SIS Ltd. share price target

SIS’s (SECIS) 3QFY26 revenue was up 24.5% YoY/11.4% QoQ at INR41.8b vs. our estimate of INR40.3b. Revenue growth was aided by ~23% growth in India Security, whereas International Security/Facilities Management posted a growth of 1.5%(CC)/1.0% QoQ.

SIS (SECIS)’s 2QFY26 revenue was up 15% YoY/5.9% QoQ at INR37.6b vs. our estimate of INR35.6b. Revenue growth was aided by ~5.7% growth in India security, whereas International Security/Facilities management posted a growth of 1.9%(CC)/5.9% QoQ.

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.