Nis Management Ltd

BSE: 544495

₹ 34-8.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 67 crWebsite: www.nis.co.inUpdated: 24 Oct 2026

About

NIS Management is one of eastern India's established providers of organised security and integrated facility management services, a business founded in 1985 as National Investigation and Security. It deploys approximately 18,000 people across around 1,500 client sites in 14 states, serving more than 600 clients. Reported FY26 revenue was Rs 433.4 crore.^[1][2]

Business segments

Security services: ₹199.49 crore, 46.03% of FY26 revenue, the largest vertical.^[1][3]
Housekeeping and payroll management: ₹171.01 crore, 39.46% of FY26 revenue.^[1]
Integrated facility management, electronic security and CCTV rentals: ₹56.91 crore, 13.31% of FY26 revenue; the report calls it the highest-margin part of the business.^[1][3]
CCTV revenue held at about INR12 crore in FY26 (about INR7 crore of it rental) as STQC Make-in-India camera rules caused stock-outs.^[3]
In FY26, revenue at subsidiary NIS Facility Management Services fell from INR20 crore to INR16 crore, and at Keertika Academy from INR4 crore to INR2 crore.^[3]

Services and group entities

Subsidiary NIS Facility Management Services Private Limited provides electronic security: CCTV surveillance, access control, alarms and fire systems.^[1]
Keertika Academy is an NSDC-recognised training partner; Keertika Education & Associates LLP runs 4 ITIs under a PPP model with the West Bengal government.^[1]
As of Q1 FY27, the company is adding CCTV, access control, scissor lifts, AI-driven cleaning machines and command-and-control centres to its security and housekeeping contracts.^[4]
Most manpower contracts use a wage-plus-service-charge model that passes statutory wage costs through to clients.^[1]
The company holds ISO 9001:2015 accreditation.^[1]

Workforce and operations

Headcount was 19,154 in July 2026, up from 18,673 in March 2026.^[4]
Headcount was 17,200 at September 2025, up from 16,600 a year earlier and 16,400 the year before that.^[5]
The company managed 1,500+ client sites in Q1 FY27, compared with more than 1,300 sites in H1 FY26.^[4][5]
As of Q3 FY26, ERP, mobile attendance and QR-based monitoring ran across 700+ electronic attendance sites and 600+ remotely monitored sites.^[6]

Key operating numbers

Client retention was about 96-97% in Q1 FY27, and the average client relationship lasted 4.5-5 years.^[4]
CCTV segment EBITDA margin was about 20-25% in Q1 FY27, compared with 18-20% in H1 FY26.^[4][5]
Standalone manpower business EBITDA margin was 9.95% in Q1 FY27.^[4]
Order inflows were ₹48.03 crore in Q1 FY27.^[4]
Days sales outstanding were about 90 days in Q1 FY27, compared with about 3.5 months in H1 FY26.^[4][5]
The CCTV subsidiary reported a loss in Q1 FY27 because completion certificates for executed projects were still pending.^[4]

Customers and geography

West Bengal made up about 72-73% of revenue as of Q1 FY27, compared with 79% in FY2023.^[4][1]
Bihar, Maharashtra, Odisha and Gujarat contribute a rising share of revenue.^[1]
The top 10 customers made up 30% of revenue in FY25, compared with 36% in FY24 and 37% in FY23.^[6]
Government clients made up about 48% of revenue in H1 FY26.^[5]
Contracts added in H2 FY26: Haldia Dock (INR50 lakh a month, 3 years), about 150 Reliance stores in Gujarat (INR1 crore a month) and Patna Secretariat (INR10.36 crore over 3 years). HDFC, ICICI and IndusInd Bank work also expanded.^[3]
Contract renewals with the Reliance Group run to March 2027.^[1]

Expansion plans

For FY27, the company is targeting about INR30 crore of CCTV revenue, compared with INR13-14 crore in FY26. Planned sources include Mumbai police tenders (INR15-18 crore), NKDA AMCs and SAIL Burnpur work.^[4]
As of Q1 FY27, a command-and-control centre contract with HDFC Bank was in final negotiation, with expected subscription revenue of INR1.5-2 crore a year.^[4]
Management targets consolidated revenue above INR500 crore in FY27 and INR630-650 crore in FY28.^[4]
As of June 2026, INR36.85 crore of IPO proceeds had not yet been deployed.^[4]
As of Q1 FY27, the company was exploring technology-led acquisitions over the medium term, with no target or timeline named.^[4]

Recent developments

In Q1 FY27, the company won 5 Reliance Projects work orders worth INR30.77 crore and facility management contracts at 7 Reliance Group entities worth INR14.94 crore, a combined INR45.71 crore.^[4]
After FY26 closed, the company won two Patna contracts worth ₹19.57 crore and ₹14.65 crore, each running five years.^[1]
The company won a ₹7.93 crore, two-year DDU-GKY skill development contract from the Government of Odisha; about INR4 crore is expected to be billed in FY27.^[1][4]
ICRA reaffirmed the short-term rating at A2 and revised the outlook on the BBB+ long-term rating from Stable to Positive.^[3][1]
In FY26, the new Labour Code led to a one-time, non-cash exceptional provision of INR27.82 crore for employee benefit liabilities.^[3]

Market Cap

₹67 Cr

High / Low

₹102 / 34

Stock P/E

-36.2

Price / Book

0.3

Book Value

₹99

EPS

₹-0.9

No. of Shares

1.98 Cr

ROCE

11.1%

ROE

-0.9%

OPM

7.1%

Debt / Equity

0.42

Sales

₹433 Cr

Net Profit

₹-2 Cr

Promoter holding

69.6%

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