Clear Secured Services Limited Q2 FY26 Concall Decoded:₹525 Cr revenue, 43% govt exposure, and guards + cameras doing jugaad better than AI startups

1. Opening Hook

While startups are busy adding “AI” to pitch decks, Clear Secured Services quietly added ₹130 Cr of revenue in one year—with guards, CCTV, and boring old execution. No glam, no jargon, just boots on ground and cameras on poles.

This is the kind of business investors ignore until it becomes too big to ignore. From guarding ATMs to managing Mumbai Metro assets till 2029, CSSL has turned security into an annuity machine.

Margins aren’t flashy, debt did creep up, but revenue visibility is so long-dated it almost feels illegal. And yes, the government now pays nearly half the bills—on time.

Read on. The boring part gets very interesting later.

2. At a Glance

Revenue ₹525 Cr (+47%) – Apparently guards multiplied faster than startups dilute.
H1 FY26 Revenue ₹315 Cr – Half-year done, full-year already sweating.
EBITDA Margin 10% (H1) – When tech meets manpower, margins finally wake up.
Govt + PSU mix at 43% – Payment risk downgraded from “hope” to “sovereign.”
Order book ₹226 Cr – Visibility longer than most infra companies.

3. Management’s Key Commentary

“We are no longer a manpower-only company.”
(Translation: Headcount is passé, cameras are the new boss 😏)

“E-Surveillance is a key growth vertical.”
(Translation: Guards don’t scale, servers do.)

“Government contracts ensure stability.”
(Translation: At least someone pays on time.)

“We enter at the build stage of assets.”
(Translation: Once we’re in, good luck replacing us.)

“Our PSARA licenses across 17 states are a strong moat.”
(Translation: Try replicating this without losing 5 years of life.)

“EBITDA margins are improving structurally.”
(Translation: Labor business finally learned math 📈)

4. Numbers Decoded

Metric	FY24	FY25	H1 FY26	What It Really Means
Revenue (₹ Cr)	395	525	315	Scale unlocked, execution intact
EBITDA (₹ Cr)	33	41	31	Tech mix showing up
EBITDA Margin	8%	8%	10%	Surveillance > guarding
PAT (₹ Cr)	18	17	17	Growth eating profits—for now
Debt (₹ Cr)	54.8	107.3	–	Growth isn’t free

Debt doubled, yes—but revenue visibility and annuity contracts soften the blow.

5. Analyst Questions (Decoded)

Q: Why did borrowings increase?
A:

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