Nisus Finance FY26: Core profits surge, AUM grows, and a new EPC engine joins the story

Nisus Finance Services Co Limited, branded as NiFCO, closed FY26 with a sharp step-up in its core earnings even as Q4 was hit by a West Asia disruption that slowed transaction closures. FY26 also marked the company’s first full year as a listed entity and its first year of consolidation with New Consolidated Construction Company Limited (NCCCL), acquired in August 2025.

On the core business (fund management and transaction advisory), total income for FY26 was INR 141.07 crore, up 117% year on year. Profit after tax (PAT) came in at INR 67.76 crore, up 108%, with a PAT margin around 48%. The company also reported EBITDA of INR 97 crore with a 70.5% margin. Management attributed the year’s performance to strong advisory execution, investment gains in Q2 and Q3, and disciplined cost scaling.

On a consolidated basis, which includes NCCCL from the date of control, FY26 total income was INR 574.92 crore and PAT was INR 83.08 crore. This consolidated view changes the margin profile meaningfully because NCCCL is an EPC business with a very different cost structure.

FY26 performance: core momentum, Q4 timing hit

The investor presentation frames FY26 as a year where guidance was exceeded on core revenue and profitability, while the AUM target fell short due to deferred deployments.

Core income grew strongly across the year, but Q4 was weaker. Core Q4 total income was INR 27.42 crore and PAT was INR 11.05 crore. Management called this a deliberate deferral of transactions in response to a region-specific external shock, arguing it was a timing issue rather than a change in relationships or opportunity set.

The operating revenue mix also shifted. For FY26, the company disclosed a mix of 55% fund management and 45% transaction advisory (operating revenue mix). This reflects a more balanced structure than earlier years, though management reiterated that advisory remains an important counter-cyclical stabilizer.

Financial summary (FY26)

Notes: Consolidated numbers include NCCCL only from the acquisition control date in August 2025. Core business refers to fund management and transaction advisory.

AUM: growth plus deferments

AUM rose to INR 2,631 crore in FY26, up 67% year on year, but below the company’s stated FY26 guidance range of INR 3,000 to 4,000 crore. The presentation explains this gap as a function of deferred deals, estimating around INR 800 crore of investments postponed:

• A UAE deal worth AED 200 million (about INR 500 crore) deferred to FY27.
• India deals of INR 300 crore plus deferred due to approval and regulatory delays.

On geography, the AUM mix shifted from Dubai-heavy to India-led. The presentation shows FY25 as 29% India and 71% Dubai, moving to FY26 as 58% India and 42% Dubai.

The key near-term question is conversion speed. In the concall, management said India deferments were linked to land demarcation changes, state-level process changes, and lender consortium approvals, and that several items have moved forward after those bottlenecks cleared.

UAE platform: resilient assets, slower closures

The company’s UAE narrative rests on the positioning of its portfolio in completed, income-yielding residential assets. The presentation states that four investments were made, with about 50% appreciation on two assets, and management reiterated in the concall that rents continued uninterrupted and they did not see impairment.

However, activity slowed in Q4 and the company held back new deployments. Management described this as retaining dry powder rather than chasing uncertain entries. They also said they are renegotiating entry points for a UAE pipeline of around INR 2,000 crore plus.

NCCCL: the third engine and a different risk profile

The acquisition of NCCCL is presented as a strategic move to build an integrated urban infrastructure platform. For investors, it introduces a new earnings stream and a new set of risks: execution, working capital, and project governance.

Management’s headline for FY26 was profitability improvement. The presentation and concall state NCCCL PAT improved to INR 16.4 crore, a 4.7 times increase year on year. Order inflow was highlighted as well, with INR 313 crore of new orders in FY26 and INR 870 crore in April to May 2026.

The company also described governance and systems upgrades at NCCCL including a PMO setup, SAP S/4HANA migration, and construction technology tie-ups.

FY27 outlook: scenario-based guidance

Instead of a single-point forecast, management provided two scenarios.

• Stabilization case: AUM INR 4,500 to 5,000 crore, revenue INR 130 to 150 crore, PAT INR 65 to 75 crore.
• Recovery case: AUM INR 5,500 to 6,000 crore, revenue INR 170 to 200 crore, PAT INR 85 to 100 crore.

Management also noted that FY27 revenue growth is framed after adjusting for one-time gains in FY26.

On the product side, the presentation lists new launches including Ni-YAM (Category II AIF), a GIFT City feeder fund, and an SM REIT platform. It claims these platforms together could create incremental AUM runway exceeding INR 4,200 crore. In the concall, management stated SEBI approval was received for the new fund and launch is expected from Q2.

Takeaways

Nisus Finance exits FY26 with strong core profitability and a sharper platform narrative across India and the UAE. The company also used the year to add NCCCL, creating a larger consolidated revenue base but lowering consolidated margins.

For FY27, the story hinges on three execution checkpoints: conversion of deferred deployments into AUM, scaling of new regulated products, and NCCCL’s ability to turn a growing order book into predictable cash generation. The company’s messaging is consistent: growth will vary with the scenario, but capital preservation is positioned as the non-negotiable.