NSE: NITIRAJ
NITIRAJ ENGINEERS LTD
Manufactures non-automatic weighing instruments and scales under the PHOENIX brand from a facility at MIDC Awdhan, Dhule, Maharashtra. The product line includes models such as PAS-150 and the NEP-100 (100 kg capacity), built for Accuracy Class III use. Customers are both government departments and private buyers — recent orders include 58,237 PAS-150 units worth Rs 8.66 crore (including GST) from the Uttar Pradesh Government's Women Welfare Department for mother and child welfare use, and 9,925 NEP-100 units worth Rs 5.32 crore (including GST) from Linkwell Telesystems. The company also runs a Calibration Division that received Government Approved Test Centre (GATC) approval in May 2026 from the Ministry of Consumer Affairs, authorising in-house verification of Accuracy Class III instruments up to 150 kg at a capacity of 2,600 units per month, valid until May 2027; this capability is expected to cut annual external verification costs by about Rs 50 lakhs. FY26 revenue was Rs 46.41 crore. Materials form the largest cost line at 43.2% of revenue, followed by other operating expenses at 35.0% and employee costs at 15.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of weighing instruments and scales (PHOENIX brand), Calibration and verification services. Small-scale manufacturer of weighing instruments with an adjacent calibration/testing service line
Exhibit 1: Financial summary, FY22–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 |
|---|---|---|
| Revenue | 40 | 46 |
| EBITDA (ex other income) | (1) | 4 |
| margin % | (3.6) | 7.7 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | (3.44) | (0.22) |
| ROE % · ROCE % | — · — | (0.3) · 0.5 |
| Debt / equity (x) | — | 0.04 |
| Cash from operations | 1 | 1 |
| Capex | (4) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 9 | 12 | 14 | 7 | 16 | 11 | 11 |
| Profit before tax | (0) | (0) | 0 | (4) | (0) | (0) | 0 | 0 |
| Net profit | (0) | (0) | — | (3) | (0) | (0) | 0 | (0) |
| EPS (₹) | (0.40) | (0.08) | 0.08 | (3.03) | (0.29) | (0.28) | 0.35 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.9 | 3.3 | 24 of 49 | 52% |
| ROCE | 0.0 | 12.4 | 50 of 55 | 9% |
| ROE | (0.3) | 12.4 | 46 of 50 | 8% |
| Debt / Equity | 0.0 | 0.3 | 8 of 50 | 86% |
| EBITDA margin | 11.6 | 12.6 | 30 of 51 | 42% |
| Revenue growth | (16.3) | 20.7 | 36 of 46 | 22% |
| Profit growth | 100.0 | 37.7 | 15 of 45 | 68% |
| Market cap | 195 | 591 | 35 of 56 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine SEBI Depository Compliance Certificate Filed | compliance | minimal | — | — |
| 29 Sept 2026 · Nitiraj Engineers files scrutinizer report and voting results for 27th AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Nitiraj Engineers 27th AGM proceedings held on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Book Closure for 27th AGM from Sept 22 to Sept 28, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Nitiraj Engineers informs shareholders about 27th AGM and FY26 annual report access | compliance | minimal | — | — |
| 5 Sept 2026 · 27th AGM notice and e-voting information for shareholders | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 27th AGM on Sep 28, 2026 along with Annual Report FY26 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board approves Annual Report for FY26, fixes 27th AGM on 28 September 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Board approves Q1 FY27 results, revenue up 79% YoY, PAT swings to profit | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.