| Institutional Holding | 8.92%Current Quarter |
|---|---|
| Market Cap | ₹2,631.7 CrSmall Cap |
| P/E Ratio | 21.11Sector 52.22 |
| RSI | 46.99Neutral Zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 1,126 | 820 | 968 |
| Other Income | 3.6 | 4.5 | 3.3 |
| Total Income | 1,130 | 824 | 971 |
| Profit Before Tax | 91.1 | 33.5 | 45.1 |
| Net Profit | 67.8 | 24.4 | 33.7 |
| Operating Margin | 8.1% | 4.1% | 4.6% |
| Net Profit QoQ | +177.9% | ||
| Net Profit YoY | +101.2% | ||
| Adj. Profit QoQ | +222.1% | ||
| Adj. Profit YoY | +111.5% | ||
Key highlights
- Consolidated net profit surged 101.2% year-on-year to reach ₹67.8 crore
- Revenue from operations grew 16.3% YoY to ₹1,126 crore, supported by a 54% volume jump over Q1
- Operating margins expanded to 8.1% from 4.6% in the same quarter last year
- The Mattress and Foam business segment recorded robust growth of 39% during the quarter
- Net borrowing was reduced to ₹254 crore from ₹376 crore in the year-ago period
Volume Recovery and Margin Expansion
Nilkamal successfully navigated elevated raw material prices in Q2 FY27 by passing on cost burdens while maintaining selling prices. This strategy, which restricted capacity utilization to under 50% in the first quarter, resulted in a significant volume recovery during the September quarter. Sales volumes climbed 54% compared to Q1 FY27, pushing capacity utilization above the 70% mark.
Consequently, the operating margin improved to 8.1%, nearly doubling from 4.6% in the same period last year. The standalone profit before tax stood at ₹89 crore, reflecting a growth of 106% year-on-year, underscoring improved operational efficiencies despite a volatile environment.
Diverse Segment Performance Highlights
- B2B business delivered revenue growth of 18% with a turnover of ₹987 crore
- Material Handling division registered a growth of 22% during the quarter
- Mattress and Foam business emerged as a top performer with 39% growth
- Ready Furniture business showed a 15% increase in revenue
- Plastic Furniture and Bubbleguard businesses saw marginal degrowth of 1% each
- Retail and E-commerce segment grew by 8% to clock a turnover of ₹119 crore
Strengthening the Financial Position
The company reported a significant reduction in its debt profile, with net borrowing falling to ₹254 crore as of September 30, 2026, compared to ₹376 crore a year earlier. Capital expenditure for the quarter was moderated at ₹27 crore, down from ₹42 crore in Q2 FY26. Nilkamal's retail infrastructure now comprises 108 stores operating under COCO and FOFO formats.
While the E-commerce business grew by 11% and physical store sales rose by 5%, the retail segment reported a negative EBIT of ₹4 crore. However, management noted that sustainable growth is being driven by improved performance in high-margin institutional and foam categories.
Management on Operational Resilience
The performance underscores the Company’s ability to drive sustainable growth, improve operational efficiencies and strengthen profitability despite a volatile external environment.
| Date | Announcement | Amount |
|---|---|---|
| 01 Aug 2026 | Q1 FY27 Consolidated Net ProfitSource: business-standard.com | ₹24.40 Cr |
| 14 May 2026 | Q4 FY26 Consolidated Net ProfitSource: moizz.in | ₹41.69 Cr |
| 05 Feb 2026 | Q3 FY26 Consolidated Net ProfitSource: moizz.in | ₹25.40 Cr |
| 06 Nov 2025 | Q2 FY26 Consolidated Net ProfitSource: moizz.in | ₹33.66 Cr |
| 29 Jul 2025 | Q1 FY26 Consolidated Net ProfitSource: moizz.in | ₹15.33 Cr |
| 14 May 2025 | Q4 FY25 Consolidated Net ProfitSource: moizz.in | ₹34.22 Cr |
What to watch next
- Resignation of CHRO Maya Verma takes effect on November 30, 2026
- Expansion of retail footprint following the 108-store milestone as of September 2026
- Performance of the Retail segment following the negative EBIT reported this quarter
“During the Q2FY27 the Company maintained the selling prices with enhanced sales volume of 54% compared to QlFY27 and achieved capacity utilisation of more than 70%.”
| Share price | ₹1763.6 |
|---|---|
| Market capitalisation | ₹2,631.73 Cr |
| Revenue (annual) | ₹3,778.06 Cr |
| Net profit (annual) | ₹115.58 Cr |
| Revenue (latest quarter) | ₹819.73 Cr-15.07% vs previous quarter |
| Net profit (latest quarter) | ₹24.32 Cr-41.43% vs previous quarter |
| P/E (TTM) | 21.11×Sector 52.22× |
| Promoter holding | 64.54%0.00% QoQ |
| FII holding | 1.02%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Nilkamal Ltd announcing its unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. Market figures from a third-party data provider.
