Nisus Finance: Q3 & 9M FY26 Sees Strong Growth, Strategic Diversification, and Global Ambition

Nisus Finance Services Co Limited, a prominent player in urban infrastructure financing and asset management, has reported a robust performance for the third quarter and nine months ended December 31, 2025 (Q3 & 9M FY26). The company's management expressed confidence in its trajectory, highlighting exceptional results that comfortably outpaced the previous fiscal year's performance. This period underscores Nisus Finance's strategic intent and laser-sharp execution across its diverse verticals and geographies.

For the nine-month period, pre-consolidation with NCCCL, Nisus Finance achieved a revenue of ₹114 crore. This figure significantly outperforms the entire previous fiscal year of FY25. The company's core business demonstrated strong profitability, with EBITDA margins of 75.6% and PAT margins of 51% for the nine-month period. In Q3 FY26 alone, Nisus (excluding NCCCL) recorded a revenue of ₹38.74 crore, an EBITDA of ₹28.6 crore (73.9% margin), and a PAT of ₹20.19 crore (53% margin). This performance reflects the company's strength in both advisory and asset management, supported by disciplined capital deployment, timely monetization exits, and cost efficiency. The revenue split for 9M FY26 shows approximately 49% from advisory services and 51% from asset management, indicating a significant shift towards asset management income compared to earlier periods.

Including NCCCL on the date of consolidation, the combined platform revenue for the nine-month period of FY26 stands at approximately ₹365.27 crore, with EBITDA margins of 28.4% and PAT margins of roughly 16%. The management clarified that NCCCL's Q3 performance saw lower margins due to a one-time exceptional provision of approximately ₹4 crore towards gratuity, resulting from a change in the labor code. This is not a recurring item, and the company anticipates a margin expansion for NCCCL to about 3-4% over the next 12 to 18 months, driven by improved contract pricing and diversification into non-residential sectors.

Strategic Expansion and Value Creation

Nisus Finance's strategic initiatives are clearly aimed at institutionalizing India's urban infrastructure story and capitalizing on the UAE's growth. The company is well-positioned to meet its AUM targets of between ₹3,000 to ₹4,000 crore by year-end FY26. A significant milestone was the acquisition of a large asset in Dubai Motor City, valued at approximately ₹536 crore (USD 60 million), through its DIFC fund and Gift City feeder. This move is part of a broader UAE expansion strategy, aiming for fund deployment of ₹4,000 crore in the region by 2028.

The acquisition of NCCCL, a 78-year-old construction company, has been pivotal. NCCCL secured a ₹40 crore mandate in Hyderabad and a ₹112.5 crore construction mandate from the Lodha Group in Alibaug during Q3. Its active order book remains robust at over ₹2,100 crore, with a clear pathway to reach ₹5,000 crore. This integration enhances Nisus's execution depth and provides data-led insights, enriching fund origination and diversification. The company also successfully exited an NCR investment with a strong 1.5x MOIC, demonstrating its ability to generate value.

Innovation and Future Outlook

Nisus Finance is at the forefront of innovation, particularly with its foray into real estate tokenization and the exploration of Small and Medium REITs (SM REITs). The company is partnering with Toyow (Xchain Technologies FZCO) to tokenize $500 million (~₹4,100 Cr) in real estate assets, aiming to transform illiquid assets into fractional, instantly tradable tokens. While regulatory clarity for tokenization in India is still evolving, Nisus is actively pursuing licensing in the UAE to launch this initiative effectively from Q1 of the next financial year. The company has also set up an entity to act as the fund manager for an SM REIT, with plans to apply for a SEBI license and identify assets for its portfolio, expecting better clarity on launch timelines in Q1 of the next year.

Nisus Finance's strategic positioning is further strengthened by its status as India's first listed AIF business to receive a BBB+ credit rating from CareEdge. This enhances institutional trust and provides direct access to equity and low-cost debt, fueling AUM compounding without dilution. The company's presence in GIFT City, with an Overseas Portfolio Investment (OPI) license, establishes a tax-efficient, regulation-compliant hub for cross-border fund flows, enabling both Indian investors to deploy globally and global investors to access India via feeder vehicles. This comprehensive approach, combining strong financial performance, strategic acquisitions, and innovative ventures, positions Nisus Finance for sustained growth and leadership in the urban infrastructure and real estate financing sectors.