Earnings call transcript of the Investors conference call held on November 2, 2026

Nirlon Limited CIN: L17120MH1958PLC011045 Pahadi Village, off the Western Express Highway, Goregaon (East), Mumbai 400 063. Tele: +91 (022) 4028 1919 / 2685 2257 / 58 / 59 E-mail id : info@nirlonltd.com,Website:www.nirlonltd.com ============================================================== November 6, 2026 BSE Limited, The Corporate Relationship Dept., P.J. Towers, Dalal Street, Mumbai - 400 001. Security Code: 500307 Dear Sir/ Madam, Sub: Earnings Call Transcript of the Earnings call held on Monday, November 2, 2026 We refer to our intimation letter dated October 19, 2026 informing the Stock Exchange of earnings conference call will be held on Monday, November 2, 2026 at 4.00 p.m. (IST). This is to inform you that the said conference call was attended by Mr. Rahul V. Sagar, Chief Executive Officer & Executive Director, Mr. Manish B. Parikh, Chief Financial Officer and Vice President (Finance) of the Company, and Mr. Ashish Bharadia, Vice President (Business Development and Investor Relations) of Nirlon Management Services Pvt. Ltd. The Company has already provided the Audio link of the earnings conference call held on Monday, November 2, 2026, vide our letter dated November 2, 2026, and the same is available at our Company’s website. The Audio link is provided as below: https://nirlonltd.com/pdf/irp/ir_concall_02_nov_2026_audio.mp3 The transcript is attached herewith. The Transcript and the audio recording are available on the Company's website “www.nirlonltd.com”. The interaction was based on a Q&A format, and the presentation for the aforesaid is available on the Company's website. Kindly take the information on your record. Thanking you, Yours Faithfully, For Nirlon Limited Jasmin K. Bhavsar Company Secretary, Vice President (Legal) & Compliance Officer FCS 4178 Encl:a.a. Nirlon Limited Q2 and H1 FY27 Earnings Conference Call November 2nd, 2026 Moderator: Ladies and gentlemen, good day and welcome to Nirlon Limited Q2 and H1 FY27 Earnings Conference Call hosted by Valorem Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you and over to you Ms. Jain. Purvangi Jain: Thank you. Good evening, everyone and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Nirlon Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings call for the 2nd Quarter and Half Year ended of the Financial Year 2027. Before we begin a quick cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decision. The purpose of today's Conference Call is purely to educate and bring awareness about the Company's Fundamental Business and Financial Performance for the period under review. Now let me introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Rahul B. Sagar – Chief Executive Officer and Executive Director. Mr. Manish B. Parekh – Chief Financial Officer, VP Finance. Mr. Jasmin K. Bhavsar – Company Secretary, Vice President Legal and Compliance Officer and Mr. Ashish Bharadia – VP Business Development and Investor Relations, Nirlon Management Services Private Limited. Without any delay I request Mr. Rahul Sagar to give his opening remarks. Thank you and over to you, sir. Page 1 of 10 Rahul Sagar: Thank you, Purvangi. Thank you all. It is a pleasure to welcome you to our Earnings Conference Call for the 2nd Quarter and Half Year of Financial 2027. Let me begin by taking you through the company's financial performance for the quarter. For the 2nd Quarter the company reported a total income of Rs. 174 crores representing a year-on-year growth of 3%. EBITDA stood at Rs. 137 crores reflecting a year-on-year growth of 3%. EBITDA margins of 78.4%. Profit after tax for the 2nd Quarter stood at approximately Rs. 72 crores compared to Rs.148 crores in the corresponding quarter of the previous year. PAT margin for the quarter stood at 41.3%. The year-on-year change in PAT is not comparable as Q2 FY26 had a one-time impact of re-measurement of deferred tax liability as the company moved to the new tax regime from Q2 FY26 onwards. For the First Half of FY27 the company reported total income of Rs. 347 crores registering a year-on-year growth of 3%. EBITDA stood at Rs. 270 crores with EBITDA margins of 77.88%. Profit after tax stood at Rs. 141 crores. On the operational front, the average occupancy across our portfolios comprising NKP and Nirlon House stood at 99.8% during the 2nd Quarter of FY27. Additionally, during the quarter NIUM India Private Limited renewed approximately 37,000 square feet of space at Nirlon Knowledge Park which was due for renewal in FY28. With that we conclude our opening remarks and would now be happy to take your questions. Thank you. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes on the line of Laksh Jain, an Individual Investor. Please go ahead. Hello. Laksh Jain: Hello. Rahul Sagar: Hi. Laksh Jain: I'm audible, sir. Hi, sir. Rahul Sagar: Yes. Laksh Jain: Yes, my first question, sir. Sir, Rs. 57 crores of amount moved from long-term borrowing to short-term borrowing. Are we going to repay only Rs. 60 crores this year or further payment can also be expected, sir? Rahul Sagar: Okay. Sorry. Any other point or just this question? Laksh Jain: I have one more question, sir. So, I will ask now, sir, or I will wait for the answer. Manish Parikh: Hong Kong Bank loan is due. Repayment will start next year from May 2027 onwards. So, that's why, to that extent, loan is moved from non-current to current. Page 2 of 10 Laksh Jain: So, the Rs. 60 crores will be paid within this year, sir, FY27? Manish Parikh: No, it will be paid in the next year. Laksh Jain: Okay, sir. My next question, sir. Sir, our cash and bank balance stands at Rs. 345 crores at the end of the first half. In the remaining 6 months, we will be generating a 200-plus more crores of cash. So, for the full year, it comes to approximately RS. 550-plus crores. How should minority shareholders look at this? Rahul Sagar: Sorry. How should minority shareholders look at the increase… Laksh Jain: Will it be repayment of loan or dividend? Rahul Sagar: Okay. So, that basically, is coming back to an in-principle question. And as of now we have been fairly consistent with the payment of the dividends over the past few years. And this year 25- 26 was Rs. 30 as well. So, in this regard, we would like to state that as of this point, there is no specific plan or no specific action that has been discussed for these cash balances. You can look at the performance of the company over the past few years and the payment of the dividend and that is really has been fairly consistent. So, we have nothing significant to add in this regard. With regard to actual usage of the cash balances or anything specific for Nirlon at this point. We only ask you to refer to the past few years cash balances and the dividend payments and nothing further to say apart from that. Laksh Jain: The principal repayment of the loan will be as per the schedule. There won't be any p [Showing first 8,000 characters — download PDF for full document]