Nitin Castings FY26 profit down 14.4% as delisting advances

Key development: board actions and governance update

Nitin Castings Limited has announced a set of corporate updates that combine governance changes with a major capital markets decision. The company appointed Ms. Meghna Vihang Makda as an Additional Independent Director for a five-year term starting July 25, 2026. Alongside this, the board approved the audited financial results for the year ended March 31, 2026.

The same set of disclosures also reaffirmed the company’s intent to proceed with a voluntary delisting proposal initiated by the promoter group. Applications related to the delisting are pending before the stock exchanges. For investors, these developments matter because delisting can change liquidity and price discovery, while the audited results provide the latest view of earnings and operating scale.

Appointment of an Additional Independent Director

The company said Ms. Meghna Vihang Makda has been appointed as an Additional Independent Director. The appointment is for a five-year term beginning July 25, 2026. Independent director appointments are typically tracked closely by the market because they are part of board composition and governance oversight.

The disclosure did not add further details on committee roles or responsibilities. Still, the timing is notable because it comes while a promoter-led delisting process is underway and the company remains subject to listed-company compliance requirements until delisting is completed.

FY26 audited performance: profit and revenue decline

Nitin Castings reported a net profit of ₹106.29 crore for FY26, a decline of 14.4% compared with ₹124.12 crore in the previous year. The company also reported that revenue fell to ₹1,470.87 crore.

The board approved the audited results, which is a procedural step that enables formal publication of the annual numbers. The information provided highlights the year-on-year decline but does not specify drivers such as volumes, pricing, raw material costs, or export mix. Investors typically interpret such data points in the context of broader conditions in industrial manufacturing and capital goods-linked demand, but the disclosure itself focuses on the headline numbers.

Voluntary delisting: board approval and process framework

The company’s board has approved a voluntary delisting proposal from BSE Limited. The delisting initiative is led by the promoter group, with acquirers named as Nirmal Kedia, Nitin Kedia, and Citrus Castings Private Limited. The stated intent is to acquire the shares held by public shareholders and delist the equity from BSE.

The company noted that applications are pending before the stock exchanges. It also stated that it continues to comply with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pending completion of the delisting process. Until delisting is completed, the stock remains listed and the company remains under ongoing disclosure and compliance obligations.

Floor price set at ₹273.36, final price via reverse book building

As part of the delisting framework, the board-approved floor price for the delisting offer has been set at ₹273.36 per equity share. The company also disclosed that the final offer price will be determined through the reverse book building mechanism under SEBI (Delisting of Equity Shares) Regulations, 2021.

Two valuation reports were referenced in the provided information: one at ₹273.36 (by Bhavesh M Rathod) and another at ₹263.05 (by Karan Chetan). The floor price is a regulatory reference point, while reverse book building determines the discovered price based on bids tendered by public shareholders.

Shareholding structure: promoters at 71.39%

The promoter group holds 71.39% of the company’s equity, representing 36,70,436 shares, according to the disclosure. Public shareholders hold the remaining 28.61%, which equals 14,70,894 shares. The delisting proposal aims to acquire the public shareholding.

For public shareholders, the delisting process is structured as an exit opportunity through the reverse book building route. For the promoters, the process is designed to consolidate ownership, subject to regulatory steps and shareholder approvals.

Shareholder vote and postal ballot mechanics

The company disclosed a postal ballot and e-voting process to seek shareholder approval. Kala Agarwal was appointed as scrutinizer to oversee the postal ballot process. The voting window was set from February 28, 2026 (09:00 IST) to March 29, 2026 (17:00 IST), with a shareholder eligibility cut-off date of February 20, 2026.

The material also noted that 52 members voted in favor. The disclosure in the provided text characterises shareholder support as overwhelming, though it does not provide the full voting breakdown beyond the “52 members voted in favor” detail included.

Stock price context: June 2026 trading levels

Market data in the provided information shows that as of June 9, 2026, Nitin Castings’ share price was ₹551.6. The stock opened at ₹605 and had closed at ₹579.8 the previous day. This trading context is relevant because it frames how the market price compares with the delisting floor price of ₹273.36.

Separately, the company is categorised on BSE under “Castings, Forgings & Fastners” and is described as small cap in the provided snapshot. The BSE scrip code mentioned is 508875.

Key facts table

What this means for investors and the delisting timeline

From the disclosures available, two threads will shape investor attention: the financial trajectory and the delisting execution. The audited FY26 numbers confirm a year-on-year decline in profit and revenue. In parallel, the delisting process has moved through board approval, floor price disclosure, and a shareholder voting process with a scrutinizer in place.

The company has stated that the delisting-related applications are pending with the stock exchanges. Until the process is completed, Nitin Castings remains listed and continues to comply with SEBI LODR requirements. The final delisting price, as disclosed, will be discovered through reverse book building.

Conclusion

Nitin Castings has combined a governance update, FY26 audited results, and a promoter-led delisting process into a single period of high investor focus. The company reported FY26 net profit of ₹106.29 crore on revenue of ₹1,470.87 crore, while progressing with a voluntary delisting plan that has a floor price of ₹273.36 and a reverse book building-based final price. The next milestones remain tied to exchange processing of pending applications and completion of the delisting steps under SEBI regulations.