Nukleus H1 FY27 revenue rose 36% while EBITDA was flat

Nucleus Office Solutions Limited, operating as Nukleus, reported H1 FY 2026–27 revenue from operations of Rs 22.9919 crore, up 35.93% on the presentation’s stated comparison, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose only 0.69% to Rs 4.1232 crore. Profit after tax increased 23.77% to Rs 143.98 lakh.

What did Nukleus report for H1 FY27?

Nukleus reported revenue from operations of Rs 22.9919 crore in H1 FY 2026–27, compared with Rs 16.9149 crore in the performance scorecard’s FY 2025–26 comparison column. The presentation states that this represented a 35.93% year-on-year increase, while EBITDA increased to Rs 4.1232 crore from Rs 4.0938 crore.

Nukleus recorded profit after tax (PAT) of Rs 143.98 lakh, compared with Rs 116.33 lakh, a 23.77% increase. Total assets were Rs 107.6419 crore, up 40.44% from Rs 76.6477 crore, while depreciation and amortisation expense declined 22.67% to Rs 1.7122 crore from Rs 2.2142 crore.

The scorecard’s comparison labels require care. It places H1 FY 2026–27 alongside FY 2025–26, whereas management separately described H1 FY27 total income of Rs 23.1725 crore against Rs 17.3106 crore in H1 FY26, a 33.86% increase. Total income includes revenue from operations and other income, making it different from the scorecard’s revenue measure.

Why did Nukleus EBITDA lag revenue growth?

Nukleus’s disclosed figures show that EBITDA did not rise in line with revenue: revenue from operations increased by Rs 6.0770 crore, while EBITDA increased by Rs 2.94 lakh. The presentation therefore records a substantial top-line increase without a comparable increase in EBITDA for the periods displayed.

The H1 scorecard does not provide a cost-line breakdown or management explanation for the difference between revenue and EBITDA growth. It reports EBITDA of Rs 4.1232 crore and profit before tax (PBT) of Rs 1.9189 crore, but does not split direct costs, employee expenses, finance costs or other expenses for H1 FY27.

Below EBITDA, PBT rose by Rs 40.47 lakh to Rs 1.9189 crore, and PAT rose by Rs 27.65 lakh to Rs 143.98 lakh. Depreciation and amortisation expense fell by Rs 50.20 lakh from the comparison figure, coinciding with the increase in PBT and PAT, although the presentation does not identify that reduction as the cause of the profit movement.

How does Nukleus compare with recent annual results?

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. EBITDA rose from Rs 3.2753 crore in FY24 to Rs 6.6418 crore in FY25 and Rs 9.1734 crore in FY26, while PAT increased from Rs 1.1972 crore to Rs 2.0621 crore and Rs 2.1353 crore.

Nukleus’s FY26 income statement listed direct cost of Rs 18.4726 crore as its largest expense line, followed by depreciation and amortisation of Rs 5.3117 crore and other expenses of Rs 4.9966 crore. In FY25, those items were Rs 14.2278 crore, Rs 2.9700 crore and Rs 4.7706 crore, respectively; these annual figures do not explain the H1 FY27 EBITDA result.

Nukleus ended FY26 with total assets of Rs 76.6477 crore, including fixed assets of Rs 35.2536 crore and cash and cash equivalents of Rs 7.5686 crore. At the end of FY25, total assets were Rs 59.5313 crore, fixed assets were Rs 13.5223 crore and cash was Rs 23.9637 crore, showing that fixed assets increased while cash declined over that annual period.

What expansion plans has Nukleus disclosed?

Nukleus disclosed expansion initiatives at First India Place in Gurugram and Okaya Centre in Noida, which management said are intended to broaden its workspace portfolio across important business districts. The presentation does not disclose the area, seating capacity, capital expenditure, opening date or expected revenue for either development.

Management said its priorities include expanding managed-office offerings, improving workspace utilisation, increasing its presence in strategic micro-markets, integrating technology and improving customer experience. These priorities apply to Nukleus’s flexible and managed-office platform, while the H1 scorecard reports total assets of Rs 107.6419 crore without allocating them by location or project.

The presentation places the expansion plans in an Indian office market where gross leasing reached 82.6 million square feet in calendar 2025 and new supply reached 58.9 million square feet. Flexible-space operators accounted for 20% of office absorption in 2025, behind technology at 23%, according to CBRE data reproduced in the presentation.

What should be monitored after Nukleus’s H1 FY27 results?

Nukleus’s next results can show whether revenue growth converts into EBITDA growth beyond the 0.69% increase reported in H1 FY27. Management identified workspace utilisation and managed-office expansion as priorities, but did not disclose a utilisation rate, revenue mix, EBITDA target or operating target for these initiatives.

The First India Place and Okaya Centre projects remain key disclosed execution items because the presentation provides no timeline, area addition or investment amount. Management has said both locations support a broader portfolio across strategic commercial districts, but has not quantified their prospective contribution.

The broader demand backdrop in the presentation includes global capability centre leasing of 32.8 million square feet in India during 2025, up from 29.2 million square feet in 2024. Bengaluru, Mumbai, Delhi-NCR and Hyderabad together accounted for nearly 65% to 70% of leasing activity, while Bengaluru held about 48% of global capability centre leasing in Q1 2026.

Conclusion

Nukleus’s H1 FY27 scorecard shows revenue from operations rising 35.93% to Rs 22.9919 crore while EBITDA increased only 0.69% to Rs 4.1232 crore. PBT rose 26.73% to Rs 1.9189 crore, PAT increased 23.77% to Rs 143.98 lakh, and total assets increased 40.44% to Rs 107.6419 crore.

The next disclosed matters to watch are execution at First India Place in Gurugram and Okaya Centre in Noida, alongside management’s plans to expand managed offices and improve utilisation. Nukleus has not provided capacity, investment, timing, utilisation or financial targets for those projects and priorities.