Annual report
Outcome of Board Meeting 21 Aug - Board approved director reappointment, secretarial auditor and company secretary appointments; fixed AGM, book closure, and annual report.
Source: Nse
Clear Secured Services Ltd. (CSSL)
SME CapServices stocks · SME cap · NSE
Established in 1998, CSSL is an Integrated Facility & Infrastructure Solutions Provider in India. It combines 4500+ trained professionals with E-Surveillance technology (up to 10k sites) to manage critical national assets. The company is ISO 9001:2015 Certified and holds PSARA Licenses in 17 States.
₹74
+1.35 · +1.86%
Market cap ₹172 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:53 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
24Bearishfull bear SMA stack · SMA20 -15.2% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
CSSLD candles · FIT view-31.5%Latest close ₹74.00 on 2026-10-19
Daily history is available from 2025-12-08; the requested 1Y window is partially covered.
Bar
-0.7%
RSI
37
MACD hist
0.34
52W pos
5%
2026-10-19O ₹74.50H ₹74.50L ₹74.00C ₹74.00Vol 2,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CSSLNifty 500
- CSSL
- -26.7%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -21.2 pp
Chart stats
19 Oct 2026- From 52W high
- -54.6%
- 52W range position
- 5%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.17x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹69 - ₹91
₹163
₹69 - ₹163
₹3
Latest completed session
20-session average
63.6% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish24
Price trend and sector-relative-strength timing.
Valuation
Legacy model+77.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹463 Cr | NDF | +47.0% |
| EBITDA | ₹26 Cr | NDF | -3.7% |
| Operating margin | 6.0% | NDF | -300 bps |
| PAT | ₹13 Cr | NDF | -23.5% |
| PAT margin | 2.8% | NDF | -259 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.90
- P/B
- 0.77
- EV/EBITDA
- 4.17
- Market Cap
- 172.00Cr
Profitability
- ROE
- 18.20%
- ROCE
- 20.20%
- ROA
- 8.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.04%
- EPS 5Y
- 62.43%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 61.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 4.23×
- Altman Z
- 4.43
- Book Value
- 92.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -10.00 Cr
- EPS TTM
- 12.56
Shareholding
- Promoter Hold
- 73.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 778+63.4% vs prev
Net Profit
₹ CrLatest: 30.0+200.0% vs prev
Return on Equity
%Latest: 13.4+30.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~17.9% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 55% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
13
RS percentile
Stage 4 Downtrend
1M return
-14.9%
3M return
-28.8%
6M return
-33.3%
1Y return
-
RS 1D
0
RS 20D
-12
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 23.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -5.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
210 observations
19 Oct 2026Value 69.87+2.92%
RS vs Nifty 50070
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth23/25
Quality12/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 77.8%.
- Valuation contributes 30/30 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
5.9
PB
0.8
EV/EBITDA
4.2
ROE
18.2%
ROCE
20.2%
FCF Yield
—
Debt/Equity
0.4
MoS
+77.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+77.8%
Previous: +77.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
71
71
71
71
71
71
71
71
71
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹162.03
+54.3% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹333.47
+77.8% MoS
PEG
0.10
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DYNAMIC
SME
Dynamic Services & Security Ltd.
Security Services
match 83
74
6.7
17.8%
+75%
UNDERVALUED
SIS
Small
SIS LIMITED
Security Services
match 63
36
14.6
13.9%
-880%
WATCHLIST
INFOLLION
SME
Infollion Research Services Ltd.
HR & Manpower
match 18
59
12.7
21.0%
+62%
FAIR VALUE
ELGNZ
SME
Eleganz Interiors Ltd.
Interior Design
match 18
63
8.8
13.8%
+67%
UNDERVALUED
PARTYCRUS
SME
Party Cruisers Ltd.
Event Management
match 18
68
11.1
25.0%
+58%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T09:20:15.831Z
Management commentary snapshot
CSSL reported robust FY26 performance with revenue up 62% YoY to ₹785 Cr and adjusted PAT up 67% YoY to ₹30 Cr, driven by diversification and a strategic pivot to government contracts. EBITDA margins remained stable at 8%.
CSSL's strategy of integrating facility management, electronic surveillance, and infrastructure solutions, coupled with its pan-India PSARA licenses, creates a strong competitive moat. The pivot to government contracts significantly de-risks the revenue profile and provides long-term visibility, supporting continued growth and stability.
Current business mix
Revenue by Service Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Integrated Facility Management47.0%
Trading & Others23.0%
Security & E-Surveillance18.0%
Infrastructure12.0%
Growth engines
Integrated Facility Management
Provides steady, recurring monthly cash flow and acts as the 'Anchor' for the business.
Electronic Surveillance & CDM
A high-growth, tech-led vertical offering high-margin, technology-led scalability.
Total Infrastructure Solutions
High-value civil work, interior/exterior design, and site development projects acting as a 'Margin Booster'.
Strategic Diversification
A balanced revenue mix across services and sectors hedges against sector-specific risks.
Capacity and execution
Net Block Increase
Net Block increased to ₹39.7 Cr in FY26 from ₹17.1 Cr in FY25, indicating capital expenditure.
CWIP Growth
Capital Work-in-Progress (CWIP) rose to ₹23.3 Cr in FY26 from ₹8.8 Cr in FY25, suggesting ongoing project investments.
Tailwinds
National Tender Eligibility
PSARA Licenses in 17 States allow CSSL to bid for National Tenders (Railways, Pan-India Banking, Oil & Gas) that fragmented competitors cannot.
Sovereign Guarantee
Strategic shift to Government and PSU contracts (~31% of revenue) ensures payment security and insulates from private sector volatility.
Asset Lifecycle Integration
Owning the 'Build, Secure, Maintain' lifecycle makes CSSL an irreplaceable partner, reducing churn and ensuring recurring revenue for 5-10 years.
Phygital Security
Integration of 4,500+ guards with an In-House Command Centre for E-Surveillance improves EBITDA margins and client retention through measurable data.
Risk radar
Regulatory Compliance
Security is a state-regulated subject in India; obtaining and maintaining PSARA licenses across multiple states is a rigorous, multi-year process.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company's financial results are presented on an annual basis (FY23, FY24, FY25, FY26), making year-over-year comparison the most appropriate for assessing growth trends and financial performance.
Sector KPIs management disclosed
Revenue Growth
Revenue scaled to ₹785 Crores in FY26 from ₹483 Crores in FY25, a 62% YoY growth, with a CAGR exceeding 40% from FY24 to FY26.
EBITDA Margin
EBITDA margin remained stable at 8% in FY26, consistent with FY25.
Adjusted PAT Growth
Adjusted PAT grew 67% YoY to ₹30 Crores in FY26 from ₹18 Crores in FY25.
Government Business Mix
Government and PSU contracts increased to ~31% of revenue mix in FY26 (YTD) from 12% in FY24.
Management forward view
Diversification-led Growth
The company has successfully diversified its revenue streams, making its growth more structural and sustainable.
De-risking Balance Sheet
Management has strategically re-engineered its client portfolio to de-risk the balance sheet by pivoting to PSU contracts.
Long-term Contract Visibility
Multi-year maintenance and security agreements with entities like MMRC, Indian Railways, and an Energy PSU ensure cash flow stability.
Phygital Revolution
Management believes its 'Tech-First' approach, integrating manpower with intelligence, significantly improves EBITDA margins and client retention.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Government Business Mix | ~31% of revenue (YTD FY26) | Continued increase in the proportion of revenue from Government and PSU contracts. |
| EBITDA Margins | 8% (FY26) | Maintenance or improvement of EBITDA margins, especially with the 'Tech-First' approach. |
| Order Book Execution | ~₹142 Cr from government players (as of March 2026) | Timely execution and conversion of the balance order book into revenue over the next 3-4 years. |
| Debt-to-Equity Ratio | 0.42 (FY26) | Sustained low debt-to-equity ratio, indicating prudent financial management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 44th percentile within Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Services: 44th pctile, median 66 · SME: 51st pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-10 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Clear Secured Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
Annual report
Updates 2 Sep - Annual Report FY 2025-26 and 18th AGM notice shared with shareholders.
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.