Nicco Parks swings to ₹1.68 Cr Q2 FY27 loss as land repossession, monsoon hit revenue
PAT -807.1% YoY · revenue -11.18% · margins compressing
₹10.22 Cr
-11.18% YoY
₹-1.68 Cr
-807.1% YoY
-15.85%
-17.7pp YoY
₹-0.36
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.
Q2 FY-2027 vs prior quarters
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.
The stock went into the print at ₹70, down 8.5% over the past month of trading.
W1
Resolution of the West Bengal land lease renewal — management states in-principle state government approval exists, but formal terms remain unexecuted as of this filing.
W2
Depreciation run-rate (₹0.96 Cr this quarter, +59.5% YoY) as ₹10.35 Cr of capital work-in-progress converts to operating assets.
W3
Q3 FY27 (Oct-Dec) seasonal recovery — whether footfall lifts the park back to profitability after the Q2 monsoon trough, as it did from Q2 FY26 to Q1 FY27.
Converted from ₹ Lakh. Both bases report a net loss (standalone ₹1.71 Cr, consolidated ₹1.68 Cr); tax lines are net credits offsetting the pre-tax loss, no exceptional items this quarter. Auditors flag material uncertainty on going concern pending formalisation of the WBTDC land lease (Note 4a standalone/5a consolidated); ~1.46 acres were repossessed by the WB Tourism Dept effective 8-Nov-2025, behind the F&B segment's YoY decline.