Clear Secured ServicesShare price, financial results, shareholding and management
- Market cap
- ₹168 cr
- Stock P/E
- 5.6peers 8.8
- Book value
- ₹92.9
- Price to book
- 0.75
- EV / operating profit
- 4.5
- Market cap to sales
- 0.22
- ROCE · FY26
- 19.9%
- ROE · FY26
- 18.8%
- ROE, 3-year average
- 14.8%
- Operating margin · FY26
- 6.8%peers 6.5%
- Sales growth, 3 years
- 36.0%
- Profit growth, 3 years
- 62.8%
- Debt to equity
- 0.42peers 0.77
- Borrowings
- ₹94.9 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- -18%
- Debtor days
- 59
- Pledged
- 0.00%
- Promoter holding
- 73.03%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 580
- High / low since listing
- ₹163 / ₹67
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Clear Secured Services share price chart
Close on 6 Nov 2026 · +1.68% on the day · Vol 1,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -10.8%
- 3 months
- -31.6%
- 6 months
- -30.8%
- Since IPO
- -47.2%
- Traded a day, 20 days
- ₹0.04 cr
- Taken for delivery
- 78%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +63% | +202% |
| 3 years, a year | +36% | +63% |
About Clear Secured Services: business, products and customers
Clear Secured Services supplies housekeeping staff, security guards, camera monitoring and building upkeep to banks, government bodies and companies across India. It also trades farm produce and supplies cash machines through its subsidiaries, and its shares trade on NSE Emerge.
The Mumbai company, started in 2008, places cleaners, guards and support staff at client sites, runs repairs, pest control and payment handling for them, watches sites from its own command centre, fits out bank branches and offices, and runs cash vans for ATMs. It holds private security agency licences in 17 states, which lets it bid for national tenders from railways, banks and oil companies.
Most of the services income is wages for staff placed at client sites billed on with a margin, so revenue is large against profit and margins are thin. Two newer streams add volume at even thinner margins: millet and wheat trading for one client, moved to the subsidiary Clear Secured Ventures in April 2025, and cash deposit and recycler machines through Comfort Techno Services, bought in April 2025. Clients get credit of about 60 days and government payments run slow, so money owed by clients is a large share of assets and cash from operations has trailed profit.
Read more about the business
The June 2026 presentation puts the revenue mix at about 47% facility management, 18% security and camera monitoring, 12% fit-out work and 23% trading. Government and public sector work rose to about 31% of revenue in FY26 from 12% in FY24.
The offer document describes the field as large, fragmented and highly competitive, and names no rivals. Among listed companies, SIS (guarding and facility services), Updater Services (integrated facility management) and Krystal Integrated Services (housekeeping, security and staffing, much of it for government bodies) do the same kind of work.
From the offer document (red herring prospectus, 2025) and the investor presentations of January and June 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 36% a year over three years.
- The promoters own a large part of the company: 73.03%.
To watch
- Execution of the government orders in hand at March 2026, to be carried out over four years (Investor presentation, June 2026, p.16).
- The ₹200 cr a year banking contract the company cites (Investor presentation, June 2026, p.16).
- The Allahabad High Court hearings on the two criminal matters naming the Managing Director (Offer document, p.340 to 341).
- The Bombay High Court writ on the income tax demand for AY 2013-14, among 17 tax cases worth ₹6.1 cr (Offer document, p.339).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Clear Secured Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Clear Secured Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | |
|---|---|---|
| Sales | 202 | 228 |
| Expenses | 190 | 210 |
| Operating profit | 12 | 19 |
| OPM | 6.0% | 8.0% |
| Interest | 4 | 6 |
| Depreciation | 1 | 1 |
| Profit before tax | 11 | 6 |
| Net profit | 8 | 2 |
Clear Secured Services profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 209 | 309 | 348 | 476 | 777.97 |
| Expenses | 198 | 294 | 325 | 445 | 724.67 |
| Operating profit | 11 | 15 | 22 | 31 | 53.30 |
| OPM | 5.0% | 5.0% | 6.0% | 7.0% | 6.8% |
| Other income | 1 | 2 | 3 | -2 | 6.61 |
| Interest | 2 | 4 | 4 | 10 | 11.16 |
| Depreciation | 3 | 4 | 3 | 2 | 8.77 |
| Exceptional and other items | · | 1 | · | · | · |
| Profit before tax | 7 | 10 | 18 | 17 | 39.99 |
| Tax rate | 28.6% | 30.0% | 33.3% | 41.2% | 24.5% |
| Net profit | 5 | 7 | 12 | 10 | 30.20 |
| EPS ₹ | 189.20 | 274 | 483.20 | 396.80 | 8.64 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Clear Secured Services profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 5.0% | 5.0% | 6.0% | 7.0% | 6.8% |
| Tax rate | 28.6% | 30.0% | 33.3% | 41.2% | 24.5% |
| ROCE | · | 13.3% | 17.0% | 16.0% | 19.9% |
| ROE | · | 9.6% | 14.8% | 10.8% | 18.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Clear Secured Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Clear Secured Services balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.25 | 0.25 | 0.25 | 0.25 | 24.05 |
| Reserves | 71 | 75 | 87 | 97 | 199.44 |
| Net worth | 71.25 | 75.25 | 87.25 | 97.25 | 223.49 |
| Borrowings | 20 | 44 | 53 | 99 | 94.92 |
| Other liabilities | 36.75 | 33.75 | 29.75 | 31.75 | 40.86 |
| Total liabilities | 128 | 153 | 170 | 228 | 359.27 |
| Fixed assets | 17 | 18 | 16 | 17 | 39.69 |
| Capital work in progress | 0 | 1 | 8 | 9 | 23 |
| Investments | 12 | 1 | 2 | 3 | 9.69 |
| Other assets | 99 | 133 | 144 | 199 | 286.89 |
| Receivables | · | · | · | · | 125.89 |
| Inventory | · | · | · | · | 10.12 |
| Cash | · | · | · | · | 20.72 |
| Trade payables | · | · | · | · | 2.96 |
Clear Secured Services cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 12 | -2 | 1 | -22 | -9.65 |
| Cash from investing | -18 | -14 | -22 | -11 | -53.82 |
| Cash from financing | -6 | 19 | 5 | 37 | 79.37 |
| Net cash flow | -12 | 3 | -16 | 4 | 15.90 |
| Capital spending | · | · | · | · | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 87 | 64 | 51 | 63 | 59 |
| Inventory days | · | 30 | 27 | 17 | 9 |
| Days payable | · | 21 | 3 | 3 | 3 |
| Cash conversion cycle | 87 | 73 | 75 | 77 | 68 |
| Working capital days | 39 | 46 | 68 | 41 | 54 |
Clear Secured Services peers and competitors
Listed SME companies in the same industryBy sales, Clear Secured Services is number 4 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Clear Secured Services | 168 | 5.6 | 778 | 30.2 | 6.8% | 0.42 |
| Phoenix Overseas | 31 | 9.0 | 610 | 3.4 | 0.9% | 0.62 |
| Vision Infra Equipment Solutions | 862 | 13.1 | 607 | 66 | 25.8% | 1.64 |
| Coreintegra Consulting Services | 122 | 24.3 | 515 | 5 | 1.2% | 0.00 |
| Supreme Facility Management | 49 | 6.3 | 494 | 7.8 | 8.0% | 1.51 |
| Rbm Infracon | 252 | 5.6 | 492 | 45.3 | 14.9% | 0.76 |
| Dynamic Services & Security | 280 | 6.5 | 491 | 43.2 | 15.9% | 0.78 |
| Positron Energy | 170 | 8.5 | 442 | 20 | 5.0% | 0.05 |
| Safa Systems & Technologies | 50 | 10.0 | 433 | 5 | 1.1% | 1.37 |
| Integrated Personnel Services | 204 | 18.6 | 401 | 11 | 4.2% | 0.77 |
| Eleganz Interiors | 191 | 8.6 | 400 | 22.1 | 8.6% | 0.24 |
| Median of the 10 others | 181 | 8.8 | 492 | 15.5 | 6.5% | 0.77 |
Clear Secured Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Clear Secured Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.03% | 73.03% |
| Foreign investors (FIIs) | 3.55% | 4.12% |
| Indian institutions (DIIs) | 7.33% | 3.91% |
| HNIs (over ₹2 lakh each) | - | 6.98% |
| Small holders (up to ₹2 lakh) | - | 4.36% |
| Companies and others | - | 7.60% |
| Number of shareholders | 1,411 | 580 |
The named holders are at 31 March 2026, beside 7 Dec 2025, each under the group the pattern files them in.
Clear Secured Services study: the business from its own documents
Read from 4 of the company's own documentsClear Secured Services so far
From the company's own record
- 8 Dec 2025Listed on NSE Emerge at ₹132
- 31 March 2026Promoters at 73.03%
- 30 Jan 2026Highest close since listing, ₹149.10
Clear Secured Services key facts from the filings
Each figure with the document it comes from
- Largest client
- 41.38%
- Share of FY25 revenue from one client, and the top ten gave 89.83%; the clients are not named.Offer document, p.40 and p.184
- Grain trading
- 1 client
- The whole of the millet and wheat trading business, 26.89% of revenue in the five months to August 2025, came from one client.Offer document, p.50
- Government order book
- ₹142 cr
- Government orders in hand at March 2026, to be carried out over four years; it was ₹226 cr in December 2025.Investor presentation, June 2026, p.16; Investor presentation, January 2026, p.16
- Banking contract
- ₹200 cr a year
- Contract from a large multinational banking service provider, as the company puts it.Investor presentation, June 2026, p.16
- Government share
- About 31%
- Share of FY26 revenue from government and public sector clients, up from 12% in FY24; the Mumbai Metro contract runs to 2029.Investor presentation, June 2026, p.14 and p.17 to 18
Show 5 more facts
- Security licences
- 17 states
- States where the company holds a private security agency licence; the offer document gave 11.Investor presentation, June 2026, p.14; Offer document, p.180
- People on the ground
- 4,500+
- Trained staff deployed at client sites, linked to a command centre watching up to 10,000 sites by camera.Investor presentation, June 2026, p.5
- Comfort Techno
- 100% owned
- Camera monitoring and cash deposit machine business bought in April 2025, with 28 branches and over ₹55 cr of yearly sales at the time.Offer document, p.191
- Issue money for loans
- ₹35.5 cr
- Set aside from the December 2025 public issue to repay loans, with ₹26.0 cr for working capital and ₹5.3 cr for Comfort Techno's equipment.Offer document, p.100
- Cases naming the Managing Director
- 2
- Criminal matters in Uttar Pradesh that the Managing Director has asked the Allahabad High Court to quash; both were pending at the offer document.Offer document, p.340 to 341
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it held about ₹142 cr of government orders at March 2026, to be carried out over the next four years, down from about ₹226 cr in December 2025. It also points to a contract worth about ₹200 cr a year from a multinational banking service provider, and to contracts with Mumbai Metro running to 2029 and with Indian Railways and an energy sector public company running to 2027. It gives no sales or profit guidance.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Clear Secured Services earns a thin margin on the wages of the staff it places at client sites, and adds trading and machine supply that bring large sales but little profit.
Its weak spots are a few large clients, money tied up in unpaid bills, and pending criminal cases that name its Managing Director.
WatchCan it set its own prices?Government work is won by bidding and most private work is staff billed on at a margin, so prices are set by the market.
AverageHow strong is it against rivals?Licences in many states and a bundle of services set it apart from small local firms, but there are many large rivals too.
WatchWho are its customers?One client gives about two fifths of revenue, the top ten give nine tenths, and the grain business rests on a single buyer.
WatchDoes it need a lot of money?It owns little equipment, but unpaid bills, deposits and wages paid before clients pay tie up a lot of cash.
AverageCan it keep finding new work?It has won a large banking contract and more government work, but the government order book shrank in the first quarter of 2026.
AverageDo good and bad years swing a lot?Cleaning and guarding run every month whatever the economy does, but trading and fit-out work come and go.
Who runs Clear Secured Services?
Promoters, directors and officers; tap a name for the background
VDVimal Dhar Lalta Prasad DubeyPromoter, Chairman and Managing Director · holds 36.51%
Founder, on the board since the company was formed. Holds a Bachelor of Commerce from the University of Mumbai and an MBA from Madurai Kamaraj University, with more than 16 years in facility and hospitality management; leads strategy, client relations, administration and finance.
Offer document, p.220; Investor presentation, June 2026, p.21; Shareholding pattern, March 2026RDRakesh Dhar DubeyPromoter and Whole Time Director · holds 18.26%
Holds a Bachelor of Arts from ARNI University (2018) with about 16 years in facility management services; on the board since the company was formed and in charge of business expansion. The offer document records Rakesh Dhar Dubey as the brother of Vimal Dhar Lalta Prasad Dubey.
Offer document, p.220 to 221; Shareholding pattern, March 2026KVKusum Vimal DubeyPromoter and Executive Director
Studied up to secondary school and has been with the company since 2013, heading day to day operations and the deployment of staff across sites. The offer document records Kusum Vimal Dubey as the spouse of Vimal Dhar Lalta Prasad Dubey.
Offer document, p.220 to 221SDSanjay DubeyPromoter · holds 18.26%
One of the founders and a former director, with about 16 years in facility management services; a director of Barfi Steels LLP, Vimal Dubey Foundation and Cleartech Cement. The offer document lists Vimal Dhar Lalta Prasad Dubey and Rakesh Dhar Dubey as brothers of Sanjay Dubey.
Offer document, p.234 and p.236; Shareholding pattern, March 2026AVAshish Vimaldhar DubeyChief Financial Officer
Holds a master's in business administration from the University of Northampton, with over eight years in financial planning, reporting and business management. Named CFO in the June 2026 presentation; the offer document and the January 2026 presentation named Rasika Mohan Sawant.
Investor presentation, June 2026, p.21; Investor presentation, January 2026, p.21KMKiran Manohar RegeIndependent Director
A practising Chartered Accountant since 1987 and managing partner of K. M. Rege & Co., with commerce, management and law degrees; also an insolvency professional and registered valuer. Oversees finance, accounts and compliance.
Offer document, p.221RPRajendra PrasadIndependent Director
A former State Bank of India banker with around 36 years of experience in banking, human resources and project management; holds arts and science degrees from Delhi University and Jawaharlal Nehru University. On the board since December 2024.
Offer document, p.220Clear Secured Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.03%.
Clear Secured Services announcements
24 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationFor Post Annual Report DispatchPDF ↗
- General Updatesfixing the Book ClosurePDF ↗
- Updatesletter to Shareholder containing the weblink ''PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 24, 2026PDF ↗
- Copy of Newspaper PublicationOf Pre-Dispatch of Annual ReportPDF ↗
- Outcome of Board MeetingHeld on August 21, 2026PDF ↗
- Updates' Clear Secured Services Limited has informed the Exchange regarding ''.'PDF ↗
- Updates' Clear Secured Services Limited has informed the Exchange regarding regrading Outcome of Circular Resolution deemed to passed on 31st July, 2026 ''.'PDF ↗
Clear Secured Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 31 Jan 2026 ↗read
- FY26 ↗read
Clear Secured Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Clear Secured Services' data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY25 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,40,47,112 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹358.5 cr of sales against ₹778.0 cr for the full year, so the half-years of FY26 are held back.
- !Earnings per share changes basis between FY25 (₹396.80) and FY26 (₹8.64) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Clear Secured Services
What does Clear Secured Services do?
Clear Secured Services supplies housekeeping staff, security guards, camera monitoring and building upkeep to banks, government bodies and companies across India. It also trades farm produce and supplies cash machines through its subsidiaries, and its shares trade on NSE Emerge.
What is the share price of Clear Secured Services?
₹69.8 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Clear Secured Services?
₹168 cr at the close on 6 Nov 2026, on 2,40,47,112 shares.
What is the P/E of Clear Secured Services?
5.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Clear Secured Services' revenue and profit?
Revenue ₹778 cr and profit after tax ₹30 cr in FY26.
Who are the promoters of Clear Secured Services?
Vimal Dhar Lalta Prasad Dubey, Rakesh Dhar Dubey, Kusum Vimal Dubey, Sanjay Dubey; promoters held 73.03% at 31 March 2026.
What was the IPO price of Clear Secured Services?
₹132 a share; it listed on 8 Dec 2025.
What is Clear Secured Services' website?
www.cssindia.in
More SME companies like Clear Secured Services
Other listed SME companies in commercial services & supplies, the closest in size first, each read from its own documents.
- Eleganz InteriorsELGNZ · NSE Emerge · Commercial Services & Supplies · listed 2025Market cap ₹172 cr
- Rockingdeals Circular EconomyROCKINGDCE · NSE Emerge · Commercial Services & Supplies · listed 2023Market cap ₹180 cr
- Positron EnergyPOSITRON · NSE Emerge · Commercial Services & Supplies · listed 2024Market cap ₹185 cr
- Dhara Rail ProjectsDHARARAIL · NSE Emerge · Commercial Services & Supplies · listed 2025Market cap ₹202 cr
- Integrated Personnel ServicesIPSL · NSE Emerge · Commercial Services & Supplies · listed 2022Market cap ₹206 cr
- ITCONS E-SolutionsITCONS · BSE SME · Commercial Services & SuppliesMarket cap ₹206 cr
Every listed SME company in Commercial Services & Supplies → · SME companies listed in 2025 →
Built from 2 investor presentations, 1 offer document, 1 annual report, 24 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.