Mahindra & Mahindra PAT Soars 28% to ₹3,673 Cr in Q2 FY26
04 Nov 2025
Nilkamal Q2 FY26 financial results analysis with strong performance across B2B and retail segments
₹ 1,545
+2.90% increased today
06 Nov - 3:30 p.m.
Financial Performance Overview
Mumbai, India, November 6, 2025: Nilkamal Limited, India's leading furniture and material handling solutions provider, announced its financial results for the quarter ended 30th September 2025, delivering strong growth across business segments with notable turnaround in retail operations.
Key Financial Highlights (Q2 FY26 - Standalone)
Revenue
₹948 Cr
+18% YoY
EBIDTA
₹88 Cr
+16% YoY
PBT
₹43 Cr
+16% YoY
PAT
₹33 Cr
+18% YoY
Basic EPS
₹22
+16% YoY
Cash EPS
₹45
+18% YoY
Quarterly Performance Comparison (Standalone)
| Financial Metric | Q2 FY26 | Q2 FY25 | YoY Change | Performance |
|---|---|---|---|---|
| Revenue (₹ Cr) | 948 | 802 | +18% | Strong |
| EBIDTA (₹ Cr) | 88 | 76 | +16% | Good |
| PBT (₹ Cr) | 43 | 37 | +16% | Strong |
| PAT (₹ Cr) | 33 | 28 | +18% | Excellent |
| Basic EPS (₹) | 22 | 19 | +16% | Good |
Business Segment Performance
B2B Segment Performance
Segment Revenue
₹838 Cr
+18% YoY
Volume Growth
13%
Strong
Material Handling
20% Growth
Excellent
Mattress & Foam
65% Growth
Outstanding
Bubbleguard
23% Growth
Strong
Furniture Trade
6% Growth
Moderate
Retail & E-commerce Segment Performance
Segment Revenue
₹110 Cr
+21% YoY
E-commerce Revenue
₹52 Cr
+23% YoY
Store Revenue
18% Growth
Good
Segment EBIT
₹1.40 Cr
Positive Turnaround
Previous Qtr EBIT
-₹9.50 Cr
Negative
Operating Stores
96 Stores
6.75L sq.ft.
*Retail segment achieved significant turnaround with positive EBIT of ₹1.40 Cr vs negative EBIT of ₹0.44 Cr in Q2 FY25
Consolidated Performance
Consolidated Results Summary
| Financial Metric | Q2 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|
| Revenue (₹ Cr) | 972 | 824 | +18% |
| PBT (₹ Cr) | 45 | 41 | +10% |
| PAT (₹ Cr) | 34 | 32 | +6% |
🌐 Subsidiaries & Joint Ventures Performance
Operational Highlights & Store Expansion
Retail Expansion Strategy
Stores Opened (Q2)
13 Stores
Expansion
Stores Closed (Q2)
3 Stores
Optimization
Total Operating Stores
96 Stores
Network
Total Carpet Area
6.75L sq.ft.
Significant
Brand Presence
Nilkamal Homes
Strong
E-commerce Growth
23%
Excellent
Capital Expenditure & Financial Position
Financial Metrics & Capex
Q2 Capex
₹42 Cr
Controlled
H1 Capex
₹78 Cr
-54% YoY
Net Borrowings
₹376 Cr
+23% YoY
Previous Borrowings
₹305 Cr
Sep 2024
Debt Management
Stable
Controlled
Cash Position
Adequate
Healthy
Stock Performance & Key Metrics
Nilkamal Stock Analysis
Market Cap
₹2,305 Cr
Current Price
₹1,545
52W High / Low
₹2,020 / ₹1,490
Stock P/E
22.1
Book Value
₹1,010
Dividend Yield
1.29%
ROCE
9.57%
ROE
7.32%
Face Value
₹10.0
EPS
₹70.0
Debt to Equity
0.36
Total Debt
₹539 Cr
About Nilkamal Limited
Company Overview
Nilkamal Limited is India's leading manufacturer of material handling solutions and moulded furniture products. With decades of experience, the company has established itself as a market leader in plastic products and material handling equipment.
🎯 Business Highlights
Overall Performance Assessment: Nilkamal delivered a strong Q2 FY26 performance with 18% revenue growth and 18% PAT growth, demonstrating robust execution across its diversified business portfolio. The company achieved significant turnaround in retail operations with positive EBIT after previous losses. B2B segment showed strong growth across material handling, mattress, and packaging businesses. While borrowings increased to support growth initiatives, the company maintains a healthy debt-to-equity ratio of 0.36. The stock trades at a P/E of 22.1, which is reasonable given the company's market leadership, diversified product portfolio, and strong growth trajectory in both B2B and retail segments.
