Nukleus Office Solutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nukleus Office Solutions Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nukleus Office Solutions reported total income growth of 25.49% year on year to Rs 36.19 crore for FY26, with EBITDA rising 38.12% to Rs 917.34 lakhs and profit after tax at Rs 213.53 lakhs. Management said operational area under management reached approximately 7.3 lakh square feet with occupancy around 85% across 25 centres in Delhi NCR and Bengaluru. Management also discussed a strategic shift toward managed office and back-to-back deals over co-working, and said the company plans to convert its accounts to Ind AS during the current financial year.
Numbers mentioned
Total income: 36.19 crores (FY26)
p. 4
“the total income increased from by 25.49% year on year to 36.19 crores”
Nipun Gupta, page 4 of the filed PDF · View the filing
EBITDA: 917.34 lakhs (FY26)
p. 4
“while EBITDA margin grew by 38.12% year on year to 917.34 lakhs”
Nipun Gupta, page 4 of the filed PDF · View the filing
Profit after tax: 213.53 lakhs (FY26)
p. 4
“Profit after tax for the financial year 26 to at 213.53 lakhs”
Nipun Gupta, page 4 of the filed PDF · View the filing
Total income: 1,888.35 lakhs (H2 FY26)
p. 4
“Two and absolute numbers of 1,888.35 lakhs”
Nipun Gupta, page 4 of the filed PDF · View the filing
EBITDA: 507.85 lakhs (H2 FY26)
p. 4
“And EBITDA also increased by 35.16% year on year to 507.85 lakhs”
Nipun Gupta, page 4 of the filed PDF · View the filing
Fixed assets: 3525.36 lakhs (FY26)
p. 4
“fixed assets grew by 160.71% year on year to 3525.36 lakhs”
Nipun Gupta, page 4 of the filed PDF · View the filing
Operational workspace area: 3.06 lakh square feet (FY26)
p. 3
“operational workspace area stands at around 3.06 lakh square feet”
Nipun Gupta, page 3 of the filed PDF · View the filing
Area under management: 7.3 lakh square feet (FY26)
p. 3
“Our managed office and co-working ecosystem now covers approximately 7.3 lakh square feet under management”
Nipun Gupta, page 3 of the filed PDF · View the filing
Occupancy: around 85% (FY26)
p. 3
“We maintain healthy occupancy levels of around 85%”
Nipun Gupta, page 3 of the filed PDF · View the filing
Net worth: 41 crore (FY26)
p. 11
“We have a... 41 crore net worth in the at the end of financial year 26”
Ajay Singhal, page 11 of the filed PDF · View the filing
Cash and bank balance: 7 crores 56 (FY26)
p. 11
“Total cash and bank balance at the end of the year, 7 crores 56.”
Ajay Singhal, page 11 of the filed PDF · View the filing
Finance cost: 11.5 lakhs (FY26)
p. 13
“The finance cost has increased modestly to around 11.5 lakhs from the earlier 92.75 lakhs, an increase of about 8%”
Ajay Singhal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Operational area — more than a million square feet · by end of FY27
stated firmly by Ajay Singhal
p. 18
“we will be ending the year with more than a million operational area.”
Ajay Singhal, page 18 of the filed PDF · View the filing
Portfolio mix (managed office vs co-working) — 70% managed office and 30% co-working · near term
stated as an aspiration by Abhimanyu Singh
p. 18
“after the conversion and completely filling this portfolio, you'll see that we have 70% of the managed office and 30% of the co-working that will be there in the portfolio.”
Abhimanyu Singh, page 18 of the filed PDF · View the filing
Portfolio mix (managed office vs co-working) — 90% of managed office and 10% of co-working · next three to four years
stated as an aspiration by Abhimanyu Singh
p. 18
“will be 70% managed office and 30% of the co-working, which over a period of next three to four years will come down to 90% of managed office and 10% of co-working”
Abhimanyu Singh, page 18 of the filed PDF · View the filing
Accounting standard adoption — Ind AS conversion · this financial year
stated firmly by Nipun Gupta
p. 23
“We are going to soon getting our accounts converted to index in this financial year itself.”
Nipun Gupta, page 23 of the filed PDF · View the filing
Area growth pace — similar number of square feet added year on year · next five years
stated as an aspiration by Ajay Singhal
p. 21
“we are hoping to maintain this space during the next few years.”
Ajay Singhal, page 21 of the filed PDF · View the filing
GCC client enrollment — first GCC client · very soon
stated conditionally by Abhimanyu Singh
p. 13
“if everything goes the way it is going, we will be enrolling the first GCC client with us very, very soon.”
Abhimanyu Singh, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the company is well equipped for current GCC requirements and is preparing for future GCC needs through infrastructure and technology upgrades.
Answered by Abhimanyu Singh
Asked by Aarti: Is the current portfolio capable of catering to GCC demand at scale?
p. 13
“for the current GCC requirements, those are there in India, we are very well equipped.”
Abhimanyu Singh, page 13 of the filed PDF · View the filing
Management said the finance cost increase was modest relative to the increase in borrowings and reflected favourable cost of debt.
Answered by Ajay Singhal
Asked by Kabir: How should investors think about leverage and balance sheet discipline given rising finance costs?
p. 13
“we have taken some debt to grow and the cost is well within acceptable cost increases well within the acceptable reasons.”
Ajay Singhal, page 13 of the filed PDF · View the filing
Management described a roughly six-month timeline from center setup to reaching good occupancy levels.
Answered by Ajay Singhal
Asked by Akash Gupta: What ROC benchmarks are targeted and when will new centres stabilize?
p. 14
“within a period of six months or so, we typically reach a good occupancy level.”
Ajay Singhal, page 14 of the filed PDF · View the filing
Management attributed the increase mainly to efficiency and productivity gains from technology deployment.
Answered by Ajay Singhal
Asked by Shruti Sharma: How much of the EBITDA margin improvement came from occupancy/operating leverage versus accounting adjustments?
p. 14
“majority of the increase has come due to better efficiency and productivity that has been deployed due to various reasons which we covered in our presentation.”
Ajay Singhal, page 14 of the filed PDF · View the filing
Management said the industry is not organised enough for dynamic pricing and pricing is currently set manually based on occupancy targets.
Answered by Abhimanyu Singh
Asked by Shweta Deshmukh: Is Nukleus using demand-based dynamic pricing similar to hotels or airlines?
p. 15
“Dynamic pricing has not become a part of, you know, business process in this industry yet.”
Abhimanyu Singh, page 15 of the filed PDF · View the filing
Management said the company is developing live inventory sharing with brokers and channel partners, which it has not seen offered elsewhere.
Answered by Abhimanyu Singh
Asked by Sanjay: What differentiates Nukleus technology from larger peers?
p. 16
“our live inventory is going to be with our partners as well, those who are IPCs, brokers, major channel partners in the market.”
Abhimanyu Singh, page 16 of the filed PDF · View the filing
Management said around 7 lakh square feet is signed off, with about 3.5 lakh operational and the rest under development, targeting over a million operational square feet by year end.
Answered by Ajay Singhal
Asked by Rohan: What is the current total area, how much is managed vs owned/leased, and what is the expansion plan?
p. 17
“currently we have around 7,00,000 plus square feet, which is signed off and under various stages of utilization.”
Ajay Singhal, page 17 of the filed PDF · View the filing
Management declined to give a specific revenue projection, saying it was not appropriate at this stage.
Answered by Ajay Singhal
Asked by Rohan: What is the revenue potential from the 3.5 lakh square feet currently operational?
p. 21
“putting a number to this will not be a good idea.”
Ajay Singhal, page 21 of the filed PDF · View the filing
Management confirmed plans to convert accounts to Ind AS this financial year.
Answered by Nipun Gupta
Asked by Rohan: Has the company considered voluntary adoption of Ind AS for EBITDA comparability?
p. 23
“We are going to soon getting our accounts converted to index in this financial year itself.”
Nipun Gupta, page 23 of the filed PDF · View the filing
Risks flagged
Error in revenue mix chart data presented during the call, requiring correction
p. 9
“There seems to be some… Gap in the numbers.”
Ajay Singhal, page 9 of the filed PDF · View the filing
Return on equity and return on capital employed showing a dip due to steep increase in equity and capital employed
p. 12
“These numbers show a little dip because of the steep increase in the equity and the capital employed.”
Ajay Singhal, page 12 of the filed PDF · View the filing
Onboarding and stabilization lag before new area contributes to revenue
p. 20
“there is always an onboarding period because you take the property, then you Design it, then you do the fit outs and the client comes in”
Ajay Singhal, page 20 of the filed PDF · View the filing
Commodity nature of the business requiring scale to survive, with risk of consolidation for smaller players
p. 19
“In A commodity business, you talk, go past, you talk about telecommunication business, you talk about any industry, people, those who have become big, five top most companies have survived.”
Abhimanyu Singh, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.