In a market increasingly driven by outsourcing, efficiency, and integrated operations, Clear Secured Services is positioning itself as a one-stop partner for India’s expanding facility management and business support ecosystem. As it prepares to list on the NSE EMERGE platform, the company brings with it a diversified service portfolio, robust financial performance, and a well-structured subsidiary ecosystem that together underline its operational strength and scalability potential.
Clear Secured Services IPO review highlights the company’s readiness and growth outlook.
Clear Secured Services IPO Review: Offer Snapshot
Clear Secured Services IPO is set to open from 1 – 3 December 2025, with a price band of INR 125–132 per share. The issue comprises a fresh issue of 64.85 lakh shares, aggregating up to INR 81.06–85.60 crore, with no offer-for-sale component.
The IPO will list on NSE EMERGE, and retail investors can participate with a minimum bid of 2,000 shares (INR 2.64 lakh at the upper price band). Post-listing, the company aims to strengthen its working capital base, repay certain borrowings, and fund its subsidiary Comfort Techno Services (CTSPL) for equipment procurement.
Clear Secured Services IPO Analysis: Company Overview
Clear Secured Services has evolved into a multi-dimensional services company spanning Integrated Facility Management (IFM), Support Services, Telecom Infrastructure, Agro Trading, and Cash Logistics.
The company operates across 15 states and 2 union territories, serving more than 80 clients in industries such as telecommunications, insurance, oil & gas, BFSI, retail, and government enterprises. With a workforce exceeding 4,025 employees as of October 2025, Clear Secured Services maintains a strong operational backbone built on direct employment — minimizing subcontracting and ensuring uniform service standards. India Ratings and Research (Ind-Ra) has affirmed the company at IND BBB-/Stable.
Clear Secured Services IPO Review: Business Model
(A) Integrated Facility Management (IFM): The Core Revenue Driver
Clear Secured Services’ IFM segment forms the backbone of its business, contributing over 51% of total FY 2025 revenue (INR 244.09 crore out of INR 476.17 crore). This division covers both soft services and hard services:
- Soft Services: Housekeeping, sanitation, staffing, and security services (including PSARA-licensed manned guarding and e-surveillance).
- Hard Services: Electro-mechanical, repair and maintenance, façade cleaning, and pest control.
The company’s ability to bundle multiple services under a single contract not only enhances client retention but also improves margins by leveraging shared manpower and logistics across locations. As of 31 August 2025, CSSL served 117 active customers — including several repeat clients — underscoring its ability to build long-term, annuity-style relationships.
(B) Support Services: Expanding the Revenue Base
To reduce dependency on any single vertical, Clear Secured Services has diversified into support and allied services, which collectively accounted for nearly 49% of FY 2025 revenue.
These include:
- Total Infrastructure Solutions (TIS): Interior design, fire safety, office furniture, and fittings — contributing INR 60.99 crore in FY 2025.
- Telecom Infrastructure Solutions: Site survey, tower erection, and electrical integration for major telecom players (INR 3.69 crore in FY 2025).
- Cash Van Operations: Secure cash logistics for ATMs and BFSI clients.
- Business Support Services: Administrative outsourcing and on-site operations handled via its subsidiary Comfort Techno Services
The group’s flexibility to manage industrial, telecom, and banking infrastructure gives it a structural edge — positioning CSSL as a cross-industry facility enabler rather than a traditional housekeeping firm.
(C) Subsidiary Synergy: Complementing the Core
Clear Secured Services’ three wholly owned subsidiaries form a strategic ecosystem that complements and strengthens its core operations:
| Subsidiary | Core Focus | Strategic Role |
|---|---|---|
| Comfort Techno Services | IoT-enabled e-surveillance, telecom infra, and cash deposit machines | Adds technological intelligence and automation to CSSL’s facility services |
| Clear Secured Ventures | Agro-food trading (millets, wheat, flour) | Diversifies income stream; leverages government procurement & MSP programs |
| Barfi Steels | Precision metal & steel manufacturing | Supports infrastructure and fabrication contracts with in-house material capability |
Each vertical operates independently, and the collective synergy allows CSSL to offer turnkey, end-to-end solutions for large-scale clients — from maintaining buildings to securing them digitally and supporting allied infrastructure.
Industry Landscape: Riding the IFM Growth Wave
According to the Infomerics Analytics & Research Report, India’s outsourced Integrated Facility Management (IFM) market was valued at INR 98,080 crore in FY 2023 and is projected to grow at a CAGR of 14.6%, reaching INR 193,587 crore by FY 2028. This growth is underpinned by rising outsourcing in the commercial, residential, and government sectors as organisations prioritise cost efficiency, compliance, and sustainability.
Other key sectoral trends supporting CSSL’s growth include:
- Government Outsourcing Momentum: FM outsourcing by government bodies grew at a 10.4% CAGR (FY 2018–FY 2023), outpacing the private sector’s 6%. Public infrastructure and smart-city programs continue to create steady demand.
- Bundled Services Evolution: The market is shifting toward integrated and bundled service contracts, which favor players like CSSL that can provide both soft and hard services under one umbrella.
- Sustainability and ESG Push: Demand for green FM services (energy-efficient HVAC, waste management) is creating new revenue opportunities.
- Sectoral Adoption: Rapid uptake from BFSI, IT/ITES, healthcare, logistics, and retail—all sectors where CSSL already has a presence.
With India’s services sector contributing 54.7% to GVA in FY 2024, and overall services GVA growing at over 7%, CSSL operates in a fundamentally strong macro-environment that favors professional, organized service providers.
Clear Secured Services IPO Analysis: Revenue Streams
This multi-pronged structure provides both stability and scalability, ensuring the company can maintain consistent growth even amid sectoral fluctuations.
1. Operation-Wise Revenue Mix: Balanced and Expanding
Between FY 2023 and FY 2025, Clear Secured Services’ revenue from operations grew from INR 309.04 crore to INR 476.18 crore, a CAGR of ~15.5% — underscoring strong execution and contract wins. The revenue distribution highlights CSSL’s shift from single-segment dependency to multi-channel strength:
| Segment | FY 2023 | FY 2024 | FY 2025 |
| Integrated Facility Management | 174.73 | 242.19 | 244.09 |
| Total Infrastructure Solutions | 48.84 | 25.59 | 60.99 |
| Trading of Agro Foods | – | – | 112.53 |
| Iron & Steel Products | 61.95 | 68.40 | 45.53 |
| Others (Telecom, Cash Van, Support, etc.) | 21.58 | 11.66 | 13.03 |
| Total | 309.04 | 347.54 | 476.18 |
Key takeaway:
- The Integrated Facility Management (IFM) business remains the primary contributor, but the company’s decision to expand into Agro Foods and Infrastructure Solutions has significantly broadened its revenue base, reducing concentration risk.
- Agro-trading alone contributed ~INR 113 crore in FY 2025 — a strong new vertical that has since been transitioned to the wholly owned subsidiary Clear Secured Ventures, positioning the group for continued diversification.
2. Sectoral Revenue Analysis: Banking & Government Lead the Pack
Clear Secured Services’ client mix reveals strong exposure to resilient, high-demand industries such as BFSI, telecom, and government infrastructure.
| Sector | FY 2024 | % of Total | FY 2025 | % of Total |
| Banking | 152.20 | 43.80 | 183.80 | 38.60 |
| Government | 41.65 | 12.00 | 79.39 | 16.70 |
| Telecommunication | 28.77 | 8.30 | 16.38 | 3.40 |
| IT & Services | 39.73 | 11.40 | 16.69 | 3.50 |
| Iron & Steel, Agro, Others | 85.19 | 24.50 | 179.91 | 37.80 |
| Total | 347.54 | 100 | 476.18 | 100 |
Clear Secured Services IPO Review: Financial Performance
Clear Secured Services’ financial metrics portray steady, disciplined growth across topline and profitability indicators.
| FY 2023 | FY 2024 | FY 2025 | 5M FY 2026 | |
| Revenue | 309.04 | 347.54 | 476.18 | 228.45 |
| Expenses | 301.64 | 332.61 | 457.50 | 214.03 |
| Net income | 6.85 | 12.08 | 9.92 | 13.90 |
| Margin (%) | 2.22 | 3.48 | 2.08 | 6.08 |
| RONW (%) | 9.53 | 14.85 | 10.74 | 12.09 |
| EBITDA (%) | 4.72 | 6.27 | 4.70 | 9.39 |
| ROCE (%) | 13.84 | 20.58 | 23.46 | 13.33 |
| Debt/Equity | 0.59 | 0.60 | 1.02 | 0.99 |
Interpretation:
- Revenue CAGR (FY23–FY25): 15.5%
- PAT CAGR (FY23–FY25): 13.1%
- Adjusted EBITDA CAGR (FY23–FY25): 27.8%
While FY25 margins temporarily dipped due to working capital expansion and project diversification, the August 2025 interim figures already reflect a rebound — EBITDA margin at 9.39% and PAT margin at 6.08%, demonstrating operational leverage kicking in.
Peer Comparison: Standing Strong Among Industry Players
The Indian Integrated Facility Management (IFM) sector features a few listed players, each with distinct focus areas — from staffing to industrial services. Clear Secured Services stands out for its integrated model, combining manpower-heavy operations with technology, infrastructure, and diversified revenue streams.
| Metric | Clear Secured | Aarvi Encon | Integrated Personnel | Kapston |
| FY25 Revenue | 476.18 | 510.39 | 316.23 | 689.432 |
| EBITDA Margin (%) | 4.70 | 2.62 | 3.83 | 4.49 |
| EPS | 6.20 | 6.79 | 8.59 | 8.79 |
| P/E Ratio | 21.29 | 20.28 | 32.01 | 36.71 |
| RoNW (%) | 10.74 | 8.3 | 13.72 | 22.23 |
| Book Value | 60.85 | 84.62 | 65.51 | 43.81 |
Key observations:
- EBITDA margin of 4.7% is competitive for a multi-segment service company, especially one managing high fixed manpower costs.
- RoNW at 10.74% reflects prudent capital efficiency.
- CSSL’s diversified segment base and pan-India presence give it higher scalability than staffing-focused peers.
- With expected listing on NSE EMERGE, valuation comfort will hinge on the upper price band, but early indicators suggest reasonable pricing for growth-oriented investors.
In short, Clear Secured Services positions itself between high-volume staffing firms and tech-integrated facility managers, combining the advantages of both.
Clear Secured Services IPO Analysis: Strengths
- Integrated, Multi-Service Model: CSSL’s ability to provide soft, hard, and support services under one umbrella enhances client retention and contract cross-selling potential.
- Robust Client Relationships: 6+ long-term anchor clients, many over 5 years, with 100% contract renewal rate (FY23–25) excluding competitive tenders.
- Diversified Revenue Mix: FY25 witnessed a well-balanced portfolio — Government (40%) and Private (60%), with IFM, TIS, and Agro contributing significant shares.
- Scalable Subsidiary Ecosystem: Subsidiaries like CTSPL (tech & surveillance) and CSVPL (agro trading) enhance the group’s range and future growth avenues.
Verdict
Clear Secured Services exemplifies the next generation of facility management enterprises — companies that go beyond manpower deployment to offer technology-backed, multi-sector operational support.
Its business model’s strength lies in:
- Integrated verticals that create synergy between facility, technology, and infrastructure.
- Diversified revenue streams that balance stability and growth.
- Financial discipline is visible in improving margins and prudent gearing.
- Pan-India presence ensuring nationwide scalability.
With steady revenue growth (INR 309 crore in FY23 → INR 476 crore in FY25), healthy returns (ROE 10.74%), and strong client stickiness, CSSL is entering the market from a position of operational maturity and financial resilience.
While near-term growth may depend on government project traction and efficient working capital utilisation, the company’s foundation is robust, making it a structurally positive long-term story in India’s organised facility management landscape.