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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Service Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
43NeutralSMA20 -4.6% / mo · MACD − · near 52W low
Technical chart
CSSLdaily · 1Y · AUTO-22.7%Daily history is available from 2025-12-08; the requested 1Y window is partially covered.
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 42.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 78 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 78 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 72.2%.
- Valuation contributes 30/30 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 45th percentile within Services. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 73%. Key concern: Operating cash flow is negative at ₹-10 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 45th pctile, median 66 · SME: 51st pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 7.30
- P/B
- 0.99
- EV/EBITDA
- 5.08
- Market Cap
- 220.00Cr
Profitability
- ROE
- 18.80%
- ROCE
- 19.90%
- ROA
- 8.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.04%
- EPS 5Y
- 62.43%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 63.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 4.82×
- Altman Z
- 4.62
- 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 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.