💰 Financial Performance

Revenue Growth by Segment

Transaction Advisory contributed 67% of FY25 revenue, while Fund Management and Other Income accounted for 33%. Total revenue for H1 FY26 grew 123% YoY to INR 73.36 Cr from INR 32.91 Cr in H1 FY25. The combined platform (Nisus + NCCCL) represents a 10x revenue scale-up from INR 67.3 Cr to an estimated INR 675 Cr.

Geographic Revenue Split

The company operates across India, GIFT City, and the UAE (Dubai/DIFC). In FY25, five major mandates were executed across India and the UAE, with the Dubai platform showing strong performance and the acquisition of a 30% discounted asset worth over INR 500 Cr in the region.

Profitability Margins

PAT margin stood at 48% in FY25 (INR 32.6 Cr PAT) and improved to approximately 50% in H1 FY26 (INR 36.5 Cr PAT). The high margins are driven by an asset-light business model and a focus on high-margin advisory and fund management fees.

EBITDA Margin

EBITDA margin was maintained at 76% in H1 FY26, with EBITDA growing 117% YoY to approximately INR 56 Cr. For the Nisus Finance Group specifically (excluding NCCCL), the EBITDA margin is reported at 74%.

Capital Expenditure

The company undertook a significant strategic investment of INR 110 Cr for the acquisition of New Consolidated Construction Company Ltd (NCCCL). As of H1 FY26, INR 60 Cr of the debt facility used for this acquisition has been repaid through internal accruals and secondary sales.

Credit Rating & Borrowing

Nisus Finance was assigned a 'CARE BBB+; Stable' issuer rating in October 2025. It also received an 'AIF-1 (Excellent)' rating from CareEdge for its fund management quality. The company raised an INR 110 Cr facility for the NCCCL acquisition, with the promoter share pledge reduced to 18.5% to demonstrate balance sheet discipline.

⚙️ Operational Drivers

Raw Materials

For the newly acquired EPC segment (NCCCL), primary raw materials include steel, cement, and aggregates, which are essential for civil construction projects. In the core financial segment, 'human capital' is the primary driver, with 50 professionals across investment and advisory.

Import Sources

Not specifically disclosed; however, NCCCL operates across 30+ domestic developer contracts, suggesting local sourcing of construction materials within India.

Capacity Expansion

AUM grew at a 94.39% CAGR over three years to reach INR 1,572 Cr in FY25. The NCCCL acquisition brings an active order book of INR 2,350 Cr, which the company plans to scale to INR 5,000 Cr in the short term.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the consolidation of NCCCL (an operating entity) is expected to lower blended margins compared to the 76% EBITDA margin of the pure financial services platform.

Manufacturing Efficiency

Not applicable to the financial segment; for the EPC segment, efficiency is tracked via the execution of 30+ high-quality developer contracts and the ability to scale the order book to INR 5,000 Cr.

📈 Strategic Growth

Expected Growth Rate

112%

Growth Strategy

The company is transitioning into an integrated urban infrastructure platform by combining fund management with EPC capabilities (NCCCL). This 'flywheel effect' uses financing to secure EPC projects and on-site EPC data to improve credit underwriting for future financing, targeting a revenue increase from INR 67 Cr to INR 700 Cr.

Products & Services

Alternative Investment Funds (AIF), Transaction Advisory (debt syndication, asset monetization), NBFC lending, and EPC (Engineering, Procurement, and Construction) services.

Brand Portfolio

Nisus Finance Group (NiFCO), Nisus Fincorp, New Consolidated Construction Company Ltd (NCCCL).

New Products/Services

Expansion into GIFT City and Dubai platforms to launch global investor-aligned structures and offshore capital pools, expected to drive AUM growth beyond the current INR 1,572 Cr.

Market Expansion

Deepening presence in GCC markets via the Dubai (DIFC) office and leveraging GIFT City for international capital flows into Indian urban infrastructure.

Market Share & Ranking

Positions itself as India's first listed AIF business with a credit rating; uniquely positioned as a one-stop solution for real asset and urban infrastructure.

Strategic Alliances

Strategic partnerships with institutional capital platforms and 100+ developer relationships that serve as a referral pipeline for the EPC business.

🌍 External Factors

Industry Trends

The AIF industry is evolving toward structured credit and asset-backed lending. Nisus is positioning itself to capture the rising demand for alternative credit as traditional banking remains constrained in real estate.

Competitive Landscape

Competes with other EIS managers and private credit funds, but distinguishes itself through its integrated EPC-Financing model.

Competitive Moat

The moat is built on 'regulatory firsts' (listed AIF, GIFT City OPI) and a 'data moat' where NCCCL’s on-ground construction data provides superior risk-adjusted underwriting for the lending business.

Macro Economic Sensitivity

Highly sensitive to urban infrastructure demand and interest rate cycles which affect developer financing and debt syndication volumes.

Consumer Behavior

Shift in institutional investor preference toward 'institutional grade' processes and transparent, credit-rated fund managers.

Geopolitical Risks

Exposure to GCC market stability; however, the Dubai platform is currently performing strongly with a senior investment team in place.

⚖️ Regulatory & Governance

Industry Regulations

Operates under SEBI Category II AIF license and RBI NBFC regulations. Compliance includes NAV disclosures, co-investment protocols, and KYC/AML norms. Frequent SEBI updates to AIF norms regarding fund structure and investor eligibility are key operational constraints.

Taxation Policy Impact

Maintains a tax margin of approximately 50% on the Nisus Finance Group level; FY25 tax expense was INR 8.82 Cr on PBT of INR 41.41 Cr.

Legal Contingencies

Not disclosed in available documents; however, the company has established an Audit Committee to oversee internal financial controls and related party transactions.

⚠️ Risk Analysis

Key Uncertainties

Reputational risk from adverse outcomes in portfolio investments could impair the ability to raise new capital from LPs, directly impacting the primary management fee revenue stream.

Geographic Concentration Risk

Significant focus on India and UAE; expansion into GIFT City is intended to diversify the capital sourcing base.

Third Party Dependencies

High reliance on the continuity of the investment team (44-50 professionals) and the expertise of Founder Amit Goenka.

Technology Obsolescence Risk

Systems were recently upgraded to support multi-jurisdictional reporting and automated fund lifecycle tracking to maintain efficiency.

Credit & Counterparty Risk

Credit risk is mitigated through asset-backed lending, senior secured structures, and escrow-backed mechanisms in the real estate sector.