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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Licensing of commercial office space. Asset-heavy, single-segment commercial property landlord licensing office space in Mumbai
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 384 | 573 | 603 | 636 | 669 |
| EBITDA (ex other income) | 297 | 458 | 477 | 503 | 521 |
| margin % | 77.4 | 80.0 | 79.1 | 79.1 | 77.9 |
| Owners' profit | 111 | 158 | 206 | 218 | 346 |
| EPS, as reported (₹) | 12.30 | 17.52 | 22.81 | 24.21 | 38.39 |
| ROE % · ROCE % | 23.2 · 11.8 | 39.3 · 18.9 | 55.1 · 22.0 | 61.1 · 22.9 | 73.8 · 23.3 |
| Debt / equity (x) | 2.47 | 2.85 | 3.07 | 3.21 | 2.45 |
| Cash from operations | 473 | 392 | 428 | 512 | 553 |
| Capex | (161) | 0 | 0 | (47) | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 157 | 160 | 161 | 158 | 163 | 165 | 170 | 171 |
| Profit before tax | 78 | 87 | 90 | 84 | 90 | 93 | 93 | 96 |
| Net profit | 50 | 56 | 58 | 54 | 58 | 148 | 69 | 71 |
| EPS (₹) | 5.53 | 6.27 | 6.47 | 5.94 | 6.48 | 16.39 | 7.69 | 7.83 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,611 | 22.3 | 9.15 | 13.1 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 23 Aug 2026 · Nirlon 67th AGM on Sept 18, 2026 via video conferencing; Rs 15 dividend | compliance | minimal | — | — |
| 21 Aug 2026 · TDS email sent to shareholders for Nirlon Rs 15 final dividend FY26 | compliance | minimal | — | — |
| 21 Aug 2026 · Nirlon 67th AGM on Sep 18, 2026; final dividend Rs 15 per share | compliance | minimal | — | — |
| 17 Aug 2026 · Nirlon 67th AGM on Sep 18, 2026 with Rs 15 dividend proposal | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Nirlon Ltd files BRSR for FY 2025-26 with 67th Annual Report | compliance | low | — | — |
| 17 Aug 2026 · Nirlon files 67th Annual Report for FY26 with Rs 15 final dividend | compliance | medium | — | — |
| 17 Aug 2026 · 67th Annual Report FY 2025-26, final dividend of Rs 15 per share | compliance | medium | — | — |
| 17 Aug 2026 · Nirlon Q1 FY27 Earnings: PAT up 19%, EBITDA margins at 77.3% | investor communications | medium | — | — |
| 11 Aug 2026 · Nirlon shares audio link for Q1 FY27 earnings call held on Aug 11, 2026 | investor communications | low | — | — |
| 11 Aug 2026 · 67th AGM on Sept 18, 2026 - Final Dividend of Rs.15 per share announced | compliance | minimal | — | — |
| 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 |
| SMARTWORKS COWORKING SP L |
| 6,079 |
| 218.0 |
| 11.45 |
| 5.1 |
| 2.0 |
| 0.3 |
| — |
| 65.8 |
| NIRLON LTD ◆ | 5,526 | 16.0 | 11.79 | — | 73.8 | 18.1 | — | 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.0 | 14.3 | 50 of 89 | 44% |
| P/B | 11.8 | 1.5 | 87 of 92 | 6% |
| ROCE | 18.1 | 3.2 | 10 of 105 | 91% |
| ROE | 73.8 | 3.1 | 3 of 116 | 98% |
| Debt / Equity | 2.5 | 0.0 | 111 of 116 | 4% |
| EBITDA margin | 79.4 | 25.4 | 16 of 92 | 84% |
| Revenue growth | 8.2 | 16.2 | 56 of 91 | 39% |
| Profit growth | 31.8 | 5.2 | 50 of 110 | 55% |
| Market cap | 5526 | 56 | 6 of 104 | 95% |
| 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 |
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.
