Nirlon Ltd result expectation

Good chance. Nirlon Ltd. Historical trend: Real estate - IT Park/Industrial Park rental income model (Realty, steady-growth annuity-like business, not cyclical/seasonal). Sales/OP/NP: Jun25 163/128/58 -> Sep25 165/129/148(one-off, tax rate -59% due to deferred tax credit) -> Dec25 170/132/69 -> Mar26 171/132/71. Excluding the Sep25 one-off tax benefit, underlying NP trend is steadily rising (58->69->71); Sales and OP grew every quarter. OPM consistently ~78% (asset-light rental model). ROCE 31%, ROE 84%. Chart: Sideways/rangebound around 620, trading marginally below 20 & 50 SMA (620.81/621.26) - neutral/flat stock reaction despite steady fundamentals, likely reflects already-priced-in low volatility annuity business.