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1 — At a Glance
Somewhere in India right now, roughly 3,50,000 people are wearing a uniform with this company’s name on it, and a quarter of them are standing in front of a gate. That is the business. Q1 FY27 revenue came in at ₹4,604 Cr, up 29.7% year on year, which for a company that bills by the guard-hour is a lot of additional guard-hours.
Operating profit was ₹207 Cr, up 36.2% YoY — and precisely ₹0.07 Cr above the previous quarter’s ₹207.03 Cr, a level of quarter-on-quarter stillness that borders on performance art. Management framed the flat QoQ as normal seasonality, primarily in Australia, where Q4 carries high-margin event work that fades in Q1.
PAT was ₹101.7 Cr against ₹92.9 Cr a year ago. Below the operating line, depreciation rose to ₹62.5 Cr from ₹41.6 Cr and finance costs to ₹58.1 Cr from ₹40.9 Cr, the company attributing both partly to a new multi-year office lease in the international segment and to acquisition-related charges.
Two things happened off the P&L. India Security crossed ₹2,000 Cr of quarterly revenue for the first time, at ₹2,004.1 Cr. And on August 13, the company commenced a ₹106 Cr buyback — its fifth — through the open-market route, closing by November 20, 2026.
There is also a small matter of 29 labour laws collapsing into four Codes, which management has described as a tectonic shift. More on that shortly.
2 — Introduction
SIS Limited was founded by Ravindra Kishore Sinha in 1974 as a manned guarding business in Patna. Fifty-two years later the registered office is still in Patna — Annapoorna Bhawan, Telephone Exchange Road, Kurji — while the correspondence address sits on MG Road, Bangalore. The company listed on BSE and NSE in 2017.
The group now operates across 36 states and union territories in India, plus Australia, New Zealand and Singapore. It runs three reported segments: Security Services (India), Security Services (International), and Facility Management, with cash logistics held through a 49:51 joint venture with Prosegur. Per India Ratings, SIS acquired businesses steadily over FY17–FY25, following a strategy of buying companies in parts, with subsequent stake purchases dependent on successful integration.
The recent stretch has been busy. On May 1, 2026, the board approved FY26 audited results and appointed Rita Kishore Sinha as Executive Chairperson. On June 29, it gave in-principle approval for a fifth buyback of up to ₹120 Cr and extended Arvind Kumar Prasad as Whole-Time Director to April 2027. On August 5, the board approved Q1 FY27 results and finalised the buyback at up to ₹106 Cr, at a maximum price of ₹478.50 per share, via the open market — a route management said SEBI reopened, and one SIS is among the first few companies to use. During the quarter, 28,591 equity shares were allotted on exercise of employee stock options, taking paid-up capital to 14,13,00,750 shares.
The Labour Codes were notified by the Government of India on November 21, 2025, consolidating 29 existing labour laws. Management said rules were finally notified on May 8–9, 2026, and that SIS formally launched its Labour Code Implementation Project from April 1, 2026, migrating around 15,000 existing contracts 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, and then sells adjacent human beings doing adjacent things in the same places. This is less dismissive than it sounds — it is one of the hardest businesses on earth to run, because your entire product goes home every evening and has to be persuaded to come back.
Security Solutions is 83% of the business: manned guarding, technology and electronic solutions across India, Australia, New Zealand and Singapore. Facility Management is 17%, run under four brands — ServiceMaster Clean, Dusters Total Solutions Services, RARE Hospitality and Terminix — covering housekeeping, janitorial support, integrated facility management, HVAC maintenance and pest control. Yes, the pest control is in the same group as the airport guards. Somewhere in a group MIS, a cockroach and a cargo terminal share a row.
Cash logistics runs through the Prosegur JV: cash-in-transit, doorstep banking, ATM replenishment, first-line maintenance, vault solutions for bullion and cash. Over 3,000 cash vans, 60-plus vaults, 300-plus cities. V-Protect handles AI-enabled intrusion detection and response for homes, retail chains, bank branches and ATMs.
The rankings, per the company: No. 1 in Security Solutions India, No.
