Nisus Finance Services Co Limited

As per financial performance, Nisus Finance Services Co Limited has posted total income / net profits of Rs 7.49 Cr / Rs 1.29 Cr (FY22), Rs 11.54 Cr / Rs 3.02 Cr (FY23), Rs 42.25 Cr / Rs 23.05 Cr (FY24) and Rs 15.01 Cr / Rs 3.62 Cr (upto Q1 FY25). So as per previous financials data, company has shown good growth, but sudden rise in net profit raises some doubts. Company has posted an average EPS of Rs 6.78 and average RoNW of 50.55% for last three fiscals. Issue is priced at a P/BV of 8.47 as per NAV of Rs 21.26/- as on 30.06.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 142.31, 18.64 and 12.86 respectively, which looks fully priced. As per RHP, there are no listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this SME IPO and handled 49 SME IPOs in last 3 years. From last 10 IPOs, all opened above issue price or at par on the day of listing. As of now from last 10 IPO, four are trading below issue price and remaining are trading above issue price or at par as on today. ( As on 02.12.24 ) As per financials, Nisus Finance Services Co Limited has shown good results, RoNW is 73.09% and P/E is respectively 142.31, 18.64 and 12.86 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fully priced. Company is engaged in the business of Transaction Advisory services, while the subsidiaries, stepdown subsidiaries, are engaged in Real Estate and Urban Infrastructure Fund and Asset Management & the other subsidiary i.e. Nisus Fincorp Private Limited, an NBFC company is having main object of financing, which is highly competitive and fragmented business segment. Performance of BRLM is good post listing. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Amit Anil Goenka
• 2 Mridula Amit Goenka