SIS (SECIS IN) – Management Meet Update – Prime beneficiary of new wage code norms – Not Rated
Published on 31 Aug 2026
We recently interacted with the management of SECIS IN to gain insights into their growth strategy and outlook. SECIS IN is evolving into a structurally advantaged solutions-led platform, with management guiding sustained double-digit growth across core segments, supported by labour code-driven formalization, rising outsourcing, and increasing adoption of tech-enabled services. Security Solutions (India) and Facility Management (FM) businesses are expected to anchor core compounding with growth expectation of ~13-15% in near-to-medium term while Security Solutions (International) is positioned for steady ~7.5–8.0% growth with margins expected to improve to ~4.0–4.5% over the next 4–5 quarters. Implementation of wage code norms, improving contract mix, and increasing use of tech-enabled services is expected to drive growth and result in margin expansion reinforcing SECIS IN’s positioning as a scaled, compliant, and solutions-led leader. SECIS IN trades at a consensus P/E multiple of 14x/12x over FY27E/FY28E EPS. Not rated.
