544296
Nisus Finance financials
- Market cap
- ₹357 Cr
- Sector
- Financial Services
- Calls analysed
- 5
Nisus Finance Q4 FY26
What went well
- Nisus core business revenue of INR 141 crores grew 110% YoY, surpassing the INR 120-140 crores guidance.
- Standalone PAT for Nisus core business was INR 68 crores, up 108% YoY, achieving a 48% PAT margin.
- Consolidated group revenue and PAT stood at INR 575 crores and INR 83 crores respectively, reflecting strong growth.
What to watch
- Geopolitical conflict in West Asia led to the deferral of UAE investment decisions exceeding INR 500 crores.
- Indian pipeline transactions worth approximately INR 300 crores were delayed due to regulatory challenges and lender approvals, pushing deployment to Q2/Q3 FY27.
What Nisus Finance does
Nisus Finance Services Co Limited (NiFCO) is a differentiated investment and asset-management platform focused on the urban infrastructure and real estate ecosystem in India and the UAE. It runs a dual model of fund management — sponsoring and managing SEBI-registered Alternative Investment Funds that provide senior secured credit, special-situations/rescue capital and high-yield income assets to developers — alongside transaction advisory services covering asset identification, debt syndication, exit strategy and asset monetization. The group also holds Nisus Fincorp Private Limited, a registered NBFC providing anchor capital and structured credit support, and in August 2025 acquired a majority stake in NCCCL, an established construction and EPC company.
Segments
- Fund & Asset Management
- Transaction Advisory
- NBFC lending
- Construction & EPC (NCCCL)
- Assets under management (AUM)
- INR 2,631 Cr (deployed, FY26)
- NCCCL construction/EPC subsidiary
- 54% stake acquired Aug 2025; 80-year-old India EPC company
- Active funds managed
- 3 AIFs (RECOF, RESO, Nisus High Yield Growth Fund) plus SEBI-approved Neon Fund
- Geographic footprint
- India (Mumbai, Delhi, Bengaluru, Pune, Chennai, Hyderabad) + Dubai (UAE) + GIFT City, Gujarat
- New investments executed
- 5 (across India & UAE, FY26)
- Transaction advisory mandates
- 5 (India & UAE, FY25)
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 2 delivered 3 missed 6 open- Acquisition Debt & Share Pledge delivered said Q1 FY26 Promised: Halve debt and pledge next quarter Q4 FY26: Repaid 65% of total acquisition debt, with only INR 38 crores remaining. Promoter pledge reduced to 18.8%.
- Total AUM missed said Q4 FY25 Promised: ₹4,000 crores by upcoming period/FY26 Q4 FY26: Company did not report the total AUM figure. The only AUM reported was 'Nisus Core AUM' of ₹261 crores, which is an order of magnitude below the target range. The promise is considered missed due to failure to report the metric and the vast undershoot of the only related data point provided.
- Global AUM at risk said Q4 FY25 Promised: $1 billion by 2027 Q4 FY26: Management reported that geopolitical conflict in West Asia led to the deferral of UAE investment decisions exceeding INR 500 crores, creating headwinds for this target.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 560.7%, net profit down 29.4% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 33 | 32 | 28 | 140 +900% | 225 +582% | 196 +513% | 185 +561% |
| EBITDA | 10 | 24 | 18 | 21 | 60 +500% | 44 +83% | 35 +94% | 32 +52% |
| Net profit | 8 | 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.
Performance −57.7% 1Y
1Y: ₹351.85 on 10 Sept 2025 → ₹149. High ₹366.65 (22 Sept 2025), low ₹148.15 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +6.0%
- 27 May
- Q3 FY26
- −0.2%
- 20 Feb
- Q2 FY26
- +8.9%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹589 Cr |
| Operating profit | ₹160 Cr |
| Operating margin | 27.2% |
| Interest | ₹26 Cr |
| Depreciation | ₹22 Cr |
| Net profit | ₹100 Cr |
| Net margin | 17.0% |
| Cash from operations | ₹-20 Cr |
| Free cash flow | ₹-35 Cr |
| ROCE | 32.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹5 Cr | ₹5 Cr | ₹8 Cr | ₹32 Cr | ₹201 Cr | ₹245 Cr |
| Borrowings | ₹8 Cr | ₹10 Cr | ₹18 Cr | ₹7 Cr | ₹268 Cr | ₹262 Cr |
| Other liabilities | ₹2 Cr | ₹4 Cr | ₹4 Cr | ₹9 Cr | ₹519 Cr | ₹475 Cr |
| Total liabilities | ₹16 Cr | ₹21 Cr | ₹31 Cr | ₹49 Cr | ₹1.0k Cr | ₹1.0k Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹85 Cr | ₹88 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹12 Cr | ₹15 Cr | ₹23 Cr | ₹22 Cr | ₹113 Cr | ₹133 Cr |
| Other assets | ₹4 Cr | ₹6 Cr | ₹8 Cr | ₹26 Cr | ₹814 Cr | ₹785 Cr |
| Total assets | ₹16 Cr | ₹21 Cr | ₹31 Cr | ₹49 Cr | ₹1.0k Cr | ₹1.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Mar 2025, FIIs trimmed −0.80 pp while promoters added +0.75 pp. The shareholder count grew 27% to 2,187.
- Promoters
- 74.0%
- FIIs
- 0.1%
- DIIs
- 2.5%
- Public
- 23.3%
Since Mar 2025
- FIIs −0.80 pp
- Promoters +0.75 pp
- DIIs +0.32 pp
How it drifted, 6 quarters
Over this window the public went from 17.8% to 23.3% — +5.6 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 73.2%, FIIs 3.2%, DIIs 5.8%, Public 17.8%.Mar '25: Promoters 73.2%, FIIs 0.9%, DIIs 2.2%, Public 23.6%.Sep '25: Promoters 73.3%, FIIs 0.7%, DIIs 1.7%, Public 24.3%.Dec '25: Promoters 73.7%, FIIs 0.4%, DIIs 2.0%, Public 23.9%.Mar '26: Promoters 74.0%, FIIs 0.2%, DIIs 2.5%, Public 23.3%.Jun '26: Promoters 74.0%, FIIs 0.1%, DIIs 2.5%, Public 23.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Nisus Finance above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Amit Anil Goenka | 73.98% | unchanged |
| Aarth AIF Growth Fund AIF | 1.93% | −0.05 pp |
| Nishid Babulal Shah | 1.24% | unchanged |
| Spread X Securities Private Limited - 2 | 1.15% | unchanged |
| Chhatisgarh Investments Limited | 1.01% | unchanged |
| Sharad Santosh Saraf | 0.00% | unchanged |
| Vimla Santosh Saraf | 0.00% | unchanged |
| Santosh Nandlal Saraf | 0.00% | unchanged |
| Khushi Amit Goenka | 0.00% | unchanged |
| Muskan Amit Goenka | 0.00% | unchanged |
| Vikas Krishnakumar Modi | 0.00% | unchanged |
| Anil Brijmohan Goenka | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Nisus Finance
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