Clear Secured Services

• Clear Secured Services is coming out with an initial public offering (IPO) of 64,85,000 shares in a price band of Rs 125-132 per equity share. 
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.50 times of its face value on the lower side and 13.20 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Apurva Mishra.

Profile of the company

Clear Secured Services provides a range of services aimed at improving operational efficiency and supporting business functions across different sectors. It specializes in Integrated Facility Management (IFM), offering both soft services - such as housekeeping, security services, payment management services, and staffing services - and hard services, including electro-mechanical services, repair and maintenance services, facade cleaning and pest control services. These services are tailored to meet the operational needs of commercial and industrial clients, focusing on cleanliness, safety, and reliability.

Under Support Services, it also delivers Total Infrastructure Solutions (TIS), which include interior design, plumbing, fire safety, and office furniture services. These are designed to improve workplace functionality and design. In the agro-food sector, it assists with the sourcing and trading of millets and wheat. Its Telecom Infrastructure Solutions cover mobile tower installations, while its Cash Van service supports the secure transport of cash for ATM operations. Through its service network and domain experience, it helps businesses manage routine operations, allowing them to focus on their primary activities.

Its operations prioritize efficiency, regulatory compliance, and consistent service delivery across regions. It has established processes for contract management, recruitment, labour compliance, and cost control. Technology and process improvements are used to maintain service quality and address client needs. It also focuses on employee welfare, business development, and managing relationships with stakeholders to support long-term engagement.

Proceed is being used for:

• Investment in its wholly owned Subsidiary, Comfort Techno Services Private Limited (CTSPL) for funding the Purchase of Equipment
• Funding for working capital requirement
• Repayment or prepayment of borrowings
• General corporate purposes

Industry Overview

In today's competitive business landscape, one of the key factors that can make or break an organization's success is its ability to source and retain skilled manpower. Manpower sourcing refers to the process of identifying, attracting, and hiring qualified & skilled individuals to fulfil the workforce requirements of a company. Role of a Manpower supply companies to make available qualified and competent workers for companies in need or short of skilled staff. Manpower supply companies provide a bridge between skilled workers and businesses that require its services. Staffing solutions refer to services offered by companies that assist other businesses in finding and hiring suitable employees. These services encompass various stages of the hiring process, including recruitment, screening, interviewing, and selecting candidates for temporary, permanent, or temporary-to-permanent roles. Staffing services include traditional staffing agencies, online job boards, and social media recruiting. These staffing services often specialize in specific industries and can provide prequalified candidates, easing the hiring burden on organizations.

Meanwhile, Integrated Facilities Management (IFM) refers to a coordinated effort involving space and people to maintain buildings and properties. In other words, it is the outsourcing of services and functions which are considered as non-core activities for a business. Strong macroeconomic growth fundamentals are contributing to a steady growth in the Integrated Facility Management Market in India. In the past decade the market has witnessed solid growth except for the COVID-19 pandemic; increasing investments in Services and Manufacturing sector is expected to drive the growth momentum over the next five years. Higher FDI over the past decade, driven by liberal economic policies in India has created opportunities for private sector. Additionally, the rise of organised retail developments in India have also contributed to the built environment, thereby driving the demand for Facility Management services.

Outsourcing of Facility Management Services has steadily grown in the past. The Integrated Facility Management outsourcing model, particularly for Soft Services, Mechanical, Electrical & Plumbing and Heating, Ventilation & Air-conditioning Services, has advanced significantly and can currently deliver additional value well beyond mere cost savings. Today, outsourcing is a critical component of achieving desired performance and is successfully employed by forward-thinking companies to improve employee performance. It is anticipated that infrastructure projects and international organisations investing in India would continue to fuel demand for Facility Management services. Growing awareness among domestic companies, digitalisation of buildings, focus on sustainability and reduction in carbon emissions, and other building maintenance services are expected to widen the scope of Facility Management solutions in the future. 

Pros and strengths

Integrated service offerings and strategic business model positioned for industry growth: The company offers a diverse range of integrated facility management services across various sectors as one of the companies in India with a broad geographic reach and extensive customer base. Its expansive service portfolio allows it to combine different service offerings and create tailored solutions that meet the specific needs of its customers, strengthening both customer acquisition and retention efforts. As customer needs evolve, it can expand its service offerings to accommodate those changes. Its integrated facility management services include both soft services, such as housekeeping, sanitation, staffing and security services, and payment management services, as well as hard services like mechanical, electrical, and plumbing, along with, pest control, façade cleaning, and additional services like total infrastructure solutions, domestic trading of agro foods, business support services, telecom infrastructure solutions and provision of cash vans.

Direct operations and nationwide presence with large workforce: Currently the company is serving 17 customer locations in 15 states and 2 union territories in India. Its wide presence enables it to offer services to customers who prefer a single service provider for their operations at multiple locations. The company is able to deliver these services through a network of 17 branch offices spread across key geographies, as on August 31, 2025. Locating its branch offices in proximity to its customer sites also results in greater focus on, and attention to its customers as well as higher quality and customized service delivery. The company operates directly to ensure better control, accountability, and quality. With a presence in multiple states and a workforce of around 4,025 employees, it is able to provide consistent service across regions. Its direct operations model minimizes the reliance on subcontractors, allowing it to maintain high service standards.

Strong, ongoing relationships with clients across key sectors: The company’s long-term relationships with prestigious clients underscore its commitment to service excellence. Through dynamic problem-solving, continuous training, and strict compliance with industry standards, it is able to build and maintain strong client relationships. These relationships, built on trust and performance, help it to retain existing clients and expand its customer base in both domestic and international markets. Its focus on client satisfaction is at the core of its business strategy. In FYs 2023, 2024, 2025 and for five months August 31, 2025, it served 271, 247, 208 and 117 customers, respectively. Its ability to uphold high-quality standards while continuously expanding its services to meet the evolving demands of the industry has helped it to build long-term relationships with key customers. Notably, 6 of its key customers have been with the company for over 5 years.

Risks and concerns

Significant customer concentration risk: The company’s business revenue is primarily dependent on a few key customers. The company has garnered 80.99%, 64.15% and 53.83% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. The company’s dependence on these key customers for a significant share of its revenue may persist. Moreover, if the financial situation or prospects of these customers worsen, their demand for its services could diminish, leading to a substantial reduction in its revenue. Failing to retain one or more of these key customers would negatively affect its financial results and business performance.

Significant dependence on government contracts: A considerable part of its business relies on government contracts. For example, in FY 2025, two out of its top 10 customers, were government entities. In five months ended August 31, 2025 and FYs 2025, 2024 and 2023, it generated revenue from government entities amounting to Rs 10383.05 lakh, Rs 16891.88 lakh, Rs 3,844.95 lakh and Rs 3,295.23 lakh, respectively, which represented 45.45%, 35.47%, 11.06% and 10.66%, of its total consolidated revenue from operations for those periods. Any adverse changes in government policies or its relationship with government entities could hinder its ability to win contracts. Delays, cancellations, or reallocations of government contracts could harm its cash flow, business, and financial condition.

Maharashtra-centric revenue concentration risk: A considerable portion of the company’s revenue comes from providing services to customers in Maharashtra. In five months ended August 31, 2025 and FY 2025, 2024 and 2023, the company’s revenue from Maharashtra amounted to Rs 17,609.02 lakh, Rs 34311.56 lakh Rs 17462.91 lakh and Rs 9935.40 lakh representing 77.08%, 72.06%, 50.25% and 32.15% of its total revenue from operations for those periods. Any decline in revenue from this region -- whether due to heightened competition, supply changes, reduced demand, or challenges in renewing or extending existing contracts under commercially favourable terms -- could negatively impact its business, cash flow, operational results, and financial standing. Furthermore, significant disruptions in these areas, such as those caused by social, political, or economic factors, natural disasters, or civil unrest, could have an adverse effect on its business.

Outlook

Clear Secured Services is a Mumbai‑based facility management, offering integrated security, maintenance, infrastructure, staffing, telecom, and IT services. The company has integrated service offerings and strategic business model positioned for industry growth. On the concern side, the company’s business revenue is primarily dependent on a few key customers and failing to retain one or more of these key customers would negatively affect its financial results and business performance. Moreover, a substantial portion of its revenue is generated from a limited number of geographical regions, and any negative developments in these areas could adversely impact its business, cash flows, operational results, and financial condition.

The company is coming out with a maiden IPO of 64,85,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 125-132 per equity share. The aggregate size of the offer is around Rs 81.06 crore to Rs 85.60 crore based on lower and upper price band respectively. On performance front, the company has reported 37.01% rise in revenue from operations at Rs 47,617.53 lakh in FY25 as compared to Rs 34,754.28 lakh in FY24. Moreover, the company’s net profit declined 17.89% to Rs 992.19 lakh in FY25 as compared to Rs 1,208.43 lakh in FY24. 

Going forward, the company’s goal remains to retain, strengthen, and expand its customer base. It plans to capitalize on expected market growth, leveraging its proven track record and ability to effectively deliver services. Its strategy will target both existing customers and new prospects. Additionally, it aims to leverage its diverse range of services and geographic presence to offer bundled solutions, providing a one-stop integrated service experience for customers. This approach will reduce the need for customers to engage multiple vendors, thereby increasing its share of their business. It will continue to adopt a consultative, long-term partnership model, enabling it to address increasing customer service requirements while expanding its market share. This model helps mitigate the revenue and earnings uncertainty typically associated with the short-term nature of many non-government contracts. In the government sector, where contracts are usually awarded through competitive bidding, it intends to refine its bidding strategies and optimize its pricing to meet the qualifying criteria and win more contracts.