NIS Management Ltd

FY26 financial highlights

• Total income ₹436.70 crore; up 7.74% YoY.
• EBITDA ₹33.53 crore; margin 7.68%.
• Adjusted PAT ₹19.12 crore.
• Net worth ₹196 crore; debt-to-equity 0.42x.
• Q4 FY26 income ₹118.03 crore; EBITDA margin 9.41%.

Orders secured since IPO

• Total orders ₹120.14 crore since IPO across govt, PSUs, private clients.
• Reliance: ₹30.77 crore; additional ₹14.94 crore mandate.
• Bihar: ₹19.57 crore and ₹14.65 crore five-year contracts; ₹10.36 crore additional order.
• West Bengal: ₹11.90 crore; orders from WBSEDCL, Irrigation/Waterways, WEBEL, PWD.
• Maharashtra: CCTV order ₹2.18 crore; security subsidiary.
• Skill development: ₹7.93 crore DDU-GKY; ₹1.50 crore from West Bengal.

FY27 outlook and targets

• Revenue target across segments: ₹500 crore for FY27.
• Q1 FY27 total income ₹115.44 crore; up 15.68% YoY.
• Q1 FY27 EBITDA up over 36%; PAT ₹6.40 crore.
• Employee base over 19,100 across ~1,500 sites; 14 states.
• Rating actions: ICRA short-term A2; long-term BBB+ Positive outlook.

Operational footprint and guidance

• Expanded presence across Bihar, Maharashtra, Gujarat; 130-140 Reliance Retail stores in Gujarat.
• Housekeeping at Bihar Secretariat; CCTV projects in Maharashtra; Haldia Dock operations.
• Plan to strengthen integrated facility management and tech-led services.

NIS Management Limited – Trading window closed from 01 October 2026 until 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.

AGM Details

• AGM held on Friday, 25 September 2026, from 12:00 to 12:36 via VC/OAVM.
• Resolutions approved by members with the requisite majority; deemed passed on 25 September 2026.
• Voting results and Scrutinizer’s Report enclosed with exchange filing.

Resolutions & Voting Outcomes

• All resolutions put to vote were approved by members.
• Resolutions deemed passed on 25 September 2026 per outcome notice.

AGM Details

• Date and time: 25 September 2026, 12:00–12:36 PM.
• Mode: VC/OAVM.

Ordinary Business

• Adopt Audited standalone and consolidated financial statements for year ended 31 March 2026.
• Re-appoint Executive Director Nilima Neogi, retiring by rotation.

Voting Status

• Result of voting to be announced within 48 hours on company and BSE websites.

Governance Details

• Scrutinizer appointed for e-voting: Himanshu S K Gupta & Associates.

GST proceedings closure

• Order dated 24 September 2026: proceedings closed with no further action.
• No liability arising from FY 2022-23 GST observations.
• Annexure A provides SEBI circular disclosures.

ESIC show cause update

• Receipt of ESIC show cause notice seeking recovery of Rs 92,17,443 for July 2018 to June 2019.
• Company is examining the notice and will file a representation to contest the matter.
• Annexure-A provides disclosures under SEBI circular and details the proposed liability.
• Company will submit appropriate representation before the concerned authority per applicable law.

Financial performance

• Standalone revenue ₹413.78 crore; up 10.03% YoY to FY26.
• Standalone EBITDA ₹33.53 crore; margin 7.68%.
• Standalone PAT ₹-5.09 crore vs ₹15.23 crore last year.
• Consolidated revenue ₹436.69 crore; Consolidated PAT ₹-1.85 crore.
• Labour Codes exceptional item ₹27.82 crore; non-cash; DT asset ₹6.85 crore.
• IPO listed on BSE SME 2 Sep 2025; net proceeds ₹51.75 crore.
• IPO utilisation ₹14.83 crore; unutilised ₹36.91 crore.
• Paid-up capital increased to ₹19.80 crore; post-IPO net worth ~₹196 crore.
• Q4 FY26: revenue ₹118.03 crore; EBITDA margin 9.41%.

Business mix and footprint

• Security services ₹199.49 crore (46.03% of FY26).
• Housekeeping and payroll ₹171.01 crore (39.46%).
• Integrated facility management and electronic security ₹56.91 crore (13.31%).
• Employees 18,673; about 1,500 client sites across 14 states.
• Geography: West Bengal remains core; growth in Bihar, Maharashtra, Odisha, Gujarat.
• Clients: >600; no single client dominates.

Growth strategy and outlook

• FY27 target: consolidated growth 12-15% to around ₹500 crore.
• Strategic levers: shift to integrated services and tech-enabled offerings.
• Receivables trending down; cash conversion improving; normalize collections.
• Shorter lag between order win and revenue recognition; execution focus.
• Labour codes provide longer-term cost discipline; pass-through maintains margins.

Capital structure and liquidity

• IPO strengthened balance sheet; net worth ~₹196 crore; borrowings broadly flat.
• Cash & cash equivalents standalone ₹58.41 crore; consolidated ₹67.13 crore.
• Dividend for FY26 not recommended.
• Share capital 1,98,00,094 equity shares; paid-up ₹19.80 crore.
• ICRA upgrade to Positive; short-term rating A2 retained.

Governance and risk

• Board: Debajit Choudhury (MD); Nilima Neogi reappointed; 8 meetings in FY26.
• KMP: Kanad Mukherjee CFO; Ramyani Chatterjee Company Secretary.
• Auditors: KGRS & Co; Internal: Poddar & Poddar; Secretarial: HM & Associates.
• Secretarial audit flagged disclosures omitted; MGT-14 filings delayed; actions taken.
• SCORES investor complaints: none in FY26; CSR policy in place.

Subsidiaries and group structure

• Subsidiaries: NIS Facility Management Services Pvt Ltd (100%), NIS Ace Management Pvt Ltd (99.86%), Keertika Academy Pvt Ltd (99.86%), Achilles Resolute Pvt Ltd (51%).
• LLP: Keertika Education & Associates LLP (99.97%).
• Related party landscape includes Debajit Choudhury, Rina Choudhury, Keertika entities.
• No material changes in board or KMP during FY26.

CSR and ESG

• CSR spend ₹33.90 lakh; 2% of average net profit; no shortfall.
• CSR activities: gender equality and vocational education.
• CSR details disclosed on company site; impact assessment not required.

AGM Details

• AGM scheduled on 25 September 2026 at 12:00 P.M. via VC/OAVM.
• Deemed venue: Registered office; meeting held via VC/OAVM.
• Record date for voting rights: 18 September 2026.

Ordinary Business

• Receive, consider and adopt standalone financial statements for year ended 31 March 2026.
• Receive, consider and adopt consolidated financial statements for year ended 31 March 2026.
• Re-appoint Mrs. Nilima Neogi as Executive Director, retiring by rotation.

Regulatory fine and governance response

• Board noted the ₹95,000 BSE fine for non-inclusion of half-yearly figures and approved corrective actions.
• Lapse described as inadvertent and procedural; corrective steps to strengthen internal compliance were advised.
• Company has applied for waiver; decision currently under consideration by the Stock Exchange.