NSE: NITTAGELA · BSE: 506532
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)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 506 | 565 | 533 | 533 | 588 |
| EBITDA (ex other income) | 64 | 116 | 123 | 115 | 136 |
| margin % | 12.6 | 20.5 | 23.0 | 21.6 | 23.2 |
| Owners' profit | 33 | 70 | 83 | 84 | 97 |
| EPS, as reported (₹) | 36.26 | 77.44 | 91.02 | 92.46 | 108.21 |
| ROE % · ROCE % | 17.0 · 24.4 | 26.9 · 36.0 | 24.0 · 33.0 | 19.6 · 25.6 | 19.1 · 25.7 |
| Debt / equity (x) | 0.42 | 0.14 | 0.04 | 0.07 | 0.01 |
| Cash from operations | 17 | 101 | 100 | 75 | 122 |
| Capex | (15) | (22) | (16) | (34) | (52) |
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 | 135 | 134 | 135 | 129 | 139 | 138 | 150 | 162 |
| Profit before tax | 27 | 27 | 32 | 26 | 26 | 26 | 35 | 46 |
| Net profit | 20 | 20 | 24 | 20 | 19 | 18 | 26 | 34 |
| EPS (₹) | 21.66 | 22.26 | 26.92 | 21.62 | 21.12 | 20.30 | 28.16 | 37.55 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 23.1 | 22 of 99 | 79% |
| P/B | 2.7 | 2.8 | 49 of 99 | 51% |
| ROCE | 25.5 | 10.1 | 11 of 106 | 91% |
| ROE | 19.1 | 8.1 | 14 of 99 | 87% |
| Debt / Equity | 0.0 | 0.2 | 19 of 99 | 82% |
| EBITDA margin | 31.1 | 15.5 | 9 of 99 | 92% |
| Revenue growth | 25.2 | 24.4 | 43 of 94 | 55% |
| Profit growth | 73.1 | 55.1 | 37 of 92 | 60% |
| Market cap | 1395 | 699 | 43 of 108 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 7 Oct 2026 · RTA confirms dematerialisation compliance for Q2 FY2027 | compliance | minimal | — | — |
| 29 Sept 2026 · KSIDC nominates Snehil Kumar Singh IAS as new Non-Executive Director | management changes | low | — | — |
| 25 Sept 2026 · Trading window closed for Q2 FY2026 results period | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper ad on special window for physical share dematerialisation | compliance | minimal | — | — |
| 9 Sept 2026 · Postal Ballot: Shareholders Approve Appointment of IAS Officer as Nominee Director | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · Newspaper notice published for Postal Ballot by the company | compliance | minimal | — | — |
| 6 Aug 2026 · Postal ballot for appointment of IAS officer as Nominee Director | management changes | medium | — | — |
| 3 Aug 2026 · Scrutinizer's Report on voting at 50th AGM held on 31 July 2026 | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Revised AGM proceedings filed - quorum corrected from 54 to 55 shareholders | board shareholder meetings | low | — | — |
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.