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Swing Capital

Nirlon Ltd

NSE: NIRLON BSE: 500307IT / Software

Nirlon Ltd is in business of development and management of the Industrial Park / Information Technology (IT) Park, i.e. Nirlon Knowledge Park (NKP) - Goregaon (East), Mumbai[1]

₹605
52W: ₹445 — ₹619
PE 16.6 · Book ₹51.5 · +1075% vs book
Market Cap₹5,452 Cr
Stock P/E16.6Price to Earnings
ROCE30.2%Return on Capital
ROE59.9%Return on Equity
Div. Yield4.3%Face Value ₹10

Strengths

  • +Stock is providing a good dividend yield of 4.30%.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 48.8%
  • +Company has been maintaining a healthy dividend payout of 123%

Weaknesses

  • −Stock is trading at 11.7 times its book value

Shareholding Pattern

Promoters67.67%
FIIs15.78%
DIIs0.07%
Public16.46%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.8%67.76%▼0.067.74%▼0.067.72%▼0.067.7%▼0.067.68%▼0.067.67%▼0.067.67%
FIIs10.46%10.36%▼0.110.48%▲0.111.98%▲1.512.25%▲0.313.29%▲1.013.34%▲0.115.78%▲2.4
DIIs4.77%4.81%▲0.04.85%▲0.03.71%▼1.13.41%▼0.32.39%▼1.02.31%▼0.10.07%▼2.2
Public16.96%17.05%▲0.116.94%▼0.116.58%▼0.416.62%▲0.016.64%▲0.016.68%▲0.016.46%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales149152153157160161158163165170
Expenses30323236323035353638
Operating Profit120120122120129131123128129132
OPM %80%79%79%77%80%81%78%78%78%78%
Net Profit525251505658545814869
EPS ₹5.825.785.685.536.276.475.946.4816.397.69

AI Insights

Revenue Trend

TTM revenue at ₹656Cr, up 3.1% YoY. OPM at 78%.

Debt Position

Borrowings at ₹1,147Cr. Debt-to-equity ratio: 3.07x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹21Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.07% (-0.07pp change). FIIs: 15.78% (+1.45pp change). Promoters hold 67.67%.

Margin & Efficiency

ROCE improving from 5% (Mar 2014) to 30% (Mar 2025). Working capital days: -126.

Valuation

PE 16.6x with 30.2% ROCE. Price is 1075% above book value of ₹51.5. Dividend yield: 4.3%.

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