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.