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NITCO Q2 FY27 results: net loss of ₹6.17 crore vs ₹0.94 crore profit, revenue up 44.6%
NITCO Limited reported consolidated revenue of ₹155.77 crore for Q2 FY27, up 44.6% from a year earlier, but recorded a net loss of ₹6.17 crore compared with a net profit of ₹0.94 crore in Q2 FY26. EBITDA loss narrowed to ₹3.59 crore and the EBITDA margin improved to -2.3% from -12.7%, while the first half remained loss-making.
Key points
- Consolidated revenue rose 44.6% year on year to ₹155.77 crore in Q2 FY27.
- The company reported a net loss of ₹6.17 crore, compared with a net profit of ₹0.94 crore in Q2 FY26.
- EBITDA loss narrowed to ₹3.59 crore from ₹13.70 crore, with the margin improving 10.4 percentage points to -2.3%.
- Basic EPS was -₹0.24 in Q2 FY27 against ₹0.04 in the year-ago quarter.
- H1 FY27 revenue increased 5.4% to ₹271.78 crore, but the company reported a net loss of ₹16.5 crore versus a net profit of ₹48.4 crore in H1 FY26.
How did NITCO perform in Q2 FY27?
NITCO reported consolidated revenue of ₹155.77 crore for Q2 FY27, up ₹48.07 crore or 44.6% from ₹107.70 crore in Q2 FY26. EBITDA was a loss of ₹3.59 crore, compared with a loss of ₹13.70 crore, while the EBITDA margin improved to -2.3% from -12.7%. The company reported a net loss of ₹6.17 crore in Q2 FY27, against a net profit of ₹0.94 crore in the year-ago quarter.
Against Q1 FY27, revenue rose ₹39.76 crore or 34.3% to ₹155.77 crore. The EBITDA loss narrowed to ₹3.59 crore from ₹8.20 crore, the EBITDA margin improved to -2.3% from -7.1%, and the net loss narrowed to ₹6.17 crore from ₹10.33 crore. Basic EPS was -₹0.24, compared with -₹0.43 in the previous quarter. On a standalone basis, revenue was ₹155.23 crore and the company reported a net loss of ₹4.6 crore, with profit before tax of ₹1.99 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 155.77 | 116.01 | 107.70 | +44.6% | +34.3% |
| Other income | 2.25 | 2.49 | 3.50 | −35.7% | −9.6% |
| Total expenses | 164.19 | 128.84 | 110.26 | +48.9% | +27.4% |
| EBITDA | −3.59 | −8.20 | −13.70 | ||
| EBITDA margin | -2.3% | -7.1% | -12.7% | +10.4 pp | +4.8 pp |
| Profit before tax | −6.17 | −10.33 | 0.94 | turned to loss | |
| Tax | 0 | 0 | 0 | ||
| Net profit | −6.17 | −10.33 | 0.94 | turned to loss | |
| EPS (₹) | −0.24 | −0.43 | 0.04 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NITCO's costs and profit?
Total expenses rose ₹53.93 crore or 48.9% year on year to ₹164.19 crore, outpacing the increase in revenue. Cost of materials increased ₹10.57 crore or 51.5% to ₹31.11 crore, other expenses rose ₹4.62 crore or 21.9% to ₹25.74 crore, and finance costs rose ₹0.23 crore or 9.7% to ₹2.61 crore. Depreciation was ₹2.22 crore against a negative ₹13.53 crore in Q2 FY26, while employee cost fell ₹3.01 crore or 13.7% to ₹19 crore.
Other income declined ₹1.25 crore or 35.7% to ₹2.25 crore from ₹3.50 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26, and tax remained unchanged at ₹0 crore. The filing does not state why the year-on-year movement in profit occurred.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 31.11 | 20.54 | +10.57 | +51.5% |
| Employee cost | 19 | 22.01 | −3.01 | −13.7% |
| Finance costs | 2.61 | 2.38 | +0.23 | +9.7% |
| Depreciation | 2.22 | −13.53 | +15.75 | |
| Other expenses | 25.74 | 21.12 | +4.62 | +21.9% |
| Total expenses | 164.19 | 110.26 | +53.93 | +48.9% |
| Other income | 2.25 | 3.50 | −1.25 | −35.7% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, NITCO reported consolidated revenue of ₹271.78 crore, up ₹13.86 crore or 5.4% from ₹257.92 crore in H1 FY26. Total income increased ₹11.63 crore or 4.4% to ₹276.52 crore from ₹264.89 crore. The company reported a profit before tax loss of ₹16.5 crore and a net loss of ₹16.5 crore, compared with a profit before tax and net profit of ₹48.4 crore in the year-ago half.
H1 FY27 basic EPS was -₹0.65, compared with ₹2.12 in H1 FY26. The difference between the two periods was ₹2.77 per share, while the result moved from a net profit of ₹48.4 crore to a net loss of ₹16.5 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 271.78 | 257.92 | +5.4% |
| Profit before tax | −16.50 | 48.40 | turned to loss |
| Net profit | −16.50 | 48.40 | turned to loss |
| EPS (₹) | −0.65 | 2.12 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,148.09 crore, compared with ₹1,090.21 crore at 31 March 2026. Total equity was ₹432.56 crore against ₹364.51 crore, borrowings were ₹331.1 crore against ₹304.19 crore, and cash was ₹42.61 crore against ₹31.37 crore. Inventories rose to ₹662.55 crore from ₹428.55 crore, trade receivables increased to ₹182.29 crore from ₹168.43 crore, and trade payables fell to ₹94.69 crore from ₹112.68 crore.
For H1 FY27, operating cash flow was negative ₹92.09 crore, compared with negative ₹61.88 crore in H1 FY26. Investing cash flow was negative ₹2.61 crore against negative ₹2.6 crore, while financing cash flow was ₹105.95 crore compared with ₹32.56 crore. Capital expenditure was ₹2.61 crore, against ₹3.2 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,148 | 1,090 |
| Total equity | 432.56 | 364.51 |
| Borrowings | 331.10 | 304.19 |
| Cash and equivalents | 42.61 | 31.37 |
| Inventories | 662.55 | 428.55 |
| Trade receivables | 182.29 | 168.43 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −92.09 | −61.88 |
| Cash from investing | −2.61 | −2.60 |
| Cash from financing | 105.95 | 32.56 |
| Capital expenditure | 2.61 | 3.20 |
Source: Company's results filing (XBRL).
How has NITCO done over the last 8 quarters?
Revenue over the reported quarters moved from ₹84.62 crore in Q3 FY25 to a low of ₹93.53 crore in Q4 FY25, then reached ₹150.22 crore in Q1 FY26 before falling to ₹107.70 crore in Q2 FY26. It subsequently moved to ₹131.76 crore in Q3 FY26 and ₹152.32 crore in Q4 FY26, before declining to ₹116.01 crore in Q1 FY27 and rising to ₹155.77 crore in Q2 FY27.
The EBITDA margin bottomed at -12.7% in Q2 FY26 and reached 33.0% in Q1 FY26. It was -3.2% in Q4 FY26, fell to -7.1% in Q1 FY27 and improved to -2.3% in Q2 FY27. Net profit was ₹47.45 crore in Q1 FY26, the highest reported profit, and a net loss of ₹660.17 crore in Q3 FY25, the lowest; the latest quarter recorded a net loss of ₹6.17 crore.
Which businesses drove the quarter?
Tiles and other related products reported revenue of ₹155.23 crore in Q2 FY27, up 44.9% from ₹107.1 crore in the year-ago quarter. Segment EBIT was a loss of ₹2.83 crore, compared with EBIT of ₹3.25 crore, and the segment EBIT margin was -1.8%.
Real estate reported revenue of ₹0.54 crore, down 9.8% from ₹0.6 crore in Q2 FY26. Segment EBIT was a loss of ₹2.99 crore, compared with a loss of ₹3.42 crore, and the segment EBIT margin was -551.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Tiles and other related products | 155.23 | +44.9% | −2.83 | -1.8% |
| Real estate | 0.54 | −9.8% | −2.99 | -551.8% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
M M Nissim & Co LLP conducted a limited review under Standard on Review Engagement 2410 and stated that nothing had come to its attention causing it to believe that the statement had not disclosed information required under Regulation 33 of the SEBI Listing Regulations, or contained a material misstatement. The report did not express an audit opinion because a review is substantially less in scope than an audit.
The auditors included an Emphasis of Matter drawing attention to the Joint Development Agreement for plotted development of land at Alibaug. The filing states that consideration is variable and linked to signing the agreement and sale of plots; the holding company recognised income of Rs. 5,842.00 lakhs in the June quarter as an interest-free adjustable advance, had received IF AA of Rs. 1,778.00 lakhs, and management expects the balance in FY 2026-27. The excerpt also refers to Note 4 regarding 9,88,000 stock options granted to employees.
How did NITCO shares react?
After the filing appeared, NITCO’s price was up 2.0% after 5 minutes, 2.4% after 15 minutes and 1.6% after 30 minutes. From the previous close, the stock closed the first tradable session up 2.4%. By the next day’s close, it was up 10.4% from its pre-results close. The Ceramics industry median moved 0.5% on the reaction day and 2.3% by the next day, leaving NITCO ahead by 1.9 percentage points and 8.1 percentage points, respectively.
Earlier reaction-day moves were -3.3% on 12 August 2026, -2.9% on 13 May 2026 and 0.4% on 18 February 2026. The recorded moves were 1.3% on 12 November 2025, 1.0% on 11 August 2025, -2.0% on 12 February 2025, -2.0% on 13 November 2024 and 0.1% on 13 August 2024.
| After the filing | Stock | Ceramics median |
|---|---|---|
| 5 minutes | +2.0% | |
| 15 minutes | +2.4% | |
| 30 minutes | +1.6% | |
| Reaction day | +2.4% | +0.5% |
| Next day | +10.4% | +2.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2026 | −3.3% |
| 13 May 2026 | −2.9% |
| 18 February 2026 | +0.4% |
| 12 November 2025 | +1.3% |
| 11 August 2025 | +1.0% |
| 12 February 2025 | −2.0% |
| 13 November 2024 | −2.0% |
| 13 August 2024 | +0.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was NITCO's revenue in Q2 FY27?
Revenue from operations was ₹155.77 crore, up 44.6% from ₹107.70 crore in Q2 FY26 (consolidated).
Did NITCO make a profit in Q2 FY27?
No. It reported a net loss of ₹6.17 crore, against a net profit of ₹0.94 crore in Q2 FY26.
What was NITCO's EPS in Q2 FY27?
Basic loss per share was ₹0.24, against ₹0.04 in Q2 FY26.
How did NITCO shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.4% from the previous close; the median Ceramics stock moved +0.5%.
When did NITCO announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Meeting To Be Held On Tuesday, November 03, 2026. (BSE, 27 October 2026) · PDF
- Outcome Of Board Meeting - Financial Results (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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