Nisus Finance Services Co Limited has reported a stellar performance for the first half of fiscal year 2026, with consolidated revenue reaching INR 142.30 crore, marking a substantial 312% increase from INR 34.36 crore in H1FY25. The company's core operations generated INR 74.89 crore in revenue during H1FY26, already surpassing the full FY25 revenue of INR 67.30 crore.

Strong Quarter-on-Quarter Growth

The company demonstrated robust sequential growth, with Q2 revenue reaching INR 46.17 crore, up 61% from Q1FY26's INR 28.72 crore. This growth was driven by the realization of investment gains, increased transaction flow, and enhanced contributions from both Indian and UAE operations.

Profitability Metrics

Nisus Finance maintained strong profitability in H1FY26:

• EBITDA for the half year reached INR 62.00 crore on a consolidated basis.
• EBITDA margins were around 74% (excluding NCCCL), one of the highest in the industry.
• Profit after tax (PAT) stood at INR 35.60 crore, reflecting disciplined cost management and high operating leverage.

Strategic Acquisition and Expansion

A significant milestone in Nisus Finance's growth journey was the acquisition of New Consolidated Construction Co. Ltd. (NCCCL) in August 2025. This acquisition brings several benefits:

• NCCCL's FY25 revenue of INR 608.00 crore
• An order book of over INR 2,350.00 crore across 30+ projects with AAA developers
• Creation of a fully integrated urban infrastructure platform with financing, asset management, and execution capabilities

International Investments

Nisus made its largest global investment to date, investing INR 525.00 crore in a 24-storey residential tower in Dubai's Motor City. This strategic move is expected to yield:

• Rental upside of approximately 38%
• Projected IRR in the range of 24%–32%

Financial Strength and Credit Rating

The company achieved a significant milestone by becoming the first Indian AIF business to secure a BBB+ credit rating from CareEdge. This rating signifies:

• Institutional-grade governance standards
• Zero-loss investment history
• Consistent investor returns

Balance Sheet Improvements

Nisus Finance has demonstrated financial discipline:

• Partial repayment of the INR 110.00 crore facility raised for NCCCL's acquisition
• Reduction of share pledge levels to approximately 18-19%
• Increase in the company's own capital contribution in investments from INR 48.00 crore to INR 106.00 crore

Management Commentary

Amit Goenka, Managing Director of Nisus Finance, commented on the results: "Our H1 results reflect the disciplined execution of our growth strategy and the value of our diversification across geographies, asset classes and business models. The acquisition and integration of NCCCL, the Dubai expansion and the strengthening of our capital base have positioned Nisus as a genuinely diversified alternative-investment and infrastructure platform with a global edge."

Future Outlook

With a high-quality platform, expanding footprint, strong balance sheet, and a scalable business model, Nisus Finance appears well-positioned to sustain momentum and deliver differentiated value to investors, partners, and stakeholders in the coming quarters.

Nisus Finance Services Co Limited has released its monitoring agency report for the quarter ended September 30, 2025, detailing the utilization of proceeds from its Rs. 101.62 crore Initial Public Offering (IPO). The report, prepared by CARE Ratings Limited, indicates that the company has deployed Rs. 86.89 crore of the total funds raised, with Rs. 14.73 crore remaining unutilized as of the end of the quarter.

Key Highlights of Fund Utilization

• Fund Setup and Licensing: Rs. 11.70 crore allocated for augmenting fund setup and licensing in international financial centers, with Rs. 0.76 crore still unutilized.
• Fundraising and Distribution: Rs. 21.95 crore used for fundraising costs and distribution fees, leaving Rs. 13.96 crore unused.
• Investment in Subsidiary: The full allocation of Rs. 25.00 crore has been invested in Nisus Fincorp Private Limited, a subsidiary NBFC, to augment its capital base.
• General Corporate Purposes: Rs. 21.75 crore utilized, with Rs. 0.51 crore remaining.
• Issue Expenses: Rs. 6.50 crore spent, exceeding the original allocation by Rs. 0.51 crore.

Implementation Timeline and Deviations

The report notes delays in the implementation timeline for some objectives, with actual deployment extending beyond the original March 31, 2025 target date. The company's board has stated that, as mentioned in the prospectus, any unutilized proceeds will be deployed in subsequent financial years for the same purposes.

Overutilization and Adjustments

There has been an over-utilization of Rs. 0.51 crore in issue expenses, which falls within the 10% allowable deviation limit. The company has adjusted this amount against the allocation for general corporate purposes, as permitted by the terms outlined in the prospectus.

International Expansion

During the quarter, Nisus Finance incurred costs of Rs. 0.09 crore (USD 10,000) for fund setup and licensing in international financial centers. Additionally, the company spent Rs. 5.14 crore (USD 579,148) on fundraising and distribution fees related to international markets.

Unutilized Funds Deployment

The remaining unutilized funds of Rs. 14.73 crore have been primarily invested in fixed deposits with HDFC Bank, earning a 4.75% return, with maturity dates set for October 25, 2025.

Management Commentary

While the monitoring agency report does not include direct quotes from management, the board of directors has confirmed that the company is adhering to the guidelines set forth in the prospectus regarding fund utilization and timeline adjustments.

As Nisus Finance continues to deploy its IPO proceeds, investors will be watching closely to see how these investments translate into growth and expansion for the company, particularly in its international operations and fund management infrastructure.