NISUSFINANCE Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹141 Cr
verification pending
Revenue YoY
110%
reported change
EBITDA
₹97 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Nisus Finance delivered exceptional Q4 and full-year FY26 results with standalone revenue of ₹141 crore (up 110% YoY) and PAT of ₹68 crore (up 188% YoY), exceeding their own guidance of ₹120-140 crore. EBITDA margin expanded 400bps to 70.5%, while consolidated group PAT reached ₹83 crore including NCL subsidiary contribution from August 2025. AUM grew 67% to ₹2,631 crore with ROCE at 33.3% (up 900bps). Revenue mix shifted favorably to 55% fund management / 45% advisory vs 33%/67% two years ago. Q4 saw geopolitical headwinds deferring ~₹500 crore UAE transactions, though management emphasized timing over structural concerns with a 2,000 crore renegotiation pipeline offering better entry yields. NCL order book swelled to ₹2,600-2,700 crore with recent wins. Risk includes Dubai market correction of 15-20% from January highs and India regulatory delays on ~₹300 crore pipeline, but anti-fragile strategy focusing on completed income-generating mid-income residential assets shows resilience.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for AUM growth to ₹4,500-5,000 crore in FY27, implying continued 67%+ growth trajectory driven by India pipeline (₹700 crore, 60-70% term sheet stage) and UAE pipeline (₹2,000 crore, 50-60% term sheet stage).
- SEBI approval received for NIS Yield and Asset Multiplier Fund; launches Q2 with ₹1,800 crore corpus and ₹500 crore greenshoe option. Management fee 2%, performance fee 20% with 7.5 year tenor.
- Blended revenue-to-AUM ratio expected to compress from 5.37% in FY26 to 2.85% in FY27 as one-time investment gains and high-margin UAE advisory contracts normalize. Steady-state assumption of 3% going forward.
- Construction subsidiary NCCL guided for ₹850 crore revenue in FY27 with EBITDA margins of 9-10% and PAT margins of 2-3%, consistent with industry norms. Volume-driven business model.
Risks flagged
- Dubai market has seen 15-20% price correction from January levels with off-plan sales dropping from 78% to 30-40% of transactions. West Asia conflict deferred ₹500 crore UAE deals to FY27. While management sees opportunity for better entry prices, timing of sentiment recovery remains uncertain.
- Analyst questioned ₹300 crore Indian pipeline delays due to regulatory changes (Karnataka e-Karta UID system, Telangana regime change, Gujarat RERA delays) and consortium lender committee approvals. Management confirmed transactions pushed from March to May/next quarter, representing timing而非结构性 risk.
- FY26 revenue-to-AUM ratio of 5.37% was elevated due to one-time opportunistic exits at premium yields and unusually high-margin UAE advisory contracts. Management acknowledged this is not sustainable, guiding to 2.85% in FY27, representing a significant compression in realized returns.
- Individual investor directly questioned 50% stock price decline since IPO despite strong quarterly results. Management acknowledged market dynamics and competitor landscape but did not address valuation multiples or specific investor relations initiatives beyond transparency commitments.
Key quotes
- FI26 was our first full year as a listed company and was a significant year in consolidating our pole position within our markets. We entered the year with certain targets. We've largely exceeded them. Despite navigating an external environment completely unforeseen in the last quarter, notwithstanding that we have exceeded our guidance while we continue to manage a live geopolitical crisis very deftly.
- The question is timing not structural. The opportunity set is still very deep, very attractive and has great amount of LP interest. However, caution and conservative approach with capital protection is the name of the game.
- Our core business of Q4 delivered a PAT of 11 crores, healthy margins across EBITDA and returns. Our UAE portfolio continues to generate good yield returns with a NAV appreciation of 30%. We see no impact on our investment portfolio in the UAE. We continue to earn our fees unabated and the rents continue unrestricted without any challenge on the renting rate.
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