Nilkamal Ltd

NILKAMAL

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Market Cap

₹ 2,117 Cr

P/E

20.27

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

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Overview

Detailed Summary

Nilkamal Limited is a diversified manufacturer specializing in plastic and metal furniture, as well as material handling products. It operates mainly in two segments: Plastics and Lifestyle Furniture, Furnishings, and Accessories.

The company utilizes modern machinery and techniques, including imported moulds from Europe, to produce products such as crates, furniture, housewares, and packaging films.

Nilkamal has expanded its business internationally through subsidiaries and joint ventures, including entities in Sri Lanka and the UAE, as well as Indo-German and Indo-US joint ventures.

The company focuses on digital transformation and omni-channel strategies, aiming to enhance customer experience across online and offline platforms.

A merger in 2023 saw Nilkamal Storage Systems Private Limited absorbed into Nilkamal Limited, streamlining its operations and expanding its capabilities.

Sector

Plastic products

Industry

Plastics - Furniture

Market Cap

2,117 Cr

Volatility

Low Risk

P/E Ratio

20.3

Industry P/E

20.6

PEG Ratio

0.7

P/B Ratio

1.4

52W High

2,000.00

52W Low

1,111.00

Sales CAGR

3.64%

6.84%

9.25%

10Y

5.56%

Profit CAGR

-12.76%

3.50%

-5.64%

10Y

-1.52%

ROE

TTM

6.93%

8.60%

8.52%

10Y

10.93%

ROCE

TTM

8.92%

10.97%

10.82%

10Y

14.19%

Technicals

‌

Forecasts

No. of Analysts

10

1Y Price Target

2035.92 ▲ 45.31%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

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Buy

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Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRINCEPIPE	250.40	2,772 Cr	119.40	1.74	0.20	1.46	2.58	1.04
JAICORPLTD	130.60	2,299 Cr	13.76	1.58	0.38	11.44	12.75	10.99
STUDDS	555.55	2,186 Cr	31.35	4.86	0.45	24.59	32.76	11.75
NILKAMAL	1420.00	2,117 Cr	20.27	1.40	1.41	6.93	8.92	4.11
RMDRIP	79.14	1,985 Cr	63.06	22.89	0.00	36.37	37.06	20.52
ALLTIME	264.05	1,733 Cr	44.76	2.92	0.00	6.51	9.86	4.70
APOLLOPIPE	297.00	1,376 Cr	53.45	1.67	0.22	3.12	5.04	2.15

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	783	776	803	834	743	822	854	894	883	968
Expenses	709	714	731	753	686	744	791	809	825	882
Operating Profit	74	62	73	81	56	77	63	85	58	85
OPM %	9.50	7.97	9.06	9.77	7.59	9.42	7.42	9.53	6.57	8.81
Other Income	5.50	8.76	4.24	4.08	5.69	4.68	5.58	3.37	6.26	5.15
Interest	9.10	9.20	9.69	8.95	9.26	9.59	11	11	11	11
Depreciation	28	29	29	29	29	30	30	31	34	35
Profit Before Tax	42	32	38	48	24	43	28	46	20	45
Tax %	23.49	22.50	22.64	25.86	22.62	23.84	22.87	25.94	21.56	25.30
Net Profit	32	25	29	36	18	33	22	34	15	34
EPS in Rs	21.73	16.76	19.64	23.79	12.25	21.80	14.40	22.87	10.21	22.49

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,162	2,161	2,362	2,257	2,092	2,730	3,131	3,196	3,313	3,453
Expenses	1,792	1,885	2,149	1,976	1,839	2,509	2,823	2,906	3,030	3,169
Operating Profit	370	276	213	281	253	221	308	290	282	284
OPM %	17.11	12.78	9.03	12.46	12.10	8.11	9.84	9.09	8.52	8.22
Other Income	8.51	10	20	21	18	18	19	23	19	20
Interest	12	13	16	26	24	28	37	37	41	43
Depreciation	51	50	52	94	97	101	113	115	120	125
Profit Before Tax	178	187	166	182	150	109	177	161	141	137
Tax %	30.13	33.70	29.08	21.56	24.63	23.80	24.30	23.80	24.14	24.02
Net Profit	124	124	118	142	113	83	134	122	107	104
EPS in Rs	—	—	78.64	95.22	75.69	55.85	89.78	81.92	71.32	69.97
Dividend Payout %	13.40	15.71	16.53	15.75	19.82	26.85	22.28	24.41	28.04	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	15	15	15	15	15	15	15	15
Reserves	613	727	834	926	1,017	1,124	1,187	1,299	1,395	1,472
Borrowings	83	83	93	51	48	230	354	351	406	531
Other Liabilities	287	268	306	301	471	354	397	410	405	527
Total Liabilities	998	1,093	1,248	1,294	1,551	1,724	1,953	2,075	2,221	2,544
Fixed Assets	273	271	344	399	592	634	6.95	782	775	936
CWIP	4.51	32	8.78	14	27	18	26	22	38	75
Investments	44	42	47	51	34	35	35	32	71	47
Other Assets	677	749	849	830	898	1,036	1,885	1,239	1,338	1,487
Total Assets	998	1,093	1,248	1,294	1,551	1,724	1,953	2,075	2,221	2,544

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	183	112	121	175	252	203	69	190	250	247
Cash from Investing Activity	-42	-73	-96	-107	-147	-120	-94	-164	-156	-224
Cash from Financing Activity	-142	-38	-20	-73	-100	-71	60	-71	-32	34
Net Cash Flow	-1.53	0.34	4.16	-4.29	5.25	13	34	-45	62	57

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%	64.54%
FIIs	1.44%	1.10%	1.02%	1.16%	1.16%	1.14%	1.08%	1.10%	1.09%	1.01%	1.00%	1.02%
DIIs	19.94%	19.88%	20.04%	20.30%	20.09%	19.21%	17.78%	14.40%	14.41%	14.40%	14.38%	14.33%
Public	14.08%	14.48%	14.40%	13.99%	14.21%	15.11%	16.60%	19.95%	19.96%	20.05%	20.08%	20.10%
Total Shareholders	19,593	18,459	17,199	17,448	17,241	18,036	19,668	22,615	21,991	21,916	21,701	22,400

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 09, 2024	Seetha kumari .	Bulk	Buy	1,870.20	14.67 Cr	78,454	0.52
Apr 20, 2023	M/s cello pen & stationary pv...	Bulk	Sell	1,916.99	18.95 Cr	98,859	0.66

Projection

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Overall

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	783	776	803	834	743	822	854	894	883	968
Expenses	709	714	731	753	686	744	791	809	825	882
Operating Profit	74	62	73	81	56	77	63	85	58	85
OPM %	9.50	7.97	9.06	9.77	7.59	9.42	7.42	9.53	6.57	8.81
Other Income	5.50	8.76	4.24	4.08	5.69	4.68	5.58	3.37	6.26	5.15
Interest	9.10	9.20	9.69	8.95	9.26	9.59	11	11	11	11
Depreciation	28	29	29	29	29	30	30	31	34	35
Profit Before Tax	42	32	38	48	24	43	28	46	20	45
Tax %	23.49	22.50	22.64	25.86	22.62	23.84	22.87	25.94	21.56	25.30
Net Profit	32	25	29	36	18	33	22	34	15	34
EPS in Rs	21.73	16.76	19.64	23.79	12.25	21.80	14.40	22.87	10.21	22.49

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,162	2,161	2,362	2,257	2,092	2,730	3,131	3,196	3,313	3,453
Expenses	1,792	1,885	2,149	1,976	1,839	2,509	2,823	2,906	3,030	3,169
Operating Profit	370	276	213	281	253	221	308	290	282	284
OPM %	17.11	12.78	9.03	12.46	12.10	8.11	9.84	9.09	8.52	8.22
Other Income	8.51	10	20	21	18	18	19	23	19	20
Interest	12	13	16	26	24	28	37	37	41	43
Depreciation	51	50	52	94	97	101	113	115	120	125
Profit Before Tax	178	187	166	182	150	109	177	161	141	137
Tax %	30.13	33.70	29.08	21.56	24.63	23.80	24.30	23.80	24.14	24.02
Net Profit	124	124	118	142	113	83	134	122	107	104
EPS in Rs	—	—	78.64	95.22	75.69	55.85	89.78	81.92	71.32	69.97
Dividend Payout %	13.40	15.71	16.53	15.75	19.82	26.85	22.28	24.41	28.04	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	15	15	15	15	15	15	15	15	15	15
Reserves	613	727	834	926	1,017	1,124	1,187	1,299	1,395	1,472
Borrowings	83	83	93	51	48	230	354	351	406	531
Other Liabilities	287	268	306	301	471	354	397	410	405	527
Total Liabilities	998	1,093	1,248	1,294	1,551	1,724	1,953	2,075	2,221	2,544
Fixed Assets	273	271	344	399	592	634	6.95	782	775	936
CWIP	4.51	32	8.78	14	27	18	26	22	38	75
Investments	44	42	47	51	34	35	35	32	71	47
Other Assets	677	749	849	830	898	1,036	1,885	1,239	1,338	1,487
Total Assets	998	1,093	1,248	1,294	1,551	1,724	1,953	2,075	2,221	2,544

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	183	112	121	175	252	203	69	190	250	247
Cash from Investing Activity	-42	-73	-96	-107	-147	-120	-94	-164	-156	-224
Cash from Financing Activity	-142	-38	-20	-73	-100	-71	60	-71	-32	34
Net Cash Flow	-1.53	0.34	4.16	-4.29	5.25	13	34	-45	62	57

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRINCEPIPE	250.40	2,772 Cr	119.40	1.74	0.20	1.46	2.58	1.04
JAICORPLTD	130.60	2,299 Cr	13.76	1.58	0.38	11.44	12.75	10.99
STUDDS	555.55	2,186 Cr	31.35	4.86	0.45	24.59	32.76	11.75
NILKAMAL	1420.00	2,117 Cr	20.27	1.40	1.41	6.93	8.92	4.11
RMDRIP	79.14	1,985 Cr	63.06	22.89	0.00	36.37	37.06	20.52
ALLTIME	264.05	1,733 Cr	44.76	2.92	0.00	6.51	9.86	4.70
APOLLOPIPE	297.00	1,376 Cr	53.45	1.67	0.22	3.12	5.04	2.15

Overview

Detailed Summary

The company utilizes modern machinery and techniques, including imported moulds from Europe, to produce products such as crates, furniture, housewares, and packaging films.

Nilkamal has expanded its business internationally through subsidiaries and joint ventures, including entities in Sri Lanka and the UAE, as well as Indo-German and Indo-US joint ventures.

The company focuses on digital transformation and omni-channel strategies, aiming to enhance customer experience across online and offline platforms.

A merger in 2023 saw Nilkamal Storage Systems Private Limited absorbed into Nilkamal Limited, streamlining its operations and expanding its capabilities.

Sector

Plastic products

Industry

Plastics - Furniture

Market Cap

2,117 Cr

Volatility

Low Risk

P/E Ratio

20.3

Industry P/E

20.6

PEG Ratio

0.7

P/B Ratio

1.4

52W High

2,000.00

52W Low

1,111.00

Sales CAGR

3.64%

6.84%

9.25%

10Y

5.56%

Profit CAGR

-12.76%

3.50%

-5.64%

10Y

-1.52%

ROE

TTM

6.93%

8.60%

8.52%

10Y

10.93%

ROCE

TTM

8.92%

10.97%

10.82%

10Y

14.19%

Nilkamal Ltd

Nilkamal Ltd

NILKAMAL

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2035.92 ▲ 45.31%

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)