SIS Ltd. share price target

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.

Quarterly Update Q4FY25

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.

Quarterly Update Q3FY25

Quarterly Update Q2FY25

Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock

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.

Quarterly Update Q1FY25

We maintain our BUY recommendation on the stock.

Quarterly Update Q4FY24

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.

Quarterly Update Q3FY24

Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.

Quarterly Update Q2FY24

Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.

Initiating Coverage Report

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.

Given the company's strong recovery potential backed by strong deal wins and improved client engagement, we maintain our BUY recommendation on the stock.

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.

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.