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

NITCO Limited announced modifications to the proposed monetization of its land situated at Kanjurmarg, Mumbai. The company's Board of Directors approved these changes during its meeting held on May 13, 2026. The decision follows ongoing discussions with the purchaser, as the initial monetization proposal approved by shareholders on July 17, 2024, has not yet materialized.

Transaction Details

The revised transaction structure includes the execution of conveyance deeds and related agreements with M/s. R Siddhatva Developers Private Limited. This entity is a step-down subsidiary of M/s. Runwal Construction Private Limited. The company confirmed that the buyer is not related to the Promoter, Promoter Group, or Group Companies, and the transaction does not qualify as a Related Party Transaction.

Timeline and Consideration

The definitive documents are scheduled to be signed in due course. The expected completion for the sale of 75% of the land is approximately four months. The remaining 25% of the land is expected to be monetized one year after the receipt of requisite regulatory approvals, subject to the fulfillment of condition precedents.

Financial Implications

An advance of INR 143 Crores has been appropriated against the monetization of 75% of the land. For the remaining 25%, the monetization will be conducted against an increased area share in the project to be developed by the buyer. The company stated that the transaction is not a slump sale and does not fall under a scheme of arrangement. NITCO will inform the stock exchanges once the transaction is fully completed.