SIS LIMITED (SIS)
₹401.50 -0.48% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, SIS's revenue was ₹4,604 Cr (+29.7% year on year, +2.5% on the previous quarter), and net profit ₹102 Cr (+9.4% year on year); the operating margin was 4.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,604 | +29.7% | +2.5% |
| Operating profit | ₹207 | +36.2% | +0.0% |
| Net profit | ₹102 | +9.4% | -0.8% |
| EPS (₹) | 7.19 | +12.3% | -1.5% |
| Operating margin | 4.5% | — | — |
SIS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.92% of the SIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.87%. That is close to its usual level. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 51.0% · 60.2% · 62.7% · 52.5% · 55.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
SIS Limited has extinguished 6,89,000 equity shares of face value Rs 5 each, bought back under its open market buyback program that began on August 13, 2026. Following the extinguishment, the company's total paid-up share capital reduced from 14,13,46,223 shares to 14,06,57,223 shares. This reduction represents approximately 0.49% of the pre-extinguishment share base. CDSL confirmed the debit with effect from October 1, 2026.
- Extinguished 6,89,000 fully paid-up equity shares of face value Rs 5 each
- Paid-up equity share capital decreased from Rs 70,67,31,115 to Rs 70,32,86,115
- Total shares outstanding reduced from 14,13,46,223 to 14,06,57,223
- CDSL processed the share debit on October 1, 2026
SIS Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. Registrar and Transfer Agent MUFG Intime India Private Limited confirmed that no requests for dematerialisation of securities were received, confirmed, or rejected during the quarter. Consequently, no security certificates required mutilation or cancellation. This is a purely standard statutory filing with no impact on business operations.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Zero dematerialisation requests received, confirmed, or rejected during the period
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited
CRISIL Ratings has reaffirmed SIS Limited's long-term credit rating at 'CRISIL AA-' and revised its rating outlook from 'Stable' to 'Positive'. The outlook revision applies to ₹949 crore of Long Term Bank Loan Facilities and ₹250 crore of Non-Convertible Debentures. Additionally, CRISIL reaffirmed the company's short-term rating at 'CRISIL A1+'. Against a reported debt of ₹577 crore and TTM revenue of ₹17,037 crore, the positive outlook signals strengthening credit fundamentals and potential for lower future borrowing costs.
- Outlook revised from 'Stable' to 'Positive' on ₹949 crore Long Term Bank Loan Facilities, rating reaffirmed at 'Crisil AA-'
- Outlook revised to 'Positive' on ₹250 crore Non-Convertible Debentures, rating reaffirmed at 'Crisil AA-'
- Short Term Bank Loan Facilities rating reaffirmed at 'Crisil A1+'
- Rating action executed pursuant to CRISIL's rating rationale dated September 25, 2026
SIS Limited announced that its wholly owned subsidiary, SIS Global Workforce Solutions Private Limited, has incorporated an indirect wholly owned subsidiary named SIS Global Workforce Solutions Finland Oy in Helsinki, Finland. Incorporated on August 31, 2026, the new entity requires nil acquisition cost and has not yet commenced commercial operations. The entity will focus on personnel procurement services, specifically sourcing, upskilling, and deploying Indian workforce to overseas markets. Given SIS's TTM revenue of ₹17,037 crore, the immediate financial impact of this incorporation is negligible.
- Incorporated indirect wholly owned subsidiary SIS Global Workforce Solutions Finland Oy on August 31, 2026
- Cost of acquisition and consideration are Nil
- Company holds 100% control via wholly owned subsidiary SIS Global Workforce Solutions Private Limited
- Target entity is pre-revenue with zero turnover history over the last 3 years
SIS Limited has announced the results of its Postal Ballot concluded on September 13, 2026. Shareholders approved a special resolution for the continuation of Mr. Arvind Kumar Prasad as Whole-time Director upon attaining 70 years of age, up to his existing term ending April 23, 2027. The resolution received overwhelming support, with 99.99% (12,57,85,829 votes) cast in favor out of 12,58,04,026 total valid votes polled.
- Continuation of Mr. Arvind Kumar Prasad as Whole-time Director approved up to April 23, 2027
- Overall voter turnout stood at 89.03% with 12,58,04,026 votes polled out of 14,13,07,643 shares
- Special resolution passed with 99.99% votes in favor (12,57,85,829 votes) and 0.01% against (18,197 votes)
- Remote e-voting completed on September 13, 2026, based on a cut-off date of August 7, 2026
SIS Limited has allotted 15,201 equity shares of face value INR 5 each upon the exercise of employee stock options on September 5, 2026. Following this allotment, the company's total paid-up equity share capital stands increased to INR 70.67 crore (comprising 14,13,46,223 equity shares). The share dilution resulting from this exercise represents roughly 0.01% of the total equity base and is financially negligible.
- Allotment of 15,201 equity shares of face value INR 5 each under ESOP
- Paid-up share capital increased to INR 70,67,31,115
- Total outstanding equity shares stand at 14,13,46,223 shares of INR 5 each
- Allotment date: September 5, 2026
SIS Limited has acquired an additional 12,14,731 equity shares (1.81% stake) in Updater Services Limited (UDS) for a cash consideration of ₹28.54 crore. Following this acquisition, SIS's total shareholding in UDS reached 66,97,313 equity shares, representing 10.00% of UDS's paid-up equity share capital. UDS operates in Integrated Facilities Management (IFM) and Business Support Services, reporting FY26 turnover of ₹1,762.41 crore. The transaction represents a strategic minority financial/industry investment relative to SIS's annual revenue of ₹17,037 crore.
- Acquired 12,14,731 shares (1.81% stake) of Updater Services Limited (UDS) for ₹28.54 crore in cash.
- Aggregate stake in UDS increased to 66,97,313 equity shares, crossing 10.00% of paid-up capital.
- Target entity UDS reported FY26 turnover of ₹1,762.41 crore (up from ₹1,591.73 crore in FY25 and ₹1,417.12 crore in FY24).
- Acquisition completed on September 4, 2026, without requiring regulatory approvals.
SIS Limited has informed the exchanges that its management will participate in an in-person investor conference on September 3, 2026. The event, 'Ashwamedh – Elara India Dialogue 2026', is organized by Elara Capital and will take place in Mumbai. The company clarified that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Management to attend 'Ashwamedh – Elara India Dialogue 2026' investor conference
- Scheduled date of participation is September 3, 2026
- Mode of interaction is physical in Mumbai
- No unpublished price sensitive information (UPSI) will be disclosed
SIS Limited has informed the exchanges regarding its scheduled participation in an investor conference on September 28, 2026. The physical event is the 'PL Capital Mid & Small Cap Conference 2026 | Emerging Titans: Unlocking India’s Next Growth Leaders'. The company clarified that no unpublished price-sensitive information (UPSI) will be shared during the interactions. This is a routine regulatory intimation under Regulation 30 of SEBI LODR.
- Management to participate in PL Capital Mid & Small Cap Conference 2026
- Scheduled date for the conference is September 28, 2026
- Meeting to be conducted in physical mode
- No unpublished price sensitive information (UPSI) to be shared
SIS Limited has acquired an additional 1.53% equity stake (10,27,192 shares) in Updater Services Limited (UDS) for a cash consideration of ₹21.59 crore. With this purchase, SIS's aggregate stake in UDS increases to 8.19% (54,82,582 shares). Target company UDS operates in Integrated Facilities Management and Business Support Services, reporting a turnover of ₹1,762.41 crore in FY26. The cash outlay represents ~0.37% of SIS's market cap (₹5,813 crore).
- Acquired 10,27,192 equity shares (1.53% stake) of UDS for ₹21.59 crore in cash
- Aggregate shareholding in UDS rises to 54,82,582 shares, or 8.19% of paid-up capital
- Target entity UDS reported FY26 turnover of ₹1,762.41 crore (up from ₹1,591.73 crore in FY25)
- Transaction was completed on August 19, 2026, without any related-party interest
SIS Limited has issued a Postal Ballot Notice seeking shareholder approval via Special Resolution for the continuation of Mr. Arvind Kumar Prasad as Whole-time Director. Mr. Prasad will attain the age of 70 years on September 9, 2026, necessitating shareholder consent under Section 196(3) of the Companies Act, 2013, to continue his existing term until April 23, 2027. Remote e-voting commences on August 15, 2026, and concludes on September 13, 2026, with the cut-off date fixed as August 7, 2026. The voting results will be declared on or before September 15, 2026.
- Special resolution proposed for continuation of Mr. Arvind Kumar Prasad as Whole-time Director upon turning 70 on September 9, 2026
- Current tenure runs through April 23, 2027 on existing terms and conditions
- Remote e-voting window open from August 15, 2026 (09:00 AM IST) to September 13, 2026 (05:00 PM IST)
- Cut-off date for shareholder eligibility set at August 7, 2026; results to be declared on or before September 15, 2026
SIS Limited has officially commenced its share buyback program today, August 13, 2026, targeting a maximum outlay of ₹106.00 Crores. The buyback will be conducted through the open market at a price not exceeding ₹478.50 per share, which is a ~10% premium to the current market price of ₹434.0. The program is scheduled to run until November 20, 2026, unless the maximum size is reached earlier. This buyback represents approximately 1.7% of the company's market capitalization and 9.8% of its net worth.
- Maximum buyback size capped at ₹106.00 Crores, representing ~9.8% of the company's net worth
- Maximum buyback price set at ₹478.50 per equity share
- Minimum deployment of 75% of the buyback size (₹79.50 Crores) required for early closure
- Buyback period is active from August 13, 2026, to November 20, 2026
- Open market mechanism excludes promoters and promoter group members
SIS Limited has approved a buyback of equity shares worth up to ₹106 crore through the open market route. The maximum buyback price is set at ₹478.50 per share, which is a ~10% premium over the current market price of ₹434.0. The company is committed to utilizing at least 75% of the maximum buyback size (₹79.5 crore). This move represents approximately 9.8% of the company's net worth and aims to return surplus cash to shareholders while potentially improving earnings per share.
- Maximum buyback size of ₹106.00 crore, representing 9.99% of standalone paid-up capital and free reserves.
- Maximum buyback price set at ₹478.50 per share, compared to the current market price of ₹434.0.
- Indicative maximum of 22,15,256 equity shares to be repurchased, representing ~1.5% of total shares.
- Minimum buyback size of ₹79.5 crore (75% of max size) is mandatory under the resolution.
- Buyback to be funded through free reserves, current surplus, and internal accruals.
SIS Limited reported a robust Q1 FY27 with consolidated revenue reaching ₹4,604 Cr, a 29.7% YoY increase. The India Security segment crossed a significant milestone, exceeding ₹2,000 Cr in quarterly revenue for the first time. EBITDA grew 36.2% YoY to ₹207 Cr, maintaining a 4.5% margin. Additionally, the company announced a ₹106 Cr buyback via the open market route at a maximum price of ₹478.50, representing approximately 1.7% of its current market capitalization.
- Consolidated revenue grew 29.7% YoY to ₹4,604 Cr, with India Security growing 37.3% to ₹2,004 Cr.
- EBITDA increased 36.2% YoY to ₹207 Cr, though it remained flat on a quarter-on-quarter basis.
- Board approved a ₹106 Cr buyback at a maximum price of ₹478.50 per share via the open market route.
- The A P Securitas acquisition contributed ₹332 Cr in revenue and ₹12.2 Cr in EBITDA during the quarter.
- Return on Capital Employed (ROCE) improved to 16.7% from 14% in the previous year.
SIS Limited has allotted 23,379 equity shares of face value ₹5 each on August 11, 2026, following the exercise of employee stock options. This action increases the company's total paid-up share capital to ₹70.67 crore, represented by 14.13 crore shares. The dilution resulting from this allotment is negligible at approximately 0.016% of the total equity base. This is a standard administrative procedure and does not impact the company's fundamental operations or financial health.
- Allotment of 23,379 equity shares pursuant to the exercise of employee stock options.
- Face value of the allotted shares is ₹5 per share.
- Total paid-up share capital increased to ₹70,66,55,110.
- Total number of equity shares post-allotment stands at 14,13,31,022.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 8% YoY to INR 13,903 Cr in FY25. Segmental growth included India Security at 8% (INR 5,531 Cr), International Security at 7% (INR 3,310 Cr), Facility Management at 10% (INR 2,092 Cr in FY24), and Cash Logistics at 17% (INR 634 Cr in FY24). Growth is driven by new order wins and price escalations linked to minimum wage hikes.
Geographic Revenue Split
India operations contribute approximately 40% of total revenue, while Australia represents a significant international footprint with a 21% market share. The revenue mix is diversified across Security Services (~79%), Facility Management (~16%), and Cash Logistics (~5%).
Profitability Margins
Operating margins remained rangebound at 5.2% in FY25 compared to 5.3% in FY24. Facility Management margins were 4.1-4.7%, while Cash Management margins improved to 16.7% in FY24 from 15.8% in FY23 due to better productivity and contract mix.
EBITDA Margin
EBITDA margins are expected to sustain at 4.5-5.5% over the medium term. Core profitability is supported by the closure of low-margin COVID-era contracts and a shift toward higher-margin technology-based security solutions.
Capital Expenditure
Planned capital expenditure is INR 100-120 Cr over the medium term, primarily for technology upgrades and infrastructure, funded through internal accruals of over INR 450 Cr.
Credit Rating & Borrowing
CRISIL AA-/Stable and CRISIL A1+ ratings reflect a healthy financial risk profile. Interest coverage stood stable at 4.36x in FY25, with gross debt to EBITDA improving to 2.31x from 2.49x YoY.
Operational Drivers
Raw Materials
Manpower is the primary 'raw material', with personnel costs representing the largest expense. Technology platforms (ERP) and security equipment (CCTV, sensors) are secondary operational inputs.
Import Sources
Manpower is sourced domestically across India and Australia. Technology and ERP platforms are managed through multiple global applications.
Key Suppliers
Not disclosed in available documents; however, the company relies on its 29 in-house training academies to 'supply' 50% of its manpower requirements.
Capacity Expansion
Current capacity includes 29 in-house training academies and a workforce of over 285,000 employees. Expansion includes the acquisition of APS Group, adding ~37,000 employees and 1,000+ customers by FY26.
Raw Material Costs
Manpower costs are highly sensitive to minimum wage changes; however, 8-10% revenue growth is expected as these costs are passed to customers through escalation clauses in contracts.
Manufacturing Efficiency
Efficiency is driven by operating leverage and technology deployment for real-time monitoring, maintaining RoCE above 10% over the last five fiscals.
Logistics & Distribution
Distribution costs are primarily related to the Cash Logistics segment (5% of revenue), which involves armored vehicle operations and ATM replenishment services.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be achieved through the acquisition of APS Group (INR 73.4 Cr for 51% stake) to expand the India customer base, a shift toward technology-based security solutions to improve margins, and leveraging a 16% CAGR (FY18-FY24) to capture share from the unorganized sector which still holds 65% of the market.
Products & Services
Security guarding, electronic security, facility management (cleaning, sanitization), and cash logistics (ATM replenishment, cash-in-transit).
Brand Portfolio
SIS Limited, APS Group (acquisition), SIS Cash Services.
New Products/Services
Increased focus on bundled 'Integrated Facility Management' and technology-driven security solutions are expected to drive premium positioning and higher margins.
Market Expansion
Targeting deeper penetration in India (banking, retail, mining) and maintaining dominance in Australia (21% market share).
Market Share & Ranking
Largest security services provider in India (40% of revenue) and Australia (21% share); second-largest cash management player in India.
Strategic Alliances
SIS Cash Services Pvt Ltd (49% JV) is a key alliance, though it is planned for an IPO and subsequent deconsolidation.
External Factors
Industry Trends
The industry is shifting from unorganized to organized (currently 35% organized). There is a growing trend toward bundled solutions (security + hygiene) and technology-integrated guarding.
Competitive Landscape
Highly fragmented industry with intense competition from unorganized players and a few large organized competitors in facility and cash management.
Competitive Moat
Moat is built on massive scale (largest in India/Australia) and a proprietary recruitment/training engine (29 academies) that sources 50% of manpower, making it difficult for smaller players to compete on reliability.
Macro Economic Sensitivity
Highly sensitive to GDP growth and minimum wage legislation; wage hikes directly drive revenue growth through contract escalation clauses.
Consumer Behavior
Post-pandemic, clients are prioritizing hygiene, sanitization, and integrated facility management, leading to increased demand for bundled service contracts.
Geopolitical Risks
Exposure to Australian market regulations and labor laws; however, services are classified as 'essential', providing resilience against economic downturns.
Regulatory & Governance
Industry Regulations
Operations are governed by the Private Security Agencies (Regulation) Act (PSARA) and various state-level minimum wage and labor laws.
Environmental Compliance
Growing importance of ESG; company maintains 27% women directors and 55% independent directors to enhance stakeholder confidence.
Legal Contingencies
Not disclosed in available documents; however, the company reported nil investor complaints in FY24.
Risk Analysis
Key Uncertainties
High attrition rate of 39% remains a key area for improvement. Potential for margin dilution if debt-funded acquisitions (like APS Group) do not turn around as efficiently as historical deals.
Geographic Concentration Risk
India and Australia represent the primary revenue hubs; any regulatory change in labor laws in these two regions would significantly impact the cost structure.
Third Party Dependencies
Low dependency on external suppliers for manpower due to 29 in-house training academies, but high dependency on the banking sector for the Cash Logistics segment.
Technology Obsolescence Risk
Risk of multiple legacy ERP platforms from various acquisitions; mitigation involves ongoing modernization and standardization of IT systems.
Credit & Counterparty Risk
Receivables are rangebound at 50-55 days; the high client base and essential nature of services mitigate significant credit default risks.
