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Nimbus Projects Q2 FY27 results: net loss narrows to ₹9.57 crore, revenue up 5.6%
Nimbus Projects Limited reported standalone revenue of ₹0.38 crore in Q2 FY27, unchanged from Q1 FY27 and up 5.6% from ₹0.36 crore in Q2 FY26. The company reported a net loss of ₹9.57 crore and basic EPS of ₹4.95, while the EBITDA margin improved to -2377.0% from -7241.6% a year earlier.
Key points
- Standalone Q2 FY27 revenue was ₹0.38 crore, up 5.6% from ₹0.36 crore in Q2 FY26 and unchanged from Q1 FY27.
- The company reported an EBITDA loss of ₹8.95 crore in Q2 FY27, compared with ₹25.73 crore in Q2 FY26 and ₹13.41 crore in Q1 FY27.
- The EBITDA margin was -2377.0% in Q2 FY27, compared with -7241.6% in Q2 FY26 and -3559.6% in Q1 FY27.
- Nimbus Projects reported a net loss of ₹9.57 crore in Q2 FY27, against a net loss of ₹25.77 crore in Q2 FY26 and ₹13.32 crore in Q1 FY27.
- H1 FY27 revenue was ₹0.75 crore, up 5.6% from ₹0.71 crore in H1 FY26, while total income was ₹2.3 crore versus ₹3.46 crore.
How did Nimbus Projects perform in Q2 FY27?
Nimbus Projects reported standalone revenue of ₹0.38 crore in Q2 FY27, compared with ₹0.36 crore in Q2 FY26 and ₹0.38 crore in Q1 FY27. Total income was ₹1.29 crore in Q2 FY27, down from ₹2.92 crore a year earlier and up from ₹1.0 crore in the previous quarter. The results were approved for both standalone and consolidated bases; the figures discussed here are standalone.
The company reported an EBITDA loss of ₹8.95 crore in Q2 FY27, against ₹25.73 crore in Q2 FY26 and ₹13.41 crore in Q1 FY27. The EBITDA margin was -2377.0%, compared with -7241.6% in the year-ago quarter and -3559.6% in the previous quarter. Profit before tax was a loss of ₹9.35 crore, compared with ₹23.16 crore in Q2 FY26 and ₹13.32 crore in Q1 FY27.
Nimbus Projects reported a net loss of ₹9.57 crore for Q2 FY27, compared with a net loss of ₹25.77 crore in Q2 FY26 and ₹13.32 crore in Q1 FY27. Basic EPS was ₹4.95, against ₹14.96 in Q2 FY26 and ₹6.9 in Q1 FY27. Tax was ₹0.22 crore, compared with ₹2.62 crore in the year-ago quarter and no exceptional item was reported.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.38 | 0.38 | 0.36 | +5.6% | +0.0% |
| Other income | 0.92 | 0.63 | 2.57 | −64.2% | +46.0% |
| Total expenses | 10.65 | 14.33 | 26.08 | −59.2% | −25.7% |
| EBITDA | −8.95 | −13.41 | −25.73 | ||
| EBITDA margin | -2377.0% | -3559.6% | -7241.6% | +4864.6 pp | +1182.6 pp |
| Profit before tax | −9.35 | −13.32 | −23.16 | ||
| Tax | 0.22 | 0 | 2.62 | −91.6% | |
| Net profit | −9.57 | −13.32 | −25.77 | ||
| EPS (₹) | −4.95 | −6.90 | −14.96 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Nimbus Projects' costs and profit?
The main change in Q2 FY27 was lower total expenses, which fell to ₹10.65 crore from ₹26.08 crore in Q2 FY26 and ₹14.33 crore in Q1 FY27. Other expenses declined to ₹8.49 crore from ₹25.71 crore a year earlier and ₹13.37 crore in the previous quarter. The available figures do not state the reason for the reduction in other expenses.
Other income fell to ₹0.92 crore in Q2 FY27 from ₹2.57 crore in Q2 FY26, a difference of ₹1.65 crore, while it rose from ₹0.63 crore in Q1 FY27. Employee cost increased to ₹0.84 crore from ₹0.37 crore in Q2 FY26 and ₹0.42 crore in Q1 FY27. Finance costs were ₹1.09 crore, compared with ₹0.01 crore in Q2 FY26 and ₹0.32 crore in Q1 FY27.
Cost of materials was unchanged at ₹0 crore, and depreciation was ₹0.22 crore in Q2 FY27 against ₹0.01 crore in Q2 FY26 and ₹0.22 crore in Q1 FY27. Tax was ₹0.22 crore in Q2 FY27, down ₹2.40 crore from Q2 FY26 and up from no tax in Q1 FY27. No exceptional item was reported.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.84 | 0.37 | +0.47 | +127.0% |
| Finance costs | 1.09 | 0.01 | +1.08 | +10800.0% |
| Depreciation | 0.22 | −0.01 | +0.23 | |
| Other expenses | 8.49 | 25.71 | −17.22 | −67.0% |
| Total expenses | 10.65 | 26.08 | −15.43 | −59.2% |
| Other income | 0.92 | 2.57 | −1.65 | −64.2% |
| Tax | 0.22 | 2.62 | −2.40 | −91.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹0.75 crore, compared with ₹0.71 crore in H1 FY26, an increase of ₹0.04 crore or 5.6%. Total income was ₹2.3 crore, down ₹1.16 crore or 33.5% from ₹3.46 crore in H1 FY26.
Profit before tax was a loss of ₹22.68 crore in H1 FY27, compared with a loss of ₹26.28 crore in H1 FY26. The net loss was ₹22.9 crore, compared with ₹26.78 crore in the year-ago period. Basic EPS was ₹11.85, compared with ₹15.54 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 0.75 | 0.71 | +5.6% |
| Profit before tax | −22.68 | −26.28 | |
| Net profit | −22.90 | −26.78 | |
| EPS (₹) | −11.85 | −15.54 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹639.51 crore, compared with ₹583.69 crore as of 31 March 2026. Total equity was ₹192.75 crore against ₹215.64 crore, while borrowings were ₹274.78 crore against ₹211.36 crore. Cash was ₹0.95 crore compared with ₹14.56 crore. Inventories were ₹459.02 crore against ₹412.08 crore, trade receivables were ₹6.77 crore against ₹6.66 crore, and trade payables were ₹44.99 crore against ₹48.92 crore.
For H1 FY27, operating cash flow was negative ₹53.33 crore, compared with negative ₹12.07 crore in H1 FY26. Investing cash flow was negative ₹21.91 crore against positive ₹2.39 crore, while financing cash flow was ₹61.64 crore against ₹13.66 crore. Capital expenditure was ₹0.02 crore, compared with ₹0.95 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 639.51 | 583.69 |
| Total equity | 192.75 | 215.64 |
| Borrowings | 274.78 | 211.36 |
| Cash and equivalents | 0.95 | 14.56 |
| Inventories | 459.02 | 412.08 |
| Trade receivables | 6.77 | 6.66 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −53.33 | −12.07 |
| Cash from investing | −21.91 | 2.39 |
| Cash from financing | 61.64 | 13.66 |
| Capital expenditure | 0.02 | 0.95 |
Source: Company's results filing (XBRL).
How has Nimbus Projects done over the last 8 quarters?
Revenue increased year on year in each of the last three quarters. It rose from ₹0.36 crore in Q1 FY27 to ₹0.38 crore in Q2 FY27, while the net loss narrowed from ₹13.32 crore to ₹9.57 crore. The EBITDA margin moved from -3559.6% to -2377.0%.
The latest quarter remained below the revenue peak recorded in the trend data, while the net loss was lower than the Q2 FY26 loss of ₹25.77 crore. The EBITDA margin has remained negative, although it improved from -7241.6% in Q2 FY26 to -2377.0% in Q2 FY27. The trend data shows revenue rising year on year for three consecutive quarters.
What else did the company announce?
On 5 November 2026, the board approved a ₹60.00 crore unsecured loan or credit facility from Nimbus (India) Limited, an associate and promoter group company, for business purposes. The facility is to be availed in tranches at 12% per annum for a period of 2 years. The filing says the transaction is a related-party transaction carried out at arm’s length basis and that shareholders’ approval was obtained at the 33rd AGM on 29 September 2026.
The same-day filings recorded that Bipin Agarwal stepped down as Chairman with effect from 5 November 2026 while continuing as Managing Director, with no change to his appointment terms and remuneration. The board unanimously appointed Anand Kumar, a Non-Executive and Non-Independent Director, as Non-Executive Chairman with effect from 5 November 2026.
What did the auditors point out?
Doogar & Associates stated that nothing came to its attention causing it to believe that the unaudited financial results had not disclosed the information required under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, or that they contained a material misstatement. The review was conducted under Standard on Review Engagements 2410 and provided less assurance than an audit; the auditors did not express an audit opinion.
The auditors reported an emphasis of matter concerning the provisional attachment of 29,46,341 equity shares of Industrial Investment Trust Limited held by the company. The attachment was made under the Prevention of Money Laundering Act, 2002, and the filing says the company has appointed a law firm to represent its interests and pursue remedies. The report also identified a material uncertainty related to going concern for associate Capital Infra Projects Private Limited, whose current liabilities exceeded current assets by 10.62 crore at 30 September 2026.
What did Nimbus Projects' management say?
In the investor presentation, management projected consolidated turnover of ₹3,980 mn for FY27, ₹8,525 mn for FY28 and ₹32,895 mn for FY29. It also projected consolidated EBITDA of ₹1,742 mn for FY27, ₹3,070 mn for FY28 and ₹12,205 mn for FY29, with consolidated PAT of ₹1,078 mn for FY27, ₹2,128 mn for FY28 and ₹9,022 mn for FY29.
Management’s FY27 pre-sales outlook was ₹6,000 mn, while a separate pre-sales projection chart showed ₹3,879 mn for FY27. The presentation also projected gross margins of ~54% for The Palm Village, ~39% for The Arista Luxe and ~51% for Express Park View II. Management said the capital-light JDA plan would cover six projects over FY27-28 to FY29-30, with two projects annually and projected total initial investment of ₹1,500 mn.
Management identified uneven cash conversion, negative H1 operating cash flow of ₹(349) mn and net debt to equity of 0.76× against its below-0.5× target as risks. It reported that 49% of Palm Village sales value and 13% of Arista Luxe sales value had been collected, while Arista was 11% sold. The presentation stated that remaining construction cost was ~₹2,500 mn at The Palm Village and ~₹5,750 mn at The Arista Luxe.
Quick answers
What was Nimbus Projects' revenue in Q2 FY27?
Revenue from operations was ₹0.38 crore, up 5.6% from ₹0.36 crore in Q2 FY26 (standalone).
Did Nimbus Projects make a profit in Q2 FY27?
No. It reported a net loss of ₹9.57 crore, against a net loss of ₹25.77 crore in Q2 FY26.
What was Nimbus Projects' EPS in Q2 FY27?
Basic loss per share was ₹4.95, against a loss of ₹14.96 in Q2 FY26.
When did Nimbus Projects announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On November 05, 2026, In Terms Of Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (BSE, 5 November 2026) · PDF
- Unaudited Financial Results (Standalone & Consolidated) For The Quarter & Half Year Ended September 30, 2026 (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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