Nisus Finance

Nisus Finance's core business, excluding NCCCL, delivered a robust performance in FY26, with revenue reaching INR 141 crores, marking a 110% YoY growth and exceeding the guidance of INR 120-140 crores. The standalone PAT also saw significant growth of 108% YoY, totaling INR 68 crores, resulting in a healthy PAT margin of 48%. The company's EBITDA for the core business stood at INR 97 crores, with the EBITDA margin improving by 400 basis points to 70.5%, demonstrating strong operational efficiency.

On a consolidated basis, including the NCCCL subsidiary acquired in August 2025, the group reported a total revenue of INR 575 crores and a PAT of INR 83 crores. NCCCL, the construction subsidiary, significantly improved its profitability, with PAT growing almost 4.7 times from INR 3.5 crores to INR 16.4 crores. As of March 31, 2026, NCCCL's order book stood at INR 1,833 crores, with an additional INR 870 crores in new orders secured in the first two months of FY27, bringing the current order book to INR 2,600-2,700 crores, executable over the next 2-3 years.

The company observed a meaningful structural shift in its revenue mix, with advisory and asset management revenues now approximately balanced at 45% and 55% respectively, compared to a higher advisory component two years prior. Assets Under Management (AUM) grew by 67% over the last year to INR 261 crores. The company's own prop book investment also saw substantial growth, increasing 166% from INR 48 crores to INR 128 crores, reflecting strong alignment with investors.

Nisus Finance received SEBI approval for its new Neon Fund, an INR 1,800 crore fund with an additional INR 500 crore green shoe option, expected to launch in Q2 FY27. This fund has a tenure of 7.5 years, with management and performance fees broadly projected at INR 220 crores. In terms of capital allocation, the company repaid 65% of the NCCCL acquisition debt, reducing the outstanding amount to INR 38 crores as of March 31, 2026, and significantly reduced promoter pledge to 18.8%.

The company faced headwinds from the geopolitical conflict in West Asia, which led to the deferral of UAE investment decisions exceeding INR 500 crores. In India, approximately INR 300 crores of pipeline transactions were delayed due to regulatory challenges, such as demarcation issues and changes in state-level regulations (e.g., e-Khata in Bangalore), as well as complexities in consortium lender approvals. These delays are expected to push deployment into Q2 and Q3 FY27.

Management guided for a normalization of the revenue-to-AUM ratio, projecting a drop from 5.3% in FY26 to 2.85-3.35% in FY27. This change was attributed to FY26 being an 'aberration' due to opportunistic sales of investments at a premium and high-value consulting contracts in the UAE. The company considers a 3% ratio as a more reasonable and sustainable steady-state, reflecting a conservative approach given the current geopolitical environment and the deployment of capital in the latter half of FY27.