Nitco Ltd(NITCO)

NSE: NITCOBSE: 532722

₹ 67.55-2.71%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,706 crWebsite: www.nitco.inUpdated: 24 Oct 2026

About

Nitco Ltd makes ceramic floor and wall tiles, processes marble, sources vitrified tiles from outside makers and develops real estate. It describes itself as the only brand offering an integrated portfolio of tiles, marble and mosaics, and calls the Mumbai Metropolitan Region its core market for premium surfaces. Reported revenue was 542.0 crore in FY26.^[1][2]

Business segments

Tiles and other related products: revenue of Rs 481.29 crore in FY26 vs Rs 311.66 crore in FY25, or 88.8% of FY26 revenue.^[1][3][4]
Real estate: revenue of Rs 60.71 crore in FY26 vs Rs 2.74 crore in FY25, or 11.2% of FY26 revenue.^[1][3][4]
Segment EBIT in FY26: tiles -13.91 crore (-2.9% margin) and real estate 45.01 crore (74.1% margin).^[4]

Products and brands

The portfolio covers ceramic floor and wall tiles, processed marble, vitrified tiles sourced from outside makers, and mosaics (as of FY26).^[1]
Management said the marble business tripled in scale in FY26.^[5]
Launched the premium Natura tile series at the Casa Eterna 2025 event, attended by about 70 dealers, in Q3 FY26.^[6]
Retail formats include NITCO Look and Le Studio Express (FY26).^[1]

Operations and sourcing

The marble division is located at Silvassa (Dadra and Nagar Haveli), as of FY26.^[1]
Nitco meets its product requirements by outsourcing to several low-cost manufacturers (FY26).^[1]
Segment gross margin was 27% in Q2 FY26, and the cash conversion cycle was 7 days.^[7]

Customers and distribution

Customers include Tata Group, Reliance Group, Prestige, Rahejas, Godrej, Oberoi Construction, DLF, L&T and Shapoorji Pallonji Group (FY26).^[1]
A substantial portion of sales comes from retail clients and large key accounts (FY26).^[1]
350+ active dealers and 90+ experience centres or franchise stores as of Q4 FY26, compared with 300+ dealers and 70+ franchise stores in Q2 FY26.^[5][7]
20 new franchise stores opened in FY26 across states including Bihar, Karnataka, Delhi NCR, Maharashtra and Tamil Nadu.^[1]
15 new stores opened in Q4 FY26, including the relocated Le Studio in Kolkata and a first Madhya Pradesh franchise store in Indore.^[5]
Prestige orders total about Rs 347.09 crore (FY26), up from a Rs 216 crore engagement cited in FY25.^[1][3]

Expansion plans

Management plans to grow the dealer network to 1,200+ in Tier-2/3 cities over the next 2-3 years (stated in Q4 FY26).^[5]
Management projects tiles/marble/mosaic revenue of about 600 crore in FY27, 750 crore in FY28 and 1,000 crore in FY29, with segment EBITDA margin rising toward about 10% by FY29.^[5]
Plans to set up POS 2.0 at Silvassa and launch premium/designer lines and new retail formats (stated in Q3 FY26).^[6]

Real estate monetisation

Rs 58 crore was unlocked from real estate in FY26; the company targets about Rs 1,000+ crore of cash flow from land over 3-5 years.^[5]
Alibaug joint development agreement with Total Environment: minimum consideration of Rs 350 crore over three years; the balance of the advance is expected in FY27.^[1]
Kanjurmarg sale renegotiated to Rs 143 crore plus office space (FY26), down from Rs 232 crore to Runwal agreed in FY25.^[1][3]
Thane plot transferred, with an estimated realisation of about Rs 100 crore (Q4 FY26).^[5]
A binding contract was signed to dispose of Alibaug plant property, plant and equipment within six months (FY26).^[1]

Recent developments

Authum restructured the company's debt and put in working capital; 9M FY26 finance cost fell 95% YoY to INR 3.15 crore.^[6]
Authum's working capital limit is to rise from Rs 75 crore to Rs 250 crore at 10% (FY26); an added working capital and invoice discounting facility from AIIL was secured for FY27.^[1]
Q4 FY26 EBITDA was -3.15 crore against +3.36 crore in Q4 FY25.^[5]
The wind energy undertaking is being divested to Siva Green Energy (FY25).^[3]
Infomerics rating was IVR D (FY25); a Rs 463.24 crore preferential issue was raised, with Rs 79.85 crore unutilised.^[3]
Risks named in FY26 include trade barriers on Indian tile exports, Chinese overcapacity, input costs and competition from Morbi.^[1]

Market Cap

₹1,706 Cr

High / Low

₹119 / 64

Stock P/E

-57.0

Price / Book

4.6

Book Value

₹15

EPS

₹1.2

No. of Shares

24.05 Cr

ROCE

7.1%

ROE

9.4%

OPM

7.8%

Debt / Equity

0.83

Sales

₹542 Cr

Net Profit

₹29 Cr

Promoter holding

24.0%

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