Meeting Details

Company representatives participated in investor/analyst meeting and discussed matters relating to business operations, projects, growth prospects, and future roadmap. The meeting was successfully conducted with investor/analyst participation and clarifications sought on various aspects of the company. Only publicly available information was shared, and no Unpublished Price Sensitive Information (UPSI) was disclosed.

Business Overview - Financial Services (Nisus Core)

Q1 FY27 Performance:

  • Revenue: ₹27.54 Cr (Q1 FY27) vs ₹28.40 Cr (Q1 FY26) vs ₹25.34 Cr (Q4 FY26)
  • PAT: ₹10.08 Cr (36.7% margin) vs ₹16.85 Cr (58.6% margin) in Q1 FY26
  • Employee Benefits Expense: ₹5.46 Cr (increased ~50% YoY due to UAE headcount increase from 8 to 18)
  • Finance Costs: ₹2.13 Cr (increased due to NCCCL acquisition debt taken in Q2 FY26)
  • Depreciation & Amortization: ₹2.92 Cr (increased due to fundraising cost)

FY26 Performance:

  • Revenue: ₹136.82 Cr
  • PAT: ₹67.76 Cr (48.03% margin)
  • Compounded revenue at ~100% CAGR over four years

Business Segments:

1. Fund & Asset Management: Raises and manages institutional capital, earns management fees, generates carry

2. Investment Banking Services: Originates and closes complex deals, earns advisory fees

3. NBFC: Deploys firm capital as prop book investor into own funds

4. Construction and EPC: Executes on-ground operations through NCCCL

Fund Performance:

  • REAP Fund: INR 384cr, fully realized, net yield 21.31%
  • RECOF Fund: INR 518cr, partially realized, expected IRR 18.41%
  • RESO Fund: INR 1,500cr target, under deployment, expected IRR 20.93%
  • Nisus High Yield Growth Fund: $500m target, under deployment, expected IRR 25-30%
  • NiYAM Fund: INR 2,500 Cr target, currently raising, target IRR 24-28%

UAE Operations Update

  • New office expansion in UAE
  • Marvan-Al-Sarkal joined as Vice-Chairman at Nisus-UAE
  • 3 investments in Q1 FY27, 3+ investments in final phase for Q2
  • Launch of tokenization platform
  • Secured incremental institutional capital commitments from Dubai Islamic Bank
  • First exit expected by Q3 FY27 with over 30% IRR

NCCCL Construction Business

Acquisition Details:

  • Acquired August 2025, 54% stake
  • 80-year old construction legacy company
  • Consolidated from acquisition date (22nd August to 31st December)

Q1 FY27 Performance:

  • New orders: ₹1,089 Cr (from Lodha, Wellspun, Mahindra)
  • Near term pipeline: ₹1,500 Cr+ (next 2-3 months)
  • Revenue growth: +14% YoY
  • EBITDA margin: 10.5% (+100 bps YoY)
  • 3.7x PAT growth YoY (consolidated)

Operational Improvements:

  • Technology partnership with Nemetschek (Germany) for BIM/digital construction
  • PMO setup for centralized project governance
  • SAP S/4HANA migration for real-time project cost visibility
  • NICMAR tie-up for talent pipeline (30+ FTEs hired in May 2026)
  • Digital HR, quality & safety workflows implemented

Consolidated Financials Q1 FY27

  • Revenue: ₹184.49 Cr
  • Other Income: ₹1.49 Cr
  • Total Income: ₹186.48 Cr
  • Cost of Material Consumed: ₹46.73 Cr
  • Construction Cost: ₹74.35 Cr
  • Employee Benefits Expense: ₹20.60 Cr
  • Finance Costs: ₹9.37 Cr
  • Depreciation & Amortization: ₹8.66 Cr
  • Other Expenses: ₹11.24 Cr
  • PBT: ₹15.51 Cr
  • Tax: ₹3.14 Cr
  • PAT: ₹12.37 Cr (6.6% margin)

Balance Sheet (Consolidated as of latest)

  • 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
  • Fixed Assets: ₹79.17 Cr
  • Goodwill on Consolidation: ₹8.41 Cr
  • Non-Current Investments: ₹130.05 Cr
  • Trade Receivables: ₹301.66 Cr (includes ₹89.7 Cr retention money)
  • Inventories: ₹252.95 Cr
  • Cash & Bank Balance: ₹25.22 Cr

FY27 Management Projections

Two Scenarios:

Stabilization Case:

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

Recovery Case:

  • West Asia de-escalates Q1 FY27
  • Hormuz passage secured
  • AUM: ₹5,000-6,000 Cr
  • Revenue: ₹170-200 Cr (41-66% growth)
  • PAT: ₹85-100 Cr

Corporate Governance

Board of Directors:

  • Dr. Amit Goenka (Founder, CMD) - Led transactions of ~$2.5Bn
  • Mr. Vikas Krishnakumar Modi (Executive Director)
  • Ms. Tara Subramanium (Independent Director)
  • Mrs. Mridula Amit Goenka (Executive Director)
  • Mr. Sunil Agarwal (Independent Director)
  • Mr. Surender Kumar (Independent Director)

Executive Leadership:

  • Mr. Avadhoot Sarwate (CIO, India)
  • Mr. Manish Meena (Director, Strategy and Corporate Affairs)
  • Mr. Rituraj Verma (Senior Partner)
  • Mr. Amit Jhunjhunwala (CIO, UAE)
  • Ms. Aanchal Singh (Chief Business Development Officer)
  • Mr. Sameer Wadhwan (Head - Operations)

Awards and Recognitions

  • Great Place to Work certified (2025 & 2026)
  • Real Estate Investment Company of the year (Gulf Business Awards)
  • Young Game Changers of Indian Realty 2025 (Outlook)
  • 2nd position in 'Fundraising of the year' by GRI India
  • India's Impactful CEO Award 2025 (ET Edge, Times Group)
  • RICS Award: Real Estate Fund Firm of the Year
  • CareEdge AIF "1" grading for Real Estate Special Opportunities Fund–I

Additional Information

The presentation and information discussed during the meeting are available on the company website: https://nisusfin.com/investor-relations