Clear Secured Services Limited (CSSL)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Clear Secured's revenue was ₹315 Cr, and net profit ₹16.9 Cr; the operating margin was 8.6%.
| H1 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹315 | — | — |
| Operating profit | ₹27.0 | — | — |
| Net profit | ₹16.9 | — | — |
| EPS (₹) | 9.74 | — | — |
| Operating margin | 8.6% | — | — |
CSSL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 77.78% of the CSSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.88%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 33.3% · 50.0% · 100.0% · 75.0% · 77.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Clear Secured Services Limited held its 18th Annual General Meeting on September 24, 2026, where all three proposed ordinary resolutions were approved by shareholders. Resolutions included the adoption of audited financial statements for the year ended March 31, 2026, the re-appointment of director Mrs. Kusum Vimal Dubey, and the appointment of the Secretarial Auditor. The financial statements resolution received 17,928,984 votes in favor and 5,000 against via remote e-voting. This is a routine post-AGM statutory filing.
- 18th AGM conducted on September 24, 2026, via Video Conferencing/OAVM
- Adoption of FY26 Audited Financial Statements approved with 17,928,984 votes in favor and 5,000 votes against
- Re-appointment of director Mrs. Kusum Vimal Dubey approved with 366,000 votes in favor and 6,000 against
- Appointment of Secretarial Auditor approved with 17,927,984 votes in favor and 6,000 against
Clear Secured Services Limited has informed the exchange regarding the closure of its Register of Members and Share Transfer Register. The book closure will run from Friday, September 18, 2026, to Thursday, September 24, 2026 (both days inclusive). This procedural closure is being conducted pursuant to Regulation 42 of SEBI LODR Regulations for the purpose of the company's 18th Annual General Meeting.
- Book closure start date fixed for September 18, 2026
- Book closure end date fixed for September 24, 2026 (both days inclusive)
- Closure conducted for the purpose of convening the 18th Annual General Meeting
- Filing submitted under Regulation 42 of SEBI LODR Regulations, 2015
Clear Secured Services Limited has scheduled its 18th Annual General Meeting (AGM) for September 24, 2026, and submitted its Annual Report for FY 2025-26. The Annual Report confirms consolidated revenue of Rs 784.58 crore for FY26 (up 62.5% YoY from Rs 482.74 crore) and consolidated PAT of Rs 30.20 crore (up 64.4% YoY from Rs 18.36 crore). The company highlighted major contract wins including a five-year deal worth over Rs 180 crore per annum and Rs 97.33 crore in infrastructure support orders. E-voting will run from September 20, 2026 to September 23, 2026 with book closure from September 18 to September 24, 2026.
- 18th AGM scheduled for September 24, 2026, with remote e-voting open from September 20 to September 23, 2026.
- FY26 consolidated revenue grew 62.5% YoY to Rs 784.58 crore compared to Rs 482.74 crore in FY25.
- Consolidated PAT rose 64.4% YoY to Rs 30.20 crore with consolidated EBITDA reaching Rs 59.90 crore.
- Debt-to-equity ratio improved to 0.42x in FY26 from 1.02x in FY25 driven by post-IPO debt repayment.
Clear Secured Services Limited has informed the exchange regarding the dispatch of a letter containing the web-link to its Annual Report for FY 2025-26. The communication was sent pursuant to Regulations 30 and 36(1)(b) of SEBI LODR Regulations to shareholders who have not registered their email addresses. The report includes the notice of the 18th Annual General Meeting (AGM) and is available on the company website.
- Dispatched Annual Report for FY 2025-26 web-link to members with unregistered emails
- Notice of the 18th Annual General Meeting (AGM) made available on the company's website
- Compliance filing made under Regulation 30 and 36(1)(b) of SEBI LODR on September 02, 2026
Clear Secured Services Limited held a Board of Directors meeting on August 21, 2026, to approve routine corporate governance and annual compliance matters. The Board approved the re-appointment of Mrs. Kusum Vimal Dubey (retiring by rotation), who has been with the company since 2013 and is the spouse of MD Vimal Dhar Dubey. Additionally, M/s. N N J & Co. was appointed as Secretarial Auditor, and Ms. Nikita Jain was appointed as Company Secretary and Compliance Officer. The Board also approved the FY 2025-26 Board Report and issued the notice for the 18th Annual General Meeting.
- Appointed Ms. Nikita Jain as Company Secretary and Compliance Officer effective August 21, 2026
- Appointed M/s. N N J & Co., Practicing Company Secretaries, as Secretarial Auditors
- Approved re-appointment of Director Mrs. Kusum Vimal Dubey, liable to retire by rotation
- Approved Directors' Report for FY 2025-26 and called the 18th Annual General Meeting
Clear Secured Services Limited (CSSL) submitted a filing to the exchange on August 5, 2026. The document provided contains only a digital signature and lacks any descriptive text or material updates regarding operations or financials. For context, the company reported a revenue of Rs 315.34 cr and a PAT of Rs 16.88 cr in the September 2025 quarter. This filing appears to be a procedural or administrative requirement with no immediate impact on the company's valuation.
- Filing submitted to the exchange on August 5, 2026
- September 2025 quarterly revenue stood at Rs 315.34 cr
- September 2025 quarterly PAT reported at Rs 16.88 cr
- Company maintains significant exposure to metro projects worth Rs 97.33 cr
Clear Secured Services Limited (CSSL) has informed the exchange that a circular resolution was deemed passed by its board on July 31, 2026. The filing is administrative and does not disclose the specific subject matter or the contents of the resolution. For context, the company reported a revenue of ‡315.34 cr and a PAT of ‡16.88 cr for the quarter ended September 2025. Investors currently lack sufficient information to judge the materiality of this board decision.
- Circular resolution deemed passed by the board on July 31, 2026
- Company reported quarterly revenue of ‡315.34 cr in Sep 2025
- Company reported quarterly PAT of ‡16.88 cr in Sep 2025
- EPS for the Sep 2025 quarter stood at ‡9.74
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.
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.
