NIS Management Limited held an investors' earnings call on August 19, 2026 to discuss Q1 FY27 financial results and business updates. The call was moderated by Kirin Advisors with participation from Managing Director Debajit Choudhury and CFO Kanad Mukherjee.

Financial Performance Q1 FY27

  • Consolidated total income: ₹115.44 crores, representing 15.68% YoY growth
  • EBITDA: ₹9.22 crores, up 36.24% YoY
  • EBITDA margin: 7.99%, expanded by 121 basis points
  • Net profit: ₹6.40 crores, growing 35% YoY
  • Net profit margin: 5.54%, improved by 81 basis points
  • EPS: ₹3.23, representing 3.53% YoY growth
  • Employee count increased from 18,673 (March 2026) to 19,154 (July 2026)

Segment-wise Revenue Breakdown (Q1 FY27)

  • Security services: ₹54.98 crores
  • Housekeeping: ₹41.88 crores
  • Integrated Facility Management (IFM): ₹10.28 crores
  • Payroll services: ₹3.40 crores
  • CCTV: ₹2.11 crores
  • Small security and housekeeping services: ₹1.29 crores
  • Vocational training: ₹0 lakhs

Segment-wise Profitability

  • Manpower business (security, housekeeping, payroll): EBITDA margin ~9.95%
  • NIS Facility Management (CCTV): PAT loss of ₹1.27 lakhs
  • Manpower services: PAT profit of ₹5.16 lakhs
  • Vocational training (LLP and Keertika Academy): Net loss of ₹57 lakhs
  • NIS Management: PAT of ₹6.93 crores

New Order Wins

  • 5 work orders from Reliance Projects and Property Management Services worth ₹30.77 crores for housekeeping, MEP electrical, and ancillary services
  • Facility management contracts across 7 Reliance Group entities valued at ₹14.94 crores
  • Combined Reliance Group orders: ₹45.71 crores
  • 2 orders from Nesco Limited worth ₹1.94 crores for facility supervisors and attendants
  • Order worth ₹36.71 lakhs from West Bengal Public Department for housekeeping services at new Secretariat building
  • Total new orders: ₹48.42 crores

Debt and Cash Position

  • Standalone debt: ~₹69 crores
  • Consolidated debt: ~₹82 crores
  • Standalone cash (June): ~₹60 crores
  • Net debt position: ₹9 crores (standalone)
  • Working capital days: ~3 months (90 days)
  • IPO funds available as of June 2026: ₹36.85 crores

Growth Strategy and Outlook

  • FY27 revenue target: Cross ₹500 crores
  • Focus on profitable growth rather than top-line expansion at expense of margins
  • Strategy to integrate technology (CCTV, access control, AI cleaning machines) into traditional manpower contracts
  • Targeting to grow CCTV/electronic security business from ₹13-14 crores to ₹30 crores in FY27
  • Expected free cash flow improvement from ₹8-9 crores to ₹13-14 crores range
  • EBITDA margin expected to improve by 1-2% over next 2 years

Project Pipeline

  • DDU-GKY skill development project for Odisha: ₹7.93 crores, expecting to bill ₹4 crores in FY27
  • Expected projects from Mumbai police and traffic: ₹15-18 crores
  • HDFC Bank command and control center: Investment of ₹1 crore, expected revenue of ₹1.5-2 crores
  • New Kolkata Development Authority AMC contracts: Expected ₹6 crores
  • SAIL projects at Burnpur factory: Expected ₹4-5 crores
  • FY28 revenue target: ₹630-640 crores

Client Concentration

  • Top client: Reliance Group (~₹46-47 crores revenue)
  • HDFC Bank: ~₹18 crores revenue
  • Anjali Jewellers: ~₹12 crores revenue
  • Airports: Combined ~₹30 crores annually
  • Client retention rate: 96-97%

Geographic Concentration

  • West Bengal contribution: ~72-73% of revenue
  • Expansion focus on Gujarat, Maharashtra, Bihar, and Odisha
  • Marketing head based in Bombay to drive growth in western region

Management Commentary

  • Company is 40 years old with focus on professional succession planning
  • Considering future acquisitions in technology areas
  • No immediate plans for share buyback despite stock price decline from IPO price
  • Industry formalization creating opportunities for compliant players
  • Minimum wage increases passed through to clients with 3-month payment cycle
  • Business has low seasonality due to maintenance nature of services