Mumbai commercial real-estate licensor operating Nirlon Knowledge Park and Nirlon House in Goregaon (East).
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 168 | +3.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 77.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 69.0 | +19.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 86.55 | +24.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 64.72 | −3.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 4.98 | −0.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
8 of 10 judged targets kept · 5 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Final Dividend per Share FY26 | Rs. 15 per share | Q4 FY26 | Management confirmed the total dividend for FY26 was Rs. 30 per share, which includes the Rs. 15 interim and this Rs. 15 final dividend, indicating it was approved and paid. | Achieved |
| Debt Spread Reduction | Reduction | Q1 FY26 | The topic of debt spread reduction was not addressed. Management confirmed no discussions have been held with the lender regarding debt prepayment, indicating no active effort on this front. | Ghosted |
| Use of surplus cash | To be updated when company decides on dividend | Q4 FY25 | Management continues to avoid committing to a plan for surplus cash, stating no decisions have been made on prepaying debt and refusing to provide future dividend guidance. | Diluted |
2 of Nirlon Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹512 on 24 Oct 2025 → ₹630.2. High ₹649.8 (2 Sept 2026), low ₹484 (16 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Nirlon Limited owns and licenses (leases) commercial real estate in Mumbai, earning income primarily through license fees on office/commercial space. Its portfolio consists of two properties, Nirlon Knowledge Park (NKP) and Nirlon House, both in Goregaon (East). The company reports a single operating segment under Ind AS 108: licensing of investment properties, with no other disclosed business lines.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
8 of 10 judged targets kept · 5 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Final Dividend per Share FY26 | Rs. 15 per share | Q4 FY26 | Management confirmed the total dividend for FY26 was Rs. 30 per share, which includes the Rs. 15 interim and this Rs. 15 final dividend, indicating it was approved and paid. | Achieved |
| Debt Spread Reduction | Reduction | Q1 FY26 | The topic of debt spread reduction was not addressed. Management confirmed no discussions have been held with the lender regarding debt prepayment, indicating no active effort on this front. | Ghosted |
| Use of surplus cash | To be updated when company decides on dividend | Q4 FY25 | Management continues to avoid committing to a plan for surplus cash, stating no decisions have been made on prepaying debt and refusing to provide future dividend guidance. | Diluted |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Nirlon Q1 FY27
Nirlon reported a solid Q1 FY27 with a 3% YoY increase in total income to ₹173 crores and a significant 19% YoY growth in PAT to ₹69 crores. The company maintained high occupancy levels of 99.8% and strong EBITDA margins of 77.30%. Management indicated no immediate plans for REIT conversion or Nirlon House redevelopment, and debt repayment is scheduled to commence in May 2027.
Read the full callNIRLON Q4 FY26
Nirlon Limited reported strong financial performance for Q4 FY26 and the full fiscal year, driven by robust income growth and the adoption of a new tax regime. Total income for Q4 FY26 rose 9% YoY to ₹174 crores, with PAT increasing 32% to ₹71 crores. For FY26, PAT surged 59% to ₹346 crores, or 27% excluding a one-time tax adjustment. The company maintained a high 99.7% occupancy rate and proposed a final dividend of ₹15 per share. However, analysts raised concerns about the efficiency of capital allocation, specifically holding low-yielding fixed deposits while servicing higher-cost debt, and
Read the full callNIRLON Q3 FY26
Nirlon Limited reported a stable Q3 and nine-month performance for FY26, driven by contracted escalations and near-full occupancy. While financial metrics showed modest growth, margins remained robust. The company declared an interim dividend and highlighted its significant cash balance, though it remained cautious on committing to further capital allocation beyond its current policy, citing strategic limitations under the new tax regime and debt-equity conditions for buybacks.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +19% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 160 | 161 | 158 | 163 | 165 | 170 | 171 | 168 |
| Expenses | 32 | 30 | 35 | 35 | 36 | 38 | 39 | 39 |
| Operating profit | 129 | 131 | 123 | 128 | 129 | 132 | 132 | 129 |
| Operating margin | 80.0% | 81.0% | 78.0% | 78.0% | 78.0% | 78.0% | 77.0% | 77.0% |
| Other income | 2 | 3 | 3 | 4 | 4 | 3 | 3 | 4 |
| Interest | 30 | 29 | 28 | 28 | 26 | 28 | 26 | 26 |
| Depreciation | 14 | 14 | 13 | 14 | 14 | 14 | 14 | 14 |
| Profit before tax | 87 | 90 | 84 | 90 | 93 | 93 | 96 | 93 |
| Tax rate | 35.0% | 35.0% | 36.0% | 35.0% | −59.0% | 26.0% | 26.0% | 26.0% |
| Net profit | 56 | 58 | 54 | 58 | 148 | 69 | 71 | 69 |
| EPS (₹ per share) | 6.27 | 6.47 | 5.94 | 6.48 | 16.39 | 7.69 | 7.83 | 7.70 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 573 | 602 | 636 | 669 |
| Expenses | 115 | 126 | 133 | 148 |
| Operating profit | 459 | 478 | 503 | 521 |
| Other income | 3 | 4 | 9 | 14 |
| Interest | 126 | 123 | 117 | 108 |
| Depreciation | 103 | 57 | 55 | 56 |
| Profit before tax | 233 | 302 | 339 | 372 |
| Net profit | 158 | 205 | 218 | 346 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 90 | 90 | 90 | 90 | 90 | 90 |
| Reserves | 388 | 312 | 283 | 267 | 374 | 378 |
| Borrowings | 1,178 | 1,145 | 1,146 | 1,146 | 1,147 | 1,147 |
| Other liabilities | 542 | 554 | 607 | 740 | 695 | 634 |
| Total liabilities | 2,199 | 2,101 | 2,126 | 2,243 | 2,306 | 2,250 |
| Fixed assets | 1,986 | 1,932 | 1,910 | 1,870 | 1,846 | 1,832 |
| Capital work in progress | 13 | 6 | 3 | 9 | 21 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 200 | 163 | 214 | 364 | 439 | 411 |
| Total assets | 2,199 | 2,101 | 2,126 | 2,243 | 2,306 | 2,250 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 209 | 340 | 377 | 425 | 480 | 477 |
| Cash from investing | -120 | -159 | -90 | -51 | -38 | -309 |
| Cash from financing | -100 | -86 | -365 | -337 | -332 | -322 |
| Net cash flow | -10 | 95 | -79 | 37 | 110 | -154 |
| Free cash flow | 89 | 179 | 292 | 370 | 434 | 434 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 2 | 3 | 2 | 2 | 2 | 2 |
| Cash conversion cycle | 2 | 3 | 2 | 2 | 2 | 2 |
| Working capital days | -128 | -268 | -118 | -107 | -126 | -82 |
| Return on capital employed | 13.0% | 14.0% | 22.0% | 28.0% | 30.0% | 31.0% |
| Dividend payout | 57.0% | 211.0% | 148.0% | 114.0% | 107.0% | 78.0% |
Ownership
Promoters hold 67.65% as of Sept 2026; institutions added 0.12 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Nirlon Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 63.92% | unchanged | |
| 12.48% | +0.33 pp | |
| FPI fund | 4.43% | +0.12 pp |
| 2.96% | unchanged | |
| 2.58% | unchanged | |
| 1.61% | unchanged | |
| 1.48% | unchanged | |
| 1.02% | unchanged | |
| 0.75% | unchanged | |
| 0.45% | unchanged | |
| 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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