Nilkamal LimitedQ2 FY27 Results & Financial Update
Nilkamal Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,125.85 Cr, PAT ₹67.83 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Nilkamal Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the second quarter of fiscal 2027, Nilkamal delivered consolidated revenue from operations of INR 1,125.85 crore, marking a robust expansion over the INR 967.71 crore recorded in the corresponding period of the previous year. Sequentially, revenue rebounded strongly from INR 819.73 crore in Q1 FY27.
Profitability expanded significantly during the quarter. Consolidated profit after tax (PAT) reached INR 67.83 crore, doubling from INR 33.66 crore in Q2 FY26 and accelerating sharply from INR 24.40 crore in Q1 FY27. On a standalone basis, the company reported a net profit of INR 66.53 crore.
Operating performance benefited from a favorable operational recovery compared to the preceding quarter. While elevated raw material prices continued to persist from Q1 FY27, the company successfully maintained its selling prices while scaling sales volume up by 54% sequentially, pushing capacity utilization above 70% from sub-50% levels in Q1 FY27.
The core B2B segment remained the primary growth engine, delivering an 18% revenue increase to INR 987 crores on a standalone basis. Key contributors within B2B included the mattress and foam division with 39% growth, material handling surging 22%, and ready furniture growing by 15%, offsetting minor contractions in plastic furniture and bubbleguard.
The retail and e-commerce division ('Nilkamal Homes') registered a modest 8% top-line growth to INR 119 crores, driven by an 11% increase in e-commerce and 5% store-level retail expansion. However, the segment recorded a negative EBIT of INR 4 crores compared to a positive EBIT of INR 1 crore a year ago.
The company's retail store footprint stood at 108 outlets operating under company-owned, company-operated (COCO) and franchise-owned, franchise-operated (FOFO) formats as of September 30, 2026.
Financial positioning strengthened as net borrowings decreased to INR 254 crores as of September 30, 2026, down from INR 376 crores a year earlier, supported by disciplined capital expenditure of INR 27 crores during the quarter.
01 · Business model
What does Nilkamal do?
Nilkamal Limited is an established industrial and consumer enterprise operating primarily in the business of material handling solutions and moulded furniture products. Its extensive product portfolio spans moulded plastic items, rigid packaging, material handling equipment, metal racking and storage systems, and bubbleguard films for packaging and protection.
The company also manufactures factory-made wooden furniture, institutional metal furniture for education and healthcare sectors, specialized office seating solutions, mattresses, and foam products for both consumer and industrial applications.
Go-to-market channels include a robust business-to-business (B2B) network serving industrial clients and channel partners, alongside a direct retail and e-commerce presence under the 'Nilkamal Homes' brand that offers specialized home improvement and furnishing products.
02 · Historical context
What shaped the business before this quarter
During financial year 2025-26, the company carried out actuarial valuations reflecting the definition of wages under the New Labour Codes effective November 21, 2025, which necessitated an incremental provision of INR 1,541 lakhs towards gratuity and leave liability reported as an exceptional item.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,125.85 Cr | ₹13.77 Cr | ₹819.73 Cr |
| Total income | ₹1,129.49 Cr | — | ₹824.22 Cr |
| Profit before tax | ₹88.04 Cr | — | ₹30.75 Cr |
| Profit after tax | ₹67.83 Cr | ₹1.05 Cr | ₹24.40 Cr |
| EPS | ₹45.41 | — | ₹16.29 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone B2B turnover grew by 18% year-over-year to INR 987 crores, propelled by strong demand across institutional and channel partner networks.
Within the B2B division, mattress and foam expanded by 39%, material handling grew by 22%, and ready furniture increased by 15%, offsetting marginal 1% degrowth in plastic furniture and bubbleguard.
Nilkamal Homes retail and e-commerce turnover rose 8% year-over-year to INR 119 crores, supported by an 11% rise in online sales and a 5% increase in physical store revenue.
Sales volume rebounded by 54% compared to Q1 FY27, allowing the company to absorb raw material cost pressures through higher operating scale.
What drove margins
Raw material costs remained at elevated levels comparable to Q1 FY27. Unlike the preceding quarter where volume was sacrificed to pass on cost burdens, Q2 utilized higher sales volume to protect margins.
Capacity utilization recovered to over 70% in Q2 FY27 from less than 50% in Q1 FY27, driving improved fixed cost absorption and operating margin expansion to 11.97%.
The retail and e-commerce segment weighed on profitability, posting a negative EBIT of INR 4 crores due to operational scaling costs across its 108-store network.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered revenue of INR 1,007.24 crore for the quarter, generating segment results of INR 106.72 crore.
Generated revenue of INR 118.61 crore with a negative segment result of INR 3.51 crore, reflecting retail expansion investments.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Factory capacity utilization rebounded to over 70% during Q2 FY27, compared to restrictive utilization levels of less than 50% experienced in Q1 FY27.
Projects, capex and execution
Capital expenditure spend during Q2 FY27 stood at INR 27 crores, lower than the INR 42 crores deployed in Q2 FY26.
07 · Reported developments
What changed operationally
Consolidated PAT doubled year-over-year to INR 67.83 crores, supported by robust 17% revenue growth and operational volume recovery.
Net borrowings reduced significantly to INR 254 crores from INR 376 crores in the corresponding period last year.
08 · Pressure points & risks
What is not going smoothly
The retail and e-commerce segment slipped into a negative EBIT of INR 4 crores for the quarter, compared to a positive EBIT of INR 1 crore in Q2 FY26.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company's net borrowing decreased to INR 254 crores as of September 30, 2026, compared to INR 376 crores as of September 30, 2025.
Secured listed non-convertible debentures aggregating INR 2,401 lakhs remained outstanding as of September 30, 2026, secured by a pari passu charge on plant, equipment, and furniture with a security cover exceeding 1.25 times.
Capital allocation & funding
Total non-current borrowings stood at INR 15,394.62 lakhs and current borrowings at INR 10,075.71 lakhs as of September 30, 2026 on a consolidated basis.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary and Joint Venture Scope
Consolidated results incorporate the performance of subsidiaries Nilkamal Eswaran Plastics Private Limited and Nilkamal Eswaran Marketing Private Limited (Sri Lanka), Nilkamal Crates and Bins FZE (Ajman), Nilkamal Foundation, and joint venture Cambro Nilkamal Private Limited.
11 · Key Q&A
The quarter, answered directly
What does Nilkamal do?
Nilkamal Limited is an established industrial and consumer enterprise operating primarily in the business of material handling solutions and moulded furniture products. Its extensive product portfolio spans moulded plastic items, rigid packaging, material handling equipment, metal racking and storage systems, and bubbleguard films for packaging and protection.
What is the clearest takeaway from Q2 FY27?
During the second quarter of fiscal 2027, Nilkamal delivered consolidated revenue from operations of INR 1,125.85 crore, marking a robust expansion over the INR 967.71 crore recorded in the corresponding period of the previous year. Sequentially, revenue rebounded strongly from INR 819.73 crore in Q1 FY27.
What drove revenue or demand?
Standalone B2B turnover grew by 18% year-over-year to INR 987 crores, propelled by strong demand across institutional and channel partner networks.
What mattered most for margins or profitability?
Raw material costs remained at elevated levels comparable to Q1 FY27. Unlike the preceding quarter where volume was sacrificed to pass on cost burdens, Q2 utilized higher sales volume to protect margins.
What changed operationally beyond the headline numbers?
Factory capacity utilization rebounded to over 70% during Q2 FY27, compared to restrictive utilization levels of less than 50% experienced in Q1 FY27.
What are the main pressure points disclosed for the quarter?
The retail and e-commerce segment slipped into a negative EBIT of INR 4 crores for the quarter, compared to a positive EBIT of INR 1 crore in Q2 FY26.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Retail Segment Turnaround: Track the path to profitability for the Nilkamal Homes retail and e-commerce division following its negative EBIT performance in Q2.
- 02
Raw Material Cost Trends: Monitor the persistence of elevated raw material input costs and the company's continued ability to sustain sales volumes and capacity utilization above 70%.
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