NIRLON LTD

Leases commercial office space at two Mumbai properties — Nirlon Knowledge Park in Goregaon (~3.08 million sq ft) and a 75% stake in Nirlon House in Worli. Revenue comes from licensing these premises to corporate tenants, with global banks and Global Capability Centres among the key occupiers; recent re-licensing of 2,60,000 sq ft went to Deutsche Bank, Barclays, MUFG, Citi and EY, with annual escalations now embedded in most recent agreements. As of 31 March 2026, occupancy across the two properties stood at 99.7%, with only ~8,000 sq ft vacant. FY26 revenue from operations was Rs. 669.17 cr, and the cost shape is dominated by other operating expenses at 21.2% of revenue and depreciation at 8.3%, with employee costs just 0.9%. GIC Singapore holds a 63.92% stake through an affiliate, and the company carries HSBC debt of Rs. 1,150 cr at 7.75% against Rs. 287 cr parked in FDs at 5.5%. FY26 PAT of Rs. 346 cr includes a Rs. 69.5 cr one-time deferred tax reversal from migrating to the new concessional tax regime in Q2 FY26.