NITCO Limited has published the postal ballot notice in newspapers on May 27, 2026, seeking shareholder approval to monetize immovable property situated at Kanjurmarg, Mumbai. The transaction involves M/s. R Siddhanta Developers Private Limited, a step-down subsidiary of M/s. Runwal Construction Private Limited, and is subject to shareholder consent through a special resolution. The monetization targets a land parcel bearing C.T.S. No. 657D corresponding to Old Survey No. 275, admeasuring 16,257.5 square meters.

The Board of Directors, at its meeting held on May 13, 2026, reviewed and approved the proposal to enter into a conveyance deed or agreement with the buyer. The revised commercial structure appropriates an advance amount of ₹143 Crores received from M/s. Runwal Construction Private Limited towards the monetization of 75% of the land. The balance 25% of the land will be monetized against increased area space in the project proposed to be developed by M/s. R Siddhanta Developers Private Limited.

Voting Schedule and Process

The company has engaged National Securities Depository Limited (NSDL) to facilitate remote e-voting. Shareholders whose names appear on the Register of Members or List of Beneficial Owners as on the cut-off date of Friday, May 15, 2026, are eligible to vote. The remote e-voting period commences on Thursday, May 28, 2026, at 9:00 A.M. (IST) and concludes on Saturday, June 27, 2026, at 5:00 P.M. (IST).

Transaction Details

The proposal follows a previous special resolution passed on July 17, 2024, which had approved monetization of the same land to M/s. Runwal Construction Private Limited for a monetary consideration of ₹232 Crores along with non-monetary consideration. As the earlier transaction did not materialise, the company is now proceeding with the step-down subsidiary, M/s. R Siddhanta Developers Private Limited, as the buyer under the revised structure.

Mr. B. Durga Prasad Rai, Practising Company Secretary, has been appointed as the Scrutinizer to conduct the postal ballot and remote e-voting process. The results of the postal ballot will be announced on or before June 30, 2026. The resolution will be deemed passed on the last date specified for voting, June 27, 2026, if the requisite majority assents to the resolution.

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.

Source: None/Company/INE858F01012/684a48d9c9c144fd.pdf