Krystal Integrated Services Limited

Industrials — Specialty Business Services · NSE

₹620.55−₹8.95 (−1.42%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

The 60-second version of Krystal Integrated Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Krystal Integrated Services Limited provides integrated and technical facility management, staffing, payroll and solid and liquid waste management, private security, manned guarding, solar EPC, and catering services in India.

IndustrySpecialty Business Services

SectorIndustrials

Employees42,151

Annual revenue₹1,277 Cr

How does it make money?

Turns over ₹1,277 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 42,151 employees supports ₹3.0 lakh of revenue a year, the signature of a people-led business.

EBITDA margin7.8%

Net margin5.0%

Revenue / employee₹3.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Some evidence

ROCE of 17.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE17.0%

ROE12.9%

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +80% while net margin moved +33% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+80%

Margin effect+33%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 12.9% is moderate
✗ ROE has fallen by 3.6 points over the period

Quality vs. Valuation

Company Quality

60/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

75/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

14.1x

3Y Median

14.8x

33 monthly readings · mean 17.6x · range 11.3x–26.1x

Sector Median

88.8x

median of 3 sector peers

🟡Currently trading close to its 3y median of 14.8x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 84% below the peer median of 88.8x.

vs. its own history

Fair

14.8x median over 33 months · -4%

vs. sector peers

Cheap

88.8x median of 3 peers · -84%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.1x

P/B

1.74x

EV/EBITDA

9.5x

PEG

0.42

Dividend Yield

0.24%

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Debt is rising
Total debt is up 137% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 16.5% to 12.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 29.8% to 17.0% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 176% against revenue growth of 80% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 222% against revenue growth of 80% — stock may not be moving.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 137% over 3 years, from ₹51 Cr to ₹120 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 176% against revenue up 80% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 222% against revenue up 80% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 84% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹11 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 176% against revenue up 80%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 16.5% to 12.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.8% CAGR
Latest reported year was 11.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 14%✓ 17.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 5 neutral · 0 weak

Market Cap

₹867 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.1x

Cheap

Cheap against the generic band

P/B Ratio

1.74x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹43.92

Profitable

Profitable on a per-share basis

ROE

12.9%

Moderate

Moderate capital efficiency

ROCE

17.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

11.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2.9%

Modest

Slow profit growth

Dividend Yield

0.24%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹620.55

Operating Margin

5.5%

Average

Average margins

Net Margin

5.0%

Average

Average bottom-line conversion

Current Ratio

2.01

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

635.1 / 636.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

47.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹708 Cr	₹1,027 Cr	₹1,213 Cr	₹1,277 Cr	+21.8%
EBITDA	₹60 Cr	₹75 Cr	₹93 Cr	₹100 Cr	+18.6%
EBITDA Margin	8.5%	7.3%	7.7%	7.8%	—
PAT (Net Profit)	₹27 Cr	₹34 Cr	₹63 Cr	₹64 Cr	+33.8%
EPS	₹33.32	₹29.61	₹44.74	₹46.06	+11.4%
ROE	16.5%	9.1%	14.3%	12.9%	—
ROCE	29.8%	17.6%	18.8%	17.0%	—
Total Debt	₹51 Cr	₹88 Cr	₹91 Cr	₹120 Cr	+33.3%
Free Cash Flow	₹68 Cr	-₹10 Cr	-₹64 Cr	₹11 Cr	-46.1%

🟢 Revenue has grown at 21.8% a year over 3 years.

🟢 EBITDA has grown at 18.6% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 7.8% over 3 years.

🟢 PAT (Net Profit) has grown at 33.8% a year over 3 years.

🟢 EPS has grown at 11.4% a year over 3 years.

🔴 ROE has fallen from 16.5% to 12.9% over 3 years (-3.6 pts).

🔴 ROCE has fallen from 29.8% to 17.0% over 3 years (-12.8 pts).

🔴 Total Debt has grown at 33.3% a year over 3 years.

🔴 Free Cash Flow has shrunk at 46.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹842 Cr

Total Liabilities

₹342 Cr

Total Debt

₹120 Cr

Cash & Equivalents

₹34 Cr

Operating Cash Flow

₹26 Cr

Capex

-₹16 Cr

Shareholding (proxy)

Institutional Holding

3.8%

Insider Holding

74.7%

Corporate Actions

Dividend Rate

₹1.5

Ex-Dividend Date

11 Sept 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive2 mixed3 general

Krystal Integrated Services (NSEI:KRYSTAL) - Stock Analysis

Simply Wall Street, 16 Oct

Krystal Integrated Services Ltd Share Price Rises 8.53%

Univest, 20 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Krystal Integrated Services Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 27 Aug

Krystal's Associate Secures ₹138 Crore Solar Contract from Maharashtra DMER

scanx.trade, 11 OctOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Small-cap stock jumps 4% after receipt of order worth ₹740 crore

Livemint, 11 Aug

Krystal Integrated Services Shares Gain 4% on Rs 134 Crore Order

Equitypandit, 19 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🔴Business QualityWeak8.8/20

🟢Financial HealthStrong15.6/20

🟢GrowthStrong14.9/20

🔴ProfitabilityWeak6/15

🟢ValuationAttractive10.4/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 16% a year21.8% CAGR
✓EBITDA margin holds above 6%7.8%
✓Free cash flow remains positive₹11 Cr
✓Debt / EBITDA stays below 2x1.2x
✓ROCE stays above 14%17.0%