Nilkamal Q1 FY26: Revenue up 19%, PAT down 16% as costs rise

Stock snapshot and key identifiers

Nilkamal Ltd (NSE: NILKAMAL, BSE: 523385) operates in the Plastic Products segment and also sells furniture and material handling products across India. The stock was quoted at ₹1,270 on BSE, up ₹10 (0.79%) at the time shown in the data. The company describes itself as a leading manufacturer and provider of furniture and material handling products, with operations spanning plastics, furniture, and retail.

What the company reported for Q1 FY26

For the quarter ended June 30, 2025 (Q1 FY26), Nilkamal disclosed a mixed performance: revenue increased while profit declined. Reported consolidated total income for Q1 FY26 was ₹886.95 crore, compared with ₹836.23 crore in Q4 FY25 and ₹746.40 crore in Q1 FY25. The same dataset also states the company’s consolidated revenue from operations at ₹883 crore for Q1 FY26, against ₹743 crore in the corresponding quarter last year.

Profitability weakened during the quarter. Consolidated profit after tax (PAT) was reported at ₹15.33 crore in Q1 FY26, compared with ₹35.57 crore in Q4 FY25 and ₹18.34 crore in Q1 FY25. Earnings per share (EPS) for Q1 FY26 was stated at ₹10.20, down from ₹23.80 in Q4 FY25 and ₹12.30 in Q1 FY25.

Standalone performance and segment split

Nilkamal’s press release also gave a standalone segment view for Q1 FY26. Standalone revenue was stated at ₹864 crore, with B2B revenue of ₹773 crore and Retail revenue of ₹92 crore. This compares with ₹729 crore in Q1 FY25, with B2B at ₹648 crore and Retail at ₹80 crore.

On profits, the standalone numbers in the same release indicated PBT of ₹13 crore and PAT of ₹10 crore for Q1 FY26, versus PBT of ₹19 crore and PAT of ₹14 crore in Q1 FY25.

Costs, margins, and what changed in the quarter

Expense growth was a key theme in the reported quarter. Consolidated total expenses were stated at ₹869.88 crore in Q1 FY26, compared with ₹790.29 crore in Q4 FY25 and ₹724.68 crore in Q1 FY25. The dataset explicitly notes expenses rose 10.1% QoQ and 20.0% YoY.

Margin indicators were also provided as of June 30, 2025. The company’s operating margin was stated at 6.85%, while net profit margin was 1.73%. Separately, a Q1 FY26 note also cited an operating margin (OPM) of 6.27%.

Balance sheet pointers and leverage

Nilkamal reported that net borrowing stood at ₹331 crore as on June 30, 2025, compared with ₹173 crore as on June 30, 2024.

As on June 30, 2025, additional balance sheet ratios were disclosed: debt-equity ratio of 0.22, total debts to total assets of 0.13, and a current liability ratio of 0.62. Net worth as on the same date was stated at ₹1,501.74 crore.

FY26 audited results, dividend, and AGM dates

Nilkamal’s board approved the audited financial results for the fourth quarter and financial year ended March 31, 2026 and recommended a final dividend of ₹20 (200%) per equity share.

The company also disclosed key shareholder dates: the record date is July 10, 2026, with book closure from July 11 to July 17, 2026. The 40th AGM is scheduled for July 17, 2026 via video conferencing. The audited FY26 results were noted as having an unmodified auditor’s opinion.

FY26 revenue numbers reported in the data

The dataset includes two FY26 revenue references. One statement says Nilkamal reported a 14% increase in revenue from operations to ₹3,686 crore for FY ended March 31, 2026, compared with ₹3,239 crore in the previous year.

Another board-related line states the company reported revenue from operations of ₹3,686.39 million and profit after tax of ₹150.33 million for the year ended March 31, 2026. Normalised to ₹ crore, these figures equal ₹368.64 crore and ₹15.03 crore, respectively (as presented in the source, the unit is “million”).

Quarterly operating trend from the published table

A quarterly table in the dataset shows the following standalone operating picture (all figures in ₹ crore as presented):

Shareholding snapshot disclosed

The shareholding table excerpt lists “investors” at 35.46% across the shown periods. It also lists DSP Small Cap Fund at 7.90%. Another line indicates HDFC Mutual Fund (scheme name truncated in the dataset) reduced from 1.58% (Mar 2025) to 1.28% (Mar 2026). A separate line shows “Investor Education and Protection…” appearing at 0.35% (Sep 2025) and 0.36% (Dec 2025 and Mar 2026).

The dataset also mentions a holding value of ₹103.383207 crore.

Market impact: what investors can take away from the numbers

The reported Q1 FY26 picture is straightforward: revenue growth was supported by higher income, but profitability was pressured as expenses rose faster and margins remained thin. The disclosed EPS decline to ₹10.20 and the PAT reduction to ₹15.33 crore highlight this pressure for the quarter.

At the same time, the board’s recommendation of a ₹20 final dividend and the scheduling of the July 2026 AGM and record date provide clear corporate action milestones that shareholders will track, alongside the company’s leverage position and quarterly cost trajectory.

Conclusion

Nilkamal’s Q1 FY26 disclosures show higher income with lower profit, alongside rising expenses and reported leverage metrics as of June 30, 2025. The next defined event on the calendar is the AGM on July 17, 2026, with the dividend record date on July 10, 2026 and book closure from July 11 to July 17, 2026.