Nilkamal financials and balance sheet

NSE: NILKAMALBSE: 523385Consumer DurablesSmall Cap

Formerly Nilkamal Plastics

₹1,622.70₹67.70 (4.01%)BSE ₹1,616.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,690.40.

52-week range of traded prices to 23 Oct 2026

₹1,050.50Low, 30 Mar 2026₹2,149.50High, 3 Sep 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹2,421 Cr1,167th largest listed
P/E: 19.4
P/E without one-offs: 17.3
P/B: 1.5
Dividend yield: 1.23%
ROE: 8.1%
ROE without one-offs: 9.1%
ROCE: 10.8%
Debt to equity: 0.16
Volume, NSE: 29,34760.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Nilkamal annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 9.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,778
Materials and goods−2,137
Employee costs−311
Other expenses−1,001
Operating profit329
Depreciation−142
Other income+14
One-off items−15
Finance costs−44
Profit before tax142
Tax−35
Joint ventures+10
Net profit116

What the company owns

Plant, investments and other assets₹1,300 Cr
Inventory₹645 Cr
Receivables₹467 Cr
Cash and bank₹83 Cr
Current investments₹22 Cr

What pays for it: net worth and liabilities

Net worth₹1,579 Cr
Other liabilities₹411 Cr
Owed to suppliers₹272 Cr
Borrowings₹256 Cr

Nilkamal business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Nilkamal segment results by quarter

Revenue by segment

₹3,778 CrTotal

Business to Business₹3,370 Cr89.2% of total
Retail and Ecommerce₹408 Cr10.8% of total

Profit by segment

Business to Business₹219 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Business to Business
Revenue, ₹ crore
2,962
3,370
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
222
219
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Retail and Ecommerce
Revenue, ₹ crore
351
408
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−35
−18
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,366	2,261	2,098	2,743	3,154	3,202	3,313	3,778
Company revenue, as in its results	2,362	2,257	2,092	2,730	3,131	3,196	3,313	3,778
Revenue	–	–	–	–	–	–	2,962	3,370
Revenue growth	–	–	–	–	–	–	–	13.8%
Profit	–	–	–	–	–	–	222	219
Profit growth	–	–	–	–	–	–	–	−1.3%
Margin	–	–	–	–	–	–	7.5%	6.5%
Revenue	–	–	–	–	–	–	351	408
Revenue growth	–	–	–	–	–	–	–	16.4%
Profit	–	–	–	–	–	–	−35	−18
Margin	–	–	–	–	–	–	−9.8%	−4.3%
Revenue	2,156	2,046	1,942	2,567	2,927	3,009	–	–
Revenue growth	–	−5.1%	−5.1%	32.2%	14.0%	2.8%	–	–
Profit	176	208	176	144	211	206	–	–
Profit growth	–	18.0%	−15.6%	−18.0%	46.2%	−2.1%	–	–
Margin	8.2%	10.2%	9.1%	5.6%	7.2%	6.9%	–	–
Return on capital	–	21.1%	17.0%	11.6%	15.0%	13.9%	–	–
Assets	–	1,317	1,440	1,683	1,857	1,903	–	–
Liabilities	–	331	404	442	449	419	–	–
Capital employed	–	986	1,036	1,241	1,407	1,485	–	–
Revenue	211	215	157	177	227	193	–	–
Revenue growth	–	2.0%	−27.1%	12.5%	28.8%	−15.2%	–	–
Profit	1	−2	−4	−3	6	−8	–	–
Margin	0.6%	−0.7%	−2.6%	−1.8%	2.6%	−4.0%	–	–
Return on capital	–	−2.7%	−12.9%	−8.4%	11.9%	−20.5%	–	–
Assets	–	162	148	159	154	157	–	–
Liabilities	–	105	117	121	105	120	–	–
Capital employed	–	57	31	38	49	37	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Nilkamal quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 May	Mar 2020Filed 29 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 24 May	Mar 2023Filed 30 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue from operations	2,162	2,161	2,362	2,257	2,092	2,730	3,131	3,196	3,313	3,778
	1,930	1,921	2,149	1,976	1,839	2,509	2,823	2,906	3,030	3,449
Materials and goods bought	1,160	1,194	1,392	1,247	1,177	1,661	1,885	1,846	1,883	2,137
Employee costs	–	–	187	191	174	197	222	249	278	311
Other expenses	–	–	570	538	488	651	716	810	869	1,001
Operating profit before depreciation	232	239	213	281	253	221	308	290	282	329
Operating margin	10.7%	11.1%	9.0%	12.5%	12.1%	8.1%	9.8%	9.1%	8.5%	8.7%
Materials, % of revenue	–	–	58.9%	55.2%	56.3%	60.8%	60.2%	57.8%	56.8%	56.6%
Employee costs, % of revenue	–	–	7.9%	8.4%	8.3%	7.2%	7.1%	7.8%	8.4%	8.2%
Other expenses, % of revenue	–	–	24.1%	23.8%	23.3%	23.8%	22.9%	25.3%	26.2%	26.5%
Depreciation and amortisation	51	50	52	94	97	101	113	115	120	142
Operating profit after depreciation	181	189	162	187	156	120	195	175	162	187
Other income	3	4	13	14	16	12	11	13	12	14
Finance costs	12	13	16	26	24	28	37	37	41	44
Profit before one-off items and tax	173	180	159	175	148	104	169	151	133	157
One-off items	0	0	0	0	0	0	0	0	0	−15
Profit before tax	173	180	159	175	148	104	169	151	133	142
	54	63	48	39	37	26	43	38	−42	35
Current tax	–	–	41	45	39	27	40	38	35	40
Deferred tax	–	–	8	−5	−2	−1	3	0	−77	−5
Share of profit of joint ventures and associates	5	7	7	6	2	6	8	9	8	10
	123	123	118	142	113	83	134	122	183	116
Belonging to the company's shareholders	123	123	117	142	113	83	134	122	106	116
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	–	0
Other comprehensive income	–	–	−1	−2	2	−6	1	3	1	4
Total comprehensive income	–	–	116	141	115	77	135	126	184	120
Net margin	5.7%	5.7%	5.0%	6.3%	5.4%	3.1%	4.3%	3.8%	5.5%	3.1%
Net margin without joint ventures and associates	5.4%	5.4%	4.7%	6.0%	5.3%	2.8%	4.0%	3.5%	5.3%	2.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 May	Mar 2020Filed 29 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 24 May	Mar 2023Filed 30 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	948	1,033	1,140	1,202	1,315	1,411	1,488	1,579
	941	1,032	1,139	1,202	1,314	1,410	1,487	1,577
Share capital	15	15	15	15	15	15	15	15
Reserves	926	1,017	1,124	1,187	1,299	1,395	1,472	1,562
Belonging to outside owners of subsidiaries	7	1	1	1	1	1	1	2
	51	48	31	175	189	247	373	256
Repayable after a year	44	48	29	117	160	127	207	192
Repayable within a year	7	0	2	58	28	121	166	64
	216	266	317	402	371	453	613	578
Trade payables	134	153	193	221	226	215	297	272
Other financial liabilities	27	71	66	60	53	41	50	134
Other liabilities	37	31	45	51	52	55	77	79
Provisions	11	11	11	12	12	13	16	24
Tax owed	0	0	0	0	0	7	6	5
	129	252	266	349	389	357	443	361
Other financial liabilities	53	183	218	213	207	208	213	137
Other liabilities	4	–	0	0	0	0	0	0
Provisions	7	7	7	7	6	7	8	22
Deferred tax	20	13	13	12	15	16	15	10
Total assets	1,294	1,551	1,724	1,953	2,075	2,221	2,544	2,518
	514	691	725	808	887	957	1,135	1,171
Plant in use, after depreciation	397	584	627	687	775	767	930	1,023
Plant being built	14	27	18	26	22	38	75	19
Intangible assets	1	1	1	1	1	0	0	1
Goodwill	0	7	7	7	7	7	7	7
Intangible assets being developed	–	–	0	0	0	0	0	3
Investments	50	0	0	0	1	2	2	4
Stakes in joint ventures and associates	–	17	19	21	26	36	43	48
Loans given	25	25	23	3	3	0	0	0
Other financial assets	1	4	4	25	26	40	34	42
Trade receivables	0	–	0	0	0	3	4	4
Other assets	25	25	27	38	26	63	41	21
	779	860	999	1,145	1,188	1,264	1,409	1,346
Inventories	393	406	498	661	656	596	689	645
Trade receivables	309	325	308	314	433	464	462	467
Cash and cash equivalents	13	18	31	65	20	82	139	76
Other bank balances	3	6	59	3	4	3	1	8
Current investments	1	17	16	14	5	33	2	22
Loans given	9	12	8	0	0	0	0	0
Other financial assets	11	14	17	14	16	26	44	55
Tax paid in advance	5	9	6	5	5	4	2	2
Other assets	36	53	55	69	49	57	71	71
Net debt	34	7	−76	92	160	130	232	150

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 4 Jun	Mar 2022Filed 24 May	Mar 2023Filed 30 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	203	69	190	250	247	306
	237	94	230	280	280	347
	−24	−130	−82	−15	−6	32
Receivables	14	−3	−121	−32	−1	−7
Inventories	−92	−163	5	60	−93	44
Payables	40	28	5	−10	82	−27
Other working capital	14	8	29	−34	6	22
Tax paid	−34	−25	−40	−30	−33	−42
Capital spending	78	164	196	156	270	153
Free cash flow	125	−95	−6	94	−23	153
	−121	−89	−165	−160	−225	−160
Plant and property sold	4	8	16	19	3	7
Interest received	8	3	5	5	8	10
Dividends received	0	0	0	0	0	0
	−71	60	−71	−32	34	−213
Borrowings raised	2	144	62	71	155	−77
Borrowings repaid	−17	−17	−48	−12	−30	−40
Interest paid	−11	−13	−22	−23	−27	−31
Lease payments	−25	−23	−26	−24	−34	−35
Dividends paid	7	15	22	30	30	30
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	11	40	−46	58	56	−67

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Nilkamal dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 May	Mar 2020Filed 29 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 24 May	Mar 2023Filed 30 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Earnings per share	₹82.11	₹82.74	₹78.63	₹95.21	₹75.68	₹55.86	₹89.76	₹81.92	₹71.32	₹77.45
Diluted earnings per share	₹82.11	₹82.74	₹78.63	₹95.21	₹75.68	₹55.86	₹89.76	₹81.92	₹71.32	₹77.45
Dividend per share	₹11.00	₹13.00	₹13.00	₹15.00	₹15.00	₹15.00	₹20.00	₹20.00	₹20.00	₹20.00
Book value per share	–	–	₹630.71	₹691.63	₹763.53	₹805.17	₹880.69	₹944.81	₹996.61	₹1,057.05
Dividend payout	13.4%	15.7%	16.5%	15.8%	19.8%	26.9%	22.3%	24.4%	28.0%	25.8%
Shareholder yield	–	–	–	–	0.3%	0.5%	0.9%	1.2%	1.3%	1.9%
Market cap at the year end (₹ crore)	2,913	2,268	2,133	1,489	2,911	3,027	2,620	2,545	2,295	1,592

Ratios

Consolidated, years to March.Nilkamal PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 May	Mar 2020Filed 29 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 24 May	Mar 2023Filed 30 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue growth	7.9%	–	–	−4.5%	−7.3%	30.5%	14.7%	2.1%	3.6%	14.0%
Operating profit growth	−3.5%	3.3%	−10.9%	31.8%	−10.0%	−12.6%	39.3%	−5.8%	−2.8%	16.5%
Net profit growth	8.1%	0.8%	−4.7%	21.0%	−20.6%	−26.3%	60.6%	−8.6%	49.7%	−36.7%
Earnings per share growth	–	0.8%	−5.0%	21.1%	−20.5%	−26.2%	60.7%	−8.7%	−12.9%	8.6%
	–	–	12.5%	14.4%	10.4%	7.1%	10.6%	9.0%	7.3%	7.5%
	–	–	–	1.9 pts	−4.0 pts	−3.3 pts	3.5 pts	−1.7 pts	−1.6 pts	0.2 pts
From the net margin	–	–	–	3.3 pts	−2.1 pts	−4.5 pts	2.9 pts	−1.1 pts	−1.4 pts	−0.4 pts
From asset turnover	–	–	–	−2.1 pts	−2.4 pts	1.0 pts	0.5 pts	−0.4 pts	−0.5 pts	0.5 pts
From borrowing	–	–	–	0.7 pts	0.5 pts	0.3 pts	0.2 pts	−0.1 pts	0.3 pts	0.0 pts
Return on capital employed	–	–	16.2%	17.3%	13.3%	8.7%	13.0%	10.6%	8.7%	10.2%
Cash conversion	–	–	–	–	179.4%	82.8%	141.8%	204.3%	135.1%	263.2%
Interest cover	15.5	15.1	10.2	7.2	6.6	4.2	5.3	4.7	4.0	4.2
Debt to equity	–	–	0.05	0.05	0.03	0.15	0.14	0.18	0.25	0.16
Receivable days	–	–	48	53	54	42	51	53	51	45
Inventory days	–	–	103	119	154	145	127	118	133	110
Payable days	–	–	35	45	60	49	44	43	58	46
Cash conversion cycle, days	–	–	116	127	148	139	134	128	127	109
Working capital days	–	–	85	89	101	96	95	93	90	70
Asset turnover	–	–	1.83	1.59	1.28	1.48	1.55	1.49	1.39	1.49
Assets per rupee of net worth	–	–	1.37	1.44	1.51	1.57	1.60	1.58	1.64	1.65
Sales per rupee of plant	–	–	5.94	3.86	3.34	3.98	4.04	4.17	3.56	3.69
Capital spending to depreciation	–	–	–	–	0.80	1.62	1.73	1.35	2.25	1.07
Plant being built, % of plant in use	–	–	3.5%	4.6%	2.9%	3.8%	2.9%	5.0%	8.1%	1.8%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.6%
Cash from operations against operating profit: 92.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.5%	12.5%	6.5%
Profit growth, yearly rate	0.2%	0.5%	−4.8%
Return on equity, average	–	8.3%	8.0%
Return on capital employed, average	–	10.2%	9.8%
Operating margin, average	10.0%	8.9%	8.8%
Net margin, average	4.8%	4.0%	4.1%
Asset turnover, average	–	1.48	1.46
Cash conversion cycle, days, average	–	127	121
Interest cover, average	7.7	4.5	4.3
Debt to equity, average	–	0.18	0.20

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,062	803	306
Cash from investing	−799	−545	−160
Cash from financing	−223	−211	−213
Capital spending	939	579	153
Dividends paid	127	90	30
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	146	82	40

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	4	8	6	6	7
Altman Z-scorePublished threshold 1.81	–	–	7.50	4.99	5.92	5.35	5.25	4.92	4.02	4.00
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.82	−2.43	−2.33	−2.58	−2.71	−2.91
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.90	5.62	5.39	1.52	6.76	−1.18
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.40	1.50	1.56	1.90
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	9.62	2.11	−28.60	23.39	4.89	−3.95	−12.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.84	28.15	−8.31	−14.24	−7.15	13.57	−19.79
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.09	0.14	0.32	−0.54	0.54	0.90	0.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.09	0.13	0.16	0.11	0.35	0.27	0.08
Effective tax ratePublished threshold 17.16 per cent	31.04	34.95	30.37	22.33	24.91	25.11	25.41	25.26	−31.87	25.06
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.84	1.49	5.53	−56.45	−4.48

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAReview, Re-affirm	Stable	287.68
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Re-affirm	Stable	260
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Forward Contract	CARE A1+Review, Re-affirm		9.21
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		200
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAReview, Re-affirm	Stable	100
27 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.