At a Glance:
Founded in 2016 and listed on BSE SME, Nirmitee Robotics is in the niche business of duct cleaning using patented robots. Yes, ducts. From hospitals to data centers, their little machines crawl through HVAC air ducts like tech-savvy rats. But don’t get carried away by the “robotics” label—this ain’t Boston Dynamics. While revenue has grown, profits have flip-flopped and FY24 saw a loss. FY25 looks better, but valuation? Borderline delusional.
🔍 1. WTF Do They Even Do?
- 🧽 Cleans HVAC air ducts for:
- 🏥 Hospitals
- 🏢 Offices
- 🛫 Aircrafts
- 🖥️ Data centers
- 🤖 Uses own patented duct-inspection and cleaning robots
- 🇮🇳 HQ in India + offices in Dubai & Hong Kong (global startup vibes, not global revenue yet)
🛠️ Niche = Cool.
Execution = Not always.
📉 2. Financials – Robotic Crawlers, Human Margins
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | ROE % |
|---|---|---|---|---|
| FY21 | 3.5 | 0.23 | 12.0 | — |
| FY22 | 4.2 | 0.33 | 12.3 | — |
| FY23 | 5.4 | 0.63 | 17.5 | — |
| FY24 | 6.0 | -0.97 | -7.5 | -ve |
| FY25 | 8.9 | 0.60 | 12.9 | 13.0 |
🚨 Flip-Flop Alert:
They were loss-making just last year (FY24), but made ₹60 lakh profit in FY25. Big turnaround? Or just duct dust settling?
💸 3. Valuation – Is It a Robot or a Bubble?
- CMP: ₹90.4
- EPS FY25: ₹1.67
- P/E: ~54x
- Book Value: ₹14.4
- P/B: 6.27x
- Market Cap: ₹32.6 Cr
🎯 Fair Value Range (based on 30–40x realistic P/E for niche SME with growth hopes):
₹50 – ₹67
Right now, it’s priced as if it invented ChatGPT, not duct mops.
🔍 4. What’s Cooking – Patents, Profits & Panic Selling
- 📉 Stock down 27% in last 1 year
- 💥 Crashed 10% on June 27 — likely result of low float panic selling
- 🤖 Patented duct-cleaning robot is real, but not enough scale yet
- 📢 Buzzwords used: “Ozone Treatment,” “Sterilization,” “Sensitive Equipment” — sounds more like a bio-weapon startup than a service provider
- 💼 Appointed new secretarial auditor in May 2025
- 📄 Recent results showed improved profitability but still volatile
🧾 5. Balance Sheet – Are the Robots Made of Gold?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Assets (Cr) | 8.3 | 7.9 | 7.6 |
| Equity Capital | 3.6 | 3.6 | 3.6 |
| Reserves | 1.6 | 0.5 | 1.6 |
| Borrowings | 1.3 | 2.9 | 1.7 |
📉 Balance sheet shrinking.
📈 Profits recovering.
Still a long road before scale shows up.
💰 6. Cash Flow – Cash Clean or Cash Clutter?
| Year | CFO (₹ Cr) | Capex | FCF Verdict |
|---|---|---|---|
| FY24 | ₹2.00 | High | Positive |
| FY25 | ₹1.84 | Low | Decent |
Cash flow positive – that’s a relief in SME land. But sustainability is unclear.
🧮 7. Ratios – Robot Says… Mixed Bag
| Ratio | FY25 | Verdict |
|---|---|---|
| ROCE | 14.7% | Healthy 👍 |
| ROE | 12.9% | Not bad |
| OPM | 12.9% | Normal |
| D/E | 0.47x | Under control |
| EPS | ₹1.67 | Reasonable |
⚠️ BUT over 50x P/E for these ratios? Feels like buying Siri at Alexa prices.
🧾 8. P&L Breakdown – Show Me the Dust Money
- Revenue FY25: ₹8.92 Cr
- EBITDA: ₹1.15 Cr
- Net Profit: ₹0.60 Cr
- EPS: ₹1.67
- Zero dividend (because robots don’t eat)
🥊 9. Peer Comparison – Small Bot in a Giant Arena
| Company | P/E | ROE | MCap (₹ Cr) |
|---|---|---|---|
| CMS Info Systems | 22 | 17% | 8,000+ |
| NESCO | 21 | 15% | 7,800+ |
| Nirmitee | 54 | 13% | 32 |
📉 Valuation is not in line with scale. Either the robots need to start cleaning stadiums, or the stock needs to chill.
🤝 10. Misc – Shareholding, Promoters, Float
- Promoter Holding: 70.81% (stable)
- Public Float: 29.19%
- Institutions: 0%
- Shareholders: 119 brave hearts
📉 Thin float = volatility. One sneeze = 10% circuit.
✅ EduInvesting Verdict™
Cool idea. Cute business. Crazy valuation.
Nirmitee is one of those “interesting but unscalable” SME stories. Patents are cool, but the business model is still too service-heavy, thinly spread, and erratic in profits. There’s no SaaS, no export play, no recurring billing model.
At 54x P/E, it’s not priced for cleaning ducts — it’s priced like it’s cleaning Satya Nadella’s ducts.
🎯 Fair Value Range: ₹50 – ₹67
(Or lower, unless sales hit ₹15–20 Cr with stable EBITDA margins)
Not a buy/sell call. Just a reminder: not every robot company is a tech stock.
✍️ Written by Prashant | 📅 June 30, 2025
Tags: Nirmitee Robotics, HVAC cleaning stocks, SME IPO, robot cleaning company, EduInvesting, niche SME analysis, BSE SME stocks, air duct sterilization, quirky SME stocks, robot services India
