Revenue more than doubled, but Nimbus Projects remained loss-making
Lower expenses and interest narrowed the operating loss, but the collapse in other income pushed the company from a Q1 profit to a Q2 loss.
Filed 05 Nov 2026, 21:50 IST · after market close · Nimbus Projects Ltd (NIMBSPROJ)
Key takeaways
- Consolidated revenue rose 135.37% sequentially, but Nimbus Projects still reported an operating loss of Rs 7.76 cr.
- Operating margin improved 294.69 percentage points from Q1FY27 as expenses fell 1.34% while revenue more than doubled, but remained at -112.15%.
- Net profit swung from Rs 3.26 cr in Q1FY27 to a loss of Rs 8.39 cr as other income fell 82.69% to Rs 3.44 cr.
Price around the results
Revenue recovery did not reach the profit line
Consolidated revenue increased 135.37% sequentially to Rs 6.92 cr, while expenses declined 1.34% to Rs 14.68 cr. That combination narrowed the operating loss by 35.01% to Rs 7.76 cr, but the company still ended Q2FY27 with a net loss of Rs 8.39 cr. The results were filed after market close on 05 Nov 2026 at 21:50 IST.
Margin improved sharply but remains deeply negative
Operating margin improved by 294.69 percentage points from Q1FY27 because revenue grew while expenses did not, yet it remained at -112.15%. Interest expense also fell 14.32% to Rs 3.23 cr, which provided some relief below the operating line. The tax rate moved down 13.83 percentage points to -3.57%, but that did not prevent a loss.
Other income quality drove the quarter-on-quarter swing
Other income fell 82.69% from Rs 19.87 cr in Q1FY27 to Rs 3.44 cr in Q2FY27. The prior quarter's Rs 3.26 cr net profit therefore did not carry through when other income declined; Q2 profit before tax was a loss of Rs 8.10 cr. Other income represented -42.47% of Q2 profit before tax, reflecting the distortion created by a loss-making base.
Nimbus ranked near the bottom of its reported peer set
Among 265 Consumer Discretionary peers that had reported, the sector median operating margin was 11.58%. Nimbus Projects' -112.15% margin was 123.73 percentage points below that median and ranked third from the bottom. With only Q1FY27 available for comparison, the quarter shows a sharp sequential improvement in margin but not a return to operating profitability.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹7 cr | ₹3 cr | +135.37% |
| Other income | ₹3 cr | ₹20 cr | -82.69% |
| Expenses | ₹15 cr | ₹15 cr | -1.34% |
| Operating profit | ₹-8 cr | ₹-12 cr | +35.01% |
| Operating margin (%) | -112.15% | -406.84% | — |
| Interest | ₹3 cr | ₹4 cr | -14.32% |
| Depreciation | ₹1 cr | ₹1 cr | +3.77% |
| Profit before tax | ₹-8 cr | ₹4 cr | — |
| Tax | ₹0 cr | ₹0 cr | -21.62% |
| Net profit | ₹-8 cr | ₹3 cr | — |
| EPS (₹) | ₹-4.97 | ₹1.69 | — |
Operating margin of -112.15% compares with a Consumer Discretionary sector median of 11.58% across 265 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.46% | -2.47% |
Volume on the results session was 0.14× its 20-day average.
What to watch
- Whether operating margin improves from -112.15% in the next reported quarter.
- Whether revenue builds on Rs 6.92 cr while expenses remain below Rs 14.68 cr.
- Whether other income stays near or below Rs 3.44 cr without determining reported profit.