Nisus Finance Services Co Ltd

BSE: 544296

₹ 155-3.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 370 crWebsite: www.nisusfin.comUpdated: 24 Oct 2026

About

Nisus Finance Services is a real estate-focused financial services group with three verticals: Fund & Asset Management, Transaction Advisory, and EPC construction through NCCCL. Its fund business managed ₹2,631 Cr of assets as of FY26, up 67%, across India and the UAE (DIFC and GIFT City). Consolidated revenue was ₹561 Cr in FY26. CareEdge rated it BBB+, which the company describes as India's first investment-grade rating for an AIF business.^[1][2]

Business segments

Three verticals: Fund & Asset Management, Transaction Advisory, and Engineering, Procurement and Construction (EPC) through NCCCL.^[1]
Reported segments FY26: the largest segment had ₹424.18 Cr revenue (75.6% share, 6.9% EBIT margin). The other two had ₹75.37 Cr (13.4%) and ₹61.45 Cr (11.0%).^[3]
Core business revenue mix in FY26 was about 55% advisory and 45% fund management, vs 67%/33% in FY25 and 68%/32% in FY24.^[4][5]
Transaction advisory revenue was ₹77.6 Cr in FY26.^[1]
Revenue by geography in H1 FY26: 67% India, 33% UAE.^[6]

Funds and products

SEBI-registered Category II AIF Manager. Its RBI-registered NBFC invests proprietary capital only through Nisus-managed funds, and ₹25 Cr of IPO capital went into the NBFC.^[1]
Fund net yields as of FY26: REAP fully exited at 21.31%, RECOF nearly exited at 18.41%, RESO under deployment at 20.93%.^[1]
Nisus High Yield Growth Fund (DIFC Dubai, with a GIFT City feeder) is under deployment with a 25-30% target.^[1]
The company reports zero capital loss across 60+ investments as of FY26.^[1]
In FY26 it added advisory services in real estate tokenisation and institutional self-redevelopment.^[1]

Assets under management

AUM was ₹2,631 Cr in FY26, up 67% YoY, with a four-year CAGR of 87%. AUM was ₹1,572 Cr at FY25 end.^[1][5]
UAE AUM grew 223% in FY26.^[1]
Revenue/AUM ratio was 5.37% in FY26 vs 4.3% in FY25. Management guides about 3% at steady state in FY27.^[4][5]
The company's own (sponsor) capital invested was about ₹128 Cr in FY26, up from ₹48 Cr earlier.^[7][5]
Management reported 30% NAV appreciation on the four UAE rental assets in FY26, with no impairment.^[4]

NCCCL construction subsidiary

NCCCL has delivered 300+ projects and more than 250 million sq. ft. It has been consolidated since 22 August 2025.^[1][6]
Order book was ₹2,350 Cr in Q1 FY27 vs ₹1,833 Cr at end-FY26, with ₹1,089 Cr of new orders in Q1 FY27.^[7]
EBITDA margin was 10.5% in Q1 FY27, up 100 bps YoY, and revenue grew 14% YoY. EBITDA margin was about 9% in FY26.^[7][4]
Order book by state as of Oct 2025: Maharashtra 66%, Karnataka 26%, Telangana 6%, Gujarat 2%, across 30+ contracts.^[6]

Customers and distribution

Q1 FY27 NCCCL orders came from Lodha, Welspun and Mahindra. Other clients include Runwal, Terminus Group and Cowtown.^[7][1]
Key NCCCL projects: Lodha Acme Hills, Mumbai (14.81 Lakh sq. ft. SRA project) and Welspun's Navi Mumbai warehouse (18.15 Lakh sq. ft.).^[1]
Intermediary network of 600+ banks, NBFCs and developers, built over 12 years. Partners include SWAMIH, ARCIL and Phoenix.^[1]
Dubai Islamic Bank made an additional capital commitment to the UAE private credit fund in Q1 FY27.^[7]
Workforce was 50 employees in FY26, including a 15-member Dubai team at the DIFC office.^[1]

Pipeline and new platforms

NiYAM fund (target corpus ₹2,500 Cr, target IRR 24-28%) received SEBI approval and began fundraising. Deployment is targeted from Q3 FY27.^[7][1]
NIFCOT1, a VARA-regulated tokenisation product for $500 Mn of UAE real estate, is ready to launch by Q3 FY27 with a $50 Mn first tranche on the Toyow marketplace.^[7]
An SM REIT platform is planned for launch in H2 FY27. Total deal pipeline was ₹3,000 Cr+ in Q1 FY27.^[7]
FY27 targets: AUM of ₹4,000-5,000 Cr in the base case and an NCCCL order book of ₹3,000-3,500 Cr. The long-term goal is US$1 billion AUM by 2028.^[7][1]
A ₹536 Cr purchase of the 273-unit Lootah Avenue in Dubai Motor City was made through the DIFC fund in Q3 FY26.^[5]

Holding company finances and pledge

₹72 Cr of the ₹110 Cr NCCCL acquisition debt was repaid in FY26, leaving ₹38 Cr outstanding at 31 March 2026.^[4]
Promoter pledge was cut to 18.8% as of Q4 FY26.^[4]
Interest coverage in 9M FY26 was 15.55x excluding NCCCL and 5.92x consolidated. Consolidated debt-equity was 0.76x.^[5]

Recent developments

Q1 FY27: UAE business slowed because of the West Asia conflict, while India advisory lifted standalone revenue 128% YoY to ₹9.99 Cr.^[7]
Q4 FY26: more than ₹500 Cr of UAE investment decisions were deferred to FY27 because of the West Asia conflict.^[4]
Company Secretary and Compliance Officer Bhoomika Rahul Sharma resigned with effect from 24 September 2026.^[8]
The company was certified a Great Place to Work for the second consecutive year in FY26.^[1]

Market Cap

₹370 Cr

High / Low

₹384 / 143

Stock P/E

5.3

Price / Book

10.0

Book Value

₹111

EPS

₹29.5

No. of Shares

2.39 Cr

ROCE

32.2%

ROE

25.4%

Sales

₹561 Cr

Net Profit

₹83 Cr

Promoter holding

74.0%

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Company data

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Funds and products

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NCCCL construction subsidiary

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