Nisus Finance deploys Rs 673 crore, taking AUM to Rs 3,304 crore

Nisus Finance deployed Rs 673 crore across five H1 FY27 investments, lifting assets under management (AUM) to Rs 3,304 crore from Rs 2,631 crore at FY26; the largest deal was a Rs 343 crore ready, income-generating residential acquisition in Dubai.

Where did Nisus deploy Rs 673 crore in H1 FY27?

Nisus deployed Rs 673 crore through four Indian senior-secured debt investments worth Rs 330 crore and one UAE acquisition worth Rs 343 crore in H1 FY27. India represented 49% of the deployment and the UAE 51%, so the Dubai transaction was marginally larger than the combined domestic allocation. Management described the H1 deployment as about twice the Rs 334 crore deployed in the previous year.

The five transactions were reported under Nisus's fund and asset-management segment. This segment generated Rs 20.6 crore of revenue in H1 FY27, representing 32% of revenue from operations, compared with 35% in FY26. Nisus said it booked no carry income during H1 FY27 and earned the disclosed fund-management fee on deployed capital.

What were Nisus's India investments in H1 FY27?

Nisus committed Rs 330 crore to four senior-secured debt investments in Bengaluru, Pune, Mumbai and Thane during H1 FY27. The two Rs 100 crore commitments, in Malad West and Thane West, made up Rs 200 crore, or about 61%, of the India allocation. The remaining Rs 130 crore was split between Bengaluru and Pune residential developments.

The Bengaluru investment was Rs 80 crore in three low-rise residential projects near Hennur and Manyata Tech Park, including premium villaments and mid-segment homes. Nisus allocated Rs 50 crore to a large-format premium residential project in an established integrated township at Hinjewadi, Pune. These two transactions accounted for 39% of the Indian deployment.

Nisus invested Rs 100 crore in an information technology and information technology-enabled services-led mixed-use development in Malad West, Mumbai. The presentation cited the Coastal Road and metro as location factors. Its other Rs 100 crore India transaction supported a multi-phase, mid-segment residential project on Ghodbunder Road in Thane West, where the first phase had been delivered and occupied.

What did Nisus acquire in Dubai?

Nisus acquired ready, income-generating mid-rise residential buildings in Jumeirah Garden City, central Dubai, for about Rs 343 crore in H1 FY27. The company said the asset was bought below prevailing market values in a government-led urban-regeneration corridor. It identified the investment mechanism as below-market entry followed by rental yields and potential capital appreciation.

The Dubai acquisition differs from the four India transactions because it is a completed income-producing property acquisition rather than senior-secured debt. Nisus highlighted connectivity to Dubai International Financial Centre, Downtown Dubai, Business Bay and Sheikh Zayed Road. The company used an approximate conversion rate of Rs 25 for each UAE dirham in presenting the transaction value.

Nisus described Dubai as its larger AUM pool at H1 FY27, while India drove advisory income. It also reported entry yields of 6.2% to 6.9% for its income-yielding Dubai assets, but did not disclose a specific entry yield for the Jumeirah Garden City acquisition. The stated yield range is therefore a description of the Dubai portfolio rather than a return estimate for this property.

How did the deployment change Nisus's AUM mix?

Nisus's AUM increased by Rs 673 crore in H1 FY27 to Rs 3,304 crore, comprising Rs 1,859 crore in the UAE and Rs 1,445 crore in India. The UAE represented 56% of AUM and India 44%. At FY26, AUM stood at Rs 2,631 crore, with Rs 1,516 crore in the UAE and Rs 1,115 crore in India.

Both regional pools increased in absolute terms in H1 FY27, although the UAE share declined by 2 percentage points from 58% at FY26 to 56%. India AUM rose by Rs 330 crore, or 30%, matching the aggregate value of the four reported India investments. UAE AUM increased by Rs 343 crore, equal to the disclosed value of the Dubai acquisition.

Total AUM has expanded 3.3 times from Rs 1,012 crore in FY24 to Rs 3,304 crore in H1 FY27. India comprised 100% of AUM in FY24, while the UAE became the larger pool in FY26. Nisus reported annualised revenue-to-AUM of 3.9% in H1 FY27, based on Rs 64.8 crore of core revenue and closing AUM of Rs 3,304 crore, versus its 3.5% target and 5.4% in FY26.

What does the deployment mean for Nisus's fund platform?

Nisus added capital across India and the UAE while reporting several fund-platform milestones in H1 FY27, including the NiYAM fund licence, a GIFT City fund licence, an incorporated small and medium real estate investment trust entity and a British Virgin Islands tokenisation entity. The company also listed a Dubai Islamic Bank funding line and a CareEdge Alternative Investment Fund-1 rating among platform developments.

The investments sit alongside funds at different stages of their life cycles. The Real Estate Asset Performance Fund, launched in 2015 with a Rs 384 crore fund size, was fully realised. The Real Estate Special Opportunities Fund, with a Rs 1,500 crore target, was under deployment, while the Nisus Yield and Assets Multiplier Fund had a Rs 2,500 crore fund size and was raising capital.

Nisus reported zero capital loss across more than 65 investments over 12 years, measured as at 30 September 2026 on realised and unrealised fund investments and excluding treasury investments. It reported a 21.31% gross internal rate of return for the fully realised Real Estate Asset Performance Fund and 18.41% for the partially realised Real Estate Credit Opportunities Fund. Nisus stated that past performance is not indicative of future results.

Conclusion

The Rs 673 crore deployment raised Nisus's AUM from Rs 2,631 crore at FY26 to Rs 3,304 crore in H1 FY27 and moved 56% of the managed-capital base to the UAE. The allocation combined Rs 330 crore of Indian senior-secured real-estate debt with a Rs 343 crore acquisition of completed, income-generating Dubai residential properties, producing nearly even regional shares of new deployment.

The next measure is management's FY27 planning framework of Rs 4,000 crore to Rs 5,000 crore of AUM, Rs 130 crore to Rs 150 crore of core income and Rs 55 crore to Rs 65 crore of core profit after tax. Management labels these figures planning assumptions rather than guidance. Investors can also watch deployment from funds still under deployment or raising, alongside the company's stated deal pipeline of more than Rs 3,000 crore.