Annual reportSep 2026
Sep 2026 · Updates 4 Sep - 37th AGM on Sept 30, 2026; FY26 annual report, e-voting Sept 27-29, cut-off Sept 23.
Source: Nse
NIKITA GREENTECH RECYCLING Ltd. (NIKITA)
SME CapIndustrials stocks · SME cap · NSE
Nikita Papers Limited is a leading Indian manufacturer of premium Kraft paper, utilizing recycled paper and municipal waste. With 35+ years of experience, the company operates an integrated sustainability approach, recycling 1,16,915 MT of waste paper and 500-600 tons of municipal waste daily. It has an installed capacity of 1,33,000 MTPA at its UP Shamli plant.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 08:02 pm IST
Score20 Oct, 06:00 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -7.7% / mo · MACD − · near 52W low
Stock trend: 20
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NIKITAD candles · FIT view-45.9%Latest close ₹66.00 on 2026-10-14
Bar
+0.0%
RSI
43
MACD hist
-0.01
52W pos
3%
2026-10-14O ₹66.00H ₹66.00L ₹66.00C ₹66.00Vol 1,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NIKITANifty India ManufacturingNifty 500
- NIKITA
- -17.8%
- Nifty 500
- -5.0%
- Nifty India Manufacturing
- -4.9%
- Vs Nifty 500
- -12.8 pp
Chart stats
14 Oct 2026- From 52W high
- -57.7%
- 52W range position
- 3%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.11x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹63 - ₹78
₹156
₹63 - ₹156
₹2.8
Latest completed session
20-session average
65.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -3.9% · PAT -61.5% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+62.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -4% YoY · PAT -62% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹172 Cr | -3.9% | -3.4% |
| EBITDA | ₹12 Cr | NDF | -25.0% |
| Operating margin | 7.0% | NDF | -200 bps |
| PAT | ₹5 Cr | -61.5% | -16.7% |
| PAT margin | 2.9% | NDF | -46 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.80
- P/B
- 0.91
- EV/EBITDA
- 10.81
- Market Cap
- 163.00Cr
Profitability
- ROE
- 7.78%
- ROCE
- 9.39%
- ROA
- 2.24%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 1.32
- Interest Coverage
- 1.47×
- Altman Z
- 1.78
- Book Value
- 72.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 19.00 Cr
- EPS TTM
- 4.52
Shareholding
- Promoter Hold
- 60.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 172-3.4% vs prev
Net Profit
₹ CrLatest: 5.0-16.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.3% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
7
RS percentile
Stage 4 Downtrend
1M return
-9.0%
3M return
-29.4%
6M return
-40.9%
1Y return
-40.5%
RS 1D
0
RS 20D
+1
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 27.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -7.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
242 observations
14 Oct 2026Value 60.33-1.49%
RS vs Nifty 50060
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation22/30
Growth18/25
Quality0/20
Balance Sheet3/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 62.9%.
- Valuation contributes 22/30 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
14.8
PB
0.9
EV/EBITDA
10.8
ROE
7.8%
ROCE
9.4%
FCF Yield
—
Debt/Equity
1.3
MoS
+62.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+62.9%
Previous: +62.9%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹85.87
+23.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹177.64
+62.9% MoS
PEG
0.72
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DIVYADHAN
SME
Divyadhan Recycling Industries Ltd.
Recycling
match 83
37
32.9
4.7%
+21%
WATCHLIST
ROCKINGDCE
SME
Rockingdeals Circular Economy Ltd.
Recycling
match 74
46
18.5
18.1%
+32%
FAIR VALUE
RACE
Small
Race Eco Chain Limited
Recycling
match 65
2
25.0
9.3%
-778%
OVERVALUED
JAINREC
Large
Jain Resource Recycling Limited
Recycling
match 51
55
27.2
30.4%
+21%
FAIR VALUE
BAHETI
SME
Baheti Recycling Industries Ltd.
Metals Recycling
match 29
53
28.4
35.4%
+28%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-20T08:16:23.101Z
Management commentary snapshot
Nikita Papers delivered solid FY25 performance with revenue up 9%, EBITDA up 24%, and PAT up 11%. Capacity utilization reached 82%, and ROE remained robust at 22%.
The company's FY25 results demonstrate consistent growth in key financial metrics and operational efficiency. Strategic plans for expanding waste-to-energy capacity and product diversification, coupled with favorable government policies promoting eco-friendly packaging, position Nikita for continued sustainable growth. The high net debt ratio warrants monitoring.
Current business mix
Revenue by Product (FY25)
Latest issuer-disclosed distribution across 5 reported categories.
Corrugation Paper92.0%
Fluting Paper4.0%
Carry Bag Paper1.0%
Waste Paper & Others3.0%
EPR Sales1.0%
Growth engines
Waste-to-Energy Expansion
Plans to expand renewable energy portfolio with a 9 MW Waste-to-Energy plant, aiming for 100% green energy and self-sufficiency within two years.
Government-Driven Recycling Growth
Plastic Management Rules 2016 & Amendments and ban on non-recyclable plastics create strong demand for eco-friendly alternatives like kraft paper.
Expanding Kraft Paper Market
Indian kraft paper market projected to grow from 7.67 million tonnes in FY 2023 to 12.4 million tonnes by FY 2030, registering a CAGR of 10%.
Diversified Product Offerings
Focused on broadening offerings through development of advanced Kraft paper grades and customized solutions for varied customer needs.
Capacity and execution
9 MW Waste-to-Energy Plant
Plans to invest an additional ₹50 Cr. over the next 15–18 months to establish a 9 MW Waste-to-Energy plant, aiming for 100% energy self-sufficiency.
Tailwinds
Favorable Regulatory Trends
Government policies like Plastic Management Rules and ban on multi-layered plastics directly benefit kraft paper manufacturers.
EPR Credit Revenue Stream
Paper-based industries meeting EPR norms can generate and sell EPR credits, creating a new revenue stream.
Growing Packaging Demand
Demand from FMCG, Food & Beverage, and Pharmaceuticals sectors is driving the need for recyclable and biodegradable packaging.
Risk radar
High Net Debt Ratio
The Net Debt to Equity ratio for FY25 stands at 2.4x.
General Economic Conditions
Risks and uncertainties regarding fiscal policy, competition, inflationary pressures, and general economic conditions could affect demand/supply and price.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both full-year (FY25) and half-year (H2 FY25) financial performance. Annual figures are crucial for assessing overall business health and long-term trends, while H2 figures offer insight into recent sequential momentum and execution.
Sector KPIs management disclosed
Capacity Utilization
Capacity utilization for FY25 is 82%. Papers manufactured = 1,08,754 MT.
EBITDA Margin
EBITDA Margin for FY25 was 13.5%, up from 11.9% in FY24.
PAT Margin
PAT Margin for FY25 was 6.2%, up from 6.1% in FY24.
Net Debt to Equity
Net Debt to Equity ratio for FY25 was 2.4x, up from 2.2x in FY24.
Management forward view
Achieve Energy Self-Sufficiency
Aims for 100% energy self-reliance within two years by expanding Waste-to-Energy capacity using IPO proceeds.
Market Presence & Product Diversification
Strengthening market presence by entering B2C, expanding into new regions, promoting specialty paper grades, and broadening product range.
Supply Chain Optimization
Supply chain optimization in progress, leveraging technology and simplified procurement to improve efficiency and reduce costs.
Long-term Sustainable Growth
Nikita is well-positioned for long-term, sustainable growth backed by industry experience, captive power usage, and strategic expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| 9 MW Waste-to-Energy Plant Commissioning | ₹50 Cr investment planned over 15-18 months. | Timely commissioning and ramp-up of the new 9 MW Waste-to-Energy plant and progress towards 100% energy self-sufficiency. |
| Net Debt to Equity Ratio | 2.4x in FY25. | Trends in the net debt to equity ratio, especially with planned capex, to ensure financial leverage remains manageable. |
| EPR Credits Revenue Growth | ₹5.29 Cr in FY25 (1.4% of revenue). | Growth in EPR credits revenue as regulatory tailwinds strengthen and the company leverages this new stream. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 7th percentile within Industrials. Main check: balance sheet trust is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Industrials: 7th pctile, median 68 · SME: 9th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
39
weak · leverage and solvency
Discipline
42
weak · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 59%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.32.
- ▸Interest coverage is 1.6x.
- ▸ROE is low at 7.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching NIKITA GREENTECH RECYCLING Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingSep 2026
Sep 2026 · Credit Rating 8 Sep - Infomerics reaffirmed ratings and enhanced bank loan facilities to Rs. 227.90 crore on September 8, 2026.
Source: Nse
Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 4 Sep - Newspaper ads to be published on September 5, 2026 for 37th AGM notice and FY2026 annual report.
Source: Nse
Annual reportSep 2026
Sep 2026 · General Updates 4 Sep - Notice of 37th AGM and FY26 annual report; e-voting Sept 27-29, AGM Sept 30, 2026.
Source: Nse
Annual report
Copy of Newspaper Publication 5 Sep - Submitted newspaper ads for 37th AGM notice and FY2026 annual report dispatch.
Source: Nse
Credit rating
Credit Rating- Others 3 Jun - Infomerics reaffirms ₹160.95 crore bank facilities; long-term rating IVR BBB/Negative, outlook revised from Stable to Negative.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.