NSE: NIRLON · BSE: 500307
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD ◆ | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 13.0 | 44 of 79 | 45% |
| P/B | 12.1 | 1.3 | 90 of 95 | 5% |
| ROCE | 18.1 | 3.4 | 10 of 103 | 91% |
| ROE | 73.8 | 2.9 | 3 of 113 | 98% |
| Debt / Equity | 2.5 | 0.1 | 86 of 91 | 6% |
| 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 | 5677 | 47 | 4 of 108 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Nirlon Ltd schedules Q2 FY27 earnings call on Nov 2, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Inter-se share transfer among PACs in Nirlon; FPI holding rises to 15.06% | ownership changes | high | — | — |
| 16 Oct 2026 · Inter-se share transfer within FPI group at Nirlon, no net holding change | ownership changes | high | — | — |
| 12 Oct 2026 · Compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · FPI acquirer InRe Fund II buys 2.58% in Nirlon via open market | ownership changes | high | — | — |
| 28 Sept 2026 · Nirlon board meeting on Nov 2 to review Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 to Nov 5, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Board meeting on Nov 2, 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 20 Sept 2026 · Nirlon AGM 2026 results - all 4 resolutions passed, Rs.15 dividend declared | compliance | minimal | — | — |
| 18 Sept 2026 · Nirlon final dividend Rs 15 per share for FY26, payment from Sep 23 | corporate actions | high | — | — |
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.