How is Nidhi Granites profitable on a consolidated basis while losing money on a standalone basis?

The profit comes entirely from Paynov8, a fintech subsidiary acquired during the year. It generated ₹1,722.81 lakhs in revenue, covering the standalone business's ₹126.56 lakh loss and producing a group profit of ₹767.77 lakhs.

What happened to the original core business?

The standalone entity, which houses the paper/paperboard and granite operations, swung from a ₹101.32 lakh profit to a ₹126.56 lakh loss. The segment is still the largest revenue contributor at the group level, but it is no longer profitable.

Why did the group sell Fine Papyrus?

The company sold its step-down subsidiary for ₹324.62 lakhs, a one-time cash inflow. The filing provides no strategic rationale for the disposal beyond the financial proceeds.

Earnings · Finance · Micro cap

Nidhi Granites posts a profit. The paper business didn't.

A consolidated profit of ₹767.77 lakhs hides a standalone loss of ₹126.56 lakhs. The new fintech arm, Paynov8, is now the only profitable part of the group.

— 2 earlier stories on Nidhi Granites Ltd. →

NIDHGRN By Tipsheet Editorial 29 May 2026 · 5:41 PM IST Verify on BSE · NSE

Mkt cap₹284 cr

P/E58.42×

ROE12.90%

Debt / eq.0.20

₹767.77 lakhs Consolidated net profit, up from ₹191.85 lakhs a year ago.

What's new

Consolidated net profit surged to ₹767.77 lakhs from ₹191.85 lakhs the prior year.
The standalone business posted a net loss of ₹126.56 lakhs, versus a profit of ₹101.32 lakhs.
The group sold step-down subsidiary Fine Papyrus for ₹324.62 lakhs during the quarter.

Why this matters

The results draw a stark line between two companies. The legacy paper and granite business is now unprofitable. The entire group profit is generated by a recently acquired fintech subsidiary, Paynov8. That single asset now carries the story.

What we're watching

Paynov8's revenue sustainability beyond its first full year in the group.
Whether the standalone paper business can stabilise its losses.
Deployment of the ₹324.62 lakhs cash from the Fine Papyrus sale.

The full read

Nidhi Granites reported results for a company it barely resembled a year ago. Consolidated profit reached ₹767.77 lakhs, up from ₹191.85 lakhs. The driver is Paynov8, the fintech arm, which generated ₹1,722.81 lakhs in revenue. Without it, the picture is bleak. The standalone business, encompassing granite and paper, swung to a ₹126.56 lakh loss from a ₹101.32 lakh profit. The group also sold Fine Papyrus for ₹324.62 lakhs, a tidy exit from a step-down unit. The numbers are clear. The legacy business is fading. Paynov8 is now the bet. The open question is whether a single acquisition can carry a ₹292 crore market cap.

Questions answered

How is Nidhi Granites profitable on a consolidated basis while losing money on a standalone basis?: The profit comes entirely from Paynov8, a fintech subsidiary acquired during the year. It generated ₹1,722.81 lakhs in revenue, covering the standalone business's ₹126.56 lakh loss and producing a group profit of ₹767.77 lakhs.
What happened to the original core business?: The standalone entity, which houses the paper/paperboard and granite operations, swung from a ₹101.32 lakh profit to a ₹126.56 lakh loss. The segment is still the largest revenue contributor at the group level, but it is no longer profitable.
Why did the group sell Fine Papyrus?: The company sold its step-down subsidiary for ₹324.62 lakhs, a one-time cash inflow. The filing provides no strategic rationale for the disposal beyond the financial proceeds.

Mentioned: Paynov8 Private Limited · Fine Papyrus Private Limited · ₹292 crore market cap

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on NIDHGRN →

29 May 2026 · 5:41 PM IST Nidhi Granites posts a profit. The paper business didn't.
1d ago Nidhi Granites reappoints auditors and two independent directors
1d ago Nidhi Granites lost money. Its fintech subsidiary carried the group to profit.