Dynamic Services & SecurityShare price, financial results, shareholding and management

NSE Emerge · DYNAMICRailway manpower servicesListed 13 Oct 2021
dssl.ind.in ↗Live price on NSE ↗ISIN INE0DZ701010 · Lot 500 shares · ₹58,675
₹117.35
+0.30% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹276 cr
Stock P/E
6.4peers 8.8
Book value
₹128
Price to book
0.92
EV / operating profit
5.7
Market cap to sales
0.56
Returns and growth
ROCE · FY26
18.8%
ROE · FY26
17.8%
ROE, 3-year average
15.0%
Operating margin · FY26
15.9%peers 4.6%
Sales growth, 3 years
81.6%
Profit growth, 3 years
62.8%
Safety
Debt to equity
0.78peers 0.69
Borrowings
₹234 cr
Interest cover
6.1×
Cash from business / op. profit
3%
Debtor days
134
Pledged
0.00%
Ownership and share
Promoter holding
59.83%
Change in promoter holding
-1.55 pts
Shareholders
1,201
52-week high / low
₹184 / ₹85
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.

Dynamic Services & Security share price chart

₹117.35+10.19% 1 year

Close on 6 Nov 2026 · +0.30% on the day · Vol 9,500

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
-9.8%
3 months
-13.4%
6 months
-2.4%
1 year
+10.2%
Traded a day, 20 days
₹0.08 cr
Taken for delivery
86%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+79%+107%
3 years, a year+82%+63%
Latest half, H2 FY26+71%+124%

About Dynamic Services & Security: business, products and customers

Dynamic Services & Security sends workers to clean trains and stations, run housekeeping and catering and guard buildings, mostly for Indian Railways and other government bodies. Through a group company it also makes batteries for railway engines, and its shares trade on NSE Emerge.

The company started as proprietorship firms run by its promoters in Kolkata and was put into one company in 2019. Its main work is cleaning railway stations, platforms and coaches, running crew rest rooms, housekeeping and security guards, won through online tenders where the lowest qualified bidder gets the contract. Contracts run one to three years and must be bid for again when they end.

Manpower revenue is billed monthly for the workers deployed; wages follow minimum wage rules, and provident fund, insurance and GST are usually paid back by the client on proof of payment. The company has to give a bank guarantee of about a tenth of the contract value, and the offer document said railways usually pay thirty to forty five days after the bill is verified. So the business earns a spread on labour cost and needs bank lines to carry wages until the client pays.

Read more about the business

Since FY25 the group also has a goods side. The Bharat Battery Manufacturing Company, fully owned, makes low maintenance lead acid batteries for railway locomotives, and Mehai Technology trades electronic items, which brings bought-in goods into revenue at a thinner spread than manpower. The annual report also names a solar trading company and a packaged drinking water company in the group, and says the company bought a shopping mall near Kolkata in FY27 through Badrinath Infrastructure.

The offer document and the rating note name no rival companies; they describe a crowded field of many unorganised and a few large organised players, with no entry barriers and limited pricing power.

From the offer document (prospectus, October 2021), the FY26 annual report, the Infomerics rating note of August 2025 and order announcements of 2026 to 13 October.

Read the deeper study ↓

In its favour

  • Sales have grown very fast: 82% a year over three years.

To watch

  • Delivery of the Northern Railway battery order by 31 December 2026 (Order announcement, 10 July 2026, p.2).
  • The planned issue of new shares in The Bharat Battery Manufacturing Company, which would reduce the parent's stake (Annual report FY26, p.21 and p.29).
  • What the Suncity Mall bought through Badrinath Infrastructure adds to revenue and borrowings (Annual report FY26, p.29).
  • Collection of the unpaid bills that doubled in FY26 (Annual report FY26, p.147).
  • Its borrowings rose a lot last year: ₹233.6 cr, from ₹118.9 cr.

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.

Dynamic Services & Security revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
0200400600Sales, FY21: 70 ₹ cr70Net profit, FY21: 1 ₹ cr1FY21Sales, FY22: 72 ₹ cr72Net profit, FY22: 2 ₹ cr2FY22Sales, FY23: 82 ₹ cr82Net profit, FY23: 10 ₹ cr10FY23Sales, FY24: 119 ₹ cr119Net profit, FY24: 9 ₹ cr9FY24Sales, FY25: 275 ₹ cr275Net profit, FY25: 20.8 ₹ cr20.8FY25Sales, FY26: 491 ₹ cr491Net profit, FY26: 43.2 ₹ cr43.2FY26
The latest halves, ₹ crore
SalesNet profit
0100200300400Sales, H1FY23: 32 ₹ cr32Net profit, H1FY23: 1 ₹ cr1H1FY23Sales, H2FY23: 50 ₹ cr50Net profit, H2FY23: 9 ₹ cr9H2FY23Sales, H1FY24: 55 ₹ cr55Net profit, H1FY24: 4 ₹ cr4H1FY24Sales, H2FY24: 65 ₹ cr65Net profit, H2FY24: 5 ₹ cr5H2FY24Sales, H1FY25: 73 ₹ cr73Net profit, H1FY25: 7 ₹ cr7H1FY25Sales, H2FY25: 201 ₹ cr201Net profit, H2FY25: 13.6 ₹ cr13.6H2FY25Sales, H1FY26: 146 ₹ cr146Net profit, H1FY26: 12.6 ₹ cr12.6H1FY26Sales, H2FY26: 345 ₹ cr345Net profit, H2FY26: 30.5 ₹ cr30.5H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.

Dynamic Services & Security half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY23H2FY23H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales3250556573201.41145.84345.09
Expenses2946475560177.77120.33292.34
Operating profit248101323.6425.5152.74
OPM7.0%9.0%14.0%15.0%18.0%11.7%17.5%15.3%
Interest122233.906.026.84
Depreciation000000.450.870.81
Profit before tax112671020.8519.2846.76
Net profit1945713.6112.6430.53

Dynamic Services & Security profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales707282119274.74490.92
Expenses666675102238.27412.67
Operating profit4571736.4778.25
OPM6.0%7.0%8.0%14.0%13.3%15.9%
Other income111002.102.32
Interest33347.1912.86
Depreciation00000.771.69
Exceptional and other items··-1···
Profit before tax23131330.6166.03
Tax rate50.0%33.3%23.1%30.8%32.0%34.6%
Net profit1210920.8143.17
EPS ₹1,2501.607.546.457.2119.90
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

The years to FY24 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 FY22 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

Dynamic Services & Security profitability

Margins and returns on capital

Last year the company kept more from each rupee of sales than 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

0%5%10%15%20%FY21: 6.0%6.0%FY21FY22: 7.0%7.0%FY22FY23: 8.0%8.0%FY23FY24: 14.0%14.0%FY24FY25: 13.3%13.3%FY25FY26: 15.9%15.9%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin6.0%7.0%8.0%14.0%13.3%15.9%
Tax rate50.0%33.3%23.1%30.8%32.0%34.6%
ROCE·10.0%20.3%16.3%17.9%18.8%
ROE·8.3%17.4%11.7%15.4%17.8%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Dynamic Services & Security debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
0100200300Net worth, FY21: 2 ₹ cr2Borrowings, FY21: 49 ₹ cr49FY21Net worth, FY22: 46 ₹ cr46Borrowings, FY22: 23 ₹ cr23FY22Net worth, FY23: 69 ₹ cr69Borrowings, FY23: 20 ₹ cr20FY23Net worth, FY24: 85 ₹ cr85Borrowings, FY24: 34 ₹ cr34FY24Net worth, FY25: 186 ₹ cr186Borrowings, FY25: 119 ₹ cr119FY25Net worth, FY26: 300 ₹ cr300Borrowings, FY26: 234 ₹ cr234FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-40-200204060Cash from the business, FY21: 4 ₹ cr4Net profit, FY21: 1 ₹ cr1FY21Cash from the business, FY22: -26 ₹ cr-26Net profit, FY22: 2 ₹ cr2FY22Cash from the business, FY23: 22 ₹ cr22Net profit, FY23: 10 ₹ cr10FY23Cash from the business, FY24: -35 ₹ cr-35Net profit, FY24: 9 ₹ cr9FY24Cash from the business, FY25: 20.7 ₹ cr20.7Net profit, FY25: 20.8 ₹ cr20.8FY25Cash from the business, FY26: 2.1 ₹ cr2.1Net profit, FY26: 43.2 ₹ cr43.2FY26

Bars below the line are cash going out.

Dynamic Services & Security balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital0.0114141423.5223.52
Reserves2325571162.02276.36
Net worth2.01466985185.54299.88
Borrowings49232034118.92233.59
Other liabilities19.9928153884.32128.04
Total liabilities7197104157388.78661.51
Fixed assets115339.4355.90
Capital work in progress0041731.6726.49
Investments00006.226.32
Other assets709695137311.46572.80
Receivables····89.52180.01
Inventory····27.9747.46
Cash····10.9267.32
Trade payables····13.7120.30

Dynamic Services & Security cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations4-2622-3520.722.12
Cash from investing-2-1-15-12-148.87-173.40
Cash from financing-620-640127.95175.41
Net cash flow-4-71-7-0.204.13
Capital spending····51.59112.86

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days208358138107119134
Inventory days·1733637883
Days payable·16369453836
Cash conversion cycle208213103125159182
Working capital days3519116811010877

Dynamic Services & Security peers and competitors

Listed SME companies in the same industry

By sales, Dynamic Services & Security is number 10 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.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Phoenix Overseas319.06103.40.9%0.62
Vision Infra Equipment Solutions86213.16076625.8%1.64
Coreintegra Consulting Services12224.351551.2%0.00
Supreme Facility Management496.34947.88.0%1.51
Rbm Infracon2525.649245.314.9%0.76
Dynamic Services & Security2766.449143.215.9%0.78
Positron Energy1708.5442205.0%0.05
Safa Systems & Technologies5010.043351.1%1.37
Integrated Personnel Services20418.6401114.2%0.77
Eleganz Interiors1918.640022.18.6%0.24
ANI Integrated Services376.92545.43.4%0.20
Median of the 10 others1468.84679.44.6%0.69

Dynamic Services & Security shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
59.83%
-4.10 pts since May 24
Foreign investors (FIIs)
0.00%
0.00 pts since May 24
Indian institutions (DIIs)
0.00%
0.00 pts since May 24
HNIs (over ₹2 lakh each)
27.11%
+7.58 pts since Sep 24
Small holders (up to ₹2 lakh)
9.59%
-6.57 pts since Sep 24
Companies and others
3.47%
+1.59 pts since Sep 24
Number of shareholders
1,201
926 in May 24

Dynamic Services & Security 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.

May 24Sep 24Oct 24Dec 24Jan 25Mar 25Sep 25Mar 26
Promoters63.93%62.34%59.45%60.46%58.65%60.46%61.38%59.83%
Foreign investors (FIIs)0.00%0.09%0.07%0.05%0.06%0.05%-0.00%
Indian institutions (DIIs)0.00%0.00%-0.00%-0.00%-0.00%
HNIs (over ₹2 lakh each)-19.53%26.72%26.05%27.19%25.62%25.32%27.11%
Small holders (up to ₹2 lakh)-16.16%12.28%11.64%12.65%11.77%10.39%9.59%
Companies and others-1.88%1.48%1.80%1.45%2.10%2.91%3.47%
Number of shareholders9261,5561,5621,4811,5641,5581,4971,201

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Dynamic Services & Security study: the business from its own documents

Read from 6 of the company's own documents

Dynamic Services & Security so far

From the company's own record

  1. 13 Oct 2021Listed on NSE Emerge
  2. 9 Oct 2026An order announced
  3. 9 Oct 2026An order announced
  4. 13 Oct 2026An order announced
  5. 31 March 2026Promoters at 59.83%
  6. 9 Dec 2024Highest close since listing, ₹367.07

Dynamic Services & Security key facts from the filings

Each figure with the document it comes from

Consolidated revenue
₹490.9 cr
FY26 revenue, up from ₹274.7 cr in FY25; the company alone billed ₹314.9 cr.Annual report FY26, p.28
Manpower services
₹328.8 cr
FY26 revenue from cleaning, housekeeping, catering and guarding contracts, up from ₹108.2 cr.Annual report FY26, p.179
Goods sold
₹162.1 cr
FY26 revenue from batteries and traded goods, about the same as FY25's ₹166.5 cr.Annual report FY26, p.151 and p.179
Battery subsidiary
₹11.0 cr profit
The Bharat Battery Manufacturing Company earned this on turnover of ₹51.6 cr in FY26; the parent plans to raise money in it by issuing new shares.Annual report FY26, p.21, p.29 and p.51
Cash from operations
₹2.1 cr
Consolidated operating cash flow in FY26 against a profit after tax of ₹46.8 cr, because unpaid bills and stock grew.Annual report FY26, p.148 and p.149
Show 5 more facts
Unpaid bills
₹180.0 cr
Consolidated trade receivables at March 2026, double the ₹89.5 cr a year earlier.Annual report FY26, p.147
Borrowings
₹233.6 cr
Consolidated long and short term borrowings at March 2026, up from ₹118.9 cr; most of it is short term.Annual report FY26, p.147; our arithmetic
Spending on assets
₹112.9 cr
Paid for property, plant and equipment in FY26, funded with borrowings and ₹73.6 cr raised from shares and warrants.Annual report FY26, p.149
Shopping mall
₹64 cr
Enterprise value paid in FY27 for Suncity Mall at Barasat by buying all of Badrinath Infrastructure, a business outside manpower and batteries.Annual report FY26, p.29
Railway share
About 70%
Share of revenue from Indian Railways divisions at the time of listing; one division had cancelled a contract and debarred the founder's earlier firm.Offer document, p.21 and p.22

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.

Dynamic Services & Security earns a spread on workers it supplies to railways and government offices under tenders, and the group now also makes railway batteries and trades goods.

Its weak spots are lowest price bidding, dependence on one kind of buyer, bills that take long to collect, and fast growing borrowings spent on new ventures.

WatchCan it set its own prices?No. Work is won by being the lowest qualified bidder, and the company itself lists limited pricing power.
The evidence. Contracts go to the L1 bidder through online tenders; the offer document lists limited pricing power due to fragmentation as a weakness.Offer document, p.69 and p.71
WatchHow strong is it against rivals?It is a small player in a crowded field that anyone can enter, though its track record helps it qualify for railway tenders.
The evidence. The offer document says there are no entry barriers; the rating agency calls the company relatively small in a fragmented industry with stiff competition.Offer document, p.71; Infomerics rating note, August 2025, p.3
WatchWho are its customers?Mostly divisions of Indian Railways and other government bodies, so one buyer's budgets and rules drive most of the work.
The evidence. About 70% of revenue came from Indian Railways divisions at listing; West Central Railway terminated a ₹14.7 cr contract, forfeited the guarantee and debarred the founder's earlier firm.Offer document, p.21 and p.22
WatchDoes it need a lot of money?Yes. Wages are paid before clients pay, guarantees are needed for each contract, and the group is also spending heavily on assets.
The evidence. Trade receivables doubled to ₹180.0 cr and borrowings rose to ₹233.6 cr at March 2026, while operating cash flow was ₹2.1 cr.Annual report FY26, p.147 and p.149
AverageCan it keep finding new work?It keeps winning railway and government orders, but each contract must be bid for again when it ends.
The evidence. Contracts run one to three years; the board report cites multiple new orders from Indian Railways and other departments, and the battery unit won orders from Eastern and Northern Railway in 2026. The company announced the award of a further order or contract on 13 October 2026; only the subject line was available, so its value and buyer are not given here.Offer document, p.70; Annual report FY26, p.29; Order announcement, 10 July 2026, p.2; Order announcement, 13 October 2026 (subject line only)
AverageDo good and bad years swing a lot?Demand follows government spending and railway activity, which is usually steady but fell sharply when trains stopped.
The evidence. Group turnover fell from ₹114.1 cr in FY20 to ₹71.0 cr in FY21 when lockdowns cut railway cleaning work.Offer document, p.22

Who runs Dynamic Services & Security?

Promoters, directors and officers; tap a name for the background

JKJugal Kishore BhagatFounder Promoter and Managing Director · holds 25.91%

Commerce graduate who worked three years in a logistics company, started a transport and supply business in 1999 and supplied food and manpower to the Indian Navy and Army. Founded M/s. Dynamic Services in 2008 and won the first railway cleaning tender in 2012; more than twenty five years in logistics and manpower at listing.

Offer document, p.85; Annual report FY26, p.31
RBRekha BhagatFounder Promoter and Non-Executive Director · holds 11.95%

Bachelor of Arts from North Bengal University; ran the logistics firm M/s. Dynamic Enterprise from 2010. Moved from executive to non-executive director in September 2021. The documents record Rekha Bhagat as the spouse of Jugal Kishore Bhagat.

Offer document, p.85 and p.93; Annual report FY26, p.25 and p.31
RDRekha Devi BhagatPromoter and Executive Director · holds 5.31%

Bachelor of Arts from Sambalpur University; ran the logistics firm M/s. Global Services from 2012 and on the board since July 2019, handling human resources and administration. The documents record Rekha Devi Bhagat as the sister-in-law of Jugal Kishore Bhagat.

Offer document, p.84 to 86; Annual report FY26, p.31 and p.32
DLDestiny Logistics & Infra LimitedPromoter group company · holds 16.66%

Named in the offer document as the promoter group company; the FY26 annual report says the company's directors are also directors of Destiny Logistics & Infra Limited.

Offer document, p.17; Annual report FY26, p.18
PMPranay MishraIndependent Director

Commerce graduate from Calcutta University with more than fifteen years in sales, marketing and brand consulting at listing; chairs the audit, nomination and stakeholder committees.

Offer document, p.84 and p.86; Annual report FY26, p.25

Dynamic Services & Security latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹345 cr (+71%), net profit ₹30.5 cr (+124%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 61.38% to 59.83%.
  • 13 Oct 2026: an order announced.
  • 9 Oct 2026: an order announced.

Dynamic Services & Security annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Dynamic Services & Security 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 Dynamic Services & Security's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (2,35,18,192 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 the full-year sales.
  • !Earnings per share changes basis between FY21 (₹1,250.00) and FY22 (₹1.60) 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, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Dynamic Services & Security

What does Dynamic Services & Security do?

Dynamic Services & Security sends workers to clean trains and stations, run housekeeping and catering and guard buildings, mostly for Indian Railways and other government bodies. Through a group company it also makes batteries for railway engines, and its shares trade on NSE Emerge.

What is the share price of Dynamic Services & Security?

₹117 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Dynamic Services & Security?

₹276 cr at the close on 6 Nov 2026, on 2,35,18,192 shares.

What is the P/E of Dynamic Services & Security?

6.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Dynamic Services & Security's revenue and profit?

Revenue ₹491 cr and profit after tax ₹43 cr in FY26.

Who are the promoters of Dynamic Services & Security?

Jugal Kishore Bhagat, Rekha Bhagat, Rekha Devi Bhagat, Destiny Logistics & Infra Limited; promoters held 59.83% at 31 March 2026.

What is Dynamic Services & Security's website?

dssl.ind.in

More SME companies like Dynamic Services & Security

Other listed SME companies in commercial services & supplies, the closest in size first, each read from its own documents.

Every listed SME company in Commercial Services & Supplies → · SME companies listed in 2021 →

Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 133 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.