Nitiraj Engineers FY26: A ₹192 Crore Company Earning ₹1 Crore, Priced at 181x
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1 — At a Glance
Nitiraj Engineers closed FY26 with revenue of ₹46.41 crore, down from ₹76.52 crore the year before — a 39% contraction. Operating profit shrank from ₹9.43 crore to ₹3.54 crore. Net profit landed at ₹1.06 crore, off from ₹4.83 crore. The March quarter itself posted a net loss of ₹0.64 crore.
Against that ₹1.06 crore of annual profit, the market assigns a capitalisation of ₹192 crore. The arithmetic of price divided by a full-year EPS of ₹1.03 produces a multiple of roughly 181x earnings, against an industry figure near 39x. That gap is the entire tension of this entry.
The balance sheet, meanwhile, carries borrowings of ₹0.02 crore — essentially nil — and a net worth of ₹82.33 crore. A company with almost no debt, a two-thirds promoter stake, and a profit line that has fallen three years running while the multiple sits where high-growth names live.
There is also a new plot thread: in June 2026 the company received a DGCA Type Certificate for an agricultural drone. Whether that reroutes the story or simply adds a chapter is the question the numbers below circle.
2 — Introduction
Nitiraj Engineers, incorporated in 1989, sells under the brand name Phoenix. Its catalogue is electronic weighing scales and systems, currency counting machines, and electronic fare meters for taxis and rickshaws. A meaningful slice of its history runs through government contracts — it has supplied scales to state governments under Child Growth Monitoring programs, the kind of tender-driven revenue that arrives in lumps and leaves in silence.
That lumpiness shows. FY24 revenue was ₹100.44 crore; FY26 was ₹46.41 crore. Over five years, compounded sales growth reads -3%. This is a business whose top line does not compound so much as oscillate.
Recent moves point somewhere new. In March 2026 the company disclosed an order from the Women Welfare Department, Lucknow, for 58,237 weighing scales worth ₹8.66 crore. In June 2026 it secured a DGCA Type Certificate for the NADR10, a medium-class agricultural spraying drone with a 10-litre system, alongside a Remote Pilot Training Organisation footing. The old scales business and a new drone ambition now sit on the same P&L.
The board approved the audited FY26 results on 29 May 2026, with an unmodified audit opinion. The register of a company reinventing itself while its core numbers compress is worth reading line by line.
3 — Business Model: WTF Do They Even Do?
At its foundation, Nitiraj weighs things and counts money — literally. It manufactures analytical balances, jewellery scales, tabletop and platform scales, baby and mother-and-child scales, price-computing and piece-counting scales, currency counting machines, and taxi fare meters. Roughly 96% of FY22 revenue came from selling machines, ~3% from spares, ~1% from services — a hardware house, not a services annuity.
The demand engine has historically leaned on the state. Government sales have swung from over half of revenue in earlier years toward a smaller share more recently, which is precisely why the top line lurches: win a Poshan Abhiyaan-style tender and the year is fat; miss one and it isn’t. A weighing scale is not a subscription.
Then there is the pivot. Having received DGCA certification for the NADR10 agricultural spraying drone, the company now positions itself in precision agriculture and agri-tech — a market with entirely different physics from selling infant scales to welfare departments. The manufacturing discipline may transfer; the customer, the sales cycle, and the competition do not.
So the model, honestly stated: a legacy metrology maker with tender-dependent volumes, an associate in software, and a fresh drone certificate that is either a genuine second act or an expensive hobby. The financials do not yet tell you which. What they tell you is that a company earning ₹1.06 crore has decided to enter aviation.
Does a diversified catalogue protect a business whose revenue can halve in two years, or just spread the volatility across more shelves?
4 — Financials Overview
Figures are consolidated, in ₹ crore. (The company reports a single operating segment.)
