**Nisus Finance Services Co Limited** reported a resilient start to FY27, with its core fund management and transaction advisory business delivering strong operational growth despite headwinds in the UAE market. For the quarter ended June 30, 2026, the company’s core business EBITDA rose 17.1% quarter-on-quarter to ₹16.97 crore, while profit after tax (PAT) stood at ₹10.08 crore.

The multi-engine business model absorbed short-term investment deferments in the UAE, attributed to geopolitical tensions in West Asia, by leveraging continued momentum in its India operations. On a consolidated basis, which includes the construction arm New Consolidated Construction Company Limited (NCCCL), total income reached ₹186.48 crore, up from ₹28.72 crore in Q1FY26. Consolidated PAT was reported at ₹12.37 crore, reflecting a margin of 6.6%.

Financial Highlights

Note: Core Business excludes NCCCL. NCCCL was acquired in August 2025.

What the Numbers Show

The financial data underscores a distinct divergence between the high-margin advisory platform and the volume-driven construction segment. While the core business maintained an EBITDA margin of 61.6% in Q1FY27, down from 75.2% in the prior year period but up from 57.1% in Q4FY26, it demonstrated robust quarter-on-quarter recovery. Conversely, the consolidated margins were compressed to 16.9%, driven by the inclusion of NCCCL’s lower-margin construction activities. This structure highlights that while NCCCL contributes significantly to top-line scale—accounting for the majority of consolidated revenue—it exerts pressure on overall group profitability compared to the parent company’s advisory-focused model.

NCCCL Order Book and Operational Growth

NCCCL, acquired during FY26, strengthened the group’s urban infrastructure platform by securing ₹1,089 crore in new orders during Q1FY27. Key clients included Lodha, Welspun, Runwal, Mahindra, Terminus Group, and projects in Bangalore. The subsidiary reported a 14% year-on-year revenue growth and improved its EBITDA margin by 100 basis points to 10.5%. Cumulative new orders under Nisus stewardship now exceed ₹1,420 crore, representing approximately 52% of the total order book and providing medium-term execution visibility.

Strategic Developments and Market Context

Strategically, Nisus Finance received SEBI approval for the Nisus Yield & Asset Multiplier Fund (NiYAM), a Category II AIF targeting a corpus of ₹2,500 crore. Investments from NiYAM are expected to commence in Q3FY27. Additionally, the Small and Medium Real Estate Investment Trust (SM REIT) platform is scheduled to launch in H2FY27.

In the broader market context, institutional investment in Indian real estate reached an all-time high of USD 8.5 billion, growing 29% year-on-year. In contrast, UAE transaction volumes declined 28% during April–June 2026, though data indicated an uptick in July 2026. Dr. Amit Goenka, Chairman & Managing Director, noted that the deferral of UAE investments was largely absorbed by India’s transaction advisory business, positioning three independent growth levers—UAE exit, NCCCL orders, and NiYAM deployment—to drive performance through the balance of FY27.

Nisus Finance Services Co Limited has deployed INR 70 crore into three residential projects in Bengaluru through its Real Estate Special Opportunities Fund I (RESO-I), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by Nisus BCD Advisors LLP with a total corpus of INR 1,700 crore. The projects are being developed by Sumukha Housing Pvt Ltd., promoted by Mr. Arjun Vasu and Mr. Varun Vasu, and carry a combined Gross Development Value (GDV) of approximately INR 300 crore. This transaction marks the ninth investment completed by the RESO-I fund across diverse geographies.

Project & Developer Overview

Sumukha Housing is a Bengaluru-based residential developer with a track record of over 7 lakh sq. ft. of delivered projects spanning residential and commercial developments. The three projects are located across key residential corridors of Bengaluru, targeting mid-income and premium housing demand. They are situated in established and emerging areas offering strong connectivity and proximity to major employment hubs.

Investment Details

The RESO-I fund focuses on structured credit in special-situation real estate, with a preference for projects that demonstrate established cash flows and short exit timelines. The key parameters of this investment are outlined below:

Management Commentary

Mr. Avadhoot Sarwate, CIO of Nisus Finance Services Co Limited, said the investment reflects the company's conviction in Bengaluru's residential market fundamentals, citing location strength, execution visibility, and the developer's understanding of residential communities as key factors. He noted that demand is driven by genuine homebuyers, which provides better cashflow predictability.

Mr. Arjun Vasu, Promoter of Sumukha Housing Pvt Ltd., stated that the partnership provides strategic growth capital to scale execution while maintaining delivery standards, and commended Nisus Finance for its understanding of market dynamics and project structuring.

Dr. Amit Goenka, Chairman & Managing Director of Nisus Finance Services Co Limited, emphasized the company's focus on supporting capable developers in demand-driven micro-markets. He stated that the investment aligns with the strategy of prioritizing projects with strong fundamentals, market absorption, and downside protection.