BSE: 544370
NUKLEUS OFFICE SOLUTIONS LIMIT
Operates co-working and managed office workspace centres, primarily in Delhi NCR and Bengaluru, and is actively expanding with new leases signed across Noida, Gurugram and Delhi. As of FY26 the company ran 25 centres spanning about 7.39 lakh sq ft under management, with roughly 3.06 lakh sq ft operational at around 85% occupancy. FY26 revenue from operations stood at ₹35.4785 crore (up 23.6% YoY) with total income of ₹36.19 crore, EBITDA of ₹9.17 crore (up 38.1% YoY) and PAT of ₹2.14 crore. The revenue mix is shifting from co-working toward managed offices — in the revised FY26 disclosure managed offices contributed 61.24% and co-working 36.78%, and management has said managed office is growing 30-40% annually versus co-working at roughly 10%. Operating costs are dominated by materials and fit-out at 52.1% of revenue, plus employee costs (10.0%) and other operating expenses (14.1%), while capex of ₹27.04 crore (76.2% of revenue) reflects heavy investment in new centres. The company is targeting more than 10 lakh sq ft operational by FY27 year-end, expansion into Pune and Hyderabad, and a 70% managed / 30% co-working mix within 3-4 years. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Managed offices (61%), Co-working (37%). Asset-building flex-workspace operator running co-working and managed offices; in a capex-heavy expansion phase with revenue shifting toward managed offices.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 29 | 35 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 7.53 | 5.30 |
| ROE % · ROCE % | — · 6.8 | — · 5.9 |
| Debt / equity (x) | — | — |
| Cash from operations | (7) | 4 |
| Capex | (9) | (27) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 14 | 17 | 19 |
| Profit before tax | 2 | 2 | 1 |
| Net profit | — | — | — |
| EPS (₹) | 4.18 | 2.89 | 2.41 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 13.0 | 47 of 79 | 41% |
| ROCE | 4.4 | 3.4 | 47 of 103 | 55% |
| Market cap | 69 | 47 | 46 of 108 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting for September results and proposed capital increase | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Reg 74(5) Certificate: No demat requests in Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Facilities Head Anurag Gupta resigns from Nukleus Office Solutions | management changes | medium | — | — |
| 6 Oct 2026 · Senior Management Personnel resigns from Nukleus Office Solutions | management changes | medium | — | — |
| 28 Sept 2026 · AGM 2026: all 3 resolutions passed, ESOP scheme approved | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Outcome of Analysts/Investors Meeting held on 28 Sep 2026 | investor communications | low | — | — |
| 26 Sept 2026 · Trading Window Closed Ahead of H2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · 7th AGM held; ESOP scheme approved, FY26 results adopted | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Nukleus Office Solutions to meet analysts and investors on Sep 28 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · AGM notice and FY26 annual report access sent to shareholders without registered emails | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.