Meeting Details

Financial Performance - FY26

Nisus Core Business (Standalone):

  • Total Income: ₹141.07 Cr
  • Employee Benefits Expense: ₹20.54 Cr
  • Finance Costs: ₹7.86 Cr
  • Depreciation & Amortization: ₹7.48 Cr
  • Other Expenses: ₹19.73 Cr
  • PBT: ₹85.77 Cr
  • Tax: ₹18 Cr
  • PAT: ₹67.76 Cr
  • PAT Margin: 48.03%
  • ROCE: 33.2% (+887 bps)
  • ROE: 26.5% (+648 bps)
  • Debt Equity Ratio: 0.32
  • Interest Coverage Ratio: 11.87

Consolidated Performance (including NCCCL from acquisition date):

  • Revenue: ₹561 Cr
  • Other Income: ₹13.91 Cr
  • Total Income: ₹574.92 Cr
  • Cost of Material Consumed: ₹138.56 Cr
  • Construction Cost: ₹199.92 Cr
  • Employee Benefits Expense: ₹53.59 Cr
  • Finance Costs: ₹25.62 Cr
  • Depreciation & Amortization: ₹20.29 Cr
  • Other Expenses: ₹30.22 Cr
  • Exceptional Items: ₹3.98 Cr (one-time provision for new labour code 2020)
  • PBT: ₹103.06 Cr
  • Tax: ₹19.98 Cr
  • PAT: ₹83.08 Cr
  • PAT Margin: 14.45%
  • ROCE: 27.78%
  • ROE: 26.20%
  • Debt Equity Ratio: 0.97

Business Overview & Strategic Developments

Integrated Business Model:

Nisus operates four convergent capabilities: Fund & Asset Management (AIF platform raising institutional capital), Investment Banking Services (transaction advisory), NBFC (prop book investor deploying firm capital), and Construction/EPC through NCCCL acquisition.

AUM Growth & Fund Performance:

  • Total AUM FY2026: ₹2,631 Cr (67% growth)
  • 60+ investments with zero capital loss across portfolio
  • Sponsor capital invested: ₹128 Cr (166% increase)
  • Revenue CAGR: 140%, AUM CAGR: 90%
  • RESO-I and RECOF-I maintained target gross IRRs of 20-21%
  • Realized exit IRRs of 16.5-23% in FY26
  • Five successful exits since IPO
  • CareEdge BBB+ investment-grade credit rating received

Fund Portfolio Details:

1. REAP Fund (2015): INR 384cr, Fully Realized, Net Yield: 21.31%

2. RECOF Fund (2020): INR 518cr, Partially Realized, Net Yield: 18.41%*

3. RESO Fund (2023): INR 1,500cr Target, Under Deployment, Net Yield: 20.93%*

4. High Yield Growth Fund (2024): $500m Target, Under Deployment, Net Yield: 25-30%*

5. Yield & Assets Multiplier Fund (2026): INR 1,800 Cr, Currently Raising, Target IRR: 24-28%*

NCCCL Acquisition:

  • Acquired 54% stake in New Consolidated Construction Company Ltd on August 21, 2025
  • 80-year-old construction & EPC company
  • FY26 Contribution: ₹655 Cr revenue
  • New orders in FY26: ~INR 313 Cr
  • New orders in Apr-May'26: ~INR 870 Cr
  • Near-term pipeline (next 2-3 months): INR 1,195 Cr
  • Leadership strengthened with 23-year experience Business Development Head
  • Technology partnership with Nemetschek (Germany) for BIM/Digital construction
  • SAP S/4HANA migration for real-time project cost visibility
  • NICMAR tie-up for talent pipeline (30+ FTEs hired in May 2026)

New Platform Launches:

  • Ni-YAM (Nisus Yield & Asset Multiplier): Secured credit with 7 cities, 10-12% distribution yield + equity upside
  • SM REIT: SEBI-regulated, market size USD 47,500 Cr by 2030, 95%+ cash-flow distribution
  • GIFT city feeder fund
  • Collective potential incremental AUM runway exceeding INR 4,000 Cr

Balance Sheet Position (Consolidated)

  • Equity: ₹23.87 Cr
  • Reserves: ₹240.19 Cr
  • Minority Interest: ₹126.36 Cr (representing 46% stake not held in NCCCL)
  • Non-Current Liabilities: ₹81.62 Cr
  • Current Liabilities: ₹528.53 Cr
  • Total Equity & Liabilities: ₹1,005.02 Cr
  • Fixed Assets: ₹79.17 Cr
  • Goodwill on Consolidation: ₹8.41 Cr
  • Non-Current Investments: ₹130.05 Cr
  • Current Assets: ₹730.01 Cr
  • Trade Receivables: ₹301.66 Cr (includes INR 89.7 Cr retention money)
  • Inventories: ₹252.95 Cr
  • Cash & Bank Balance: ₹25.22 Cr
  • Short Term Loans & Advances: ₹75.87 Cr

FY27 Outlook & Scenarios

Stabilization Case:

  • West Asia conflict stabilizes Q2 FY27
  • Gulf shipping normalizes by H1FY27
  • Cautious HNI investment in Dubai
  • AUM: ₹4,500-5,000 Cr
  • Revenue: ₹130-150 Cr (8%-25% growth)
  • PAT: ₹65-75 Cr

Recovery Case:

  • West Asia de-escalates Q1 FY27
  • Hormuz passage secured
  • Active HNI investment Q1 FY27
  • Rising GCC NRI inflows to India AIFs
  • AUM: ₹5,500-6,000 Cr
  • Revenue: ₹170-200 Cr (41%-66% growth)
  • PAT: ₹85-100 Cr

Corporate Governance & Recognition

  • Certified Great Place to Work® for 2025 & 2026
  • Workforce grew from 24 (FY24) to 50 (FY26)
  • 15-member Dubai team established
  • Multiple industry awards including Real Estate Investment Company of the year (Gulf Business Awards), CareEdge AIF "1" grading
  • Realty+ 40under40 panel participation

Investor Relations

  • IR Contact: investor.relations@nisusfin.com
  • Address: 5th Floor, A Wing, Poonam Chambers, 502-A/2, Dr Annie Besant Rd, Worli, Mumbai, Maharashtra 400018

*Expected IRR Pre-carry post management fees