Nitco Limited has scheduled its 60th Annual General Meeting for Thursday, September 17, 2026 at 11:30 A.M. (IST) via Video Conferencing, alongside the release of its Annual Report for Financial Year 2025-26 showing a standalone net profit of ₹34.22 crore.

AGM and E-Voting Schedule

The meeting will be held through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) in compliance with Ministry of Corporate Affairs and SEBI circulars. The deemed venue is the company's registered office at 3/A, Recondo Compound, Sudam Kalu Ahire Marg, Glaxo, Worli Colony, Mumbai, Maharashtra, India, 400030.

National Securities Depository Limited (NSDL) will facilitate the e-voting process. Members whose names appear in the Register of Members as on the cut-off date of September 10, 2026 are eligible to cast their votes electronically.

Financial Performance for FY 2025-26

Nitco reported a significant financial turnaround in FY 2025-26. On a standalone basis, total revenue from operations rose to ₹539.71 crore from ₹311.77 crore in FY 2024-25. On a consolidated basis, total revenue from operations stood at ₹542.00 crore compared to ₹314.39 crore in the prior year.

During FY 2025-26, the company achieved consolidated revenue of ₹553.88 crore, an increase of ₹226.14 crore over the previous year. The board has not recommended any dividend for the financial year ended March 31, 2026.

Key Business Agenda at the AGM

The AGM will transact the following ordinary and special business items:

• Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026
• Re-appointment of Ms. Poonam Talwar (DIN: 00043300) as Director, who retires by rotation
• Ratification of remuneration payable to M/s. R. K. Bhandari & Co., Cost Accountants (Firm Registration No.: 101435), as Cost Auditor for FY 2026-27 at ₹75,000/- (Rupees Seventy Five Thousand only), exclusive of applicable taxes
• Revision of the limit for material related party transactions with M/s. Authum Investment & Infrastructure Limited from ₹75 Crores to an aggregate amount not exceeding ₹250 Crores for FY 2026-27

Material Developments

During FY 2025-26, Nitco secured a significant domestic order from Prestige Estates Projects Limited for the supply of tiles and marble aggregating to approximately ₹280.44 Crores. Subsequent to the financial year end, an additional order for marble supply from the same customer amounting to approximately ₹66.65 Crores was secured, bringing the aggregate value of orders from Prestige Estates Projects Limited to approximately ₹347.09 Crores.

The company also expanded its retail network with the launch of 20 new franchise stores across Bihar, Karnataka, Delhi NCR, Maharashtra, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Puducherry, and Uttarakhand, and added 95 new dealers during the year.

Share Capital and Related Party Transactions

During FY 2025-26, the paid-up equity share capital increased from 22,87,21,955 equity shares to 24,05,16,105 equity shares of face value ₹10 each, following allotments under the ESOP Plan 2019 and conversion of share warrants by the promoter at an exercise price of ₹92.25 per share.

Authum Investment & Infrastructure Limited, which holds a 46.77% equity stake in Nitco, is the related party for the proposed material transaction. The company proposes to enhance the existing approved working capital and invoice discounting facility limit from ₹75 Crores to ₹250 Crores for FY 2026-27, at an interest rate of 10% per annum.

The scrutinizer for the remote e-voting and AGM e-voting process is Mr. B. Durga Prasad Rai, Practising Company Secretary (Membership No. A10060 and Certificate of Practice No. 4390). Voting results will be declared within two working days of the conclusion of the AGM.

Nitco Limited reported a consolidated net loss of ₹10.27 crore for the quarter ended June 30, 2026 (Q1FY27), marking a significant reversal from the net profit of ₹47.53 crore recorded in Q1FY26. The deterioration in profitability was primarily driven by a 22.8% year-on-year decline in standalone revenue from operations, which fell to ₹115.50 lakh from ₹149.69 lakh. This drop reflects the cessation of real estate-related income, which had contributed ₹58.42 lakh in the prior year’s corresponding quarter due to a Joint Development Agreement (JDA) advance. The Board of Directors approved the unaudited standalone and consolidated financial results on August 12, 2026, alongside a strategic buyer finance agreement worth approximately ₹2,000 crore with Desiderata Impact Ventures Private Limited (Progcap) for debtor bill discounting.

The financial performance indicates pressure on the core tiles business, which now constitutes the entirety of operational revenue. While total expenses decreased marginally to ₹128.84 lakh (consolidated) from ₹106.23 lakh in Q1FY26, the reduction did not offset the revenue contraction. Statutory Auditors M/s M M Nissim & Co LLP issued a limited review report on the results, highlighting several emphasis of matters including pending regulatory penalties and property monetization deals. The company also appointed Mr. R. K. Bhandari of M/s R. K. Bhandari and Co. as its Cost Auditor for FY26-27.

Financial Performance Overview

The following table outlines the key financial metrics for Nitco Limited for Q1FY27 compared to Q1FY26:

Standalone revenue from operations stood at ₹115.50 lakh, comprising ₹114.22 lakh from tile sales and ₹1.27 lakh from other operational revenue. In contrast, the previous quarter saw ₹149.69 lakh in revenue, heavily bolstered by ₹58.42 lakh from real estate activities. The consolidated revenue mirrored this trend at ₹116.01 lakh. The absence of this one-time real estate income has exposed the underlying weakness in the recurring tile business, which generated ₹114.22 lakh against ₹90.70 lakh in Q1FY26, showing modest growth but insufficient to compensate for the lost real estate gains.

Key Developments and Disclosures

Beyond the financial results, the Board approved several strategic and compliance-related actions. A buyer finance agreement was executed with Progcap for debtor bill discounting, providing access to approximately ₹2,000 crore for FY26-27. This facility aims to enhance liquidity without altering the capital structure, as the agreement contains no special rights such as director appointments or share subscription preferences.

The auditors’ report drew attention to several material matters:

• Regulatory Penalty: The Additional Directorate General Foreign Trade (ADGFT) levied a penalty of ₹170 crore for alleged irregularities in export obligations. The Appellate Bench of DGFT confirmed this penalty. However, management has not provided for this amount in the books, citing legal opinions that the order is bad in law. A Writ Petition is pending before the Bombay High Court.
• Property Monetization: Shareholders approved the monetization of the Kanjurmarg property, held as inventory, for a monetary consideration of ₹143 crore and additional office space. An advance of ₹143 crore has been received, but the sale has not been recognized in the books pending a definitive agreement.
• ESOP Expense: The company recognized an Employee Stock Option Plan (ESOP) expense of ₹10.58 lakh for the vesting period from August 2024 to June 2026, based on a fair value of ₹113.76 per option.

What the Numbers Show

The divergence between the current quarter’s loss and the prior year’s profit underscores Nitco’s reliance on non-recurring real estate transactions for profitability in FY26. With real estate income now absent, the core tiles segment must carry the entire profit burden. Although tile sales rose 25.9% year-on-year (from ₹90.70 lakh to ₹114.22 lakh), this growth was not enough to offset higher employee benefit expenses and depreciation. The segment result for tiles remained negative at ₹(7.47) lakh (standalone), indicating that operational margins are still under pressure despite top-line growth. The upcoming recognition of the Kanjurmarg property sale could provide a significant future boost, but until then, the financials reflect a challenging transition period for the group.