Nilkamal Limited (NILKAMAL) AI Stock Analysis

• Market Cap: ₹18.21B
• Dividend Yield: 1.43%
• Average Volume (3M): 149.00
• Price to Earnings (P/E): 20.4
• Beta (1Y): 0.68
• Revenue Growth: 12.40%
• EPS Growth: -9.69%
• Country: IN
• Employees: 3,636
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 17.00
• Shares Outstanding: 14,922,525
• 10 Day Avg. Volume: 144
• 30 Day Avg. Volume: 149
• PEG Ratio: -1.72
• Price to Book (P/B): 1.59
• Price to Sales (P/S): 0.71
• P/FCF Ratio: -103.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 90.7
• Revenue Forecast (FY): ₹37.64B

• Rating: 61 Neutral
• Price Target: ₹1,287.00 ▼(-8.37% Downside)
• Action: Downgraded Date: 11/28/25
• Date: Action: Downgraded 11/28/25

Nilkamal Limited's overall stock score reflects a solid financial performance with robust revenue growth and efficient operations. However, bearish technical indicators and moderate valuation suggest caution. The company should focus on improving profitability and cash flow management to enhance its financial health.

Positive Factors

Consistent revenue growth

Revenue growth of ~3.6% year-over-year indicates steady demand across Nilkamal's moulded plastics and furniture lines. Sustained top-line expansion supports scale, preserves bargaining power with suppliers and customers, and underpins investment capacity over the next 2–6 months.

Healthy gross margin

A ~43% gross margin signals structural cost advantages or pricing power in manufacturing and product mix. High gross margin provides a durable buffer against input-cost swings, enabling the firm to absorb cost pressures while protecting operating profitability longer term.

Manageable leverage and strong equity base

Low leverage and an equity ratio near 58% give Nilkamal financial flexibility to fund capex, weather demand cycles, and pursue strategic investments without excessive refinancing risk, supporting balance-sheet resilience over intermediate horizons.

Negative Factors

Low and declining net profit margin

A net margin near 3.2% that is trending down erodes the conversion of gross profit into shareholder earnings. This makes returns sensitive to SG&A, interest, or tax changes and limits retained earnings for reinvestment unless margins or cost structure improve.

Negative free cash flow

Negative free cash flow driven by capex exceeding operating cash generation constrains ability to fund growth internally or return capital. Over 2–6 months this raises reliance on external funding and reduces financial optionality until investment starts producing higher operating cash.

Moderate return on equity

An ROE of ~7.2% is modest relative to capital employed and suggests limited efficiency in converting equity into profits. Persistently moderate ROE can weigh on long-term shareholder value unless margin expansion or higher asset turnover is achieved.

Nilkamal Limited Business Overview & Revenue Model

Company Description

Nilkamal Limited, together with its subsidiaries, manufactures and sells plastic products primarily in India. It operates in two segments, Plastics; and Lifestyle Furniture, Furnishings and Accessories. The company offers various material handling products, including plastic crates and pallets, insulated ice boxes and fish tubs, waste management tools, road safety products, hospitality solutions, aquaculture fish cages, manhole chambers, ripening solutions, material handling equipment, and metal shelving and racking systems. It also provides homewares and accessories, and ready furniture's; plastic chairs and mattresses; and polyproplyne structured boards, which is used in construction, automotive, steelworks, furniture, F&B, advertising, décor, and logistics industries for protection, packaging, printing, and paneling. The company operated 19 retail stores under the @home brand name, as well as approximately 70 Nilkamal furniture Ideas stores. The company sells its products through retail stores, dealers' outlets and institutions, and online shopping sites. It also exports its products to approximately 30 countries. Nilkamal Limited was founded in 1934 and is headquartered in Mumbai, India.

How the Company Makes Money

Nilkamal primarily makes money by manufacturing and selling products across two main lines of business: (1) moulded plastic products for material handling and storage, and (2) furniture products. In the moulded plastics business, revenue is generated through B2B sales of items such as crates, pallets, bins, and other industrial-use containers to customers who use them in logistics, warehousing, supply chains, and manufacturing/distribution operations. In the furniture business, revenue is generated from selling furniture—commonly including plastic furniture and other furniture categories—via consumer/retail channels as well as institutional/B2B sales (e.g., offices or commercial buyers). The company’s earnings are therefore driven by product volumes, product mix (industrial vs. furniture; value-added items within each), pricing, distribution reach, and demand from end markets such as FMCG, pharmaceuticals, agriculture/food supply chains, retail, and housing/office furnishing. Specific details on revenue split by segment, named major customers/partnerships, or contract structures are null.

Nilkamal Limited Financial Statement Overview

Summary

Nilkamal Limited shows solid revenue growth and efficient operations with a revenue increase of 3.64% and a Gross Profit Margin of 43.15%. However, the declining Net Profit Margin and negative Free Cash Flow indicate areas for improvement in profitability and cash flow management.

Income Statement

Nilkamal Limited has demonstrated a solid performance in terms of revenue growth and profitability. The company's revenue increased from 31,963 million in 2024 to 33,127 million in 2025, indicating a growth rate of approximately 3.64%. The Gross Profit Margin stands at around 43.15% and Net Profit Margin at about 3.21% as of 2025, reflecting efficient cost management. However, the Net Profit Margin has decreased compared to the previous year, suggesting a need for improved profitability strategies.

Balance Sheet

The company maintains a stable financial position with a Debt-to-Equity Ratio of approximately 0.36, indicating manageable leverage. The Equity Ratio is around 58.45%, highlighting strong equity financing relative to total assets. Return on Equity (ROE) stands at about 7.16%, which, while positive, suggests room for improvement in generating higher returns for shareholders.

Cash Flow

Nilkamal's cash flow situation presents both strengths and challenges. The Operating Cash Flow to Net Income Ratio is about 2.33, indicating strong cash generation relative to net income. However, the Free Cash Flow to Net Income Ratio is negative due to capital expenditures surpassing operating cash flows, suggesting a need for better cash flow management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	35.99B	33.13B	31.96B	31.31B	27.18B	20.86B
Gross Profit	15.36B	14.29B	6.25B	12.46B	4.77B	4.25B
EBITDA	3.08B	2.82B	3.12B	3.23B	2.36B	2.72B
Net Income	1.05B	1.06B	1.22B	1.34B	833.50M	1.13B
Balance Sheet
Total Assets	25.52B	25.44B	22.21B	20.75B	19.53B	17.24B
Cash, Cash Equivalents and Short-Term Investments	984.92M	1.41B	1.17B	269.66M	791.76M	1.06B
Total Debt	5.39B	5.31B	4.06B	3.51B	3.54B	2.30B
Total Liabilities	10.43B	10.56B	8.10B	7.60B	7.51B	5.83B
Stockholders Equity	15.07B	14.87B	14.10B	13.14B	12.02B	11.39B
Cash Flow
Free Cash Flow	-415.50M	-228.00M	942.83M	-58.35M	-950.34M	1.25B
Operating Cash Flow	337.44M	2.47B	2.50B	1.90B	690.66M	2.03B
Investing Cash Flow	-726.25M	-2.25B	-1.60B	-1.65B	-888.83M	-1.21B
Financing Cash Flow	-461.97M	335.68M	-317.00M	-714.53M	595.86M	-706.01M

Nilkamal Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1404.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NILKAMAL, the sentiment is Negative. The current price of 1404.55 is above the 20-day moving average (MA) of 1316.81, above the 50-day MA of 1375.64, and below the 200-day MA of 1522.51, indicating a bearish trend. The MACD of -48.22 indicates Positive momentum. The RSI at 21.55 is Positive, neither overbought nor oversold. The STOCH value of 15.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NILKAMAL.

Nilkamal Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARYSIL	68 Neutral	₹22.18B	30.32	―	0.26%	11.21%	22.23%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
NILKAMAL	61 Neutral	₹18.21B	20.37	―	1.43%	12.40%	-9.69%
STOVEKRAFT	61 Neutral	₹16.58B	114.54	―	0.50%	7.89%	32.07%
KCP	59 Neutral	₹17.78B	37.48	―	0.14%	-6.76%	-31.51%
EVEREADY	55 Neutral	₹21.77B	80.19	―	0.46%	7.37%	-39.19%
HIMATSEIDE	43 Neutral	₹9.92B	46.69	―	0.21%	-7.55%	-30.11%

Nilkamal Limited Corporate Events

Nilkamal Closes Trading Window Ahead of December Quarter Results

Nilkamal Limited has announced the closure of its trading window for company securities from 1 January 2026 until 48 hours after the publication of its unaudited standalone and consolidated financial results for the quarter and nine months ending 31 December 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and its internal code of conduct. During this blackout period, directors, promoters, designated and connected persons, and their immediate relatives are barred from trading in the company’s shares, underscoring Nilkamal’s adherence to regulatory requirements and governance standards ahead of its upcoming financial disclosure, the board meeting date for which will be communicated separately.