Nila Infrastructures Limited

NIL is promoted by Manoj B. Vadodaria, Deep S. Vadodaria and Kiran B. Vadodaria, who have over three decades of industry experience. The company commenced operations as a real estate developer and subsequently diversified into the construction segment in 2008, with a strategic focus on executing civic urban infrastructure, affordable housing, and slum redevelopment projects. Backed by an experienced management team and qualified professionals, the company has an operational track record

NIL’s capital structure remained comfortable, marked by an overall gearing of 0.11x as of March 31, 2026 (FY25: 0.14x). It has a healthy tangible net worth (TNW) of ₹208 crore at FY26-end (FY25-end: ₹181 crore). Debt coverage indicators also remained strong, with profit before interest, lease, depreciation and tax ( PBILDT) interest coverage at 7.80x in FY26 (FY25: 5.62x) and total debt to gross cash accruals (TD/GCA) of 0.74x (FY25: 1.02x). Company doesn’t have

NIL’s order book remained healthy at ₹1,414 crore as on March 31,2026, which translates to orderbook to TOI of 4.42x, providing medium-term revenue visibility. NIL’s order book is dominated by projects in Ahmedabad, Gujarat, which accounts for about 98% of the orderbook. A significant portion of the orders continues to be derived from government and public-sector entities, including municipal corporations, Gujarat housing board, and central/state government bodies, which results in lower counter

Scale of operations of NIL remained moderate to ₹ 322 crore in FY26 (FY25: ₹246 crore). NIL’s PBILDT margin remained moderate at 9.72% during FY26 as against 8.42% during FY25. In line with the PBILDT margin trend, profit after tax (PAT) margin also remained moderate at 8.39% in FY26, compared to 8.77% in FY25. The company reported GCA of ₹32 crore in FY26, as against ₹ 26 crore in FY25.

As on March 31, 2026, total investment of NIL in group entities stood at ~₹108 crore (P.Y. ~₹109 crore). Apart from this, NIL has extended significant L&A to related party and others aggregating ₹82 crore as on March 31, 2026 (P.Y. ₹82 crore). NIL’s loans and investments are towards real estate development and integrated bus terminal infrastructure projects under the PPP with integrated commercial real estate in its group entities. However, all the advances (except that lent to Vyapnila Terminal

The construction/infrastructure industry is highly fragmented and competitive in nature with presence of many mid and large sized players. It is tender driven and projects are allotted by competitive bidding which exerts pressure on the profitabilit y margin of the players. Further, slum rehabilitation projects have their own set of risk and challenges starting from identification of beneficiaries, obtaining the various approvals in time bound manner, timely construction, quality of housing, dis

NIL's order book exhibits significant geographic concentration, with approximately 98% of projects located in Ahmedabad, Gujarat. Further, around 91% of the order book comprises PPP projects wherein the consideration is primarily in the form of Land/TDR. While sustained growth in Ahmedabad's real estate market has supported adequate demand for TDR, any sustained slowdown in the region's real estate activity could adversely impact TDR demand which may have bearing on the NIL’s operation.

NIL's operations remain inherently working capital intensive due to the requirement for margin money against bank guarantees, inventory, and contract assets (including unbilled revenue). Further, under its PPP projects, the Company receives consideration in the form of Transferable Development Rights (TDR) and Land Development Rights (LDR), resulting in funds being tied up until these assets are monetized. Nevertheless, periodic sale of TDRs during project execution provides partial support to t