Nimbus Projects Ltd Management Discussions

Industry Overview

The real estate industry is one of the most significant contributors to economic growth, playing a vital role in employment generation, infrastructure development, and capital formation. It encompasses residential, commercial, retail, industrial, and hospitality properties. The sector has witnessed substantial growth in recent years due to rapid urbanization, increasing disposable income, favorable government initiatives, and rising demand for quality housing and commercial spaces. Digital transformation, improved financing options, and growing investor confidence have further strengthened the industrys outlook.

During the financial year 2025-26, the real estate sector demonstrated resilience despite global economic uncertainties, inflationary pressures, geopolitical developments, and fluctuations in interest rates. Demand for residential housing remained healthy, particularly in the premium and mid-income segments, driven by increasing urbanization, improving household incomes, changing lifestyle preferences, and greater confidence among homebuyers. Commercial real estate also experienced stable demand supported by expansion in information technology, financial services, healthcare, manufacturing, and Global Capability Centres (GCCs).

Increasing investments in infrastructure projects such as highways, metro rail networks, airports, industrial corridors, logistics parks, and smart city initiatives continue to improve regional connectivity and create new growth opportunities for residential and commercial developments. The emergence of integrated townships and mixed-use developments has further enhanced the attractiveness of the sector.

The growing adoption of digital technologies, sustainable construction methods, and environmentally responsible development practices is transforming the competitive landscape. Developers are increasingly focusing on customer experience, quality construction, timely project delivery, and operational efficiency to strengthen their market position.

Economic Environment

The performance of the real estate sector is closely linked to overall economic conditions. Stable GDP growth, increasing urban migration, infrastructure expansion, and supportive government policies have created favorable conditions for long-term industry growth. Lower unemployment rates and rising household incomes have contributed to higher demand for residential properties, while business expansion has supported demand for commercial office spaces, logistics parks, and industrial facilities.

Inflationary pressures during the year resulted in higher prices for key construction materials such as steel, cement, aluminum, electrical equipment, and fuel. Although construction costs remained elevated, developers implemented cost optimization strategies through improved procurement planning, supply chain management, design optimization, and technology adoption.

Interest rates continued to influence housing affordability and financing decisions. However, higher borrowing costs due to increasing interest rates may temporarily affect affordability and investment decisions. Inflation has also resulted in increased construction costs, requiring developers to optimize project planning and improve operational efficiencies.

Foreign Direct Investment (FDI), institutional capital, and investments through Real Estate Investment Trusts (REITs) continued to strengthen the financial ecosystem of the real estate sector. Increasing participation by domestic and international investors reflects long-term confidence in the industrys growth potential.

Industry Trends

Several structural trends continue to reshape the real estate industry:

1. Residential Housing Growth

Demand for residential properties remains strong across affordable, mid-income, and luxury housing segments. Changing family structures, increasing nuclear households, rising disposable incomes, and greater emphasis on home ownership continue to support long-term housing demand.

2. Premium Housing Demand

The premium and luxury housing segments have experienced significant growth as higher-income consumers seek larger living spaces, better amenities, integrated communities, and improved lifestyle offerings.

3. Commercial Office Expansion

Demand for Grade-A office spaces remains healthy due to business expansion, growth in technology companies, financial institutions, consulting firms, and multinational corporations. Flexible workspaces and managed office solutions continue to gain popularity.

4. Warehousing and Logistics

Rapid growth in e-commerce, manufacturing, organized retail, and supply chain modernization has significantly increased demand for logistics parks, industrial warehouses, and fulfilment centres.

5. Sustainable Development

Developers are increasingly adopting green building certifications, renewable energy solutions, rainwater harvesting, waste management systems, and energy-efficient construction technologies to reduce environmental impact.

6. Digital Transformation

Digital platforms have transformed customer engagement through online property search, virtual site visits, digital documentation, AI-powered customer support, CRM systems, and online sales channels.

7. Institutional Investments

Private equity funds, sovereign wealth funds, pension funds, and REITs continue to provide long-term capital, improving financial stability and encouraging higher standards of governance across the industry.

Government Initiatives for the Real Estate Industry

The Government has introduced several policy reforms and infrastructure initiatives to promote sustainable growth in the real estate sector. These measures aim to improve transparency, enhance housing affordability, attract investments, strengthen urban infrastructure, and accelerate economic development. Key initiatives include:

1. Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) aims to provide affordable housing to eligible urban and rural households. The scheme offers financial assistance and interest subsidies on home loans under the Credit Linked Subsidy Scheme (CLSS), making home ownership more accessible for economically weaker sections (EWS), low-income groups (LIG), and middle- income groups (MIG). The initiative has significantly boosted demand for affordable housing and encouraged private sector participation.

2. Real Estate (Regulation and Development) Act, 2016 (RERA)

The implementation of RERA has brought greater transparency, accountability, and consumer protection to the real estate sector. The Act requires developers to register projects with the respective State Real Estate Regulatory Authorities before marketing or selling them.

Major benefits include:

• Improved transparency in project execution.

• Timely completion and delivery of projects.

• Protection of homebuyers interests.

• Mandatory disclosure of project details.

• Faster dispute resolution.

• Increased investor confidence.

RERA has significantly enhanced the credibility and governance standards of the Indian real estate market.

3. Smart Cities Mission

The Smart Cities Mission focuses on developing modern, sustainable, and technology-enabled urban infrastructure. Investments in transportation, digital connectivity, water supply, sanitation, waste management, and public services have enhanced urban living standards and increased demand for residential, commercial, and mixed-use developments.

4. PM Gati Shakti National Master Plan

The PM Gati Shakti National Master Plan integrates infrastructure planning across various ministries to improve logistics efficiency and connectivity.

The initiative supports:

• Industrial parks

• Logistics hubs

• Warehousing

• Manufacturing clusters

• Urban development

Improved connectivity is expected to increase demand for industrial, commercial, and residential properties.

5. Foreign Direct Investment (FDI)

The Government permits 100% Foreign Direct Investment (FDI) under the automatic route in completed projects for townships, housing, built-up infrastructure, and construction development, subject to applicable regulations. Liberalized FDI norms have encouraged global investment, enhanced access to capital, and supported the growth of large-scale real estate developments.

6. Real Estate Investment Trusts (REITs)

The introduction of REITs has created an organized investment platform for income-generating commercial real estate assets.

Benefits include:

• Increased liquidity

• Better access to institutional capital

• Portfolio diversification

• Transparent investment structure

• Stable income opportunities for investors

REITs have strengthened Indias commercial real estate market and broadened investment participation.

7. Digital India and Land Record Modernization

Government initiatives promoting digitization have improved transparency and efficiency in property transactions.

Key initiatives include:

• Online land records

• Digital property registration

• GIS-based land mapping

• Online approval systems

• E-governance platforms

These measures reduce disputes, improve ease of doing business, and streamline real estate transactions.

8. Ease of Doing Business Reforms

The Government has undertaken reforms to simplify regulatory processes through:

• Online building approvals

• Single-window clearance mechanisms

• Digitized approval systems

• Faster environmental clearances

• Simplified compliance procedures

These initiatives reduce project delays and improve operational efficiency for developers.

Noida & Greater Noida Real Estate Market Overview

Noida and Greater Noida have emerged as two of the fastest-growing real estate markets in the National Capital Region (NCR). Their strategic location, planned urban infrastructure, robust connectivity, expanding commercial ecosystem, and continuous government investment have made these cities preferred destinations for residential, commercial, industrial, and institutional developments.

The region has witnessed sustained demand across housing segments, supported by rapid urbanization, increasing employment opportunities, and improving physical and social infrastructure. The expansion of the Noida-Greater Noida Expressway, Yamuna Expressway, Delhi Metro network, and the development of the Noida International Airport at Jewar are expected to significantly enhance connectivity and strengthen the regions long-term growth prospects.

The residential market in Noida and Greater Noida continued to demonstrate healthy demand during the year. Homebuyers showed strong interest in ready-to-move and under-construction projects developed by reputed developers, with increasing preference for integrated townships and gated communities offering modern amenities.

Demand has remained robust across the premium and mid-income housing segments, driven by Rising household incomes, Improved affordability and availability of home finance, Enhanced connectivity with Delhi, Ghaziabad, Gurugram, and other NCR regions, Growth in employment opportunities, Preference for larger homes and integrated lifestyle communities.

Noida has established itself as one of the leading commercial and office destinations in North India. The city continues to attract multinational corporations, IT and IT-enabled services (IT/ITeS) companies, financial institutions, start-ups, and Global Capability Centres (GCCs).

Modern Grade-A office spaces, business parks, and mixed-use developments have witnessed stable demand, supported by competitive rental rates, superior infrastructure, and proximity to Delhi. The retail real estate segment has also expanded with the development of organized shopping malls, entertainment centres, and high-street retail projects catering to a growing consumer base.

The strategic location of Noida and Greater Noida, along with excellent connectivity through expressways and freight corridors, has made the region an important hub for manufacturing, warehousing, and logistics.

Noida International Airport and associated logistics infrastructure are expected to further strengthen the regions position as a major industrial and logistics destination.

Infrastructure continues to be a major catalyst for real estate growth in Noida and Greater Noida. Significant developments include:

• Expansion of the Delhi Metro network.

• Noida-Greater Noida Expressway.

• Yamuna Expressway.

• Eastern Peripheral Expressway.

• Delhi-Mumbai Expressway connectivity.

• Noida International Airport (Jewar).

• Film City project near Jewar.

• Rapid urban infrastructure development.

• New educational institutions, hospitals, and commercial centres.

These projects are expected to improve accessibility, enhance economic activity, and increase property values across the region.

Noida and Greater Noida continue to attract both domestic and institutional investors due to:

• Planned urban development.

• Availability of large land parcels.

• Competitive property prices compared with other NCR markets.

• Strong infrastructure pipeline.

• Growth in commercial and industrial activities.

• Increasing employment opportunities.

The region offers attractive long-term investment potential across residential, commercial, retail, industrial, and mixed-use developments.

The long-term outlook for the Noida and Greater Noida real estate market remains positive. Continued government investment in infrastructure, improved regional connectivity, expansion of the IT and manufacturing sectors, and the operationalization of the Noida International Airport are expected to support sustained demand and capital appreciation. The region is well positioned to remain one of Indias most dynamic real estate markets, offering significant opportunities for developers, investors, and end- users alike.

Yamuna Expressway Real Estate Market Overview

The Yamuna Expressway has emerged as one of the fastest-growing real estate corridors in the National Capital Region (NCR). Stretching approximately 165 km from Greater Noida to Agra, the corridor has evolved from a predominantly land-investment market into a diversified real estate destination comprising residential townships, commercial developments, industrial parks, logistics hubs, educational institutions, and hospitality projects.

The regions transformation has been driven by large-scale infrastructure investments, the development of the Noida International Airport (Jewar), industrial and manufacturing clusters, improved connectivity, and increasing participation from reputed real estate developers. These factors have significantly enhanced the corridors attractiveness for both end-users and long-term investors.

The development of the Noida Internationa! Airport is the most significant catalyst for the Yamuna Expressway market. The airport is expected to generate substantial employment opportunities and stimulate demand for residential, commercial, retail, hospitality, and logistics assets. It is anticipated to transform the corridor into a major economic hub for North India.

These developments are expected to create a large employment base, supporting sustained demand for housing and commercial real estate.

The residential market at Yamuna expressway has witnessed strong demand across affordable, mid-income, premium, and plotted developments. Demand is being driven by:

• Competitive property prices compared with Noida and Gurugram.

• Growing employment opportunities.

• Expansion of educational institutions and healthcare facilities.

• Increasing preference for integrated townships.

• Rising investor confidence due to infrastructure-led development.

Several leading developers have launched residential projects across sectors governed by the Yamuna Expressway Industrial Development Authority (YEIDA).

Commercial activity is expanding rapidly with the development of:

• Office complexes

• Retail centres

• High-street commercial projects

• Hotels

• Convention centres

• Mixed-use developments

The airport ecosystem is expected to significantly increase demand for hospitality, retail, and business infrastructure over the medium to long term.

The Yamuna Expressway corridor is becoming one of North Indias key industrial and logistics destinations due to:

• Availability of large land parcels.

• Proximity to Delhi-NCR.

• Improved highway connectivity.

• Airport-led logistics development.

• Government-supported industrial parks.

Demand for warehouses, fulfilment centres, and industrial facilities continues to grow, supported by manufacturing expansion and e-commerce.

The Yamuna Expressway market has recorded significant capital appreciation over the past few years. According to market reports:

• Average apartment prices increased by approximately 158% between 2020 and 2025.

• Plot prices appreciated by around 536% during the same period, reflecting exceptionally strong investor demand for land parcels.

This appreciation has been driven by the progress of the Noida International Airport, industrial investments, and major infrastructure projects. While price growth has been strong, future appreciation is expected to increasingly depend on the timely execution of infrastructure and commercial developments.

The Yamuna Expressway is widely regarded as one of the most promising real estate investment corridors in the NCR due to:

• Airport-led economic development.

• Continuous infrastructure expansion.

• Availability of comparatively affordable land.

• Strong government support through YEIDA.

• Increasing participation by reputed developers.

• Growth in industrial, logistics, and commercial activities.

Long-term demand is expected to be driven by end-users as employment opportunities increase and social infrastructure continues to develop.

The long-term outlook for the Yamuna Expressway real estate market remains positive. Continued infrastructure development, the operationalization and expansion of the Noida International Airport, industrial investments, and urban development initiatives are expected to sustain demand across residential, commercial, retail, and industrial segments. The corridor is evolving into a major economic and investment destination within the National Capital Region, with significant potential for long-term value creation for developers, investors, and homebuyers.

The Yamuna Expressway corridor has emerged as one of Indias most promising real estate growth destinations, driven by airport-led development, large-scale infrastructure investments, industrial expansion, and government-led urban planning. The region offers substantial opportunities across residential, commercial, industrial, retail, hospitality, and logistics segments.

The Yamuna Expressway corridor is positioned as one of the fastest-growing real estate destinations in the National Capital Region (NCR). Airport-led development, expanding industrial and logistics infrastructure, planned urbanization, and sustained government support are expected to drive long-term demand across residential, commercial, retail, hospitality, and industrial real estate. With improving connectivity and increasing institutional participation, the corridor offers significant opportunities for developers, investors, and end-users seeking long-term value creation.

Business Performance

The companys performance during the financial year reflected steady progress despite market uncertainties. Demand remained healthy across key market segments, supported by strong customer interest and improved project execution. Sales bookings, customer inquiries, and project completions demonstrated positive momentum throughout the year.

Management continued to focus on timely project delivery, cost optimization, efficient inventory management, and strengthening customer relationships. Strategic land acquisitions and selective project launches enabled the company to expand its development pipeline while maintaining financial discipline.

The Company is engaged in construction of residential flats through Special Purpose Vehicles (SPVs) and these SPVs have been allotted plots of land on long term lease, under Builders Residential Scheme (BRS) of the New Okhla Industrial Development Authority (NOIDA), Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Authority (YEA).

NEW PROJECT UNDERTAKEN BY THE COMPANY

a) NIMBUS SUNWORLD ARISTA

The Company successfully launched its residential project "Sunworld Arista" (RERA Registration No. UPRERAPRJ11625) during July 2025, after obtaining an extension of the projects RERA registration validity up to January 23, 2030.

The project was acquired from M/s. Sunworld Residency Private Limited (SRPL) as a legacy stalled project under the Legacy Stalled Scheme Policy issued in July 2023, pursuant to the recommendations of the Amitabh Kant Committee and approved by the Government of Uttar Pradesh. This acquisition reflects the Companys strategic focus on unlocking value from stressed real estate assets while contributing to the timely completion of stalled housing projects.

The project is situated at Plot No. GH-01/C, Sector-168, Noida, District Gautam Buddha Nagar, Uttar Pradesh, and comprises the development of four residential towers (Towers 5, 7, 8 and 9) along with a clubhouse on a land parcel measuring approximately 10,957 square metres. The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has recognized the Company as the Lead Promoter, entrusting it with the responsibility for the completion, development, marketing and sale of the project.

Construction activities are progressing satisfactorily and are in full swing. Upon completion, the project will comprise 340 residential units with an aggregate saleable area of approximately 11.00 lakh square feet. As on March 31, 2026, the Company had successfully booked approximately 40 residential units, reflecting encouraging customer response during the initial phase following the projects launch.

The Company remains committed to executing the project in accordance with the approved timelines and applicable regulatory requirements while maintaining high standards of quality and customer satisfaction. The successful execution of Sunworld Arista is expected to strengthen the Companys real estate portfolio and contribute positively to its future revenues and profitability.

ONGOING PROJECT

b) NIMBUS THE PALM VILLAGE

The Company is developing "Nimbus The Palm Village" through the partnership firm M/s IITL-Nimbus, The Palm Village. The project was previously undertaken in collaboration with Nimbus Propmart Private Limited, which retired from the partnership with effect from March 31, 2026. Pursuant to the reconstitution of the partnership firm, Mr. Bipin Agarwal was inducted as a new partner with effect from April 01,2026. The partners share the profits and losses of the firm in proportion to their respective capital contributions from time to time.

The project is strategically located on the Yamuna Expressway, offering excellent connectivity to the Noida International Airport, the Delhi-Mumbai Expressway, and other major transportation corridors. It is situated opposite the International Cricket Stadium and the Buddha International Circuit (F1 and MotoGP Track), making it a well-connected residential destination with significant future growth potential.

The layout plan of the project has been duly approved by the Yamuna Expressway Industrial Development Authority (YEIDA), and all other requisite statutory approvals and permissions have been obtained from the concerned authorities. The partnership firm has also obtained registration under the Real Estate (Regulation and Development) Act, 2016 (RERA) with Registration No. UPRERAPRJ558356/04/2024, dated April 17, 2024. Following receipt of the requisite approvals, the project has been successfully launched, and the booking of residential units and commercial shops is open for sale.

The project has been thoughtfully planned as a mixed-use residential development comprising both low-rise and high-rise residential components along with commercial facilities. It offers:

• 474 three-bedroom (3 BHK) apartments, predominantly having a carpet area of approximately 1,128 square feet, developed across 48 independent low-rise buildings (G+4);

• 702 one-bedroom (1 BHK) apartments, predominantly having a carpet area of approximately 248 square feet, housed in two high-rise towers of 13 floors each; and

• 44 commercial shops of varying sizes to cater to the daily needs of residents.

As on March 31,2026, the partnership firm had successfully booked 962 residential units & 16 Commercial units, reflecting a strong market response and customer confidence in the project.

Nimbus The Palm Village represents the Companys strategic expansion into the high-growth Yamuna Expressway corridor. With its prime location, comprehensive regulatory approvals and encouraging booking momentum, the project is expected to make a meaningful contribution to the Companys future revenues while strengthening its presence in one of the fastest- growing real estate destinations in the National Capital Region.

COMPLETED PROJECTS

c) EXPRESS PARK VIEW- I

The Company takes pride in successfully delivering its maiden residential project, "Express Park View", located at Plot No. 10B, Sector CHI-V, Greater Noida, Uttar Pradesh. The successful completion and handover of the project marks a significant milestone in the Companys journey and demonstrates its commitment to timely execution and quality delivery.

The project comprises 332 residential apartments, all of which were fully sold as on March 31, 2026, reflecting strong customer acceptance and confidence in the Companys execution capabilities.

The Company has commenced the possession and handover process to the homebuyers. Simultaneously, the execution and registration of Sub-Lease Deeds in favour of the respective allottees is progressing smoothly. As on March 31, 2026, the Company had successfully executed 328 Sub-Lease Deeds, with the balance deeds being executed in a phased manner in coordination with the concerned allottees and statutory authorities. The successful completion of Express Park View has strengthened the Companys reputation as a reliable real estate developer and established a strong foundation for its future residential developments.

d) THE HYDE PARK

The Hyde Park has been developed through the partnership firm M/s IITL-Nimbus, The Hyde Park, Noida, in which the Company holds a 50% partnership interest. The remaining 50% partnership interest, previously held by M/s Nimbus Propmart Private Limited, was transferred following its retirement from the partnership with effect from March 31, 2026. Consequent to the reconstitution of the partnership firm, Mr. Bipin Agarwal was admitted as a new partner with effect from April 01,2026 , and the profits and losses of the firm are now shared equally between the Company and Mr. Bipin Agarwal in the ratio of 50:50. Strategically located at Sector-78, Noida, Uttar Pradesh, the project enjoys excellent connectivity to the metro network, Noida Expressway, educational institutions, healthcare facilities, shopping centres and other social infrastructure. Spread over an area of approximately 60,348.53 square metres, the project comprises 2,092 residential apartments along with a commercial complex. Construction of the entire project has been successfully completed, and the Completion Certificate has been obtained for all 23 residential towers as well as the commercial complex.

The project has witnessed an encouraging response from homebuyers, with 2,091 residential apartments and 58 commercial shops sold as on 31 March 2026. Physical possession has been handed over to the purchasers of 2,090 residential apartments and 58 commercial shops, signifying the successful completion and delivery of the project. The execution and registration of Sub-Lease Deeds in favour of the respective allottees is progressing satisfactorily. As on March 31, 2026, the partnership firm had executed 2,054 Sub-Lease Deeds in favour of the allottees, while the balance deeds are being completed in a phased manner. In accordance with the applicable statutory provisions, the maintenance and management of the common areas and shared facilities of the project have been entrusted to the Resident Welfare Association (RWA) constituted under the Societies Registration Act, 1860. The RWA is responsible for the operation, upkeep and maintenance of the common infrastructure and amenities for the benefit of the residents.

The successful completion and delivery of The Hyde Park project underscore the Companys execution capabilities and reinforce its commitment to delivering quality residential developments while creating long-term value for all stakeholders.

e) THE GOLDEN PALMS

Golden Palms, located at Plot No. GH-01/E, Sector-168, Noida, Uttar Pradesh, is one of the Companys flagship residential developments. Strategically positioned in close proximity to the Noida Expressway, the IT corridor, shopping malls, educational institutions, healthcare facilities and a golf course, the project offers excellent connectivity and a well-developed social infrastructure. Spread over a leasehold land parcel of approximately 39,999.76 square metres, the project has been thoughtfully designed to provide a premium lifestyle with modern amenities amidst a lush green environment. Nearly 80% of the landscaped area comprises greenery featuring a variety of palm trees, flowering plants, hedges and ground cover, creating a serene and sustainable living environment. The project comprises 1,403 residential apartments, including studio apartments, along with 52 commercial shops of various sizes. Construction of the entire development has been successfully completed, and the Completion Certificate has been obtained for all 13 residential towers, including the commercial component.

The possession and handover process is progressing smoothly. As on March 31, 2026, the Company had sold 1,396 residential apartments and 49 commercial shops. Physical possession has been handed over to the purchasers of 1,393 residential apartments and 48 commercial shops, reflecting the successful delivery of the project. The execution and registration of Sub-Lease Deeds in favour of the respective allottees is also progressing satisfactorily. As on March 31, 2026, the Company had executed 1,340 Sub-Lease Deeds in favour of the allottees, with the remaining deeds being completed in a phased manner.

In accordance with the applicable statutory provisions, the maintenance and management of the common areas, infrastructure and amenities have been entrusted to the Resident Welfare Association (RWA) constituted under the Societies Registration Act, 1860. The RWA is responsible for the operation and upkeep of the common facilities, ensuring efficient management and a high standard of living for the residents. Golden Palms continues to reflect the Companys commitment to delivering quality residential developments, timely project execution and sustainable community living, thereby enhancing customer satisfaction and strengthening the Companys presence in the National Capital Region real estate market.

f) THE EXPRESS PARK VIEW II

The Company has developed "The Express Park View-II" through the partnership firm M/s IITL-Nimbus, The Express Park View. in which the Company holds a 95% partnership interest. The remaining 5% partnership interest, previously held by M/ s Nimbus Propmart Private Limited, was transferred following its retirement from the partnership with effect from March 31, 2026. Consequent to the reconstitution of the partnership firm, Mr. Bipin Agarwal was admitted as a new partner with effect from April 01, 2026, and the profits and losses of the firm are now shared equally between the Company and Mr. Bipin Agarwal in the ratio of 95:05.

High-Rise Residential Development

The High-Rise Residential Development comprises 10 residential towers, all of which have been successfully completed. The Completion Certificate for all ten towers has been duly obtained from the competent authority.

The project consists of 1,320 residential apartments, of which 1,269 apartments had been sold as on March 31,2026. Physical possession has been handed over to 1,268 homebuyers, reflecting the steady progress in project handover and customer occupancy.

The execution and registration of Sub-Lease Deeds in favour of the allottees is progressing satisfactorily. As on March 31,2026, the partnership firm had executed 1,227 Sub-Lease Deeds in favour of the respective allottees.

Commercial Development - "The Park Street"

The commercial component of the project, marketed under the name "The Park Street", comprises 40 commercial shops. The entire commercial inventory was 100% sold as on March 31, 2026.

The commercial development is registered as an independent project under the Real Estate (Regulation and Development) Act, 2016 (RERA) bearing Registration No. UPRERAPRJ180127. The partnership firm has also obtained the Completion Certificate for the commercial project from the competent authority.

The execution and registration of Sub-Lease Deeds in favour of the allottees is progressing satisfactorily. As on March 31,2026, the partnership firm had executed 33 Sub-Lease Deeds in favour of the respective allottees.

Low-Rise Residential Development

The partnership firm launched the Low-Rise Residential Development on March 31, 2021 as an independent project under the Real Estate (Regulation and Development) Act, 2016 (RERA), bearing Registration No. UPRERAPRJ555694. The partnership firm has also obtained the Completion Certificate for the commercial project from the competent authority on 28.01.2026.

The development comprises 16 low-rise residential towers (G+4) with a total of 310 residential apartments. As on March 31, 2026, the partnership firm had sold 277 apartments and executed 68 Sub-Lease Deeds in favour of the respective allottees.

The Express Park View-II continues to demonstrate the Companys execution capabilities through its phased development approach across residential and commercial segments. The project remains a key contributor to the Companys real estate portfolio and reflects its commitment to timely delivery, regulatory compliance and sustained value creation for customers and stakeholders.

PROJECT DEVELOPED BY SUBSIDIARY COMPANY

During the Financial Year 2024-25, pursuant to the Scheme of Arrangement, Pelican Realty Ventures Private Limited ("PRVPL"), a company incorporated under the provisions of the Companies Act, 1956, having its registered office at No. 16A, North Street, Vannarapalayam, Cuddalore, Tamil Nadu - 607001, became a subsidiary of Nimbus Projects Limited.

PRVPL is engaged in the business of real estate development and is presently undertaking the development and marketing of the following residential township projects:

1. Puducherry Layout - Pelican Belfort Extension (Sri Garuda Avenue)

The Company is developing a residential township project under the name "Pelican Belfort Extension (Sri Garuda Avenue)" at Puducherry.

The project is strategically situated near the Mahatma Gandhi Medical College & Research Institute, one of the prominent educational institutions in Puducherry. The layout enjoys excellent connectivity, being surrounded by three highways and located adjacent to Bahour Lake, a well-known tourist destination, making it an attractive residential destination.

The project has been duly approved by the Puducherry Planning Authority and is registered with the Puducherry Real Estate Regulatory Authority (RERA). The approved project comprises a total land area of 98,120.94 square metres, with 394 residential plots aggregating 68,826.41 square metres. As part of the statutory development requirements, an area of 21,786.43 square metres earmarked for roads and 7,508.10 square metres reserved as Open Space Reservation (OSR) has been gifted to the Bahour Commune Panchayat.

During the Financial Year 2025-26, the Company sold 60 residential plots aggregating approximately 98,120 square feet. Development activities, including laying of sewerage (STP) lines, installation of electricity poles and distribution lines, and road construction, are in progress. The project has received encouraging market response, and the Company expects to achieve substantial sales of the remaining plots in the near future.

2. Trichy Layout - BHEL Officers City

The Company is also developing a residential gated community project under the name "BHEL Officers City" situated at Gundur Village, Thiruverumbur Taluk, Tiruchirappalli District, Tamil Nadu, within the K-Sathanur Sub-Registration District.

The project is strategically located directly behind the Tiruchirappalli International Airport and enjoys excellent connectivity through major highways. Its proximity to the rapidly developing T richy Ring Road and the proposed Panjapur Integrated Bus Terminus further enhances its growth potential. The project offers spacious residential plots, including standard plot sizes of approximately 3,000 square feet, which are increasingly scarce within urban limits. The association with the "BHEL Officers" brand has also contributed to the projects appeal as a well-planned residential community.

During the Financial Year 2025-26, the Company sold 5 residential plots aggregating approximately 9,000 square feet. The gated community has been substantially completed with all essential infrastructure, including internal roads, electricity distribution network and sewage facilities. As on the date of this Report, 39 plots, aggregating approximately 115,031 square feet, remain available for sale. The project continues to witness healthy customer interest, and the Company expects to complete the sale of the remaining inventory in due course.

Operational Performance

Operational efficiency remained a key management priority. Continuous monitoring of construction schedules, procurement processes, and contractor performance helped minimize project delays and optimize costs.

Technology adoption improved project planning, financial monitoring, and customer engagement. Digital marketing initiatives enhanced lead generation while online customer service platforms improved buyer experience.

The company also strengthened quality assurance processes and implemented sustainability initiatives aimed at reducing energy consumption, minimizing construction waste, and improving resource utilization.

a) Standalone Results of Operation: During the financial year under review, your Companys standalone revenue from operations is Rs. 146.73 Lakh as compared to revenue of Rs. 151.12 Lakh in the last year. The standalone loss of your Company is Rs. 1212.94 Lakh as compared to the loss of Rs. 1274.92 Lakh in the last year.

b) Consolidated Results of Operation: During the financial year under review, your Company has consolidated its Financial Statement w.r.t. to Subsidiaries viz N.N. Financial Services Private Limited, Pelican Realty Ventures Private Limited, its partnerships firms (IITL-Nimbus, The Express Park View and IITL-Nimbus, The Palm Village) and Associate Companies viz Capital Infraprojects Private Limited, Brothers Trading Private Limited, Nimbus (India) Limited and World Resorts Limited.

The financial statements of IITL-Nimbus, The Express Park View and IITL-Nimbus, The Palm Village, the Joint partnership firms of the Company wherein the Company holds 95% of partners capital, have been consolidated like subsidiaries.

The Company has recorded a consolidated revenue from operations of Rs. 22875.62 Lakh in the current financial year as compared to revenue of Rs. 17829.71 Lakh in the last year. The consolidated loss of your Company is Rs. 8798.86 Lakh in the current financial year compared to the profit of Rs. 6367.50 Lakh in last financial year.

The individual performance of these subsidiaries, firms and associate companies has been discussed under the relevant head of this report.

RATIO:

	Standalone		Consolidated
	For the year ended 31st March 2026	For the year ended 31st March 2025	For the year ended 31st March 2026	For the year ended 31st March 2025
Debtors Turnover Ratio	0.41	3.07	6.19	17.74
Inventory Turnover Ratio	-	-	0.28	0.51
Interest Coverage Ratio	(-) 52.75	(-) 1.06	-5.50	0.80
Current Ratio	2.05	1.82	1.26	1.28
Debt Equity Ratio	0.98	0.39	0.85	0.55
Return on Equity Ratio	0.10	0.06	0.27	(-) 0.18
Capital Turnover Ratio	0.01	0.01	1.31	1.06
Return on Capital Employed	(-) 0.02	(-) 0.02	(-) 0.09	0.02
Return on Investment	0.02	0.23	0.01	0.15
Net Prout Margin (%)	(-) 8.27	(-) 8.44	(-) 0.38	0.36

Note: Explanation for variance in the ratio exceeding 25% have been mentioned in the Note no. 41 & 42 of Standalone & Consolidated Financial Statements.

Opportunities

The real estate industry offers several growth opportunities:

• Rising urban population and housing demand.

• Government investment in infrastructure development.

• Growth of smart cities and integrated townships.

• Increasing demand for premium residential developments.

• Expansion of industrial corridors and logistics infrastructure.

• Higher foreign direct investment in real estate.

• Growing demand for sustainable and energy-efficient buildings.

• Technological innovation improving operational efficiency and customer engagement.

The company intends to capitalize on these opportunities by expanding into high-growth markets, enhancing project quality, and maintaining a diversified portfolio.

Risks and Challenges

The company operates in a competitive and dynamic environment that exposes it to various risks:

• Economic slowdown affecting property demand.

• Interest rate volatility impacting housing affordability.

• Regulatory and policy changes.

• Delays in project approvals and land acquisition.

• Escalation in construction material and labor costs.

• Liquidity constraints within the sector.

• Market competition leading to pricing pressure.

• Environmental and climate-related risks affecting project development.

Management continuously monitors these risks through comprehensive planning, strong governance practices, and effective risk management frameworks.

Financial Performance

The company maintained a prudent financial strategy during the year. Strong cash flow management, disciplined capital allocation, and effective working capital controls supported financial stability. Debt levels were managed carefully while maintaining sufficient liquidity for ongoing and future projects.

Revenue growth was supported by project completions, customer collections, and recurring rental income. Profitability benefited from operational efficiencies and effective cost management despite inflationary pressures affecting construction expenses.

Management remains committed to maintaining a healthy balance sheet while pursuing profitable growth opportunities. Internal Controls and Risk Management

The company has established robust internal control systems designed to ensure operational efficiency, financial integrity, regulatory compliance, and asset protection. Internal audits are conducted periodically to assess compliance with established policies and identify opportunities for process improvement.

Risk management practices include continuous monitoring of project execution, financial exposures, legal compliance, information technology security, and environmental obligations. The Audit Committee regularly reviews the effectiveness of internal control mechanisms and risk mitigation strategies.

Human Resources

Employees remain one of the companys most valuable assets. The company emphasizes talent acquisition, employee development, diversity, workplace safety, and performance-based recognition. Regular training programs are conducted to enhance technical, managerial, and leadership capabilities.

The organization also promotes a collaborative work culture focused on innovation, ethical conduct, customer satisfaction, and continuous improvement. Employee engagement initiatives contributed to higher productivity and improved organizational performance during the year.

The Company has a dynamic team of highly qualified professionals and proficient employees and as on March 31, 2026, the Company has 24 (Twenty-Four) employees on its payroll.

Outlook

The long-term outlook for the real estate industry remains positive, supported by urbanization, infrastructure investment, favorable demographics, digital transformation, and increasing institutional participation. Demand across residential, commercial, industrial, and logistics segments is expected to remain resilient.

The company is well positioned to benefit from these favorable market dynamics through disciplined capital allocation, strategic project development, operational excellence, customer-centric innovation, and sustainable business practices. Management remains focused on delivering long-term value to shareholders while maintaining financial strength, managing risks effectively, and pursuing responsible growth.

SWOT Analysis Strengths

Strengths	Description
Strong Market Demand	Increasing urbanization, population growth, and rising income levels continue to drive demand for residential and commercial properties.
Significant Economic Contribution	The real estate sector is a major contributor to GDP and employment and supports allied industries, including cement, steel, banking, and construction.
Government Support	Policy initiatives such as affordable housing programs, infrastructure development, urban renewal, and digital land records support sector growth.
Technology Adoption	Digital marketing, CRM systems, Building Information Modeling (BIM), ERP, AI, and virtual property tours improve operational efficiency and customer experience.

Weaknesses

Weaknesses	Description
Capital Intensive Business	Real estate projects require substantial investments in land acquisition, construction, and project development, leading to high financing requirements.
Long Project Development Cycle	Project execution typically spans several years, delaying revenue realization and increasing exposure to market fluctuations.
High Debt Levels	Developers often rely on external borrowings, making profitability vulnerable to changes in interest rates.
Construction Cost Volatility	Fluctuations in prices of steel, cement, fuel, labor, and other construction materials directly affect project profitability.
Unsold Inventory	Excess inventory in certain markets may impact cash flow and profitability.
Liquidity Constraints	Delays in customer collections and project approvals may create working capital pressures.
Opportunities
Opportunities	Description
Urbanization	Continuous migration toward urban areas creates sustained demand for housing and commercial infrastructure.
Premium Housing	Rising disposable income and changing lifestyle preferences support growth in luxury and premium residential projects.
Foreign Direct Investment (FDI)	Continued inflow of global capital supports expansion, innovation, and large-scale projects.
Redevelopment Projects	Urban redevelopment and redevelopment of aging buildings create significant growth opportunities in metropolitan areas.
Tier-II and Tier-III Cities	Increasing industrialization and infrastructure development are driving demand in emerging cities.
Threats
Threats	Description
Economic Slowdown	Reduced economic growth can lower property demand and delay investment decisions.
Rising Interest Rates	Higher borrowing costs reduce housing affordability and may affect sales volumes.
Project Delays	Delays due to approvals, labor shortages, litigation, or supply chain disruptions may increase project costs.
Intense Competition	Increasing competition from established and regional developers may create pricing pressure and lower profit margins.
Skilled Labor Shortages	Limited availability of skilled construction workers can delay project completion and increase labor costs.
Changing Consumer Preferences	Shifts toward flexible workspaces, hybrid working models, and evolving buyer expectations require continuous adaptation by developers.

Conclusion

The real estate industry has strong long-term fundamentals supported by urbanization, infrastructure investment, favorable demographics, and technological advancements. While the sector faces challenges such as interest rate volatility, regulatory complexities, and construction cost inflation, the growing demand for quality housing, commercial spaces, logistics infrastructure, and sustainable developments presents significant opportunities. Companies that focus on operational excellence, prudent financial management, innovation, ESG practices, and customer-centric development are well positioned to achieve sustainable growth and create long-term stakeholder value.

Cautionary Statement: This Management Discussion and Analysis contains forward-looking statements based on current expectations, assumptions, and estimates. Actual results may differ materially due to changes in economic conditions, government policies, market demand, regulatory developments, interest rates, competitive factors, and other risks beyond the companys control.