Nirmitee Robotics India Limited

Industrials — Specialty Business Services · BSE

₹130.00₹0.00 (0.00%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Nirmitee Robotics India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Nirmitee Robotics India Limited primarily provides heating, ventilation, and air conditioning (HVAC) air duct cleaning services using inspection robots in India and internationally.

IndustrySpecialty Business Services

SectorIndustrials

Employees79

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹17 left at the operating level before interest, tax and depreciation. Each of its 79 employees supports ₹9.1 lakh of revenue a year, the signature of a people-led business.

EBITDA margin16.8%

Net margin11.2%

Revenue / employee₹9.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Some evidence

ROCE of 17.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE17.0%

ROE14.5%

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +34% while net margin moved -4% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+34%

Margin effect-4%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 58.0x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 68.9x
✗ P/B of 7.80x is a steep premium to book

Quality vs. Valuation

Company Quality

70/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

46/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

58.0x

3Y Median

68.9x

39 monthly readings · mean 65.3x · range 38.8x–86.3x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 16% below its 3y median of 68.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 35% below the peer median of 88.8x.

vs. its own history

Fair

68.9x median over 39 months · -16%

vs. sector peers

Cheap

88.8x median of 3 peers · -35%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

58.0x

P/B

7.80x

EV/EBITDA

39.9x

PEG

6.69

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 14.1% to 17.0%.
Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 327% against revenue growth of 34% — stock may not be moving.

Red Flags

1 item require attention · 1 high

🔴Inventory building faster than salesFinancial
Inventory up 327% against revenue up 34% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 35% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 10.3% CAGR
Latest reported year was -61.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 15%✓ 16.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 14%✓ 17.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✗ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹47 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

58.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.80x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹2.24

Profitable

Profitable on a per-share basis

ROE

14.5%

Moderate

Moderate capital efficiency

ROCE

17.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

-61.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-82.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹130

ROA

7.7%

Average

Average asset productivity

Operating Margin

1.3%

Weak

Thin margins leave little room for error

Net Margin

11.2%

Good

Strong bottom-line conversion

Current Ratio

2.80

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.14

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

130.0 / 121.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5 Cr	₹6 Cr	₹9 Cr	₹7 Cr	+10.3%
EBITDA	₹1 Cr	-₹0 Cr	₹2 Cr	₹1 Cr	+8.1%
EBITDA Margin	17.8%	-8.2%	27.4%	16.8%	—
PAT (Net Profit)	₹1 Cr	-₹1 Cr	₹1 Cr	₹1 Cr	+8.7%
EPS	₹1.75	₹-2.69	₹1.67	—	—
ROE	12.2%	-23.5%	11.6%	13.5%	—
ROCE	14.1%	-12.1%	16.3%	17.0%	—
Total Debt	₹1 Cr	₹3 Cr	₹2 Cr	₹1 Cr	+3.3%
Free Cash Flow	-₹1 Cr	₹1 Cr	-₹0 Cr	₹1 Cr	—

🟢 Revenue has grown at 10.3% a year over 3 years.

🟢 EBITDA has grown at 8.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 17.8% to 16.8% over 3 years (-1.0 pts).

🟢 PAT (Net Profit) has grown at 8.7% a year over 3 years.

🟢 ROE has risen from 12.2% to 13.5% over 3 years (+1.3 pts).

🟢 ROCE has risen from 14.1% to 17.0% over 3 years (+2.9 pts).

🔴 Total Debt has grown at 3.3% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹8 Cr

Total Liabilities

₹2 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.6%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

6 general

Nirmitee Robotics promoter acquires 8.5 lakh shares in inter-se transfer

scanx.trade, 07 Sept

Nirmitee Robotics 10th AGM resolutions pass with 100% promoter support

scanx.trade, 19 Sept

Amazon to expand use of automation technology at India fulfilment centres

Business Standard, 14 Jun

Ace investor Vijay Kedia raises stake in this multibagger stock, scrip up over 100% in 6 months

Livemint, 21 Apr

Why workers helping train AI robots are worried about losing their jobs

Business Standard, 21 May

Blue Pebble (NSEI:BLUEPEBBLE) - Stock Analysis

Simply Wall Street, 03 Apr

Watch Items

Revenue growth is negative (-61.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟢Business QualityStrong13.3/20

🟢Financial HealthStrong17.8/20

🟡GrowthModest11.5/20

🟢ProfitabilityStrong9.9/15

🔴ValuationDemanding5.3/15

🔴RiskHigh4.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 8% a year10.3% CAGR
✓EBITDA margin holds above 15%16.8%
✓Free cash flow remains positive₹1 Cr
✓Debt / EBITDA stays below 2x1.2x
✓ROCE stays above 14%17.0%