IIL - INTEGRATED INDUSTRIES LIMITED Share Price

During the Q3 FY '26 earnings call of Nurture Well Industries Limited, management provided a positive outlook, highlighting significant growth and expansion plans. Revenue for Q3 FY '26 reached INR 289.77 crores, up 45.8% year-on-year from INR 198.75 crores in Q3 FY '25. EBITDA rose to INR 33.19 crores, marking a 93.8% increase with margins improving to 11.45% from 8.65%. Net profit surged 95.04% to INR 34.60 crores, resulting in a net profit margin of 10.72%.

For the nine months ending December 2025, revenue stood at INR 826.48 crores, reflecting a growth of 57.28% year-on-year. The EBITDA for this period was INR 89.38 crores, with a margin of 10.81%. Net profit also doubled, reaching INR 92.32 crores, with a diluted EPS of INR 3.15.

Management emphasized ongoing product expansion, including new products like donuts, rusk, khari biscuits, and entry into the fresh bakery segment with kulchas. They are also enhancing their distribution network across North India. Their Neemrana facility, with a capacity of 3,400 metric tons per month, supports both domestic and export demand.

Looking forward, management expects overall revenue for FY '26 to hit approximately INR 1,150 crores, up around 50% from the previous year. Additionally, plans to establish a new manufacturing plant in Uttar Pradesh are underway, with operational commencement anticipated in FY '28-29. This new facility is projected to contribute significantly to domestic revenue, targeting a split of 50-60% domestic versus international revenue.

Long-term goals include reaching an annual revenue of INR 2,500 crores by FY '29 and improving EBITDA margins from the current 10% to around 15% through premium product offerings. Management also stated that 75-80% of next quarter's revenue is backed by confirmed orders.

1. Question: Are you targeting any newer geographies in domestic areas over the next one to two years?
Answer: Yes, we are expanding into the UP market, which is significant. We're also looking at Madhya Pradesh and Mumbai.

2. Question: Can you provide an update on the new manufacturing plant in UP?
Answer: We are currently finalizing the product portfolio and have begun requesting quotations for machinery. Our product mix for the new unit is in the process of being established.

3. Question: When can we expect the new unit to commence operations?
Answer: We expect commercial operations from the new unit to start in 18 to 24 months, likely from FY 2028-2029.

4. Question: What percentage of your total business comes from domestic versus export sales?
Answer: Currently, our overseas manufacturing contributes approximately 80% to our revenue, while the domestic market accounts for the remaining 20%.

5. Question: Can you provide revenue guidance for FY 2026 and FY 2027?
Answer: We expect FY 2026 to close around INR 1,150 crores, reflecting about 50% growth from last year. For FY 2027, we're targeting approximately INR 2,500 crores for FY 2029.

6. Question: What is the volume growth you've experienced?
Answer: We're seeing a volume growth of approximately 7% to 8%, which is in line with our turnover growth.

7. Question: What will be the impact on tax as your domestic business grows?
Answer: As our Indian contribution increases, taxes will rise correspondingly because our overseas business benefits from tax exemptions.

8. Question: What are your plans for new product launches?
Answer: We are introducing various new products including rusk, khari biscuits, muffins, and entering confectionery like noodles and chocolates.

9. Question: What is the current working capital cycle?
Answer: Our working capital cycle is approximately 65 to 90 days depending on the product.

10. Question: What is your capacity utilization at the Neemrana plant?
Answer: Currently, at the Neemrana plant, we have a capacity of 3,600 tons per month, with a utilization rate of approximately 65% to 70%.