Blog
Nitco Secures ₹111 Crore Tiles & Marble Deal from Prestige Estates Projects
On April 30, 2025, Mumbai-based Nitco Limited secured a ₹111 crore supply contract from Prestige Estates Projects to deliver glazed vitrified tiles, polished marble slabs and decorative mosaics to six major Indian cities. This award surpassed the initial ₹104 crore estimate by ₹7 crore. a 6.7% uplift that highlights Nitco’s strength in executing large-scale luxury flooring orders. Deliveries will commence in May 2025 and continue through October 2025, covering projects in Bengaluru, Chennai, Hyderabad, Mumbai, Pune and the National Capital Region.
The deal covers high-grade glazed vitrified tiles, full-body rectified tiles, polished marble slabs and decorative mosaics with sizes from 300×300 mm to 2400×1200 mm. Quality assurance includes ISO 10545-3 water- absorption tests below 0.1% and Delta E colour-consistency checks under 3, applied across five inspection stages. Third-party labs will conduct hardness, surface abrasion and slip-resistance testing at five checkpoints per batch to keep defects under 0.08%.
Logistics partner VRL Logistics will ship up to 30 metric tons per truck over average distances of 450 km using GPS-enabled, temperature- controlled carriers. Each consignment is insured for ₹5 lakh and stored onsite in covered sheds holding 1,200 sq m of inventory. A staggered schedule of 12 monthly dispatches ensures uninterrupted supply to all six metro projects.
On May 2, 2025, Nitco shares climbed 2.59% to close at ₹132.84, up from ₹129.41 on April 29, 2025, as trading volume rose 22% to 120,000 shares. Over the prior six months, the stock delivered a 7.19% gain versus a 3.45% sector average, and over the past year, it surged 80.54% amid strong order wins and margin recovery.
Since December 2024, Nitco has secured ₹216 crore in confirmed orders from Prestige Estates across three major contracts. In November 2024, the company landed a ₹105 crore tile deal, marking its fifth engagement with the developer. Just before the latest agreement, Nitco received a ₹104 crore letter of intent in April 2025 for marble supplies. These successive deals underline a robust six-month collaboration and a combined order book of ₹216 crore.
In Q4 FY25, Nitco reported consolidated net sales of ₹93.54 crore, a 30.30% rise from ₹71.78 crore in Q4 FY24. Quarterly net loss narrowed sharply to ₹2.85 crore, compared with a ₹54.94 crore deficit a year earlier. Operating loss improved to ₹9.69 crore, translating to a –10.36% margin versus –28.36% in the prior period, while EBITDA loss declined 18.2% to ₹5.12 crore from ₹6.26 crore.
Founded on July 25, 1966, Nitco Limited holds an authorized share capital of ₹230 crore and a paid-up capital of ₹221.86 crore as of March 31, 2025. Headquartered in Mumbai, it runs manufacturing units in Maharashtra and Gujarat and employs over 1,446 staff across five regional offices. In FY23, the company logged operating revenues between ₹100 crore and ₹500 crore with near-breakeven profits.
Nitco’s business is divided into Tiles & Related Products and Real Estate Supplies. The Tiles division offers over 5,000 glazed vitrified, full-body rectified and heavy-duty variants with an annual output of 50 million sq ft. Its Related Products arm supplies marble, mosaic and natural stone solutions to large commercial and luxury residential projects in six metro markets.
Prestige Estates Projects Limited, founded in 1997, commands a market capitalization of ₹74,051 crore as of June 20, 2025. In FY24, it reported consolidated revenue of ₹7,349 crore and net profit of ₹617 crore. The broader Prestige Group, established in 1986, posted US$1.2 billion in annual revenues and employs over 3,000 professionals. Its current pipeline includes 63 ongoing developments spanning 42 million sq ft of residential and commercial space.
Prestige Pallavaram Gardens sprawls across 21.9 acres on the Pallavaram–Thoraipakkam Radial Road in South Chennai. The township comprises over 2,000 high-rise apartments and reserves 80% of its land for lush gardens, parks, and play areas. Residents enjoy more than 40 lifestyle facilities, including a swimming pool, fitness centre, and jogging track. Located just a ten-minute drive from Chennai International Airport and close to major IT hubs on the OMR corridor, it offers unmatched convenience for professionals. By fitting Nitco’s premium vitrified tiles and polished marble throughout its homes, Prestige underscores its promise of superior craftsmanship and enduring elegance.
The Indian ceramic and vitrified tile market generated USD 8,543.9 million in 2023 and is projected to reach USD 13,265.2 million by 2030, reflecting a 6.5% CAGR from 2024 to 2030. Porcelain tiles accounted for 39% of 2024 sales or USD 2.59 billion, driven by growth in affordable housing and commercial fit-outs. Urbanization rates above 34% in major metros and government housing incentives are key growth drivers.
Investors will track Nitco’s full-year FY25 net sales of ₹312.92 crore and net loss of ₹741.15 crore for signs of margin recovery. Large contracts like this one comprised over 35% of FY25 revenues of ₹310.66 crore, underscoring project dependence. In January 2025, Nitco also booked a ₹50 crore ceramic mosaic order from Hindustan Associates. Planned investments include a ₹75 crore greenfield plant in Gujarat by March 2026 and ₹120 crore in capex for technology upgrades.
Brokerages such as Kotak Securities forecast FY26 revenue of ₹460 crore with a 12.5% EBITDA margin, while analysts lifted target prices by 9.8% to ₹145 per share in the past two weeks. These upward revisions reflect strengthened order visibility and operational improvements.
