Nicco Parks swings to ₹1.68 Cr Q2 FY27 loss as land repossession, monsoon hit revenue

Nicco Parks & Resorts' consolidated Q2 FY27 (quarter ended 30-Sep-26) results show a swing to a net loss of ₹1.68 Cr, against a thin profit of ₹0.24 Cr in the year-ago quarter and a much stronger ₹5.47 Cr profit in the seasonally peak Q1 FY27. Revenue from operations fell 11.2% YoY to ₹10.22 Cr and 46.4% QoQ, as the September quarter — monsoon low season for an amusement-park operator — reverted after Q1's summer-holiday peak. Net profit margin turned negative at -15.9%, down from +1.9% YoY and +26.0% in Q1, a sharp compression on both comparisons. Standalone and consolidated figures track closely (loss of ₹1.71 Cr standalone vs ₹1.68 Cr consolidated), since the only joint venture, Nicco Jubilee Park, contributes a negligible ₹0.03 Cr of profit — no material divergence between the two bases. The loss was driven by two distinct factors. First, the Department of Tourism, Government of West Bengal repossessed roughly 1.46 acres of land used for the F&B and Other Recreational Facilities segment effective 8-November-2025 — after the year-ago quarter but before this one — and that segment's revenue nearly halved YoY (₹1.36 Cr to ₹0.67 Cr) while its segment profit fell 84% (₹0.62 Cr to ₹0.10 Cr). Management continues operating these facilities on behalf of the state's tourism development corporation pending formal lease renewal, and auditors Lodha & Co have flagged a material uncertainty on going concern tied to this unresolved agreement — a qualification that sits alongside the numbers. Second, depreciation rose 59.5% YoY to ₹0.96 Cr as ₹10.35 Cr of capital work-in-progress nears completion, adding fixed-cost drag to an already soft quarter; the core Park Operations segment's loss widened to ₹2.32 Cr from ₹0.65 Cr a year earlier. There is no management guidance on record and the stock carries zero analyst coverage, so the print cannot be benchmarked against a prior outlook or street estimate — it follows a strong Q1 FY27 in which the company also declared a 25% interim dividend, underscoring how seasonal the swing between quarters is for this business.