Nilkamal Limited reported a 14% increase in revenue from operations to ₹3,686 crore for the financial year ended March 31, 2026, compared to ₹3,239 crore in the previous year. Profit after tax rose to ₹105 crore from ₹91 crore, despite a one-time exceptional employee benefit charge of ₹15.41 crore due to the implementation of new Labour Codes. The company's net worth stood at ₹1,466 crore, while total debt was ₹256 crore as on March 31, 2026.

The company's diversification strategy yielded significant results, with sales from non-plastic furniture, mattresses, and foam products exceeding sales from plastic furniture for the first time. Both B2B and B2C businesses achieved healthy growth during the year, although the company faced challenges towards the end of the fiscal year due to global supply chain uncertainty and a sharp rise in raw material prices. To mitigate these impacts, the company implemented suitable pricing and operational measures.

Financial Highlights

The Board of Directors recommended a final dividend of ₹20 per equity share, which is 200% of the face value of ₹10 per share. The total dividend payout will amount to ₹29.84 crore. Shareholders approved this dividend at the 40th Annual General Meeting held on July 17, 2026, via video conferencing. All five resolutions on the agenda were passed with the requisite majority.

Operational investments included ₹144 crore towards expansion and strengthening of operations, focusing on the ready furniture business and in-house production capabilities for foam products used in mattresses, sofas, and chairs. The company maintained a net cash surplus balance of ₹67 crore at the end of FY 2025-26 and plans to meet capex and working capital requirements from internal accruals. Sustainability efforts saw renewable energy usage from wind and solar sources increase by 15%, contributing to 16% of total energy consumption.

Nilkamal Limited will conduct its 40th Annual General Meeting (AGM) through video conference on Friday, July 17, 2026, at 11:00 a.m. IST. The meeting will be held in compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors has recommended a final dividend of ₹20 per equity share of face value ₹10 each for the financial year ended March 31, 2026, subject to shareholder approval at the AGM. The record date for dividend eligibility is July 10, 2026, and if approved, the dividend will be paid on or after July 24, 2026.

Key AGM and Dividend Dates

The total dividend payout for the year stands at ₹2,984.51 lakhs. Mr. Bhaskar Upadhyay, Partner at M/s. N. L. Bhatia & Associates, has been appointed as the Scrutinizer for the e-voting process. Shareholders are requested to ensure their KYC details and bank account information are updated with the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, to receive dividend payments electronically.

FY26 Financial Performance

Nilkamal delivered strong double-digit growth in FY 2025-26. On a standalone basis, revenue from operations stood at ₹3,68,638.86 lakhs, registering a growth of 13.80% over the previous year (₹3,23,931.79 lakhs in FY 2024-25). The standalone EBITDA rose to ₹32,023.06 lakhs, up 13.98% year-on-year. On a consolidated basis, revenue from operations reached ₹3,77,805.78 lakhs, reflecting growth of approximately 14.05% compared to ₹3,31,274.06 lakhs in FY 2024-25. Consolidated EBITDA stood at ₹33,783.69 lakhs, approximately 11.99% higher than the previous year.

Standalone Financial Summary (₹ in Lakhs)

An exceptional item of ₹1,540.60 lakhs was recognised during the year towards incremental gratuity and leave liability arising from actuarial valuations carried out in accordance with the definition of "wages" under the New Labour Codes effective November 21, 2025.

Key Financial Ratios

The company's financial ratios reflect improved capital efficiency and operational performance. The standalone debt-equity ratio improved to 0.17 from 0.27 in the prior year, driven by a significant reduction in debt. The current ratio remained stable at 2.24. Debtors turnover improved to 38.27 days from 43.40 days, and inventory turnover improved to 65.72 days from 71.90 days.

Business Segment Highlights

Nilkamal has realigned its operations into two focused verticals — Business to Business (B2B) and Business to Consumer (B2C). The Material Handling Division achieved approximately 11% volume growth and 13% value growth in FY 2025-26, with the steel racking business recording 22% value growth. The Nilkamal Sleep (mattress) Trade Division delivered 53% year-on-year growth, adding over 820 new channel partners and expanding to 2,000+ direct partners across 3,500+ retail counters. The foam business (PUF) reported revenue of ₹38 crores with 198% growth year-on-year. The EDGE professional furniture brand grew 14%, while Nilkamal BubbleGUARD achieved over 26% growth. The e-commerce business grew by 18.5% over the previous year, with delivery coverage across 19,500 PIN codes. Nilkamal Homes, the retail brand, operated through 101 stores, adding 8 new FOFO stores during the year. A pivotal milestone was the shift in revenue mix, with non-plastic home furniture, mattress, and foam products surpassing plastic furniture in their contribution to overall sales for the first time.

Credit Ratings and Capital Structure

Nilkamal's credit ratings as on March 31, 2026 remained strong, reflecting the company's sound financial position.

As on March 31, 2026, the issued, subscribed, and paid-up share capital stood at ₹1,492.25 lakhs comprising 1,49,22,525 equity shares of ₹10 each. The promoter and promoter group held 64.54% of the total shares. The closing balance of retained earnings for FY 2025-26 was ₹1,03,687.81 lakhs on a standalone basis.

Sustainability and ESG Initiatives

Sustainability remained a core pillar of Nilkamal's strategy during FY 2025-26. Renewable energy consumption increased by 15% over the previous year, reaching a total of 55,703.90 gigajoules (1.55 crore kWh), contributing 16% of total energy consumption. The company recycled and reused 1,900 tonnes of polypropylene (PP) and polyethylene (PE), exceeding its target of 1,300 tonnes. The in-house recycling facility was upgraded, resulting in an 85% increase in recycled waste utilization. The Company's CSR spending for FY 2025-26 stood at ₹528.66 lakhs against an obligation of ₹279.90 lakhs, with the excess amount of ₹248.76 lakhs available for set-off in succeeding financial years. CSR activities focused primarily on the promotion of education.

Foreign Exchange Earnings and Outgo (₹ in Lakhs)