SIS is India’s largest Security Service provider. Its subsidiary is the largest security provider in Australia. The Indian business also has a facility management vertical where it has the No 2 position. Rising urbanization and creation of new commercial facilities are long term growth drivers. Increased formalization of labor markets should enable the company to gain market share from unorganized sector. However, WFH has led to near term softness in demand particularly in the facility management division. Also, key customers in travel, retail and hospitality are still not scaling up due to the pandemic. Reasonable valuations, strong position in the industry and long term secular growth momentum leads us to an over weight rating despite short term headwinds – 29-04-2021 Price: 355.95 Rating: Over Weight Recommendation: Buy
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