SIS acquires 51% stake in AP Securitas, expanding market share

SIS Limited has acquired a 51% stake in A P Securitas Private Limited, a well-established firm with over 40 years of operation and a pan-India business. This acquisition, announced on September 12, 2025, represents a significant corporate development for SIS, which aims to complete the balance acquisition over a three- to four-year period. A P Securitas reported revenues of roughly INR 1,000 crore in FY 2024 and operates with approximately 40,000 employees.

The transaction enhances SIS's presence across core sectors, particularly BFSI, which constitutes nearly one-third of A P Securitas's portfolio. With this acquisition, SIS's FY 2024 run rate on a pro rata basis reaches INR 6,100 crore, doubling the size of its nearest competitor. The implied EV for the initial 51% tranche is INR 73.4 crore, with the final audited numbers for FY 2025 still pending. A P Securitas's FY 2024 EBITDA margins were 4.3%, with a PAT margin of 2.27%.

The deal is structured to be accretive, with an internal rate of return exceeding 21% for the SIS Group. It is entirely funded through internal accruals, maintaining SIS's net debt-to-EBITDA ratio below 1x. SIS intends to operate A P Securitas as an independent entity with its current management for at least three years, with performance conditions linked to EBITDA growth and minimum margin maintenance.