Nitiraj Engineers Ltd. (NITIRAJ) AI Stock Analysis

Nitiraj Engineers Ltd.

(NSE:NITIRAJ)

Select Model

Rating:51Neutral

Price Target:INR 227.00▲(15.11% Upside)

Action:reiterated

Date:08/19/26

Overall score is driven mainly by the combination of a strong, low-leverage balance sheet and deteriorating earnings and cash flows, while an expensive valuation and only moderately constructive technicals further cap the upside, leading to a cautious overall view despite limited balance-sheet risk.

Positive Factors

Very low leverageNear-zero leverage gives Nitiraj a substantial financial cushion while it manages operating volatility. A strong equity base reduces solvency pressure, preserves borrowing capacity for productive investment, and provides flexibility to sustain the business through weaker demand.

Negative Factors

Sharp revenue contractionThe sharp FY2026 revenue decline signals substantial deterioration in demand or execution and weakens the scale supporting the business model. If sustained, lower volume can reduce fixed-cost absorption, constrain investment capacity, and make a durable recovery in earnings more difficult.

Nitiraj Engineers Ltd. (NITIRAJ) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 2.02B
Dividend Yield: 0.76%
Average Volume (3M): 3,036
Price to Earnings (P/E): 83.9
Beta (1Y): 0.44
Revenue Growth: -33.91%
EPS Growth: -60.89%
Country: India
Employees: 262
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Nitiraj Engineers Ltd. Business Overview & Revenue Model

Company Description

Nitiraj Engineers Limited manufactures and sells various electronic weighing scales, currency counting machines, and taxi fare meters for industrial and domestic sectors in India and internationally. The company operates through Electronic Weighing S...

How the Company Makes Money

Nitiraj Engineers Ltd. primarily makes money by selling its manufactured weighing and measurement products to customers (businesses and other buyers) through its sales and distribution channels. Revenue is generated mainly from (i) sales of electroni...

Nitiraj Engineers Ltd. Financial Statement Overview

Summary

Score reflects a very conservative, near debt-free balance sheet offset by falling revenue, margin compression, and recently negative operating and free cash flows, which weaken earnings quality and make cash generation volatile.

Income Statement

44Neutral

Balance Sheet

81Very Positive

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	547.16M	464.11M	765.17M	1.00B	460.80M	396.26M
Gross Profit	223.80M	162.25M	293.20M	422.03M	83.75M	56.50M
EBITDA	62.53M	50.19M	103.38M	193.86M	35.62M	-8.27M
Net Income	24.08M	10.61M	48.31M	120.36M	-3.71M	-35.27M
Balance Sheet
Total Assets	0	931.63M	930.04M	905.18M	798.25M	772.26M
Cash, Cash Equivalents and Short-Term Investments	108.44M	113.83M	208.46M	134.57M	8.07M	17.11M
Total Debt	0	233.00K	230.00K	2.33M	31.91M	39.78M
Total Liabilities	-823.35M	108.27M	101.94M	108.57M	122.45M	95.27M
Stockholders Equity	823.35M	823.35M	828.11M	796.61M	675.80M	676.99M
Cash Flow
Free Cash Flow	-133.82M	-89.19M	77.92M	154.42M	-1.53M	-38.59M
Operating Cash Flow	-81.48M	-34.17M	141.98M	178.75M	7.08M	14.53M
Investing Cash Flow	87.86M	62.21M	-124.39M	-128.39M	4.98M	-56.91M
Financing Cash Flow	-359.00K	-15.38M	-18.35M	-32.00M	-11.86M	29.55M

Nitiraj Engineers Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price197.20

Price Trends

50DMA210.81Negative

100DMA205.70Negative

200DMA202.48Negative

Market Momentum

MACD-5.74Positive

RSI43.96Neutral

STOCH35.51Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NITIRAJ, the sentiment is Negative. The current price of 197.20 is below the 20-day moving average (MA) of 201.98, below the 50-day MA of 210.81, and below the 200-day MA of 202.48, indicating a bearish trend. The MACD of -5.74 indicates Positive momentum. The RSI at 43.96 is Neutral, neither overbought nor oversold. The STOCH value of 35.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NITIRAJ.

Nitiraj Engineers Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:NITIRAJ against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SYRMA	73Outperform	INR 312.56B	84.39	―	0.09%	62.42%	72.89%
IN:AVALON	58Neutral	INR 137.03B	102.41	―	―	44.38%	65.57%
IN:CYIENTDLM	58Neutral	INR 59.58B	70.91	―	―	-1.51%	2.80%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:PGEL	52Neutral	INR 152.55B	69.65	―	0.05%	21.04%	-15.81%
IN:NITIRAJ	51Neutral	INR 2.02B	83.91	―	0.76%	-33.91%	-60.89%
IN:CENTUM	49Neutral	INR 58.94B	111.26	―	0.13%	-1.41%	605.33%

* General Sector Average

Performance Comparison

IN:NITIRAJ and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:NITIRAJ	Nitiraj Engineers Ltd.	197.20	2.72	1.40%
IN:AVALON	Avalon Technologies Limited	2048.80	857.45	71.97%
IN:CENTUM	Centum Electronics Limited	3992.90	1533.18	62.33%
IN:CYIENTDLM	Cyient DLM Limited	750.50	289.60	62.83%
IN:PGEL	PG Electroplast Limited	532.00	-43.13	-7.50%
IN:SYRMA	Syrma SGS Technology Limited	1620.90	831.46	105.32%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 11, 2026

Nitiraj Engineers Ltd. AI Stock Analysis