a 200-acre Shirdi defence facility and, through its subsidiary Nibe Defence and Aerospace Limited, has secured a DPIIT licence to manufacture and proof-test firearms. Customers are government defence buyers, primarily the Indian Army, and the cost structure is dominated by materials (19.2% of revenue) and capital expenditure (23.7% of revenue), reflecting the asset-heavy nature of defence manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence (91%), Aeronautics (9%). Asset-heavy defence manufacturing with a small, loss-making aeronautics line
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 105 | 282 | 507 | 474 |
| EBITDA (ex other income) | 9 | 36 | 60 | 45 |
| margin % | 8.5 | 12.6 | 11.8 | 9.4 |
| Owners' profit | 2 | 19 | 27 | 6 |
| EPS, as reported (₹) | 1.51 | 14.97 | 19.76 | 3.88 |
| ROE % · ROCE % | 2.1 · 5.5 | 9.9 · 13.0 | 11.2 · 15.4 | 0.0 · 4.6 |
| Debt / equity (x) | 0.52 | 0.34 | 0.30 | 0.30 |
| Cash from operations | — | 18 | 25 | (35) |
| Capex | — | (102) | (49) | (113) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136 | 149 | 113 | 82 | 73 | 59 | 260 | 63 |
| Profit before tax | 12 | 2 | 15 | 2 | (13) | (22) | 37 | (15) |
| Net profit | 9 | 2 | 9 | 1 | (10) | (19) | 28 | (12) |
| EPS (₹) | 6.34 | 1.35 | 6.11 | 0.72 | (6.69) | (11.76) | 20.11 | (7.34) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Defence | 516 | 92.4 |
| Aeronautics | 42 | 7.5 |
| Aviation | 1 | 0.2 |
| Total, before eliminations | 558 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 5.0 | 9.9 | 4 of 23 | 86% |
| ROCE | 0.9 | 13.6 | 24 of 26 | 8% |
| ROE | 0.0 | 10.9 | 20 of 23 | 14% |
| Debt / Equity | 0.3 | 0.0 | 19 of 23 | 18% |
| EBITDA margin | (11.9) | 22.3 | 23 of 23 | 0% |
| Revenue growth | (23.6) | 24.9 | 19 of 23 | 18% |
| Profit growth | (1250.7) | 14.9 | 21 of 21 | 0% |
| Market cap | 1772 | 6484 | 21 of 26 | 20% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · NIBE Limited files SEBI Regulation 74(5) certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · NIBE Limited gets credit rating of BBB minus Stable from Infomerics | credit debt | medium | — | — |
| 1 Oct 2026 · NIBE AGM 2026 results: All 16 resolutions passed, dividend of Rs 1.30 declared | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Director Ranjana Mimani resigns from NIBE Limited board | management changes | medium | — | — |
| 29 Sept 2026 · NIBE Limited director Ranjana Mimani resigns citing pre-occupancy | management changes | medium | — | — |
| 29 Sept 2026 · NIBE 21st AGM held; dividend of Rs 1.30 per share declared | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · NIBE Limited closes Trading Window from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 18 Sept 2026 · Nibe Limited signs strategic MoU with Naval Group, France for naval tech | strategic transactions | high | — | — |
| 8 Sept 2026 · Newspaper advertisement regarding 21st AGM notice and e-voting info | compliance | minimal | — | — |
| 7 Sept 2026 · Nibe Limited: Annual Report FY26 access and AGM details for shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.