SYNOPSIS: Nisus Finance posted a sharp surge in H1 FY26, with revenue up 342 percent HoH and net profit up 135 percent HoH, supported by strong margins, rising AUM and robust India-Dubai deal flow.
Shares of a leading urban infrastructure investment & asset management platform and India’s first listed AIF manager surged nearly 16.4 percent on the BSE, after reporting H1 FY26 financial results with a rise in revenue from operations by around 342 percent HoH and 325 percent YoY.
At 11:14 a.m., shares of Nisus Finance Services Co Limited were trading in green at Rs. 362.5 on BSE, up by around 10 percent, compared to its previous closing price of Rs. 329.3, with a market cap of Rs. 865.6 crores.
The stock has delivered positive returns of more than 53 percent in one year, and has gained by nearly 7 percent in the last one month.
What’s the News:
Nisus Finance Services Co Limited announced the financial results for the first half of FY26 on Wednesday after market hours, as per the latest regulatory filings with the BSE.
For H1 FY26, the company reported a consolidated revenue from operations of Rs. 140.4 crores, reflecting a sequential growth of around 342 percent HoH compared to Rs. 31.8 crores in H2 FY25, and an impressive year-on-year increase of more than 325 percent from Rs. 33 crores recorded in H1 FY25.
During the same period, the net profit of Nisus Finance Services stood at Rs. 31.5 crores, representing an increase of around 135 percent HoH from Rs. 13.4 crores, as well as a significant growth of over 67 percent YoY from Rs. 18.8 crores.
The company delivered strong sequential momentum, with Q2 FY26 revenue rising to Rs. 46.2 crore, a robust 61 percent increase from Rs. 28.7 crore in Q1 FY26, supported by investment gains, higher transaction volumes, and stronger contributions from both Indian and UAE operations.
Consolidated EBITDA for H1 FY26 stood at Rs. 62 crore, while the ex-NCCCL EBITDA margin remained exceptionally high at around 74 percent, positioning the company among the industry’s top performers. Meanwhile, the increase in PAT was underpinned by disciplined cost controls, operating leverage benefits, and a well-diversified revenue base.
Future Growth Outlook
The company is positioned for strong expansion in FY26 and beyond, supported by a rapidly scaling asset base and robust deal pipeline across India and Dubai. AUM is projected to rise from Rs. 1,572 crore in FY25 to Rs. 4,000 crore in FY26, with a long-term vision of reaching $1 billion (~Rs. 8,000 crore) by 2028. Total income is expected to nearly double in FY26 to Rs. 120-140 crore from Rs. 67 crores in FY25, while the revenue-to-AUM ratio is anticipated at 3-3.5 percent from 4.3 percent in FY25. PAT margins, already strong at 48 percent in FY25, are expected to be maintained or further strengthened.
The company’s opportunities pipeline remains robust and diversified across both India and the UAE, with over Rs. 1,000 crore of active deal evaluations underway in key Indian markets such as Mumbai, Pune, Bengaluru, Hyderabad and Indore.
In the UAE/Dubai, the company is evaluating an advanced-stage pipeline of AED 1.5 billion (~Rs. 3,600 crore), primarily focused on residential and commercial income-yielding assets across premium Dubai sub-markets such as Jumeirah Village Circle (JVC), Al Barsha, Discovery Gardens and Healthcare City.
The current order book of the company’s subsidiary, NCCCL, reflects a strong and geographically diversified execution pipeline, with ongoing projects valued at Rs. 4,000 crore, of which Maharashtra accounts for the dominant share at over 80 percent, followed by Gujarat, Karnataka and Hyderabad. As of September 2025, its balance work value stands at Rs. 2,356 crore, again led by Maharashtra at nearly 85 percent.
NCCCL closed FY25 with an order book of Rs. 2,356 crore and total income of Rs. 608 crore, supported by EBITDA margins of 8.6 percent. For FY26, the order book is expected to expand to approximately Rs. 3,000 crore with total income rising to around Rs. 650 crore, alongside a projected margin improvement to 9 percent.
Looking ahead to FY30, NCCCL aims to scale its order book to nearly Rs. 5,000 crore and increase annual income to Rs. 2,000 crore or more, with margins targeted at 10 percent.
With an estimated Rs. 250 crore working-capital unlock and margin expansion opportunities, NiFCO’s stake in NCCCL could deliver 4.8-8.0× MOIC (equivalent to ~68 percent IRR) by FY30. Together with NiFCO’s fund-management capabilities and its Dubai real-asset pipeline, NCCCL forms an integrated platform geared for capital-efficient and scalable growth.
About the company
Nisus Finance Services Co Limited is involved in the business of providing consulting and advisory services in the field of real estate, infrastructure, financial services pertaining to project development support, maintenance, management, administration, research, maintenance of database, planning, auctioneering, surveying, valuation, sourcing, agency and marketing.
The company provides fund management services for Alternative Investment Funds (AIFs) and their schemes, including acting as a facility agent, identifying investment opportunities, conducting investment analysis, and providing advisory services on investments and divestments.
The company operates a three-engine growth model comprising Fund Management, Transaction Advisory, and a Strategic Investment in a construction platform. Its core strengths span across Fund & Asset Management, where it manages AIFs focused on real estate credit and special situations, and Transaction Advisory, offering expertise in structured credit, private equity, land aggregation and asset monetisation.
NiFCO entered into a definitive agreement to acquire a 69 percent controlling stake in New Consolidated Construction Company Limited (NCCCL), one of India’s premier civil construction firms. This acquisition was announced on 4th July 2025.
Written by Shivani Singh
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