Nirlon Ltd.

•

nirlonltd.comBSE: 500307NSE: NIRLON

Market Cap₹ 5,852 Cr.

Current Price

High / Low₹ 657 / 516

Stock P/E16.4

Book Value₹ 60

Price to Book9.64

Dividend Yield4.62 %

ROCE30.8 %

ROE83.8 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 22.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 65.6%
Company has a healthy return on capital (ROCE) of 29.5%
Company has delivered good sales growth of 16.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.80x)

CONS

Company has a high debt-to-equity of 2.45x
Working capital days have increased from -26 to 80 days
Stock is trading at 9.6x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3989.15	33.08	548853.62	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.95	47.74	42940.99	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.25	21.19	24083.20	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.18	24.28	23165.60	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1234.85	35.26	21213.19	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	276.40	19.81	15534.85	1.81	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	969.70	26.16	11277.57	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.30	21.25	11126.30	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	407.85	19.61	10856.97	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	284.95	72.43	10480.02	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	741.55	33.58	10264.08	0.40	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	NIRLON	649.35	16.39	5851.81	4.62	69.38	18.78	168.31	3.25	30.77	76.76

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	148	149	152	153	157	160	161	158	163	165	170	171	168
	32	30	32	32	36	32	30	35	35	36	38	39	79
Operating Profit	116	120	120	122	120	129	131	123	128	129	132	132	129
OPM %	78.28%	80.07%	78.77%	79.36%	76.85%	80.29%	81.15%	77.84%	78.40%	78.26%	77.52%	77.42%	76.76%
Other Income	1	1	1	1	1	2	3	3	4	4	3	3	4
Interest	30	30	30	33	30	30	29	28	28	26	28	26	26
Depreciation	14	14	14	15	14	14	14	13	14	14	14	14	14
	73	77	77	75	78	87	90	84	90	93	93	96	93
Tax %	31.70%	31.57%	31.94%	32.11%	36.03%	34.95%	35.03%	36.19%	35.22%	-58.72%	25.63%	26.12%	25.64%
Net Profit	50	52	52	51	50	56	58	54	58	148	69	71	69
	6	6	6	6	6	6	6	6	6	16	8	8	1
Equity Capital	90	90	90	90	90	90	90	90	90	90	90	90	90
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	288	291	299	310	317	384	573	603	636	669	674
	66	71	73	79	80	87	115	126	133	148	192
Operating Profit	227	223	227	232	240	300	461	481	512	535	—
OPM %	79	77	76	75	76	78	81	80	80	80	—
Other Income	5	3	1	1	2	3	3	4	9	14	14
Interest	78	66	70	32	14	35	126	123	117	108	106
Depreciation	71	72	59	53	49	75	103	56	56	56	56
	78	85	99	146	177	190	233	302	338	372	375
Tax %	35	35	36	25	28	42	32	32	36	7	5
Net Profit	51	56	64	109	127	111	158	206	218	346	357
EPS	6	6	7	12	14	12	18	23	24	38	—
Dividend Payout %	13	12	11	6	57	211	148	114	107	78	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	6	6	7	12	14	12	18	23	24	38	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 16%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 23%
5 Years:: 22%
3 Years:: 30%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 36%
5 Years:: 51%
3 Years:: 66%
Last Year:: 84%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	90	90	90	90	90	90	90	90	90	90
	283	207	262	364	484	388	312	283	267	378
	94	0	0	26	0	85	0	0	0	0
Trade Payables	7	8	8	9	7	26	17	13	21	16
	757	868	1,160	1,390	1,430	1,746	1,683	1,740	2,100	2,145
Total Liabilities	1,231	1,173	1,520	1,878	2,012	2,335	2,101	2,126	2,478	2,630
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	0	0	0	0	0	0	0
Capital Work in Progress	55	141	559	948	1,140	13	6	3	9	7
	0	0	0	0	0	0	0	3	4	3
Cash & Bank	17	38	5	13	3	100	23	61	174	298
	1,158	993	955	917	868	2,221	2,072	2,059	2,291	2,322
Total Assets	1,231	1,173	1,520	1,878	2,012	2,335	2,101	2,126	2,478	2,630
Total Debt	608	611	853	989	978	1,178	1,145	1,146	1,146	1,147
Net Working Capital	-117	-16	-71	-79	-108	-182	-162	-116	-46	147
Contingent Liabilities	11	10	9	5	5	5	5	11	11	18
Book Value per Share	41.38	32.95	39.11	50.36	63.74	53.04	44.59	41.40	39.61	52.00
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	217	212	224	311	209	340	377	425	480	477
Cash from Investing	-63	-118	-405	-325	-120	-159	-90	-51	-38	-309
Cash from Financing	-140	-74	148	22	-100	-86	-365	-337	-332	-322
	14	20	-33	8	-10	95	-79	37	110	-154
Free Cash Flow	217	126	-194	-78	17	340	377	425	474	477
OCF / Net Profit	4.25	3.81	3.52	2.84	1.64	3.07	2.38	2.07	2.20	1.38
Cumulative 5-Year FCF	0	0	0	0	89	212	462	1,081	1,633	2,093

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	5.67	6.18	7.07	12.15	14.14	12.30	17.52	22.81	24.21	38.39
Book Value (₹)	41.38	32.95	39.11	50.36	63.74	53.04	44.59	41.40	39.61	52.00
Dividend per Share (₹)	0.75	0.75	0.75	0.75	8.00	26.00	26.00	26.00	26.00	30.00
Cash EPS (₹)	13.51	14.19	13.60	18.06	19.54	20.67	28.93	29.07	30.46	44.56
PROFITABILITY
Operating Margin %	78.80%	76.70%	76.14%	74.80%	75.62%	78.17%	80.50%	79.12%	79.06%	77.89%
Net Margin %	17.76%	19.15%	21.32%	35.31%	40.20%	28.86%	27.58%	34.08%	34.30%	51.70%
ROE %	15.64%	16.63%	19.61%	27.16%	24.78%	21.06%	35.90%	53.06%	59.78%	83.82%
ROCE %	16.21%	15.97%	15.95%	13.49%	12.75%	14.00%	22.37%	27.73%	30.14%	30.77%
	2.84%	4.63%	4.73%	6.44%	6.55%	5.10%	7.12%	9.72%	9.48%	13.55%
EFFICIENCY
Debtor Days	5	4	3	4	3	2	2	2	2	2
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	5	4	3	4	3	2	2	2	2	2
FINANCIAL HEALTH
Debt to Equity (x)	1.63x	2.06x	2.42x	2.18x	1.70x	2.47x	2.85x	3.07x	3.21x	2.45x
Interest Coverage (x)	2.00x	2.30x	2.42x	5.56x	13.61x	6.49x	2.85x	3.44x	3.89x	4.45x
	0.29x	0.82x	0.36x	0.40x	0.17x	0.48x	0.20x	0.40x	0.82x	1.55x
GROWTH
Revenue Growth %	-0.42%	1.09%	2.71%	3.80%	2.23%	21.15%	49.15%	5.32%	5.46%	5.20%
Operating Profit Growth %	1.01%	-1.60%	1.96%	1.97%	3.36%	25.24%	53.59%	4.44%	6.30%	4.61%
Net Profit Growth %	17.25%	9.02%	14.34%	71.92%	16.38%	-13.03%	42.51%	30.17%	6.15%	58.57%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.17%	6.15%	58.57%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.70x	21.14x	13.06x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.30x	12.92x	9.64x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.10%	5.08%	5.99%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.24x	10.91x	10.02x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.79	67.76	67.73	67.71	67.70	67.68	67.67	67.67	67.65
	10.46	10.36	10.48	11.98	12.25	13.29	13.33	15.78	4.49
	4.77	4.81	4.85	3.71	3.41	2.39	2.31	0.08	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	16.97	17.06	16.94	16.59	16.64	16.64	16.69	16.47	27.84

Documents

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