| 
        04 Nov 2025 | 
        
            
                SIS
            
            
                
    
        
            
        
    
            
         | 
        
            
                Consensus Share Price Target
            
         | 
        333.10 | 
        443.25 | 
        - | 
        33.07 | 
        
            
                buy
            
         | 
        
            
         | 
        
         | 
     | 
                            
                            
                            
    
    
    
        
            
                
    
    
            
             | 
            
                31 Jul 2025
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Motilal Oswal
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                450.00
             | 
            
            
                386.40 
                (-13.79%)
             | 
            
            
            
                35.09 | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            SIS (SECIS)’s 1QFY26 revenue was up 13.4% YoY/3.5% QoQ at INR35.4b vs. our estimate of INR34.5b. Revenue growth was aided by 18.9% YoY CC growth in Facility Management, whereas India Security/International Security posted 9.2%/12.1% growth YoY.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                05 May 2025
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                361.00
             | 
            
            
                325.35 
                (2.38%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q4FY25
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                01 May 2025
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Motilal Oswal
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                400.00
             | 
            
            
                337.50 
                (-1.30%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            SIS (SECIS)’s 4QFY25 revenue was up 9.3% YoY/1.9% QoQ at INR34.27b, largely in line with our estimate of INR34.6b. Revenue growth was aided by 12.9% YoY growth in Facility management, whereas India Security/International security posted 9.6%/7.7% growth YoY.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                30 Jan 2025
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                414.00
             | 
            
            
                330.80 
                (0.70%)
             | 
            
            
            
                24.29 | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q3FY25
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                31 Oct 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                483.00
             | 
            
            
                402.00 
                (-17.14%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q2FY25
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                30 Oct 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                540.00
             | 
            
            
                400.85 
                (-16.90%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                29 Oct 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Motilal Oswal
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                480.00
             | 
            
            
                386.05 
                (-13.72%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            SIS (SECIS)’s 2QFY25 revenue was up 6.3% YoY/4.4% QoQ at INR32.68b, largely in line with our estimate of INR34.51b.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                29 Jul 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                585.00
             | 
            
            
                421.25 
                (-20.93%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q1FY25
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                26 Jul 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                540.00
             | 
            
            
                419.75 
                (-20.64%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            We maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                06 May 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                441.00
             | 
            
            
                440.50 
                (-24.38%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q4FY24
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                03 May 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                540.00
             | 
            
            
                455.15 
                (-26.82%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Recommendation: Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                01 Feb 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                741.00
             | 
            
            
                488.50 
                (-31.81%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q3FY24
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                01 Feb 2024
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                540.00
             | 
            
            
                488.50 
                (-31.81%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                01 Nov 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                794.00
             | 
            
            
                429.40 
                (-22.43%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Quarterly Update Q2FY24
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                01 Nov 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                475.00
             | 
            
            
                429.40 
                (-22.43%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                21 Sep 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Keynote Capitals Ltd
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                837.00
             | 
            
            
                426.10 
                (-21.83%)
             | 
            
            
            
                  | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Initiating Coverage Report
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                28 Jul 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                475.00
             | 
            
            
                434.65 
                (-23.36%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Recommendation: Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                05 May 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                425.00
             | 
            
            
                383.35 
                (-13.11%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                06 Feb 2023
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                425.00
             | 
            
            
                345.95 
                (-3.71%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            Recommendation: Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             | 
        
    
        
            
                
    
    
            
             | 
            
                04 Nov 2022
             | 
            
                    SIS
                
                    
                        
    
        
            
        
    
                    
             | 
            
                
                Axis Direct
                 
                    
                    
                        
                    
                 
             | 
            
                
                    333.10
                 | 
            
             
                475.00
             | 
            
            
                411.35 
                (-19.02%)
             | 
            
                Target met | 
            
            
                
                 
                
                Buy
                 
                
             | 
            
                
             | 
             | 
            
                
                    
                        
                            
    
        
            
                
             
                
                
                
                    
    
        
            
            We recommend a BUY rating on the stock and assign an 18x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 475/share, implying an upside of 15% from the CMP.
        
    
                 
                
                    
                
        
     
    
 
                        
                     
                 
             |