NITTA GELATIN INDIA LTD.

Manufactures Gelatin and Ossein from imported gel bones, operating divisions out of Kerala and Gujarat, as a joint venture between Kerala State Industrial Development Corporation (KSIDC) and Nitta Gelatin Inc., Japan. The newly commissioned Collagen Peptide Project adds 3.5 metric tonnes per day of capacity, and a Gelatin Expansion Project is in progress. Standalone revenue from operations grew 11.5% in FY26 to Rs 58,830.85 lakhs, with profit after tax up 34.5% to Rs 11,058.99 lakhs and EBITDA margin of about 25.35%. Subsidiary Bamni Proteins has been classified as discontinued operations after its manufacturing unit was permanently closed on pollution control compliance issues. The biggest input cost is raw materials (gel bones) at 42.9% of revenue, with the rest spread across employees (9.5%), other operating expenses (23.2%), depreciation (2.5%) and capex (8.9%). The company imports gel bones under the Duty Drawback Scheme from July 2026 and is dealing with revised Standard Input Output Norms that cut the permissible input-output ratio for Gelatin from 7.35 MT to 3.92 MT of gel bones per MT of Gelatine. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Gelatin, Ossein and Limed Ossein, Collagen Peptides. Specialty chemicals gelatin and ossein manufacturer, asset-light JV with raw material import dependency

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)