Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

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Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>The outlook for verticals such as Security Solutions and Facility Management remains positive.</li><li>International business has experienced a decline but is expected to regain momentum.</li><li>The management is confident that demand will pick up in the medium term, supported by orders won in recent quarters. It also anticipates further improvement in margins moving forward.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The outlook for verticals such as Security Solutions and Facility Management remains positive.International business has experienced a decline but is expected to regain momentum.The management is confident that demand will pick up in the medium term, supported by orders won in recent quarters. It also anticipates further improvement in margins moving forward.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Better Recovery; Improving Outlook to Support Growth

<ul><li>In Q4FY24, SIS reported revenue of Rs 3,138 Cr, registering a growth of 2%/5% QoQ/YoY.</li><li>The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs -11.7 Cr, which declined by 132%/113% QoQ/YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY24, SIS reported revenue of Rs 3,138 Cr, registering a growth of 2%/5% QoQ/YoY.The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs -11.7 Cr, which declined by 132%/113% QoQ/YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Results Below Expectations; Improving Outlook to Support Growth

<ul><li>In Q2FY24, SIS reported revenue at Rs 3,074 Cr, registering a growth of 3.3% on a QoQ basis.</li><li>The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs 76 Cr, which declined by 15.9% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY24, SIS reported revenue at Rs 3,074 Cr, registering a growth of 3.3% on a QoQ basis.The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs 76 Cr, which declined by 15.9% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Superior Execution; Improving Outlook to Support Growth

<ul><li>In Q1FY24, SIS reported flattish revenue at Rs 2,976 Cr, registering a de-growth of 0.6% on a QoQ basis.</li><li>The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs 89 Cr which declined by 3.9% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY24, SIS reported flattish revenue at Rs 2,976 Cr, registering a de-growth of 0.6% on a QoQ basis.The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs 89 Cr which declined by 3.9% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd - Superior Execution; Improving Outlook to Support Growth

India

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

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Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

SIS Ltd. - Better Recovery; Improving Outlook to Support Growth

The outlook for verticals such as Security Solutions and Facility Management remains positive. International business has experienced a decline but...

Axis Direct

SIS Ltd. - Results Below Expectations; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong...

Axis Direct

SIS Ltd. - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand...

Axis Direct

SIS Ltd - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

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Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

SIS Ltd. - Better Recovery; Improving Outlook to Support Growth

The outlook for verticals such as Security Solutions and Facility Management remains positive. International business has experienced a decline but...

Axis Direct

SIS Ltd. - Results Below Expectations; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter de-grew by 3.8% QoQ to Rs 150 Cr on account of the rebound of international business and strong...

Axis Direct

SIS Ltd. - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand...

Axis Direct

SIS Ltd - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand...

Axis Direct

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...