1. At a Glance – Blink and You’ll Miss the Drama
Nisus Finance Services Co Ltd is what happens when an investment banker, a real estate dealmaker, and a structured credit salesman walk into a bar and decide to list on the SME exchange. Incorporated in 2013 and listed in December 2024, the company today commands a market capitalisation of around ₹657 crore at a current price of ₹275. In the last three months, the stock has politely fallen ~24%, reminding retail investors that IPO honeymoon phases don’t last forever. Latest half-year numbers show consolidated revenue of ₹140 crore in Sep 2025 alone, PAT of ₹37 crore, and operating margins still chilling above 40%, which in India’s financial services zoo is basically walking around shirtless in winter. ROE of 33%, ROCE of ~40%, debt-to-equity at 1.19, and promoter holding of 73.26% (with pledges doing bhangra at ~52%) set the tone. This is not a boring company. This is a spicy spreadsheet with opinions.
2. Introduction – Welcome to the Fund Manager’s Multiverse
Nisus Finance doesn’t want to be just one thing. It wants to advise deals, manage funds, lend money, structure credits, invest in urban infrastructure, and occasionally announce blockchain tokenisation MoUs just to keep Twitter awake. Since 2013, it has built a business around transaction advisory and fund & asset management, largely focused on real estate and urban infrastructure.
The company raised ₹114 crore via IPO in December 2024, promised global ambitions across GIFT City, Dubai, and Mauritius, and immediately started behaving like a newly funded MBA batchmate—acquisitions, credit ratings, press releases, and aggressive growth numbers everywhere.
But beneath the buzzwords lies a simple question: is Nisus a high-quality financial platform compounding sensibly, or a leverage-powered deal machine where timing matters more than temperament? To answer that, we need to open the books, not the pitch deck.
3. Business Model – WTF Do They Even Do?
Explaining Nisus Finance to a lazy but intelligent investor goes like this:
They help rich people and institutions move real estate and infrastructure money around, take a cut, manage funds, and sometimes lend directly.
The business has three broad avatars:
Transaction Advisory Services
This is the matchmaking desk. Nisus helps with outright sales, joint ventures, capital structuring, asset monetisation, warehousing, and land aggregation. Basically, if a developer wants to exit gracefully or bring in capital without crying, Nisus
shows up with Excel and confidence.
Fund & Asset Management
Here they manage real estate and urban infra assets through AIF-like structures. As of H1 FY25, they were managing four schemes, including Real Estate Special Opportunities and High Yield Growth Funds. AUM crossed ₹1,000 crore in FY24, growing at a reported 96% CAGR from FY21. That’s fast. Sometimes uncomfortably fast.
NBFC Activities
Through Nisus Fincorp (RBI-registered NBFC), they provide vendor financing to SMEs and contractors in urban infrastructure. This adds interest income but also balance sheet risk, which we’ll gossip about later.
Revenue mix in FY24 was dominated by advisory services (68.8%), followed by fund management fees (20.4%), interest income (8.5%), and small crumbs from investment gains. So yes, fees > balance sheet… for now.
4. Financials Overview – Numbers Don’t Lie, But They Smirk
Result Type Lock:
The latest official heading clearly states Half Yearly Results.
So EPS annualisation rule: Latest EPS × 2. Lock it. Don’t touch it again.
Financial Performance Table (₹ Crore)
| Metric | Latest Half (Sep 2025) | Same Half LY (Sep 2024) | Previous Half (Mar 2025) | YoY % | HoH % |
|---|---|---|---|---|---|
| Revenue | 140 | 33 | 32 | 324% | 337% |
| EBITDA | 60 | 24 | 18 | 150% | 233% |
| PAT | 37 | 19 | 14 | 95% | 164% |
| EPS (₹) | 13.21 | 10.33 | 5.60 | 27.8% | 136% |
Annualised EPS (Half-yearly) = ₹13.21 × 2 = ₹26.42
At a price of ₹275, recalculated P/E ≈ 10.4x on annualised H1 FY26 earnings. Suddenly that headline P/E of 14.6 looks… negotiable.
Revenue growth is explosive because FY24 base was tiny and FY25 saw deal closures + fund income stacking together. Margins remain north of 40%, which tells you this is a fee-heavy, deal-driven business—great in good times, moody in bad ones.
Question for you: how repeatable do you think this
