Key Financial Highlights - Q4 FY26

  • Consolidated Total Income: ₹118.03 Cr (13.96% YoY growth from ₹103.58 Cr in Q4 FY25)
  • EBITDA: ₹11.11 Cr (29.75% YoY growth from ₹8.56 Cr in Q4 FY25)
  • Employee Benefit Expenses: ₹4.31 Cr (down from ₹5.30 Cr in Q4 FY25)
  • Finance Costs: ₹2.75 Cr (up from ₹2.01 Cr in Q4 FY25)
  • Reported Net Profit: -₹14.04 Cr (compared to ₹6.01 Cr in Q4 FY25)
  • Adjusted Net Profit: ₹6.86 Cr (13.56% YoY growth from ₹6.04 Cr in Q4 FY25)

Key Financial Highlights - FY26

  • Consolidated Total Income: ₹436.70 Cr (7.76% growth from ₹405.33 Cr in FY25)
  • Revenue: ₹433.40 Cr
  • Other Income: ₹3.30 Cr
  • Raw Material Expenses: ₹369.89 Cr
  • Employee Costs: ₹19.70 Cr
  • Other Expenses: ₹13.58 Cr
  • Total Expenditure: ₹403.16 Cr
  • EBITDA: ₹33.53 Cr (12.18% growth from ₹29.89 Cr in FY25)
  • Finance Costs: ₹9.39 Cr
  • Depreciation: ₹2.52 Cr
  • Profit Before Tax: ₹21.62 Cr
  • Exceptional Items: ₹27.82 Cr (one-time accounting transition impact)
  • Tax: -₹4.35 Cr
  • Minority Interest: ₹0.01 Cr
  • Reported Net Profit: -₹1.85 Cr (compared to ₹18.67 Cr in FY25)
  • Adjusted Net Profit: ₹19.12 Cr (2.29% growth from ₹18.69 Cr in FY25)

Exceptional Item Details

The company recognized a one-time exceptional expense of ₹27.82 Cr during FY26 arising from the implementation of the Government of India's New Labour Codes. This represents an incremental liability assessed through actuarial valuation under AS 15 due to revised wage definitions that increased employee benefit obligations. The impact is described as one-time, non-cash, and accounting-led in nature.

Operational Metrics

  • Workforce: ~18,000+ employees deployed across 1,500+ client sites
  • Client Base: 600+ clients
  • Average Client Tenure: 4.5-5 years
  • Core-to-Associate Ratio: 129:1
  • Electronic Attendance Sites: 700+
  • Remotely Monitored Sites: 600+

Business Segment Revenue Contribution - FY26

  • Security Services: ₹199.49 Cr (46.03% of total revenue)
  • Housekeeping & Payroll: ₹171.01 Cr (39.46% of total revenue)
  • Electronic Security & CCTV Rentals: ₹56.91 Cr (13.13% of total revenue)
  • Other Services (Course Fees & Service receipts): ₹5.99 Cr (1.38% of total revenue)

Recent Contract Wins

West Bengal CCTV & OFC Project (New Town)

  • Client: West Bengal Electronics Industry Development Corporation Limited
  • Executed through: NIS Facility Management Services Pvt Ltd (Subsidiary)
  • Scope: Restoration of CCTV cameras, OFC cable laying and related infrastructure under New Town smart city project
  • Contract Value: ₹56 Lakhs (inclusive of taxes)

Mumbai Police CCTV Project

  • Client: Mumbai Police, Home Department, Government of Maharashtra
  • Scope: Project planning, network connectivity, operation & maintenance, and warranty of CCTV cameras under IT projects category
  • Tenure: April 1, 2026 to May 3, 2026
  • Contract Value: ₹2.18 Cr (inclusive of taxes)

Bihar Government – Secretariat Contract

  • Client: Central Building Division, Building Construction Department, Patna
  • Scope: Housekeeping services for Main Secretariat and Old Secretariat Campus, Patna
  • Tenure: 5 years
  • Contract Value: ₹10.36 Cr (inclusive of taxes)

Credit Rating Update

ICRA reaffirmed short-term rating at [ICRA] A2 and upgraded long-term rating to [ICRA] BBB+ with Positive outlook.

  • Total Rated Bank Facilities: ₹105.87 Cr
  • Standby Line of Credit: ₹3.50 Cr – [ICRA] A2
  • Bank Guarantee: ₹22.00 Cr – [ICRA] A2
  • Term Loan: ₹5.40 Cr – [ICRA] BBB+ (Positive outlook)
  • Cash Credit: ₹71.00 Cr – [ICRA] BBB+ (Positive outlook)
  • Unallocated Limits: ₹3.97 Cr

Key Financial Ratios - FY26

  • Year-on-Year Revenue Growth: 7.76%
  • Fixed Asset Turnover: 20.12 Times
  • Interest Coverage: 3.30 Times
  • Payable Turnover: 26.42 Times
  • Year-on-Year Adjusted PAT Growth: 2.29%
  • Return on Capital Employed: 11.10%
  • Debt to Equity: 0.42 Times
  • Book Value: ₹99.13

Cash Flow Statement - FY26

  • Cash Flow from Operating Activities: ₹10.33 Cr
  • Cash Flow from Investing Activities: -₹4.38 Cr
  • Cash Flow from Financing Activities: ₹36.31 Cr

Balance Sheet Position - As of March 31, 2026

  • Total Equity: ₹196.00 Cr (Equity: ₹19.80 Cr, Reserves & Surplus: ₹176.47 Cr)
  • Non-Current Liabilities: ₹24.41 Cr (Long Term Borrowings: ₹1.12 Cr, Deferred Tax Liabilities: ₹23.29 Cr)
  • Current Liabilities: ₹108.84 Cr (Short Term Borrowings: ₹81.95 Cr, Trade Payables: ₹4.85 Cr, Short Term Provisions: ₹12.04 Cr, Other Current Liabilities: ₹9.99 Cr)
  • Total Assets: ₹329.25 Cr
  • Non-Current Assets: ₹47.68 Cr (Goodwill: ₹2.33 Cr, Deferred Tax Assets: ₹7.37 Cr, Other Non-Current Assets: ₹16.23 Cr)
  • Current Assets: ₹281.57 Cr (Inventories: ₹2.15 Cr, Trade Receivables: ₹145.83 Cr, Cash & Bank Balance: ₹67.13 Cr, Short-term loans and advances: ₹43.80 Cr, Other Current Assets: ₹22.66 Cr)

Management Commentary

Mr. Debajit Choudhury, Managing Director, stated that the company achieved steady performance with strong YoY growth in Q4 FY26. He highlighted consistent demand across core security and integrated facility management services, supported by strong execution across geographies and client segments. The management remains focused on enhancing integrated service offerings, improving efficiencies, and expanding into higher-margin segments while maintaining service quality and disciplined growth.