SIS financials and balance sheet

NSE: SISBSE: 540673Other Consumer ServicesSmall Cap

Formerly Security and Intelligence Services (India)

₹361.00₹18.85 (4.96%)BSE ₹360.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹379.85.

52-week range of traded prices to 23 Oct 2026

₹257.05Low, 23 Mar 2026₹480.95High, 24 Jun 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹5,012 Cr791st largest listed
P/E: 34.2
P/E without one-offs: 11.5
P/B: 2.0
Dividend yield: 1.94%
ROE: 5.9%
ROE without one-offs: 17.6%
ROCE: 13.4%
Debt to equity: 0.56
Volume, NSE: 2,33,43853.7% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.SIS annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹15,982 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue15,982
Materials and goods−162
Employee costs−13,408
Other expenses−1,695
Operating profit717
Depreciation−215
Other income+49
One-off items−290
Finance costs−175
Profit before tax85
Tax+21
Joint ventures+32
Net profit138

What the company owns

Plant, investments and other assets₹4,182 Cr
Receivables₹2,361 Cr
Cash and bank₹1,040 Cr
Inventory₹47 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Other liabilities₹3,543 Cr
Net worth₹2,545 Cr
Borrowings₹1,435 Cr
Owed to suppliers₹109 Cr

SIS business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.SIS segment results by quarter

Revenue by segment

₹16,060 CrTotal

Security services – India₹6,827 Cr42.5% of total
Security services – International₹6,740 Cr42.0% of total
Facilities management₹2,494 Cr15.5% of total

Profit by segment

Security services – India₹351 Cr48.9% of total
Security services – International₹236 Cr33.0% of total
Facilities management₹130 Cr18.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Security services – India
Revenue, ₹ crore
2,696
3,515
3,488
3,857
4,626
5,158
5,576
6,827
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
151
211
190
166
212
292
306
351
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Security services – International
Revenue, ₹ crore
3,458
3,706
4,530
4,841
4,876
5,069
5,430
6,740
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
152
221
292
269
198
206
198
236
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Facilities management
Revenue, ₹ crore
948
1,278
1,127
1,395
1,900
2,092
2,247
2,494
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
88
39
64
82
87
100
130
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	7,103	8,499	9,146	10,092	11,402	12,320	13,253	16,060
Company revenue, as in its results	7,093	8,485	9,127	10,059	11,346	12,261	13,189	15,982
Revenue	2,696	3,515	3,488	3,857	4,626	5,158	5,576	6,827
Revenue growth	–	30.4%	−0.8%	10.6%	19.9%	11.5%	8.1%	22.4%
Profit	151	211	190	166	212	292	306	351
Profit growth	–	39.6%	−10.1%	−12.8%	27.9%	37.7%	4.9%	14.7%
Margin	5.6%	6.0%	5.4%	4.3%	4.6%	5.7%	5.5%	5.1%
Return on capital	23.8%	27.1%	22.5%	18.9%	20.8%	26.6%	27.1%	35.9%
Assets	1,729	2,001	2,187	2,162	2,501	2,743	2,856	3,248
Liabilities	1,094	1,221	1,344	1,284	1,482	1,644	1,729	2,270
Capital employed	635	780	843	879	1,019	1,099	1,127	978
Revenue	3,458	3,706	4,530	4,841	4,876	5,069	5,430	6,740
Revenue growth	–	7.2%	22.3%	6.8%	0.7%	4.0%	7.1%	24.1%
Profit	152	221	292	269	198	206	198	236
Profit growth	–	45.4%	32.0%	−7.8%	−26.4%	4.1%	−3.8%	19.3%
Margin	4.4%	6.0%	6.4%	5.6%	4.1%	4.1%	3.7%	3.5%
Return on capital	36.6%	60.0%	38.9%	30.0%	21.3%	22.0%	24.4%	22.7%
Assets	1,972	2,055	2,318	2,279	2,348	2,331	2,217	3,223
Liabilities	1,556	1,686	1,568	1,381	1,420	1,395	1,405	2,180
Capital employed	416	368	750	898	928	936	812	1,042
Revenue	948	1,278	1,127	1,395	1,900	2,092	2,247	2,494
Revenue growth	–	34.8%	−11.8%	23.7%	36.2%	10.1%	7.4%	11.0%
Profit	64	88	39	64	82	87	100	130
Profit growth	–	37.4%	−55.6%	62.8%	28.7%	5.8%	15.5%	29.9%
Margin	6.7%	6.9%	3.5%	4.6%	4.3%	4.1%	4.4%	5.2%
Return on capital	32.1%	36.6%	16.3%	21.4%	21.2%	22.8%	21.3%	24.7%
Assets	524	596	535	655	864	899	1,038	1,161
Liabilities	324	356	295	358	477	520	569	637
Capital employed	200	241	240	297	386	379	469	525

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.SIS quarterly results

₹ crore	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 2 May	Mar 2021Filed 29 Apr	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 1 May
Revenue from operations	5,833	7,093	8,485	9,127	10,059	11,346	12,261	13,189	15,982
	5,521	6,728	7,965	8,607	9,561	10,854	11,743	12,891	15,265
Materials and goods bought	36	63	83	80	80	107	145	121	162
Employee costs	4,766	5,757	6,896	7,056	7,811	9,201	10,050	10,909	13,408
Other expenses	719	908	985	1,470	1,670	1,546	1,548	1,861	1,695
Operating profit before depreciation	312	365	520	521	498	492	519	298	717
Operating margin	5.3%	5.1%	6.1%	5.7%	5.0%	4.3%	4.2%	2.3%	4.5%
Materials, % of revenue	0.6%	0.9%	1.0%	0.9%	0.8%	0.9%	1.2%	0.9%	1.0%
Employee costs, % of revenue	81.7%	81.2%	81.3%	77.3%	77.7%	81.1%	82.0%	82.7%	83.9%
Other expenses, % of revenue	12.3%	12.8%	11.6%	16.1%	16.6%	13.6%	12.6%	14.1%	10.6%
Depreciation and amortisation	56	66	128	113	112	135	166	164	215
Operating profit after depreciation	256	299	392	408	387	357	353	134	501
Other income	37	18	53	478	53	33	43	68	49
Finance costs	92	94	152	127	98	115	148	161	175
Profit before one-off items and tax	200	223	293	758	341	275	247	42	375
One-off items	−1	0	0	−276	3	0	0	0	−290
Profit before tax	199	223	293	482	344	275	247	42	85
	24	−5	64	115	18	−62	82	56	−21
Current tax	–	77	81	106	76	42	31	45	75
Deferred tax	–	−82	−17	9	−58	−104	50	10	−96
Share of profit of joint ventures and associates	−12	−14	−4	1	–	10	25	26	32
	162	215	225	367	326	347	190	12	138
Belonging to the company's shareholders	162	215	225	367	325	347	190	12	138
Belonging to outside owners of subsidiaries	–	–	–	–	1	0	0	0	0
Other comprehensive income	–	−8	−18	76	19	−1	−5	−21	245
Total comprehensive income	–	207	207	443	345	346	185	−9	383
Net margin	2.8%	3.0%	2.7%	4.0%	3.2%	3.1%	1.5%	0.1%	0.9%
Net margin without joint ventures and associates	3.0%	3.2%	2.7%	4.0%	–	3.0%	1.3%	−0.1%	0.7%

Share of profit of joint ventures and associates is left blank for the year to Mar 2022: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 5 May	Mar 2020Filed 2 May	Mar 2021Filed 29 Apr	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 1 May
	1,250	1,389	1,833	2,074	2,333	2,414	2,408	2,545
	1,250	1,388	1,831	2,071	2,333	2,414	2,408	2,545
Share capital	73	73	74	74	73	72	72	71
Reserves	1,177	1,315	1,757	1,998	2,260	2,341	2,336	2,475
Belonging to outside owners of subsidiaries	0	0	2	3	–	0	0	–
	950	1,172	1,165	1,328	1,522	1,509	1,502	1,435
Repayable after a year	614	630	742	607	803	230	857	897
Repayable within a year	336	542	422	721	719	1,279	645	538
	1,429	1,914	2,185	2,118	2,261	2,987	2,497	3,227
Trade payables	66	54	66	58	64	85	82	109
Other financial liabilities	634	867	1,120	745	885	1,017	1,091	1,607
Other liabilities	135	163	157	207	197	197	225	268
Provisions	241	258	369	386	396	409	419	664
Tax owed	17	31	51	0	–	0	36	41
	1,545	1,350	1,022	904	1,119	573	1,207	1,860
Other financial liabilities	776	550	91	90	97	111	103	520
Provisions	119	118	141	170	175	197	217	391
Deferred tax	35	52	48	37	43	35	30	51
	4,224	4,652	5,040	5,096	5,713	5,973	6,112	7,632
Held for sale or for a demerger	0	–	–	–	–	–	–	–
	2,111	2,260	2,127	2,326	2,468	2,409	2,107	2,963
Plant in use, after depreciation	174	266	256	279	311	373	375	733
Plant being built	1	2	5	2	19	2	6	3
Intangible assets	172	161	162	158	177	164	167	250
Goodwill	1,228	1,232	1,141	1,165	1,140	1,068	752	1,002
Intangible assets being developed	8	11	12	21	22	33	31	61
Investments	61	55	55	55	37	35	38	53
Stakes in joint ventures and associates	54	38	0	41	–	–	101	133
Other financial assets	64	56	56	71	70	61	78	78
Deferred tax	205	245	241	291	391	327	314	416
Other assets	144	194	198	243	303	345	246	236
	2,114	2,392	2,913	2,770	3,244	3,565	4,005	4,669
Inventories	25	34	31	34	31	31	28	47
Trade receivables	953	1,175	1,243	1,391	1,678	1,886	1,864	2,361
Cash and cash equivalents	420	417	854	684	666	651	717	779
Other bank balances	123	197	234	54	85	89	456	262
Current investments	7	0	0	0	10	6	8	1
Loans given	0	0	0	0	0	2	0	0
Other financial assets	495	463	433	512	641	751	778	1,042
Other assets	90	106	118	95	133	149	154	177
Net debt	400	558	76	590	761	763	321	394

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 Apr	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 1 May
	640	233	171	394	742	770
	629	493	234	417	701	830
	103	−90	−261	−175	89	333
Receivables	−9	−142	−335	−286	−25	−138
Inventories	9	−3	2	0	3	−10
Payables	0	−18	7	67	12	3
Other working capital	103	74	65	43	100	478
Tax paid	−60	−206	−94	−44	25	−60
Capital spending	68	108	129	164	153	189
Free cash flow	571	125	42	231	589	581
	−164	−122	−148	−104	−474	−23
Plant and property sold	22	6	11	8	13	0
Companies bought	0	0	0	0	−3	−94
Interest received	112	28	35	42	58	44
Dividends received	0	0	0	0	0	0
	44	−351	−229	−340	−15	−620
Borrowings raised	718	28	92	102	331	93
Borrowings repaid	−548	−125	−73	−140	−136	−248
Interest paid	−91	−93	−107	−141	−147	−132
Lease payments	−37	−36	0	−49	−61	−82
Dividends paid	0	0	0	0	0	99
Shares bought back	0	124	100	112	0	152
Shares issued	1	0	0	0	0	0
Net change in cash	520	−240	−206	−50	254	127

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.SIS dividend history

₹ per share	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 2 May	Mar 2021Filed 29 Apr	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 1 May
	₹11.39	₹14.74	₹15.38	₹24.85	₹22.09	₹23.64	₹13.08	₹0.82	₹9.72
As stated that year	₹22.77	₹29.48	₹15.38	₹24.85	₹22.09	₹23.64	₹13.08	₹0.82	₹9.72
	₹11.18	₹14.51	₹15.13	₹24.73	₹21.87	₹23.43	₹12.97	₹0.81	₹9.65
As stated that year	₹22.36	₹29.01	₹15.13	₹24.73	₹21.87	₹23.43	₹12.97	₹0.81	₹9.65
	₹1.75	₹1.75	₹2.00	–	–	–	–	–	₹7.00
As declared that year	₹3.50	₹3.50	₹2.00	–	–	–	–	–	₹7.00
	–	₹85.24	₹94.68	₹123.45	₹140.87	₹160.11	₹167.49	₹166.79	₹180.16
On that year's share count	–	₹170.49	₹94.68	₹123.45	₹140.87	₹160.11	₹167.49	₹166.79	₹180.16
Dividend payout	15.8%	12.0%	13.0%	–	–	–	–	–	71.8%
Shareholder yield	–	–	–	0.0%	1.7%	2.1%	1.9%	0.0%	6.3%
Market cap at the year end (₹ crore)	8,210	6,221	6,312	5,755	7,125	4,673	5,964	4,684	3,952

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.SIS PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 5 May	Mar 2020Filed 2 May	Mar 2021Filed 29 Apr	Mar 2022Filed 5 May	Mar 2023Filed 5 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 1 May
Revenue growth	–	21.6%	19.6%	7.6%	10.2%	12.8%	8.1%	7.6%	21.2%
Operating profit growth	–	17.1%	42.5%	0.1%	−4.3%	−1.4%	5.6%	−42.6%	140.6%
Net profit growth	–	32.5%	5.0%	62.9%	−11.2%	6.3%	−45.2%	−93.8%	1,069.1%
Earnings per share growth	–	29.5%	4.3%	61.6%	−11.1%	7.0%	−44.7%	−93.7%	1,085.4%
	–	17.2%	17.1%	22.8%	16.7%	15.7%	8.0%	0.5%	5.6%
	–	–	−0.1 pts	5.7 pts	−6.2 pts	−0.9 pts	−7.7 pts	−7.5 pts	5.1 pts
From the net margin	–	–	−2.1 pts	8.8 pts	−4.5 pts	−0.9 pts	−7.7 pts	−7.5 pts	4.2 pts
From asset turnover	–	–	2.1 pts	−0.4 pts	1.0 pts	0.9 pts	0.0 pts	0.0 pts	0.3 pts
From borrowing	–	–	−0.1 pts	−2.7 pts	−2.6 pts	−0.9 pts	0.0 pts	0.0 pts	0.5 pts
Return on capital employed	–	13.6%	15.3%	13.6%	11.4%	9.3%	9.0%	3.4%	12.6%
Cash conversion	–	–	–	174.2%	71.6%	49.3%	207.5%	6,297.0%	558.6%
Interest cover	2.8	3.2	2.6	3.2	3.9	3.1	2.4	0.8	2.9
Debt to equity	–	0.76	0.84	0.64	0.64	0.65	0.63	0.62	0.56
Receivable days	–	49	51	50	50	54	56	52	54
Inventory days	–	148	148	141	156	107	78	86	107
Payable days	–	385	236	302	267	218	213	248	245
Cash conversion cycle, days	–	−189	−37	−111	−61	−57	−79	−110	−84
Working capital days	–	24	17	3	23	30	33	27	21
Asset turnover	–	1.68	1.91	1.88	1.98	2.10	2.10	2.18	2.33
Assets per rupee of net worth	–	3.38	3.36	3.01	2.60	2.45	2.46	2.51	2.77
Sales per rupee of plant	–	40.72	31.87	35.60	36.03	36.53	32.83	35.21	21.80
Capital spending to depreciation	–	–	–	0.61	0.97	0.96	0.98	0.94	0.88
Plant being built, % of plant in use	–	0.6%	0.6%	2.0%	0.8%	6.3%	0.6%	1.5%	0.4%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: 107.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	11.9%	12.1%
Profit growth, yearly rate	–	−17.8%	−26.5%
Return on equity, average	–	9.3%	4.7%
Return on capital employed, average	–	9.1%	8.3%
Operating margin, average	4.7%	4.1%	3.7%
Net margin, average	2.4%	1.8%	0.8%
Asset turnover, average	–	2.14	2.20
Cash conversion cycle, days, average	–	−78	−91
Interest cover, average	2.8	2.6	2.0
Debt to equity, average	–	0.62	0.60

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,311	1,907	770
Cash from investing	−872	−602	−23
Cash from financing	−1,554	−975	−620
Capital spending	744	506	189
Dividends paid	99	99	99
Shares bought back	488	264	152
Shares issued for cash	0	0	0
Borrowings raised	646	526	93
Borrowings repaid	723	525	248

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	6	6	5	6	7
Altman Z-scorePublished threshold 1.1	–	2.92	2.69	3.50	3.42	3.60	3.07	3.77	3.05
Beneish M-scorePublished threshold −1.78	–	–	–	−2.73	−2.25	−2.19	−2.64	−3.10	−2.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−2.25	4.24	5.99	−1.71	−4.24	−8.86
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.00	0.93	2.38	5.61
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	3.67	−1.78	1.72	7.79	4.34	−8.72	5.51
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	0.65	−4.94	10.68	−41.85	−37.20	8.26	32.78
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−0.19	−0.20	0.55	1.48	1.03	0.24	1.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.01	0.05	0.02	0.12	0.01	0.03	0.00
Effective tax ratePublished threshold 17.16 per cent	12.25	−2.31	21.68	23.94	5.22	−22.42	33.14	133.82	−24.57
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−54.67	−56.55	15.44	74.04	−95.05

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AA-Rating outlook revised to PositiveINE285J07058 Debt ISIN	Positive	250
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Ratings Reaffirmed		219
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA-Rating outlook revised to Positive	Positive	675
23 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	799

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.