Nidhi Granites reported a consolidated net profit of ₹289.56 lakh for the quarter ended June 30, 2026, rising 29% from ₹224.03 lakh in the same period of FY25. The company’s total revenue from operations declined 20% year-on-year to ₹1,583.80 lakh from ₹1,981.05 lakh (restated from ₹1,672.95 lakh in earlier filings), driven primarily by a contraction in its construction materials segment.

On a standalone basis, the parent company turned profitable, reporting a net profit of ₹27.11 lakh compared to a loss of ₹33.27 lakh in Q1FY25. This turnaround was largely fueled by other income of ₹19.13 lakh, which significantly offset minimal operating revenues of ₹13.97 lakh and low operating expenses. Standalone income from operations rose to ₹33.10 lakh from ₹7.30 lakh in the previous year quarter.

The Board of Directors approved the unaudited financial results at a meeting held on August 13, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by statutory auditors Jogin Raval & Associates.

Consolidated Financial Performance

The group’s top-line revenue contracted as the construction materials segment saw sales drop to ₹1,062.25 lakh from ₹1,505.37 lakh in the prior year quarter. However, the garments segment contributed ₹507.58 lakh, up from ₹465.52 lakh, providing some offset to the decline.

Total expenses fell sharply by 28% to ₹1,218.10 lakh, aided by lower cost of materials consumed (₹337.58 lakh vs ₹726.20 lakh) and reduced direct expenses. Earnings per share (basic and diluted) stood at ₹3.62, up from ₹2.80 in the previous year.

What the Numbers Show

The financial data reveals a distinct divergence between the parent company and its subsidiaries. While the standalone Nidhi Granites generated negligible operating revenue (₹13.97 lakh), it recorded a profit due to non-operating income. In contrast, the consolidated profit is driven entirely by subsidiaries, particularly in the Financial Technology and related services segment, which reported a segment result before tax of ₹262.97 lakh—accounting for approximately 71% of the total pre-tax segment results of ₹368.97 lakh. This highlights a heavy dependency on the fintech subsidiary for the group’s profitability, despite the absence of direct revenue recognition at the consolidated level for this specific segment line item in the primary income statement view.

Segment Highlights

• Construction Materials: Revenue fell to ₹1,062.25 lakh from ₹1,505.37 lakh; segment result was ₹13.97 lakh.
• Garments: Revenue rose to ₹507.58 lakh from ₹465.52 lakh; however, the segment incurred a small loss of ₹0.09 lakh.
• Financial Technology: Reported a strong segment result of ₹262.97 lakh, up from ₹224.45 lakh, though no specific revenue figure was disclosed separately for this segment in the segment note.
• Paper and Paperboard: Contributed ₹92.12 lakh to segment results, down from ₹107.14 lakh.

The company also noted that SPNP Paper and Pack Private Limited sold its 100% stake in step-down subsidiary Fine Papyrus Private Limited for ₹324.62 lakh on March 16, 2026.

Nidhi Granites shareholders overwhelmingly approved all resolutions at its 44th Annual General Meeting (AGM) held on July 22, 2026, signaling strong confidence in the company’s governance and financial direction for FY26. The meeting, conducted via video conferencing, saw a 91.21% voter turnout among eligible shareholders, with 99.99% of valid votes cast in favor of every agenda item, including the adoption of audited financial statements and key personnel appointments.

The high level of engagement reflects robust shareholder interest in the company’s strategic continuity. A total of 7,296,818 votes were polled out of 8,000,000 shares on record as of July 15, 2026. Promoter and promoter group entities voted in favor of all resolutions, while public non-institutional shareholders also delivered near-unanimous support, with only 10 votes cast against any resolution across the entire ballot.

Voting Breakdown by Shareholder Category

The scrutinizer report, submitted by Dholakia & Associates LLP, detailed the voting patterns across different shareholder categories. Remote e-voting was open from July 18 to July 21, 2026, while electronic voting during the AGM allowed additional participation.

Promoter entities held 5,340,380 shares and exercised their voting rights entirely through remote e-voting, casting all votes in favor. Public non-institutional shareholders, holding 2,659,620 shares, participated actively via remote e-voting, contributing significantly to the overall turnout. No public institutional investors participated in the voting process.

Key Resolutions Approved

The AGM focused on routine corporate governance matters, including the ratification of financial statements and the re-appointment of key officials. All resolutions were passed as ordinary or special resolutions, depending on statutory requirements.

• Financial Statements: Members adopted the audited standalone and consolidated financial statements for FY26, along with the reports of the Board of Directors and statutory auditors.
• Director Appointments: Mrs. Shreya Pandya was re-appointed as a director upon retirement by rotation. Mr. Amit Sinkar and Mr. Amit Patankar were re-appointed as non-executive independent directors for five-year terms. Mr. Darpan Shah was re-appointed as Managing Director.
• Auditor Appointments: M/s. Jotin Raval & Associates, Chartered Accountants, were re-appointed as statutory auditors for five years. M/s. Dholakia & Associates LLP, Company Secretaries, were appointed as secretarial auditors for five consecutive financial years.

Governance and Compliance

The voting process was overseen by CS Nrupang B. Dholakia, Managing Partner of Dholakia & Associates LLP, appointed as the scrutinizer under Sections 108 and 109 of the Companies Act, 2013. The facility for remote e-voting and electronic voting during the AGM was provided by National Securities Depository Limited (NSDL). The scrutinizer confirmed that the process complied with Rule 20 and Rule 21 of the Companies (Management and Administration) Rules, 2014, ensuring transparency and fairness.

Members who had already cast remote e-votes were not permitted to vote again during the AGM, in adherence to regulatory guidelines. The combined results were unblocked and verified in the presence of two independent witnesses not employed by the company, reinforcing the integrity of the outcome.