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NIRAJISPAT - Niraj Ispat Ind.

📊 NSE: NIRAJISPAT 🏢 Plastics Products 📅 Last Updated: 12/14/2025 10:33

📢 Recent Corporate Announcements

Niraj Ispat Q3 FY26 Net Profit at ₹5.45 Lakhs, Revenue Grows 10.5% YoY

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Feb 2026, 02:45 PM

Niraj Ispat Industries reported a net profit of ₹5.45 lakhs for the quarter ended December 31, 2025, representing a 39.3% decline compared to ₹8.98 lakhs in the same quarter last year. Revenue from operations saw a year-on-year growth of 10.5%, reaching ₹161.41 lakhs. However, rising operational expenses, which climbed to ₹154.06 lakhs from ₹134.04 lakhs YoY, have significantly compressed profit margins. For the nine-month period ending December 2025, the company's net profit stands at ₹13.61 lakhs, nearly half of the ₹25.56 lakhs recorded in the previous year.

Revenue from operations increased to ₹161.41 lakhs in Q3 FY26 from ₹146.10 lakhs in Q3 FY25.
Net profit for the quarter fell to ₹5.45 lakhs compared to ₹8.98 lakhs in the year-ago period.
Total expenses rose by 14.9% YoY to ₹154.06 lakhs, impacting the bottom line.
Nine-month PAT declined sharply to ₹13.61 lakhs from ₹25.56 lakhs in the corresponding period last year.
Earnings Per Share (EPS) for the quarter stood at ₹0.91, down from ₹1.50 in Q3 FY25.

💡 The company is experiencing significant margin pressure as expense growth is outpacing revenue gains. Investors should remain cautious given the sharp year-on-year decline in profitability and the micro-cap nature of the stock.

Niraj Ispat Reports Full Compliance with SEBI SDD Regulations for Q3 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 21 Jan 2026, 03:54 PM

Niraj Ispat Industries Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended December 31, 2025. The certificate, issued by a practicing company secretary, confirms that the company maintains a non-tamperable internal database to track Unpublished Price Sensitive Information (UPSI). Notably, the company reported zero UPSI events for the period, indicating no sensitive information was disseminated during the quarter. This filing is a routine regulatory requirement under SEBI's Prohibition of Insider Trading regulations to ensure transparency.

Confirmed compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015
Reported zero UPSI events captured for the quarter ended December 31, 2025
Maintains an internal, non-tamperable database with a full audit trail
System capability confirmed for maintaining records for a duration of 8 years
No non-compliances or remedial actions were reported for the previous period

💡 No action is required as this is a routine regulatory filing. It serves as a confirmation of the company's adherence to corporate governance and insider trading norms.

Niraj Ispat Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 05:17 PM

Niraj Ispat Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing, dated January 5, 2026, pertains to the quarter ending December 31, 2025. The company's Registrar and Share Transfer Agent, Skyline Financial Services, confirmed that no physical shares were received for dematerialization during this period. This is a standard regulatory requirement for listed entities to maintain transparency in shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Skyline Financial Services Pvt. Ltd., the company's Registrar and Share Transfer Agent
Confirms zero physical share certificates were received for dematerialization during the quarter
Standard regulatory filing with no impact on company operations or financials

💡 This is a routine administrative update with no impact on stock valuation. Investors should continue to monitor the company's upcoming quarterly financial performance for material changes.

Niraj Ispat Industries Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Dec 2025, 03:36 PM

Niraj Ispat Industries Limited has announced the closure of its trading window for all designated persons and their relatives starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming un-audited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared to the public. The specific date for the board meeting to approve these results will be communicated in due course.

Trading window closure effective from January 1, 2026.
Closure pertains to the un-audited financial results for the quarter ended December 31, 2025.
Window to reopen 48 hours after the financial results become generally available.
Restriction applies to all Designated Persons, Directors, KMPs, and their immediate relatives.

💡 No action is required as this is a routine regulatory compliance filing. Investors should look out for the upcoming board meeting date to assess the company's Q3 performance.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment, primarily steel-related manufacturing. Revenue from operations for H1 FY26 was INR 1.92 Cr, representing a marginal decline of 0.83% compared to INR 1.93 Cr in H1 FY25. Quarterly revenue for Q2 FY26 stood at INR 0.96 Cr, a 6.2% decrease from INR 1.03 Cr in Q2 FY25.

Geographic Revenue Split

Not specifically disclosed in available documents; however, the company's registered office and operations are centered in North Delhi and Ghaziabad, Uttar Pradesh.

Profitability Margins

Net Profit Margin for H1 FY26 significantly improved to 31.6% (based on total income) from 25.7% in H1 FY25. This was driven by a 38% increase in 'Other Income' (INR 0.71 Cr vs INR 0.51 Cr) and better control over raw material costs, which fell from 49.9% of operational revenue to 45.5%.

EBITDA Margin

EBITDA for H1 FY26 was INR 1.21 Cr, resulting in an EBITDA margin of 45.8% on total income. This is an improvement from the H1 FY25 EBITDA of INR 0.93 Cr (38.1% margin), primarily due to the surge in investment-related other income.

Capital Expenditure

The company shows minimal capital expenditure. Property, Plant, and Equipment (Net) decreased from INR 1.16 Cr as of March 31, 2025, to INR 1.11 Cr as of September 30, 2025, indicating that depreciation (INR 0.075 Cr) outpaced new asset additions.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, stood at INR 4.78 Cr, comprising non-current borrowings of INR 4.02 Cr and current borrowings of INR 0.76 Cr. Finance costs remained low at INR 0.0098 Cr for H1 FY26, suggesting highly subsidized or promoter-linked interest rates.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not listed, but the 'Ispat' designation implies steel scrap, billets, or ingots. Raw material consumption accounted for 45.5% of operational revenue in H1 FY26 (INR 0.87 Cr).

Import Sources

Not disclosed in available documents; procurement is likely domestic given the scale of operations.

Capacity Expansion

Current installed capacity is not specified. The lack of significant change in Property, Plant, and Equipment (INR 1.11 Cr) suggests no major capacity expansion was undertaken in the current half-year.

Raw Material Costs

Raw material costs decreased by 9.6% YoY in H1 FY26 (INR 0.87 Cr vs INR 0.96 Cr), despite relatively flat revenue, indicating improved procurement efficiency or lower market prices for steel inputs.

Manufacturing Efficiency

Employee benefit expenses rose 8.1% YoY to INR 0.23 Cr in H1 FY26, while revenue slightly declined, suggesting a decrease in labor productivity per unit of revenue.

📈 Strategic Growth

Expected Growth Rate

32.70%

Growth Strategy

The company aims to achieve growth by leveraging its substantial 'Other Income' from investments (INR 0.71 Cr in H1 FY26) to offset sluggish core operational growth. Strategy includes maintaining a lean corporate structure and utilizing its net worth of INR 15.14 Cr to sustain operations during industry downturns.

Products & Services

Steel-based industrial products (implied by 'Ispat' name and raw material consumption patterns).

Brand Portfolio

Niraj Ispat Industries.

Market Share & Ranking

Not disclosed; the company is a small-cap entity with a paid-up capital of only INR 0.60 Cr.

Strategic Alliances

The company has a joint venture, Electiromeccanica India Private Limited, though its investment has been eroded due to accumulated losses and is not currently contributing to the financials.

🌍 External Factors

Industry Trends

The industry is facing a 'low trend' environment. The company is positioned as a small-scale player focusing on statutory compliance and maintaining a high net-worth-to-capital ratio to weather volatility.

Competitive Landscape

Operates in a fragmented steel products market with competition from both large-scale integrated plants and small-scale local manufacturers.

Competitive Moat

The company lacks a significant manufacturing moat but maintains a financial cushion through 'Other Equity' of INR 14.54 Cr, which is 24x its base share capital, providing high solvency.

Macro Economic Sensitivity

Highly sensitive to the Indian steel industry cycle and interest rate environments that affect investment income.

Geopolitical Risks

Minimal direct exposure; however, global steel price volatility influenced by geopolitical factors indirectly impacts raw material costs.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Companies Act 2013 and SEBI LODR Regulations. It is currently exempt from certain corporate governance requirements (Regulations 17-27) because its paid-up capital is below INR 10 Cr and net worth is below INR 25 Cr.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 25.8% (INR 0.29 Cr tax on INR 1.13 Cr PBT).

Legal Contingencies

The company was penalized INR 61,360 by SEBI for failing to appoint a qualified Company Secretary within the prescribed time under Regulation 6(1). The penalty was paid on June 6, 2025.