Nimbus Projects Ltd is currently trading at ₹211, with a market cap of ₹407 Cr, and has delivered a spicy –25.7% return in the last 3 months. The company operates in the glamorous but dangerous world of NCR real estate — where dreams are sold in square feet and stress is delivered in loan agreements.
Latest quarterly numbers? Q3 FY26 (Dec 2025):
Sales: ₹2.26 Cr
PAT: ₹–41.22 Cr
EPS: ₹–21.20
Debt: ₹221 Cr
ROCE: 8.30%
ROE: 8.26%
Price to Book: 1.42
TTM Sales: ₹11.4 Cr
TTM PAT: ₹–170 Cr
TTM EPS: ₹–131.98
Yes, you read that correctly. A ₹407 Cr company generating ₹2 Cr quarterly revenue and ₹170 Cr trailing losses.
And yet, promoter holding just jumped to 70.5%.
Question: Is this a phoenix waiting to rise — or just smoke without fire?
Let’s investigate.
2. Introduction – Welcome to the NCR Property Drama Club
Nimbus Projects Ltd was incorporated in 1993 and operates in the real estate segment, developing residential, commercial, and retail projects. But unlike the big boys, Nimbus plays in the SPV-heavy, authority-leased land model of NOIDA, GNIDA and Yamuna Expressway Authority.
They’ve been allotted approximately 2,65,000 sq. meters of leasehold land through SPVs.
Sounds impressive.
But here’s the twist — revenue today is tiny, while balance sheet liabilities are massive.
This is classic NCR developer storytelling:
Projects launched
Flats sold
Authorities involved
Loans taken
Exceptional items reversed
CFO resigns
New CFO appointed
More loans taken
You see the pattern?
In Q3 FY26, the company approved results showing Rs 350 Cr LOI, Rs 278.97 Cr invested, and net worth of Rs 191.79 Cr.
But income statement? Still struggling.
Real estate is lumpy. But this looks less like lumpy and more like seismic activity.
Are we watching a revival… or just financial reshuffling?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Nimbus develops residential flats via SPVs under NOIDA and Yamuna Expressway authorities.
Their projects include:
Residential:
Express Park View I & II
The Golden Palms
The Hyde Park
The Golden Palm Village
Commercial:
The Hyde Park Plaza
The Park Street
Pearls Business Park
Golden Palms Downtown
Now here’s how the model works:
Authority allots land on long-term lease
SPV formed
Project launched
Pre-sales generate cash
Loans fill the gaps
Completion certificate arrives
Revenue recognition eventually happens
Recently:
Q3 presales: ₹147.58 Cr
Collections: ₹75.87 Cr
Completion certificate for 310 flats (Jan 28, 2026)
1,539 of 1,630 flats sold
So operationally — projects are moving.
But accounting profits? Not yet stable.
Revenue breakup FY22:
Supervision & consultancy: 43%
Renting: 17%
Sale of residential: 6%
Other income: 34%
Wait… only 6% from property sales?
Is this a developer or a consultancy with a construction hobby?
