We wish to inform that CARE Rating Limited has reaffirmed the rating of the issuer on November 6, 2026.

Date: November 10, 2026 BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 544296 ISIN: INE0DQN01013 Sub: Intimation of Credit Rating pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [“SEBI Listing Regulation”] We wish to inform that CARE Rating Limited have reaffirmed the ratings of the Issuer on November 6, 2026. The summary of the ratings assigned is given below: Facilities / Instruments Amount [Rs. In Crore] Rating Rating Action Issuer Rating 0.00 CARE BBB+; Stable Reaffirmed The above information shall also be made available on the website of the Company at www.nisusfin.com This is for your information and record. Sincerely, for Nisus Finance Services Co Limited Amit Goenka Chairman & Managing Director 1 CARE Ratings Ltd. P r e s s R e le a s e Nisus Finance Services Co Limited November 06, 2026 Facilities/Instruments Name of the Regulator1 Amount (₹ crore) Rating2 Rating Action Issuer rating - 0.00 CARE BBB+; Stable Reaffirmed Details of instruments/facilities in Annexure-1. Issuer Ratings: There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed issuer rating of Nisus Finance Services Co Limited (NiFCO). Reaffirmation reflects benefit from extensive experience of its founder and Managing Director, Amit Goenka, who has over two decades of experience in real estate and financial services. He is supported by an experienced investment team and a structured three-tier investment approval framework, which provides adequate oversight and discipline to the investment process. The company’s assets under management (AUM) increased by ~67% on a year-on-year basis to ₹2,631 crore as on March 31, 2026, supporting growth of the management and advisory fee income. Its financial risk profile remains comfortable, characterised by healthy profitability, strong earnings before interest, taxation, depreciation, and amortisation (EBITDA) margins supported by its asset- light business model, and low leverage following the initial public offering (IPO) and significant debt repayment in FY26. However, these strengths are constrained by NiFCO’s modest scale of operations, limited track record of completing full fund cycles and concentration in real estate-focused investments. Prevailing stress in the UAE real estate market, particularly moderation in off-plan transactions and pricing corrections amid geopolitical and liquidity pressures, may affect deployment, valuations and timing of exits is mitigated by the management’s focus on ready-to-move-in assets and acquisitions at discounted valuations. NiFCO also remains exposed to investment-performance, key person and reputational risks inherent in the alternative investment management business. Going forward, its ability to sustain growth in fee-paying (FP)-AUM, diversify its product and geographical mix, successfully execute investments and exits in India and the UAE, generate consistent realised carry income across completed fund cycles, and maintain healthy profitability and prudent leverage will remain key rating monitorable. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Substantial increase in Fee paying AUM while maintaining its operating margins, low leverage (below 1.5x) • Improved ability to generate realised carry (incentive) income across market cycles. Negative factors • De-growth in FP-AUM impacting its liquidity, profitability, leverage, or debt-servicing ability. • Material decline in investment performance, key person event or regulatory event that adversely impacts financial performance. • Deterioration of total debt/EBIDTA to above 2.5x /Increase in leverage with total debt to equity above 1.5x Analytical approach: Consolidated CareEdge Ratings has analysed the consolidated business and financial risk profiles of Nisus Finance Services Co Limited (excluding New Consolidated Construction Company Limited [NCCCL]). Details of consolidated entities are mentioned in Annexure 5. While NiFCO has acquired NCCCL, NiFCO operates independently with distinct business operations and has neither extended nor is expected to extend financial support or guarantees to the entity, while also not being designated as its promoter or having obligation towards its debt. NiFCO has stated plan to divest its balance stake in NCCCL in near term. Accordingly, NCCCL is excluded from consolidated financial metrics in the rating assessment of NiFCO. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 2 CARE Ratings Ltd. P r e s s R e le a s e Outlook: Stable Stable outlook reflects that NiFCO will generate stable management fees, advisory fees, maintain EBIDTA margin, increase feepaying AUM (FPAUM) through raising of new and expansion of existing funds, maintain low leverage and retain adequate liquidity profile to fund operations and meet co-investment commitment to funds. Detailed description of key rating drivers Key strengths Experienced management and fund manager in real estate space NiFCO is led by Amit Goenka, Founder and Managing Director, who brings over 25 years of global experience in real estate and finance. Under his leadership, NiFCO became India’s first publicly listed fund manager and currently manages an AUM of over ₹2,600 crore, with a strategic focus on urban infrastructure and private capital markets. His prior experience includes roles at Essel Finance, Knight Frank India, Investment Dar/Alghanim Group, Ernst & Young, and the Aditya Birla Group, where he managed large real estate portfolios, private equity/credit transactions, and Islamic fund. NiFCO employs a rigorous three-tier investment approval process, where proposals are reviewed sequentially by the Fund Managers and Chief Investment Officer (CIO), the Investment Committee, the Committee of Limited Partners (LPs) and the Advisory team. This structured framework ensures disciplined investment decisions and robust governance. The Investment Committee comprises seasoned professionals with expertise across India and the UAE markets. The company’s average headcount stood at 49 employees in FY26. NiFCO’s ability to retain experienced fund managers and key professionals, while maintaining a stable investment team, will remain a key monitorable, given the high reliance of its franchise strength and fund performance on continuity of investment expertise. Increasing AUM driving predictable fee and correlated advisory revenues NiFCO has demonstrated healthy AUM growth, supported by successful fund raises, geographical diversification and increasing demand for alternative investment products. Its AUM increased from ₹1,572 crore in FY25 to ₹2,631 crore in FY26, registering growth of ~67% in FY26. The company manages real estate-focused alternative investment funds (AIFs) across India and the UAE, with investments spanning structured credit, special situations and income-generating real estate assets with NiFCO’s UAE fund primarily investing in fully constructed residential projects with 90–95% occupancy and rental yield upside, employing a 1:1 leverage structure. Domestic investments are largely in late-stage development of housing projects, secured by cash flows and providing over 2x security cover. The predominantly close-ended nature of its funds, with tenures of five to seven years, provides reasonable visibility of management-fee income, while advisory income remains transaction-driven. F [Showing first 8,000 characters — download PDF for full document]