Transcript of investor earning call held on 20th Nov, 2025
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NIS Management's first earnings call as a listed company. H1 FY26 consolidated total income was INR 214.89 cr (+6.8% YoY), EBITDA at INR 16.73 cr (+11.3%, margin 7.79%), and PAT at INR 10.22 cr (+12.5%, margin 4.76%). Standalone metrics were stronger: total income INR 204.69 cr (+8.4%), EBITDA up 29% with margin at 6.81% (+108 bps), and PAT up 40%. Management guides to 10-12% revenue growth in FY26 with consolidated EBITDA margins of 7.5-7.7%, and ~20% revenue growth in FY27 as recently-won contracts annualise. CCTV and integrated facility management are positioned as the main margin drivers, with CCTV delivering 18-20% EBITDA margins. Current debt is INR 70 cr, with the CFO outlining a roadmap to bring debt-to-equity to ~40% over 2-3 years and lower borrowing costs from ~10.3% to 8%.
First post-IPO call sets a constructive tone with steady growth, expanding margins, and a clear deleveraging roadmap. The shift toward higher-margin CCTV and integrated FM contracts is the key positive narrative, though dependence on government contracts (48% of revenue, concentrated in West Bengal) and elevated receivables remain watchpoints.