nukleus FY26 income more than doubled as returns and cash fell

Nucleus Office Solutions Limited, referred to as nukleus, more than doubled total income to Rs 36.1941 crore in FY26 from Rs 17.1641 crore in FY24, but reported return on equity of 5.29%, versus 46.09%, and cash of Rs 7.5686 crore, down from Rs 23.9637 crore in FY25.

How did nukleus income and profit change in FY26?

nukleus reported total income of Rs 36.1941 crore in FY26, compared with Rs 28.8424 crore in FY25 and Rs 17.1641 crore in FY24. Revenue from operations supplied Rs 35.4785 crore of FY26 income, against Rs 28.7052 crore in FY25, while other income increased to Rs 71.56 lakh from Rs 13.72 lakh. The FY26 income total was more than twice the FY24 figure.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 9.1734 crore in FY26 from Rs 6.6418 crore in FY25 and Rs 3.2753 crore in FY24. Profit before tax rose to Rs 2.8567 crore from Rs 2.7443 crore, while profit after tax, or PAT, reached Rs 2.1353 crore, compared with Rs 2.0621 crore in FY25 and Rs 1.1972 crore in FY24. The increase in PAT between FY25 and FY26 was smaller than the increase in total income over that period.

What expenses affected nukleus profit growth in FY26?

nukleus recorded total expenditure of Rs 33.3374 crore in FY26, compared with Rs 26.0981 crore in FY25 and Rs 15.5642 crore in FY24. Direct cost was the largest reported expense at Rs 18.4726 crore, versus Rs 14.2278 crore a year earlier. Employee benefit expense increased to Rs 3.5514 crore from Rs 3.2022 crore, and other expenses rose to Rs 4.9966 crore from Rs 4.7706 crore.

Depreciation and amortisation expense rose to Rs 5.3117 crore in FY26 from Rs 2.9700 crore in FY25 and Rs 1.4839 crore in FY24. Finance cost reached Rs 1.0050 crore, compared with Rs 92.75 lakh in FY25 and Rs 19.16 lakh in FY24. Fixed assets also increased to Rs 35.2536 crore in FY26 from Rs 13.5223 crore, although the presentation does not provide an asset-by-asset explanation for the increase.

How did nukleus balance-sheet funding and assets change?

nukleus expanded total assets to Rs 76.6477 crore in FY26 from Rs 59.5313 crore in FY25 and Rs 19.3586 crore in FY24. Non-current assets more than doubled to Rs 53.7608 crore from Rs 25.7111 crore in FY25, led by fixed assets of Rs 35.2536 crore and other non-current assets of Rs 17.1845 crore. Current assets declined to Rs 22.8869 crore from Rs 33.8201 crore.

Net worth was Rs 41.4052 crore at FY26 end, compared with Rs 39.2699 crore at FY25 end and Rs 4.1952 crore at FY24 end. Non-current borrowings increased to Rs 15.7291 crore from Rs 10.1861 crore, while short-term borrowings rose to Rs 2.2877 crore from Rs 44.09 lakh. Total current liabilities were Rs 11.2250 crore, compared with Rs 5.6758 crore, including trade payables of Rs 5.7884 crore.

What does nukleus cash flow show about FY26 investment?

nukleus generated net cash flow from operating activities of Rs 3.6269 crore in FY26, reversing net cash used in operating activities of Rs 7.4403 crore in FY25. Operating profit before working-capital changes was Rs 8.5372 crore, against Rs 6.5325 crore in FY25. Cash generated from operations was Rs 4.9801 crore before a net income-tax payment of Rs 1.3532 crore.

nukleus used Rs 26.4067 crore in investing activities during FY26, compared with Rs 8.9067 crore in FY25 and Rs 6.6574 crore in FY24. The presentation also reports Rs 6.3847 crore under net cash used in financing activities for FY26, after Rs 34.4889 crore in FY25. Year-end cash and cash equivalents therefore fell to Rs 7.5686 crore from Rs 23.9637 crore, although they remained above FY24's Rs 5.8218 crore.

Why did nukleus return and liquidity measures decline?

nukleus reported return on equity, or ROE, of 5.29% in FY26, down from 9.49% in FY25 and 46.09% in FY24. Return on capital employed, or ROCE, was 5.31%, compared with 7.12% and 14.39%, respectively. PAT increased from Rs 1.1972 crore in FY24 to Rs 2.1353 crore in FY26, while net worth increased from Rs 4.1952 crore to Rs 41.4052 crore over the same period.

The current ratio was 2.04 times in FY26, versus 5.96 times in FY25 and 1.54 times in FY24. Debt to equity increased to 0.44 times from 0.27 times in FY25, but was below FY24's 1.96 times. Earnings per share was Rs 5.30 in FY26, compared with Rs 7.53 in FY25 and Rs 19.71 in FY24; equity share capital was unchanged at Rs 4.0320 crore in FY25 and FY26.

Conclusion

nukleus increased FY26 total income to Rs 36.1941 crore from Rs 17.1641 crore in FY24 and raised EBITDA to Rs 9.1734 crore. However, FY26 PAT of Rs 2.1353 crore was only modestly above FY25, while fixed assets, depreciation, borrowings and investing outflows increased, cash fell from its FY25 level, and reported ROE and ROCE declined.

Management says its priorities include expanding managed-office offerings, improving workspace utilisation and strengthening its presence across strategic micro-markets. It identifies expansion initiatives at First India Place in Gurugram and Okaya Centre in Noida, making subsequent disclosures on asset deployment, operating cash flow, cash balances and return measures relevant to watch.