---
title: "Nitiraj Engineers Ltd (NITIRAJ) — Share Price, Financials & Analysis"
symbol: "NITIRAJ"
company: "Nitiraj Engineers Ltd"
canonical: "https://tapetide.com/stocks/NITIRAJ"
isin: "INE439T01012"
nse_symbol: "NITIRAJ"
sector: "Capital Goods"
industry: "Other Electrical Equipment"
market_cap_cr: 237.23
generated_at: "2026-09-13T18:39:31.217Z"
---

# Nitiraj Engineers Ltd (NITIRAJ)

Canonical page: https://tapetide.com/stocks/NITIRAJ

## Company

- **NSE Symbol:** NITIRAJ
- **ISIN:** INE439T01012
- **Sector:** Capital Goods
- **Industry:** Other Electrical Equipment
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2021-04-22
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** nitiraj.net

## About

Incorporated in 1989, Nitiraj Engineers Ltd manufactures and sells Electronic Weighing Scales, Currency Counting Machines, Taxi Fare Meters, etc.[1]

## Latest Price

- **Price:** ₹233.25
- **Change:** +2.09 (+0.9%)
- **Open:** ₹233
- **Day High:** ₹237.1
- **Day Low:** ₹226
- **Previous Close:** ₹231.16
- **Volume:** 5204
- **As Of:** 2026-09-11T09:59:12+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:05.630982Z.

- **Market Cap:** ₹237.23 Cr
- **Classification:** Microcap
- **P/E (reported):** 98.4
- **P/E (TTM):** 99.26
- **EPS (TTM):** ₹2.35
- **Book Value:** ₹80.32
- **Price to Book:** 2.88
- **Dividend Yield:** 0.65%
- **ROE:** -0.34%
- **ROCE:** 0.41%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹46.5 Cr
- **Net Income:** ₹-0.2 Cr
- **EBITDA:** ₹4 Cr
- **52-Week High:** ₹241
- **52-Week Low:** ₹168
- **RSI (14):** 71.08

## Tapetide Score

- **Score:** 42 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 19.7 (of 4473 scored stocks)
- **Confidence:** 98%
- **Data coverage:** 95%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 70.08 | 9% |
| growth | 11.14 | 9% |
| momentum | 76.14 | 12% |
| ownership | 50 | 24% |
| quality | 40.47 | 22% |
| valuation | 24.06 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is almost debt free.

### Weaknesses

- Stock is trading at 2.90 times its book value
- The company has delivered a poor sales growth of -2.77% over past five years.
- Company has a low return on equity of 7.37% over last 3 years.
- Working capital days have increased from 154 days to 280 days

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -51.03% | -53.9% | -95.52% |
| ebitda margin growth | 18.18% | 46.18% | -44.67% | -51.87% |
| net income growth | -100% | -94.29% | -105.71% | -22% |
| revenue growth | 0.86% | 15.67% | 0% | -3% |
| roce | 47.83% | -106.8% | -94.22% | 3.96% |
| roe | -100% | -93.47% | -0.2% | -103.77% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 15.91 | 20.25 | 52.58 | 4.27 | 12.56 | 37.08 | 22.61 | 10.54 | 16.39 | 11.31 | 8.18 | 18.84 |
| Expenses | 13.15 | 16.68 | 42.32 | 5.89 | 11.86 | 27.47 | 21.86 | 10.52 | 13.68 | 10.2 | 8.48 | 16.88 |
| Operating Profit | 2.76 | 3.57 | 10.26 | -1.62 | 0.7 | 9.61 | 0.75 | 0.02 | 2.71 | 1.11 | -0.3 | 1.96 |
| OPM % | 17.35 | 17.63 | 19.51 | -37.94 | 5.57 | 25.92 | 3.32 | 0.19 | 16.53 | 9.81 | -3.67 | 10.4 |
| Other Income | 0.09 | 0.17 | 0.5 | 0.26 | 0.21 | 0.09 | 0.35 | 0.36 | 0.4 | 0.34 | 0.37 | 0.26 |
| Interest | 0 | 0.01 | 0.02 | 0.03 | 0.01 | 0.07 | 0.1 | 0 | 0.03 | 0.01 | 0.02 | 0.01 |
| Depreciation | 0.85 | 0.87 | 0.83 | 0.81 | 0.86 | 0.93 | 0.91 | 0.81 | 0.91 | 0.92 | 0.9 | 0.82 |
| Profit before tax | 2 | 2.86 | 9.91 | -2.2 | 0.04 | 8.7 | 0.09 | -0.43 | 2.17 | 0.52 | -0.85 | 1.39 |
| Tax % | 20 | 25.17 | 25.13 | -25 | 50 | 25.17 | 155.56 | -25.58 | 25.35 | 23.08 | -25.88 | 26.62 |
| Net Profit | 1.61 | 2.14 | 7.42 | -1.65 | 0.02 | 6.51 | -0.06 | -0.32 | 1.63 | 0.39 | -0.64 | 1.02 |
| EPS in Rs | 1.57 | 2.09 | 7.24 | -1.61 | 0.02 | 6.35 | -0.06 | -0.31 | 1.59 | 0.38 | -0.62 | 1 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 38.8 | 53.88 | 47.86 | 53.4 | 39.63 | 46.08 | 100.44 | 76.52 | 46.41 | 54.72 |
| Expenses | 35.02 | 45.17 | 44.26 | 45.29 | 37.83 | 42.54 | 82.05 | 67.09 | 42.87 | 49.24 |
| Operating Profit | 3.78 | 8.71 | 3.6 | 8.11 | 1.8 | 3.54 | 18.39 | 9.43 | 3.54 | 5.48 |
| OPM % | 9.74 | 16.17 | 7.52 | 15.19 | 4.54 | 7.68 | 18.31 | 12.32 | 7.63 | 10.01 |
| Other Income | 2.26 | 1.14 | 1.88 | 0.23 | -2.62 | 0.28 | 1 | 0.91 | 1.48 | 1.37 |
| Interest | 0.05 | 0.11 | 0.45 | 0.28 | 0.5 | 0.32 | 0.09 | 0.2 | 0.06 | 0.07 |
| Depreciation | 1.75 | 1.26 | 1.42 | 3.09 | 3.13 | 3.68 | 3.36 | 3.51 | 3.54 | 3.55 |
| Profit before tax | 4.24 | 8.48 | 3.61 | 4.97 | -4.45 | -0.18 | 15.94 | 6.63 | 1.42 | 3.23 |
| Tax % | 27.59 | 28.54 | 28.25 | 26.76 | -24.72 | 105.56 | 24.47 | 27.15 | 24.65 | — |
| Net Profit | 3.07 | 6.07 | 2.59 | 3.63 | -3.36 | -0.37 | 12.04 | 4.83 | 1.06 | 2.4 |
| EPS in Rs | 2.98 | 5.89 | 2.53 | 3.54 | -3.28 | -0.36 | 11.75 | 4.71 | 1.03 | 2.35 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 12.77 | 31.83 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8.2 | 8.2 | 8.2 | 10.25 | 10.25 | 10.25 | 10.25 | 10.25 | 10.25 | 10.25 |
| Reserves | 49.42 | 52.61 | 58.68 | 59.22 | 61.39 | 57.97 | 57.33 | 69.41 | 72.56 | 72.08 |
| Borrowings | 0 | 0 | 0 | 5.35 | 0.62 | 3.97 | 3.2 | 0.23 | 0.02 | 0.02 |
| Other Liabilities | 7.55 | 3.28 | 5.99 | 3.89 | 7.25 | 5.56 | 9.04 | 10.63 | 10.17 | 10.81 |
| Total Liabilities | 65.17 | 64.09 | 72.87 | 78.71 | 79.51 | 77.75 | 79.82 | 90.52 | 93 | 93.16 |
| Fixed Assets | 10.8 | 12.5 | 26.8 | 33.45 | 28.1 | 36.31 | 33.6 | 32.58 | 35.16 | 39.08 |
| CWIP | 0 | 0 | 0 | 4.08 | 11.15 | 1.6 | 1.6 | 1.6 | 1.86 | 0 |
| Investments | 22.01 | 24.69 | 2.01 | 2.01 | 2.39 | 2.46 | 1.49 | 12.3 | 18.72 | 8.26 |
| Other Assets | 32.36 | 26.9 | 44.06 | 39.17 | 37.87 | 37.38 | 43.13 | 44.04 | 37.26 | 45.82 |
| Total Assets | 65.17 | 64.09 | 72.87 | 78.71 | 79.51 | 77.75 | 79.82 | 90.52 | 93 | 93.16 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -4.96 | -2.8 | 15.86 | 9.9 | 1.54 | 1.45 | 0.71 | 17.87 | 14.2 | -3.43 |
| Cash from Investing Activity | -2.97 | -3.33 | -15.61 | -10.9 | -4.01 | -5.69 | 0.5 | -12.84 | -12.44 | 6.29 |
| Cash from Financing Activity | 14.82 | 0 | -0.06 | 4.62 | -0.46 | 2.96 | -1.19 | -3.2 | -1.83 | -1.6 |
| Net Cash Flow | 6.9 | -6.14 | 0.19 | 3.62 | -2.93 | -1.28 | 0.02 | 1.84 | -0.08 | 1.27 |
| Free Cash Flow | -7.59 | -5.09 | 1.51 | 0.42 | -2.47 | -3.45 | -0.12 | 15.54 | 7.86 | -8.86 |
| CFO/OP | -62 | -74 | 182 | 275 | 25 | 141 | 20 | 108 | 160 | -82 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 33.62 | 39.42 | 104.19 | 74.13 | 60.35 | 75.98 | 51.64 | 46.48 | 32.25 | 37.04 |
| Inventory Days | 158.45 | 223.01 | 239.67 | 198.7 | 175.08 | 260.16 | 340.96 | 112.77 | 161.51 | 424.8 |
| Days Payable | 104.66 | 53.95 | 79.62 | 48.31 | 29.56 | 16.66 | 38.34 | 16.49 | 20.25 | 41.69 |
| Cash Conversion Cycle | 87.41 | 208.47 | 264.25 | 224.51 | 205.87 | 319.49 | 354.26 | 142.76 | 173.51 | 420.15 |
| Working Capital Days | 61.97 | 147.03 | 188.12 | 118.9 | 170.61 | 206.12 | 182.34 | 90.2 | 92.68 | 279.98 |
| ROCE % | 15.26 | 7.26 | 12.77 | 4.43 | 7.14 | -1.23 | 0.45 | 21 | 7.96 | 1.79 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% | 69.07% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 19.5% | 19.41% | 19.55% | 19.59% | 19.3% | 19.19% | 18.25% | 17.82% | 17.6% | 17.34% | 17.16% | 17.14% |
| Others | 11.43% | 11.53% | 11.38% | 11.35% | 11.64% | 11.74% | 12.68% | 13.12% | 13.33% | 13.59% | 13.78% | 13.79% |
| No. of Shareholders | 1430 | 1787 | 1961 | 2062 | 2843 | 3428 | 4571 | 4356 | 4258 | 4013 | 3545 | 3598 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 3 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 219.49 | Buy |
| EMA (10) | 222.34 | Buy |
| SMA (20) | 210.55 | Buy |
| EMA (20) | 215.95 | Buy |
| SMA (50) | 208.53 | Buy |
| EMA (50) | 209.25 | Buy |
| SMA (100) | 202 | Buy |
| EMA (100) | 205.14 | Buy |
| SMA (200) | 198.66 | Buy |
| EMA (200) | 206.02 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 72.36 | Sell |
| MACD (12,26,9) | 6.58 | Buy |
| Stochastic (14,3,3) | 83.53 | Sell |
| ADX (14) | 23.59 | Neutral |
| Williams %R (14) | -13.14 | Sell |
| ATR (14) | 13.32 | High Volatility |
| ROC (12) | 16.96 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 58.92 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-05 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/NITIRAJ_05092026135018_Nitiraj_Newspaper_Publication_Sign.pdf) |
| 2026-09-05 | [Updates](https://nsearchives.nseindia.com/corporate/NITIRAJ_05092026190420_BookClosure_25-26_Signed.pdf) |
| 2026-09-05 | [Updates](https://nsearchives.nseindia.com/corporate/NITIRAJ_05092026165443_Letter_sent_to_shareholders_with_DSC.pdf) |
| 2026-09-04 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_04092026192329_Notice_and_Annual_Report_2025-26.pdf) |
| 2026-08-14 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/NITIRAJ_14082026162654_Nitiraj_Newspaper_Publication_June_2026_S.pdf) |
| 2026-07-09 | [Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/NITIRAJ_09072026165337_Reg_74_5__S.pdf) |
| 2026-07-06 | [Disclosure under SEBI Takeover Regulations](https://nsearchives.nseindia.com/corporate/team_bbodade_28042026174308_NITIRAJ.pdf) |
| 2026-06-26 | [Trading Window](https://nsearchives.nseindia.com/corporate/NITIRAJ_26062026190347_Intimation_of_Closure_of_Trading_Window_under_SEBI.pdf) |
| 2026-06-10 | [Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals](https://nsearchives.nseindia.com/corporate/NITIRAJ_10062026135358_Disclosure_Regulation_30_S.pdf) |
| 2026-06-10 | [General Updates](https://nsearchives.nseindia.com/corporate/NITIRAJ_10062026140254_Disclosure_Regulation_30_S.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-09-04 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_04092026182415_BM_Outcome.pdf) |
| 2026-08-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_13082026142728_Financial_FY27_Q1.pdf) |
| 2026-08-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_13082026141901_Financial_FY27_Q1.pdf) |
| 2026-06-09 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_09062026190020_Regulation_30.pdf) |
| 2026-05-29 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_29052026171014_Financials_FY26_Q4.pdf) |
| 2026-02-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_13022026163444_FY26_Q3_Financial_Signed.pdf) |
| 2026-02-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_13022026164433_FY26_Q3_Financial_Signed.pdf) |
| 2026-02-06 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_06022026161905_Outcome_BM_S.pdf) |
| 2025-11-14 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/NITIRAJ_14112025171704_2526_Financial_Q2_Digitally_Signed_.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 1 Sep - NITIRAJ ENGINEERS LIMITED has informed about Board Meeting to be held on 04-Sep-2026 to consider Other business. | [Board Meeting - Intimation 1 Sep - NITIRAJ ENGINEERS LIMITED has informed about Board Meeting to be held on 04-Sep-2026 to consider Other business.](https://nsearchives.nseindia.com/corporate/ixbrl/PRIOR_INTIMATION_14639_20260901_131447067_WEB.html) |
| 1 Sep - Board meeting on 4 Sept 2026 to approve annual report, AGM notice, book closure and scrutinizer. | [Board Meeting - Other business matters 1 Sep - Board meeting on 4 Sept 2026 to approve annual report, AGM notice, book closure and scrutinizer.](https://nsearchives.nseindia.com/corporate/NITIRAJ_01092026131222_Notice_of_BM_Intimation_to_NSE_Nitiraj_Signed.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_31433_NITIRAJ_2025_2026_A_4702792_04092026193611.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_27978_NITIRAJ_2024_2025_A_5993148_30082025211306.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25494_NITIRAJ_2023_2024_0209202422450.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23347_NITIRAJ_2022_2023_04092023124400_09042023130000.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21499_NITIRAJ_2021_2022_06092022171614_09062022180001.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_19466_NITIRAJ_2020_2021_06092021141054_09062021150005.zip) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2021 | [Concall - Nov 2021](https://archives.nseindia.com/corporate/NITIRAJ_20112021115602_ConferenceCallTranscript.pdf) |
| Nov 2020 | [Concall - Nov 2020](https://archives.nseindia.com/corporate/NITIRAJ_25112020183515_NEL_ResultUpdatePresentation_H1FY21.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/NITIRAJ_27052024152250_InvestorPresentationNitiraj_S.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/NITIRAJ_28052024135152_InvestorPresentation_s.pdf) |
| May 2022 | [Concall - May 2022](https://archives.nseindia.com/corporate/NITIRAJ_20052022174700_FY22EarningsConferenceCall.pdf) |
| Jun 2021 | [Concall - Jun 2021](https://archives.nseindia.com/corporate/NITIRAJ_23062021165857_Nitiraj_Engineers_Investor_Presentation.pdf) |
| Jul 2020 | [Concall - Jul 2020](https://archives.nseindia.com/corporate/NITIRAJ_09072020120037_ResultUpdatePresentation.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://nsearchives.nseindia.com/corporate/NITIRAJ_18022025183958_Investor_Representation_Q3FY25.pdf) |
| Dec 2024 | [Concall - Dec 2024](https://nsearchives.nseindia.com/corporate/NITIRAJ_03122024172140_EarningsConcallTranscrpit_Nov28.pdf) |
| Aug 2024 | [Concall - Aug 2024](https://nsearchives.nseindia.com/corporate/NITIRAJ_16082024132013_InvestorRepresentationQ1FY25.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:39:31.217Z.