Segment Growth Rate Framework
India Security: ~1.5x GDP (~11-12%); Facility Management: 12.5-15% given larger addressable market; International: ~7.5% sustainable growth rate; Consolidated: ~12%
SIS / guidance tracker
Keep management guidance in view.
SIS · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
Margin Trajectory
Direction is upward with goal to return to pre-COVID levels (Security 6%, FM 6%, International 4.5%). Labor reforms are structural tailwind, not headwind. Blended margin structurally improving as higher-margin India business grows faster than international.
APS Integration Roadmap
Clear roadmap to integrate APS margins from current 4% to match SIS India Security margins (~5.2%) through SGNA rationalization, sales optimization, and operational efficiencies.
Shareholder Return Policy
Will use both dividend and buyback as return mechanisms going forward, responding to market feedback. May pursue additional buyback in H2 FY26.
15%+ revenue growth and 15%+ ROE on a multi-year basis
Management targets sustained 15%+ growth and 15%+ return on equity, consistent with historical performance since listing.
Cash business IPO within FY27
IPO of the cash management subsidiary is deferred but expected to proceed within FY27 when market conditions improve.
APS margin convergence to SIS India security margin in 12-18 months
APS security margin of 4.2% expected to converge to SIS India's 5.5% margin through branch consolidation and procurement synergies.