PE veteran Mathew Cyriac takes stake in Indian tiles maker Nitco
What's the deal? Mathew Cyriac, executive chairman of private equity firm Florintree Advisors, has acquired a stake in Nitco — a Mumbai-based tiles and marble company — through a bulk deal on the Bombay Stock Exchange. Cyriac purchased 20 lakh (2 million) shares at Rs 95.05 per share.
Simultaneously, Rashi Fincorp sold 23 lakh shares, a 0.96% stake, at Rs 95.09 per share. Nitco's stock climbed following the transaction.
Cyriac's name did not appear in Nitco's shareholding pattern for the quarter ended March 2026, suggesting this is a fresh position. Promoters currently hold 20.17% of the company, while Authum Investment and Infrastructure holds 46.77%.
Why now? Nitco's financials are improving. The company reported a net loss of Rs 11.90 crore in Q3 December 2025 — a sharp narrowing from a Rs 660.18 crore loss in the same quarter a year earlier. Net sales rose 54.66% year-on-year to Rs 130.30 crore.
The turnaround trajectory may have attracted Cyriac, who brings serious pedigree. Before founding Florintree, he served as managing director and co-head of private equity at Blackstone India. He also worked at Tata Motors and Bank of America's investment banking division. He currently sits on the boards of Gokaldas Exports and ideaForge Technology.
What could go wrong? Nitco is still loss-making, and a single quarter of improvement doesn't guarantee sustained recovery. The company operates in a competitive surface solutions market — tiles, marble, and mosaic products — where margins can be thin.
Promoter holding at just 20.17% is relatively low, which could raise governance questions. And with Authum Investment holding nearly 47%, power dynamics among shareholders could prove complicated.
The signal: Nitco has a presence in more than 55 countries and a domestic network of over 650 dealers and experience centres — real infrastructure that a PE-minded investor like Cyriac could look to leverage. His involvement signals that seasoned private equity operators see value in mid-cap Indian companies with turnaround potential, even when the numbers aren't yet clean.
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