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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,489 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹207 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SIS delivered a record Q4 FY26 with revenue of ₹4,489 crore (+31% YoY) and EBITDA of ₹207 crore (+25.6% YoY), driven by strong execution across all segments. India Security grew 34.2% YoY (including APS acquisition), International Security hit a record ₹1,950 crore (+36.9% YoY) aided by event-related contracts, and Facility Management grew 8.1% YoY with margins improving to 5.5%. PAT stood at ₹105.5 crore (2.4% margin). Management reiterated a 15%+ growth and 15%+ ROE aspiration, with labor code implementation seen as a structural tailwind. The cash business IPO is deferred to FY27 pending market conditions. Key risk: labor code enforcement delays could postpone expected industry consolidation benefits.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets sustained 15%+ growth and 15%+ return on equity, consistent with historical performance since listing.
- IPO of the cash management subsidiary is deferred but expected to proceed within FY27 when market conditions improve.
- APS security margin of 4.2% expected to converge to SIS India's 5.5% margin through branch consolidation and procurement synergies.
Risks flagged
- Full enforcement of new labor codes may take time, delaying expected benefits from compliance arbitrage and industry consolidation.
- The cash business IPO is deferred due to geopolitical uncertainty and weak IPO markets, which could persist and delay value unlocking.
- Depreciation rose by ₹15 crore QoQ, partly due to a large office lease in Australia (₹10 crore/quarter), which may pressure reported profits.
- Expected credit loss allowance jumped from ~₹20 crore to ~₹50 crore YoY, though management attributes it to prudent provisioning rather than deteriorating receivables.
Key quotes
- SIS must be seen as a compounding story. For us, the two metrics that are super important are to be able to get growth above 15% and maintain returns over 15%.
- The barriers are not to entry, the barriers are to scale. Anybody can run a 50 crore security company, but there are only two security companies in India with revenues more than 2,500 crores.
- FI26 presents a counterpoint. It demonstrates what happens when a multi-engine platform which is a market leader in security, market leader in FM delivers.
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