Company Update : NOCIL Ltd by Motilal Oswal Financial Services Ltd
Operating performance below estimate
* NOCIL’s revenue stood at INR3.2b (est. of INR3.5b), down 12% YoY and 5% QoQ in 2QFY26.
* Gross margin stood at 41.3% (-30bp YoY and -120bp QoQ).
* Employee costs as a % of sales stood flat YoY at ~7%, while other expenses as a % of sales stood at ~28%, compared to ~27% in 2QFY25.
* EBITDAM came in at 6.5% (-370bp YoY and -230bp QoQ).
* EBITDA stood at INR209m (est. of INR310m; -44% YoY and -29% QoQ).
* Adjusted PAT was INR173m (est. of INR195m), down 58% YoY/up 4% QoQ.
* In 1HFY26, NOCIL’s revenue/EBITDA/Adj. PAT declined 11%/34%/51% to INR6.6b/INR505m/INR338m,
* CFO stood at INR1.3b as of Sep’25 compared to INR567m in Sep’24.
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SEBI Registration number is INH000000412
