As enclosed herewith.
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Awaiting price reaction for this filing.
Nukleus Office Solutions reported total income of Rs 3,619.41 lakhs for FY26, up 25.5% from Rs 2,884.24 lakhs in FY25, driven by growth in co-working and managed office operations. However, PAT declined to Rs 213.53 lakhs from Rs 206.21 lakhs, with EPS falling to Rs 5.30 from Rs 7.53, primarily due to increased employee costs, finance costs, and other expenses outpacing revenue growth. The auditor issued an unmodified opinion but included an Emphasis of Matter on three accounting treatments: non-capitalization of Rs 550.33 lakhs for the Bangalore centre due to unresolved landlord issues, capitalization of Rs 109.33 lakhs of employee expenses for new centres under development, and deferral of Rs 115.00 lakhs in brand building costs over 4 years. IPO proceeds of Rs 3,170.23 lakhs were fully utilized with no deviation reported.
Revenue growth of ~24% is positive but the 22% decline in EPS is a concern. The emphasis of matter notes, while not qualifications, highlight accounting treatments that compressed profitability. Shareholders should monitor the Bangalore centre resolution and the impact of deferred brand expenses on future earnings.