NIS Management Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript NIS Management Ltd filed with BSE on 08 Jun 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 Q4 FY26 consolidated total income of Rs 180.03 crore, up 13.96% year-on-year, with EBITDA margin at 9.41%, while full-year FY26 consolidated total income was Rs 436.70 crore, up 7.74%. Reported net profit was impacted by a one-time exceptional provision of Rs 27.82 crore related to actuarial valuation under the new Labor Codes, with adjusted FY26 PAT at Rs 19.12 crore. Management discussed segment performance, new government and private contracts won during the quarter, receivables trends, and expectations for growth and margins in FY27.
Numbers mentioned
Consolidated total income: INR180.03 crores (Q4 FY26)
p. 3
“For Q4 financial year '26, the company recorded consolidated total income of INR180.03 crores representing year-on-year growth of 13.96%.”
Debajit Choudhury, page 3 of the filed PDF · View the filing
EBITDA: INR11.11 crores (Q4 FY26)
p. 3
“EBITDA for the quarter stood at INR11.11 crores up 29.75% of year-on-year, with EBITDA margin at 9.41% and expansion of 115 basis points over the Q4 of the previous year.”
Debajit Choudhury, page 3 of the filed PDF · View the filing
Consolidated total income: INR436.70 crores (FY26)
p. 4
“For FY26, consolidated total income stood at INR436.70 crores, reflecting year-on-year growth of 7.74%.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
EBITDA: INR33.53 crores (FY26)
p. 4
“Full year EBITDA was INR33.53 crores up, 12.19% year-on-year, with EBITDA margin at 7.68% representing an expansion of 30 basis points.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
One-time exceptional provision: INR27.82 crores (FY26)
p. 4
“Based on this assessment, we recognized a one-time exceptional provision of INR27.82 crores during FY26.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Adjusted PAT: INR19.12 crores (FY26)
p. 4
“Excluding this one-time item, adjusted FY26 PAT stood at INR19.12 crores indicating that the underlying business remained profitable at the core operating level.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Adjusted PAT: INR6.86 crores (Q4 FY26)
p. 4
“Similarly, adjusted Q4 FY26 PAT stood at INR6.86 crores.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Security services revenue: INR199.49 crores, 46.03% of total revenue (FY26)
p. 4
“From a segment perspective, security services remained our largest vertical contributing INR199.49 crores and accounting for 46.03% of total revenue.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Housekeeping and payroll revenue: INR171.01 crores, 39.46% of revenue (FY26)
p. 4
“Housekeeping and payroll contributed INR171.01 crores representing 39.46% of revenue.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
Unutilized IPO proceeds: INR36.91 crores
p. 16
“Sir, currently INR36.91 crores is unutilized.”
Kanad Mukherjee, page 16 of the filed PDF · View the filing
Largest client revenue contribution: INR30 crores
p. 16
“Ma'am, the largest revenue contributor is currently Reliance Retail at around INR30 crores.”
Kanad Mukherjee, page 16 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 growth — 12% to 15% · FY27
stated conditionally by Kanad Mukherjee
p. 8
“So our projection is, from my end, it would be around something between 12% to 15% at a consolidated level.”
Kanad Mukherjee, page 8 of the filed PDF · View the filing
Consolidated revenue — INR500 crores · FY27
stated firmly by Debajit Choudhury
p. 9
“Actually we have achieved at the consolidated level something around INR436 crores and we have a target of achieving INR500 crores within the financial year and it seems that we shall be able to achieve it even possibly maybe some time to spare.”
Debajit Choudhury, page 9 of the filed PDF · View the filing
CCTV business revenue — within the next six months
stated as an aspiration by Debajit Choudhury
p. 17
“I think we shall see it within the next six months or so that the CCTV business has started picking up even in the terms of generating revenues.”
Debajit Choudhury, page 17 of the filed PDF · View the filing
IPO proceeds deployment — complete deployment · within two years
stated firmly by Kanad Mukherjee
p. 17
“So we expect that by this year we should be able to significantly deploy the funds and within the two years we should be able to completely deploy the funds.”
Kanad Mukherjee, page 17 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 explained standalone growth was 10% but subsidiary segments like CCTV, housing society security, and Keertika Academy saw flat or declining revenue due to STQC issues, contract exits, and project delays.
Answered by Kanad Mukherjee
Asked by Vidhi Purohit: Why was FY26 revenue growth muted despite a smaller base?
p. 6
“one is that there has been a 10% growth in NIS Management standalone -- at a standalone level.”
Kanad Mukherjee, page 6 of the filed PDF · View the filing
CFO attributed the increase to collection delays on four contracts including Haldia Dock and new Reliance and Bihar government contracts, most of which were cleared by April.
Answered by Kanad Mukherjee
Asked by Vidhi Purohit: Can you explain the receivables aging and increase?
p. 7
“Regarding aging, more than 180 days would be around INR5 crores and rest would mostly be within 180 days.”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
Management said the election had not impacted project execution and cited new work orders received from PWD and Webel as reassurance.
Answered by Kanad Mukherjee
Asked by Vidhi Purohit: Has the West Bengal government change affected tendering or renewals?
p. 7
“So the election has not impacted us at all in terms of getting projects.”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
CFO listed several new contracts including Haldia Dock, Reliance Gujarat, Patna Secretariat, and Irrigation Department with approximate annual values.
Answered by Kanad Mukherjee
Asked by Sakshi Shinde: What was the total value of new contracts added in FY26?
p. 9
“So Haldia Dock is a INR50 lakhs billing per month and it is a project for three years.”
Kanad Mukherjee, page 9 of the filed PDF · View the filing
Management said no major contracts were lost this year, unlike FY24-25 when Calcutta Airport and IIT Bhubaneswar contracts were lost.
Answered by Kanad Mukherjee
Asked by Sakshi Shinde: How much annual revenue was lost due to contracts ending or not renewing?
p. 10
“But this year there were no renewals per se. So we did not really come up for renewal. So the question of losing contracts does not arise.”
Kanad Mukherjee, page 10 of the filed PDF · View the filing
Management said contract labor costs, including wage hikes and statutory contributions, are passed through to clients and no material renegotiation has occurred so far.
Answered by Kanad Mukherjee
Asked by Mulesh Savla: What is the impact of the new Labor Code on costs and EBITDA margin?
p. 12
“Sir, in our industry, in the security and facility management industry, all costs which are related to the contract labor is passed through to the client.”
Kanad Mukherjee, page 12 of the filed PDF · View the filing
CFO said margin depends on the growth mix between lower-margin manpower services and higher-margin CCTV/IFM businesses.
Answered by Kanad Mukherjee
Asked by Mulesh Savla: What are the prospects for EBITDA margin going forward?
p. 14
“If the security housekeeping, the pure play, manpower supply business grows very fast next year and the CCTV does not grow, then the mix changes significantly and that could impact the EBITDA margin.”
Kanad Mukherjee, page 14 of the filed PDF · View the filing
Management said pursuing all available tenders could grow the top line quickly but would hurt margins, cash flow, and DSO, so growth is being managed deliberately.
Answered by Debajit Choudhury
Asked by Riya Jain: Why isn't the company growing revenue and PAT at 30-40% given its small base?
p. 15
“So ma'am, I would say that we are not always attempting to continue to grow at 30%, 40% because the top line revenue may allow us to do that but it could severely impact our bottom line margins and the cash flow.”
Debajit Choudhury, page 15 of the filed PDF · View the filing
CFO said Rs 36.91 crore remains unutilized, citing limited time since new contracts started only in November-January after a September IPO.
Answered by Kanad Mukherjee
Asked by Naman Desai: Have all IPO proceeds been deployed?
p. 17
“Sir, it is not that we have not used. First of all, sir, our IPO happened in September.”
Kanad Mukherjee, page 17 of the filed PDF · View the filing
Risks flagged
One-time exceptional provision from Labor Code implementation impacted reported net profitability
p. 4
“However, reported net profitability was impacted by a one-time exceptional provision arising from the implementation of the Government of India's new Labor Codes.”
Debajit Choudhury, page 4 of the filed PDF · View the filing
STQC Make in India certification requirement caused stock-outs affecting CCTV camera contracts
p. 6
“So CCTV remained flat this year because of STQC implications whereby all CCTV cameras that had to be purchased had to be of Make in India protocol.”
Kanad Mukherjee, page 6 of the filed PDF · View the filing
Collection delays on multiple contracts increased receivables
p. 7
“The reason for that increase in INR5 crores is because we kind of suffered collection issues with four contracts.”
Kanad Mukherjee, page 7 of the filed PDF · View the filing
West Bengal government has not yet issued draft rules on the Labor Code, creating uncertainty
p. 12
“The other part is that West Bengal government where around 70% to 75% of our business is, that has not yet come out with the draft rules.”
Kanad Mukherjee, page 12 of the filed PDF · View the filing
Formalization of the industry could compress contractor margins even as it boosts revenue
p. 13
“So that also has a compensating sobering impact although that helps boosting of the revenue in a very strong way.”
Debajit Choudhury, page 13 of the filed PDF · View the filing
Pursuing rapid government contract growth could extend credit periods and worsen DSO
p. 15
“We are also afraid that with Central State Government we can acquire a lot of contracts very fast but they may come with a very extended credit periods, ultimately the DSO goes up and which becomes a very difficult contract over time to manage.”
Debajit Choudhury, page 15 of the filed PDF · View the filing
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