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1 — At a Glance
Roughly 3,50,000 people in India are wearing a uniform with this company’s name on it. A quarter of them are standing in front of a gate. That is the business.
Revenue in the three months to June 2026 was ₹4,604 crore. That was 29.7% higher than the same quarter a year earlier. For a company that bills by the guard-hour, that is a great many extra guard-hours.
Operating profit was ₹207 crore, up 36.2% on the year. It also came in ₹0.07 crore above the previous quarter’s ₹207.03 crore. That is a level of quarter-on-quarter stillness bordering on performance art. Management framed the flat sequential figure as normal seasonality, mainly in Australia. There, management says the January-to-March quarter carries high-margin event work that fades afterwards.
Net profit was ₹101.7 crore against ₹92.9 crore a year earlier. Below the operating line, depreciation rose to ₹62.5 crore from ₹41.6 crore. Finance costs rose to ₹58.1 crore from ₹40.9 crore. The company attributes both partly to a new multi-year office lease in the international segment. It also points to charges arising from acquisitions.
Two things happened off the profit and loss account. India Security crossed ₹2,000 crore of quarterly revenue for the first time, at ₹2,004.1 crore. And on 13 August the company began its fifth buyback, purchasing its own shares back from the market. The programme covers up to ₹106 crore and closes by 20 November 2026.
Twenty-nine labour laws are also collapsing into four Codes, which management has described as a tectonic shift.
2 — Introduction
SIS Limited was founded by Ravindra Kishore Sinha in 1974 as a manned guarding business in Patna. Fifty-two years on, the registered office is still there, at Annapoorna Bhawan on Telephone Exchange Road in Kurji. The correspondence address sits on MG Road in Bangalore. The company listed on the BSE and the NSE in 2017.
The group now operates across 36 states and union territories in India. It also operates in Australia, New Zealand and Singapore. Three segments are reported: Security Services (India), Security Services (International) and Facility Management. Cash logistics is held through a joint venture with Prosegur, split 49:51.
India Ratings, a credit-rating agency, says SIS acquired businesses steadily between 2017 and 2025. It describes the strategy as buying companies in parts, with later stake purchases depending on successful integration.
The recent stretch has been busy. On 1 May 2026 the board approved the audited results for the year to March 2026. It appointed Rita Kishore Sinha as Executive Chairperson on the same day. On 29 June the board gave in-principle approval for a fifth buyback of up to ₹120 crore. It also extended Arvind Kumar Prasad as Whole-Time Director to April 2027. On 5 August the board approved the June quarter results and finalised the buyback at up to ₹106 crore. Management said the open-market route had been reopened by SEBI, the market regulator. It added that SIS is among the first few companies to use that route.
During the quarter, 28,591 equity shares were allotted as employees exercised stock options granted to them. Paid-up capital now stands at 14,13,00,750 shares.
The Government of India notified the Labour Codes on 21 November 2025, consolidating 29 existing labour laws. Management said the rules were finally notified on 8 and 9 May 2026. It said SIS formally launched its Labour Code Implementation Project from 1 April 2026. Around 15,000 existing contracts are being migrated to Code-compliant rate structures.
India Ratings affirmed the bank loan facilities at IND AA-/Stable/IND A1+ in December 2025.
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3 — Business Model: WTF Do They Even Do?
SIS sells human beings standing in places. It then sells adjacent human beings doing adjacent things in the same places. That is less dismissive than it sounds. The entire product goes home every evening and has to be persuaded to come back.
Security Solutions is 83% of the business. It covers manned guarding plus technology and electronic solutions across India, Australia, New Zealand and Singapore. Facility Management is the other 17%. It runs under four brands: ServiceMaster Clean, Dusters Total Solutions Services, RARE Hospitality and Terminix. Between them they cover housekeeping, janitorial support and integrated facility management. Air-conditioning maintenance and pest control sit in there too. The pest control is in the same group as the airport guards. Somewhere in a group report, a cockroach and a cargo terminal share a row.
Cash logistics runs through the Prosegur joint venture. It moves cash in transit, collects from customer doorsteps and replenishes ATMs. It also handles first-line machine maintenance and runs vaults for bullion and cash. More than 3,000 cash vans and over
