Nidhi Granites lost money. Its fintech subsidiary carried the group to profit.
Standalone granite operations posted a net loss of ₹126.56 lakhs. Consolidated profit surged to ₹767.77 lakhs, almost entirely from Paynov8.
— 2 earlier stories on Nidhi Granites Ltd. →What's new
- Consolidated net profit jumped from ₹191.85 lakhs to ₹767.77 lakhs in FY26.
- The standalone granite business posted a net loss of ₹126.56 lakhs.
- The group completed the sale of step-down subsidiary Fine Papyrus for ₹324.62 lakhs.
Why this matters
The annual results confirm the business model has flipped. Nidhi Granites' name is a relic; its finances now depend on a single, opaque fintech subsidiary. The standalone core is a loss-maker.
What we're watching
- Paynov8's standalone revenue and profit figures, which were not disclosed.
- The standalone loss trajectory in FY27.
- How the company uses the ₹324.62 lakhs from the Fine Papyrus sale.
The full read
Nidhi Granites' annual results show a company that looks nothing like its name. Standalone, the granite business lost ₹126.56 lakhs in FY26. Consolidated, the group posted a net profit of ₹767.77 lakhs, a fourfold jump from ₹191.85 lakhs the year before. The difference is Paynov8. The fintech subsidiary now carries the entire group. The company also sold its step-down subsidiary, Fine Papyrus, for ₹324.62 lakhs, further trimming legacy operations. A nano-cap with a money-losing core and a fast-growing but opaque subsidiary. That's the bet. The board renewed its auditors and independent directors for five-year terms, suggesting continuity. But the financials are stark. The standalone business is a drag.
Questions answered
- How did the granite business perform versus the fintech business?
- The standalone granite business lost ₹122.6 lakhs. The consolidated group, powered by Paynov8, earned ₹767.77 lakhs. All group profit is therefore attributable to the subsidiary.
- What was the total scale of the fintech business?
- The filing does not disclose Paynov8's exact revenue or profit figures. It states only that the subsidiary accounted for a 'large portion' of the group's total consolidated revenue.
- Why did the company sell Fine Papyrus?
- The group divested its step-down subsidiary for ₹324.62 lakhs. The rationale frames this as part of a broader shift away from legacy, non-fintech entities.
- Were there any governance changes?
- The board reappointed its statutory auditors and two independent directors for new five-year terms. This is a routine step accompanying annual results.
Story so far
All notes on NIDHGRN →- 29 May 2026 · 5:49 PM IST Nidhi Granites lost money. Its fintech subsidiary carried the group to profit.
- 1d ago Nidhi Granites reappoints auditors and two independent directors
- 1d ago Nidhi Granites posts a profit. The paper business didn't.