Nisus Finance reported strong FY26 consolidated results, with revenue at ₹575 Cr and PAT at ₹83 Cr, boosted by the NCCCL acquisition. The company aims for further growth with new product launches and managing integration synergies.

Nisus Finance Reports Strong FY26 Performance Post-NCCCL Acquisition

Nisus Finance Services Co Ltd has announced its financial results for FY26, showcasing a significant transformation following the acquisition of NCCCL. Consolidated revenue stood at ₹575 Crore, with a Profit After Tax (PAT) of ₹83 Crore. The core business reported revenue of ₹141 Crore and PAT of ₹68 Crore, while the newly integrated construction business contributed substantially.

Reader Takeaway: Diversified earnings engine with construction and financial services; focus on new products and debt management.

What Just Happened

Nisus Finance's consolidated revenue for FY26 reached ₹575 Crore, and PAT was ₹83 Crore. The core business, operating on an asset-light model, generated ₹141 Crore in revenue and ₹68 Crore in PAT. The acquisition of a 54% stake in NCCCL in August 2025 has integrated its construction operations, with NCCCL reporting standalone revenue of ₹665 Crore in FY26 and a work-in-hand of ₹1,833 Crore. NCCCL's PAT improved significantly to ₹16.4 Crore in its first year post-acquisition.

Why This Matters

The acquisition has repositioned Nisus Finance as an integrated infrastructure platform. This diversification is expected to drive future growth, with management projecting AUM between ₹4,500-6,000 Crore and PAT between ₹65-100 Crore for FY27, depending on market scenarios. The company is also planning strategic product launches, including Ni-YAM and SM REITs, aimed at adding over ₹4,000 Cr in AUM.

The Backstory

Previously a pure asset manager, Nisus Finance expanded its scope by acquiring NCCCL. This move aimed to create synergies between its financial services expertise and the construction execution capabilities of NCCCL, transforming the group into a more comprehensive infrastructure player. The core business has demonstrated robust year-on-year growth.

What Changes Now

Nisus Finance now operates with a dual business model. The focus will be on integrating the construction business's order book, launching new investment products, and capitalising on the operational synergies. Management is also closely watching external risks that could affect its portfolio.

Risks to Watch

The company's consolidated balance sheet shows increased debt post-acquisition. Additionally, geopolitical tensions in West Asia could impact the Dubai/UAE portfolio and overall foreign portfolio investor flows.

Context Metrics (Time-bound)

• FY26 Consolidated Revenue: ₹575 Cr
• FY26 Consolidated PAT: ₹83 Cr
• FY26 Core Business Revenue: ₹141 Cr
• FY26 Core Business PAT: ₹68 Cr
• Total AUM: ₹2,631 Cr
• NCCCL Standalone Revenue FY26: ₹665 Cr
• NCCCL Work in Hand: ₹1,833 Cr
• NCCCL PAT Improvement (Year 1): Approx. 4.7x

What to Track Next

Investors will be keen to monitor the successful integration of the construction arm's order book, the timeline and success of new product launches like Ni-YAM and SM REITs, and the company's ability to manage its debt levels against the projected growth scenarios for FY27.