NIBE Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Promoters have been increasing their shareholding - up 2.3pp over 2 years
- Company has delivered good sales growth of 219.7% CAGR over last 5 years
- Institutional investors have been accumulating - FII+DII up 2.7pp
- Company maintains a comfortable, low leverage position
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 81.9% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.08x)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 37.2%
- Operating margins have contracted to 12.2% from 17.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4850.00 | 34.80 | 324355.88 | 0.93 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 405.20 | 48.19 | 296192.24 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1258.00 | 88.55 | 46113.56 | 0.39 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4580.30 | 3333.94 | 25642.34 | 0.22 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1727.85 | 86.78 | 16405.07 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1800.75 | 90.25 | 16259.50 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 242.30 | 326.32 | 16250.23 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 388.55 | 119.01 | 14438.50 | 0.06 | 25.22 | 42.58 | 251.29 | 88.12 | 14.05 | 21.38 |
| PARAS | 1414.15 | 120.66 | 11396.26 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1505.05 | 106.37 | 7661.01 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1711.80 | 200.37 | 7280.88 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| NIBE | 1336.55 | 488.54 | 2071.89 | 0.10 | -12.00 | -1250.24 | 63.01 | -23.62 | 17.98 | -15.12 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 41 | 63 | 149 | 109 | 127 | 139 | 106 | 81 | 63 | 38 | 235 | 57 | |
| 22 | 35 | 56 | 129 | 94 | 109 | 131 | 90 | 71 | 65 | 45 | 181 | 71 | |
| Operating Profit | 4 | 6 | 7 | 20 | 15 | 18 | 8 | 16 | 10 | -3 | -7 | 54 | -14 |
| OPM % | 14.02% | 14.38% | 11.36% | 13.58% | 14.17% | 14.46% | 5.93% | 15.23% | 12.61% | -4.09% | -19.29% | 22.88% | -24.76% |
| 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 7 | 3 |
| Depreciation | 1 | 1 | 1 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 3 |
| Profit before Tax | 2 | 4 | 6 | 17 | 11 | 13 | 3 | 11 | 5 | -7 | -15 | 44 | -12 |
| Tax % | 32.29% | 22.76% | 19.35% | 26.92% | 27.82% | 25.63% | 9.58% | 37.26% | 27.70% | 33.02% | 12.83% | 27.59% | 24.88% |
| Net Profit | 1 | 3 | 5 | 12 | 8 | 9 | 3 | 7 | 4 | -5 | -13 | 32 | -9 |
| 1.10 | 2.83 | 4.11 | 9.28 | 5.99 | 6.80 | 1.98 | 4.81 | 2.69 | -3.44 | -9.22 | 21.70 | -5.99 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 3 | 5 | 2 | 1 | 3 | 21 | 105 | 279 | 481 | 393 | |
| 8 | 3 | 5 | 2 | 2 | 2 | 19 | 96 | 242 | 423 | 363 | |
| Operating Profit | 0 | 0 | -0 | -0 | -1 | 0 | 2 | 9 | 37 | 59 | 30 |
| OPM % | 3.27% | 6.20% | -0.67% | -16.79% | -50.15% | 5.35% | 11.04% | 8.11% | 13.24% | 12.18% | 7.59% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 3 | 3 | 7 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 4 | 8 | 16 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | 6 | 16 | 18 |
| Profit before Tax | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 6 | 29 | 38 | 9 |
| Tax % | 30.75% | 42.56% | 42.03% | 118.60% | -5.28% | 31.27% | -33.93% | 27.11% | 24.99% | 28.30% | 52.30% |
| Net Profit | 0 | 0 | 0 | -0 | -0 | 0 | -0 | 5 | 22 | 27 | 4 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | -0.43 | 4.32 | 16.80 | 18.86 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.59% | 5.95% | 6.63% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 46%
- 5 Years:
- 220%
- 3 Years:
- 183%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 76%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 11%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 9%
- 3 Years:
- 15%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 12 | 13 | 14 |
| 0 | 0 | 0 | 0 | -0 | 0 | -0 | 55 | 141 | 208 | |
| 1 | 0 | 0 | 0 | 0 | 2 | 9 | 28 | 64 | 61 | |
| Trade Payables | 1 | 0 | 0 | 0 | 0 | 0 | 4 | 3 | 23 | 79 |
| 0 | 0 | 0 | 0 | -0 | 0 | 17 | 58 | 50 | 36 | |
| Total Liabilities | 12 | 11 | 11 | 11 | 10 | 12 | 41 | 156 | 291 | 398 |
| 0 | 0 | 0 | 0 | 0 | 0 | 12 | 39 | 111 | 129 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 22 | 27 |
| 4 | 1 | 0 | 1 | 0 | 2 | 0 | 6 | 21 | 16 | |
| 4 | 5 | 5 | 3 | 6 | 6 | 12 | 9 | 23 | 12 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 | 144 | |
| Cash & Bank | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 13 | 11 | 5 |
| 4 | 3 | 5 | 7 | 4 | 4 | 15 | 78 | 65 | 66 | |
| Total Assets | 12 | 11 | 11 | 11 | 10 | 12 | 41 | 156 | 291 | 398 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 0 | -0 | 1 | -3 | 0 | 6 | -7 | 5 | 7 | |
| Cash from Investing | -0 | 2 | -0 | -1 | 3 | -1 | 1 | -62 | -105 | -35 |
| Cash from Financing | -0 | -1 | -0 | -0 | -0 | 2 | -5 | 77 | 102 | 22 |
| -0 | 1 | -0 | -0 | -0 | 0 | 1 | 7 | 2 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.08 | 0.05 | 0.07 | -0.00 | -0.46 | 0.12 | -0.43 | 3.86 | 16.80 | 18.86 |
| Book Value (₹) | 10.23 | 10.27 | 10.35 | 10.28 | 9.88 | 10.01 | 9.56 | 56.39 | 117.08 | 155.52 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 1.00 | 1.25 |
| Cash EPS (₹) | 0.19 | 0.13 | 0.14 | 0.04 | -0.45 | 0.12 | 2.34 | 6.81 | 21.27 | 30.36 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 3.28% | 6.47% | 4.98% | 3.64% | -30.68% | 7.39% | 17.13% | 12.42% | 13.24% | 12.18% |
| Net Margin % | 0.95% | 1.50% | 1.66% | -0.22% | -33.19% | 4.97% | -2.10% | 4.36% | 7.91% | 5.60% |
| ROE % | 0.77% | 0.47% | 0.73% | -0.04% | -4.56% | 1.21% | -4.37% | 11.90% | 20.00% | 14.34% |
| ROCE % | 1.43% | 1.16% | 1.51% | 0.25% | -4.26% | 1.65% | 6.85% | 17.53% | 20.57% | 17.62% |
| 0.64% | 0.43% | 0.71% | -0.04% | -4.55% | 1.12% | -1.69% | 4.65% | 9.87% | 7.83% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 178 | 277 | 116 | 419 | 395 | 141 | 37 | 66 | 48 | 69 |
| Inventory Days | 143 | 486 | 387 | 724 | 1123 | 891 | 156 | 37 | 21 | 13 |
| Payable Days | 62 | 137 | 19 | 8 | 2 | 3 | 133 | 21 | 26 | 53 |
| 259 | 626 | 484 | 1135 | 1516 | 1029 | 59 | 82 | 43 | 29 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.07x | 0.00x | 0.00x | 0.00x | 0.00x | 0.14x | 0.02x | 0.31x | 0.40x | 0.29x |
| Interest Coverage (x) | 3.50x | 3.18x | 5.85x | 5.71x | -62.17x | 97.76x | 0.70x | 2.93x | 7.95x | 5.74x |
| 5.97x | 31.27x | 31.62x | 109.53x | 337.77x | 78.47x | 0.97x | 1.43x | 2.06x | 1.81x | |
| GROWTH | ||||||||||
| Revenue Growth % | -22.96% | -60.88% | 40.04% | -59.23% | -24.55% | 74.22% | 745.30% | 394.04% | 165.83% | 72.57% |
| Operating Profit Growth % | -22.21% | -22.82% | 7.82% | -70.24% | -736.72% | 141.95% | 1860.41% | 258.14% | 203.10% | 56.89% |
| Net Profit Growth % | -15.83% | -38.45% | 54.94% | -105.36% | 0.00% | 126.11% | -456.40% | 1126.01% | 382.48% | 22.25% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 335.72% | 12.29% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 76.70x | 55.42x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.00x | 6.72x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.08% | 0.12% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 44.10x | 25.05x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - NIBE Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - NIBE Limited has informed the Exchange about Intimation for 21st Annual General Meeting (AGM) scheduled to be held on Tuesday, September 29, 2026.
2026-09-04 - NIBE Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.
2026-08-18 - NIBE Limited has informed the Exchange that Nibe Space Private Limited (Subsidiary Company) has received Letter of Award.
2026-08-15 - NIBE Limited has informed the Exchange about Copy of Newspaper Publication regarding Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026
2026-08-14 - Nibe Limited has informed about Monitoring Agency Report for June 30, 2026
2026-08-14 - NIBE Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-14 - NIBE Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-14 - NIBE Limited has informed the Exchange regarding Appointment of Mr Ganesh Ramesh Nibe as Chief Executive Officer of the company w.e.f. August 14, 2026.
News
Recent coverage and analyst commentary for NIBE
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