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Nisus Finance Services Co Ltd (544296)

📊 BSE: 544296 🏢 Holding Company 📢 Latest filing: 26 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Nisus Finance's revenue was ₹10.0 Cr (+128.0% year on year, -23.2% on the previous quarter), and net profit ₹4.2 Cr (+21.1% year on year); the operating margin was 63.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹10.0	+128.0%	-23.2%
Operating profit	₹6.3	+308.2%	+5.5%
Net profit	₹4.2	+21.1%	-61.8%
EPS (₹)	1.76	+21.4%	-60.4%
Operating margin	63.4%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Nisus Finance CS & Compliance Officer Bhoomika Rahul Sharma Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 26 Sep 2026, 04:39 PM

Nisus Finance Services Co Ltd has announced the resignation of CS Bhoomika Rahul Sharma from her role as Company Secretary and Compliance Officer (Key Managerial Personnel), effective close of working hours on September 24, 2026. The resignation is to pursue her future professional endeavours, with no other material reasons stated. The Board of Directors will note the resignation at its forthcoming meeting and is currently in the process of identifying a successor. The company generated TTM revenue of Rs 626 Cr and TTM PAT of Rs 116 Cr.

CS Bhoomika Rahul Sharma resigned as Company Secretary and Compliance Officer effective September 24, 2026.
The outgoing KMP confirmed there were no other reasons for resignation besides pursuing professional endeavours.
Company is in the process of identifying a replacement KMP to be designated at the ensuing Board meeting.

💡 Track the upcoming board meeting outcome for the appointment of the new Company Secretary and Compliance Officer to ensure continuity in regulatory governance.

Promoter Releases Pledge on 3,10,656 Shares (1.30% Stake) Following NCD Prepayment

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 21 Aug 2026, 11:21 AM

Promoter and Managing Director Amit Goenka announced the release of a pledge on 3,10,656 equity shares (1.30% of total share capital) held in Nisus Finance Services Co Ltd on August 20, 2026. The pledge release was executed by Vistra ITCL India Limited following the prepayment of secured NCDs by the company's subsidiary, Nisus Fincorp Private Limited. Following this release, outstanding pledged shares held by the promoter declined from 23.70% (56,57,928 shares) to 22.40% (53,47,272 shares) of the company's total equity.

Pledge released on 3,10,656 equity shares, representing 1.30% of total share capital.
Outstanding promoter encumbered shares reduced from 23.70% (56,57,928 shares) to 22.40% (53,47,272 shares).
Release was triggered by debt prepayment on secured NCDs by subsidiary Nisus Fincorp Private Limited.
Promoter Amit Goenka continues to hold 1,76,64,398 shares, representing a 73.98% equity stake.

💡 Track further reductions in remaining promoter encumbrance (currently 22.40%) and monitor balance-sheet deleveraging across subsidiary entities.

Promoter Amit Goenka Releases 1.30% Pledged Stake; Total Encumbrance Drops to 22.40%

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 21 Aug 2026, 10:46 AM

Promoter Amit Anil Goenka has released a pledge on 1.30% of the total share capital of Nisus Finance Services Co Ltd on August 20, 2026. Prior to this event, 56,57,928 shares representing 23.70% of total equity were encumbered. Following this release, the encumbered promoter holding stands reduced to 53,47,272 shares or 22.40% of the total share capital. The release was triggered by the prepayment of secured NCDs by its subsidiary, Nisus Fincorp Private Limited, to debenture trustee Vistra ITCL India Limited.

Pledge released on 1.30% of the company's total paid-up share capital on August 20, 2026
Total encumbered shares reduced from 56,57,928 (23.70%) to 53,47,272 (22.40%)
Pledge release executed pursuant to prepayment of Secured NCDs by subsidiary Nisus Fincorp Private Limited
Total promoter holding remains at 73.98% of total share capital
Pledgee entity involved is Vistra ITCL India Limited acting as Debenture Trustee

💡 Track further de-leveraging and subsequent reductions in promoter share pledge levels in upcoming quarterly disclosures.

Promoter Amit Goenka releases 1.30% pledge; encumbered holding drops to 22.40%

🟢 POSITIVE ⭐ 5/10

REGULATORY 📅 21 Aug 2026, 10:44 AM

Promoter Amit Anil Goenka disclosed the release of a pledge over 1.30% of the company's share capital on August 20, 2026. This reduces the total encumbered promoter holding from 23.70% (56,57,928 shares) to 22.40% (53,47,272 shares). The release was executed by Vistra ITCL India Limited following the prepayment of secured NCDs by subsidiary Nisus Fincorp Private Limited. Total promoter holding in the company remains intact at 73.98%.

Pledge released on 1.30% of total share capital on August 20, 2026
Encumbered promoter holding decreased from 23.70% (56,57,928 shares) to 22.40% (53,47,272 shares)
Pledge released by Vistra ITCL India Limited following prepayment of secured NCDs by subsidiary Nisus Fincorp Pvt Ltd
Total promoter group holding stands at 73.98%

💡 Monitor upcoming quarterly shareholding patterns and SAST filings for further reduction of the remaining 22.40% pledged promoter stake.

Nisus Finance Targets Rs 4,000-5,000 Cr AUM in FY27; Outlines Rs 1,089 Cr EPC Orders in Analyst Meet

🟢 POSITIVE ⭐ 5/10

OTHER 📅 20 Aug 2026, 06:28 PM

Nisus Finance released an updated corporate presentation following its GIA BFSI/Fintech Analyst Meet. The company reported that its core AUM reached Rs 2,631 Cr in FY26 and is targeted to reach Rs 4,000-5,000 Cr in FY27, alongside projected core revenue of Rs 130-150 Cr. Its construction EPC subsidiary (NCCCL) secured new orders worth Rs 1,089 Cr from marquee developers like Lodha, Welspun, and Mahindra. Additionally, the company detailed active fund launches including the Rs 2,500 Cr NiYAM fund, an SM REIT platform, and a $500 Mn UAE private credit fund.

Core AUM grew to Rs 2,631 Cr in FY26, with management targeting Rs 4,000-5,000 Cr in FY27
NCCCL EPC business secured Rs 1,089 Cr in new orders with an EBITDA margin of 10.5%
Core financial services FY26 revenue stood at Rs 141.0 Cr and PAT at Rs 68.0 Cr (excluding NCCCL)
Pipeline includes Rs 2,500 Cr NiYAM credit fund, Rs 2,000 Cr SM REIT platform, and $500 Mn UAE credit fund

💡 Track the deployment and fundraising milestones for the NiYAM fund and SM REIT platform in H2 FY27, along with execution timelines and margin performance in the EPC business.

Nisus Finance Reports FY26 Core AUM at ₹2,631 Cr, Targets ₹4,000-5,000 Cr in FY27

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 20 Aug 2026, 03:48 PM

Nisus Finance Services Co Ltd shared an investor presentation detailing business performance and outlook across its fund management, advisory, and construction (NCCCL) businesses. Core business AUM reached ₹2,631 Cr in FY26 (77% CAGR from FY23) and is projected to reach ₹4,000-₹5,000 Cr in FY27. Core business FY26 revenue reached ₹141.0 Cr with PAT of ₹68.0 Cr, while its construction subsidiary NCCCL secured new orders of ₹1,089 Cr with an EBITDA margin of 10.5%.

Core business AUM reached ₹2,631 Cr in FY26, with management projecting ₹4,000-5,000 Cr for FY27
Core revenue rose to ₹141.0 Cr in FY26 with PAT at ₹68.0 Cr, reflecting strong standalone margins
Construction subsidiary NCCCL logged 14% YoY revenue growth in Q1, securing ₹1,089 Cr in new orders
Core Q1 revenue stood at ₹27.6 Cr, maintaining momentum in India despite West Asia headwinds

💡 Track the deployment of the newly approved NiYAM fund starting Q3 FY27 and execution progress on NCCCL's ₹1,089 Cr new order wins.

Nisus Finance Launches $50M Tokenised Real Estate Asset NIFCOT1 on Toyow

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Aug 2026, 12:44 PM

Nisus Finance has launched NIFCOT1, its first tokenised real estate offering backed by the DIFC-regulated Nisus High Yield Growth Fund. The inaugural issuance is valued at USD 50 million (~₹415+ Cr) across 100,000 digital ownership tokens, marking the first asset listed on the Toyow marketplace. This launch is part of a broader USD 500 million multi-tranche real-world asset (RWA) tokenisation roadmap. Token holders will receive contractual economic interests via a Special Purpose Vehicle (SPV) structure.

Inaugural token issuance of USD 50 million comprising 100,000 digital ownership tokens
Part of a larger USD 500 million multi-tranche RWA tokenisation roadmap
Backed by Nisus High Yield Growth Fund, a DIFC-regulated fund investing in GCC/EMEA real estate
Partnership executed under an MoU with Toyow marketplace (operated by Xchain Technologies FZCO)

💡 Track investor adoption and capital subscription levels for the initial USD 50 million tranche on the Toyow platform, as well as subsequent fee income generated in quarterly fund management revenues.

Nisus Finance to Attend Virtual GIA BFSI/Fintech Analyst Meet on August 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 04:46 PM

Nisus Finance Services Co Ltd has scheduled a virtual interaction with investors and analysts at the GIA BFSI/Fintech Analyst Meet on August 20, 2026, between 2:00 PM and 5:00 PM IST. The company stated that only publicly available information will be shared during the group session, ensuring compliance with SEBI PIT regulations. No unpublished price-sensitive information is slated to be disclosed. This filing is a standard statutory disclosure under SEBI LODR Regulation 30.

Scheduled meeting date: August 20, 2026, from 2:00 PM to 5:00 PM IST
Event: GIA BFSI/Fintech Analyst Meet (Virtual Group Meeting)
Compliance: Discussion strictly limited to publicly available information with no UPSI

💡 Watch for any post-meet investor presentation or transcript filings that may be shared on the exchanges post August 20, 2026.

Nisus Finance Q1 FY27: Consolidated Revenue ₹186.5 Cr; NCCCL Wins ₹1,089 Cr New Orders

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 12 Aug 2026, 09:13 PM

Nisus Finance reported a consolidated revenue of ₹186.5 Cr for Q1 FY27, largely driven by its EPC subsidiary NCCCL. While the core finance business saw a 8.7% QoQ revenue dip to ₹27.6 Cr due to West Asia geopolitical headwinds affecting UAE operations, the EPC segment secured massive new orders worth ₹1,089 Cr. The company received SEBI approval for its NiYAM fund, with deployment expected to commence in Q3 FY27. Consolidated PAT for the quarter stood at ₹12.37 Cr, with core business EBITDA margins remaining strong at over 60%.

NCCCL subsidiary secured new orders worth ₹1,089 Cr from major developers including Lodha, Welspun, and Mahindra.
Consolidated revenue reached ₹186.5 Cr, a significant jump following the full integration of the NCCCL acquisition.
Core finance business maintained high EBITDA margins above 60% despite a temporary slowdown in UAE transaction volumes.
Received SEBI approval for NiYAM AIF; GIFT City feeder platform expected to drive AUM growth from Q3 FY27.
UAE team expanded from 8 to 18 members to prepare for a recovery in the Gulf real estate market.

💡 Investors should monitor the execution pace of the ₹1,089 Cr new order book at NCCCL and the successful first close/deployment of the NiYAM fund in Q3 FY27.

₹1,089 Cr New Orders for NCCCL; Nisus Finance Q1 Consolidated Revenue at ₹186.5 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 09:10 PM

Nisus Finance reported a consolidated total income of ₹186.48 Cr for Q1 FY27, reflecting the integration of its EPC subsidiary, NCCCL. While consolidated PAT margins compressed to 6.6% due to the lower-margin construction business and a 28% decline in UAE transaction volumes, the core fund management business maintained a high EBITDA margin of 61.6%. A major highlight is NCCCL securing ₹1,089 Cr in fresh orders, which is approximately 1.7x the company's TTM revenue. Additionally, the company received SEBI approval for its ₹2,500 Cr NiYAM Fund, with deployments expected to start in Q3 FY27.

Consolidated total income reached ₹186.48 Cr in Q1 FY27, driven by the EPC segment.
NCCCL secured record new orders of ₹1,089 Cr during the quarter from clients like Lodha and Mahindra.
Core business (Fund Management & Advisory) maintained a robust EBITDA margin of 61.6%.
SEBI approval received for the NiYAM Fund, a Category II AIF with a target corpus of ₹2,500 Cr.
Cumulative new orders under Nisus stewardship now stand at ₹1,420 Cr, representing 52% of the total order book.

💡 Watch for the execution pace of the ₹1,089 Cr order book and the successful first-close/deployment of the ₹2,500 Cr NiYAM fund in Q3 FY27. Investors should also monitor if UAE transaction volumes continue the recovery seen in July 2026.

Nisus Finance Approves Q1 FY27 Results; Focus on Rs 2,350 Cr EPC Order Book Integration

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 09:01 PM

Nisus Finance has approved its un-audited financial results for the quarter ended June 30, 2026. The company is currently transitioning into an integrated urban infrastructure platform following its Rs 110 Cr acquisition of NCCCL, which added a Rs 600+ Cr revenue base. With a TTM revenue of Rs 626 Cr and a high ROCE of 32.0%, the company is leveraging its Rs 1,572 Cr AUM to secure EPC projects. Investors should monitor how the integration of the lower-margin EPC business affects the overall TTM operating margin of 28.9%.

Board approved un-audited standalone and consolidated results for the quarter ended June 30, 2026.
Company is managing an active EPC order book of Rs 2,350 Cr with a target to scale to Rs 5,000 Cr.
AUM grew at a 94.39% CAGR over three years to reach Rs 1,572 Cr in FY25.
Transaction Advisory segment remains a core driver, historically accounting for 67% of total revenue.

💡 Review the full consolidated financial statement to assess the margin impact of the NCCCL acquisition and the progress of the 'flywheel' strategy between fund management and EPC execution.

Nisus Finance Board Approves Q1 FY27 Un-Audited Financial Results

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 08:56 PM

Nisus Finance Services Co Ltd has approved its standalone and consolidated un-audited financial results for the quarter ended June 30, 2026. The company is coming off a high-growth FY26 where revenue reached 561 Cr compared to 66 Cr in FY25. Investors are monitoring the integration of the NCCCL acquisition, which added a 2,350 Cr order book to the business. The board meeting was conducted efficiently, lasting 22 minutes.

Board approved un-audited standalone and consolidated results for the quarter ended June 30, 2026
Meeting commenced at 5:47 P.M. and concluded at 6:09 P.M. on August 12, 2026
Company reported TTM revenue of 626 Cr and TTM PAT of 116 Cr prior to this filing
AUM stood at 1,572 Cr as of FY25 with a 94.39% CAGR over three years
Current active order book from NCCCL acquisition stands at 2,350 Cr

💡 Investors should examine the detailed Q1 P&L to verify if the high margins (28.9% TTM OPM) are being maintained as the EPC segment scales. Watch for updates on the target to increase the order book to 5,000 Cr.

Nisus Finance to consider Q1 FY27 results on August 12, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 07 Aug 2026, 06:02 PM

Nisus Finance Services Co Ltd has scheduled a board meeting on August 12, 2026, to approve standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. This follows a transformative FY26 where revenue surged to ₹561 Cr from ₹66 Cr in FY25, primarily due to the acquisition of NCCCL. Investors will be monitoring the integration of the EPC business and the execution of the ₹2,350 Cr order book. The trading window for designated persons remains closed until August 14, 2026.

Board meeting scheduled for August 12, 2026, to approve Q1 FY27 financial results
Trading window closed from July 01, 2026, to August 14, 2026
Company reported TTM revenue of ₹626 Cr and TTM PAT of ₹116 Cr
Active order book stands at ₹2,350 Cr following the NCCCL acquisition
Promoter holding remains stable at 73.98% as of June 2026

💡 Watch for the Q1 results on August 12 to assess if the company can maintain its TTM OPM of 28.9% while scaling its EPC order book execution.

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💰 Financial Performance

Revenue Growth by Segment

Transaction Advisory contributed 67% of FY25 revenue, while Fund Management and Other Income accounted for 33%. Total revenue for H1 FY26 grew 123% YoY to INR 73.36 Cr from INR 32.91 Cr in H1 FY25. The combined platform (Nisus + NCCCL) represents a 10x revenue scale-up from INR 67.3 Cr to an estimated INR 675 Cr.

Geographic Revenue Split

The company operates across India, GIFT City, and the UAE (Dubai/DIFC). In FY25, five major mandates were executed across India and the UAE, with the Dubai platform showing strong performance and the acquisition of a 30% discounted asset worth over INR 500 Cr in the region.

Profitability Margins

PAT margin stood at 48% in FY25 (INR 32.6 Cr PAT) and improved to approximately 50% in H1 FY26 (INR 36.5 Cr PAT). The high margins are driven by an asset-light business model and a focus on high-margin advisory and fund management fees.

EBITDA Margin

EBITDA margin was maintained at 76% in H1 FY26, with EBITDA growing 117% YoY to approximately INR 56 Cr. For the Nisus Finance Group specifically (excluding NCCCL), the EBITDA margin is reported at 74%.

Capital Expenditure

The company undertook a significant strategic investment of INR 110 Cr for the acquisition of New Consolidated Construction Company Ltd (NCCCL). As of H1 FY26, INR 60 Cr of the debt facility used for this acquisition has been repaid through internal accruals and secondary sales.

Credit Rating & Borrowing

Nisus Finance was assigned a 'CARE BBB+; Stable' issuer rating in October 2025. It also received an 'AIF-1 (Excellent)' rating from CareEdge for its fund management quality. The company raised an INR 110 Cr facility for the NCCCL acquisition, with the promoter share pledge reduced to 18.5% to demonstrate balance sheet discipline.

⚙️ Operational Drivers

Raw Materials

For the newly acquired EPC segment (NCCCL), primary raw materials include steel, cement, and aggregates, which are essential for civil construction projects. In the core financial segment, 'human capital' is the primary driver, with 50 professionals across investment and advisory.

Import Sources

Not specifically disclosed; however, NCCCL operates across 30+ domestic developer contracts, suggesting local sourcing of construction materials within India.

Capacity Expansion

AUM grew at a 94.39% CAGR over three years to reach INR 1,572 Cr in FY25. The NCCCL acquisition brings an active order book of INR 2,350 Cr, which the company plans to scale to INR 5,000 Cr in the short term.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the consolidation of NCCCL (an operating entity) is expected to lower blended margins compared to the 76% EBITDA margin of the pure financial services platform.

Manufacturing Efficiency

Not applicable to the financial segment; for the EPC segment, efficiency is tracked via the execution of 30+ high-quality developer contracts and the ability to scale the order book to INR 5,000 Cr.

📈 Strategic Growth

Expected Growth Rate

112%

Growth Strategy

The company is transitioning into an integrated urban infrastructure platform by combining fund management with EPC capabilities (NCCCL). This 'flywheel effect' uses financing to secure EPC projects and on-site EPC data to improve credit underwriting for future financing, targeting a revenue increase from INR 67 Cr to INR 700 Cr.

Products & Services

Alternative Investment Funds (AIF), Transaction Advisory (debt syndication, asset monetization), NBFC lending, and EPC (Engineering, Procurement, and Construction) services.

Brand Portfolio

Nisus Finance Group (NiFCO), Nisus Fincorp, New Consolidated Construction Company Ltd (NCCCL).

New Products/Services

Expansion into GIFT City and Dubai platforms to launch global investor-aligned structures and offshore capital pools, expected to drive AUM growth beyond the current INR 1,572 Cr.

Market Expansion

Deepening presence in GCC markets via the Dubai (DIFC) office and leveraging GIFT City for international capital flows into Indian urban infrastructure.

Market Share & Ranking

Positions itself as India's first listed AIF business with a credit rating; uniquely positioned as a one-stop solution for real asset and urban infrastructure.

Strategic Alliances

Strategic partnerships with institutional capital platforms and 100+ developer relationships that serve as a referral pipeline for the EPC business.

🌍 External Factors

Industry Trends

The AIF industry is evolving toward structured credit and asset-backed lending. Nisus is positioning itself to capture the rising demand for alternative credit as traditional banking remains constrained in real estate.

Competitive Landscape

Competes with other EIS managers and private credit funds, but distinguishes itself through its integrated EPC-Financing model.

Competitive Moat

The moat is built on 'regulatory firsts' (listed AIF, GIFT City OPI) and a 'data moat' where NCCCL’s on-ground construction data provides superior risk-adjusted underwriting for the lending business.

Macro Economic Sensitivity

Highly sensitive to urban infrastructure demand and interest rate cycles which affect developer financing and debt syndication volumes.

Consumer Behavior

Shift in institutional investor preference toward 'institutional grade' processes and transparent, credit-rated fund managers.

Geopolitical Risks

Exposure to GCC market stability; however, the Dubai platform is currently performing strongly with a senior investment team in place.

⚖️ Regulatory & Governance

Industry Regulations

Operates under SEBI Category II AIF license and RBI NBFC regulations. Compliance includes NAV disclosures, co-investment protocols, and KYC/AML norms. Frequent SEBI updates to AIF norms regarding fund structure and investor eligibility are key operational constraints.

Taxation Policy Impact

Maintains a tax margin of approximately 50% on the Nisus Finance Group level; FY25 tax expense was INR 8.82 Cr on PBT of INR 41.41 Cr.

Legal Contingencies

Not disclosed in available documents; however, the company has established an Audit Committee to oversee internal financial controls and related party transactions.

⚠️ Risk Analysis

Key Uncertainties

Reputational risk from adverse outcomes in portfolio investments could impair the ability to raise new capital from LPs, directly impacting the primary management fee revenue stream.