NIS Management Limited Receives ICRA Reaffirmation on Rs 105.87 Cr Rated Facilities; Outlook Upgraded to Positive

• Long-term – Fund Based – Cash Credit: ₹71.00 Cr –[ICRA]BBB+ (Positive); Reaffirmed with outlook revised from Stable

• Short-term – Fund Based – Standby Line of Credit: ₹3.50 Cr –[ICRA]A2; Reaffirmed

• Short-term – Non-Fund Based – Bank Guarantee: ₹22.00 Cr –[ICRA]A2; Reaffirmed

• Long-term / Short-term – Unallocated Limits: ₹3.97 Cr –[ICRA]BBB+ (Positive) / [ICRA]A2; Reaffirmed with outlook revised from Stable

Key Rating Drivers

• Established Market Position and Strong Client Base:

NIS has a strong presence in organised security and facility management services, particularly in West Bengal, servicing over 600 clients, supporting stable revenue visibility and repeat business.

• Large Workforce Supported by In-House Training and Technology Capabilities

Through its subsidiaries Keertika Academy Private Limited and Keertika Education & Associates LLP, the company supports manpower training and vocational education initiatives. NIS has a manpower strength of around 18,000 employees including back office staff, and its internally developed technology solutions further enhance operational efficiency, workforce monitoring, and service scalability.

• Strengthened Capital Structure Post Equity Infusion

Capital structure improved following IPO proceeds of ₹45.6 crore, reducing consolidated gearing to 0.4x and TOL/TNW to 0.5x as of September 30, 2025, compared with 0.6x gearing and 0.7x TOL/TNW as of March 31, 2025.

Commenting on the Update Mr. Debajit Choudhury Chairman & Managing Director, of NIS Management Limited said, “ICRA’s reaffirmation of our ratings along with the Positive outlook reinforces confidence in our financial discipline, credit profile, and consistent operational performance. We remain committed to maintaining a strong balance sheet and enhancing our credit strength through sustainable and responsible growth.”

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