Nisus Finance Services Co Limited

Financial Services — Asset Management · BSE

₹173.45+₹8.45 (+5.12%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Nisus Finance Services Co Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Nisus Finance Services Co Limited provides consulting and advisory services for real estate, infrastructure, financial services fields in India. It operates through Transaction Advisory Services; Fund and Asset Management; and Civil Construction segments.

IndustryAsset Management

SectorFinancial Services

Annual revenue₹522 Cr

How does it make money?

Turns over ₹522 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation.

EBITDA margin22.6%

Net margin13.5%

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

STATE BANK OF INDIAP/E 10.3x · ROE 15.2%

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

ROCE26.1%

ROE26.2%

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +8401% while net margin moved -72% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+8401%

Margin effect-72%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

86/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.3x

2Y Median

19.6x

24 monthly readings · mean 21.8x · range 5.4x–47.0x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 68% below its 2y median of 19.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 63% below the peer median of 17.0x.

vs. its own history

Cheap

19.6x median over 24 months · -68%

vs. sector peers

Cheap

17.0x median of 4 peers · -63%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

6.3x

P/B

1.54x

EV/EBITDA

5.7x

PEG

0.03

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 6.3x the stock trades 68% below its own median of 19.6x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 71.6% to 22.6% over 3 years.
Return on equity is falling
ROE has dropped from 32.0% to 26.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 31.9% to 26.1% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 293339% against revenue growth of 8401% — customers are taking longer to pay.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 49.0 points, from 71.6% to 22.6%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 46.2x to 5.8x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 68% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 63% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 71.6% to 22.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 32.0% to 26.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 255% a year✓ 339.7% CAGR
Latest reported year was 523.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 22.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 24%✓ 26.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 4x✓ 5.8x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 19.6x✓ 6.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹414 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.3x

Cheap

Cheap against the generic band

P/B Ratio

1.54x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹27.42

Profitable

Profitable on a per-share basis

ROE

26.2%

Strong

Strong capital efficiency

ROCE

26.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.66x

Moderate

Moderate leverage

Revenue Growth (YoY)

523.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-30.1%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹51 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹173.45

Operating Margin

8.8%

Average

Average margins

Net Margin

9.4%

Average

Average bottom-line conversion

Current Ratio

1.38

Comfortable

Healthy short-term liquidity

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

168.0 / 166.8

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

53.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹6 Cr	₹38 Cr	₹57 Cr	₹522 Cr	+339.7%
EBITDA	₹4 Cr	₹36 Cr	₹39 Cr	₹118 Cr	+199.4%
EBITDA Margin	71.6%	93.6%	68.2%	22.6%	—
PAT (Net Profit)	₹3 Cr	₹24 Cr	₹32 Cr	₹70 Cr	+186.2%
EPS	₹1.26	₹9.99	₹16.31	₹29.46	+186.2%
ROE	32.0%	72.2%	20.0%	26.2%	—
ROCE	31.9%	103.2%	24.5%	26.1%	—
Total Debt	₹18 Cr	₹7 Cr	₹9 Cr	₹262 Cr	+143.4%
Free Cash Flow	-₹2 Cr	₹15 Cr	-₹11 Cr	-₹51 Cr	—

🟢 Revenue has grown at 339.7% a year over 3 years.

🟢 EBITDA has grown at 199.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 71.6% to 22.6% over 3 years (-49.0 pts).

🟢 PAT (Net Profit) has grown at 186.2% a year over 3 years.

🟢 EPS has grown at 186.2% a year over 3 years.

🔴 ROE has fallen from 32.0% to 26.2% over 3 years (-5.8 pts).

🔴 ROCE has fallen from 31.9% to 26.1% over 3 years (-5.7 pts).

🔴 Total Debt has grown at 143.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,005 Cr

Total Liabilities

₹610 Cr

Total Debt

₹262 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

-₹20 Cr

Capex

-₹31 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.3%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

6 general

Nisus Finance Services Co Ltd Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 02 Sept

NISUS FINANCE SERVICES CO LIMI Share Price

Upstox, 05 May

Nisus Finance Services and Peer Group Overview

Kalkine India, 15 Sept

Nisus Finance clarifies delay in filing CS resignation to BSE

scanx.trade, 29 Sept

Nisus Finance Services Co Ltd Peer Comparison – Compare with Others

Value Research, 31 Aug

Nisus Finance passes all seven resolutions at 13th annual general meeting

scanx.trade, 28 Sept

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate12.2/20

🟢Financial HealthStrong17/20

🟢GrowthStrong14.7/20

🟡ProfitabilityModerate9.3/15

🟢ValuationAttractive11.8/15

🔴RiskHigh2.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 255% a year339.7% CAGR
✓EBITDA margin holds above 21%22.6%
✓Return on equity stays above 24%26.2%
✓Interest cover stays above 4x5.8x
✓Valuation vs its own median of 19.6x6.3x today