Clear Secured Services Ltd Management Discussions

1. COMPANY OVERVIEW

Clear Secured Services Limited (CSSL or the Company) is an integrated business-services company engaged in providing a diversified range of Facility Management, Security, Manpower, Infrastructure, Telecom and Business-Support solutions.

Established in 2008, the Company has developed a pan-India operating presence and a diversified service portfolio comprising housekeeping and cleaning, security and guarding, staffing and manpower solutions, payment management, infrastructure solutions, business-support services, telecom services, technology- enabled surveillance, repair and maintenance and cash-van transportation and allied services.

The Companys business model is focused on providing multiple operational services to customers through an integrated service platform. This enables customers to consolidate their operational requirements, improve administrative efficiency and coordinate multiple service functions through a single service provider.

During FY 2025-26, the Company completed its maiden public issue of approximately Rs. 85.60 crore and its equity shares were listed on the NSE SME platform on 08 th December 2025. The listing has strengthened the Companys institutional platform and provides access to capital markets to support its business objectives.

2. FINANCIAL AND OPERATIONAL PERFORMANCE

The Company delivered a strong financial performance during FY 2025-26.

Consolidated Financial Highlights

Particulars	FY 2025-26	FY 2024-25
Revenue	Rs. 784.58 crore	Rs. 482.74 crore
EBITDA	Rs. 59.90 crore	-
Profit After Tax*	Rs. 30.20 crore	Rs. 18.36 crore

• FY 2024-25 PAT considered after adjustment for exceptional items, as presented by the Company.

Consolidated revenue increased from Rs. 482.74 crore in FY 2024-25 to Rs. 784.58 crore in FY 2025-26, reflecting a growth of approximately 62.5%. Consolidated Profit after Tax stood at Rs. 30.20 crore during FY 2025-26 as compared with adjusted PAT of Rs. 18.36 crore in the previous year. Consolidated EBITDA for FY 2025-26 stood at Rs. 59.90 crore.

The financial performance was supported by growth in the Companys operating activities, increased scale of customer engagements and execution of larger service contracts.

The Company continues to focus on maintaining operating discipline, improving resource utilisation, managing working capital efficiently and maintaining profitability while scaling its operations.

3. BUSINESS PERFORMANCE

CSSL operates across multiple service categories, allowing it to address varied operational requirements of institutional, government and enterprise customers.

Soft Services

The Companys soft-service portfolio includes:

• Housekeeping and cleaning services;

• Security and guarding services;

• Staffing and manpower solutions;

• Payment management services; and

• Business-support services.

Hard and Technical Services

The Companys technical and infrastructure-related offerings include:

• Infrastructure solutions;

• Repair and maintenance services;

• Telecom-related services;

• Technology-enabled surveillance;

• Cash-van transportation and allied services; and

• Other technology-enabled operational solutions.

The diversified nature of the service portfolio enables the Company to participate in both individual service contracts and bundled engagements covering multiple operational requirements.

The Company believes that the increasing preference among customers for outsourcing non-core activities and consolidating multiple services with specialised service providers presents opportunities for integrated business-services companies.

4. CUSTOMER ENGAGEMENTS AND ORDER BOOK VISIBILITY

During FY 2025-26, the Company continued to secure contracts across manpower, customer service, maintenance, security and business-support activities.

During H1 FY26, CSSL received multiple orders aggregating approximately Rs. 97.33 crore from customers for manpower outsourcing, ticket-vending and customer-service personnel, maintenance activities and related services.

During H2 FY26, the Company secured a contract valued at more than Rs. 200 crore per annum for a period of five years from a leading multinational banking-services provider. The engagement covers security, manpower, maintenance and business-support services.

The contract demonstrates the Companys ability to undertake larger, multi-service and longer-duration engagements.

Subsequent to the financial year-end, the Company also secured an EPC and maintenance contract aggregating Rs. 156.46 crore, including GST, from BSNL. The contract covers the supply and erection of 299 Ground Based Towers, infrastructure-as-a-service activities and subsequent operation and maintenance for approximately five years, with an option for extension.

The increasing size and tenure of customer contracts provide greater revenue visibility and create opportunities for the Company to develop deeper relationships with institutional and enterprise customers.

5. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian facility-management and business-services industry is undergoing significant structural development, supported by increasing outsourcing of non-core activities by organisations across sectors.

Businesses are increasingly engaging specialised service providers for functions such as facility management, security, housekeeping, manpower deployment, maintenance, infrastructure support and other operational activities. This trend is driven by the need to improve operational efficiency, manage costs, access trained manpower and enable organisations to focus on their core activities.

As stated in the industry information contained in the Companys RHP, the outsourced Integrated Facility Management market in India was estimated at approximately Rs. 98,080 crore in FY23 and is projected to reach approximately Rs. 1,93,587 crore by FY28, representing a CAGR of approximately 14.6%.

The industry is also witnessing increased adoption of bundled and integrated service contracts across commercial, government and residential sectors.

Key sectors contributing to demand include:

• Banking, Financial Services and Insurance;

• Information Technology and IT-enabled Services;

• Retail and e-commerce;

• Healthcare;

• Telecom;

• Infrastructure;

• Government establishments; and

• Commercial and industrial facilities.

Increasing formalisation of the services industry, growing preference for organised service providers and increasing regulatory and compliance requirements are expected to support the long-term development of the organised facility-management sector.

6. INDUSTRY TRENDS, OPPORTUNITIES AND THREATS

Increasing Outsourcing

Organisations are increasingly outsourcing non-core activities to specialised service providers. This provides opportunities for integrated service providers capable of managing multiple functions under a common service framework.

Shift towards Integrated Contracts

Customers are increasingly seeking to consolidate multiple operational requirements with fewer service providers. This creates opportunities for companies with diversified service capabilities and the ability to execute bundled contracts.

Technology-Enabled Services

Technology is becoming increasingly relevant to facility management, security and workforce-intensive operations. Electronic surveillance, digital monitoring, automation, IoT-enabled systems, centralised reporting and technology-assisted workforce management can improve operational visibility and service efficiency.

The increasing adoption of such solutions provides opportunities for CSSL to enhance the technology component of its service offerings.

Infrastructure and Government Spending

Continued investment in telecom networks, public infrastructure, transportation systems and urban infrastructure may create opportunities for companies capable of providing manpower, maintenance, infrastructure and allied services at scale.

The Companys recent BSNL contract demonstrates the potential available in infrastructure-related opportunities. Growing Preference for Organised Service Providers

Customers are increasingly evaluating service providers on parameters such as statutory compliance, trained manpower, financial capability, technology adoption, service quality and execution capabilities. This trend may favour organised and established service providers.

Key Industry Threats

The industry remains competitive and is characterised by manpower dependency, pricing pressure, evolving customer requirements and regulatory obligations. Competition from both organised and regional service providers may impact margins and customer acquisition costs.

The Companys ability to manage manpower, execute contracts efficiently, maintain service quality and adopt technology will remain important to sustaining its competitive position.

7. SEGMENT-WISE / SERVICE-WISE PERFORMANCE

The Company operates through a diversified portfolio of business and support services rather than relying on a single service category.

Its principal service categories comprise:

I. Facility Management and Soft Services: housekeeping, cleaning and allied facility-management activities.

II. Security Services: security and guarding services for institutional and enterprise customers.

III. Manpower Services: deployment of manpower and staffing solutions across customer locations.

IV. Business Support Services: payment management, customer-service and related operational support.

V. Infrastructure and Maintenance Services: infrastructure support, repair, maintenance and related activities.

VI. Telecom Services: telecom-related manpower, infrastructure and support activities.

VIII. Technology-Enabled Services: e-surveillance, digital monitoring and other technology-supported solutions.

The diversified service portfolio enables the Company to address different customer requirements and pursue opportunities for cross-selling and bundled service engagements.

8. BUSINESS STRATEGY

The Companys business strategy is focused on sustainable expansion while maintaining operational and financial discipline.

Scale

The Company intends to pursue larger contracts across existing and emerging sectors and expand its presence across geographies where it identifies attractive business opportunities.

Integrated Solutions

The Company intends to increase the proportion of bundled and multi-service engagements, enabling customers to obtain multiple operational services through a single service partner.

Technology

The Company will continue to evaluate technology solutions that can improve service monitoring, workforce productivity, operational visibility and customer experience.

Customer Relationships

The Company intends to deepen relationships with existing customers by increasing the range of services offered to them while continuing to develop relationships with new institutional and enterprise customers.

Operational Excellence

With increasing scale, the Company will remain focused on manpower productivity, contract execution, quality control, cost management, timely deployment and service delivery.

9. TECHNOLOGY AND DIGITAL TRANSFORMATION

Technology is becoming an important component of modern facility management, security and business- support services.

CSSL intends to progressively strengthen its technology capabilities in areas including:

• Electronic surveillance;

• Digital monitoring;

• loT-enabled solutions;

• Technology-assisted workforce management;

• Automation;

• Centralised reporting; and

• Data-driven operational decision-making.

Through its technology capabilities and subsidiary ecosystem, including Comfort Techno Services Private Limited, the Company seeks to increase the technology component of its service delivery and improve monitoring, operational efficiency and service quality.

The Companys objective is to complement its manpower-intensive operations with technology-enabled processes and solutions that provide greater visibility and control over service delivery.

10. HUMAN CAPITAL

The Companys operations are significantly dependent on the availability, deployment, training and supervision of its workforce.

As the scale of operations increases, the Company will continue to focus on:

• Recruitment and deployment of suitable manpower;

• Training and skill development;

• Supervisory capabilities;

• Leadership development;

• Workforce engagement;

• Employee welfare;

• Technology-enabled workforce management; and

• Maintaining professional standards across customer locations.

Effective workforce management remains important for maintaining service quality, contract compliance and customer satisfaction.

11. QUALITY AND CUSTOMER FOCUS

Customer service and operational execution remain important components of the Companys business model.

The Companys operating approach involves understanding customer requirements, deploying appropriate resources, monitoring service delivery and improving operational processes.

The diversified service portfolio also enables the Company to coordinate multiple operational functions for customers under integrated engagements.

Going forward, the Company intends to place greater emphasis on measurable service standards, technology- enabled monitoring and customer feedback mechanisms to strengthen service quality and customer retention.

12. FINANCIAL POSITION AND CAPITAL ALLOCATION

The successful completion of the maiden public issue has strengthened the Companys financial platform and provided resources for identified business objectives.

The objects of the issue included investment in the Companys wholly owned subsidiary, Comfort Techno Services Private Limited, for funding the purchase of equipment, as well as funding working-capital requirements.

The Company remains focused on deploying capital prudently and aligning investments with business requirements and opportunities that can strengthen operating capabilities.

The key areas of capital allocation include:

• Working-capital requirements;

• Technology and equipment;

• Operational expansion;

• Capability enhancement; and

• Other business opportunities aligned with the Companys long-term objectives.

The Company will continue to focus on working-capital efficiency, prudent financial management and appropriate utilisation of available resources.

13. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company recognises the importance of maintaining effective internal controls commensurate with the size, nature and complexity of its operations.

The internal control framework is designed to support:

• Proper authorisation and recording of transactions;

• Protection of assets;

• Reliability of financial and operational information;

• Compliance with applicable laws and regulations;

• Monitoring of operational activities; and

• Identification and management of business risks.

As the Company expands its operations and operates in the listed environment, it continues to strengthen its systems, processes, reporting mechanisms and governance practices.

The Board and management remain committed to maintaining an appropriate internal control environment and periodically reviewing its adequacy and effectiveness.

14. CORPORATE GOVERNANCE

Following its listing on the NSE SME platform, the Company continues to strengthen its governance and reporting framework in accordance with applicable statutory and regulatory requirements.

The Company has constituted the requisite Board-level committees and continues to focus on transparency, accountability, timely disclosures and compliance with applicable corporate and securities laws.

The Company recognises that effective governance and robust internal processes are essential for supporting its growth and maintaining the confidence of its stakeholders.

15. OUTLOOK

The Indian facility-management and business-services sector is expected to benefit from increasing outsourcing, formalisation of the services industry, infrastructure development and the growing preference for organised service providers.

CSSL enters FY 2026-27 with an established operating base, diversified service capabilities and an expanding portfolio of institutional and enterprise engagements.

The Company intends to pursue opportunities across sectors such as banking and financial services, telecom, infrastructure, government, retail, technology and other enterprise segments.

The recent customer engagements, including the five-year banking-services contract and the BSNL EPC and maintenance contract, provide a platform for the Company to pursue larger and more complex opportunities.

At the same time, the Company remains conscious of the need to maintain execution discipline, manage working capital prudently and protect profitability while expanding its operations.

16. FY 2026-27 STRATEGIC PRIORITIES

The Companys strategic priorities for FY 2026-27 are centred around four key areas:

i. Expand

Expand geographic and sectoral presence and pursue larger institutional and enterprise contracts.

ii. Integrate

Increase the proportion of bundled and multi-service contracts and strengthen cross-selling opportunities across the existing customer base.

iii. Digitise

Increase the use of technology for monitoring, workforce management, reporting, productivity and service quality.

iv. Execute

Maintain strong contract execution, operational discipline, service quality, customer satisfaction and financial control.

17. CONCLUSION

FY 2025-26 was a year of significant operational and financial growth for Clear Secured Services Limited. The Company increased its scale of operations, expanded its customer engagements and strengthened its financial platform following the successful completion of its maiden public issue.

The Companys diversified service portfolio, increasing participation in larger contracts and focus on technology- enabled operations provide a foundation for continued growth.

Going forward, management will remain focused on expanding the Companys customer and service base while maintaining operational efficiency, prudent capital allocation, effective risk management and strong internal controls.

The Company believes that its integrated service capabilities and ability to execute multi-service engagements position it to participate in the evolving opportunities within Indias facility-management and business-services industry.

FOR CLEAR SECURED SERVICES LIMITED

(FORMERLY KNOWN AS CLEAR SECURED SERVICES PRIVATE LIMITED)

Sd/- Sd/-

Vimal Dhar Lalta Prasad Dubey Rakesh Dhar Dubey

Managing Director Whole-Time Director

DIN: 02158223 DIN: 02005335

Place: Mumbai Place: Mumbai

Date: 21 st August, 2026 Date: 21 st August, 2026