NSE: SIS · BSE: 540673
SIS LIMITED
Provides manned security guarding and integrated facilities management services across India and three international markets — Australia, New Zealand and Singapore. In FY26, total revenue was ₹15,981.53 crore split into three reporting segments: Security services – India at ₹6,826.84 crore (42.5% of segment revenue), Security services – International at ₹6,739.59 crore (42.0%), and Facilities management at ₹2,493.9 crore (15.5%). Q4 FY26 was the highest-ever quarterly revenue at ₹4,489 crore, up 31% year-on-year, with EBITDA crossing ₹207 crore for the first time at a 4.6% margin. The international security business carries event-driven revenue — about ₹120 crore in each Q4 from contracts such as the Australian Open and Grand Prix. On a standalone basis the business runs 204 offices in India and three overseas markets, with 24,079 permanent employees and 1,81,565 permanent workers, and conducts over 90,000 training programmes a year. Employee cost dominates the cost base at 83.9% of revenue, with materials at 0.5% and other operating expenses at 10.6% in FY26; ROCE crossed 16.5% and DSO improved to 63 days. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Security services – India (43%), Security services – International (42%), Facilities management (16%). Asset-light, labour-intensive business services with cyclical wage components
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,059 | 11,346 | 12,261 | 13,189 | 15,982 |
| EBITDA (ex other income) | 501 | 492 | 519 | 298 | 427 |
| margin % | 5.0 | 4.3 | 4.2 | 2.3 | 2.7 |
| Owners' profit | 326 | 0 | 190 | (12) | 245 |
| EPS, as reported (₹) | 22.09 | 23.64 | 13.08 | 0.82 | 9.72 |
| ROE % · ROCE % | 15.7 · 14.8 | 14.9 · 11.3 | 7.9 · 13.2 | 0.5 · 5.6 | 5.4 · 5.9 |
| Debt / equity (x) | 0.64 | 0.65 | 0.63 | 0.62 | 0.56 |
| Cash from operations | 233 | 171 | 394 | 742 | 770 |
| Capex | (108) | (129) | (164) | (153) | (189) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,269 | 3,363 | 3,428 | 3,548 | 3,759 | 4,185 | 4,489 | 4,604 |
| Profit before tax | 70 | 108 | (200) | 88 | 95 | (198) | 100 | 99 |
| Net profit | 69 | 102 | (223) | 93 | 81 | (138) | 103 | 102 |
| EPS (₹) | 4.77 | 7.08 | (15.49) | 6.44 | 5.73 | (9.81) | 7.26 | 7.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Security services – India | 6,827 | 42.5 |
| Security services – International | 6,740 | 42.0 |
| Facilities management | 2,494 | 15.5 |
| Total, before eliminations | 16,060 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SIS LIMITED ◆ | 5,402 | 36.9 | 2.12 | 12.8 | 5.4 | 1.9 | 11.9 | 4.8 |
| Exhicon Events Media Solutions | 703 | 10.2 | — | — | — | 23.8 | — | — |
| MACH TRAVEL SOLUTIONS LIMITED | 452 | 16.5 | — | — | — | 15.5 | — | — |
| NIS MANAGEMENT LIMITED | 69 | 2.1 | — | — | — | (2.8) | — | — |
| TOUCHWOOD ENTERTAIN LTD. | 59 | 18.4 | 1.31 | 6.4 | 9.0 | 11.5 | — | 21.6 |
| Safecure Services Limited | 22 | 2.6 | 0.43 | 2.6 | 11.8 | 11.9 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.9 | 16.5 | 18 of 25 | 29% |
| P/B | 2.1 | 1.8 | 15 of 23 | 36% |
| ROCE | 1.9 | 8.4 | 18 of 29 | 39% |
| ROE | 5.4 | 2.0 | 11 of 23 | 55% |
| Debt / Equity | 0.6 | 0.1 | 20 of 22 | 10% |
| EBITDA margin | 4.8 | 18.4 | 19 of 22 | 14% |
| Revenue growth | 29.7 | 9.2 | 5 of 24 | 83% |
| Profit growth | 9.4 | 12.5 | 12 of 21 | 45% |
| Market cap | 5402 | 92 | 2 of 30 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · SIS Limited schedules Q2 FY27 earnings call for November 5 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · SIS Limited extinguishes 3,28,540 shares under ongoing buyback | corporate actions | high | — | — |
| 23 Oct 2026 · Board meeting to approve September 2026 results | results | low | — | — |
| 20 Oct 2026 · SIS Limited completes open market buyback of 25.03 lakh shares | corporate actions | high | — | — |
| 19 Oct 2026 · SIS Limited: President M&A and IR resigns, effective Jan 31 2027 | management changes | medium | — | — |
| 19 Oct 2026 · SIS Limited: President (M&A and IR) Vineet Toshniwal resigns effective Jan 31, 2027 | management changes | high | — | — |
| 17 Oct 2026 · SIS Limited buyback closes; full Rs 106 Cr deployed for 25 lakh shares | corporate actions | high | — | — |
| 16 Oct 2026 · SIS Limited has informed that the buyback of its equity shares through the open market route on the stock exchanges closed on October 16, 2026. | corporate actions | high | — | — |
| 16 Oct 2026 · SIS extinguishes 14.85 lakh shares under ongoing open market buyback | corporate actions | high | — | — |
| 15 Oct 2026 · SIS Limited buys back 31,000 shares at Rs 407.49 average on Oct 15 | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.