Key Financial Figures - Consolidated Performance

FY26 Consolidated Results (including NCCCL from acquisition date)

  • Total Income: ₹665.26 Cr (NCCCL contribution from August 21, 2025)
  • PAT: ₹83.08 Cr
  • PAT Margin: 14.45%
  • Exceptional Items: One-time provision of ₹3.98 Cr for NCCCL due to implementation of new labour code 2020

Q4 FY26 Consolidated Results

  • PAT: ₹25.12 Cr
  • PAT Margin: 12.33%
  • NCCCL PAT: ₹16.4 Cr (4.7x YoY increase)

Key Financial Figures - Nisus Core Business

FY26 Core Business Performance

  • Revenue: ₹136.82 Cr (up from ₹64.73 Cr in FY25)
  • Other Income: ₹4.25 Cr
  • Total Income: ₹141.07 Cr (117% YoY growth)
  • PAT: ₹67.76 Cr (108% YoY growth)
  • PAT Margin: 48.03% (vs 48.41% in FY25)
  • EBITDA Margin: 66.1% (+105 bps)
  • ROCE: 33.2% (+887 bps)
  • ROE: 26.5% (+648 bps)

H2 FY26 Core Business Performance

  • Revenue: ₹63.45 Cr (vs ₹32.70 Cr in H2 FY25)
  • PAT: ₹31.25 Cr (127% YoY growth)
  • PAT Margin: 47.21%

Q4 FY26 Core Business Performance

  • Revenue: ₹25.34 Cr
  • PAT: ₹11.05 Cr
  • PAT Margin: 40.3%
  • EBITDA Margin: 57%+

Balance Sheet Position

Consolidated Balance Sheet (FY26)

  • Total Assets: ₹1,005.02 Cr (vs ₹178.70 Cr in FY25)
  • Equity: ₹23.87 Cr
  • Reserves: ₹240.19 Cr
  • Minority Interest: ₹126.36 Cr (representing 46% stake not held in NCCCL)
  • Long Term Borrowings: ₹48.49 Cr
  • Short Term Borrowings: ₹213.13 Cr (includes NCCCL working capital facility and acquisition loan)
  • Trade Receivables: ₹301.66 Cr (includes ₹89.7 Cr retention money)
  • Cash & Bank Balance: ₹25.22 Cr
  • Debt Equity Ratio: 0.97

Standalone Balance Sheet (FY26)

  • Total Assets: ₹183.32 Cr
  • Equity: ₹23.87 Cr
  • Reserves: ₹150.63 Cr
  • Non-Current Investments: ₹139.58 Cr (includes India AIF sponsor commitments, NCCCL acquisition investment, and prop capital investments)
  • Cash & Bank Balance: ₹0.38 Cr
  • Debt Equity Ratio: 0.32

Operational and Strategic Highlights

AUM Growth and Deployment

  • AUM: ₹2,631 Cr (67% growth YoY)
  • Capital Movement: ₹440+ Cr across India platform
  • Investments: 5 investments across India and UAE
  • Deferred Deals: Approximately ₹800 Cr+ deferred due to external circumstances
  • UAE: AED 200 Mn (~₹500 Cr) deferred due to West Asia crisis
  • India: ₹300+ Cr deals deferred due to approval and regulatory delays

Fund Performance

  • Target Gross IRRs: 20-21% for RESO-I and RECOF-I
  • Realized Exit IRRs: 16.5-23% in FY26
  • Successful Exits: 5 since IPO
  • Capital Loss: Zero across all investments

UAE Platform Performance

  • AUM Growth: 223% in FY26
  • NAV Appreciation: 30%
  • Credit Facilities: $74 Mn drawn from ENBD, Mashreq, and FAB; overall sanctioned facility of $200 Mn
  • Assets: 4 investments with ~50% appreciation on 2 assets

NCCCL Acquisition and Performance

  • Acquisition Date: August 21, 2025 (54% stake as of March 31, 2026)
  • Company Profile: 80-year old construction & EPC company
  • Order Book (Mar 2026): ₹1,833 Cr+
  • FY26 Revenue: ₹665 Cr (annualized)
  • Client Base: 100% AAA-rated developers (L&T Realty, Phoenix Mills, Prestige Group, Brigade Group)
  • Geographic Spread: Maharashtra (80.6%), Karnataka (9.5%), Telangana (6%)

New Platform Launches

  • Ni-YAM (Nisus Yield & Asset Multiplier): Hybrid credit & asset appreciation strategy targeting ₹2,000 Cr
  • GIFT City Feeder Fund: Cross-border investment platform
  • SM REIT: SEBI-regulated real estate investment trust targeting retail and institutional investors
  • Combined Potential AUM: Exceeding ₹4,000 Cr

IPO Proceeds Utilization

  • Total Proceeds: ₹101 Cr
  • Fund Setup & Licenses: ₹11.97 Cr utilized of ₹12.46 Cr proposed
  • Distribution Fees: ₹36.339 Cr utilized of ₹35.91 Cr proposed
  • NBFC Investment: ₹25 Cr fully utilized in Nisus Fincorp Private Limited
  • General Corporate Purpose: ₹21.74 Cr utilized of ₹22.26 Cr proposed
  • Issue Expenses: ₹6.50 Cr utilized of ₹5.99 Cr proposed

FY27 Outlook and Guidance

Two Scenarios Provided

Base Scenario
  • AUM: ₹4,500-5,000 Cr
  • Revenue: ₹130-150 Cr (8-25% growth)
  • PAT: ₹65-75 Cr
Optimistic Scenario
  • AUM: ₹5,500-6,000 Cr
  • Revenue: ₹170-200 Cr (41-66% growth)
  • PAT: ₹85-100 Cr

Key Growth Drivers

  • India Pipeline: ₹700 Cr+ active evaluations
  • UAE/Dubai Pipeline: ₹2,000 Cr+ focused on residential and commercial income-yielding assets
  • NCCCL Targets: FY27 orderbook target of ₹3,500 Cr, revenue target of ₹850+ Cr

Additional Information

  • IR Contacts: Sakshi Shah (sakshis@GoIndiaAdvisors.com) and Raashi Khatri (raashi@GoIndiaAdvisors.com) of Go India Advisors
  • Team Strength: 50 professionals across investment, advisory, and operations
  • Presence: India, GIFT City, Dubai (DIFC)
  • Credit Rating: BBB+ Stable from CareEdge
  • AIF Rating: CareEdge AIF-1 (Excellent)