Nimbus Projects Ltd (511714)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nimbus Projects' revenue was ₹2.9 Cr (-26.6% year on year, -98.7% on the previous quarter), and net profit ₹3.3 Cr (against a loss a year earlier); the operating margin was -406.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2.9 | -26.6% | -98.7% |
| Operating profit | ₹-11.9 | loss narrowed | loss narrowed |
| Net profit | ₹3.3 | from loss | from loss |
| EPS (₹) | 1.69 | from loss | from loss |
| Operating margin | -406.8% | — | — |
📢 Recent Corporate Announcements
Nimbus Projects Limited has converted its partnership firm, IITL-Nimbus The Express Park View, into a 95% subsidiary named IITL Nimbus The Express Park View Private Limited. The company converted its capital contribution of ₹1.02 crore into 10,23,750 equity shares of ₹10 each, while MD Bipin Agarwal holds the remaining 5%. As a partnership firm, the target generated turnovers of ₹220.29 crore in FY26, ₹172.69 crore in FY25, and ₹15.05 crore in FY24, representing a substantial operational scale compared to Nimbus's standalone base.
- Nimbus Projects holds a 95% stake in the newly incorporated entity, acquiring 10,23,750 shares.
- Cost of acquisition stands at ₹1,02,37,500 via conversion of existing partnership capital contribution.
- Promoter and MD Bipin Agarwal holds the remaining 5% (53,882 shares) in the new private limited company.
- Target partnership firm posted revenue of ₹220.29 crore in FY26, ₹172.69 crore in FY25, and ₹15.05 crore in FY24.
Nimbus Projects has completed the conversion of its partnership firm into a subsidiary company, 'IITL Nimbus The Hyde Park Private Limited', incorporated on October 8, 2026. Nimbus Projects holds a 66.66% stake (2,50,000 equity shares) through the conversion of its ₹25,00,000 capital contribution, while MD & Promoter Bipin Agarwal holds the remaining 33.37%. The entity, which is engaged in real estate activities, recorded turnovers of ₹1.60 crore in FY26, ₹0.07 crore in FY25, and ₹3.86 crore in FY23-24. Given the small scale of the capital involved relative to Nimbus's TTM revenue of ₹227 crore, the financial impact is immaterial.
- Incorporated subsidiary IITL Nimbus The Hyde Park Private Limited on October 08, 2026
- Nimbus Projects holds 66.66% stake comprising 2,50,000 equity shares of ₹10 each
- Promoter and MD Bipin Agarwal holds 33.37% (1,25,000 shares) in the new subsidiary
- Capital contribution of ₹25,00,000 converted into equity shares at face value
- Entity reported historical turnover of ₹1.60 cr (FY26), ₹0.07 cr (FY25), and ₹3.86 cr (FY24) as a partnership firm
Nimbus Projects Limited has entered into a Strategic Investment Agreement with Sankalp Agencies Private Limited (SAPL) to invest ₹15.00 crore in a commercial real estate project in Hari Nagar, New Delhi. The project is situated on 6,252.60 sq. m. (67,303 sq. ft.) of freehold commercial land acquired by SAPL via a DDA e-auction. The investment represents approximately 6.6% of Nimbus Projects' TTM revenue of ₹227 crore and 7.0% of its net worth. The company will not acquire equity in SAPL but will receive its principal back along with a project-linked return upon completion.
- Commitment of ₹15.00 crore strategic investment payable in one or more tranches
- Commercial project site measures approximately 6,252.60 sq. m. (67,303 sq. ft.) at Plot No. 05, Community Centre, Hari Nagar, New Delhi
- Land acquired by partner entity SAPL via DDA e-auction
- No equity shares or securities acquired in SAPL; returns are tied to overall project profitability until completion
Nimbus Projects Limited has approved availing an unsecured loan facility of ₹30.00 crore in tranches from its associate company, World Resorts Limited. The borrowing represents approximately 14% of Nimbus Projects' existing debt of ₹211 crore and about 13.2% of its TTM revenue of ₹227 crore. The loan carries an interest rate of 12% per annum with a tenure of 2 years and will be utilized for business purposes. The transaction qualifies as a related-party transaction at arm's length, with common directors including Managing Director Bipin Agarwal.
- Board approved an unsecured loan facility of ₹30.00 crore from associate entity World Resorts Limited
- Loan carries an interest rate of 12% per annum for a 2-year tenure to be drawn in tranches
- Nimbus Projects holds a 25.32% equity stake in lender World Resorts Limited
- Managing Director Bipin Agarwal holds 4.85% (30,00,100 shares) in World Resorts Limited and serves as a common director
Nimbus Projects Limited has approved the appointment of Mr. Anand Kumar (DIN: 03194060) as a Non-Executive, Non-Independent Director, effective September 29, 2026, following shareholder approval at its 33rd AGM. Mr. Kumar is a 65-year-old former IAS officer (1984 batch) who has previously served as Chairman of the Real Estate Regulatory Authorities (RERA) of Delhi and Chandigarh. The company reported TTM revenues of Rs 227 Cr with a net loss of Rs 49 Cr, facing operational execution challenges across key NCR projects.
- Appointment approved at the 33rd Annual General Meeting held on September 29, 2026
- Appointee Mr. Anand Kumar is a 65-year-old former 1984-batch IAS officer
- Previously served as Chairman of RERA for Delhi and Chandigarh
- Director is appointed as Non-Executive, Non-Independent and liable to retire by rotation
Nimbus Projects announced in its 33rd AGM speech that it has entered into a Joint Development Agreement (JDA) for a 25-acre residential plotted township in Vrindavan, marking its entry into Tier-2 markets. For FY26, the company reported consolidated revenue of ₹22,875.62 lakh (up from ₹17,829.71 lakh in FY25) but incurred a consolidated loss of ₹8,798.85 lakh against a profit of ₹6,411.66 lakh in FY25. The company has delivered 65.31 lakh sq. ft. across four legacy projects and maintains two ongoing developments: Nimbus The Palm Village (sold ₹79,249 lakh) and Sunworld Arista (sold ₹9,979.21 lakh).
- Entered JDA for a 25-acre residential plotted township in Vrindavan where land acquisition is completed
- Consolidated FY26 revenue rose to ₹22,875.62 lakh vs ₹17,829.71 lakh in FY25, while net loss widened to ₹8,798.85 lakh
- Delivered four completed projects spanning approximately 65.31 lakh sq. ft. of saleable area
- Nimbus The Palm Village has achieved ₹79,249 lakh in sales for 978 units, targeting delivery by March 2028
- Nimbus Sunworld Arista has logged ₹9,979.21 lakh in sales for 16 units, with delivery targeted for December 2029
Nimbus Projects Limited has dispatched physical letters containing direct web-links to its FY 2025-26 Integrated Annual Report and AGM Notice to shareholders whose email addresses are not registered. The 33rd Annual General Meeting is scheduled for Tuesday, September 29, 2026, at 12:30 p.m. IST via Video Conference. The cut-off date to determine shareholder e-voting entitlement is Tuesday, September 22, 2026, with remote e-voting open from September 26 to September 28, 2026.
- 33rd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 12:30 p.m. IST via VC/OAVM.
- Cut-off date for e-voting entitlement fixed as Tuesday, September 22, 2026.
- Remote e-voting window runs from September 26, 2026 (9:00 a.m. IST) to September 28, 2026 (5:00 p.m. IST).
- Physical intimation dispatched to unregistered email holders under Regulations 30 and 36(1)(b) of SEBI LODR.
Nimbus Projects Ltd has issued the notice convening its 33rd Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is Tuesday, September 22, 2026. Key agenda items include the adoption of FY26 financial statements, the appointment of M/s Doogar & Associates as Statutory Auditors, and shareholder approval for material related party transactions with promoters and associate companies.
- 33rd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 12:30 P.M. IST via VC/OAVM
- Cut-off date for e-voting eligibility set for Tuesday, September 22, 2026
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
- Proposed appointment of M/s Doogar & Associates, Chartered Accountants, as Statutory Auditors
- Resolutions tabled to approve material Related Party Transactions with promoters, promoter group, and associate entities
Nimbus Projects Limited has issued a corrigendum to its previous filing dated August 12, 2026. The company clarified that the Board's Report approved was for the Financial Year ended March 31, 2026 (FY 2025-26), rather than FY 2026-27 as incorrectly stated due to a typographical error. This is a purely administrative correction with no impact on the company's financial position or operations.
- Corrected the Financial Year for the Board's Report to 2025-26
- The error occurred in the previous intimation dated August 12, 2026
- All other details in the original filing remain unchanged
- The correction pertains to the period ending March 31, 2026
Nimbus Projects Ltd has proposed the re-appointment of Mr. Rajeev Kumar Asopa as a Non-Executive, Non-Independent Director, subject to shareholder approval at the upcoming 33rd Annual General Meeting. Mr. Asopa brings 31 years of experience in finance, secretarial, and legal compliances to the board. This is a routine administrative action as the director is liable to retire by rotation. The company currently faces financial headwinds, reporting a TTM net loss of ‡88 Cr and carrying a debt of ‡271 Cr.
- Re-appointment of Mr. Rajeev Kumar Asopa (DIN: 00001277) proposed for the 33rd AGM
- Director possesses 31 years of professional experience in finance and legal sectors
- Board meeting conducted on August 12, 2026, lasted 4.5 hours from 03:30 p.m. to 08:00 p.m.
- Company maintains a high promoter holding of 70.5% as of June 2026
- TTM net loss stands at ‡88 Cr against a market capitalization of ‡456 Cr
Nimbus Projects Ltd has proposed the re-appointment of Mr. Rajeev Kumar Asopa as a Non-Executive, Non-Independent Director, subject to shareholder approval at the 33rd AGM. Mr. Asopa is a Fellow Member of the ICSI with 31 years of experience in finance, secretarial, and legal compliance. This move comes as the company manages a significant debt of ₹271 crore and a TTM net loss of ₹88 crore. The re-appointment is a routine procedural matter for a director liable to retire by rotation.
- Mr. Rajeev Kumar Asopa has approximately 31 years of experience in finance and legal sectors
- The Board meeting for this proposal lasted 4.5 hours, concluding at 08:00 p.m. on August 12, 2026
- The company reported a TTM net loss of ₹88 crore against a market cap of ₹456 crore
- Debt-to-Equity ratio stands at 0.97 with total debt of ₹271 crore
Nimbus Projects has recommended the re-appointment of Mr. Rajeev Kumar Asopa as a Non-Executive, Non-Independent Director, subject to shareholder approval at the upcoming 33rd Annual General Meeting. Mr. Asopa, a Fellow Member of ICSI, brings 31 years of experience in finance and legal compliance. This is a routine re-appointment as he was liable to retire by rotation. The company currently faces financial headwinds, reporting a TTM net loss of ₹88 Cr and carrying a debt of ₹271 Cr.
- Re-appointment of Mr. Rajeev Kumar Asopa (DIN: 00001277) as a Non-Executive Director.
- Director possesses 31 years of experience in finance, secretarial, and legal compliances.
- Board meeting conducted on August 12, 2026, lasted 4.5 hours (03:30 p.m. to 08:00 p.m.).
- Company reported a significant TTM net loss of ₹88 Cr against revenue of ₹228 Cr.
Nimbus Projects has proposed the re-appointment of Mr. Rajeev Kumar Asopa as a Non-Executive, Non-Independent Director, subject to shareholder approval at the upcoming 33rd AGM. Mr. Asopa, a Fellow Member of ICSI, brings 31 years of experience in finance and legal compliance. This expertise is relevant as the company manages a debt of ₹271 Cr and reported a TTM net loss of ₹88 Cr. The board meeting for this decision was held on August 12, 2026, lasting 4.5 hours.
- Re-appointment of Mr. Rajeev Kumar Asopa (DIN: 00001277) as a Director liable to retire by rotation.
- Director brings 31 years of professional experience in finance, secretarial, and legal compliance.
- Board meeting held on August 12, 2026, commenced at 03:30 p.m. and concluded at 08:00 p.m.
- Re-appointment is subject to approval at the ensuing 33rd Annual General Meeting.
Nimbus Projects reported a standalone net loss of ₹13.33 Cr for Q1 FY27, a sharp reversal from the ₹25.48 Cr profit in the preceding quarter. The loss was primarily driven by a ₹10.71 Cr share of losses from partnership firms, while operational revenue remained negligible at ₹0.38 Cr. The company is heavily banking on its 'Arista Luxe' project in Noida, which has an estimated sales potential of ₹2,000 Cr against a project cost of ₹1,200 Cr. Total investment in this specific project has reached ₹414.62 Cr as of June 30, 2026.
- Standalone net loss of ₹13.33 Cr for Q1 FY27 compared to a loss of ₹1.01 Cr in Q1 FY26.
- Share of losses from partnership firms stood at ₹10.71 Cr for the quarter.
- Arista Luxe project estimated sales value of ₹2,000 Cr is approximately 4.3x the current market cap.
- Total investment in the Arista Luxe project reached ₹414.62 Cr by the end of the quarter.
- Works contract for Arista Luxe towers 5, 7, 8, and 9 is valued at approximately ₹350 Cr.
Nimbus Projects reported a standalone net loss of ₹13.32 Cr for Q1 FY27, a significant decline from the ₹25.48 Cr profit recorded in the previous quarter (Q4 FY26). Total revenue for the quarter was minimal at ₹1.00 Cr, as the company continues to face operational headwinds and losses from partnership firms amounting to ₹10.71 Cr. Despite the poor quarterly performance, the company highlighted the massive scale of its 'Arista Luxe' project, with an estimated sales value of ₹2000 Cr against an estimated cost of ₹1200 Cr. The company's high debt of ₹271 Cr remains a key concern relative to its ₹456 Cr market capitalization.
- Standalone Net Loss of ₹13.32 Cr for Q1 FY27 compared to a profit of ₹25.48 Cr in Q4 FY26.
- Estimated sales value for the 'IITL-Nimbus, The Arista Luxe' project is ₹2000 Cr, which is ~4.4x the current market cap.
- Total investment in the Arista Luxe project reached ₹414.62 Cr as of June 30, 2026.
- Share of losses from partnership firms stood at ₹10.71 Cr for the quarter.
- Works contract for Arista Luxe awarded for approximately ₹350 Cr on a cost-plus basis.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew by 2,384% YoY to INR 17,829.71 Lakh in FY25 from INR 717.75 Lakh in FY24, primarily driven by changes in accounting policies and the consolidation of partnership firms (IITL-Nimbus projects). Standalone revenue declined by 74.25% to INR 151.12 Lakh from INR 586.98 Lakh.
Geographic Revenue Split
100% of revenue is derived from the Noida, Greater Noida, and Yamuna Expressway regions in Uttar Pradesh, India, where the company's primary residential and commercial projects are located.
Profitability Margins
Consolidated Net Profit Margin collapsed from 12.97% in FY24 to 0.36% in FY25. Standalone Net Profit Margin turned negative at -8.44% compared to 0.88% in the previous year, reflecting significantly higher operational and interest costs relative to revenue.
EBITDA Margin
Not disclosed in available documents; however, consolidated profit for the year was INR 6,367.50 Lakh, a 31.6% decrease from INR 9,312.14 Lakh in FY24.
Credit Rating & Borrowing
Borrowing costs are high as evidenced by the Interest Coverage Ratio falling from 41.96 to 0.76 YoY, and the Debt-Equity Ratio increasing by 816% from 0.06 to 0.55.
Operational Drivers
Raw Materials
Not disclosed in available documents, though the company mentions long-term relationships with vendors for streamlined raw material supply for construction.
Capacity Expansion
The company holds a total leasehold area of approximately 2,65,000 sq. meters. It recently expanded its portfolio by becoming a lead promoter for Sunworld Arista Phase-2, adding 10,957 sq. meters of development area with a project end date of January 23, 2030.
Strategic Growth
Growth Strategy
The company is focusing on reviving stalled projects, such as Sunworld Arista Phase-2, where it was appointed Lead Promoter by RERA. It is also leveraging prime locations near the upcoming Noida International Airport (The Palm Village) and has restructured its partnerships, with Nimbus Propmart Private Limited replacing IITL Projects in several key SPVs to streamline project execution.
Products & Services
Residential flats (high-rise and low-rise), commercial shops, and club facilities.
Brand Portfolio
Express Park View, The Hyde Park, The Palm Village, The Park Street, and Sunworld Arista.
New Products/Services
Launched Low Rise Apartments (310 units) and took over development of Sunworld Arista Phase-2 (Towers 5, 7, 8, 9 & Club).
Market Expansion
Focusing on the Yamuna Expressway region to capitalize on infrastructure developments like the Noida International Airport.
Strategic Alliances
Partnerships with Sunworld Residency Private Limited and Nimbus Propmart Private Limited for joint project development.
External Factors
Industry Trends
The Indian real estate market is projected to reach $1 trillion by 2030. Current trends show a shift toward primary transactions (57% of total) and a growing demand for sustainable, well-connected urban spaces.
Competitive Landscape
Operates in a highly competitive NCR market against developers like Sunworld Residency, though it often uses a collaborative co-promoter model to mitigate competition.
Competitive Moat
The company's moat is built on superior location selection (proximity to Noida International Airport and Metro) and a trusted brand reputation in the NCR region. These are sustainable due to the long-term nature of land leases (90 years) and high barriers to entry in large-scale urban development.
Macro Economic Sensitivity
Highly sensitive to interest rate fluctuations and GDP growth, as residential sales in major cities surged 77% between FY19 and FY25, tracking India's economic recovery.
Consumer Behavior
Post-pandemic shift toward homeownership and demand for amenities like parking, common areas, and proximity to transport hubs.
Regulatory & Governance
Industry Regulations
Strict compliance with RERA (Real Estate Regulatory Authority) for project registrations (e.g., UPRERAPRJ558356/04/2024) and adherence to the Benami Transactions Act and local authority (YEIDA/NOIDA) layout approvals.
Legal Contingencies
The company is involved in the execution of sub-lease deeds (1,211 executed for EPV-II) and has obtained project extensions from RERA until 2030 for stalled projects. Specific values for pending litigation are not disclosed.
Risk Analysis
Key Uncertainties
Regulatory hurdles and legal complexities in land titles, rising interest rates impacting buyer affordability, and economic volatility affecting the $1 trillion market projection.
Geographic Concentration Risk
High risk due to 100% revenue concentration in the Noida/Greater Noida/Yamuna Expressway belt.
Third Party Dependencies
Significant dependency on partnership firms and co-promoters (e.g., Sunworld Residency) for project completion and financial stability.
Technology Obsolescence Risk
Risk of falling behind in property management technology and sustainable construction practices, which are identified as growing market opportunities.
Credit & Counterparty Risk
Debtors Turnover Ratio of 17.74 indicates efficient collection from allottees, but the low Interest Coverage Ratio (0.76) suggests high counterparty risk regarding debt obligations.
