1. At a Glance
Krystal Integrated Services (KISL) is the silent force behind India’s clean metros, sanitized hospitals, and orderly schools. With ₹1,120 Cr in revenue, ₹60 Cr in PAT, and ROCE at 17%, this facility management (FMS) stock might just polish up your portfolio too.
2. Introduction with Hook
If you’ve ever walked through a squeaky-clean metro station in Mumbai, thanked a hospital housekeeping staff in Delhi, or used a non-sticky government office chair—there’s a decent chance Krystal is behind it.
This is not your average broomstick company.
- ₹1,120 Cr in annual revenue
- ₹60 Cr PAT | ROE: 15%
- Just won contracts from Mumbai Metro, Patna Airport & MTDC
- Debt manageable, margins stable, growth visible
Facility Management may not sound sexy—but in a compliance-heavy, hygiene-obsessed, ESG-driven India—it pays.
3. Business Model (WTF Do They Even Do?)
KISL is a full-service Integrated Facility Management (IFM) company.
Core Offerings:
- Housekeeping & Sanitation (esp. in hospitals, schools)
- Staff Outsourcing / Payroll
- Security services
- Technical Maintenance
- Waste Management & Catering
Client Type:
- 70% Government Contracts
- 30% Private Corporates
Sticky Revenues:
3–5 year service contracts, with renewal chances >70%
4. Financials Overview
Standalone P&L Snapshot (₹ Cr)
| FY | Revenue | EBITDA | Net Profit | OPM % | EPS (₹) |
|---|---|---|---|---|---|
| FY21 | 506 | 38 | 22 | 7% | 39.03 |
| FY22 | 535 | 39 | 26 | 7% | 45.16 |
| FY23 | 682 | 50 | 38 | 7% | 66.31 |
| FY24 | 981 | 67 | 48 | 7% | 34.52 |
| FY25 | 1,120 | 73 | 60 | 7% | 43.10 |
5. Valuation
CMP: ₹674
EPS (FY25): ₹43.10
P/E: ~15.6x
Book Value: ₹309 → P/BV: 2.18x
Market Cap: ₹942 Cr
Fair Value Range: ₹720 – ₹880
- Assuming sustainable earnings + contracts boost visibility
- Valuation of 17–20x reasonable for asset-light, service-based, gov-contract-backed biz
6. What-If Scenarios
| Scenario | EPS Est. | P/E | Target Price |
|---|---|---|---|
| Bear (EPS ₹40) | ₹40 | 14x | ₹560 |
| Base Case (EPS ₹46) | ₹46 | 17x | ₹782 |
| Bull Case (EPS ₹52 + rerating) | ₹52 | 18x | ₹936 |
7. What’s Cooking – News, Triggers, Drama
- New Contracts:
- ₹31.5 Cr from Mumbai Metro (Jul 2025)
- ₹32 Cr from Maharashtra Tourism (Jul 2025)
- ₹20 Cr from Patna Airport (Jul 2025)
- Strong Government Pipeline:
Majority of revenue tied to public infra & services. - Investor Risk:
1-year stock down 8%, but business fundamentals healthy.
8. Balance Sheet
| Metric | FY24 | FY25 |
|---|---|---|
| Reserves | ₹358 Cr | ₹417 Cr |
| Borrowings | ₹87 Cr | ₹90 Cr |
| Fixed Assets | ₹80 Cr | ₹99 Cr |
| Total Assets | ₹626 Cr | ₹737 Cr |
| Debt/Equity | 0.24x | 0.22x |
Solid balance sheet with manageable debt and growing equity base.
9. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY24 | ₹-2 Cr | ₹-111 Cr | ₹191 Cr | ₹78 Cr |
| FY25 | ₹-33 Cr | ₹-34 Cr | ₹-8 Cr | ₹-76 Cr |
Capex + receivables expansion are hurting cash flow, despite profits. Might stabilize after infra projects go live.
10. Ratios – Sexy or Stressy?
| Ratio | FY24 | FY25 |
|---|---|---|
| ROCE | 20% | 17% |
| ROE | 13.4% | 15% |
| OPM | 7% | 7% |
| Debtor Days | 80 | 110 |
| Working Cap | 50 days | 92 days |
Warning Sign: Debtor days inching up = delays in govt payments?
11. P&L Breakdown – Show Me the Money
| FY | Revenue | PAT | EPS | OPM |
|---|---|---|---|---|
| FY22 | ₹535 Cr | ₹26 Cr | ₹45.16 | 7% |
| FY23 | ₹682 Cr | ₹38 Cr | ₹66.31 | 7% |
| FY24 | ₹981 Cr | ₹48 Cr | ₹34.52 | 7% |
| FY25 | ₹1,120 Cr | ₹60 Cr | ₹43.10 | 7% |
Steady business. No firecrackers, but no shocks either.
12. Peer Comparison
| Company | CMP | P/E | ROE % | OPM % | Mcap (Cr) |
|---|---|---|---|---|---|
| Krystal Integrated | ₹674 | 15.6 | 15.0 | 7% | ₹942 |
| CMS Info Systems | ₹533 | 23.5 | 17.7 | 25.8% | ₹8765 |
| NESCO | ₹1281 | 23.2 | 15.8 | 59.8% | ₹9027 |
| Quess Corp | ₹313 | 23.1 | 10.4 | 1.8% | ₹4660 |
Krystal has a sweet balance of earnings growth and low valuation. Not flashy, but fair.
13. EduInvesting Verdict™
Krystal Integrated Services is what we’d call a “blue-collar compounder”—not loud, not sexy, but crucial.
The company’s:
- Earnings CAGR: 19–25%
- Margins: Flat but reliable
- Contracts: Large, sticky, and growing
- Debts: Under control
- Risk: Working capital pressures from govt clients
With the urban infra boom and sanitation-driven policy focus, Krystal’s runway is long—as long as it can mop up its receivables and not slip on cash flow.
Metadata
– Written by EduInvesting Research | 20 July 2025
– Tags: Krystal Integrated Services, Facility Management, Govt Contracts, IPO 2024, Urban Infra, ESG India
