Nimbus Projects Q2 FY27 Results (NSE: NIMBSPROJ)
Signal: Slipped to loss
The read
The operating trajectory remains highly volatile: Q2 consolidated PAT swung to a ₹960.17 lakh loss from ₹1,717.32 lakh profit YoY, while finance costs rose 45.5% to ₹323.13 lakh and PPE fell despite higher depreciation; the constructive signal is H1 presales growth of 36.41%, but it has not yet converted into earnings or cash flow.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14.08 Cr | N/A | N/A |
| Net profit | ₹-9.6 Cr | -155.9% | |
| EPS | ₹-4.97 | -126.9% | |
| EBIT margin | N/A |
P&L walk
Consolidated earnings deteriorated to a ₹960.17 lakh Q2 loss from ₹1,717.32 lakh profit a year earlier, with finance costs of ₹323.13 lakh, partnership losses of ₹123.09 lakh and depreciation of ₹55.30 lakh adding pressure.
Segments
There is no segment table, but consolidated losses were less severe than the standalone loss: consolidated PAT was a ₹960.17 lakh loss versus a standalone ₹957.71 lakh loss, with the difference reflecting subsidiaries, associates and non-controlling interests.
Key positives
- H1 presales booking value increased 36.41% YoY to ₹23,549 lakh, indicating stronger booking momentum despite weak reported quarterly earnings.
- H1 customer collections increased 12.73% YoY to ₹12,986 lakh, providing some support for project monetisation.
- Standalone loss narrowed to ₹957.71 lakh from ₹1,332.50 lakh YoY, while standalone EPS improved to ₹-4.95 from ₹-14.96.
Key concerns
- Consolidated PAT swung to a ₹960.17 lakh loss from ₹1,717.32 lakh profit YoY, while EPS fell to ₹-4.97 from ₹18.43.
- Finance costs increased 45.5% YoY to ₹323.13 lakh on a consolidated basis and 1,405.7% YoY to ₹109.38 lakh standalone.
- Consolidated borrowings rose to ₹50,441.54 lakh by 30 September 2026 from ₹21,026.18 lakh at 31 March 2026, increasing funding dependence.
- Partnership-firm losses of ₹123.09 lakh consolidated and ₹677.60 lakh standalone materially exceeded the respective revenue bases.
- H1 operating cash flow was negative despite reported project bookings and collections.
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