Nitco Limited entered into a joint venture on August 24, 2026, with The House of Abhinandan Lodha Estate Holdings Pvt Ltd (HoABL) to develop a premium mixed-use project in Alibaug, Maharashtra. The agreement involves a potential consideration of ₹1,500 crore for Nitco and ₹3,000 crore for HoABL over five years.

The transaction includes Nitco Realties Private Limited, a wholly owned subsidiary, and promoter Vivek Talwar as the owners granting development rights. The counterparty is HoABL Impactum Land Private Limited, a wholly owned subsidiary of HoABL. The parties have received a security deposit of ₹9 crore via cheque.

Transaction Structure

The owners granted development rights for parcels of land located in Thal and Lonare villages within Alibaug Taluka, Raigad district. The consideration will accrue to and be recognized in the books of Nitco Limited and Nitco Realties Private Limited according to applicable accounting standards.

Definitive agreements will be executed upon fulfillment of condition precedents and requisite approvals. Nitco Limited stated it will provide further intimation to stock exchanges when the transaction for immovable properties is fully completed.

Project Details

HoABL plans to develop a premium multi-development project comprising luxury apartments and townhouses over 40 acres of land. The development is expected to include a boutique luxury hotel operated under Miros. HoABL envisages an investment of ₹1,000 crore largely towards construction.

This marks HoABL's second project in Alibaug after Sol-de-Alibaug. The project aims to create an integrated destination offering high-quality residences, curated amenities, and hospitality.

What the Numbers Show

The deal structure indicates a phased revenue recognition model rather than an immediate cash influx. With only ₹9 crore received as a security deposit against a total potential value of up to ₹1,500 crore for Nitco, the majority of the value remains contingent on future development milestones and regulatory approvals over the five-year period. The combined potential revenue of ₹4,500 crore underscores the scale of the joint venture.

Key Details

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. HoABL Impactum Land Private Limited does not belong to the promoter or promoter group, ensuring the transaction is at arm's length.

Nitco Limited has scheduled its 60th Annual General Meeting for Thursday, September 17, 2026 at 11:30 A.M. (IST) via Video Conferencing. The company released 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.

In compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, Nitco has dispatched letters to shareholders without registered email addresses, providing web-links to access the Notice of the 60th AGM and the Annual Report for FY 2025-26. The documents are also accessible via the company website and stock exchange portals.

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.