1. At a Glance – Blink and You’ll Miss the Turnaround
Nila Spaces Ltd is the kind of stock that quietly sat in the corner for years, doing yoga, meditation, and probably some past-life karma cleansing — and then suddenly showed up with ₹52.2 Cr quarterly revenue, ₹8.18 Cr PAT, and a 34.5% operating margin like “haan bhai, ab notice karo.”
At a market cap of ~₹563 Cr, trading around ₹14.3, the company now flaunts a ROCE of 24.2%, Debt/Equity of 0.63, and TTM PAT of ₹24.1 Cr. Three-month returns look ugly (-18.8%), but zoom out and the 3-year stock CAGR is ~66% — not exactly retirement-fund boring.
The real drama? This is a real estate company where interest income was once 53% of FY23 revenue, and now actual construction and development revenue is doing the heavy lifting. From “kuch toh chal raha hai” to GIFT City luxury towers, Nila has clearly upgraded its lifestyle.
But is this a clean real-estate story or just one good project carrying the balance sheet on its shoulders? Strap in.
2. Introduction – From Infrastructure Leftovers to Real Estate Spotlight
Nila Spaces didn’t start life dreaming of skyline brochures and sky bridges. It was born out of a demerger from Nila Infrastructures Ltd, inheriting a mixed bag of urban infra projects, government contracts, and land parcels. For years, revenue was erratic, profits came and went like Mumbai local seats, and ROE numbers looked like they were ashamed of themselves.
Then came GIFT City, Gandhinagar — India’s favourite “future Singapore, trust us bro” zone.
The company acquired development rights for ~5.40 lakh sq. ft. at GIFT City and decided to stop dabbling and start flexing. Enter Project VIDA – SKY Park, a luxury residential development with twin towers, sky bridges, and 65,000+ sq. ft. of amenities. Translation: this is not budget housing; this is Instagram brochure real estate.
The last few quarters finally show operating leverage kicking in, margins expanding quarter after quarter, and revenue consistency that didn’t
exist earlier. But remember — real estate is cyclical, lumpy, and brutally honest. One bad inventory cycle and even the prettiest ROCE starts sweating.
So let’s break it down calmly — with sarcasm, obviously.
3. Business Model – WTF Do They Even Do?
At its core, Nila Spaces is a real estate developer, but with multiple personality traits:
- Urban Infrastructure Execution
Historically executed projects for government and semi-government entities — low margin, high paperwork, slow cash cycles. - Real Estate Development (Now the Star Kid)
Focused on residential and commercial projects, especially premium developments at GIFT City. - Financial & Other Income (Past Life)
FY23 revenue breakup tells a funny story:- Construction development: ~29%
- Interest income: ~53%
- Sale of fixed assets & other income: ~18% combined
Basically, earlier the P&L looked like “builder by name, NBFC by income.”
That is now changing fast, with core real estate revenue scaling sharply in FY24–FY26.
Management is also flirting with fractional ownership platforms and blockchain-based property investing — sounds fancy, but currently more PowerPoint than P&L. Until numbers show up, treat this as future optionality, not valuation gospel.
4. Financials Overview – Numbers That Finally Respect Themselves
Quarterly Performance Snapshot (Consolidated, ₹ Cr)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 52.20 | 33.02 | 42.18 | 58.1% | 23.7% |
| EBITDA | 18.01 | 9.10 | 9.88 | 97.9% | 82.3% |
| PAT | 8.18 | 3.75 | 5.34 | 118.1% | 53.2% |
| EPS (₹) | 0.20 | 0.10 | 0.14 | 100% | 43% |
Annualised EPS (Q3 rule):
Average of Q1–Q3 FY26 EPS × 4 ≈
