Nirlon Ltd(NIRLON)

NSE: NIRLONBSE: 500307

₹ 626.5+0.24%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 5,646 crNext results: 2 Nov 2026Website: www.nilonltd.comUpdated: 24 Oct 2026

About

Nirlon Ltd is a Mumbai-based commercial real estate licensor. It operates Nirlon Knowledge Park (NKP), a large IT/ITES office park in Goregaon East, and Nirlon House, a smaller office property. It reported revenue of Rs 669.17 Cr in FY26. With occupancy close to 100%, it runs as a single-asset business that earns recurring licence fees with contracted escalations.^[1]

Assets and portfolio

Nirlon Knowledge Park (NKP) in Goregaon East, Mumbai is the company's main asset. It is a multi-building IT park licensed to large multinational financial services and professional services firms.^[2]
Nirlon House is a second, smaller office property run alongside NKP. Together, the two assets make up the whole operating portfolio.^[2]
NKP Phases 1-5 have about 30.80 lakh sq ft of licensable area, and their chargeable area reached 99.5% occupancy, as stated in the FY25 annual report.^[3]
The fair value of NKP's investment property was about INR 6,650 Cr as of March 2026, up from about INR 6,500 Cr as of March 2025.^[2]
As an IT park, NKP is eligible for an FSI of about 5 (plus fungible). As of Q1 FY26 it was using about 2.7-2.8 FSI.^[4]

Occupancy and leasing

Combined occupancy of NKP and Nirlon House averaged 99.7% in Q4 FY26. About 8,000 sq ft was vacant across both assets as of 31 March 2026.^[2]
Occupancy fell to 97.5% in Q1 FY26 after Morgan Stanley's exit, then rose to 98.6% in Q2 FY26 and 99.7% in Q3 and Q4 FY26.^[4]
A large occupant at NKP surrendered about 4,50,000 sq ft over FY25-FY26. The space was relicensed to existing and new licensees.^[3]
Licence fees were INR 5,901 Mn in FY26, up 5.2% YoY. In Q4 FY26 they were INR 1,477 Mn, up 8.8% YoY.^[2]

Tenants and pricing

Key tenants include Deutsche Bank, Barclays, MUFG, Citi and EY. In Q2 FY26 these tenants took up the about 260,000 sq ft vacated by Morgan Stanley.^[5]
Citi renewed about 196,000 sq ft in Q1 FY26 and a further about 25,000 sq ft in Q3 FY26, at rates above INR 185 per sq ft with annual escalation.^[4]
Space signed or re-leased after Morgan Stanley's exit is priced at INR 170-185 per sq ft per month with annual escalation. Under earlier licences, fees escalated by about 15% every three years.^[4][3]
With occupancy near 100%, management stated that further revenue growth will come from contracted escalations and from renewals at higher market rates.^[6]

Operating model and risks

As of FY25 the company had only 3 employees, all of them Key Managerial Personnel. The park is managed through a related party.^[3]
The FY25 annual report names two risks: cheaper office supply in the suburbs and other cities could keep rental rates under pressure in NKP's micro market, and US onshoring policies and tariffs could change demand from GCC and IT occupants.^[3]

Debt and financing

The company has an HSBC green loan of Rs 1,230 Cr, including an Rs 80 Cr overdraft. Rs 1,150 Cr was outstanding as of Q3 FY26.^[3][6]
In Q1 FY26 HSBC raised the loan spread from 200 bps to 233 bps, bringing the effective interest rate to about 7.6%-7.68%.^[6]
Repayment is 5% a year for five years from May 2027, followed by a 75% bullet repayment. No early prepayment is planned.^[2]
The company's CRISIL credit rating is AA+/Stable as of FY26.^[2]

Expansion and capex

As of Q3 FY26, management had no significant plans for vertical expansion at NKP, no proposals to add built-up area on existing land and no plans to enter other cities.^[6]
Routine maintenance and upgrade capex is guided at about INR 30 Cr a year, of which INR 20-25 Cr is expected to be capitalised.^[5]

Recent developments

For FY26 the Board recommended a final dividend of Rs 15 (150%) per Rs 10 share, with a record date of September 3, 2026. With the Rs 15 interim dividend, the FY26 total is Rs 30, up from Rs 26 in FY25.^[7][2]
The company moved to the concessional tax regime from Q2 FY26. This led to a one-time reversal of a INR 69.5 Cr deferred tax liability in Q2 FY26.^[5]
As of Q1 FY26, management gave no update on any restructuring plans.^[4]

Market Cap

₹5,646 Cr

High / Low

₹664 / 477

Stock P/E

15.8

Price / Book

12.1

Book Value

₹52

EPS

₹38.4

No. of Shares

9.01 Cr

ROCE

25.5%

ROE

83.8%

OPM

70.2%

Debt / Equity

2.45

Sales

₹669 Cr

Net Profit

₹346 Cr

Promoter holding

67.7%

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