NIS Management Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript NIS Management Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
NIS Management reported Q1 FY27 consolidated total income of Rs 115.44 crore, up 15.68% year-on-year, with EBITDA rising 36.24% to Rs 9.22 crore and EBITDA margin expanding to 7.99%. Net profit grew 35% year-on-year to Rs 6.40 crore, and the company secured new orders during the quarter from Reliance Group entities, Nesco Limited, and the West Bengal Public Works Department. Management discussed segment-wise revenue contribution, debt levels, cash utilization from the IPO proceeds, and plans to grow the CCTV and skill-development businesses.
Numbers mentioned
Total income: INR115.44 crores (Q1 FY27)
p. 3
“total income stood at INR115.44 crores, registering a year-on-year growth of 15.68%”
Debajit Choudhury, page 3 of the filed PDF · View the filing
EBITDA: INR9.22 crores (Q1 FY27)
p. 3
“EBITDA increased by 36.24% year-on-year to INR9.22 crores, while the EBITDA margin expanded by 121 basis points to 7.99%”
Debajit Choudhury, page 3 of the filed PDF · View the filing
Net profit: INR6.40 crores (Q1 FY27)
p. 3
“Net profit stood at INR6.40 crores, growing 35% year-on-year with the net profit margin improving by 81 basis points to 5.54%”
Debajit Choudhury, page 3 of the filed PDF · View the filing
EPS: INR3.23 (Q1 FY27)
p. 3
“EPS for the quarter stood at INR3.23, representing growth of 3.53% year-on-year”
Debajit Choudhury, page 3 of the filed PDF · View the filing
Employee count: 19,154 (as of July 2026)
p. 3
“The number of employees increased from 18,673 as of March 2026 to 19,154 as of July 2026”
Debajit Choudhury, page 3 of the filed PDF · View the filing
Security segment revenue: INR54.98 crores (Q1 FY27)
p. 5
“security we have done around INR54 crores -- INR54.98 crores”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
Housekeeping segment revenue: INR41.88 crores (Q1 FY27)
p. 5
“Housekeeping we have done around INR41.88 crores”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
IFM segment revenue: INR10.28 crores (Q1 FY27)
p. 5
“IFM we have done INR10.28 crores”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
Payroll services revenue: INR3.40 crores (Q1 FY27)
p. 5
“Payroll services we have done around INR3.40 crores, totalling up to INR110.53 crores”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
CCTV segment revenue: INR2.11 crores (Q1 FY27)
p. 5
“CCTV we have done around INR2.11 crores”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
Standalone net debt: INR69 crores (as of June 2026)
p. 9
“we had around INR60 crores in cash and INR69 crores in debt”
Kanad Mukherjee, page 9 of the filed PDF · View the filing
IPO funds remaining: INR36.85 crores (as of June 2026)
p. 11
“currently as on June 2026 IPO funds which are available is around INR36.85 crores”
Kanad Mukherjee, page 11 of the filed PDF · View the filing
West Bengal revenue share: 72% to 73% (current)
p. 15
“currently it's around 72% to 73%”
Kanad Mukherjee, page 15 of the filed PDF · View the filing
Reliance revenue contribution: INR46 crores to INR47 crores
p. 17
“So that is we will be we are doing around INR46 crores to INR47 crores from Reliance itself”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
HDFC Bank revenue contribution: around INR18 crores
p. 17
“And then we have HDFC bank which is at around INR18 crores and then Anjali Jewellers around INR12 crores”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Client retention/renewal rate: 96%, 97%
p. 18
“We have a very high. I think it would be about 96%, 97% straight away on the renewal rates”
Kanad Mukherjee, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — crossing INR500 crores · FY27
stated firmly by Debajit Choudhury
p. 4
“We continue to work towards our stated objective of crossing INR500 crores in consolidated revenue during the FY27, while maintaining appropriate discipline on margins and working capital.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Free cash flow — INR13-INR14 crores range
stated as an aspiration by Kanad Mukherjee
p. 7
“if we can move the systems revenue from the current INR13-INR14 crores range to the INR30 crores range, then I think our free cash flow will improve from the INR8-INR9 crores range to around the INR13-INR14 crores range”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
Revenue growth rate — 20%
stated as an aspiration by Kanad Mukherjee
p. 7
“So, the hope is to grow at 20% definitely.”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
EBITDA margin — 1% to 2% increase · next 2 years or so
stated as an aspiration by Debajit Choudhury
p. 9
“I would expect at least an increase of about 1% to 2% in the EBITDA area over the next 2 years or so.”
Debajit Choudhury, page 9 of the filed PDF · View the filing
CCTV systems revenue — around INR30 crores · this year
stated conditionally by Kanad Mukherjee
p. 16
“So my estimation is that we should achieve something around INR30 crores this year against INR13 crores to INR14 crores last year and that would be double of what we did last year.”
Kanad Mukherjee, page 16 of the filed PDF · View the filing
CCTV segment PAT — INR3.5 crores to INR4 crores · this year
stated conditionally by Kanad Mukherjee
p. 17
“we are expecting like I said around a INR30 crores revenue and with that we should be able to increase our PAT which was last year around INR2.5 crores to around INR3.5 crores to INR4 crores.”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Revenue — INR630 crores, INR640 crores · FY28
stated firmly by Kanad Mukherjee
p. 17
“FY28 I believe we should we will definitely cross INR600 crores. Like we should be in the range of like INR630 crores, INR640 crores because we are very aggressively bidding for contracts”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Revenue — INR650 crores · by FY28
stated firmly by Kanad Mukherjee
p. 17
“management attention and management focus is definitely in the range of getting the -- crossing INR650 crores by '28. There's no doubt about that. Like that is definitely targeted, fully targeted and completely committed.”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Debt levels — FY27-FY28
stated firmly by Kanad Mukherjee
p. 6
“There will be no increase in debt. Debt levels will stay the same. There will be no increase in debt.”
Kanad Mukherjee, page 6 of the filed PDF · View the filing
CCTV segment performance — September quarter
stated firmly by Kanad Mukherjee
p. 12
“In the September quarter, it will stabilize, yes. By September when the bills start -- when we start raising the bills it will stabilize.”
Kanad Mukherjee, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said prior-year contracts booked from Nov-Dec would now book for a full year, giving confidence to cross INR500 crores, but margin expansion at a percentage level is uncertain as Q1 EBITDA typically moderates in Q2/Q3.
Answered by Kanad Mukherjee
Asked by Keval Gala: Is there scope to raise FY27 revenue and margin guidance given Q1 growth of ~16% and EBITDA margin of ~8%?
p. 5
“we are confident that we should be able to cross the INR500 crores mark during the current financial year at the pace that we are going on a year-on-year basis”
Kanad Mukherjee, page 5 of the filed PDF · View the filing
Management said debt levels would remain unchanged.
Answered by Kanad Mukherjee
Asked by Harshit: What is the debt outlook for FY27 and FY28?
p. 6
“There will be no increase in debt. Debt levels will stay the same.”
Kanad Mukherjee, page 6 of the filed PDF · View the filing
Management said margin growth depends on project businesses like CCTV and skill development growing faster than the commoditized manpower business, expecting a 1-2% EBITDA improvement over two years.
Answered by Kanad Mukherjee
Asked by Harshit: How does management see EBITDA margin trajectory over the next 1-2 years?
p. 9
“it's hard to see that there is going to be a margin expansion per se unless there is a very significant growth in the project business”
Kanad Mukherjee, page 9 of the filed PDF · View the filing
Management said IPO funds were earmarked for growth investments including skill development and electronics/technology verticals, and declined to prioritize a buyback over growth capital.
Answered by Debajit Choudhury
Asked by Keshav Garg: Why doesn't the company do a share buyback given the stock is trading well below its IPO price?
p. 10
“we are still very, very focused on increasing the entire value of the business”
Debajit Choudhury, page 10 of the filed PDF · View the filing
Management said a portion of IPO proceeds remained unutilized as of June 2026.
Answered by Kanad Mukherjee
Asked by Mitain Shah: What is the status of IPO fund utilization?
p. 11
“currently as on June 2026 IPO funds which are available is around INR36.85 crores”
Kanad Mukherjee, page 11 of the filed PDF · View the filing
Management said the CCTV segment shows losses in Q1 due to upfront deployment costs on projects like Mumbai traffic, Webel and PWD, but expects stabilization once billing begins in September.
Answered by Kanad Mukherjee
Asked by Mitain Shah: Why is the CCTV segment loss-making, and will it stabilize?
p. 12
“it is it is our most profitable segment”
Kanad Mukherjee, page 12 of the filed PDF · View the filing
Management said West Bengal contributes around 72-73% of revenue currently and does not expect its share to decline significantly even as other states grow.
Answered by Kanad Mukherjee
Asked by Vidhi Purohit: What percentage of revenue comes from West Bengal and how will geographic concentration evolve?
p. 15
“currently it's around 72% to 73%”
Kanad Mukherjee, page 15 of the filed PDF · View the filing
Management attributed the loss to upfront project costs and delayed completion certificates, expecting stabilization by September and full-year revenue near INR30 crores.
Answered by Kanad Mukherjee
Asked by Deeya Jain: Why did the CCTV segment post a loss this quarter, and what is the FY28 outlook?
p. 17
“first quarter project businesses suffer because there is more expenditure and the billings the completion certificates are not provided”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Management listed Reliance, HDFC Bank, Anjali Jewellers, airports, and Torrent Power as major clients with specified revenue contributions.
Answered by Kanad Mukherjee
Asked by Mitain Shah: What is the contribution from the top five clients?
p. 17
“Reliance is our top client. So that is we will be we are doing around INR46 crores to INR47 crores from Reliance itself”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Management said average client retention is around 4.5-5 years with a renewal rate of about 96-97%.
Answered by Kanad Mukherjee
Asked by Mitain Shah: What is the client retention rate?
p. 18
“We have typically an average client retention of around four and a half to five years”
Kanad Mukherjee, page 18 of the filed PDF · View the filing
Risks flagged
CCTV segment incurs losses in the first quarter due to upfront project expenditure before billing begins
p. 16
“during the first quarter these project businesses incur a loss”
Kanad Mukherjee, page 16 of the filed PDF · View the filing
Government manpower contracts under GeM bidding face margin pressure due to low L1 bid percentages
p. 7
“nowadays they have brought down the percentage to 3.85%. So at L1 everybody is bidding at 3.85%.”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
Possible non-renewal of the Directorate of Technical Education and Training contract
p. 17
“we are providing for a loss of that contract, at least from an accounting perspective we are providing that we may not get the contract”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Not all industry acquisitions have succeeded due to labor-related statutory sensitivities
p. 14
“not all acquisitions have been very successful”
Debajit Choudhury, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.