The Earnings call transcript of August 11, 2026 on Q1 of 27

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 ============================================================== August 17, 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 Tuesday, August 11, 2026 We refer to our intimation letter dated July 13, 2026 informing the stock exchange of earnings conference call will be held on Tuesday, August 11, 2026. 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 Tuesday, August 11, 2026, vide our letter dated August 11, 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_11_aug_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 Q1 FY’27 Earnings Conference Call August 11, 2026 ================================================================== Moderator: Ladies and gentlemen, good day and welcome to Nirlon Limited Q1 FY’27 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 afternoon everyone. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations for Nirlon Limited. On behalf of the company I would like to thank all of you for participating in the Company’s Earnings call for the 1st Quarter of the Financial Year 2027. Before we begin, let me mention a short 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 risks 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 Page 1 of 15 information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter 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 V. Sagar - Chief Executive Officer and Executive Director. Mr. Manish B. Parikh - 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 V. Sagar to start with his opening remarks. Thank you and over to you, Sir. Rahul V. Sagar: Thank you. Thank you, Purvangi. It is a pleasure to welcome you all to our Earnings Conference Call for the 1st Quarter of Financial Year 2027. Let me begin by taking you through the company's financial performance for the quarter: For the first quarter, the company reported a total income of Rs.173/- crore, representing a year-on-year growth of 3%. EBITDA stood at Rs.134/- crore, reflecting a year-on-year growth of 1%, with EBITDA margins of 77.30%. Profits after tax for the first quarter stood at approximately Rs.69/- crore, registering a 19% year-on- year growth, while PAT margins stood at 40.19%. On the Page 2 of 15 operational front, the average occupancy across our portfolio, comprising NKP and Nirlon House stood at 99.8%, during the 1st Quarter of the Financial Year 2027. As of 30th June 2026, the combined vacant area across both properties was approximately 6,900 square feet. With that, we conclude our opening remarks and would now like to open the floor for questions. Thank you. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Dilip Jain, an individual investor. Please go ahead. Dilip Jain: Good afternoon, sir. Am I audible? Rahul V. Sagar: Yes. Dilip Jain: Sir, recently there has been an amendment proposed in the income tax laws and it is very close to enactment. It has been already passed in the Lok Sabha. So, it states that the dividend component of income distribution of a REIT will remain tax-free in the hands of shareholders, even if the underlying SPV of a REIT opts for the new tax regime. So, we recently converted from the old to the new tax regime. So, sir, given the favorable income tax treatment now even to a new tax regime SPV of a REIT, do we have any plans of converting to a REIT that are probably under discussion or is some headway being made in those discussions? I would request you to kindly share whatever you can with us. Rahul V. Sagar: Okay. So, essentially, as of now, we have no concrete plans of converting to a REIT. As we said in the past, if we have anything significant to say on this front in terms of any significant change in the structure of the company or restructuring, we will let you know. Dilip Jain: Okay. So, as far as the Nirlon House goes, is there any headway being made in the ongoing discussion to probably redevelop it? Because we had discussed on those Page 3 of 15 lines a couple of years ago. So, is the discussion stuck in limbo still or is anything happening? Rahul V. Sagar: Okay. So, just to refresh, you may be aware, so you may not need to be refreshed. There are 12 other co-owners in the building as well. So, anything that happens in Nirlon House will obviously need consent and approval of the other owners. So, as you know, these processes and these things take a significant amount of time. We do not have anything significant to say at this point in time. When we do, we will tell you. But you must keep in mind the structure of the building in terms of the number of owners, etc. And you know the issues always associated with strata-owned assets all over Mumbai and India as well. Dilip Jain: Okay. All right. And sir, we had a small office that was leased this quarter at Nirlon House, right? About 1100 square foot. So, what leasing rate per square foot per month? Rahul V. Sagar: So, approx., on the area was about Rs. 250 a square foot. Dilip Jain: Okay. So, that is pure carpet or is it? Rahul V. Sagar: Now, basically these are old buildings. You do not have these loadings and efficiencies and all as you well know. So, it will be essentially maybe plus minus carpet but not extensive loading as you know. I mean, you can consider it to be an older building from the 60s or 70s or whenever it was somewhere around that time, late 60s. So, the carpet and the char [Showing first 8,000 characters — download PDF for full document]