Nisus Finance — Q3 FY26 earnings call

Call held 20 Feb 2026

Management summary

Nisus Finance delivered strong Q3 and 9M FY26 results, with significant margin expansion in its core business. The company is on track to meet its AUM targets and is expanding its footprint in the UAE with a new DIFC license and asset acquisitions. Subsidiary NCCCL secured new mandates, though Q3 margins were impacted by a one-time provision. Nisus is actively developing new product verticals like tokenization and SM REITs, with a clear focus on capital efficiency and strategic growth.

Highlights

  • Nisus Finance (ex-NCCCL) reported Q3 FY26 revenue of ₹38.74 crore, EBITDA of ₹28.6 crore, and PAT of ₹20.19 crore, with EBITDA margins of 73.9% and PAT margins of 53%.

  • For 9M FY26 (ex-NCCCL), revenue was ₹114 crore, EBITDA ₹84.23 crore, and PAT ₹56.7 crore, with EBITDA margins of 75.6% and PAT margins of 51%.

  • The combined platform revenue for 9M FY26 (including NCCCL) stands at ₹365.27 crore.

  • NCCCL secured a ₹40 crore mandate in Hyderabad and a ₹112.5 crore construction mandate from Lodha Group in Alibaug, with an active order book exceeding ₹2,100 crore.

  • Successfully exited an NCR investment with a strong 1.5x MOIC, and own capital invested across platforms now exceeds ₹120 crore.

Concerns

  • NCCCL's Q3 margins were lower due to a one-time exceptional provision of ₹4 crores for gratuity related to new labor code changes.

  • Traditional business revenue (ex-NCCCL) was lower in Q3 compared to Q2, attributed to non-seasonal investment divestments in Q2.

Key financials

2 periods

ex-NCCCL, 9M FY26

  • Revenue
    ₹114 Cr
  • PAT
    ₹56.7 Cr
  • EBITDA Margin
    75.6%
  • PAT Margin
    51%

incl. NCCCL, 9M FY26

  • Combined Revenue
    ₹365.27 Cr
  • Combined PAT Margin
    16%

What they filed

Q1 FY27: revenue up 560.7%, net profit down 29.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue14 33 32 28 140 +900%225 +582%196 +513%185 +561%
EBITDA10 24 18 21 60 +500%44 +83%35 +94%32 +52%
Net profit8 19 14 17 37 +363%21 +11%25 +79%12 −29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

  • M&A Dubai Motor City Asset Acquisition · Closed · Consideration ₹[object Object] (undisclosed)

    Expansion of footprint in UAE and largest asset acquisition in the region.

    Acquired through DIFC fund and Gift City feeder.

    We acquired one of our largest assets in the UAE last quarter, approximately 536 crore, or about $60 million, in Dubai Motor City through our DIFC fund and Gift City feeder.
  • M&A NCCCL Stake Divestment · Closed

    Pre-emptive move to repay loan and reduce debt, maintaining majority stake.

    Reduced controlling interest from 69% to 54%.

    So this was a pre-emptive idea at. The point of purchase itself. We had agreed that both with the. Lenders as well as with the as well as with the management that. We will be holding majority stake of 54%. And that's exactly what we've done.

Guidance & targets

AUM

  • AUM Target AUM · FY26 end · High confidence ₹3,000-4,000 crore
    We are well positioned to meet our AUM targets of between ₹3,000 to 4,000 crore by year end

    — Dr. Amit Goenka

Order Book

  • NCCCL Order Book Order Book · future · Medium confidence ₹5,000 crore
    The active order book remains well over ₹2,100 crore with a clear pathway to reach ₹5,000 crore.

    — Dr. Amit Goenka

Profitability

  • NCCCL PAT Margin Profitability · FY27 and FY28 · Medium confidence 3-4%

    From 2% today

    We believe that there will be a margin expansion to about 3 to 4% is as we have projected over the next 12 to 18 months. ... This between FY27 and FY28.

    — Mahesh Mudda, Dr. Amit Goenka

Product Launch

  • Tokenization Product Launch Product Launch · Q1 FY27 · Medium confidence Campaign launch
    We're looking to start the campaign effectively from Q1 of Next Financial year when all of this licensing is behind us and we can actually take the product to the market. And so effectively you will see the. Impact of tokenization in the next financial year.

    — Dr. Amit Goenka

  • SM REIT License Application & Clarity Product Launch · Q1 FY27 · Medium confidence Clarity on launch time and size
    We shall start to apply for the license with SEBI to set up the SM REIT... So we will have better clarity in Q1 of next year in terms of the total launch time and size.

    — Dr. Amit Goenka

Listing

  • Mainboard Listing Eligibility Listing · December 2027 · High confidence Eligible to move
    A three year Block as you know. So we listed in December of 24. Which means only in 27th. December 27th will be eligible to move.

    — Dr. Amit Goenka

Revenue

  • NCCCL Full Year Revenue Revenue · FY26 · High confidence ₹650 crores
    You've given a guidance of 650 crores in NCCCL for the full year of FY26. Correct? ... Yes.

    — Nishita Shanklesha (Analyst), Dr. Amit Goenka (implied confirmation)

Consolidation

  • NCCCL Consolidation Period Consolidation · FY26 · High confidence Seven months
    And we'll consolidate the NCCCL numbers in our financials for seven months only. ... Date of acquisition. Yes. Yes. Seven months.

    — Nishita Shanklesha (Analyst), Dr. Amit Goenka (implied confirmation)

Product Pipeline

  • Number of Products Product Pipeline · coming year (FY27) · Medium confidence 6-7 products

    From 3 products today

    Three products to maybe about six or seven products in the coming year.

    — Dr. Amit Goenka

What to watch in Q4 FY26

NCCCL PAT Margin Improvement

FY27-FY28 (visible from next year onwards)
Current ~2% (Q3 FY26)
Target 3-4%

Why it matters

Indicates improved profitability and operational efficiency of the construction subsidiary.

We believe that there will be a margin expansion to about 3 to 4% is as we have projected over the next 12 to 18 months. ... This between FY27 and FY28.

Risks & concerns

  • Geopolitical tensions impacting Dubai real estate

    medium

    Analyst raised concern about US-Iran war affecting Dubai real estate. Management stated UAE is becoming an 'epicentre for diversification of risk' and attracting significant Western capital.

    So like currently, sir, geopolitical tensions are currently there, right sir. So you are considering that geopolitical tensions like US Iran war, how it is it will be affecting Dubai real estate and everything. ... increasingly UAE is becoming a epicentre for diversification of risk for major geographies and countries worldwide.

    Analyst downplayed

  • Regulatory pace for tokenization

    medium

    Management acknowledged that regulators are taking a 'trajectory format' to avoid creating a market bubble, which could slow down the scaling of tokenization.

    It is not allowing people to go. And issue billions of dollars overnight and create a bubble. So we are ready. We can do it if required in the next year itself but again we'll have to see how the regulator reacts.

    Management acknowledged

Q&A highlights

8 direct
NCCCL's Q3 margins and future improvement Direct
in Q3 specifically because of the change in labour code, NCCCL financials have taken one exceptional provision towards gratuity of almost 4 crores that has impacted the overall profitability of NCCCL. Excluding that one time the margin improvements are already showing.

Clarified the reason for lower Q3 margins in the subsidiary and provided a positive outlook for future margin expansion due to strategic diversification.

Asked by Thyagarajan Ramachandran

Q3 revenue dip in traditional business (ex-NCCCL) compared to Q2 Direct
Q2 is larger because we had certain investments that we divested. Now what happens is that there is. No periodicity for that and there is nothing to do with seasonality for that. ... H2 tends to be larger. And will be larger for example, today the order book and the investments.. The order book for NCCCL as well. As the investment outlay. For H2 is much larger compared to H1.

Addressed concerns about seasonality and explained the Q2 spike was due to non-recurring divestments, reaffirming a stronger H2 overall.

Asked by Shashank Jha

Revision of AUM target from ₹4,000 crores to ₹3,000-4,000 crores Direct
We're saying we're giving a range of 3,000 to 4,000 without changing our revenue. Or our PAT outlook. What is happening is that with increasingly number of partners our margins on our. AUM have been going up Also, as. We get in more institutional players, as we get in larger players, they're happy to pay more because they're seeing a very large amount of outcome for themselves. So we're able to actually increase our revenue share on a slightly smaller base.

Clarified that the AUM figure is a range, not a reduction, and explained how increased margins from institutional clients allow for higher revenue share on a potentially smaller AUM base.

Asked by Pavan Domakonda

Impact of geopolitical tensions on Dubai real estate Direct
increasingly UAE is becoming a epicentre for diversification of risk for major geographies and countries worldwide. So in fact it is the most anti fragile economy which is the benefit that we are seeing both in terms of opportunities as well as in terms of capital.

Management provided a strong counter-narrative, highlighting UAE's resilience and attractiveness for global capital despite geopolitical concerns.

Asked by Pavan Domakonda

Timeline for mainboard listing Direct
A three year Block as you know. So we listed in December of 24. Which means only in 27th. December 27th will be eligible to move. Obviously we remain very, very focused on that date.

Provided a clear timeline for the company's eligibility to transition to the mainboard, which is a key strategic goal.

Asked by Pavan Domakonda

Launch of tokenization product Direct
We're looking to start the campaign effectively from Q1 of Next Financial year when all of this licensing is behind us and we can actually take the product to the market. And so effectively you will see the. Impact of tokenization in the next financial year.

Gave a specific timeline for the launch of a new, innovative product vertical, indicating future revenue potential.

Asked by Sourav Kumar

Plans for SM REIT in India Direct
We have set up an entity for SM REIT which will act as the fund manager. Entity is a subsidiary of listed company. We shall start to apply for the license with SEBI to set up the SM REIT. ... So we will have better clarity in Q1 of next year in terms of the total launch time and size.

Outlined the concrete steps being taken to enter the SM REIT market, another new product vertical with potential for AUM growth.

Asked by Sourav Kumar

Future acquisitions similar to NCCCL Direct
I think there has to be a very strong synergy and value unlocking opportunity. For us to be able to do that. You know we've known this company for a very long time. ... It's not just a random acquisition.

Management clarified its disciplined approach to M&A, emphasizing strategic fit, long-term relationships, and significant value unlocking potential, rather than opportunistic acquisitions.

Asked by Ajay Rathod

3 min read 7 chapters

Detailed narrative

Strong Q3 & 9M FY26 Performance (Ex-NCCCL)

Nisus Finance reported a robust Q3 FY26, with revenue of ₹38.74 crore, EBITDA of ₹28.6 crore, and PAT of ₹20.19 crore, translating into impressive EBITDA margins of 73.9% and PAT margins of 53%. For the nine-month period, revenue stood at ₹114 crore, EBITDA at ₹84.23 crore, and PAT at ₹56.7 crore, with overall margins of 75.6% at the EBITDA level and 51% at the PAT level. This performance comfortably outperforms the entire previous fiscal year of FY25, demonstrating strong operating momentum.

NCCCL Consolidation Impact & Operational Update

Including the consolidation of NCCCL, the combined platform revenue for the nine-month period of FY26 reached ₹365.27 crore, with EBITDA margins of 28.4% and PAT margins of roughly 16%. NCCCL continues to show strong traction, securing a ₹40 crore mandate in Hyderabad and a ₹112.5 crore construction mandate from the Lodha Group in Alibaug during Q3. The active order book for NCCCL remains well over ₹2,100 crore, with a clear pathway to reach ₹5,000 crore.

Strategic Expansion in UAE & Asset Acquisition

Nisus Finance is actively expanding its footprint in the UAE, acquiring one of its largest assets in the region during Q3, approximately ₹536 crore ($60 million), in Dubai Motor City through its DIFC fund and Gift City feeder. The company also procured approval from DFSA for its DIFC license, enabling it to launch funds and operate on a full-time basis in Dubai, facilitating both inbound and outbound funds.

AUM Growth & Diversified Product Pipeline

The company is well-positioned to meet its AUM targets of between ₹3,000 to ₹4,000 crore by the end of FY26. Nisus Finance is developing a diversified product pipeline, including tokenization, SM REITs, and the India Credit Fund. Management expects to launch three to six or seven new products in the coming year, which will further accelerate the AMC and AUM business.

NCCCL Margin Improvement & One-Time Impact

NCCCL's Q3 margins were lower due to a one-time exceptional provision of ₹4 crores for gratuity, related to new labor code changes effective in November. Excluding this, margin improvements are already visible. Management expects PAT margins for NCCCL to expand from roughly 2% to 3-4% in FY27 and FY28, driven by better contract pricing, scale benefits, and diversification into higher-margin non-residential projects like hospitality.

Capital Deployment, Exits, and Debt Management

Nisus Finance successfully exited an NCR investment with a strong 1.5x MOIC, bringing its own capital invested across platforms to over ₹120 crore. The company's strategy involves reinvesting capital from exits to achieve a double upside. The reduction of its controlling interest in NCCCL from 69% to 54% was a pre-emptive, planned move to significantly reduce debt, with no immediate intent for further divestment, as current cash flows are sufficient.

UAE as a Global Diversification Hub

Management views the UAE as an 'anti-fragile economy' and an 'epicentre for diversification of risk' globally, attracting significant Western capital. This is evidenced by recent large investments from entities like Blackstone and Brookfield, who have expanded their footprint in the UAE. This trend provides Nisus Finance with substantial opportunities for growth and capital deployment in the region.

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