Rating Details
- CARE Rating Limited reaffirmed the issuer rating of Nisus Finance Services Co Limited (NiFCO) on November 6, 2026
- Rating: CARE BBB+ with Stable outlook
- Rating type: Issuer Rating (no specific instrument)
- Amount: ₹0.00 crore (not instrument-specific)
- Rating action: Reaffirmed
Financial and Operational Highlights
Assets Under Management (AUM):
- AUM increased by approximately 67% year-on-year to ₹2,631 crore as of March 31, 2026 (from ₹1,572 crore in FY25)
- Company manages real estate-focused Alternative Investment Funds (AIFs) across India and UAE
Financial Performance (Consolidated, excluding NCCCL):
- FY26 Total Income: ₹141.08 crore (up from ₹67.30 crore in FY25)
- FY26 EBITDA: ₹100.79 crore (up from ₹44.48 crore in FY25)
- FY26 EBITDA Margin: 71.4% (improved from 66.1% in FY25)
- FY26 Profit After Tax: ₹67.76 crore (up from ₹32.58 crore in FY25)
- Normalized FY26 EBITDA (excluding one-time gain): ₹69.43 crore with margin of 63.3%
- One-time investment gain in FY26: ₹31.36 crore from partial stake sale in subsidiary
Q1FY27 Performance:
- Total Income: ₹26.86 crore (decline of ~6.5% year-on-year)
- EBITDA: ₹16.24 crore
Capital Structure and Leverage (as of June 30, 2026):
- Tangible Net Worth: ₹251.21 crore
- Adjusted Tangible Net Worth: ₹196.49 crore
- Total Borrowings: ₹86.77 crore
- Reported Gearing: 0.35x
- Adjusted Gearing: 0.41x
- Total Debt/EBITDA (annualized Q1FY27): 1.34x
- Interest Coverage: 7.62x
Liquidity Position (as of June 30, 2026):
- Free cash and cash equivalents: ₹19.84 crore
- Trade receivables: ₹45.41 crore
- Liquid investments: ₹2.78 crore
- Other investments (NCD and AIF): ₹123.48 crore
- Debt obligations: ₹86.77 crore
Key Rating Drivers
Strengths:
- Experienced management led by Amit Goenka with over 25 years in real estate and finance
- Rigorous three-tier investment approval process with Investment Committee and Limited Partners oversight
- Healthy AUM growth supported by successful fund raises and geographical diversification
- Asset-light business model supporting strong EBITDA margins
- UAE's attractive corporate tax regime
Weaknesses:
- Moderate scale of operations compared to larger alternative asset managers
- Concentration in real estate sector (India and UAE)
- Limited track record of completing full fund cycles
- No carry income recognized up to Q1FY27
- Exposure to UAE real estate market volatility and geopolitical risks
Risk Factors
- Reputational risk linked to investment performance and governance
- Regulatory risks from evolving AIF regulations in India and UAE
- Macroeconomic risks including interest-rate volatility and real estate sector weakness
- Geopolitical uncertainty in West Asia affecting UAE deployment
- Concentration risk in real estate investments
Business Overview
- Incorporated in 2013, rebranded in 2014, converted to public company and listed on BSE SME platform on December 11, 2024
- Manages four live AIF funds with geographical presence in India and UAE
- Specializes in urban real estate financing and private capital market transactions
- Dual business model combining structured advisory services and fund management
- Employee count: Average 49 employees in FY26
Subsidiaries and Associates
The consolidated entities include:
- Nisus BCD Advisors LLP (subsidiary)
- Nisus Finance & Investment Managers LLP (subsidiary)
- Nisus Finance International Advisors IFSC LLP (subsidiary)
- Nisus Finance Investment Consultancy FZCO (subsidiary)
- NiFCO Management Consultancies LLC (subsidiary)
- Nisus Fincorp Pvt Limited (subsidiary)
- Microsafe Projects LLP (associate)
- Microspace Projects LLP (subsidiary)
- Nisus Finance Projects LLP (subsidiary)
- Nisusone Investment Management Pvt Ltd (subsidiary)
Additional Information
- 32.03% of promoter holdings pledged as collateral against loan availed by subsidiary Nisus Finance Projects LLP for NCCCL acquisition
- Company maintains liquidity of up to three months of working capital requirements
- Management philosophy focuses on prudent leverage and adequate liquidity