Nisus Finance FY26 revenue jumps 110% to ₹141 crore

What Nisus Finance reported

Nisus Finance Services Co Ltd (BSE: 544296) reported sharp year-on-year growth in its core business, supported by fund management and advisory income. Management said the Nisus Finance core business, excluding the recently acquired NCCCL, delivered revenue of ₹141 crore, up 110% year-on-year. Profit after tax (PAT) for the same core business stood at ₹68 crore, with management also describing this as a 188% year-on-year increase in its commentary. PAT margin was reported at 48%, indicating that nearly half of reported revenue translated into net profit during the period referenced. EBITDA reached a “historic high” of ₹97 crore, with an EBITDA margin of 70.5%. The company also highlighted that EBITDA margin expanded by 400 basis points over the previous year. Alongside financial results, management linked performance to capital discipline and a focus on core business lines.

Guidance beat and margin expansion

Management said it had guided for revenue in the ₹120 crore to ₹140 crore range for the core business, and reported ₹141 crore, marginally above that band. It also said it had not “envisaged Q4” when providing guidance, but still exceeded the range. On profitability, the company highlighted the combination of a high EBITDA margin (70.5%) and a high PAT margin (48%). Management positioned this margin profile as evidence of operational strength in the core platform, even as some transactions were deferred. The company also reported that it maintained or exceeded guidance on “these counts”, referring to the main topline and profitability measures shared in the commentary. Separately, another section of the provided material mentions EBITDA margins “over 76%”, but the management commentary around the core business specifically cited 70.5%.

AUM growth and portfolio signals

Assets under management (AUM) rose 67% year-on-year to ₹2,631 crore, as stated in the management narrative. The company described the growth as reflecting strength in its investment portfolio. In addition, it said its UAE portfolio continued to generate “good yield returns” and reported a NAV appreciation of 30% for that portfolio. Management also said it was positioned to meet AUM targets of ₹3,000 crore to ₹4,000 crore by year end, linking this to both the India urban infrastructure theme and the UAE growth story. At the same time, it noted that AUM for FY26 was “slightly lower than expected” due to the ongoing conflict in the Middle East. This indicates that while the base expanded sharply year-on-year, the pace of incremental deployment and closures was affected by external events.

Debt reduction and promoter pledge easing

The company said it reduced acquisition debt by two-thirds, which it described as improving its debt-equity ratio. It also stated that promoter pledges were reduced, framing this as a balance-sheet improvement alongside growth. The material provided does not quantify the starting and ending debt levels, but the “two-thirds” reduction is a clear directional indicator. One dataset included in the text lists a debt/equity ratio of 78.7% on a trailing twelve months basis, which offers a snapshot but not a before-and-after comparison. Still, the combination of debt reduction and pledge easing is positioned as a risk-management step following acquisition activity.

NCCCL acquisition and consolidated picture

Nisus Finance consolidated New Consolidated Construction Company Ltd (NCCCL) from the date of acquisition in August 2025. Management stated that from the date of consolidation, group total revenue or income stood at ₹535 crore with a PAT of ₹83 crore, while another portion of the same provided text cited group income at ₹575 crore with PAT of ₹83 crore. Both figures appear in the source material, but the PAT number is consistent across both. In a separate nine-month disclosure, including NCCCL from 22 August 2025 through 31 December 2025, combined platform total income was reported at ₹371 crore. For the nine months ended December 31, 2025, the core platform excluding NCCCL reported total income of ₹114 crore and PAT of ₹56.7 crore. These figures indicate that the consolidated base is meaningfully larger than the core-only base, and that reported margin structure changes materially when the acquired operating platform is included.

Q4 moderation: West Asia conflict and deal deferrals

Management said Q4 outcomes moderated due to the geopolitical conflict in West Asia, which led to deferral of certain investment decisions. It quantified the deferred investment decisions as “in excess of ₹500 crore” in the UAE, moved to the new financial year. In addition to geopolitical factors, the company cited regulatory challenges and lender approval delays in India as reasons certain transactions were pushed to the next quarter. These deferrals were described as impacting potential revenue growth. The company nevertheless said core business in Q4 delivered a PAT of ₹11 crore, with “healthy margins across EBITDA and returns.” Taken together, the numbers point to continued profitability in the quarter, but lower conversion of deal activity into reported income due to timing shifts.

Cost pressures: employee benefits and integration

The company flagged a notable rise in employee benefit expenses, which increased from 20% to 32% of revenue. It attributed this increase to new hires and changes in accounting methods. This is a meaningful cost shift, particularly for a platform that otherwise reports high margins, and it is relevant for tracking operating leverage in coming quarters. The provided content also notes that operational improvements were needed in the newly acquired NCCCL, especially where EBITDA margins were described as strong but with a need to reconcile them with lower PAT. While the exact reasons for the PAT difference are not quantified beyond these statements, the disclosure highlights integration and operating control as focus areas.

Key figures at a glance

Quarterly and TTM snapshot from disclosures

The provided data set also includes quarterly financials for September 2025 and December 2025. For the September 2025 quarter, total income was ₹113.57 crore with reported PAT of ₹20.10 crore. For the December 2025 quarter, revenue was ₹229.34 crore, EBITDA was ₹43.96 crore, and net profit was ₹21.02 crore, as per the “Quarterly Results Key Highlights” included in the text. On a trailing twelve months (TTM) basis, revenue was listed at ₹371 crore and earnings at ₹58.74 crore, with EPS of 24.60, gross margin of 44.02%, and net profit margin of 15.84%. These TTM margin metrics differ from the high margin figures cited in the core business commentary, suggesting differences in scope, accounting line items, or consolidation basis across the datasets provided.

Market impact and what to watch next

From an investor lens, the headline drivers in the material are the sharp year-on-year expansion in core revenue and AUM, and the strong profitability ratios shared by management. Counterbalancing factors include the deferral of deal closures due to West Asia geopolitics, India regulatory and lender timelines, and a clear rise in employee benefit expenses. The acquisition and consolidation of NCCCL expands the income base but also introduces a different margin profile, which the text itself flags as an area needing operational improvement. Management also indicated it expects deferred transactions and investment decisions to move into the next financial year, making execution and closure timing important datapoints for subsequent updates. The next key milestones for tracking will be any reported progress on the deferred UAE pipeline above ₹500 crore, updates on India approvals, and evidence of cost normalization after the jump in employee benefit expenses.