NITIRAJ - Nitiraj Engineer
Financial Performance
Revenue Growth by Segment
Total revenue from operations declined by 23.82% YoY to ā¹76.52 crore in FY 2025. Segment contribution: Commercial Weighing Scales (41.19%), Health Range Scales (38.56%), Mechanical Range Scales (16.03%), Currency Counting & Home Automation (2.52%), and EMFR & Jewellery Range (1.69%).
Geographic Revenue Split
Not disclosed in available documents, though Maharashtra is identified as a critical market for government tenders and orders.
Profitability Margins
Net Profit margin for FY 2025 was 6.31% (ā¹4.83 crore profit on ā¹76.52 crore revenue). Q3 FY25 PAT margin improved significantly to 17.53% compared to 10.49% in Q3 FY24.
EBITDA Margin
EBIDTA margin for FY 2025 was 12.84% (ā¹9.83 crore), a decline from 18.13% (ā¹18.39 crore) in FY 2024, primarily due to a 23.82% contraction in sales volumes.
Capital Expenditure
Property, Plant and Equipment increased by ā¹3.45 crore, reaching ā¹35.38 crore as of September 30, 2025, compared to ā¹31.93 crore in March 2025, driven by factory expansion projects.
Credit Rating & Borrowing
Not disclosed in available documents; however, finance costs for the half-year ended September 30, 2025, were ā¹3.60 lakhs.
Operational Drivers
Raw Materials
Electronics, software integration components, and precision control systems; total cost of materials consumed was ā¹37.64 crore in FY 2025, representing 49.19% of total revenue.
Capacity Expansion
Current capacity not disclosed; however, the company is actively diverting internal resources toward factory expansion projects to support the new Drone Division.
Raw Material Costs
Raw material costs stood at ā¹37.64 crore in FY 2025. The company monitors raw material prices regularly to mitigate input cost risk and supply chain volatility.
Manufacturing Efficiency
The company has trained a team of 15 certified internal auditors for ISO 9001:2015 to ensure quality and operational efficiency.
Strategic Growth
Expected Growth Rate
82%
Growth Strategy
Growth will be driven by the new Drone Division acting as a catalyst for product diversification, factory expansion projects, and leveraging existing competencies in electronics and software integration to enter new revenue streams.
Products & Services
Electronic Weighing Scales & Systems, Electronic Currency Counting Machines, Digital Fare Meters, Home & Hotel Automation systems, Mechanical Scales, and Drones.
Brand Portfolio
Nitiraj
New Products/Services
Launch of the Drone Division and Remote Pilot Training Organization (RPTO) are expected to provide significant new revenue streams and R&D synergies.
Market Expansion
Expansion into the drone technology sector and industrial electrical equipment to diversify away from pure weighing technology.
External Factors
Industry Trends
The industry is shifting toward automation and drone technology; Nitiraj is positioning itself by diversifying into Home/Hotel automation and the Drone sector (RPTO).
Competitive Landscape
Faces competition in weighing scales, addressed through quality differentiation and customer-centric innovation.
Competitive Moat
Durable advantage stems from a strong legacy in weighing technology and integrated electronics/software capabilities, which are now being applied to the high-entry-barrier drone market.
Macro Economic Sensitivity
Highly sensitive to government fiscal policies and election cycles, which directly impact the timing of tenders and infrastructure spending.
Consumer Behavior
Shifts in demand-supply dynamics and rapid technological advancements are monitored as key market risks.
Geopolitical Risks
Fluctuations in the global economy and geopolitical environment are identified as factors that could cause actual performance to vary from projections.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013, Indian Accounting Standards (IND-AS), and specific regulations for Remote Pilot Training Organizations (RPTO).
Taxation Policy Impact
The company adheres to IND-AS; current tax expense for the half-year ended September 30, 2025, was ā¹28.07 lakhs.
Risk Analysis
Key Uncertainties
Suspension of government tenders during election periods (impacted FY25 revenue by 23.82%) and volatility in raw material prices.
Geographic Concentration Risk
Significant dependency on the Maharashtra region for government-related orders and tender activity.
Third Party Dependencies
Dependency on logistics infrastructure and raw material suppliers for electronics and precision components.
Technology Obsolescence Risk
Risk of rapid technological shifts in the weighing and drone sectors; mitigated by ongoing R&D and software integration focus.
Credit & Counterparty Risk
Managed through stringent client evaluations and assertive receivables management to mitigate credit risk.