Nitin Fire Protection Industries Ltd
Co. was Incorporated in 1995, It provides gas and water-based fire protection systems under the brand name ‘NITIE’ to telecommunications, information technology, banking, and manufacturing industries. It also trades in fire detection systems and high-pressure seamless cylinders. Co. is promoted by Mr Nitin Shah & his sons, Mr Rahul & Mr Kunal Shah. [1]
- Market Cap ₹ 54.1 Cr.
- Current Price ₹ 1.85
- High / Low ₹ /
- Stock P/E 3.22
- Book Value ₹ 0.76
- Dividend Yield 0.00 %
- ROCE %
- ROE %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- The company has delivered a poor sales growth of -36.0% over past five years.
- Promoters have pledged 61.2% of their holding.
- Earnings include an other income of Rs.22.4 Cr.
- Company has high debtors of 821 days.
- Working capital days have increased from -61,464 days to 1,333 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 455 | 489 | 460 | 269 | 55 | 21 | 25 | 13 | 4 | 5 | 4 | 3 | 9 | |
| 416 | 451 | 422 | 348 | 192 | 477 | 95 | 26 | 15 | 29 | 9 | 9 | 17 | |
| Operating Profit | 39 | 38 | 38 | -80 | -137 | -456 | -70 | -13 | -11 | -24 | -5 | -6 | -7 |
| OPM % | 9% | 8% | 8% | -30% | -248% | -2,204% | -284% | -106% | -250% | -519% | -131% | -234% | -79% |
| -3 | 13 | 11 | 3 | 12 | 49 | 37 | 7 | 8 | 22 | 3 | 8 | 22 | |
| Interest | 21 | 32 | 35 | 43 | 62 | 96 | 186 | 63 | 117 | 1 | 4 | 0 | -0 |
| Depreciation | 1 | 2 | 7 | 5 | 4 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Profit before tax | 14 | 17 | 8 | -124 | -191 | -505 | -221 | -71 | -121 | -3 | -6 | 1 | 15 |
| Tax % | 20% | 21% | 30% | -0% | 0% | 0% | -0% | 2% | 0% | 0% | 0% | -152% | |
| 11 | 14 | 5 | -124 | -192 | -505 | -220 | -73 | -121 | -3 | -6 | 3 | 17 | |
| EPS in Rs | 0.38 | 0.46 | 0.19 | -4.23 | -6.57 | -17.29 | -7.53 | -2.49 | -4.13 | -0.12 | -0.22 | 0.10 | 0.57 |
| Dividend Payout % | 40% | 43% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -41% |
| 5 Years: | -36% |
| 3 Years: | -15% |
| TTM: | 19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -14% |
| 5 Years: | 15% |
| 3 Years: | 27% |
| TTM: | 422% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -25% |
| 5 Years: | 25% |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
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| Last Year: | % |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 |
| Reserves | 105 | 103 | 108 | -28 | -220 | -725 | -945 | -1,018 | -1,138 | -1,142 | -1,148 | -36 |
| 256 | 296 | 338 | 247 | 555 | 522 | 572 | 599 | 599 | 600 | 599 | 0 | |
| 52 | 121 | 76 | 212 | 126 | 200 | 344 | 386 | 504 | 509 | 512 | 1 | |
| Total Liabilities | 456 | 578 | 580 | 489 | 520 | 55 | 30 | 26 | 24 | 25 | 20 | 23 |
| 12 | 21 | 38 | 33 | 23 | 21 | 18 | 17 | 16 | 11 | 5 | 3 | |
| CWIP | 23 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 58 | 58 | 54 | 53 | 10 | 6 | 4 | 4 | 4 | 4 | 4 |
| 408 | 500 | 484 | 400 | 443 | 25 | 7 | 5 | 4 | 10 | 11 | 16 | |
| Total Assets | 456 | 578 | 580 | 489 | 520 | 55 | 30 | 26 | 24 | 25 | 20 | 23 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -29 | 22 | -34 | 124 | -278 | 208 | 2 | 122 | -1 | -2 | -31 | ||
| 2 | -10 | -16 | 5 | 10 | -1 | 1 | 0 | 4 | 1 | 7 | ||
| 7 | 10 | 2 | -134 | 268 | -207 | -3 | -123 | 0 | -2 | 24 | ||
| Net Cash Flow | -20 | 23 | -48 | -5 | 0 | 1 | -0 | -1 | 3 | -3 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 127 | 189 | 221 | 344 | 1,221 | 320 | 25 | 56 | 151 | 334 | 388 | 821 |
| Inventory Days | 87 | 102 | 123 | 127 | 400 | 11 | 6 | 24 | 33 | 144 | 22 | 256 |
| Days Payable | 25 | 93 | 62 | 293 | 585 | 212 | 885 | 2,082 | 7,005 | 8,729 | 4,909 | 116 |
| Cash Conversion Cycle | 190 | 198 | 282 | 177 | 1,035 | 119 | -855 | -2,002 | -6,821 | -8,251 | -4,499 | 961 |
| Working Capital Days | 47 | 14 | 73 | -66 | -1,442 | -12,348 | -13,479 | -28,236 | -91,437 | -85,546 | -100,181 | 1,333 |
| ROCE % | 10% | 11% | 9% | -21% | -39% | -329% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Jan 2026 | |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
17 Feb - Appointed CFO Bharat Shah effective 17-Feb-2026; changed registered office; appointed auditors; pursuing recapitalisation and DRT sale-cancellation.
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Announcement under Regulation 30 (LODR)-Change in Registered Office Address
17 Feb - Appointed Mr Bharat Shah as CFO effective 17-Feb-2026; changed registered office; appointed auditors; seeking recapitalisation investor.
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Board Meeting Outcome for Outcome Of Board Meeting Held On Today I.E. Tuesday, 17Th February, 2026
17 Feb - Approved office move; appointed Bharat Shah as CFO effective 17 Feb 2026; auditor appointments; seeking recapitalisation.
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Withdrawal Of Crisil Ratings On The Bank Facilities
5 Feb - Crisil withdrew ratings on Rs450 crore bank facilities after loans settled (Jan 27, 2026).
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Outcome Of Board Meeting Held On Friday, 16Th January, 2026.
16 Jan - NCLT approved going-concern sale (Order 3 June 2025); Sale Certificate 03 Oct 2024; Dec 31, 2025 results approved.
Bankruptcy and Credit Loss
In June 2018, NFPIL incurred a net loss of Rs. 48 cr. NFPIL’s current liabilities exceeded its total assets by 188 cr and one of their lenders had filed a petition before NCLT under Insolvency & Bankruptcy Code, 2016. NPFIL had trade receivables of Rs. 290 cr for sales made in earlier years and company had made provision of Rs. 181 crs by way of Expected Credit Loss. [1]