Reported Earnings • Feb 13
Third quarter 2026 earnings released: ₹4.85 loss per share (vs ₹3.70 loss in 3Q 2025) Third quarter 2026 results: ₹4.85 loss per share (further deteriorated from ₹3.70 loss in 3Q 2025). Revenue: ₹15.0m (down 57% from 3Q 2025). Net loss: ₹1.90m (loss widened 36% from 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Hind Aluminium Industries Limited (BSE:531979) agreed to acquire Aluminium business of Nirav Commercials Limited from Nirav Commercials Limited (BSE:512425) for INR 12.5 million. Hind Aluminium Industries Limited (BSE:531979) agreed to acquire Aluminium business of Nirav Commercials Limited from Nirav Commercials Limited (BSE:512425) for INR 12.5 million on February 4, 2026. A cash consideration of INR 12.5 million will be paid by Hind Aluminium Industries Limited. As part of consideration, INR 12.5 million is paid towards assets of Aluminium business of Nirav Commercials Limited.
For the period ended March 31, 2025, Aluminium business of Nirav Commercials Limited reported a total revenue of INR 97.26 million.
The deal is conditional upon the approval of merger agreement from target board and obtain approval of the Acquirer Board of Directors and Audit Committee. The deal has been approved by the board. The Board is of the opinion that the aforesaid proposal is in the best interest of the company and accordingly the Board recommends the Ordinary Resolution.
The expected completion of the transaction is March 31, 2026.
BigShare Servies Private Limited acted as Registrar and Transfer Agent as the agency to provide e-voting facility for Hind Aluminium Industries Limited. Announcement • Feb 04
Nirav Commercials Limited to Report Q3, 2026 Results on Feb 10, 2026 Nirav Commercials Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Announcement • Nov 05
Nirav Commercials Limited to Report Q2, 2026 Results on Nov 10, 2025 Nirav Commercials Limited announced that they will report Q2, 2026 results on Nov 10, 2025 New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 189% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Market cap is less than US$10m (₹274.4m market cap, or US$3.13m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Revenue is less than US$5m (₹97m revenue, or US$1.1m). Reported Earnings • Aug 12
Full year 2025 earnings released: EPS: ₹1.11 (vs ₹8.18 in FY 2024) Full year 2025 results: EPS: ₹1.11 (down from ₹8.18 in FY 2024). Revenue: ₹97.3m (down 7.5% from FY 2024). Net income: ₹500.0k (down 84% from FY 2024). Profit margin: 0.5% (down from 3.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Aug 09
Nirav Commercials Limited to Report Q1, 2026 Results on Aug 14, 2025 Nirav Commercials Limited announced that they will report Q1, 2026 results on Aug 14, 2025 Announcement • Aug 08
Nirav Commercials Limited, Annual General Meeting, Sep 02, 2025 Nirav Commercials Limited, Annual General Meeting, Sep 02, 2025, at 15:30 Indian Standard Time. Reported Earnings • May 28
Full year 2025 earnings released: EPS: ₹1.11 (vs ₹8.18 in FY 2024) Full year 2025 results: EPS: ₹1.11 (down from ₹8.18 in FY 2024). Revenue: ₹105.6m (flat on FY 2024). Net income: ₹500.0k (down 84% from FY 2024). Profit margin: 0.5% (down from 3.0% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • May 20
Nirav Commercials Limited to Report Q4, 2025 Results on May 23, 2025 Nirav Commercials Limited announced that they will report Q4, 2025 results on May 23, 2025 Buy Or Sell Opportunity • May 19
Now 20% undervalued Over the last 90 days, the stock has risen 26% to ₹812. The fair value is estimated to be ₹1,017, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 16
Third quarter 2025 earnings released: ₹3.70 loss per share (vs ₹4.85 loss in 3Q 2024) Third quarter 2025 results: ₹3.70 loss per share (improved from ₹4.85 loss in 3Q 2024). Revenue: ₹36.6m (up 85% from 3Q 2024). Net loss: ₹1.40m (loss narrowed 26% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
Nirav Commercials Limited to Report Q3, 2025 Results on Feb 14, 2025 Nirav Commercials Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹0.46 (vs ₹16.10 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.46 (down from ₹16.10 in 2Q 2024). Revenue: ₹24.9m (down 14% from 2Q 2024). Net loss: ₹200.0k (down 104% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 138 percentage points per year, which is a significant difference in performance. Announcement • Nov 09
Nirav Commercials Limited to Report Q2, 2025 Results on Nov 14, 2024 Nirav Commercials Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Buy Or Sell Opportunity • Oct 04
Now 20% undervalued Over the last 90 days, the stock has risen 76% to ₹1,150. The fair value is estimated to be ₹1,445, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 111%. New Risk • Sep 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (₹288.9m market cap, or US$3.44m). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Revenue is less than US$5m (₹96m revenue, or US$1.1m). Announcement • Aug 09
Nirav Commercials Limited to Report Q1, 2025 Results on Aug 14, 2024 Nirav Commercials Limited announced that they will report Q1, 2025 results on Aug 14, 2024 New Risk • Aug 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 495% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.3% per year over the past 5 years. Market cap is less than US$10m (₹269.1m market cap, or US$3.21m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Revenue is less than US$5m (₹105m revenue, or US$1.3m). Reported Earnings • Aug 01
Full year 2024 earnings released: EPS: ₹8.18 (vs ₹17.11 in FY 2023) Full year 2024 results: EPS: ₹8.18 (down from ₹17.11 in FY 2023). Revenue: ₹105.2m (up 9.4% from FY 2023). Net income: ₹3.21m (down 52% from FY 2023). Profit margin: 3.0% (down from 7.0% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Jul 30
Nirav Commercials Limited, Annual General Meeting, Aug 22, 2024 Nirav Commercials Limited, Annual General Meeting, Aug 22, 2024, at 15:30 Indian Standard Time. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹8.18 (vs ₹17.11 in FY 2023) Full year 2024 results: EPS: ₹8.18 (down from ₹17.11 in FY 2023). Revenue: ₹113.3m (up 18% from FY 2023). Net income: ₹3.20m (down 52% from FY 2023). Profit margin: 2.8% (down from 7.0% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Announcement • May 19
Nirav Commercials Limited to Report Q4, 2024 Results on May 28, 2024 Nirav Commercials Limited announced that they will report Q4, 2024 results on May 28, 2024 Reported Earnings • Feb 16
Third quarter 2024 earnings released Third quarter 2024 results: ₹4.85 loss per share. Revenue: ₹19.8m (flat on 3Q 2023). Net loss: ₹1.90m (down 246% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 145 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Nirav Commercials Limited to Report Q3, 2024 Results on Feb 13, 2024 Nirav Commercials Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₹721, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 25x in the Metals and Mining industry in India. Total returns to shareholders of 264% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹587, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 288% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹16.10 (vs ₹5.58 in 2Q 2023) Second quarter 2024 results: EPS: ₹16.10 (up from ₹5.58 in 2Q 2023). Revenue: ₹32.2m (up 16% from 2Q 2023). Net income: ₹4.80m (up 118% from 2Q 2023). Profit margin: 15% (up from 7.9% in 2Q 2023). The increase in margin was driven by higher revenue. Announcement • Nov 04
Nirav Commercials Limited to Report Q2, 2024 Results on Nov 10, 2023 Nirav Commercials Limited announced that they will report Q2, 2024 results on Nov 10, 2023 New Risk • Nov 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.0% per year over the past 5 years. Market cap is less than US$10m (₹171.1m market cap, or US$2.05m). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (5.7% net profit margin). Revenue is less than US$5m (₹110m revenue, or US$1.3m). Reported Earnings • Aug 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₹31.0m (up 79% from 1Q 2023). Net income: ₹1.50m (down 21% from 1Q 2023). Profit margin: 4.8% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Announcement • Aug 11
Nirav Commercials Limited, Annual General Meeting, Sep 06, 2023 Nirav Commercials Limited, Annual General Meeting, Sep 06, 2023, at 15:30 Indian Standard Time. Agenda: To receive, consider and adopt Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2023; to appoint Shri Lalit Kumar Daga who retires by rotation as a director and in this regard to consider; to Change of Registered Office of the Company; and to consider other matter. Announcement • Aug 04
Nirav Commercials Limited to Report Q1, 2024 Results on Aug 11, 2023 Nirav Commercials Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Reported Earnings • May 24
Full year 2023 earnings released: EPS: ₹17.11 (vs ₹36.75 in FY 2022) Full year 2023 results: EPS: ₹17.11 (down from ₹36.75 in FY 2022). Revenue: ₹105.1m (down 5.2% from FY 2022). Net income: ₹6.70m (down 54% from FY 2022). Profit margin: 6.4% (down from 13% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Feb 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₹19.8m (up 19% from 3Q 2022). Net income: ₹1.30m (down 7.1% from 3Q 2022). Profit margin: 6.6% (down from 8.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Announcement • Jan 18
Nirav Commercials Limited to Report Q3, 2023 Results on Feb 14, 2023 Nirav Commercials Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. MD & Director Raghav Daga was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 30
Nirav Commercials Limited, Annual General Meeting, Aug 29, 2022 Nirav Commercials Limited, Annual General Meeting, Aug 29, 2022, at 15:30 Indian Standard Time. Agenda: To consider and approve the audited standalone financial statements of the Company for the financial year ended 31st March, 2022, together with the reports of the board of directors and auditors thereon; to consider and approve the re-appointment of Shri Raghav Daga as a director of the company, retiring by rotation; and to consider re-appointment of Shri Navinchandra Shah as an independent director of the Company. Reported Earnings • Aug 12
First quarter 2023 earnings released First quarter 2023 results: EPS: ₹4.76. Revenue: ₹19.1m (up 18% from 1Q 2022). Net income: ₹1.90m (up ₹1.70m from 1Q 2022). Profit margin: 9.9% (up from 1.2% in 1Q 2022). The increase in margin was driven by higher revenue. Announcement • Aug 04
Nirav Commercials Limited to Report Q1, 2023 Results on Aug 10, 2022 Nirav Commercials Limited announced that they will report Q1, 2023 results on Aug 10, 2022 Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: ₹36.75 (vs ₹237 in FY 2021) Full year 2022 results: EPS: ₹36.75 (down from ₹237 in FY 2021). Revenue: ₹118.9m (up 126% from FY 2021). Net income: ₹14.3m (down 85% from FY 2021). Profit margin: 12% (down from 176% in FY 2021). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. MD & Director Raghav Daga was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₹459, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹463, the stock trades at a trailing P/E ratio of 40.1x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹384, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 52% over the past three years. Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Net income: ₹1.40m (down 98% from 3Q 2021). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹460, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 41% over the past three years. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. MD & Director Raghav Daga was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 19% share price gain to ₹578, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 12x in the Metals and Mining industry in India. Total returns to shareholders of 99% over the past three years. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. MD & Director Raghav Daga was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 21% share price gain to ₹680, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 11x in the Metals and Mining industry in India. Total returns to shareholders of 133% over the past three years. Reported Earnings • Aug 18
First quarter 2022 earnings released First quarter 2022 results: Net income: ₹200.0k (down 85% from 1Q 2021). Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₹670, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₹502, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 22% over the past three years. Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₹237 (vs ₹0.94 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹150.8m (up 305% from FY 2020). Net income: ₹92.7m (up ₹92.3m from FY 2020). Profit margin: 62% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Third quarter 2021 earnings released Third quarter 2021 results: Net income: ₹86.2m (up ₹86.5m from 3Q 2020). Announcement • Feb 04
Nirav Commercials Limited to Report Q3, 2021 Results on Feb 12, 2021 Nirav Commercials Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Dec 03
New 90-day low: ₹129 The company is down 27% from its price of ₹178 on 31 August 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 16% over the same period. Announcement • Nov 26
Nirav Commercials Limited, Annual General Meeting, Dec 21, 2020 Nirav Commercials Limited, Annual General Meeting, Dec 21, 2020, at 15:00 Indian Standard Time. Agenda: To consider & adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2020, together with the Reports of the Board of Directors and Auditors thereon; to appoint a Director in place of Shri Lalit Kumar Daga who retire by rotation and being eligible offers himself for re-appointment; and to appoint Auditors and fix their remuneration. Announcement • Sep 11
Nirav Commercials Limited to Report Q1, 2021 Results on Sep 15, 2020 Nirav Commercials Limited announced that they will report Q1, 2021 results on Sep 15, 2020 Announcement • Aug 22
Nirav Commercials Limited to Report Q4, 2020 Results on Aug 21, 2020 Nirav Commercials Limited announced that they will report Q4, 2020 results on Aug 21, 2020 
