Company Overview

Nitiraj Engineers Ltd is a prominent India-based manufacturer specializing in electronic weighing scales and systems, currency counting machines, and digital fare meters. The company is actively engaged in the manufacturing and sale of a diverse range of electronic equipment. Its operations are segmented across electronic weighing scales and systems, electronic currency counting machines and digital fare meters, home and hotel automation solutions, and mechanical scales. Established in 1989, Nitiraj Engineers Ltd has built a reputation for producing quality Electronic Weighing Scales, Currency Counting Machines, Taxi Fare Meters, and other related equipment.

The company was initially incorporated as "Nitiraj Engineers Private Limited" on April 01, 1999. It subsequently transitioned from a Private Limited to a Public Limited company, with its name officially changed to "Nitiraj Engineers Limited" following a Fresh Certificate of Incorporation dated June 22, 2015.

Business Segments and Product Portfolio

Nitiraj Engineers Ltd stands as a leading manufacturer offering a wide array of Electronic Weighing Scales and Systems, Currency Counting Machines, Digital Fare Meters, Home & Hotel Automation Products, and Health Measurement Products. These offerings cater to both industrial and domestic consumption, classified by their applications into categories such as Industrial, Commercial, Jewellery, Healthcare, Household, and Automobile.

The product range includes specialized items like jewelry, tabletop, price computing, piece counting, platform, hanging, industrial, kitchen, baby weighing, person weighing, adult weighing, and body mass index scales. Additionally, they provide analytical weighing balances, special application indicators, growth monitoring devices, currency counting machines, taxi fare meters, and comprehensive home automation and security products. The company markets its extensive portfolio under the well-recognized Phoenix brand name, leveraging a robust sales and service network comprising branch offices, dealers, and distributors.

Manufacturing Infrastructure and Distribution Network

The company operates a sophisticated manufacturing plant located in Parwanoo, Himachal Pradesh, complemented by a new facility in Dhule, Maharashtra. These plants collectively possess the capability to produce over 100,000 scales annually. Nitiraj Engineers Ltd has established an extensive distribution network with 400 registered dealers across India and international markets, ensuring their products and services reach millions of customers. Their sales and service network is further strengthened by 13 Branch offices and 430 Dealers/Distributors in the Middle East and SAARC Countries.

In addition to traditional channels, the company has embraced e-commerce, serving customers through platforms like Amazon. This multi-channel approach has solidified its presence in both domestic and international markets, serving over one million customers globally.

Technology and Government Partnerships

Nitiraj Engineers Ltd demonstrates a strong capacity for providing specialized solutions, particularly through its supply of machines to various state governments under the Child Growth Monitoring Systems (CGMS) program. These machines are equipped with advanced technology for data collection, plotting, MIS reporting, and dissemination, underscoring the company's role in supporting government healthcare initiatives.

Renowned for its advanced technological support and data collection capabilities, the company has garnered several accolades, including the Best Entrepreneur Award and ISO 9001:2015 accreditation. They also actively showcase their innovative products at major industry events like the Auto Expo.

Financial Performance

Market Capitalization and Valuation

As of February 21, 2025, Nitiraj Engineers Ltd (NITIRAJ)'s share price on the NSE was ₹323.84. The current market capitalization of Nitiraj Engineers Ltd stands at approximately ₹331.97 crore, according to the latest data from Business Today.

Key Financial Metrics

- Revenue: ₹106 Crore

- Profit: ₹12.3 Crore

- Return on Equity (ROE): The company has a relatively low ROE of 5.48% over the last 3 years.

- Earnings Per Share (EPS): The Nitiraj Engineers EPS is ₹12.00.

- Price-to-Earnings (PE) Ratio: The current PE ratio is 26.99.

- Price-to-Book (PB) Ratio: The current PB ratio is 4.34.

Recent Quarterly Performance (Q3 FY25)

For the quarter ending December 2024 (Q3 FY25), Nitiraj Engineers Ltd reported revenue of ₹37.17 crore, showing significant quarter-on-quarter growth compared to ₹12.77 crore in the previous quarter (Q2 FY25, Sep '24). The net profit for Q3 FY25 was ₹6.51 crore, a substantial increase from ₹0.02 crore in Q2 FY25.

Shareholding Pattern

- Promoter Holding: 69.1%

The company maintains strong promoter ownership, which typically indicates high management confidence in the business prospects and long-term strategy.

Stock Performance

- Last 12 Months: Nitiraj Engineers Ltd's share price has seen an upward movement of 53.44% on the NSE.

- Last 3 Years: The stock price has shown robust appreciation, increasing by 297.24% on the NSE.

The stock has demonstrated strong performance across multiple time horizons, reflecting growing investor confidence in the company's growth trajectory and operational efficiency.

Dividend Policy

In the quarter ending March 2024, Nitiraj Engineers Ltd declared a dividend of ₹1.50 per share, translating to a dividend yield of 0.65%. The company generally adheres to a consistent dividend distribution policy, aiming to provide steady returns to its shareholders.

Corporate Governance

Nitiraj Engineers Ltd is listed on both the NSE and BSE under the stock symbol "NITIRAJ". Key management positions include Rajesh Raghunath Bhatwal as Chairman and Deepika Amit Dalmiya as Company Secretary. The company emphasizes transparency in its operations and maintains strict adherence to regulatory requirements and corporate governance standards.

Nitiraj Engineers Ltd stands as a well-established and growing player in the electronic weighing and measurement equipment industry. Its strengths lie in its robust manufacturing capabilities, a diverse and specialized product portfolio, a wide distribution network, and strategic government partnerships, positioning it well for continued expansion in both domestic and international markets.