{"id":182260,"date":"2026-05-04T06:20:53","date_gmt":"2026-05-04T10:20:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/sis-limited-sis-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-04T06:20:53","modified_gmt":"2026-05-04T10:20:53","slug":"sis-limited-sis-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/sis-limited-sis-q4-2026-earnings-call-transcript\/","title":{"rendered":"SIS Limited (SIS) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

SIS Limited (NSE: SIS) Q4 2026 Earnings Call dated May. 04, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Vineet Toshniwal<\/strong> \u2014 President, M&A and Investor Relations<\/em><\/p>\n

Brajesh Kumar<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Rituraj Kishore Sinha<\/strong> \u2014 Group Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Umang Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Shrinjana Mittal<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the SIS Limited Q4FY26 earnings conference call hosted by SIS Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vineet Toshnival, President MNA and Investor Relations from SIS Limited.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Vineet Toshniwal<\/strong> \u2014 President, M&A and Investor Relations<\/em><\/p>\n

Thank you very much. Good afternoon to everyone and I welcome all of you to the Q4FY26 earnings call. I hope you all got a chance to have a look at the results which were declared before the long weekend started. So as you’ve seen in by far Q4 and FY26, we’re very happy to report that it’s been a milestone quarter and one of the best growth years for SIS in the possibly the last five, six years post Covid. Right. It’s marked by strong execution across all businesses and there is a sustained momentum as you can see in growth and profitability with the highest ever revenue and highest ever EBITDA margins and as well as PAT rate.<\/p>\n

So that shows that we are firing on all three fronts. We reported a quarterly revenue of 4489 crores. That’s a huge jump of 31% year on year growth and a 7.3% quarter on quarter growth. By far our best quarter EBITDA for the quarter is crossed the psychological 200 crore mark for the first time and it’s at a record 207 crore which is 25.6% up year on year basis. This shows the strong resilience and scalability of our operating model. Now last time, last quarter we, as you would have seen we reported a one time exceptional charge of 290crores which is basically the charge we had taken while implementing the new labor code guidelines on gratuity leave liabilities.<\/p>\n

This quarter we did a reassessment of our liability with our auditors and as a result after reassessment we reverse 38.8 crore of this liability during Q4 which is flowing through other comprehensive income as you can see. So it’s a reassessment of the liability. Nothing materially has changed otherwise. So the liability stands reduced by 38.8 crores. Now on a revenue basis we are happy to report that on a consolidated basis monthly revenue run rate is now 1574 crores which shows promising momentum across all categories on a consolidated basis.<\/p>\n

As I said, 4,489 crore 31% year on year jump. India Security has reported its highest ever revenue of 1,925 crores in this quarter which is a 34.2% growth year on year basis. Of course this has come with consolidation of our acquisition of APS for FM we have reported a quarter of 635 crores which is an 8.1% growth on a year on year basis. International Security reported its highest ever quarterly revenue of 1,950 crores which is a growth of 36.9% on a year on year basis. Now coming to EBITDA, we have been working as you know, for a long time in terms of improving our margin profile across all segment.<\/p>\n

And that’s a constant endeavor, right? So on a consolidated level, EBITDA grew by 25.6% year on year to 207 crores with an EBITDA margin of 4.6% on a console basis. India Security out of that has reported an EBITDA margin of 5.1% which is 98.4 crore almost touching 100 crore a quarter just for India Security alone. In terms of EBITDA, facility management reported an EBITDA margin of 5.5%. And for the international business the EBITDA margin for Q4 or stable 3.8% but it was up by 28.7% on a year on year basis.<\/p>\n

Coming to pat, the operating PAT was 105.5 crores for the quarter resulting in a margin of 2.4%. We’ve been constantly on an endeavor to improve our return on capital, return on equity profile. So now our rock stands at 16.5% up from 14.3% a year ago. And we’ve always been guiding that. We are going to operate 15% plus plus ROC. So I think we’ve crossed that mark now. DSO improvement operational efficiency. It has. It’s a constant endeavor on our side. So this quarter we are reporting one of the best DSO days which is 63 days down by four days from the previous quarter.<\/p>\n

And if you look, if you were to look at it from March, last few March quarters also because typically the March quarter is the best in terms of DSO. This is one of the best quarters even since 2023 also. So that’s 63 days of DSO. So now with this I close the opening comments on the call. We have Ritura Sinha Group Managing Director, Mr. Bajish Kumar. Our Chief Financial Officer, Mr. Vikram Kanod, CFO of the International Business. And I would open the floor for Q and A. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of N. Modi, an individual investor. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Umang Shah<\/strong><\/p>\n

Yes, sir. Thank you very much for this excellent result. Sir, my question is regarding this exceptional item. This 290 colors which you have provided in December quarter and then some amount you have reversed in the current quarter. So sir, that amount should not have been let off from here. Instead of passing it through that comprehensive income. Something like that.<\/p>\n

Brajesh Kumar<\/strong><\/p>\n

Responding to your question. So as by accounting norms whenever there is any difference in the liability already reassessed we have to pass it through oci. We cannot simply reduce the gravity or we cannot put it through P. So as per according norms we. We are under obligation to pass it through the OCI and we have just followed the what is there as the cond standard.<\/p>\n

Umang Shah<\/strong><\/p>\n

Okay, I got. Sir, just think this. This amount is to pass through. Now we are going to get this money from our client. This we have provided at the moment in L. But ultimately we are going to get this money from our clients.<\/p>\n

Brajesh Kumar<\/strong><\/p>\n

So there are two aspects. One is the liability created for the past period and the additional amount they will incur in future. So as far as future additional expenses concerned this is getting factor in the rate to break up of all the existing customers. So it will be totally passed through. Regarding the rapidity of past periods we are under discussion of our customer. Most of them have said that whenever actually this amount will be paid to concerned employees who will retire that time. At the time they will reimburse.<\/p>\n

So we are not creating any accrued income against that. Whenever that will get realized that will pass to the pm. So that is the status asunder.<\/p>\n

Umang Shah<\/strong><\/p>\n

So that means we are. We are going to get it. Ultimately this will come to the credit of our PN.<\/p>\n

Brajesh Kumar<\/strong><\/p>\n

Yeah. Because that will have a cash flow impact 20 years counting adjustment. So whenever the cash flow impact will assume at that time it will be found.<\/p>\n

Umang Shah<\/strong><\/p>\n

Yeah. Yeah. Right sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Abhinav from Acutas Investment. Please go ahead.<\/p>\n

Umang Shah<\/strong><\/p>\n

Yeah. Hi. Firstly congratulations for brilliant result this quarter. My first question is regarding our FM business. I see there are additional which we have won and the monthly run rate has increased to 31cr which was 21 previous year on year quarter comparison. So is this sustainable? And the current margins which we have.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Hi, this is Dhrituraj. The FM results are very much sustainable and if you have been tracking the FM segment you will see that they have gone from, you know, 4.5% or lower margin profile to almost 5.5% margin profile. Plus the business has reported reasonable growth. I think it would be safe to say that both are sustainable.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Hi Ritira, this is Riyadh. So in our international business we’ve seen a lot of orders this quarter also coming from government and ecop. So, so what are the likely tenure of these orders and how should we look at it? Because if we just look at the employee count, they have not increased as much as the revenue has. So could you help me with that?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So typically this is Vikram Kanath.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thanks. Typical contacts that they sign in in Australia, New Zealand are in the range of three to five years. That’s the, that is your first question in terms of not, not increasing headcount. So typically the quarter four is where we have events business pick up revenue. The Australian Open in Australia and the Grand Prix in Australia both bring in about, in Australian dollar terms about $20 million of revenue which adds to the revenue without increasing headcount correspondingly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So is it fair to say that this will not come? This is just a quarterly phenomenon yoy basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, on a, on a year, on year basis. This is every quarter four if you go back and look will have this upswing in revenue because these are long term contract sign but it’s tied to the events happening in the quarter. So it will go back down to normalized levels in Q1 but again pick up in Q4 of 27.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So what would be the quantum of these orders?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

20 million Australian dollars is roughly about 120 course<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Of the 120 version. Got it. And my second question is in terms of India business for the newer acquisition which we have done for aps. So what is the plan there? How is the. What have we thought about it? What kind of company do we want to make it and when will the margin converge to our India business?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

So AP Securitize is a strategic transaction. It is basically the number one security company in India which is SIS acquiring number six or number seven company. So it’s a classic strategic Acquisition, we bought it at a reasonable valuation. As far as the margins are concerned in Q4, if you see SIS Security has excluding APS delivered 5.5% margin. APS has delivered 5% margin. On a blended basis, these two businesses have delivered roughly 5.2 odd percent margin. I think it is going to be, I mean it’d be fair to say that the 50bps margin gap is the Synergy opportunity.<\/p>\n

Our plan is that over the next 18 months or as we consolidate branches, share back office services, integrate procurement and cross sell on technology and other things. I think this should be close to converging.<\/p>\n

Brajesh Kumar<\/strong><\/p>\n

Just one correction. Previous response. The EPS Q4 EBITDA percentage is 4.2%,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right? 4.2, right? Yeah. So we have a room to go from 4.2 to 5.5. Is it right? Say that.<\/p>\n

Brajesh Kumar<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And how much time or duration do you think this gap will be bridged?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

I think budget, you know, at least a year, a year and a half.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Umang Shah from Banyan Tree Advisors. Pms. Please go ahead.<\/p>\n

Umang Shah<\/strong><\/p>\n

Hi sir. Good afternoon. Thank you for the opportunity. Good set of numbers. Also wanted to congratulate on capital allocation. With both buyback and a dividend this year with taking the total payout to 70%. I had three queries. One was what was the reason for declining employees in the facility management segment? Employees have come down from 85,000 to 82,000 employees now. Second was any forays planned in any other international markets in FY27? That was the second question. And third question was you had called out that there were multiple one times in international business this year.<\/p>\n

Then next year onwards it will normalize to 7%. If that is the context then how do we plan to have double digit revenue growth going forward? These are the three questions.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Okay, so let me try and address one by one. So the first thing I think let’s you didn’t ask this question. But you know, just so that I can underline this information. SIS has returned a total of 250crores to shareholders this this financial year. And I think since IPO over eight years, if my memory serves me right, we would have returned close to Shweta. Can you help me with the number? Including this 250crores, how much have we returned in total? Okay, let Shrata gather that number. Till then I’ll answer your questions.<\/p>\n

Employee headcount in FM is not really reduced. They close certain contracts, surge work towards the end of Q4. So I don’t think you should read too much on FM. Revenue is not contracting. We haven’t lost anything significant. There isn’t some bad news that is not reported. So FM is steady state is growing, margins are improving, business is on track. As far as new markets is concerned. I think SIS is very focused on India at the moment. Our priority is consolidating market share and accelerating the solutioning aspect.<\/p>\n

So currently there is no new international market that we are looking at as regards to one time, you know, on the international side, I don’t think these are one time. Just as Vikram explained it, we have signed a 10 year contract with Australian Grand Prix. You know, a multiple year contract with Australian Open. Whenever these events will happen, we will step in to do the security duties. It so happens that both these events take place in Jan to March period. So each year during Jan to March you will see a bump up.<\/p>\n

So these are multi year contracts. If you Compare last year Q4 also you will see the same pattern and the year before. So again on international, there is no one time contract, no one time revenue, nothing unsustainable. It is steady state numbers. Do you have.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah. 600 crores since the IPO, 81 crores through dividends, 270 crores through buyback from FY22 to FY24 and then 250 crores this year. So about 600 crores total.<\/p>\n

Umang Shah<\/strong><\/p>\n

Thank you. Great sir. Thank you so much. This answers all my questions. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Karan from Guardian Capital Partners. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. I just wanted to ask what kind of opportunities are you seeing with the implementation of the new labor codes and are you seeing any signs of improvement in your business dynamics already with the conversations that you have with your clients?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Well, labor codes as I have cited several occasions before is a reset for India. Not just for this industry per SE or for SIS. Let me walk you through it. There are roughly 55 to 60 crore working population in India. What you call the labor force of the country. Out of this roughly 25 crore are working in farms where labor codes don’t apply. Remaining 30 crore plus people are directly impacted by labor codes. Which includes you and it includes me. Because this is no longer about blue collar or gray collar.<\/p>\n

This is basically every kind of worker from Pune to CEO. A contracted worker or a direct employee mining worker or a semiconductor factory worker. So this is a very big change coming to our industry. Our industry obviously is manpower intensive. It is highly regulated. So these labor codes have a significant impact. However, the one clear downside or the not downside or the retrospective impact that we had to take, which I was clearly calling out as a minus, was the gratuity impact. And that also was basis the fact that the government has now changed the definition of wage so there was no non compliance.<\/p>\n

It is just said that clarification was issued and we did compliance and we took a 290 crore charge. As far as I am able to see, that is the only significant downside of labor codes that I could envisage which is now fully absorbed as an exceptional item. Going forward, we have several opportunities at hand and I will cite them for you. Number one, with regard to existing contracts, we believe that our invoicing, compliance, collections and payment cycle would see substantial readjustments if the customers fully cooperate.<\/p>\n

But this has to be seen. This would result in interesting benefits on the working capital side. Number two, with regard to competition, I think with a single LIN number, a single license, live single labor license and a single LIN number like you have a GSC number for a business and a single Chalan online filing system like you have for gsc. The non compliance trend in this sector which has kept this industry rather fragmented which has allowed competitors to take advantage of the compliance arbitrage, I think that is also likely to be neutralized as this law gets enforced.<\/p>\n

Third, I think as the cost of labor goes up in general, I see quite evidently that people are more open to considering solutions, adding more technology and helping with better outcomes with lesser manpower. So when it comes to our existing customers, when it comes to our competitors and when it comes to solutioning, there could be material benefits. But then again, let me call out that labor code implementation is not flip of a switch. It will take time to percolate down to the last contract. This is not a change that has happened, but it is definitely beginning of fundamental shift in the industry.<\/p>\n

If things go well, this could very well be inflection point for businesses like ours. I hope that helps.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you so much for that answer. That was it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Harshit Khadka from Robo Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Thank you for the opportunity. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

You are audible, sir. You may proceed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, I just wanted to understand what is your ROE aspiration for the next two, three years?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

I don’t think. I mean we have an ROE aspiration as such. I’ll tell you, SIS must be seen as a compounding story. At least that’s the way I see it. And for us the two metrics that are super important are to be able to get growth above 15% and maintain returns over 15% on a multiple year basis. As long as we can compound on that 15 is to 15 formula, I think we are very happy. And if you look backwards also since listing since FY18, SIS has maintained a 15% growth cake. That chart is available in our earnings note.<\/p>\n

We put it out each time. So we pretty much want to continue doing what we are doing with a 15% return profile and with scale that keeps us significant. I think that’s very important to call out. You know this. Obviously this sector is seeing multiple companies being listed. I’m sure in the coming years there will be many, many more. However, in our space we want to be the clear platform that distinguishes itself today. With 16,000 crores odd of revenues, we are double the size of all security, facility management and cash companies put together.<\/p>\n

So amongst all listed companies, SIS is clear twice their size. But I think it’s more important that we are also comparable to others in the market. And that’s why our aspiration is to be amongst the top hundred listed companies in terms of profit after tax. We are certain that in today’s market environment, as far as we see the numbers, if we get to a 500 crore tax mark, that would clearly put us at top hundred listed companies excluding the BFSI majors. We want to be a significant company. We want to grow at 15%, we want to maintain 15% ROE.<\/p>\n

That’s what we really want to pursue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, understood. Is the plan for IPO of the cash business on track? Like what is the update over there?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

So let me walk you through the whole situation. Firstly, the cash IPO is not delayed by us. It is deferred owing to circumstances largely the geopolitical situation and the IPO markets over the last few months. We believe that the cash IPO is designed to unlock value for shareholders. We will act with the objective of delivering best value from that unlocking. We are not pushed for time. When conditions align, we will move hopefully within FY27. And I think SEBI has facilitated that by extending the DRHP validity to September 30th.<\/p>\n

I cannot share too much detail, but the business has delivered very solid numbers. The cash business has delivered very solid numbers for FY26 and a good outlook for FY27. So, net summary. We are well set when the geopolitical environment is more predictable and the stock market is more welcoming for new IPOs, particularly in our space we will press the button. But for now we wait and watch.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That was very helpful. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nishita from Crown Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, hello. Yeah, congratulations on a good set of numbers. So. So I just wanted to understand. So you mentioned that we aspire to grow at around 15% on a multi year BAS. And we’ve had a very good growth in all three different segments. So I just wanted to understand what is the growth trajectory we see segmental wise for each segment. If you could give that growth like for FY27 and going forward<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

We don’t do guidance by segment even on a console basis. I have basically articulated what SIS has been doing in the past. If you take SIS numbers since listing we listed as a 6,000 crore company eight years back with 100 crore of profit after tax. Small part. Today we are a 16,000 crore company with roughly 390 crore of profit after tax for FY26 on a normalized basis. If you back calculate the numbers even for the return profile, you will basically see that we have been hovering around 15% growth and 15% return profile.<\/p>\n

That’s what I said that we intend to continue to do that on a multi year basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. And on the margin front, do we expect the current margins in each segment to be continued or can we expect some like upswing in the margins as well?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

So. If you look at the margin profile of the business. Let me, let me take you back. You know we were roughly 4.3% if my memory serves me right in Q1 of this year. We are closing this year at 4.6, 4.7%. This is with the impact of APS consolidation for the full quarter. The standalone segmental numbers without EPS India security is at 5.5% EBITDA margin. FM is also at 5 and a half percent EBITDA margin. Both are in the vicinity of the 6% that we used to do pre Covid. I have said on multiple occasions before, and I repeat that I see no difficulty in us getting to pre Covid levels.<\/p>\n

And we have demonstrated that over the last one or two years. If you go back and trace our numbers. But that’s what you should work with. This industry is not a 10, 10% EBITDA margin industry. This is a growth and ROCE industry. Please understand that clearly your EBITDA margin will hover around 5, 6, maybe 6.5%. That won’t change much. You look at the global peers, they are all in that ballpark, the key thing is on a base of 16,000 crores can you keep growing 15% year on year and can you maintain over 15% return profile?<\/p>\n

That is what we are, you know, very focused on doing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So like can we bring to the 6% mark in FY28 or is that achievable in FY27?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

I wouldn’t be able to comment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, to ask a question, you may press star and 1. Our next question is from the line of Chirag Filioki with Ms. Capital. Please go ahead.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Hi. Thank you for the opportunity. Congratulations on a strong quarter. I had three questions. One is just a clarification, I believe Ritraj on you know some. On an interview outside with press. I’m not sure if this is correct but you guys mentioned that you’re targeting around 20,000 crores in 27. Is that just you know, misquoting you guys or is it something that you internally think is possible? Overall revenue? That’s just first as a clarification.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Well, it is a misquote but it is also possible.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood? Understood. Interesting. And just to clarify again on the SIS India Securities Business X of AP Securitas, that margin is 5.5. Is that. Is that right?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Correct.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood. Maybe connect offline. I’m. I’m getting a different number but I’ll just connect offline and make sure. Two smaller questions. One on the depreciation side. This quarter, quarter on quarter, our depreciation has increased by around 15 odd crores. Which I guess the note says is relating to largely a new office lease in the international business that analyzes to around a 60 crores kind of an office. These. Is that. Is that what it is or. And how large is that space?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Let me walk you through that because I think I’ll save everybody the trouble. So Q3, FY26, our depreciation number was 55 crores. Q4 it shows up as 70 crores. So there’s a 15 crore change out of this 15 crore. 10 crore is attributable to the MSS lease that we have signed up in Australia. So lease of a new office contributes 10 crores out of the 15 crores. And the rest four are basically fixed asset addition in India. Let me also give you perspective on a full year basis. FY25, our depreciation was roughly 163 crores.<\/p>\n

This year is 215 crores. FY26 is 215 crores. So net change is close to, let’s say 50 odd crores. Of this 50 crores, 20 over. 20 crore over is simply leases. And another 10 crores is basically owing to APS consolidation because of PPA accounting and APS group. Whatever. So if you do apples to apples comparison, there isn’t anything material in terms of the depreciation line. Moreover, we have already put out, and we do put out in earnings note every single quarter depreciation chart which is there on.<\/p>\n

I think if I. It’s. I don’t know the page number. It may be on page seven eight or something. Sorry, one sec. It’s page 11. If you look at the earnings note page 11, there’s a depreciation chart. Since FY21 SIS is averaging 1.1. Well, sorry, 1.2%,<\/p>\n

Umang Shah<\/strong><\/p>\n

1.2%<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Average on depreciation. So there is, there is nothing that you should be awfully worried about.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood. No, very clear. Just so. That’s very helpful. So just to again double click on one part of it, that 10 crore per quarter is like a 40 crore annual lease for that office. Is that, is that right? And that’s. I’m guessing it’s close to what the rent of that office space is.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Yeah.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood. Okay, small last question. The expected credit loss that you guys report on the cash flow, which is just an allowance, I understand, and it’s almost meaningless from an overall perspective has gone up dramatically Though if I look at it from a year on year basis. Anything to read in there or is it just, you know, too much of a. Too much of a double click there? It’s gone up from around 20 odd crores to 50 odd crores.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Well, it’s just prudent provisioning.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Course you also have to put these things in context of the revenue number, right?<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Correct. Put it in context<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

To 16,000 crores and then probably you will get more sense on it.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Perfect. I understand. I just wanted to know from last year, there is no major change either in policy or some expectation of a larger receivable loss. That’s not the case.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

No. It’s simply our audit committee pressing for<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Better, more<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Prudent.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Perfect. Thank you so much. Thank you for the patience.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Vatsal Shah from Kingston Capital Management llp. Please go ahead.<\/p>\n

Umang Shah<\/strong><\/p>\n

Yeah. Hi. Congrats on the quarter. I just had one question. What would be our year on year growth for security India if we exclude aps? Okay. 11. 11%. 11%. Okay. That’s it. So much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants who Wish to ask questions? May please press star and one on the touchstone telephones.<\/p>\n

Vineet Toshniwal<\/strong><\/p>\n

Okay, wind up.<\/p>\n

Operator<\/strong><\/p>\n

Sir, we have one participant who has just entered the queue. We have a question from the line of Madhur Rathi from Countercyclical Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So Mr. I’m trying to understand that is there any advantage that we have in terms of sourcing of labor? Like since the. I mean we are based out of Bihar and Bihar as the lowest cost labor. So is there any advantage wherein we can source people from really interiors at low cost and then train them in house and then maybe place them in tier one, tier two cities. Is that the model?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

No, that’s absolutely not the model. So in India what you get paid is dependent on where you work. And you know, I think it’s. It’s important to understand that carefully. More than your skill, where you work determines how much you get paid. So if somebody healing from Bihar works in Bihar for the job of a security guard, let’s say he gets 10,000 rupees. That’s the prevailing minimum wage. When the same individual goes to Mumbai for example for the same security duty because of Maharashtra jurisdiction he might be able to get 20,000 wage for exactly same duty, same hours, same everything.<\/p>\n

So we don’t have an arbitrage. We can’t take people from Bihar and pay them 10,000 rupees. In Bombay, what they get paid is regulated by where they work. Having said that, you are correct to the extent that in this line of work where you are dealing with 343,000 people on your payroll, the supply chain is your biggest differentiator. Your sourcing is your biggest differentiator. And I think that is what has propelled SIS to current scale. We have 25 residential training facilities spread across 14 different states in the country.<\/p>\n

Some states like Bihar have more than one training facility. But you know, several eastern seaboard states, East India states and you know some central India states are supply centers for us. That’s where the labor mobility happens from. We have the ability to recruit, to train, to certify and then mobilize workers. And that supply chain has, you know, helped us scale the way we have over the many decades. I think. I think one fundamental thing that one needs to understand about this sector is that there is no barriers to entry in the sector.<\/p>\n

There is no moat like barrier to entry. You know, anybody can set up a security company, you know and hundreds of retired policemen and ex army men set up security companies every month, every year. The barriers are not to entry. The barriers are to Scale. You know, anybody can run a 50 crore security company when. But then there are only two security companies in India currently which have revenues more than 2,500 crores. One is Group 4 and the second is SIS which is now doing roughly 6,000 crores, twice the size of Group 4.<\/p>\n

So sorry for a longish answer but I hope I explained it to you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sure, that was very helpful. So basically what I understood is that the payment that one receives, I mean for whether it is our security guard or our competition security guard, the the payment will be the same, the customer will pay the same salary. It is not as though we can command any kind of premium versus the competition. Everybody is going to get the same salary, whichever agency it might be. So then where does our advantage come from?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

So you do command pricing power, but it’s not like a monopoly or a duopoly where you know you are the only provider, but you do command the pricing power. SIS price on average would be a few percentages higher than, you know, another competitor, a local company in Bombay or Gujarat for that matter or any other place in India. And that’s largely on account of the fact that SIS would be charging a higher service fee. SIS will be charging for the technology we provide. SIS will be charging, you know, you know, training fee, a kid fee and a lot of other things that generally would not be paid by customers to another local company.<\/p>\n

So people do pay a brand premium, but honestly speaking it’s not a earth shattering brand premium. This is not a monopoly. SIS is the largest. But even today we have barely 5% market share in security. This will fundamentally change when labor codes gets fully implemented. In the US the largest security company has more than 15% market share. In UK, the largest security company has more than15% market share. In any mature market, the largest security company generally has double digit market share.<\/p>\n

So we believe that this is just the beginning. We have a long Runway and a huge group as India grows to, you know, as India remains the fastest growing security market in the world and the third largest security market in the world. And mind you, globally security sector alone is a $300 billion industry as per Fredonia report. And India is the largest, sorry, India is the fastest growing and the third largest and we are the market leader in that segment and labor codes are happening. So it’s all up to execution.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So also wanted to understand like you were alluding to the fact that we have our in house training center, residential training centers in multiple states. So firstly, is it, I mean is there any minimum qualification for security guards like do they have to be 10th pass or anything like that? Or they can be like even below that educational qualification. And then secondly, how much time do they need to spend in our residential training facility? What is the duration and post that once we train them is there any bond or anything with that particular person whom we have trained for months that for the next five years or at least some time he will have to spend on our payroll.<\/p>\n

Otherwise we can just train people on our own cost and then after 12 months they can just, I mean join some other agency.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

So let me walk you through it. Very, very good question and I think for anybody who wants to understand the sector, I’ll put this on record. So recruitment criteria. Recruitment qualifications are mandated under the Private Security Agencies Regulation Act 2005. It specifies who can be a security guard. He must be an Indian national. He must be above certain age. He must have, you know, over 10th matriculation certificate. He should have, you know there’s a certain set of minimum basic criteria set by the Pasara Act.<\/p>\n

So the minimum criteria comes from there. He must have a clean police verification and background check etc etc how much the training is, how, what is the duration and what is the content of training. This again the bare minimum is mandated under the same Passara act which prescribes 180 hours of training and subsequent certification. Under the act itself, SIS recruits above the bare minimum criteria. 60 odd percent of the total number of people we recruited last year were graduates. So obviously we are recruiting better quality over the bare minimum prescribed by the Act.<\/p>\n

That’s, that’s the first step towards building a better product. Second, government prescribes, the act prescribes 180 hours of duty. It does not prescribe whether it should be residential or non residential. SIS conducts across 25 training facilities residential training for a period of 28 days. So again it’s the second input that differentiates and helps us build better quality of manpower. Number three, the act prescribes certification. You can certify, train and certify yourself. But SIS goes for third party certification.<\/p>\n

We do tie ups for others who come and do the testing and calibrate and certify the manpower. Number four and most important, training in SIS is not free. Training in SIS is subsidized for the 28 days training. People pay roughly 7,500 rupees to undergo training. It is not free of cost. It’s not a cost center. We do not run recruitment and training at the cost center. Once they complete training and they are certified they get a job guarantee in sis, but there is no bond because under the laws of this country, signing up bonds with people for a minimum service is legally not permissible.<\/p>\n

Moreover, there is no reason for us to do that because A we have already charged them for the training and B because we believe that you can’t force or tie down somebody to do a job. You have to create circumstances that people choose you over other employees. So that’s our approach to retention industry wide. A survey conducted said that roughly 42% attrition happens in this sector. Our attrition is a good 10% lower than that despite the fact that we maintain the largest workforce in the country.<\/p>\n

So that is the long story about recruitment, training costs. The good news or the last point that I must also register is that now government, through its employment incentive scheme is committing to pay people a sum of 15,000 rupees should they do training and then continue to work in the organized Labor Force for 12 month period on continuous basis. Government is incentivizing them with a 15,000 rupee payment direct to the individual’s bank account. It has nothing to do with the company. We believe this will further incentivize people to continue and serve at least 12 months.<\/p>\n

Hope that helps.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, Understood. Thank you very much and best of luck.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Umang Shah from Banyan Tree Advisors, pms. Please go ahead.<\/p>\n

Umang Shah<\/strong><\/p>\n

Hi sir. Thank you for the opportunity. Again. We spoke of our margins reverting to pre Covid numbers and also spoke of aspirations of growing more than 15%. What big changes happened after Covid is that minimum wages in many states have not been revised. So the numbers that you aspire for. Will the increase in minimum wages be an important factor here? Or irrespective of this increase, we will still grow or aspire to grow at these levels.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Well, wage growth is a positive for us, it’s not a negative. That’s the first thing that you need to understand. Revenue in industry is a function of price which is driven by wages multiplied by volume. So if the weight goes up, the price per head per month goes up, the price of overall service goes up. Even at the same volume, you get higher revenues.<\/p>\n

Umang Shah<\/strong><\/p>\n

Got it, sir.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Post Covid, The government artificially compressed the wage increase. So on an annualized basis, the wage increase in the country for the last five years has been 3 to 5% only per annum. But obviously that’s not going very well with the workers. And that’s why we saw some incidents in Haryana and Greater Noida etc. In the last month which you might have picked up in the news. And subsequently in the last 30 days Haryana has hiked minimum wages by 50%. Uttar Pradesh by close to 28%. Punjab and Uttarakhand above 15%.<\/p>\n

So that’s. That’s what’s happened in the last up again by 20 odd percent.<\/p>\n

Umang Shah<\/strong><\/p>\n

Very interesting sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have a next question from the line of Madhur Rathi from Countercyclical Investments. Please go ahead.<\/p>\n

Umang Shah<\/strong><\/p>\n

Thank you for the opportunity once again. Sir, does this flex space operator giving end to end to the landlords as well as the customers affect our facility management division? Because a lot of these guys are coming up with like providing everything from design fit out to your facility management and security services as well.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Corporate offices or office spaces put together would not even constitute 10% of our customer base and facility members. That is the beauty about this sector. This is completely diversified, you know, because you are from counter cyclical. Let me tell you that if there is one sector which is non seasonal, it is essential services like security and fm. It’s definitely not cyclable and it’s almost recession resistant. If you go back and see the numbers of SIs during COVID in the first year of COVID when the economy shrunk by 7%, SIs grew by 7%.<\/p>\n

That is because even if one sector, like people used to ask us the question during COVID oh my God, people have gone to work from home. What will happen to FM business? The fact is that, you know, people have gone to work from home. Offices are requiring lesser manpower. Hospitals are needing more manpower. Manufacturing establishments are needing more facility management staff. So this is. This service is omnipresent. Just count today morning, whenever, wherever, whichever part of the country you woke up in, whichever building, there would be cleaning staff and security staff and CCTV camera in that building.<\/p>\n

If you went to drop your kids to school or the bus that came to pick them up would be driven by facility management staff with a security guard upfront. Most likely if you went to drop them to school, there would be guards, cameras and cleaners in the school. Your office has guards, cameras and cleaners. You go to friends office or you go to a mall in the evening or you go to the airport. You will see this everywhere in the respective of city, irrespective of state. This is why this sector is so resilient.<\/p>\n

And I think nothing can test you more than Covid. And you should see the results of SIS during COVID<\/p>\n

Umang Shah<\/strong><\/p>\n

Got it. So just one question sir. Does Pay commission have any impact on wages for the overall market and that should help us or that is not a big. Because during like previous pay commission between FY26 and FY29 our revenue had grown at a very nice level. So is that a possibility or no?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

My dear friend, take commission is for government staff, not for private. We are driven by the minimum wage notifications which are now under the wage code of the country. So as and when minimum wages are increased by the central government or state governments we have a direct benefit and we pass it on to customers. Our contracts are built for automatic pass through.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So Mr. Sinha, taking from your earlier you mentioned that 60% of our guards are basically graduates. So. But what’s the rationale of hiring over qualified people? I mean for a security guard even a 10th pass. If that’s the statutory requirement then what can a tenth pass not do? What a graduate can do. After all a guard is not expected to do a lot. So then. And the graduate will insist on higher wages. So then what’s the rationale for recruiting graduates,<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Guard graduates or postgraduates? They are all going to be paid as per the minimum wage declared for security guards by the state government. It doesn’t matter whether it’s a graduate or a 10 pass. So we pay the same wages. Number one, number two, for the same wages. If you get better qualified people, better educated people. Today a lot of our guards or job posts are doing phone duty. They are running apps, they are doing their attendance on apps. They are maintaining visitor registers on apps.<\/p>\n

They are filing their reports, career reports which is, you know, situation reports. All using digital platforms. So more educated is better. We have to pay what the government mandates us to pay for the job role.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Now also Mrs. Since we have foreign operations, so is there a possibility wherein we can send Indian labor on work permit in Australia and so on so that we can make higher margins?<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

No sir. There is no provision to take security guards to international markets. Immigration laws mostly allow for immigration to only high skilled manpower and that too where they are not locally available. Security guards so far do not fall under that category.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As there are no further questions from the participants I now hand the conference over to Mr. Ritu Raj Sinha for closing comments. Over to you sir.<\/p>\n

Rituraj Kishore Sinha<\/strong><\/p>\n

Thank you very much to all of you for joining this call and taking so much time and patience to ask your questions. As I close this call for FY26 and for Q4 of FY26, I would like to say that there has been a recurring critique of sis. People have often said too many segments, too many moving parts, something or the other is always limping. That’s also been true for several quarters in the past. FY26 presents a counterpoint. It demonstrates what happens when a multi engine platform, which is a market leader in security, market leader in FM, delivers.<\/p>\n

So FY26 is a good story. And like I said, FY26 has been a rebound year. And with labor codes, I think we have strong tailwinds for the coming years to very well be the inflection point for SIS and this industry. I once again wish all of you the very best and thank you for continuing to take a deep interest in sis. I hope to see you soon.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of SIS Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. SIS Limited (NSE: SIS) Q4 2026 Earnings Call dated May. 04, 2026 Corporate Participants: Vineet Toshniwal \u2014 President, M&A and Investor Relations Brajesh Kumar \u2014 Chief Financial Officer Rituraj Kishore Sinha \u2014 Group Managing Director […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089,15205],"class_list":["post-182260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings","tag-sis"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173439,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","url_meta":{"origin":182260,"position":0},"title":"Ice 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It. operator I'll begin the recording sir. I'll start the introduction\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":147615,"url":"https:\/\/alphastreet.com\/india\/tribhovandas-bhimji-zaveri-ltd-tbz-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":182260,"position":5},"title":"Tribhovandas Bhimji Zaveri Ltd (TBZ) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 26, 2023","format":false,"excerpt":"Tribhovandas Bhimji Zaveri Ltd (NSE:TBZ) Q4 FY23 Earnings Concall dated May. 26, 2023 Corporate Participants: Binaisha Zaveri\u00a0\u2014\u00a0Whole-time Director Mukesh Sharma\u00a0\u2014\u00a0Chief Financial Officer Analysts: Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day, and welcome to Tribhovandas Bhimji Zaveri Limited Q4 FY '23 Earnings Conference Call. [Operator Instructions] This conference\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182260"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}