💰 Financial Performance

Revenue Growth by Segment

H1 FY2026 revenue reached INR 315.34 Cr. While specific segment splits are not detailed, the company secured INR 97.33 Cr in new orders for manpower outsourcing, ticket vending, and maintenance, representing approximately 30.8% of the half-year revenue in new contract value alone.

Geographic Revenue Split

Not disclosed in available documents, though marquee clients like MMRDA and Mumbai Metro suggest a strong concentration in Maharashtra.

Profitability Margins

Net Profit Margin for H1 FY2026 stood at 5.36% (INR 16.89 Cr PAT on INR 315.34 Cr revenue). This is a significant improvement as the 6-month PAT is 70.26% higher than the full-year FY2025 PAT of INR 9.92 Cr.

EBITDA Margin

EBITDA margin for H1 FY2026 was 9.8% (INR 30.92 Cr EBITDA on INR 315.34 Cr revenue), reflecting core operational profitability in the business services sector.

Capital Expenditure

The company raised INR 85.6 Cr through its IPO on the NSE SME platform in December 2025. These proceeds are intended for future growth and were not utilized in the H1 FY2026 results.

⚙️ Operational Drivers

Raw Materials

Manpower costs (wages and benefits) represent the primary operational expense, estimated to be the majority of the cost of services for outsourcing and security staff.

Import Sources

Not applicable as the company is a service provider sourcing labor domestically within India.

Capacity Expansion

Current operational scale includes e-surveillance of 2,351 ATM sites. Expansion is driven by new contract wins such as the INR 40 Cr order for ATM monitoring via subsidiary Comfort Techno.

Raw Material Costs

Not disclosed as a specific percentage, but manpower is the critical driver for the integrated facility management and security solutions segments.

Manufacturing Efficiency

Not applicable for a service-based business.

📈 Strategic Growth

Growth Strategy

Growth is driven by securing large-scale infrastructure contracts (INR 97.33 Cr from Metro projects) and expanding technology-driven managed services like e-surveillance for 2,351 ATM sites (INR 40 Cr order). The company is leveraging its recent NSE SME listing to fund further expansion.

Products & Services

Manpower outsourcing, ticket vending staff, customer service staff, maintenance activities, e-surveillance, housekeeping, cleaning, and security services.

Brand Portfolio

Clear Secured Services Ltd (CSSL), Comfort Techno (100% subsidiary).

New Products/Services

E-surveillance for ATM sites via subsidiary Comfort Techno, contributing to a recent INR 40 Cr order win.

Market Expansion

Targeting the rapidly growing urban infrastructure sector in India, specifically metro rail operations (MMRDA, Mumbai Metro).

🌍 External Factors

Industry Trends

The integrated facility management industry is shifting toward technology-integrated security (e-surveillance) and outsourcing of non-core staff in public transport to improve operational efficiency.

Competitive Landscape

Competes with other pan-India integrated facility management and security solution providers.

Competitive Moat

Moat is based on the company's reputation and ability to handle large-scale, complex manpower and security requirements for marquee government clients, creating high barriers to entry for smaller competitors.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and urban development projects (Metros).

Consumer Behavior

Increased reliance on outsourced services by banks and infrastructure operators to manage costs and focus on core operations.

Geopolitical Risks

Low, as operations are focused on domestic Indian infrastructure and banking sectors.

⚖️ Regulatory & Governance

Industry Regulations

Subject to labor laws, Private Security Agencies (Regulation) Act (PSARA), and minimum wage notifications which directly affect service delivery costs.

⚠️ Risk Analysis

Key Uncertainties

Execution risk on large-scale metro contracts and the ability to maintain margins amidst rising labor costs.

Geographic Concentration Risk

High concentration in Mumbai/Maharashtra based on client names (MMRDA, Mumbai Metro).

Third Party Dependencies

Dependency on government infrastructure project timelines and banking sector security budgets.

Technology Obsolescence Risk

Risk of traditional security services being replaced by advanced AI-driven surveillance, which the company is addressing through its subsidiary Comfort Techno.

Credit & Counterparty Risk

Exposure to government entities (MMRDA) which may have longer payment cycles, impacting working capital.