Nitiraj Engineers 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
- Company is almost debt free
- Operating margins have improved to 12.3% from 5.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.99x)
- Company has been maintaining a healthy dividend payout of 31.8%
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 58.6% versus prior year
- Company has a low return on equity of 7.2% over last 3 years
- Company has a low return on capital employed of 10.0%
- Working capital days have increased from 142 to 192 days
- Rich enterprise valuation - EV/EBITDA of 26.1x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.80 | 61.95 | 150703.70 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 922.60 | 85.51 | 45620.81 | 0.64 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3729.70 | 74.90 | 44441.73 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| KIRLOSENG | 2267.40 | 60.41 | 32995.17 | 0.31 | 1110.60 | 699.45 | 19995.30 | 1034.94 | 14.46 | 15.02 |
| JYOTICNC | 1026.55 | 72.57 | 23346.12 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2180.15 | 77.65 | 19787.80 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 572.05 | 54.07 | 18185.38 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2765.75 | 128.52 | 17861.70 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| LLOYDSENGG | 84.88 | 58.86 | 13165.22 | 0.29 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1552.65 | 552.07 | 11664.70 | 0.13 | -1082.52 | -3163.59 | 17234.42 | 4739.88 | 8.37 | 3.27 |
| KENNAMET | 4534.30 | 85.10 | 9965.59 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| NITIRAJ | 205.13 | 87.33 | 210.28 | 0.00 | -0.02 | 99.36 | 11.37 | -16.32 | 8.40 | 11.79 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 16 | 20 | 53 | 4 | 13 | 37 | 23 | 11 | 16 | 11 | 8 | 19 | |
| 10 | 13 | 17 | 42 | 6 | 12 | 27 | 22 | 11 | 14 | 10 | 8 | 18 | |
| Operating Profit | 2 | 3 | 4 | 10 | -2 | 1 | 10 | 1 | 0 | 3 | 1 | -0 | 1 |
| OPM % | 15.37% | 17.41% | 17.63% | 19.51% | -38.17% | 5.57% | 25.94% | 3.32% | 0.19% | 16.53% | 9.81% | -3.67% | 6.02% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 1 | 2 | 3 | 10 | -2 | 0 | 9 | 0 | -0 | 2 | 1 | -1 | 1 |
| Tax % | 24.79% | 19.90% | 25.17% | 25.13% | 25.00% | 50.00% | 25.14% | 175.00% | 25.58% | 25.23% | 25.00% | 25.88% | 26.67% |
| Net Profit | 1 | 2 | 2 | 7 | -2 | 0 | 7 | -0 | -0 | 2 | 0 | -1 | 1 |
| 0.85 | 1.57 | 2.09 | 7.23 | -1.61 | 0.02 | 6.35 | -0.05 | -0.32 | 1.59 | 0.38 | -0.62 | 1.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 56 | 53 | 39 | 54 | 48 | 53 | 40 | 46 | 100 | 77 | 55 | |
| 48 | 46 | 35 | 45 | 44 | 45 | 38 | 43 | 82 | 67 | 50 | |
| Operating Profit | 9 | 8 | 4 | 9 | 4 | 8 | 2 | 4 | 18 | 9 | 5 |
| OPM % | 15.23% | 14.86% | 9.71% | 16.08% | 7.52% | 15.19% | 4.50% | 7.68% | 18.31% | 12.32% | 8.51% |
| 0 | 0 | 2 | 1 | 2 | 0 | -3 | 0 | 1 | 1 | 1 | |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 1 | 1 | 3 | 3 | 4 | 3 | 4 | 4 |
| Profit before Tax | 7 | 7 | 4 | 8 | 4 | 5 | -4 | -0 | 16 | 7 | 3 |
| Tax % | 24.15% | 32.83% | 27.55% | 28.45% | 28.36% | 26.91% | 24.63% | -105.83% | 24.50% | 27.07% | 25.64% |
| Net Profit | 6 | 5 | 3 | 6 | 3 | 4 | -3 | -0 | 12 | 5 | 2 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.52 | 3.54 | -3.28 | -0.36 | 11.74 | 4.71 | — |
| Dividend Payout % | 0.00% | 5.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.78% | 31.83% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 10%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 13%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 38%
- 3 Years:
- 26%
- 1 Year:
- 17%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 4%
- 3 Years:
- 7%
- Last Year:
- 6%
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 | 6 | 8 | 8 | 8 | 10 | 10 | 10 | 10 | 10 | 10 |
| 28 | 49 | 53 | 59 | 59 | 61 | 58 | 57 | 69 | 73 | |
| 7 | 0 | 0 | 0 | 5 | 0 | 4 | 3 | 1 | 1 | |
| Trade Payables | 3 | 2 | 1 | 2 | 2 | 2 | 1 | 3 | 3 | 2 |
| 6 | 6 | 2 | 4 | 3 | 6 | 4 | 6 | 9 | 8 | |
| Total Liabilities | 49 | 65 | 64 | 73 | 81 | 80 | 77 | 79 | 93 | 94 |
| 12 | 11 | 13 | 27 | 38 | 28 | 36 | 33 | 32 | 35 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 |
| 1 | 22 | 25 | 2 | 2 | 2 | 2 | 1 | 12 | 19 | |
| 20 | 11 | 12 | 17 | 14 | 14 | 15 | 23 | 18 | 16 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 7 | |
| Cash & Bank | 1 | 8 | 1 | 2 | 5 | 2 | 1 | 1 | 3 | 3 |
| 15 | 13 | 13 | 25 | 22 | 29 | 22 | 20 | 14 | 14 | |
| Total Assets | 49 | 65 | 64 | 73 | 81 | 80 | 77 | 79 | 93 | 94 |
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 | -5 | -3 | 16 | 10 | 2 | 3 | 1 | 18 | 14 | |
| Cash from Investing | -2 | -3 | -3 | -16 | -11 | -4 | -6 | 0 | -13 | -12 |
| Cash from Financing | 4 | 15 | -0 | -0 | 5 | -0 | 3 | -1 | -3 | -2 |
| 0 | 7 | -6 | 0 | 4 | -3 | -1 | 0 | 2 | -0 |
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 (₹) | 9.17 | 5.61 | 3.75 | 7.40 | 2.52 | 3.54 | -3.28 | -0.36 | 11.74 | 4.71 |
| Book Value (₹) | 55.79 | 70.26 | 74.16 | 81.56 | 67.77 | 69.89 | 66.55 | 65.93 | 77.71 | 80.78 |
| Dividend per Share (₹) | 0.00 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.50 | 1.50 |
| Cash EPS (₹) | 8.32 | 5.37 | 4.70 | 7.15 | 3.91 | 6.56 | -0.22 | 3.23 | 15.02 | 8.14 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 15.49% | 12.18% | 15.32% | 17.69% | 11.32% | 15.51% | 5.92% | 8.64% | 18.27% | 12.29% |
| Net Margin % | 9.76% | 6.79% | 7.79% | 10.90% | 5.34% | 6.75% | -8.39% | -0.80% | 11.96% | 6.29% |
| ROE % | 17.89% | 10.11% | 5.19% | 9.50% | 3.79% | 5.15% | -4.80% | -0.55% | 16.35% | 5.95% |
| ROCE % | 22.61% | 14.98% | 7.26% | 13.46% | 5.72% | 7.17% | -5.52% | 0.19% | 21.34% | 8.40% |
| 12.76% | 8.05% | 4.76% | 8.86% | 3.37% | 4.52% | -4.28% | -0.48% | 14.00% | 5.17% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 54 | 43 | 44 | 64 | 95 | 63 | 78 | 58 | 35 | 46 |
| Inventory Days | 106 | 84 | 110 | 98 | 120 | 95 | 133 | 152 | 75 | 82 |
| Payable Days | 28 | 31 | 26 | 25 | 34 | 30 | 28 | 26 | 16 | 23 |
| 132 | 96 | 128 | 137 | 180 | 128 | 183 | 183 | 93 | 105 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.21x | 0.00x | 0.00x | 0.00x | 0.08x | 0.00x | 0.05x | 0.04x | 0.00x | 0.00x |
| Interest Coverage (x) | 10.74x | 14.52x | 79.43x | 77.85x | 9.08x | 18.57x | -7.99x | 0.44x | 187.02x | 34.04x |
| 2.27x | 3.32x | 6.70x | 6.06x | 2.95x | 4.96x | 3.70x | 3.16x | 4.56x | 5.59x | |
| GROWTH | ||||||||||
| Revenue Growth % | 29.60% | -5.15% | -27.41% | 38.77% | -11.14% | 11.52% | -25.79% | 16.29% | 117.96% | -23.82% |
| Operating Profit Growth % | 34.33% | -5.49% | -26.81% | 62.98% | -44.39% | 52.36% | -71.63% | 69.32% | 383.67% | -46.67% |
| Net Profit Growth % | 31.50% | -16.34% | -33.21% | 97.40% | -57.39% | 40.45% | -192.43% | 88.96% | 3348.45% | -59.86% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3348.70% | -59.86% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.77x | 56.48x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.23x | 3.29x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.86% | 0.56% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.02x | 26.11x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Nitiraj Engineers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-04 - Nitiraj Engineers Limited has informed the Exchange regarding Outcome of Board Meeting held on September 04, 2026.
2026-08-14 - Nitiraj Engineers Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Nitiraj Engineers Limited has informed the Exchange regarding Outcome of Board Meeting held on August 13, 2026.
2026-08-13 - Nitiraj Engineers Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-09 - Nitiraj Engineers Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-06 - Nitiraj Engineers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-06-26 - Nitiraj Engineers Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-10 - Nitiraj Engineers Limited has informed the Exchange about General Updates
News
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