SIS Limited Q2 FY26: Revenue up 15%, PAT jumps 35%

Key takeaway from Q2 FY26

SIS Limited, which operates across security services, facility management, and cash logistics, reported strong growth in its Q2 FY26 financial metrics. Revenue from operations rose to ₹3,758.50 crore, supported by higher profitability and a sharp rise in operating profit after tax. The quarter’s numbers also arrive alongside a completed acquisition that expands SIS’s security services footprint. Separately, management commentary tied the company’s near-term actions to its Vision 2030 roadmap, which focuses on technology, organic growth, and financial discipline.

Q2 FY26 revenue: YoY and QoQ growth

For Q2 FY26, revenue from operations reached ₹3,758.50 crore. The company reported this as a 15.00% year-on-year increase and a 5.90% quarter-on-quarter rise. The sequential growth is notable because it indicates continued momentum beyond a single strong quarter. SIS had earlier reported consolidated revenue of ₹3,548.50 crore in Q1 FY26, which provides a clear base for the quarter-on-quarter comparison.

Record EBITDA and stronger operating PAT

SIS said EBITDA hit a record high of ₹168.30 crore in Q2 FY26, up 16.20% year-on-year. Operating Profit After Taxes (PAT) stood at ₹93.00 crore, increasing 35.10% year-on-year. The faster growth in operating PAT relative to revenue suggests improved operating leverage during the quarter, as presented in the company’s update. While the article does not provide margin figures for Q2 FY26, the combination of higher EBITDA and operating PAT indicates improved profitability in absolute terms.

Acquisition update: 51% stake in AP Securitas

SIS Limited completed the acquisition of a 51% stake in AP Securitas Private Limited. It purchased 64,556 equity shares for a total consideration of ₹71.29 crore. The move was initially approved in September 2025, and SIS said it aims to expand market presence in the security services segment. The company also stated that the acquisition has been reported to the National Stock Exchange of India Limited and BSE Limited, in line with SEBI requirements.

Vision 2030: tech push, financial discipline, and M&A

CEO Dhiraj Singh said SIS is close to another acquisition, while outlining the company’s broader focus on enhancing digital and tech capabilities, driving organic growth, and maintaining financial discipline under its Vision 2030 roadmap. The management commentary frames acquisitions as one of the levers for expansion, alongside internal execution and technology investments. The article also refers to a planned IPO, without providing a timeline or additional transaction details.

Revenue ambition for 2030 and FY25 base

SIS, which closed FY25 with ₹13,000 crore in revenues, is targeting 2-2.5x growth by 2030, Singh said. He added: “We have closed FY25 at over Rs 13,000 crore, so around Rs 30,000 crore is what we can target by 2030.” The statement puts a numeric anchor to the long-term plan and indicates the scale of growth management expects over the remaining years of the decade.

Industry backdrop: large markets with mid-teen growth

Singh said the Indian market for security and facility management is over ₹100,000 crore each and growing at mid-teens. The comment links SIS’s expansion plans to a demand environment driven by public safety and security needs, including surveillance, emergency response, and infrastructure protection. These market-size figures also help contextualise why scale, technology adoption, and consolidation through acquisitions matter in manpower-led services.

Longer financial context from company disclosures

The article includes annual and audited performance references that place the quarter in context. On a consolidated basis for the year under review, the Group’s revenue was ₹12,261.4 crore, up 8%, while consolidated EBITDA was ₹584.5 crore, up 19%. Consolidated profit after tax was ₹190.0 crore, down 45%. On a standalone basis, revenue was ₹4,541.3 crore, up 14%, EBITDA was ₹267.0 crore, up 43%, and profit after tax was ₹187.1 crore, down 2%.

It also notes SIS crossed ₹10,000 crore of annual revenue for the first time in FY22, reporting consolidated revenue of ₹10,059 crore. A separate revenue history table shows revenue of ₹12,328 crore for 2024 and ₹11,386 crore for 2023.

Key numbers snapshot

Market impact: what the update signals

The Q2 FY26 update signals two parallel developments for investors and industry watchers: stronger quarterly profitability and continued inorganic expansion. The revenue rise to ₹3,758.50 crore and record EBITDA of ₹168.30 crore establish the quarter’s operating strength on the numbers disclosed. The completed acquisition of AP Securitas adds a concrete step to SIS’s acquisition-led growth strategy, and the company’s confirmation of exchange reporting reduces uncertainty around compliance and disclosure.

Analysis: why Q2 FY26 matters for the roadmap

SIS’s Q2 FY26 performance matters because it aligns with management’s stated focus on financial discipline while pursuing growth. Operating PAT growth of 35.10% YoY, alongside 15.00% revenue growth, indicates the company is not relying only on topline expansion. The Vision 2030 framing, including the ₹30,000 crore revenue ambition by 2030 from a ₹13,000 crore FY25 base, makes quarterly execution and acquisition integration more consequential. The stated size and growth of India’s security and facility management markets also support the rationale for scaling up.

Conclusion

SIS Limited’s Q2 FY26 results showed higher revenue, record EBITDA, and a sharp rise in operating PAT, while the company completed its 51% acquisition in AP Securitas for ₹71.29 crore. Management has reiterated its Vision 2030 approach, including technology-led execution and acquisitions, with a revenue target of about ₹30,000 crore by 2030. The next set of updates to watch will be further details on the CEO’s “close to an acquisition” comment and any formal communication on the planned IPO.