Nilkamal FY26 revenue rises 14% as non-plastic categories overtake plastic furniture
Nilkamal reported FY26 revenue from operations of ₹3,686 crore and PAT of ₹105 crore. Non-plastic furniture, mattresses and foam sales exceeded plastic furniture sales for the first time; the company spent ₹44 crore on capex and proposed a ₹20-per-share final dividend.
What happened
Nilkamal reported 14% FY26 revenue growth and PAT of Rs 105 crore as non-plastic furniture, mattresses and foam sales surpassed plastic furniture for the first
Key facts
- Revenue from operations: Rs 3,686 crore, up 14% from Rs 3,239 crore
- PAT: Rs 105 crore versus Rs 91 crore
- One-time labour-code employee benefit charge: Rs 15.41 crore
- Net worth as of March 31, 2026: Rs 1,466 crore
- Total debt: Rs 256 crore
- Net cash surplus: Rs 67 crore
- FY26 capex: Rs 44 crore
- Final dividend: Rs 20 per share; total payout Rs 29.84 crore
- Renewable energy share: about 16% of consumption
- Share price rose as much as 10.64%; gained over 22% in five sessions
Why this matters
The first-time sales lead for furniture, mattresses and foam over plastic furniture makes Nilkamal a more relevant platform for adjacent home-category partnerships, acquisitions or distribution expansion.
What to watch
- Quarterly growth split between plastic furniture, non-plastic furniture, mattresses and foam.
- Gross-margin and EBITDA-margin trend as the sales mix shifts toward more competitive, higher-ticket categories.
- Capex pace versus operating cash flow, debt and working-capital days.
- Same-store sales, online sales contribution, dealer additions and store/franchise rollout.
- Furniture and mattress inventory levels, discounting intensity and return rates.
- Residential real-estate activity, consumer discretionary spending and input costs for foam chemicals, wood, metal and freight.
- Whether PAT growth catches up with revenue growth after the category transition.
- Increase capex selectively in furniture manufacturing, warehousing, omnichannel fulfillment and higher-margin mattress/foam capacity.
- Expand dealer, franchise and digital reach for Nilkamal Furniture and mattress brands, particularly in tier-2 and tier-3 cities.
- Broaden modular, bedroom, office and home-improvement assortments to raise average order values and cross-sell foam and mattresses.
- Prioritize margin discipline through sourcing, SKU rationalization, inventory turns and controlled discounting as non-plastic categories scale.
- Use the final dividend alongside growth investment to signal confidence while preserving balance-sheet capacity for expansion.