Nisus Finance Q1 FY27 Results (BSE: 544296)
Signal: Steady quarter
The read
The trajectory is a scale-and-mix transition rather than a clean margin expansion: consolidated revenue rose +551.4% YoY and EBITDA +54.7%, but EBIT grew only +22.3% and EPS fell 30.1%; the investment thesis now depends on converting NCCCL's ₹1,089 crore quarterly order intake and NiYAM's planned Q3FY27 deployment into higher-margin recurring platform income while the UAE business recovers.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹184.99 Cr | 551.4% | N/A |
| EBIT | ₹24.91 Cr | 22.3% | |
| EPS | ₹4.73 | -30.1% | |
| EBIT margin | 18.1% |
P&L walk
Consolidated revenue was ₹184.99 crore, +551.4% YoY, while EBITDA was ₹33.56 crore, +54.7% YoY, with the 18.1% EBITDA margin reflecting the acquired construction subsidiary's lower-margin contribution; EBIT was ₹24.91 crore, +22.3% YoY, and EPS was ₹4.73, -30.1% YoY.
Segments
Although no formal segment table is provided, consolidated EBITDA margin was 18.1% versus 59.7% standalone, indicating that NCCCL's construction contribution materially diluted the parent platform's margin; NCCCL nevertheless secured ₹1,089 crore of fresh orders and improved its EBITDA margin to 10.5%, +100bps YoY.
Key positives
- Core business EBITDA margin remained 61.6% in Q1FY27 despite UAE investment deferments, and core EBITDA grew 17.1% QoQ to ₹16.9 crore according to the press release.
- NCCCL secured ₹1,089 crore of fresh orders in the quarter, taking cumulative Nisus-stewarded new orders above ₹1,420 crore, or approximately 52% of the total order book.
- NCCCL EBITDA margin improved to 10.5%, +100bps YoY, while its revenue grew 14% YoY and PAT grew 3.7x YoY.
- SEBI approval for NiYAM was received, with a target corpus of ₹2,500 crore and phased investment deployment expected from Q3FY27.
Key concerns
- Consolidated EBITDA margin was 18.1%, materially below the core business's 61.6%, showing that NCCCL's current mix is dilutive to group profitability.
- Consolidated EPS declined 30.1% YoY to ₹4.73 even as EBITDA grew 54.7%, indicating that operating scale has not yet translated into per-share earnings momentum.
- UAE transaction volumes declined 28% during April-June 2026, and management said new investments were deferred because of the West Asia situation; the recovery is dependent on the reported July uptick.
- The press release reports consolidated PAT of ₹12.37 crore and PAT margin of 6.6%, substantially below the core PAT margin of 36.7%, highlighting the earnings drag from the expanded group mix.
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