Compare Nimbus Projects Limited with peers using its audited FY2025–26 consolidated accounts, matched to the same fiscal year and reporting scope. The group’s revenue increased year over year, yet it moved from a consolidated profit to a substantial consolidated loss. That combination cannot be judged fairly until project activity, finance costs, consolidation boundaries and fair-value movements are separated.
Standalone figures describe the listed parent company; consolidated figures include subsidiaries, associates and controlled partnership firms. Mixing those series with a peer’s accounts can produce a ranking that looks precise but measures different businesses.
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The latest Nimbus Projects results to use as the comparison base
Nimbus Projects’ latest annual comparison point is the financial year ended March 31, 2026 (FY2025–26). The audited figures below are reported in ₹ lakh. Conversions to ₹ crore are included only to make scale easier to read; ₹100 lakh equals ₹1 crore.
| Reporting basis and period | Revenue from operations (₹ lakh) | Revenue (₹ crore) | Profit or loss (₹ lakh) | Profit or loss (₹ crore) |
|---|---|---|---|---|
| Standalone, FY2025–26 | 146.73 | 1.4673 | Loss of 1,212.94 | Loss of 12.1294 |
| Consolidated, FY2025–26 | 22,875.62 | 228.7562 | Loss of 8,798.86 | Loss of 87.9886 |
| Standalone, FY2024–25 | 151.12 | 1.5112 | Loss of 1,274.92 | Loss of 12.7492 |
| Consolidated, FY2024–25 | 17,829.71 | 178.2971 | Profit of 6,367.50 | Profit of 63.6750 |
On a consolidated basis, revenue increased by ₹5,045.91 lakh, or approximately 28.3%, from FY2024–25 to FY2025–26. Consolidated performance nevertheless changed from a ₹6,367.50 lakh profit to an ₹8,798.86 lakh loss, a year-over-year deterioration of ₹15,166.36 lakh. The consolidated net margin therefore moved from approximately 35.7% to negative 38.5%.
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The parent-only series tells a different story. Standalone revenue fell by about 2.9%, while the standalone loss narrowed by ₹61.98 lakh, or roughly 4.9%. Its loss was still many times larger than standalone revenue: approximately negative 826.7% of revenue in FY2025–26 versus negative 843.7% in FY2024–25. These percentages are a warning that the parent-company income statement is not a useful proxy for the group’s project scale.
Why standalone and consolidated accounts are not interchangeable
Standalone statements cover Nimbus Projects Limited itself. A consolidated statement combines the parent with entities that it controls or accounts for under the applicable consolidation rules. For a group involved in project development, contracting, finance and investments, the difference can be dramatic: the parent may show only a small amount of direct operating revenue while controlled project entities generate most of the group’s reported turnover.
Nimbus’s FY2024–25 annual report identified the following components of the group:
- N.N. Financial Services Private Limited: a material subsidiary engaged in financial activities.
- Pelican Realty Ventures Private Limited: a subsidiary engaged in real-estate activities.
- IITL-Nimbus, The Express Park View: a partnership firm consolidated like a subsidiary.
- IITL-Nimbus, The Palm Village: a partnership firm consolidated like a subsidiary.
- Capital Infraprojects Private Limited: an associate engaged in real estate.
- Brothers Trading Private Limited: an associate and Reserve Bank of India-registered non-banking financial company engaged in loans and investments.
- Nimbus (India) Limited: an associate and Reserve Bank of India-registered non-banking financial company engaged in loans and investments.
- World Resorts Limited: an associate engaged in hospitality.
The annual report states that The Express Park View and The Palm Village were consolidated like subsidiaries because Nimbus held 95% of the partners’ capital contribution. A peer whose equivalent project vehicles are unconsolidated, equity-accounted or absent from its accounts will not be directly comparable unless you adjust the analysis.
What the consolidation boundary changes
- Revenue: project entities’ customer contracts can be included in group revenue even when the parent’s standalone revenue is minimal.
- Expenses: construction costs, employee costs, borrowing costs and other expenses from controlled entities enter the consolidated income statement.
- Associates: an associate’s full sales and expenses generally do not appear line by line; Nimbus may instead record its share of the associate’s result or other applicable accounting effects.
- Investments: equity investments measured at fair value through profit or loss (FVTPL) can create gains or losses unrelated to current construction activity.
- Intercompany transactions: transactions between consolidated entities are eliminated, so adding each legal entity’s revenue independently can double-count activity.
Before comparing margins or growth, record each company’s consolidation policy, ownership percentages, treatment of joint ventures and associates, and the date on which a subsidiary entered or left the group.
How to read Nimbus’s revenue increase and profit reversal
A 28.3% increase in consolidated revenue does not establish that the underlying projects became more profitable. Revenue recognition may reflect construction milestones, possession or completion events, changes in estimates, or the timing of contracts. Profit also incorporates costs and gains that do not move in step with revenue.
Separate operating activity from non-operating effects
Start with revenue from operations, operating profit or EBITDA, project-level costs and operating cash flow. Then examine finance costs, depreciation, provisions, impairment, associate results and fair-value movements. A project business can report higher revenue while margins contract if input costs, remediation, delays or borrowing costs rise.
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Nimbus’s audited FY2025–26 filing reports a ₹1,154.89 lakh loss on fair-value changes in investee-company equity shares accounted for at FVTPL. This charge affects reported profit or loss and total comprehensive income but does not represent a cash construction expense in the period. It should be shown as a separate line in a peer comparison rather than silently treated as recurring project cost.
The fair-value loss is material, but it does not explain the entire ₹8,798.86 lakh consolidated loss by itself. A responsible comparison therefore identifies every material expense, exceptional item, associate contribution and finance charge disclosed in the audited notes instead of attributing the whole reversal to one item.
Keep three profit concepts distinct
- Reported profit or loss: the statutory bottom-line figure after all recognized income and expenses.
- Total comprehensive income: reported profit or loss plus items recognized in other comprehensive income. It can differ materially from net profit.
- Underlying project operations: an analytical view built from recurring project revenue, direct costs, operating overhead and cash generation after clearly identified adjustments. It is not a statutory subtotal unless the company presents one.
Do not call FY2025–26 an operating turnaround or deterioration until the notes show which part of the change came from projects and which part came from investments, financing, provisions, associates or accounting remeasurement.
The company’s own prior-year statement needs context
“The Company has recorded a consolidated revenue from operations of Rs. 17829.71 Lakh in the current financial year as compared to revenue of Rs. 717.75 Lakh in the last financial year.”
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This statement appears in Nimbus Projects Limited’s annual report for the financial year ended March 31, 2025. It demonstrates how sharply the group’s reported revenue changed between FY2023–24 and FY2024–25, but it does not remove the need to check which entities and project stages were included in each year. The subsequent FY2025–26 result is the relevant latest base for a current peer comparison.
A repeatable method for selecting genuine peers
Do not define peers by a stock-screener label alone. Select companies that match Nimbus on the dimensions that drive revenue recognition, margins and capital needs.
- Classify the business model. Decide whether the candidate is primarily a residential developer, construction contractor, land or project developer, infrastructure contractor, financial holding company or a mixed group. A software or technology company surfaced by a screener is not a real-estate peer merely because its market value is similar.
- Match the reporting scope. Use consolidated accounts for both companies when the comparison is about the economic group. If a candidate publishes only standalone information, label the limitation and avoid presenting the result as equivalent to Nimbus’s consolidated number.
- Match geography and regulation. Prefer Indian companies exposed to comparable property markets, approval regimes, tax rules, labour costs and financing conditions. A developer focused on another country or a radically different asset class needs separate treatment.
- Match project stage. Distinguish completed projects, active construction, newly launched inventory, stalled developments and land-bank companies. Revenue from handovers is not comparable with a land bank that has not begun construction.
- Match scale. Compare revenue, total assets, project inventory, market capitalisation and operating footprint. A micro-cap parent with a few controlled vehicles should not be ranked against a national developer without explaining the scale gap.
- Match capital structure. Record gross debt, net debt, finance costs, promoter funding, customer advances and working-capital requirements. Two companies with identical operating margins can produce very different net profits because their leverage differs.
- Match accounting mix. Identify recurring operating income, investment income, fair-value gains or losses, exceptional items and the contribution from associates or joint ventures. Exclude or separately display items that do not recur.
How to treat stock-screener suggestions
A market-data page lists Omega Interactive Technologies, Pelatro, C2C Advanced Systems, iStreet Network, ABM Knowledgeware, Optivalue Tek Consulting and Ace Software Exports as related stocks. These are discovery leads, not validated operating peers for Nimbus. Several appear to have different sectors and economics. Before placing any of them in a comparison table, verify the primary business, annual-report segment data, fiscal year, consolidation basis and project exposure from the company’s own filings.
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Metrics that make the comparison fair
Build one worksheet in which every company is shown for the same period, currency and reporting basis. Put Nimbus’s standalone and consolidated figures on separate rows before adding any peer.
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|---|---|---|---|
| Revenue from operations | Measures reported operating scale; confirm whether project entities are consolidated. | ₹22,875.62 lakh consolidated; ₹146.73 lakh standalone | Not stated; obtain from the peer’s audited accounts on the same basis. |
| Total income | Shows whether interest, investment or other income is material relative to operations. | Not stated in the figures above | Not stated; use the audited income statement. |
| Year-over-year revenue growth | Shows direction and pace, but not profitability or cash conversion. | Approximately 28.3% consolidated growth from FY2024–25 | Not stated; calculate from matched fiscal-year figures. |
| EBITDA or operating profit and margin | Tests project-level profitability before financing and selected non-cash items. | Not stated in the figures above | Not stated; reconcile the definition used. |
| Profit after tax and net margin | Captures all reported items, including fair-value movements and financing. | Loss of ₹8,798.86 lakh; approximately negative 38.5% consolidated margin | Not stated; use audited profit and the same revenue denominator. |
| Operating cash flow | Tests whether reported earnings convert into cash after working-capital movements. | Not stated in the figures above | Not stated; obtain the cash-flow statement. |
| Finance costs, debt and interest coverage | Shows how leverage can turn operating profit into a net loss. | Not stated in the figures above | Not stated; use average debt where the coverage formula requires it. |
| EPS and share-count changes | Connects group earnings to each share and reveals dilution or consolidation effects. | Not stated in the figures above | Not stated; use the weighted-average share count. |
| Return on equity and return on capital | Measures efficiency of shareholder and total invested capital. | Not calculated without the relevant balance-sheet averages | Not stated; calculate only when comparable balance-sheet dates and definitions exist. |
| Inventory, completion, sold area, unsold stock, bookings and collections | Provides operating evidence behind revenue and future cash generation. | Not stated in the figures above | Not stated; extract project disclosures where available. |
| Market capitalisation, enterprise value, P/E, P/B and P/S | Compares market valuation, but each ratio depends on a stated market date and scope. | Not stated in the figures above | Not stated; record the quote date and calculation method. |
| One-off and fair-value items | Prevents volatile remeasurement gains or losses from being treated as recurring operations. | ₹1,154.89 lakh FVTPL loss on investee-company equity shares | Not stated; read the notes for each peer. |
How to calculate and present the key ratios
Revenue growth
Use (current-year revenue − prior-year revenue) ÷ prior-year revenue × 100. For Nimbus’s consolidated accounts, the calculation is (22,875.62 − 17,829.71) ÷ 17,829.71 × 100, or approximately 28.3%. Do not calculate growth by comparing the ₹146.73 lakh standalone figure with the prior-year consolidated figure.
Net margin
Use profit or loss ÷ revenue from operations × 100. Nimbus’s FY2025–26 consolidated result is −8,798.86 ÷ 22,875.62, approximately negative 38.5%. The prior-year consolidated result is approximately positive 35.7%. Keep the sign: converting a loss to an absolute percentage would hide the direction of performance.
Operating cash conversion
Use operating cash flow divided by profit after tax, but interpret the ratio carefully when profit is negative or close to zero. For a property group, also inspect customer advances, receivables, inventory purchases and restricted cash. A single-year cash-conversion ratio can be distorted by a large handover or land payment.
Interest coverage
A conventional formula is EBIT divided by finance costs. If EBIT is negative, coverage is negative and debt service risk requires a qualitative explanation rather than a favourable ranking. State whether finance costs were capitalized into qualifying projects or expensed, because that policy changes the apparent margin.
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Return measures
Use average opening and closing equity or capital where available. Do not calculate return on equity from a single closing balance when major issuances, losses or acquisitions changed the capital base during the year. For a group with associates and investment assets, explain whether the numerator and denominator include those holdings.
What to inspect in Nimbus’s annual report before drawing a conclusion
- Read the accounting-policy section. Confirm revenue-recognition rules for construction and development contracts, valuation of investments, borrowing-cost treatment and consolidation of partnerships.
- Trace the segment and entity notes. Identify which subsidiary, associate or partnership generated revenue and which contributed losses or gains.
- Reconcile the cash-flow statement. Look for differences between reported earnings and cash from operations caused by inventory, receivables, customer advances or provisions.
- Review debt maturity and security details. Note interest rates, defaults, refinancing needs, guarantees and loans to or from group entities.
- Check related-party transactions. Purchases, sales, loans, guarantees and advances can affect both cash flow and the interpretation of group economics.
- Separate fair-value and exceptional items. Place the ₹1,154.89 lakh FVTPL investment loss in a clearly labelled adjustment column; do not erase it from statutory results, but do not present it as a construction-cost trend.
- Compare prior-year comparatives on the same basis. If an entity was newly consolidated, acquired, disposed of or reclassified, explain the effect before calculating growth.
Common comparison mistakes and how to fix them
Ranking by revenue alone
Problem: A larger consolidated number may reflect a broader consolidation perimeter, not better execution.
Fix: Pair revenue with operating margin, operating cash flow, project progress, collections and the identity of the entities included.
Mixing fiscal years
Problem: Comparing Nimbus’s year ended March 31, 2026 with a peer’s calendar year can place different property cycles and interest-rate conditions side by side.
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Fix: Use the same twelve-month period where possible. If fiscal years differ, label the dates and avoid implying a contemporaneous ranking.
Using standalone Nimbus revenue against consolidated peers
Problem: The parent-only ₹146.73 lakh revenue is not comparable with a peer’s group turnover that includes project subsidiaries.
Fix: Compare consolidated with consolidated, then provide a separate standalone row to show the parent’s direct economics.
Treating fair-value losses as operating costs
Problem: A market-value remeasurement can overwhelm a year’s net result without indicating a matching change in construction output.
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Calling a screener’s “related stocks” peers
Problem: Automated lists often mix unrelated sectors, sizes and business models.
Fix: Validate every candidate against its primary business, project exposure, reporting scope and annual report before including it in the peer set.
Ignoring project stage
Problem: A company handing over completed apartments can show high revenue while another holding undeveloped land shows little revenue despite valuable assets.
Fix: Add bookings, sold and unsold area, completion status, collections and inventory ageing whenever disclosed.
A practical peer-comparison workflow
- Freeze the date. Use FY2025–26, ended March 31, 2026, for Nimbus and record the exact fiscal period for every candidate.
- Collect primary filings. Download each company’s audited annual report, consolidated financial statements, notes, cash-flow statement and share-count information.
- Map the group structure. List subsidiaries, associates, joint ventures and partnerships, ownership percentages and consolidation treatment.
- Normalize units. Convert all figures to one unit, such as ₹ lakh or ₹ crore, and retain the original reported unit in a notes column.
- Build the income-statement bridge. Enter revenue, operating profit, finance costs, fair-value items, exceptional items, associate results, tax and reported profit or loss.
- Build the cash and balance-sheet view. Add operating cash flow, debt, inventory, receivables, customer advances, net worth and capital employed.
- Check comparability. Flag different fiscal years, newly consolidated entities, different revenue policies, currency exposure and non-recurring transactions.
- Rank only after qualification. Present any ranking with the metric, period, reporting basis, market date and exclusions shown beside it.
How to state the conclusion without overstating it
A defensible conclusion is that Nimbus Projects’ consolidated scale expanded in FY2025–26, while reported profitability reversed sharply. The parent-only accounts remained very small in revenue and loss-making, demonstrating why they cannot substitute for the group view. The group’s wide consolidation perimeter—including real-estate vehicles, financial-services entities, hospitality exposure and 95%-controlled partnerships—means that a fair peer set must match both business model and accounting scope.
The ₹1,154.89 lakh FVTPL loss is an important explanation to disclose, but it is not a complete diagnosis of the consolidated loss. The remaining analysis must come from the audited expense, finance-cost, associate, cash-flow and project disclosures. Until those components are aligned with each candidate company, a simple statement that Nimbus outperformed or underperformed “similar companies” would be premature.
Data freshness and update practice
The figures above are tied to FY2025–26 reports and market information available on October 19, 2026. Annual results, listing status, market capitalisation, valuation ratios and secondary data can change. Recheck the latest audited filing, exchange disclosures and the date attached to any market-data series before publishing or acting on a comparison.
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