India Security Revenue
₹1,925 Cr
+34.2% YoY
Highest ever quarterly revenue, includes APS acquisition consolidation.
SIS
Other
15 May 2026
SIS Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
International Security Revenue
₹1,950 Cr
+36.9% YoY
Record quarterly revenue, boosted by Australian Open and Grand Prix events.
DSO (Days Sales Outstanding)
63 days
-4 days QoQ
Best DSO since 2023, reflecting improved operational efficiency.
Employee Count
343,000
Flat
Largest workforce in India; attrition ~10% lower than industry average of 42%.
Management Guidance
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.
Management guidance growthCash business IPO within FY27
IPO of the cash management subsidiary is deferred but expected to proceed within FY27 when market conditions improve.
Management guidance otherAPS 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.
Management guidance marginsKey Risks
Labor code implementation delays
Full enforcement of new labor codes may take time, delaying expected benefits from compliance arbitrage and industry consolidation.
medium · management_commentaryGeopolitical and market conditions delaying cash IPO
The cash business IPO is deferred due to geopolitical uncertainty and weak IPO markets, which could persist and delay value unlocking.
medium · management_commentaryDepreciation increase from new office lease
Depreciation rose by ₹15 crore QoQ, partly due to a large office lease in Australia (₹10 crore/quarter), which may pressure reported profits.
low · analyst_questionExpected credit loss allowance increase
Expected credit loss allowance jumped from ~₹20 crore to ~₹50 crore YoY, though management attributes it to prudent provisioning rather than deteriorating receivables.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was SIS's revenue in Q4 FY26?
SIS reported revenue of ₹4,489 Cr in Q4 FY26, representing a +31% change compared to the same quarter last year.
What guidance did SIS management give for FY27?
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.
What are the key risks for SIS in FY27?
Key risks include Labor code implementation delays — Full enforcement of new labor codes may take time, delaying expected benefits from compliance arbitrage and industry consolidation.; Geopolitical and market conditions delaying cash IPO — The cash business IPO is deferred due to geopolitical uncertainty and weak IPO markets, which could persist and delay value unlocking.; Depreciation increase from new office lease — 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 increase — Expected credit loss allowance jumped from ~₹20 crore to ~₹50 crore YoY, though management attributes it to prudent provisioning rather than deteriorating receivables..
Did SIS meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full SIS Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.