SIS - SIS
📢 Recent Corporate Announcements
SIS Limited has announced the allotment of 25,739 equity shares of INR 5 each on March 13, 2026, following the exercise of employee stock options. This routine corporate action has resulted in the company's paid-up share capital increasing to INR 706,360,795. The total number of outstanding equity shares now stands at 141,272,159. The dilution caused by this allotment is negligible and is part of the company's ongoing employee compensation and retention strategy.
- Allotment of 25,739 equity shares of face value INR 5 each.
- Total paid-up share capital increased to INR 706,360,795.
- Total number of equity shares post-allotment stands at 141,272,159.
- The allotment was approved by the Nomination and Remuneration Committee on March 13, 2026.
SIS Limited has announced the successful passage of two special resolutions via postal ballot. Shareholders approved the appointment of Dr. Onkar Sharma as an Independent Director and the re-appointment of Mr. Deepak Kumar for a second term. The voting process saw a high turnout of 87.48% of the total outstanding shares, with both resolutions receiving overwhelming support from institutional and retail investors.
- Appointment of Dr. Onkar Sharma as Independent Director approved for a 2-year term with 100% of valid votes in favor.
- Re-appointment of Mr. Deepak Kumar for a second 2-year term starting June 2026 approved with 99.85% majority.
- Total voter turnout reached 87.48% of the company's 141,233,314 outstanding shares.
- Both resolutions were passed as Special Resolutions through remote e-voting conducted between February and March 2026.
SIS Limited has scheduled its participation in the Arihant Capital – Bharat Connect Conference: Rising Stars on March 11, 2026. The interaction will take place in a virtual format, allowing management to engage with institutional investors and analysts. This disclosure is a routine filing under Regulation 30 of the SEBI (LODR) Regulations, 2015. The company has confirmed that no unpublished price sensitive information will be shared during the session.
- Participation in Arihant Capital – Bharat Connect Conference: Rising Stars scheduled for March 11, 2026.
- The conference will be conducted via virtual mode for institutional investor interaction.
- Formal notification submitted to NSE and BSE on March 7, 2026.
- Management confirms no unpublished price sensitive information (UPSI) will be disclosed.
SIS Limited has announced the allotment of 13,106 equity shares to employees who exercised their options under the company's Employee Stock Option Plan. The allotment was approved by the Nomination and Remuneration Committee on February 23, 2026. This move has marginally increased the company's paid-up share capital to INR 706,232,100. The total number of equity shares outstanding now stands at 141,246,420 with a face value of INR 5 each.
- Allotment of 13,106 equity shares of INR 5 each under ESOP
- Paid-up share capital increased to INR 706,232,100
- Total equity shares outstanding rose to 141,246,420
- Approval granted by the Nomination and Remuneration Committee on February 23, 2026
SIS Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Dr. Onkar Sharma and the re-appointment of Mr. Deepak Kumar as Independent Directors. Both appointments are proposed for a 2-year term, with Mr. Kumar entering his second and final term. The e-voting process is scheduled to run from February 7, 2026, to March 8, 2026. These appointments require approval via special resolutions, and results will be announced by March 10, 2026.
- Proposed appointment of Dr. Onkar Sharma as an Independent Director for a 2-year term effective January 29, 2026.
- Proposed re-appointment of Mr. Deepak Kumar for a second and final 2-year term effective June 27, 2026.
- E-voting period set from February 7, 2026 (9:00 AM) to March 8, 2026 (5:00 PM).
- Cut-off date for determining shareholder eligibility for voting was January 30, 2026.
- Results of the postal ballot to be declared on or before March 10, 2026.
SIS Limited reported a record-breaking quarter with consolidated revenue reaching INR 4,185 crores, a 24.5% YoY increase. While operating EBITDA grew 25.2% to INR 196 crores, the company recognized a significant one-time exceptional charge of INR 290 crores for prior-period gratuity and leave liabilities due to new Labor Code definitions. Management has opted for a conservative accounting approach and intends to recover these costs from clients as pass-throughs once rules are notified. Additionally, the company announced a dividend of INR 7 per share, signaling a shift toward a balanced shareholder return policy including both dividends and buybacks.
- Consolidated revenue grew 24.5% YoY to INR 4,185 crores, with organic growth standing at 15%.
- India Security segment revenue surged 33.7% YoY to INR 1,898 crores, while International Security grew 20.8%.
- One-time exceptional provision of INR 290 crores taken for Labor Code-related gratuity liabilities, impacting reported PAT.
- Return on Capital Employed (ROCE) improved significantly to 15.2% from 12% in the previous year.
- Days Sales Outstanding (DSO) improved to 67 days from 69 days in the previous quarter.
SIS reported its highest-ever quarterly revenue of ₹4,185 crore, marking a 24.5% YoY growth driven by strong performance across all business segments. The company took a conservative one-time exceptional charge of ₹290 crore related to prior-period gratuity liabilities under new Labor Codes, which impacted reported profits but cleaned up the balance sheet. Operating EBITDA grew 25.2% YoY to ₹196 crore, while ROCE improved significantly to 15.2%. Management announced a dividend of ₹7 per share and hinted at a potential buyback in the second half of the year.
- Consolidated revenue crossed ₹4,000 Cr for the first time, reaching ₹4,185 Cr (+24.5% YoY).
- India Security segment grew 33.7% YoY to ₹1,898 Cr; FM segment EBITDA grew 29.1% YoY.
- Recognized a one-time ₹290 Cr exceptional charge for gratuity liabilities to ensure long-term financial prudence.
- Return on Capital Employed (ROCE) rose to 15.2% from 12% a year ago.
- Announced a dividend of ₹7 per share with a potential buyback planned for H2 FY26.
SIS Limited has officially released the audio recording of its earnings conference call held on January 30, 2026. The call focused on the company's operational and financial performance for the third quarter ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the full recording via the link provided on the company's investor relations website.
- Audio recording of the Q3 FY26 earnings call is now publicly available on the company's website.
- The call was held on January 30, 2026, to discuss results for the quarter ended December 31, 2025.
- The filing is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
SIS Limited reported a strong topline growth of 24.5% YoY, with quarterly revenue exceeding INR 4,185.2 crore for the first time. Operating EBITDA grew 25.2% YoY to INR 196.3 crore, reflecting robust performance across India and International security segments. However, the company took a significant one-time exceptional charge of INR 290 crore due to the implementation of new Labour Codes, leading to a reported net loss of INR 138.4 crore. Despite this accounting hit, management views the labour reforms as a long-term structural tailwind for organized players.
- Consolidated revenue grew 24.5% YoY to INR 4,185.2 crore, surpassing the INR 4,000 crore quarterly milestone.
- Operating EBITDA increased 25.2% YoY to INR 196.3 crore with an operating margin of 4.7%.
- Reported a net loss of INR 138.4 crore after a one-time INR 290 crore provision for gratuity and service costs under new Labour Codes.
- Security Solutions India segment revenue jumped 33.7% YoY to INR 1,898 crore, driven by new order wins.
- SIS-Prosegur has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed IPO.
SIS Limited achieved a significant milestone in Q3 FY26, with quarterly revenue crossing ₹4,000 crore for the first time, marking a 24.5% YoY growth. Operating EBITDA grew by 25.2% YoY to ₹196.3 crore, driven by strong performance across all business segments, particularly Security Solutions India which grew 33.7%. While Operating PAT was slightly down YoY at ₹100.8 crore due to one-off labor code adjustments, the underlying operational metrics remain strong. The company also reported excellent cash flow management with an OCF/EBITDA conversion rate of 140.5%.
- Consolidated revenue reached ₹4,185.2 cr, up 24.5% YoY and 11.4% QoQ.
- Operating EBITDA hit a record ₹196.3 cr with a margin of 4.7%.
- Security Solutions India revenue grew 33.7% YoY to ₹1,898 cr with major wins in E-commerce and Education.
- Outstanding cash conversion with OCF/EBITDA at 140.5% and Net Debt/EBITDA at 1.25.
- Facility Management segment EBITDA margin improved to 5.4% from 4.6% YoY.
SIS Limited reported a milestone Q3 FY26 with consolidated revenue crossing ₹4,185.2 crore, marking a 24.5% YoY growth. The company declared an interim dividend of ₹7 per share and appointed Dr. Onkar Sharma, a former Chief Labour Commissioner, as an Independent Director to navigate new labour regulations. Despite a record operating EBITDA of ₹196.3 crore, the company recognized a one-time exceptional charge of ₹290 crore due to provisioning for the new Labour Codes. Founder Shri Ravindra Kishore Sinha has transitioned to the role of Chairman Emeritus.
- Consolidated revenue reached ₹4,185.2 crore in Q3 FY26, up 24.5% YoY and 11.4% QoQ.
- Operating EBITDA hit a record ₹196.3 crore, representing a 25.2% YoY increase.
- Declared an interim dividend of ₹7 per equity share (140% of face value) with a record date of Feb 6, 2026.
- Recognized a one-time exceptional charge of ₹290 crore for gratuity and leave encashment provisions under new Labour Codes.
- Security Solutions India segment grew 33.7% YoY to ₹1,898 crore, driven by ₹32 crore in monthly new order wins.
SIS Limited reported a milestone Q3 FY26 with consolidated revenue crossing ₹4,000 crore for the first time, growing 24.5% YoY to ₹4,185.2 crore. The company declared an interim dividend of ₹7 per share, with a record date of February 6, 2026. While operating EBITDA grew 25.2% YoY to ₹196.3 crore, the bottom line was impacted by a one-time exceptional charge of ₹290 crore due to provisioning for the new Labour Codes. Management remains optimistic, viewing the regulatory shift as a structural tailwind for organized players despite the immediate transition cost.
- Consolidated revenue grew 24.5% YoY to ₹4,185.2 crore, achieving a December run rate of over ₹1,435 crore.
- Operating EBITDA reached a record ₹196.3 crore, up 25.2% YoY, with margins improving across all business segments.
- Declared an interim dividend of ₹7 per equity share (140% of face value) to be paid by February 23, 2026.
- Recognized a one-time exceptional charge of ₹290 crore for gratuity and compensated absences following the adoption of new Labour Codes.
- Security Solutions India segment revenue jumped 33.7% YoY to ₹1,898 crore, driven by strong new order wins.
SIS Limited has declared an interim dividend of INR 7 per share for FY 2025-26, following a milestone quarter where consolidated revenue crossed the INR 4,000 crore mark for the first time. The company reported a 24.5% YoY revenue growth and a 25.2% increase in operating EBITDA, reflecting strong performance across India and International security segments. However, the company took a one-time exceptional charge of INR 290 crore due to provisioning requirements under the new India Labour Codes. Management also announced the transition of founder Shri Ravindra Kishore Sinha to Chairman Emeritus.
- Interim dividend of INR 7 per equity share (140% of face value) with a record date of February 6, 2026.
- Consolidated Q3 FY26 revenue reached INR 4,185.2 crore, growing 24.5% YoY and 11.4% QoQ.
- Operating EBITDA grew 25.2% YoY to INR 196.3 crore, the highest ever for the company.
- One-time exceptional charge of INR 290 crore recognized for gratuity and leave provisioning under new Labour Codes.
- Security Solutions India segment revenue jumped 33.7% YoY to INR 1,898 crore.
SIS Limited reported a milestone Q3 FY26 with consolidated revenue growing 24.5% YoY to ₹4,185.2 crore, crossing the ₹4,000 crore mark for the first time. Operating EBITDA reached an all-time high of ₹196.3 crore, up 25.2% YoY, driven by strong performance across India and International security segments. The company declared an interim dividend of ₹7 per share but also recognized a one-time exceptional charge of ₹290 crore due to provisioning requirements for the new Labour Codes. Management remains optimistic as the SIS-Prosegur IPO process has commenced with the filing of the DRHP.
- Consolidated revenue grew 24.5% YoY to ₹4,185.2 crore with a monthly run rate of ₹1,435 crore in December.
- Operating EBITDA increased 25.2% YoY to ₹196.3 crore, reflecting improved operating leverage.
- Declared an interim dividend of ₹7 per equity share with a record date of February 6, 2026.
- Security Solutions India segment revenue jumped 33.7% YoY to ₹1,898 crore, driven by new order wins.
- Recognized a one-time non-cash exceptional charge of ₹290 crore for gratuity and leave provisioning under new Labour Codes.
SIS Limited has allotted 50,733 equity shares of face value INR 5 each to employees following the exercise of stock options. This corporate action has resulted in an increase in the company's total paid-up share capital to INR 706,166,570. The total number of outstanding equity shares now stands at 141,233,314. Such allotments are standard practice for companies utilizing ESOPs as a retention and incentive tool for their workforce.
- Allotment of 50,733 equity shares of INR 5/- each under the Employee Stock Option Plan.
- Paid-up share capital increased to INR 706,166,570.
- Total number of equity shares post-allotment stands at 141,233,314.
- Approval granted by the Nomination and Remuneration Committee on January 29, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 8% YoY to INR 13,903 Cr in FY25. Segmental growth included India Security at 8% (INR 5,531 Cr), International Security at 7% (INR 3,310 Cr), Facility Management at 10% (INR 2,092 Cr in FY24), and Cash Logistics at 17% (INR 634 Cr in FY24). Growth is driven by new order wins and price escalations linked to minimum wage hikes.
Geographic Revenue Split
India operations contribute approximately 40% of total revenue, while Australia represents a significant international footprint with a 21% market share. The revenue mix is diversified across Security Services (~79%), Facility Management (~16%), and Cash Logistics (~5%).
Profitability Margins
Operating margins remained rangebound at 5.2% in FY25 compared to 5.3% in FY24. Facility Management margins were 4.1-4.7%, while Cash Management margins improved to 16.7% in FY24 from 15.8% in FY23 due to better productivity and contract mix.
EBITDA Margin
EBITDA margins are expected to sustain at 4.5-5.5% over the medium term. Core profitability is supported by the closure of low-margin COVID-era contracts and a shift toward higher-margin technology-based security solutions.
Capital Expenditure
Planned capital expenditure is INR 100-120 Cr over the medium term, primarily for technology upgrades and infrastructure, funded through internal accruals of over INR 450 Cr.
Credit Rating & Borrowing
CRISIL AA-/Stable and CRISIL A1+ ratings reflect a healthy financial risk profile. Interest coverage stood stable at 4.36x in FY25, with gross debt to EBITDA improving to 2.31x from 2.49x YoY.
Operational Drivers
Raw Materials
Manpower is the primary 'raw material', with personnel costs representing the largest expense. Technology platforms (ERP) and security equipment (CCTV, sensors) are secondary operational inputs.
Import Sources
Manpower is sourced domestically across India and Australia. Technology and ERP platforms are managed through multiple global applications.
Key Suppliers
Not disclosed in available documents; however, the company relies on its 29 in-house training academies to 'supply' 50% of its manpower requirements.
Capacity Expansion
Current capacity includes 29 in-house training academies and a workforce of over 285,000 employees. Expansion includes the acquisition of APS Group, adding ~37,000 employees and 1,000+ customers by FY26.
Raw Material Costs
Manpower costs are highly sensitive to minimum wage changes; however, 8-10% revenue growth is expected as these costs are passed to customers through escalation clauses in contracts.
Manufacturing Efficiency
Efficiency is driven by operating leverage and technology deployment for real-time monitoring, maintaining RoCE above 10% over the last five fiscals.
Logistics & Distribution
Distribution costs are primarily related to the Cash Logistics segment (5% of revenue), which involves armored vehicle operations and ATM replenishment services.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be achieved through the acquisition of APS Group (INR 73.4 Cr for 51% stake) to expand the India customer base, a shift toward technology-based security solutions to improve margins, and leveraging a 16% CAGR (FY18-FY24) to capture share from the unorganized sector which still holds 65% of the market.
Products & Services
Security guarding, electronic security, facility management (cleaning, sanitization), and cash logistics (ATM replenishment, cash-in-transit).
Brand Portfolio
SIS Limited, APS Group (acquisition), SIS Cash Services.
New Products/Services
Increased focus on bundled 'Integrated Facility Management' and technology-driven security solutions are expected to drive premium positioning and higher margins.
Market Expansion
Targeting deeper penetration in India (banking, retail, mining) and maintaining dominance in Australia (21% market share).
Market Share & Ranking
Largest security services provider in India (40% of revenue) and Australia (21% share); second-largest cash management player in India.
Strategic Alliances
SIS Cash Services Pvt Ltd (49% JV) is a key alliance, though it is planned for an IPO and subsequent deconsolidation.
External Factors
Industry Trends
The industry is shifting from unorganized to organized (currently 35% organized). There is a growing trend toward bundled solutions (security + hygiene) and technology-integrated guarding.
Competitive Landscape
Highly fragmented industry with intense competition from unorganized players and a few large organized competitors in facility and cash management.
Competitive Moat
Moat is built on massive scale (largest in India/Australia) and a proprietary recruitment/training engine (29 academies) that sources 50% of manpower, making it difficult for smaller players to compete on reliability.
Macro Economic Sensitivity
Highly sensitive to GDP growth and minimum wage legislation; wage hikes directly drive revenue growth through contract escalation clauses.
Consumer Behavior
Post-pandemic, clients are prioritizing hygiene, sanitization, and integrated facility management, leading to increased demand for bundled service contracts.
Geopolitical Risks
Exposure to Australian market regulations and labor laws; however, services are classified as 'essential', providing resilience against economic downturns.
Regulatory & Governance
Industry Regulations
Operations are governed by the Private Security Agencies (Regulation) Act (PSARA) and various state-level minimum wage and labor laws.
Environmental Compliance
Growing importance of ESG; company maintains 27% women directors and 55% independent directors to enhance stakeholder confidence.
Legal Contingencies
Not disclosed in available documents; however, the company reported nil investor complaints in FY24.
Risk Analysis
Key Uncertainties
High attrition rate of 39% remains a key area for improvement. Potential for margin dilution if debt-funded acquisitions (like APS Group) do not turn around as efficiently as historical deals.
Geographic Concentration Risk
India and Australia represent the primary revenue hubs; any regulatory change in labor laws in these two regions would significantly impact the cost structure.
Third Party Dependencies
Low dependency on external suppliers for manpower due to 29 in-house training academies, but high dependency on the banking sector for the Cash Logistics segment.
Technology Obsolescence Risk
Risk of multiple legacy ERP platforms from various acquisitions; mitigation involves ongoing modernization and standardization of IT systems.
Credit & Counterparty Risk
Receivables are rangebound at 50-55 days; the high client base and essential nature of services mitigate significant credit default risks.