Nisus Finance Services, a rapidly scaling investment management firm specializing in urban infrastructure and structured finance, has delivered a robust set of audited results for the financial year ended 31 March 2025. With a stellar 56% growth in revenue and 35% rise in net profit year-on-year (YoY), the company has firmly cemented its place among the most promising financial entities in the SME segment.
This was Nisus Finance’s first full year as a listed entity following its IPO on the BSE SME platform in December 2024. In a short span, it has demonstrated a disciplined capital deployment strategy, international expansion, and strong operating performance—traits often rare among newer market entrants.
Nisus Finance FY25 Performance
- Total Consolidated Revenue from Operations: INR 65.62 Cr (up from INR 43.03 Cr in FY24) — 56% YoY growth
- Total Consolidated Income (incl. other income): INR 67.30 Cr
- Net Profit Attributable to Shareholders: INR 32.22 Cr (up from INR 23.86 Cr) — 35% YoY growth
- Earnings Per Share (EPS): INR 16.31 (up from INR 13.19 basic and INR 12.88 diluted)
- Assets Under Management (AUM): INR 1,572 Cr — ~55% YoY growth
- EBITDA: INR 44.48 Cr (YoY growth of 22.1%)
Nisus Finance FY25 performance was achieved despite a significant increase in operating expenses linked to expansion, suggesting a high level of operational discipline and capital allocation efficiency.
Post-IPO Strengthening: Balance Sheet and Capital Infusion
The IPO, which raised INR 101.62 Cr through the issuance of 1,01,62,080 shares at INR 100 each, was instrumental in reshaping the company’s financial base. As of 31 March 2025:
- Total Equity: INR 160.73 Cr (including reserves)
- Total Consolidated Assets: INR 179.15 Cr (up from INR 49.19 Cr in FY24)
- Cash & Bank Balances: INR 67.24 Cr (from INR 7.45 Cr)
- Non-Current Investments: INR 31.90 Cr (from INR 15.10 Cr)
- Loans (Non-Current): INR 21.93 Cr
The IPO proceeds have largely been deployed, with INR 68+ Cr already allocated across key initiatives. Notably:
- INR 9.33 Cr invested into the Mauritius-based subsidiary (100% utilization)
- INR 16.81 Cr used to build investor placement and distribution capabilities
- INR 7.12 Cr deployed for platform infrastructure
- INR 21.67 Cr for general corporate purposes
- INR 4.47 Cr towards IPO expenses (marginally exceeding estimates)
Expanding Footprint: GCC and IFSC Strategy Gains Ground
A major part of Nisus’ transformation in FY25 stemmed from its global ambitions. The company launched strategic platforms in DIFC Dubai, Mauritius, and India’s IFSC at GIFT City. The Dubai office, staffed with an 8-member investment team, led acquisitions of two Grade-A residential assets in JVC and Al Furjan, adding USD 55 million in AUM.
The Mauritius vehicle has been structured to pool capital for global urban infrastructure projects, underscoring the firm’s focus on becoming a cross-border asset management powerhouse.
Key Ratios and Operational Metrics
- ROE: 33.3%
- ROCE: 42.3%
- P/E Ratio: 18.5x (as of 31 March 2025)
- Debt-to-Equity: 0.06 (minimal leverage)
- Revenue-to-AUM Ratio: 4.3%
- Net Asset Value (NAV) per Share: INR 67.31
The financial health of the company is further validated by high return ratios and a near-debt-free status—indicative of a prudent balance sheet and sustainable model.
Cash Flow Overview
FY25 saw a net increase of INR 59.79 Cr in cash and cash equivalents:
- Net cash from financing activities: INR 97.93 Cr (mainly IPO proceeds)
- Net cash used in investing activities: INR 31.98 Cr
- Net cash used in operating activities: INR 6.16 Cr (expansion-linked)
The surge in cash reserves arms the company with the liquidity to support further lending and fund management operations, particularly as it scales its international platforms.
Strategic Model: Dual-Engine of Advisory and Fund Management
Nisus operates under a unique dual-pronged strategy:
- Transaction Advisory: Focus on capital structuring, real estate resolution, and special situations
- Fund & Asset Management: AIFs, offshore funds, and special situation vehicles
This hybrid model enables the company to combine deal-making expertise with asset management capabilities—an edge in India’s maturing real estate and credit landscape.
In FY25, Nisus successfully executed four high-yield exits, achieving IRRs of 18–21%, further reinforcing its ability to monetize investments with precision.
Leadership Commentary
Amit Goenka, Chairman & Managing Director, summarized the year as one of “strategic acceleration and platform evolution.” He emphasized the role of cross-border scaling, niche investment verticals, and a culture built on governance and talent.
“FY25 reaffirmed our vision of becoming a diversified regional asset manager. With rising global capital interest, and our expanding fund platforms, we are positioned to deliver differentiated outcomes in FY26 and beyond,” Goenka stated.
Outlook
With a solid financial base, strong governance, expanding global presence, and an integrated advisory-asset management model, Nisus Finance is poised for sustained growth. Analysts believe the company could evolve into a template for next-gen financial intermediaries in India’s alternative investment space.
Backed by institutional partnerships, offshore structuring strength, and sector-specific knowledge in real estate and urban infrastructure, Nisus is well-placed to capture emerging opportunities across India and the GCC.
Conclusion
In its debut year post-listing, Nisus Finance has not only met but exceeded market expectations. FY25’s numbers are more than just good—they signal the arrival of a new mid-market contender in India’s financial services landscape. The stage is set for a compelling growth story that could redefine the contours of SME financial intermediation in the years ahead.