Nicco Parks Q1 FY27 Results (NSE: NICCOPAR)
Signal: Loss reversed
The read
The quarter is an operating slowdown rather than a clean recovery: consolidated revenue fell 27.5% YoY to ₹1,905.02 lakh and EBITDA fell 36.5% to ₹789.00 lakh, while PAT turned around to ₹547.25 lakh from a ₹315.77 lakh loss because the comparison base was loss-making and other income of ₹202.18 lakh represented 28.6% of PBT; the margin arc also weakened from 42.26% in Q1FY26 to 41.4%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19.05 Cr | -27.5% | +24.1% |
| EBIT | ₹7.06 Cr | -40.4% | |
| Net profit | ₹5.47 Cr | N/A | |
| EPS | ₹1.17 | N/A | |
| EBIT margin | 41.4% |
P&L walk
Revenue declined 27.5% YoY to ₹1,905.02 lakh, EBITDA fell 36.5% to ₹789.00 lakh despite a 41.4% margin, depreciation rose 40.6% to ₹82.70 lakh, and PAT turned around to ₹547.25 lakh mainly against the prior-year loss base, with other income contributing ₹202.18 lakh or 28.6% of PBT.
Segments
Park Operations remained the core business at ₹1,800.31 lakh of revenue and ₹568.09 lakh of result, but revenue fell 26.2% and result fell 45.1% YoY; the consolidated PAT was ₹28.52 lakh above standalone PAT due mainly to the ₹33.28 lakh joint-venture profit contribution.
Key positives
- PAT turned around to ₹547.25 lakh from a ₹315.77 lakh YoY loss and ₹72.24 lakh sequential loss.
- Park Operations result returned to ₹568.09 lakh from a ₹57.90 lakh sequential loss.
- EBITDA margin remained high at 41.4% despite revenue declining 27.5% YoY to ₹1,905.02 lakh.
- The Board declared an interim dividend of ₹0.25 per share, payable on or before September 11, 2026.
Key concerns
- Core revenue declined 27.5% YoY to ₹1,905.02 lakh, with Park Operations revenue down 26.2% to ₹1,800.31 lakh.
- EBITDA fell 36.5% YoY to ₹789.00 lakh and EBITDA margin declined from 42.26% in Q1FY26 to 41.4%.
- Employee cost was broadly flat YoY at ₹563.91 lakh despite the 27.5% revenue contraction.
- The auditor cited material uncertainty regarding going-concern status pending formalization and renewal of the operating agreements.
Earnings quality: includes non-operating other income
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