Transcript of the earnings call held on 13th November, 2025.
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Nisus Finance reported strong H1 FY26 results with consolidated revenue of INR 142 crores, including the recently acquired construction company NCCCL (consolidated only from August 27). Excluding NCCCL, standalone revenue grew 118% YoY to INR 75 crores, EBITDA rose 117% YoY to INR 56 crores with 76% margin, and PAT grew 94% YoY to INR 26.5 crores with ~50% margin. AUM stood at INR 1,900+ crores (95% CAGR since FY22), with management targeting INR 4,004 crores AUM by FY26 end and a $1 billion AUM over 3 years. The combined India and GCC investment pipeline exceeds INR 4,600 crores. NCCCL brings an active order book of INR 2,350 crores expected to scale to INR 5,000 crores, with H1 revenue of INR 300 crores and 9% EBITDA margin.
Strong H1 performance with triple-digit growth in revenue and EBITDA reinforces management's growth trajectory post-IPO. The NCCCL acquisition adds scale but currently dilutes blended margins; however, management expects margins to improve as working capital is unlocked. The reduction in debt (from INR 110 crores to INR 50 crores) and lowered promoter share pledge (from ~50% to 18.5%) signal improving balance sheet strength, which is positive for shareholders.