Whalesbook
📉 The Financial Deep Dive
Nisus Finance Services Co Limited has unveiled impressive unaudited financial results for the third quarter and nine months ending December 31, 2025 (Q3 FY26 and 9M FY26), showcasing a dual-pronged growth strategy driven by a high-margin core business and strategic consolidation.
The Numbers:
- Standalone Performance (Core Business): The company's core operations, including fund & asset management and transaction advisory, reported a strong Q3 FY26 with a total income of ₹38.76 crore. Profit After Tax (PAT) for the quarter stood at a significant ₹20.19 crore, translating into a robust PAT margin of 52.98%. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached ₹28.62 crore, boasting an impressive EBITDA margin of 73.9%.
For the nine months ended December 31, 2025 (9M FY26), the core platform generated a total income of ₹113.64 crore.
- Consolidated Performance (Including NCCCL): Following the consolidation of New Consolidated Construction Company Limited (NCCCL) from August 22, 2025, the combined platform reported a total income of ₹229.05 crore in Q3 FY26 and ₹371.35 crore for 9M FY26. The consolidated entity achieved an EBITDA margin of 29.53% and a PAT margin of 15.9% for the nine-month period.
The Quality & Strategic Moves:
The stark difference in margins between the standalone (high 50-70%) and consolidated (15-29%) figures highlights the scale expansion brought by the NCCCL acquisition, which operates in a different margin profile within the infrastructure and real estate sectors. The company's disciplined capital allocation is further evidenced by a successful exit from its investment in Skytech Estate, yielding a 1.5x Multiple of Invested Capital (MOIC) and approximately 16.5% Internal Rate of Return (IRR). A new investment of ₹230 crore has been deployed into the Nisus High Yield Growth Fund in Dubai, signalling international diversification.
Outlook & Guidance:
Nisus Finance is on track to surpass its previously guided total revenue of ₹120–140 crore for FY26 on its core platform, as 9M FY26 revenue has already reached ₹114 crore. On a consolidated basis, NCCCL's revenue is projected to be approximately ₹560+ crore in FY26, providing substantial revenue visibility. Management is focused on expanding its integrated platform across asset management, structured finance, and infrastructure investments, leveraging opportunities in private credit, real estate, and urban infrastructure financing.
Risks & Outlook:
The primary risk moving forward will be the successful integration of NCCCL and the realization of synergies. While the core business demonstrates exceptional profitability, the larger consolidated entity will have a different financial profile. Investors will watch for NCCCL's order wins and the performance of new investments. The company's strategy to leverage the NCCCL acquisition for a full lifecycle approach in infrastructure and real estate appears sound, offering long-term growth prospects.