Whalesbook
Nisus Finance Gears Up for Major Growth Post-NCCCL Acquisition
Nisus Finance Services Co Limited has unveiled a robust financial presentation for its Q3 and 9M FY2026 results, signaling a significant ramp-up in its operations and strategic direction, especially after the integration of its acquisition, NCCCL. The company is charting an ambitious growth trajectory, targeting a consolidated Assets Under Management (AUM) of ₹4,000 Crore for FY26 and planning substantial expansion into the UAE market.
Financial Performance Snapshot
The consolidated financial figures, which include NCCCL's performance from August 22nd onwards, show a total income of ₹229.05 Crore and a Profit After Tax (PAT) of ₹21.02 Crore for Q3 FY26, resulting in a PAT margin of 9.0%. For the nine months ending FY26, consolidated income stood at ₹371.35 Crore with a PAT of ₹57.95 Crore, reflecting a healthy margin of 15.9%. An exceptional item of ₹(3.98) Crore was noted for 9M FY26 due to labour code implementation.
On a standalone basis, excluding NCCCL, Nisus Finance demonstrated strong profitability. In Q3 FY26, standalone income was ₹38.76 Crore, with a PAT of ₹20.19 Crore, translating to a remarkable PAT margin of 52.98%. For the 9M FY26, standalone income reached ₹113.64 Crore, with PAT at ₹56.70 Crore and a margin of 50.87%. This highlights the underlying profitability of Nisus Finance's core business.
The company's Debt-to-Equity Ratio stands at 0.76 on a consolidated basis (9M FY26) and 0.42 on a standalone basis (9M FY26), indicating a manageable debt structure. The AUM is projected to surge from ₹1,572 Crore in FY25 to the target of ₹4,000 Crore in FY26, showcasing rapid growth.
Strategic Integration and Expansion
The acquisition of NCCCL, a company with 78 years of operational history in construction, is a cornerstone of Nisus Finance's strategy to build an integrated urban infrastructure platform. This move aims to leverage NCCCL's execution capabilities for large-scale projects. Nisus Finance has also made significant strategic investments in Dubai, including Lootah Avenue (₹536 Crore) and Majan (₹230 Crore), underscoring its commitment to cross-border expansion in key markets like India and the UAE. The company reported an early exit from Skytech Estates Private Limited with a commendable 16.5% Internal Rate of Return (IRR).
NCCCL has been actively securing new orders, including a ₹40 Crore contract for a hotel in Hyderabad and a ₹112.5 Crore mandate from Lodha in Alibaug, further bolstering its project pipeline.
Ambitious Outlook
Nisus Finance has set ambitious targets for FY26. Excluding NCCCL, the standalone revenue is targeted between ₹120-140 Crore, representing a substantial YoY growth of 80-108%. The consolidated AUM target is a significant leap to ₹4,000 Crore (up 154% YoY). NCCCL is expected to contribute approximately ₹650 Crore in revenue.
The long-term vision is equally aggressive, with a target of $1 Billion (approximately ₹8,000 Crore) in consolidated AUM by 2028. By FY30, NCCCL aims for an order book of around ₹5,000 Crore and total income exceeding ₹2,000 Crore.
The company also reported achieving a BBB+ credit rating from CareEdge and was Great Place to Work® Certified for 2025, reflecting operational and organizational strengths.
Peer Comparison
While Nisus Finance operates a hybrid model of financial services and infrastructure execution through its subsidiary NCCCL, its core construction and execution arm, NCCCL, can be compared to established players in the Indian infrastructure sector. Companies like PNC Infratech and HG Infra Engineering are involved in similar large-scale infrastructure project execution. For the 9M FY26, Nisus's consolidated revenue (including NCCCL) was ₹365.27 Cr. In comparison, PNC Infratech reported revenues of ₹1,843.09 crore for the nine months ended December 31, 2025 (Q3 FY26), and HG Infra Engineering reported ₹1,637.02 crore for the same period. This indicates that NCCCL, while established, is smaller in scale compared to these listed peers, suggesting significant room for growth and integration to reach its ambitious targets.
Peer Comparison
Nisus Finance's consolidated revenue (including NCCCL) for 9M FY26 was ₹365.27 Cr. Established peers in the construction and infrastructure execution space such as PNC Infratech and HG Infra Engineering reported significantly higher revenues for the same period (around ₹1,800-1,900 Cr), highlighting the growth potential for NCCCL within Nisus's integrated platform.