NITCO Limited, established in 1953 and headquartered in Mumbai, India, is a significant player in India's tiles and marble manufacturing industry. The company operates across two key segments: Tiles and Related Products, and Real Estate. Its primary focus lies in producing high-quality ceramic and marble products for both domestic and international markets. NITCO offers a comprehensive range of ceramic floor and wall tiles, glazed vitrified tiles, vitrified heavy-duty tiles, and mosaico tiles, suitable for various applications including bathrooms, kitchens, living rooms, bedrooms, outdoor spaces, and commercial areas. Additionally, the company provides diverse ranges of wooden wall tiles, featuring specialized collections like Legna Leaf, Glam Wood, and Mahogany series.
NITCO Limited functions as a tile manufacturer with a network of over 50 retail outlets spread across India. These outlets offer designer bathroom tiles, kitchen tiles, outdoor tiles, and commercial tiles. The company's manufacturing facilities are located in Maharashtra and Silvassa, and its products are primarily distributed through independent dealers/distributors and modern trade channels. NITCO markets its products under three principal brands: Le Studio Express, NITCO Look, and NITCO Galore, strategically positioning itself in different market segments to appeal to a wide spectrum of customer preferences and price points.
As of May 7, 2025, NITCO Limited holds a market capitalization of ₹2,841 crore. Value Research classifies it as a Small Cap company. The company's financial performance has presented a mixed picture in recent periods. For the quarter ending March 2025, NITCO reported its highest quarterly net sales in five quarters, reaching ₹93.54 crore. Net sales saw a year-on-year increase of 30.37% to ₹93.19 crore in Q4 March 2025, indicating strong revenue growth momentum.
However, profitability has remained a challenge. For the full fiscal year ended March 2025, the company reported a net loss of ₹741.15 crore, an increase from the net loss of ₹162.97 crore in the previous year. Sales for FY25 declined by 3.11% to ₹312.92 crore compared to ₹322.97 crore in FY24.
In June 2025, NITCO entered into a significant joint development agreement for its Alibaug land, valued at ₹350 crore. The company received an advance of ₹58.42 crore for this agreement with Total Environment Building Systems, which is intended for the plotted development of its Alibaug land. The total consideration from this venture is anticipated to fetch a minimum of ₹350 crore over a three-year period. Furthermore, the company has secured substantial orders from major real estate developers. NITCO received a letter of intent from Prestige Estates Projects for an additional order worth ₹45 crore, bringing the total orders from Prestige to approximately ₹261 crore, to be executed over the next twelve months.
The promoters of NITCO Limited are Melisma Finance And Trading Pvt Ltd and Vivek Prannath Talwar, who collectively hold 15.53% of the total equity. Promoter holding experienced a significant decrease to 16.23% as of March 2025, down from 46.79% as of December 2024. As of March 2025, 14.24% of the total equity is pledged by the promoters, suggesting potential financial stress at the promoter level. Vivek Talwar serves as the chairman of the company.
As of May 7, 2025, the company's Price-to-Book (P/B) ratio stands at 11.52 times, indicating a substantial premium of 401% over the median P/B ratio of its peers, which is 2.30 times. Due to negative trailing twelve-month earnings, the Price-to-Earnings (P/E) ratio is not applicable. The stock's 52-week high is ₹148.50, and its 52-week low is ₹63.16, reflecting considerable volatility in its stock price. Over the past three years, NITCO's share price has seen a surge of 379.78% on the BSE, indicating strong investor interest despite the company's operational challenges.
NITCO Limited faces several challenges, including a poor sales growth rate of -7.35% over the last five years and a low interest coverage ratio. Debtor days have increased from 62.3 to 74.8 days, pointing to potential issues in working capital management. Despite these headwinds, the company has reported its highest profit before tax and profit after tax figures in recent quarters, suggesting possible operational improvements. The recent land development agreement and significant order wins from premium developers signal potential for future growth and diversification beyond its traditional tiles manufacturing business.
