Nimbus Projects Limited incorporated IITL Nimbus The Hyde Park Private Limited on October 8, 2026, converting a partnership firm into a subsidiary to consolidate real estate operations.

The newly formed entity has an authorized share capital of ₹50 lakh and a paid-up share capital of ₹25 lakh. Nimbus Projects holds 66.66% of the equity shares, while Managing Director Bipin Agarwal holds the remaining 33.37%. The transaction was executed on an arm's length basis following approval from the Ministry of Corporate Affairs in Haryana.

Subsidiary structure and ownership

The incorporation follows an earlier intimation dated July 27, 2026, regarding the conversion of IITL Nimbus The Hyde Park partnership firm into a private limited company. Nimbus Projects subscribed to 2,50,000 equity shares valued at ₹10 each, totaling ₹25 lakh. This amount corresponds to the capital contribution previously held by the company in the partnership firm.

Mr. Bipin Agarwal, the promoter and Managing Director, acquired 1,25,000 equity shares at the same face value. The disclosure confirms that the transaction qualifies as a related party transaction due to the promoter's involvement, though it remains compliant with arm's length pricing standards.

Financial history of the entity

Prior to its incorporation as a private limited company, Hyde Park operated as a partnership firm. The financial records for the last three fiscal years indicate fluctuating turnover figures.

As a newly incorporated entity, Hyde Park does not yet have standalone financial statements. The reported turnover reflects the performance of the predecessor partnership firm.

What the numbers show

The subsidiary's revenue trajectory exhibits significant volatility, dropping from ₹3.86 crore in FY24 to ₹0.07 crore in FY25 before recovering to ₹1.60 crore in FY26. This pattern suggests that the underlying real estate projects may have experienced delays or phased completions rather than steady annual progress. The conversion to a private limited structure likely aims to stabilize this operational flow by formalizing governance and capital structures for future development phases.

Nimbus Projects Limited has appointed Mr. Anand Kumar as a Non-Executive, Non-Independent Director, liable to retire by rotation. The appointment was approved by shareholders at the 33rd Annual General Meeting (AGM) held on September 29, 2026. Mr. Kumar, a retired Indian Administrative Service (IAS) officer of the 1984 batch, brings extensive experience in public administration, infrastructure development, and regulatory governance.

The appointment follows the recommendation of the Nomination and Remuneration Committee and the Board of Directors. The company confirmed that Mr. Kumar is not debarred from holding the office of Director by any order of the Ministry of Corporate Affairs (MCA), SEBI, or other authorities. This update integrates with previous reporting on the AGM outcomes, which also included the appointment of statutory auditors and other board changes.

Profile and professional background

Mr. Anand Kumar, aged 65, holds an M.Sc. and M.Phil. from the University of Delhi, an MBA from the University of Queensland, Australia, and an LL.B. from Chaudhary Charan Singh University. His career spans diverse sectors including tourism, infrastructure, industry, biotechnology, finance, and elections.

Key highlights of his career include:

• Infrastructure & Energy: Formulated India's first Port Privatisation Policy and founded the National Highways and Infrastructure Development Corporation Limited (NHIDCL), serving as its first Managing Director. He also served as Secretary in the Ministry of New and Renewable Energy.
• Tourism: Played a significant role in strengthening Kerala's tourism infrastructure, including the establishment of the Institute of Tourism and Travel Management. He was associated with the conceptualisation of the "God's Own Country" campaign and later conceptualised the international campaign "Find What You Seek" while serving as Joint Secretary in the Ministry of Tourism.
• Elections & Governance: Served as Deputy Election Commissioner of India, successfully conducting the Bihar Legislative Assembly Elections in 2005. He also served as Chief Technical Adviser for the Nigerian General Elections 2007 under the UNDP.
• Regulatory Affairs: Served as Chairman of the Real Estate Regulatory Authorities (RERA) of Delhi and Chandigarh, providing direct relevance to Nimbus Projects' core business.

Board composition and governance updates

Shareholders approved key governance changes through ordinary and special resolutions at the 33rd AGM. The appointment of Ms. Neha Atal Poddar as an Independent Woman Director and Mr. Anand Kumar as a Non-Executive Non-Independent Director received overwhelming support from public shareholders. The promoter group abstained from voting on related party matters where they had an interest.

Ms. Poddar, aged 39, is a Fellow Chartered Accountant (FCA) with over a decade of experience in statutory compliance and financial management. Currently serving as Proprietor of M/s. S.S. Khudania & Co., she previously held the position of General Manager – Finance & Accounts at EFC Logistics India Pvt. Ltd.

Auditor profile and appointment details

M/s Doogar & Associates was established in 1976 and has over four decades of experience in audit, assurance, taxation, risk management, and corporate advisory services. Headquartered in New Delhi with branches in Mumbai, Agra, and Jaipur, the firm is empanelled with regulatory bodies including the Comptroller & Auditor General (C&AG), Reserve Bank of India (RBI), and National Highways Authority of India (NHAI).

The appointment follows the conclusion of the previous auditor's term. The disclosure highlights that D&A has significant experience auditing listed companies and financial institutions.

Financial performance recap

The financial statements adopted at the AGM reflect a challenging year for the developer. Nimbus Projects reported a consolidated loss of ₹87.99 crore for FY26, marking a significant reversal from the profit of ₹64.12 crore recorded in FY25. The real estate developer’s consolidated revenue rose to ₹228.76 crore from ₹178.30 crore in the previous fiscal year.

On a standalone basis, the company logged a loss of ₹12.13 crore in FY26, an improvement from the ₹12.75 crore loss in FY25. Standalone revenue from operations declined marginally to ₹1.47 crore from ₹1.51 crore year-on-year.

Project portfolio and deliveries

The company successfully delivered four projects during the period: Express Park View-I, Express Park View-II, Hyde Park, and Golden Palms. These completed projects contribute approximately 65.31 lakh sq ft of saleable area.

Nimbus Projects currently has two ongoing projects with distinct sales trajectories:

Construction at Nimbus The Palm Village is progressing at full pace, while activities at Nimbus Sunworld Arista are proceeding satisfactorily.

Strategic expansion into tier-2 cities

Chairman Bipin Agarwal highlighted a strategic shift beyond the Delhi-NCR region. The company has entered a Joint Development Agreement (JDA) for a residential plotted township in Vrindavan, spread across approximately 25 acres. Land acquisition for this project is complete. This move signals an intent to explore growth opportunities in select Tier-2 cities and emerging markets.