1. At a Glance
Welcome to the world offinancial jugaad, but with an MBA degree. Nisus Finance Services Co. Ltd, founded in 2013 and recently listed in December 2024, has suddenly become that overachieving cousin who went from “real estate advisory” to “global fund manager” faster than you could say “AIF”.
At ₹326 per share and a market cap of ₹778 crore, Nisus has delivered numbers that make traditional NBFCs look like sleepy PSU banks. The Q2FY26 consolidated revenue stood at ₹142 crore — a326% YoY jump— while PAT hit ₹31.5 crore, up67% YoY. That’s not growth; that’s financial steroids.
Return on equity is a hot 33.3%, ROCE a scorching 39.7%, and the company enjoys an enviable operating margin of 45.4%. Yet, the irony is delicious — despite all that cash generation, the dividend yield is still 0%. Because apparently, real wealth is the friends (and Dubai subsidiaries) we make along the way.
With promoters holding 73.3%, 52.6% of which is pledged, and recent moves in Dubai and GIFT City, Nisus looks less like a small NBFC and more like a financial octopus — tentacles in AIFs, advisory, private credit, and fund management.
Let’s open the vault.
2. Introduction
Once upon a spreadsheet, in the chaos of Indian real estate financing, a company calledNisus Financedecided that lending alone was too boring. Why lend when you can advise, manage, structure, and collect fees from all sides?
Founded byAmit Goenka, Nisus is what happens when an investment banker gets bored and starts running his own multi-platform fund house. From transaction advisory to managing global funds, Nisus has managed to make real estate capital markets look sexy again — something even REITs struggle with.
In just a decade, the company has built a ₹1,000+ crore AUM across multiple funds, managed to raise ₹114 crore via IPO (December 2024), and even landed a Dubai foothold — because if you’re a finance firm without a Dubai office, are you even trying?
And they’re not stopping. In FY25, Nisus reported a 355% rise in net profit and 55% AUM growth, while Q2FY26 confirmed their scaling momentum with ₹142 crore in revenue and ₹31.5 crore PAT.
Of course, it’s not all champagne and spreadsheets. Debtor days have stretched to 99, working capital days have doubled, and promoters’ pledges could give your CA pal heartburn. But the market still sees Nisus as a fresh hybrid between NBFC lending and institutional fund management — a rare combo that’s both brains and balance sheet.
3. Business Model – WTF Do They Even Do?
Let’s break it down before we get dazzled by the financial engineering:
Nisus Finance hasthree main revenue engines, all cleverly cross-feeding each other:
a) Transaction Advisory ServicesThe OG business line — they facilitate outright sales, joint ventures, asset monetization, and structuring deals. Basically, the financial middlemen who make both sides feel they got the better deal. They advise developers, LPs, and institutions on how to deploy capital intelligently (or at least look like it).
b) Fund and Asset ManagementThis is where the real moolah lies. Nisus manages domestic and offshore funds across real estate and urban infrastructure. Their fund list sounds like a Netflix mini-series:
- Real Estate Special Opportunities Fund – 1
- Real Estate Credit Opportunities Fund – 1
- Nisus High Yield Growth Fund
- Nisus High Yield Growth Fund Closed-Ended
These funds invest in structured credit and equity in high-yield urban infra projects — think warehousing, commercial realty, redevelopment, and credit-linked investments.
c) NBFC ActivitiesUnder its subsidiaryNisus Fincorp Pvt Ltd, they lend to SMEs, contractors, and developers involved in infrastructure. It’s like giving oxygen to projects banks won’t touch but charging premium oxygen prices.
With AUM growing 96% CAGR from FY21–FY24 and advisory contributing 68.8% of FY24 revenue, Nisus is positioning itself as India’s “Alternative Asset House” — or as your uncle might say, “ekdum paisa banane wala business.”
4. Financials Overview (Half-Yearly Consolidated Figures in ₹ crore)
| Metric | H1FY26 (Sep’25) | H1FY25 (Sep’24) | H2FY25 (Mar’25) | YoY % | HoH % |
|---|---|---|---|---|---|
| Revenue | 142.3 | 33 | 74.9 | 331% | 90% |
| EBITDA | 60 | 24 | 39 | 150% | 54% |
| PAT | 31.5 | 18.8 | 25 | 67% | 26% |
| EPS (₹) | 13.21 | 10.33 | 10.50 | 28% | 26% |
Type:Half-Yearly Results → Annualised EPS = ₹13.21 × 2 = ₹26.42
At CMP ₹326, that meansP/E = 12.3x annualised, versus reported TTM P/E of 17.3x —
fair, since H2 tends to bring in lumpy advisory fees.
Revenue jumped331% YoY— that’s not growth, that’s fireworks. PAT margin remains elite despite spending on acquisitions and Dubai expansion. EBITDA margin slipped to43%(from 74% YoY), but let’s be honest — any financial firm still pulling 40%+ margins deserves a LinkedIn post and a plaque.
In short, Nisus didn’t just scale; it teleported. From advisory to AIF fees, every line item screamed “bro, I’m global now.”
5. Valuation Discussion – Fair Value Range Only
Let’s keep it educational:
a) P/E Method:Annualised EPS = ₹52.8Peer P/E average (Bajaj Holdings, JM Financial, Choice Intl.) ≈ 19xFair Value Range = ₹52.8 × (15 to 19) =₹792 – ₹1,003
b) EV/EBITDA Method:EV = ₹1,001 croreEBITDA (TTM) = ₹79 croreEV/EBITDA = 12.4xSector average ≈ 10–14xFair Value Range = ₹79 × (10–14) = EV ₹790 – ₹1,106 crore → implies₹300 – ₹420/share
c) DCF (simplified):Assume free cash flow CAGR 20% for next 5 years, discount rate 14%, terminal growth 4% → range gives₹350 – ₹480/share
✅Fair Value Educational Range:₹350 – ₹480
Disclaimer:This range is for educational purposes only and not investment advice. (Or as SEBI would put it:hum bas bata rahe hain, karna aapka risk hai.)
6. What’s Cooking – News, Triggers, Drama
Nisus has been in the headlines more often than Bollywood’s startup investors:
- Nov 2025:Announced consolidated H1FY26 revenue of ₹142.3 crore; acquiredNCCCL, an infrastructure company, via step-down subsidiary infusion of ₹70 crore. This adds anurban infra constructionarm to their already busy capital empire.
- Oct 2025:Promoter released 47 lakh pledged shares worth ₹60 crore repayment — the leverage detox continues.
- Jun 2025:Signed MoU withToyowto tokenize $500 million real estate assets via blockchain STO. Yes, they’re entering the crypto-finance crossover space.
- Aug 2025:Shareholders approvedborrowings up to ₹400 croreand anESOP-2025 plan— because everyone loves free shares.
- Dec 2024 IPO:Raised ₹114 crore; plans to strengthen NBFC and expand to GIFT City and Dubai IFZA.
This is not a sleepy
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