Stalwart People Services India IPO

Strengths · 6

• 01Revenue from operations rose from Rs 182.57 crore in FY2023 to Rs 396.87 crore in FY2025, a two-year CAGR of 47.44%.
• 02Profit after tax rose from Rs 9.45 crore in FY2023 to Rs 16.54 crore in FY2025, and was Rs 22.84 crore in the nine months ended 31 December 2025.
• 03The company serves over 1,099 clients across 2,752 locations in 23 states and 3 union territories, with 25,070 personnel as of 30 April 2026.
• 04Three services under one roof: staffing grew from 4.46% of revenue in FY2023 to 21.53% in the nine months to December 2025, and facilities management from 6.06% to 15.85%.
• 05Return on equity was 20.64% and ROCE was 24.14% in FY2025.
• 06Debt to equity stayed low at 0.23 in FY2025, and the auditor's reports on the restated financials carry no qualifications requiring adjustment.

Risks · 10

• 01South India gave about 78.30% of revenue as on 31 December 2025, with Tamil Nadu alone at 44.53%.
• 02Operating cash flow was negative at Rs -12.13 crore in FY2025 and Rs -3.85 crore in the nine months to 31 December 2025, while profit after tax was positive.
• 03Total borrowings rose from Rs 2.03 crore in FY2024 to Rs 18.95 crore in FY2025 and Rs 47.27 crore at 31 December 2025.
• 04EBITDA margin fell from 8.27% in FY2024 to 6.26% in FY2025 and 5.63% in the nine months to December 2025.
• 05Rs 65.00 crore of the fresh issue is for working capital, which shows how much cash the business needs to run.
• 06The offer includes an offer for sale of up to 52,64,151 shares by the two promoters, whose weighted average cost is Rs 0.06 and Rs 0.01 per share. That money goes to them, not to the company.
• 07Promoters hold 99.57% before the issue and are the only selling shareholders, so there are no outside investors in the shareholder list.
• 08The company has applied to SEBI on 29 June 2026 for exemption from naming some members of one promoter's group, because they did not respond. Full disclosure on them may be missing.
• 09Subsidiaries Stalwart Facility and Security Services L.L.C and Stalwart Intellisense Private Limited have made losses in the past.
• 10The business depends on a large on-site workforce of 25,070 people, so wage, labour law and retention issues can affect results.

Stalwart People Services India Limited is a business services provider. It helps corporate clients run routine support work so they can focus on their main business. The company is based in Tamil Nadu, with its registered office in Chennai and its corporate office in Coimbatore.

It sells three services. Security services cover manned guarding and AI enabled video surveillance and analytics through its own platform called Intelisenz. Facilities management covers hard and soft facilities services. Staffing solutions supply people for different organisational needs. In the nine months ended 31 December 2025, security gave 62.62% of revenue from operations, facilities management 15.85% and staffing 21.53%. In FY2023, security gave 89.48% of revenue.

As of 30 April 2026, the company served over 1,099 clients across 2,752 locations in 23 states and 3 union territories. Its staff strength was 25,070 personnel. Clients come from more than 15 sectors, including aviation, banking and financial services, healthcare, IT/ITeS, logistics, retail, education, PSUs and quick commerce. It also has operations in the UAE.

South India is the core market. It contributed about 78.30% of revenue as on 31 December 2025: Tamil Nadu 44.53%, Karnataka 24.04%, Andhra Pradesh and Telangana 8.50% and Kerala 1.23%. As of 31 May 2026 the company had 23 regional offices that handle client work, uniform storage, recruitment and training of on-site staff.

The company was incorporated 22 years before the filing. It is promoted by Christopher Arvinth, Chairman and Managing Director, and Caroline Mendez, Whole-Time Director and CEO. The DRHP is dated 29 June 2026.

The industry

Frost & Sullivan values the Indian security services market at Rs 1,773.9 billion in FY2026 and expects a CAGR of 11.6% to reach Rs 3,067.6 billion by FY2031. The commercial segment is the largest end user with 50.8% share. Facility management is expected to grow at a CAGR of 12.7% from FY2026 to FY2031 to reach Rs 942.3 billion. Staffing services are projected to grow from Rs 1,161.3 billion in FY2026 to Rs 2,877 billion by FY2031, a CAGR of 19.9%.