Stalwart People Services India IPO

Incorporated in November 2003, Stalwart People Services India Limited is an integrated business services company providing security services, facilities management, and staffing solutions to corporate clients across India and the Middle East. Originally incorporated as Stalwart Security Services India Limited, the company changed its name in February 2020 to reflect its diversified service offerings. The company delivers comprehensive business support services, including manned guarding, AI-enabled video surveillance and analytics through its proprietary Intelisenz platform, housekeeping, technical facility management, payroll management, HR outsourcing, and staffing solutions. The company serves over 1,099 clients across 2,752 locations spanning 23 Indian states, 3 union territories, and 2 Middle Eastern countries, catering to sectors such as banking, aviation, healthcare, IT/ITeS, logistics, retail, education, infrastructure, manufacturing, and quick commerce.

Stalwart People Services India Limited IPO Overview

Stalwart People Services India Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 29, 2026 for a Book Built Issue IPO comprising a Fresh Issue of up to ₹1,500.00 million and an Offer for Sale (OFS) of up to 52,64,151 equity shares. Bajaj Capital Securities Ltd. is the Book Running Lead Manager, and KFin Technologies Limited is the Registrar to the Offer. The equity shares are proposed to be listed on BSE and NSE. Key details such as IPO dates, price bands, and lot sizes are yet to be announced. Pre-issue shareholding stands at 5,58,00,000 shares. The company proposes to utilise the Net Proceeds towards funding working capital expenditure requirements, pre-payment of certain outstanding borrowings, and general corporate purposes.

Stalwart People Services India Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue of ₹1,500.00 million + OFS of up to 52,64,151 shares
Fresh Issue	₹1,500.00 million
Offer for Sale (OFS)	52,64,151 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	5,58,00,000 shares
Shareholding post-issue	TBA

Stalwart People Services India Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Stalwart People Services India Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Stalwart People Services India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.03
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	21.79%
Net Asset Value (NAV)	₹18.50
Return on Equity (RoE)	21.79%
Return on Capital Employed (RoCE)	16.96%
EBITDA Margin	5.63%
PAT Margin	4.80%
Debt to Equity Ratio	0.46

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Funding the working capital expenditure requirements of the Company	650.00
Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings	400.00
General corporate purposes*	[●]

*To be finalized upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds.

Stalwart People Services India Limited Financials (₹ in million)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	2,308.90	1,566.50	889.20	780.90
Revenue from Operations	4,760.90	3,996.10	2,467.30	1,837.10
Profit After Tax	228.40	165.40	140.00	94.50
Reserves and Surplus	753.20	829.60	659.00	518.60
Total Borrowings	472.70	189.50	20.30	48.00
Total Liabilities	1,279.51	733.86	222.19	253.28

Financial Status of Stalwart People Services India Limited

Stalwart People Services India Limited IPO Strengths

1. Long-Standing Relationships with Diversified Customer Base with High Client Retention Rates

Stalwart People Services India Limited has demonstrated proven execution capabilities over 22 years of operations, having serviced over 1,099 customers across various locations since inception. The company’s customer base increased from 655 in Fiscal 2023 to 997 in the nine-month period ended December 31, 2025, while the number of customer locations serviced grew to 2,407. Of these 1,099 clients, 4% are repeat customers with an association of over 10 years and 9% have been associated for over five years. These enduring relationships stem from the company’s emphasis on prompt execution, customer responsiveness, and continuous engagement throughout the service lifecycle.

2. One-Stop Integrated Solution Provider with Diversified Product Offerings

Stalwart People Services India Limited is an integrated service provider offering comprehensive solutions across three primary segments: Security Services (including AI video surveillance), Facilities Management Services, and Staffing Solutions. By operating through a centralised service delivery framework, the company delivers bundled, end-to-end services that address the diverse operational needs of clients. This one-stop model simplifies vendor management for clients, reduces administrative complexities, and allows them to focus on core operations. For the company, this integrated structure generates economies of scale and operational efficiencies through centralized support functions.

3. Established Global Footprint with Operations Across India and UAE

As of April 30, 2026, Stalwart People Services India Limited has an established pan-India presence with over 1,099 clients across 2,752 locations spanning 23 states and 3 union territories. The company entered the UAE market in 2024 through its subsidiary, Stalwart Facility and Security Services L.L.C., offering both Security Services and Facilities Management Services. The company’s pan-India and Middle Eastern presence enables it to serve clients with geographically dispersed operations while ensuring uniform service quality and operational consistency.

4. Proven Track Record of 22 Years as a Trusted Partner to Over 1,099 Corporate Clients

Stalwart People Services India Limited has established a proven track record of over 22 years as a trusted partner, catering predominantly to large B2B customers across diverse sectors including aviation, banking and financial services, healthcare, IT/ITES, education, infrastructure, logistics, manufacturing, retail, quick commerce and tourism. Key clients include leading aviation operators, prominent banks and financial institutions including Yes Bank Limited, and quick commerce companies such as Zepto Private Limited. The company’s long-standing relationships, evidenced by multi-year contracts spanning five years, underscore its execution capabilities and service quality.

5. Strong In-House Technology and Product Development Capabilities

Stalwart People Services India Limited possesses strong in-house technology and product development capabilities that support the design, development, and deployment of proprietary solutions such as the AI-based video surveillance platform, Intelisenz. Developed in-house, Intelisenz is built on scalable cloud infrastructure and offers advanced functionalities including real-time threat detection and alerts, cloud-based central monitoring, and video forensics. By integrating such technology-driven solutions into service delivery, the company provides customers with data-backed insights and real-time decision-making capabilities.

6. Asset-Light Business Model Resulting in Robust Financial Parameters

Stalwart People Services India Limited operates a scalable and asset-light business model, with a focus on operational efficiency and capital preservation. The company’s operations do not require significant investments in land, buildings or heavy machinery, enabling expansion across multiple geographies with limited incremental capital expenditure. The efficient utilisation of resources under this asset-light model is reflected in its return metrics, with the company recording EBITDA Margins of 6.26% for Fiscal 2025 and a gearing ratio of nil as of March 31, 2025.

7. Experienced Management Team

Stalwart People Services India Limited is led by a well-qualified and experienced management team with robust experience in the sectors in which the company operates. The Managing Director holds a bachelor’s degree in commerce from Bharathiar University, a master’s degree in business administration from Icfaian Business School, and a ‘doctor of advanced studies’ degree from Universidad Azteca, Mexico, with over 22 years of experience in the security services, facilities management services, and staffing solutions industry. The company also has an experienced Board of Directors comprising non-executive and independent directors.

8. Catering to Rapidly Growing Markets/Industries

Stalwart People Services India Limited is strategically positioned to capitalize on high-growth markets through integrated service offerings across security, facilities management, and staffing solutions. The Security Services market in India is valued at ₹1,773.9 billion in Fiscal 2026 and is expected to grow at a CAGR of 11.6% to reach ₹3,067.6 billion by Fiscal 2031. The Facility Management Services market is expected to grow at a CAGR of 12.7% to reach ₹942.3 billion, while the Staffing Services market is projected to grow from ₹1,161.3 billion to ₹2,877 billion by Fiscal 2031, representing a CAGR of 19.9%.

More About Stalwart People Services India Limited

1. Company Overview

Stalwart People Services India Limited, incorporated in November 2003, is an integrated business services company providing security services, facilities management, and staffing solutions to corporate clients across India and the Middle East. Originally incorporated as Stalwart Security Services India Limited, the company changed its name in February 2020 to reflect its diversified service offerings. The company delivers comprehensive business support services, including manned guarding, AI-enabled video surveillance and analytics through its proprietary Intelisenz platform, housekeeping, technical facility management, payroll management, HR outsourcing, and staffing solutions.

2. Service Portfolio

The company delivers comprehensive business support services across three primary segments:

A. Security Services
Manned guarding, canine squads, armed guarding, aerial drone surveillance, Quick Response Teams (QRTs), and AI-enabled video surveillance through the proprietary Intelisenz platform. The platform offers real-time threat detection and alerts, cloud-based central monitoring, and video forensics.

B. Facilities Management Services
Housekeeping, pest control, façade cleaning, landscaping, mechanical, electrical and plumbing (MEP) maintenance, HVAC services, and AMC management ensuring seamless upkeep of client infrastructure.

C. Staffing Solutions
Workforce deployment, payroll management, HR administration, statutory compliance, and HRMS implementation. The company manages the entire employee lifecycle, from recruitment and assessment to onboarding and workforce management.

3. Geographical Presence

As of April 30, 2026, the company has an established pan-India presence with over 1,099 clients across 2,752 locations spanning 23 states and 3 union territories. The company maintains offices across 23 locations including major metros like New Delhi, Mumbai, Bengaluru, Hyderabad, and Kolkata, as well as tier 2 and tier 3 cities. The company entered the UAE market in 2024 through its subsidiary, Stalwart Facility and Security Services L.L.C., maintaining offices in Dubai.

4. Workforce and Certifications

As of April 30, 2026, the company employed 25,070 personnel, comprising 527 corporate employees, 23,854 on-site personnel, and 689 apprentices under NAPS, supporting its nationwide operations. The company is ISO 9001:2015 and ISO 45001:2018 certified and has received industry recognition, including the Best Security Services Company award and the Ethical Business Partner award.

5. Customer Base

The company serves over 1,099 clients across 15+ industries including banking, aviation, healthcare, IT/ITeS, logistics, retail, education, infrastructure, manufacturing, and quick commerce. Its clientele includes organizations such as Yes Bank, Zepto, PVR INOX, Century Panels, Schenker India, and G. Narayanamma Institute of Technology and Science (GNITS).

Industry Outlook

1. Indian Security Services Market

The Security Services market in India is valued at ₹1,773.9 billion in Fiscal 2026 and is expected to grow at a CAGR of 11.6% from Fiscal 2026 to Fiscal 2031, reaching ₹3,067.6 billion. The commercial segment, which includes BFSI, offices, shopping malls, retail outlets, hotels and educational institutions, is the largest end user with a market share of 50.8% of the total market in Fiscal 2026. The industrial segment is the second largest end user with a share of 23.0% of the total market in Fiscal 2026. The security services industry is witnessing rapid technology integration which includes AI-powered surveillance, IoT based security solutions, drones and robotics, biometric systems, visitor management and GPS tracking, creating opportunities for service providers with advanced technological capabilities.

2. Indian Facility Management Services Market

The Facility Management Services market in India is expected to grow at a CAGR of 12.7% from Fiscal 2026 to Fiscal 2031, reaching ₹942.3 billion. Public sector and government, commercial offices, and healthcare are the top three end user segments with a combined market share of 62.6%. Other prominent sectors include hospitality, industrial, and educational institutions. Increasing investments across commercial real estate, healthcare, manufacturing, logistics, retail, transportation infrastructure, and public sector assets, coupled with increase in outsourcing by government clients, are expected to support the demand for outsourced facility management services. Facility management is transitioning from single-service contracts to Integrated Facility Management (IFM) models under unified contracts, driven by operational efficiency, improved performance, and streamlined vendor management.

3. Indian Staffing Services Market

The Staffing Services market in India is projected to grow from ₹1,161.3 billion in Fiscal 2026 to ₹2,877 billion by Fiscal 2031, representing a CAGR of 19.9%. Investments in end user industries such as IT/ITeS, banking, manufacturing, retail, logistics, healthcare, FMCG and hospitality, and the increase in outsourcing from the government sector, are expected to drive the demand for Staffing Services market. Key growth drivers include the need for flexible workforce, availability of large manpower resources, growth in gig economy, and regulatory compliance.

4. Key Growth Drivers:

A. Increasing outsourcing of non-core activities by corporates and government

B. Growing demand for integrated service providers offering bundled solutions

C. Rising investments in commercial real estate and infrastructure

D. Technology integration in security and facility management services

E. Increasing urbanization and organized sector growth

F. Focus on sustainability and ESG-aligned facility management practices

G. Growing trend of AI-enabled surveillance and remote monitoring solutions

How Will Stalwart People Services India Limited Benefit

1. The company is well-positioned to capitalize on the growing Security Services market in India, which is expected to reach ₹3,067.6 billion by Fiscal 2031 at a CAGR of 11.6%, through its comprehensive security solutions including AI-enabled surveillance and physical guarding services.

2. The company’s integrated service model across security, facilities management, and staffing solutions positions it to benefit from the industry shift towards one-stop solution providers, enabling it to capture larger contract values and improve client retention through bundled offerings.

3. With the Facility Management Services market expected to grow at 12.7% CAGR to ₹942.3 billion by Fiscal 2031, the company is well-positioned to capitalize on increasing demand for integrated facility management services across commercial, healthcare, and government sectors.

4. The company’s proprietary AI-enabled Intelisenz platform for video surveillance positions it to benefit from the rapid technology integration in the security services industry, enabling it to offer differentiated, high-margin technology-driven solutions.

5. The Staffing Services market is projected to grow at a remarkable 19.9% CAGR to ₹2,877 billion by Fiscal 2031, and the company’s comprehensive staffing solutions spanning payroll management, HR outsourcing, and workforce deployment position it to capture this growth.

6. The company’s established presence in South India (78.30% of revenue) combined with its expansion into North and West India, and international presence in the UAE, positions it to benefit from geographic diversification and reduce concentration risk.

7. The company’s asset-light business model with robust financial parameters, including ROE of 21.79% for the nine-month period ended December 31, 2025, enables scalable growth with limited incremental capital expenditure.

8. Increasing trend of outsourcing non-core activities by corporates and government, coupled with growing demand for sustainable and ESG-aligned facility management practices, creates significant opportunities for the company’s integrated service offerings.

Peer Group Comparison

Name of the company	Face Value (₹)	Total Revenue (₹ in million)	P/E	EPS (₹)	RoNW (%)	NAV (₹)
Our Company	5	3,996.10	N.A.	3.10	20.64	15.03
Kapston Services Limited	5	6,894.32	39.43	8.79	16.92	43.81
Krystal Integrated Services Limited	10	12,127.84	13.63	44.61	10.00	312.92
SIS Limited	5	1,31,890.37	529.94	0.81	0.49	166.79
TeamLease Services Limited	10	1,11,558.70	22.60	64.86	11.99	540.82
Updater Services Limited	10	27,360.63	10.22	17.70	12.40	143.11

Key Strategies for Stalwart People Services India Limited

Expand Revenue Share and Geographical Footprint by Leveraging Existing Operational Presence Across Other Regions and Expanding Overseas Operations

Stalwart People Services India Limited aims to reduce regional revenue concentration by expanding its geographic footprint across high-growth domestic markets and strengthening overseas operations. The company seeks to decrease revenue concentration in South India, which currently contributes 78.30% of total revenue, by expanding across high-growth markets and scaling its overseas subsidiary. By leveraging decades of execution experience, robust operational processes, and a skilled workforce, the company is well positioned to scale pan-India and strengthen international operations.

Drive Growth Through Integrated, Umbrella Contracts by Offering Bundled Security, Facilities Management, and Staffing Solutions

Stalwart People Services India Limited aims to increase the share of high-value institutional contracts by offering comprehensive, bundled security, facilities management, and staffing solutions under a unified service framework. By positioning itself as a single-point service partner, the company seeks to reduce client dependency on multiple vendors, simplify procurement processes, and deliver consistent service standards across locations. This model enables the company to achieve higher operating leverage and derive cost synergies by centralising support functions and resources.

Capitalise and Build Upon Human Resource Strength, Including Recruiting and Training Capabilities

Stalwart People Services India Limited intends to continue strengthening its human capital base by investing in structured recruitment, training, and retention frameworks that align with long-term growth strategy. The company plans to enhance recruitment infrastructure through technology-enabled sourcing, standardised assessment processes, and expanded training academies. By strengthening HR and training systems, the company seeks to ensure workforce scalability, improve service delivery efficiency, and maintain high client satisfaction levels as it expands into new geographies and service categories.

Capitalize on Industry Trends to Increase Scale of Operations

Stalwart People Services India Limited aims to capitalize on the expected growth in the security, facilities management and staffing services industry. The company is continuously adopting and investing in advanced technologies such as AI-enabled surveillance, remote monitoring, and digital workforce management tools. With organizations seeking flexibility in their workforce models, the company’s staffing solutions help them remain agile. The company also sees strong demand for sustainable facility management practices as more organisations prioritise a safe, clean, secure, and sustainable built environment.

Deploy Technology to Improve Existing Products/Services and Drive Operational Efficiency

Stalwart People Services India Limited intends to adopt technological means to enhance product offerings and exploit future growth opportunities. The company plans to improve existing services by integrating more technology, such as AI-driven surveillance, IoT-based facilities maintenance, and digital platforms for staffing and workforce management. The company is also upgrading employee training programmes to ensure higher service quality and customer satisfaction and intends to expand its portfolio with new offerings such as integrated command and control solutions and sustainability-focused facilities management.

Expand Wallet Share of Top Customers and Add New Customers

Stalwart People Services India Limited intends to pursue revenue growth by focusing on increasing service penetration within existing client relationships while expanding its overall client base. For key clients across sectors such as logistics, aviation and banking and financial services, the company aims to transition from providing single-service offerings to delivering multi-service solutions. In parallel, the company aims to acquire new clients in sectors with higher entry barriers, including banking and financial services and manufacturing.

Focus on Business Optimisation – Branch Network Optimization, Support Services Efficiency, Rationalization of Non-Performing Business Areas and Activities

Stalwart People Services India Limited is transitioning from a traditional branch-intensive operating model to a more centralised structure. Using data analytics, the company periodically evaluates the financial performance of regional offices and consolidates locations that do not meet internal performance thresholds into regional hubs. Additionally, the company is implementing digital solutions across support functions, including automated payroll, e-onboarding, and AI-based attendance tracking, to improve process efficiency and reduce manual intervention.

Selectively Pursue Acquisitions

While Stalwart People Services India Limited’s growth strategy is primarily focused on organic expansion, the company also evaluates select inorganic growth opportunities that present specialised service offerings or proprietary technologies complementing its capabilities and geographic presence. The company seeks to enhance its competitive positioning through strategic acquisitions that align with its long-term growth objectives.