NITCO Limited has announced its financial results for the fourth quarter and fiscal year ended March 31, 2026, reporting a robust performance marked by a return to profitability. The company’s revenue from operations for FY26 stood at ₹539.71 crore, representing a 73% increase from ₹311.77 crore in FY25. For the quarter ended March 31, 2026 (Q4 FY26), revenue from operations grew 63% year-on-year to ₹151.75 crore, up from ₹92.93 crore in the corresponding period of the previous year.

The company achieved a positive bottom line for the full fiscal year, with a reported PAT of ₹34.22 crore compared to a net loss of ₹736.22 crore in FY25. On a quarterly basis, the company reported a net loss of ₹6.36 crore for Q4 FY26, compared to a net loss of ₹1.94 crore in Q4 FY25. The financial turnaround was supported by debt restructuring, working capital infusion, and fund-raising initiatives facilitated by Authum Investment and Infrastructure Limited, which holds a 47% stake in the company.

Operational Performance

The core business segment comprising tiles, marble, and mosaic demonstrated strong momentum during the fiscal year. Revenue for this segment grew by 54% from FY25 to FY26, reaching ₹481 crore. The gross margin for the segment improved to 28% in FY26, up from 24% in the previous year. In Q4 FY26, the segment recorded revenue of ₹152 crore, a 63% increase from the same quarter in the previous year, with a sequential growth of 16% over Q3 FY26.

Strategic Developments and Outlook

During Q4 FY26, NITCO focused on expanding its retail footprint and strengthening its brand presence. The company conducted 22 stakeholder engagements, including architect and dealer meets, and launched 15 new stores, including a Le Studio experience center in Kolkata. The company also participated in the iDAC 2026 exhibition to showcase its premium marble offerings.

Looking ahead, the management has outlined growth projections targeting a revenue of ₹1,000 crore by FY29, implying a four-year compound annual growth rate (CAGR) of 30%. Key growth drivers include expanding the dealer network to 1,200+ partners, entering new product lines, and securing orders from key accounts such as Prestige Estates and Lodha Group worth approximately ₹347 crore. Additionally, the company’s real estate division, which holds a land bank of approximately 445 acres across Maharashtra and Goa, contributed ₹58 crore in FY26 and is expected to unlock substantial cash flow in the coming years.

NITCO reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, revealing a widening quarterly net loss even as full-year revenue recorded strong year-on-year growth. The Board of Directors approved the results at their meeting held on May 13, 2026, following review by the Audit Committee. The statutory auditors, M/s. M.M. Nissim & Co LLP, issued an audit report with an unmodified opinion on both standalone and consolidated financial results.

Q4 and Full-Year Financial Performance

On a consolidated basis, NITCO's revenue from operations for Q4 stood at Rs. 15,232.29 lakhs, compared to Rs. 9,353.50 lakhs in the corresponding quarter of the previous year. For the full year, consolidated revenue from operations grew significantly to Rs. 54,199.77 lakhs from Rs. 31,439.33 lakhs. The consolidated net loss after tax for Q4 widened to Rs. 778.57 lakhs from Rs. 290.47 lakhs in the year-ago quarter. However, for the full year, the consolidated profit after tax stood at Rs. 2,864.77 lakhs, a sharp turnaround from a loss of Rs. 74,120.66 lakhs in the previous year. The following table summarises the key consolidated financial metrics:

On a standalone basis, Q4 revenue from operations was Rs. 15,174.90 lakhs versus Rs. 9,293.23 lakhs in Q4 FY25. The standalone net loss after tax for Q4 was Rs. 635.52 lakhs compared to Rs. 194.05 lakhs in the year-ago quarter. For the full year, standalone profit after tax was Rs. 3,422.17 lakhs against a loss of Rs. 73,621.11 lakhs in FY25.

Segment-Wise Performance

NITCO operates across two segments: Tiles and other related products, and Real Estate. The following table presents the consolidated segment-wise revenue and results:

The tiles and related products segment reported a consolidated segment loss of Rs. 414.29 lakhs in Q4 FY26, improving from a loss of Rs. 795.20 lakhs in Q4 FY25. For the full year, the segment loss stood at Rs. 1,390.63 lakhs versus Rs. 21,618.89 lakhs in FY25. The real estate segment recorded a Q4 loss of Rs. 301.07 lakhs on a consolidated basis, while for the full year it posted a profit of Rs. 4,500.92 lakhs.

Balance Sheet and Cash Flow Highlights

As at March 31, 2026, consolidated total assets stood at Rs. 1,09,020.86 lakhs compared to Rs. 92,111.06 lakhs a year earlier. Consolidated equity increased to Rs. 36,451.19 lakhs from Rs. 24,656.84 lakhs. Cash and cash equivalents on a consolidated basis declined to Rs. 3,136.56 lakhs from Rs. 9,136.36 lakhs at the start of the year, reflecting net cash used in operating and investing activities. The following table presents key balance sheet figures:

Key Corporate Developments

The Board approved several significant corporate actions at its May 13, 2026 meeting. Mr. Kamal Abrol was appointed as Chief Financial Officer and designated as Key Managerial Personnel with effect from May 13, 2026, for a term up to June 30, 2028. Mr. Abrol is a Chartered Accountant with over 30 years of experience in finance leadership roles, having previously held senior positions at G4S, Indigo Airlines, and A2Z Facility Services. Mr. Amit Dhawan was appointed as Senior Advisor and Consulting Partner, designated as Senior Managerial Personnel, with effect from May 13, 2026, for a term up to March 31, 2028. M/s. S K P A G & Co., Chartered Accountants (FRN: 128940W), were re-appointed as Internal Auditors for FY 2026-27.

The Board also approved the monetisation of the company's land situated at Kanjurmarg, Mumbai, through a conveyance deed or agreement with M/s. R Siddhatva Developers Private Limited, a step-down subsidiary of M/s. Runwal Construction Private Limited. The company had received an advance of Rs. 14,300 lakhs against the Kanjurmarg property sale for a monetary consideration of Rs. 23,200 lakhs. The expected completion of sale for 75% of the land is approximately four months, while the balance 25% is expected within one year post receipt of requisite regulatory approvals.

Notable Auditor Emphasis of Matters

The statutory auditors drew attention to several matters in their report. The company recognised income of Rs. 5,842.00 lakhs in an earlier quarter representing an interest-free adjustable advance under a Joint Development Agreement for plotted development of land at Alibaug; no further development was made during the current quarter. An ESOP expense of Rs. 917.63 lakhs was recognised for the vesting period from August 2024 to March 2026, based on a fair value of Rs. 113.76 per option (9,88,000 options granted at an exercise price of Rs. 25 per option). An impairment provision of Rs. 16,267.01 lakhs was recorded in the previous year on Alibaug factory PPE, with a reversal of Rs. 1,650.00 lakhs recorded in an earlier quarter following a fresh scrap-sale offer of Rs. 3,250.00 lakhs; the asset has been reclassified as non-current assets held for sale. A one-time increase in gratuity and leave liability of Rs. 400.13 lakhs arising from the New Labour Code was disclosed as an exceptional item. The Additional Directorate General Foreign Trade levied a penalty of Rs. 17,000.00 lakhs, confirmed by the Appellate Bench of DGFT, New Delhi; no provision has been made as the company has filed a writ petition in the Bombay High Court. No provision has been made for a capital advance of Rs. 855.22 lakhs to Saumya Buildcon Pvt Ltd, as partial recovery has been received and the balance is expected to be cleared in subsequent quarters.

Regulatory Compliance and Publication

In compliance with Regulation 47 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NITCO published its audited financial results in newspapers on May 14, 2026. The full format of the results is available on the stock exchanges' websites and on the company's website.

Key Highlights

• Q4 Consolidated Net Loss: Rs. 778.57 lakhs, versus Rs. 290.47 lakhs in Q4 FY25
• FY26 Consolidated Revenue from Operations: Rs. 54,199.77 lakhs, up from Rs. 31,439.33 lakhs in FY25
• FY26 Consolidated Profit After Tax: Rs. 2,864.77 lakhs, a turnaround from a loss of Rs. 74,120.66 lakhs in FY25
• CFO Appointment: Mr. Kamal Abrol appointed with effect from May 13, 2026
• Kanjurmarg Land Monetisation: Approved for Rs. 23,200 lakhs monetary consideration; advance of Rs. 14,300 lakhs already received
• Audit Opinion: Unmodified opinion issued by M/s. M.M. Nissim & Co LLP on both standalone and consolidated results