Nisus Finance Soars in H1 FY26: A Deep Dive into Growth and Strategy

Nisus Finance Services Co Limited (NiFCO) has delivered an exceptional performance in the first half of Fiscal Year 2026 (H1 FY26), marking a period of significant strategic acceleration and operational excellence. The company's consolidated revenue, bolstered by the acquisition of New Consolidated Construction Company Ltd. (NCCCL), surged to INR 142.3 crore, a remarkable 312% increase from H1 FY25. Even without the NCCCL contribution, NiFCO's core operations alone generated INR 74.89 crore, already surpassing its full-year FY25 revenue of INR 67.3 crore. This robust growth underscores NiFCO's expanding footprint and its successful transition into a fully integrated cross-border urban infrastructure investment and operating platform.

The company's profitability metrics also reflect this strong momentum. EBITDA for H1 FY26 reached INR 62 crore on a consolidated basis, with ex-NCCCL margins hovering around 74%, positioning NiFCO as a top-tier performer in the industry. Profit After Tax (PAT) stood at INR 35.6 crore, demonstrating disciplined cost management, high operating leverage, and diversified income streams. This performance is a testament to NiFCO's strategic execution across its various business verticals, including fund management, transaction advisory, and the newly integrated construction execution business.

Strategic Acquisitions and Global Expansion Fueling Growth

A pivotal highlight of H1 FY26 was the acquisition and integration of NCCCL. This strategic move is designed to create a fully integrated urban infrastructure platform, combining NiFCO's financing and asset management expertise with NCCCL's execution capabilities. NCCCL, a 78-year-old construction company, contributed INR 608 crore in revenue in FY25 and boasts an order book of over INR 2,350 crore. NiFCO aims to double this order book to INR 5,000 crore, focusing on higher-margin segments like data centers, hospitals, and Grade-A offices to enhance profitability. While NCCCL's initial PAT margin is low at 0.6%, management is confident in improving this to 3-5% by optimizing working capital and reducing interest costs.

NiFCO's global ambitions are equally impressive, with significant strides in its UAE expansion. The company has become one of the first Indian AIF managers to secure regulated approval in the UAE (DIFC and IFZA) and has established a Dubai office with an 11-member team. This expansion aims to deploy INR 4,000 crore in the UAE, transforming NiFCO into a regional asset management franchise. A recent INR 525 crore acquisition of a 24-storey residential tower in Dubai, projected to yield an IRR of 24-32%, exemplifies this commitment. Furthermore, NiFCO is pioneering real estate tokenization and Web3 innovation, with a $500 million initiative to convert illiquid real estate assets into tradeable digital securities, expecting income generation from FY 2027.

Unlocking Value and Future Outlook

NiFCO's commitment to robust governance and financial discipline is evident in its landmark BBB+ credit rating from CareEdge, making it the first Indian AIF business to achieve this. This rating, coupled with a reduction in share pledge to approximately 18.5% (after repaying INR 60 crore of the acquisition facility), reinforces investor confidence. The company's own capital contribution in investments has also more than doubled from INR 48 crore to INR 106 crore, reflecting strong promoter conviction.

Management's outlook remains highly positive, with ambitious targets for the coming years. NiFCO aims to achieve an Assets Under Management (AUM) of INR 4,000 crore by the end of FY26 and a long-term vision of $1 billion (approximately INR 8,000 crore) by 2028. The combined India and GCC pipeline currently exceeds INR 4,600 crore, providing a strong foundation for future growth. Nisus (standalone) expects to achieve INR 120-140 crore in total income for FY26, maintaining a 60-40 split between transaction advisory and asset management.

NiFCO's H1 FY26 performance underscores its strategic clarity, sustained growth, and disciplined execution. By diversifying its business model, expanding geographically, and embracing technological innovations like tokenization, NiFCO is well-positioned to continue its upward trajectory and deliver differentiated value to its investors and stakeholders, solidifying its role as a leading player in the urban infrastructure and real estate financing landscape.