Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Krystal Integrated Services Ltd (NSE: KRYSTAL) Q4 2026 Earnings Call dated May. 08, 2026
Corporate Participants:
Sanjay Dighe — Chief Executive Officer
Barun Dey — Chief Financial Officer
Analysts:
Mahesh Kumar — Analyst
Nimesh Pandya — Analyst
Shravan Modi — Analyst
Van Rath — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Crystal Integrated Service Limited Q4 and FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. This conference call may contain forward looking statements about the company which are based on the belief, opinions and expectations of the company as on date of this call.
The statements are not the guarantee of future performance and involved risk and uncertainties that are difficult to predict. Kindly note that the duration of the conference call will be 45 minutes. I now hand over the conference to Mr. Sanjay DK, CEO and whole time Director of the company for opening remarks. Thank you. And over to you.
Sanjay Dighe — Chief Executive Officer
Good morning everybody. Thanks for joining us on this call. I would like to extend a warm welcome to all of you to the Crystal Integrated Services Limited earning conference call for the fourth quarter and full year ended 31 March 2026. I would like to begin by expressing my sincere gratitude to each of you for taking time out of your schedules to join us today. It is always a privilege to have this conversation with our investors and analysts community. Joining me on the call today is Mr. Barunde, my colleague and our Chief Financial Officer Mr.
Viral Seth, Vice President Finance and Accounts as well as the Add factors team, our Investor relations advisors. I hope you have had an opportunity to review our results and the detailed investor presentation shared ahead of this call. I will take you through the key highlights of our performance, the strategic development underway and our outlook going forward.
Mahesh Kumar — Analyst
Before
Sanjay Dighe — Chief Executive Officer
I begin, I want to take a moment to do something we have not formally done on our previous calls. I have always said that Crystal is not a one man army. The strength of this organization lies in the very very talented and experienced leadership team that is driving growth in each of our verticals. So today I’m very pleased to introduce four of our business vertical heads who are with us on this call. My colleague, very good friend and who’s been with the organization since the inception that was year 2000 is Mr.
Rahul Kamale. He is the President of Operations national who heads the entire operations of Crystal Integrated Services Ltd. And is responsible for efficient service delivery to all the new customers and the old customers that we had. And he is also responsible for the 40,000 plus workforce that we have. In addition to this, Rahul heads our complete waste management vertical covering both the solid and the wastewater. All the progress that we have done, whether it is Thale Municipal Corporation or the Vaseh Virat, he is instrumental in bidding for these tenders, evaluating these tenders and also rolling out the entire operations and currently I think we are managing more than 350tpd per day so his task is cut out.
So we have a great leadership in the form of Rahul heading the waste management vertical. Mr. Dhananjay Dave he is our President of Business Development, a very fine professional. He’s an engineer btech and was with Tata Consulting Engineers for more than 27 years. He is, he leads our business development, both government and corporate. He’s focused on rebalancing our business mix as we aim to increase the share of our corporate business. Mr. Imran Khan, again my colleague and very very well experienced corporate salesperson.
He’s our ABP Corporate Sales who leads national corporate business expansion and has been very very instrumental in growing our corporate business to from what we were, what we have achieved in this fiscal. He already instrumental in the strong growth of this segment during the entire year. I have my other colleague Kishore Shinde who is Manager Institutional Sales and who is spearheading our tender evaluation and participation function. This is a very key function which on a daily basis evaluates multiple tenders, analyzes various aspects of the tenders and then submits it to the committee in terms of whether we should bid or not bid for a particular tender.
They are all present today on this call. Allow me to briefly provide some context on Crystal for the benefit of those who may be newer to our story. Crystal Integrated Services Limited is among the leading integrated facility management companies in India. We operate across four core services. Integrated facility management encompassing housekeeping, sanitization, space control, facade cleaning and the other allied services. Private security man guarding, staffing solutions and payroll management and catering which is delivered and managed through our central kitchen based in Mumbai.
Over the years we have strategically expanded our portfolio into higher margin adjacencies including solid and wastewater management techniques, facility management and solar EPC. In parallel we have also launched our B2C platform which offers deep cleaning and related services for the residential sector. We currently serve over 570/ customers across more than 4,000/ locations nationally supported by pan India network of 31 branches and an on site workforce of over 41,676 dedicated professionals who remain our most valuable assets and the foundation of our service delivery.
With that as a context, let me now speak of the performance and strategic direction of business. The fourth quarter delivered a stable and encouraging close to the year with continued momentum in our corporate segment and an evolving business mix that reflects the discipline we have exercised across our operations on a full year basis. The trajectory has been similarly encouraging. I will leave the detailed financial commentary to my colleague Barun, but I would like to use this time to speak about the strategic narrative behind those numbers.
I would describe FY26 as the year in which Crystal 2.0 began to take real shape. This year has strengthened the foundations for sustainable and profitable growth with diversified expansions across India. We added over 177 new customers and 250 plus new sites in the financial year FY26 and the combined multi year new business value from these additions stands at a whopping 300 crore. We have expanded into entirely new geographies including Kolkata, Guwahati, Johor, Bhubaneswar and Angul and onboarded landmark accounts like Fortis Hospital Leave Space India, Indira IVF as full national account as well as MERS Line Shipping for Cargo Management, security in north and South India and many more.
I would also like to highlight that our RFP participation has significantly increased from just 5 to 6 corporates in FY 2425 to around 30 or 31 in the financial year 2025 26. This reinforces Crystal’s emergence as a partner of choice for both MNCs and leading Indian conglomerates. Across sectors and geographies we are increasingly competing for and winning large structured multi location corporate contracts alongside global facility management players. As a compliant and professional managed organ we are witnessing growing acceptance and trust from marquee clients which is very very encouraging.
This year our penetration across sectors has also deepened meaningfully. We have further strengthened our position into sectors such as manufacturing, health care, airports, education, logistics and industrial security, IT quick commerce, warehousing and R and D centers and so on. Many of these sectors are benefiting from India’s ongoing infrastructure and manufacturing led growth further fueled by expansion of commercial office spaces, IT parks and industrial make in India projects. So our strategy going forward is to position Crystal as an Integrated Managed Services Solutions partner.
As we further deepen our relationships with existing clients and cross sell our diversified services. We are able to expand Wallet Share without a proportionate increase in cost. Having said that, I would also like to address our government business segment which is very very important to us, the government business segment remains an integral and important component of our overall portfolio. Public sector infrastructure spending in India continues to grow and the opportunity landscape for a company like Crystal remains very, very substantial.
Also, our prequalification in this government business since the inception year of 2000 makes us a very, very solid player nationally to participate in all the marquee tenders that are being conceptualized and floated by the government. We are able but we are being now selective. Last year we have seen this change in our approach to government bidding. We are more selective and more disciplined in our bid evaluation. However, we continue to actively bid and win government contracts wherever we see meaningful value and we will continue to do so.
The government segment recorded two new contracts awarded during Q4, FY26 and 17 new contracts awarded on a full year basis reflecting this measured and profitability first approach in line with our strategic initiatives, I am happy to share that the Board has approved the 100% acquisition of Citlam India Private Limited, wholly owned subsidiary of the French Government, marking our foray into the smart lighting and urban infrastructure space. CITLAM India Private Limited is the Indian subsidiary of CITLAM SAS France, part of the EDF Group and is pioneer in public and private lighting infrastructure management in India with a proven presence in smart city contracts across Ahmedabad, Noida and Chennai.
It is also very very prominent player in the private sector of street lighting and the lighting business, especially on large project based execution and has executed some mega projects for Tata Projects and Mahindra Townships. Their capabilities span advanced smart lighting with IoT connectivity, operations and maintenance of city infrastructure, energy efficiency solutions and traffic and surveillance management. Through this acquisition we also gain access to proven team with deep technical expertise, a smart urban infrastructure and integrated city solutions.
With the team’s extensive technical expertise and proven track record in Ahmedabad, Noida and Chennai, we are very well positioned for rapid and increasingly profitable growth in the smart lighting and urban infrastructure space. This marks our first acquisition, a strategically significant step that provides us with an established platform to participate in India’s city infrastructure development projects, strengthens our portfolio with technically differentiated and higher margin service offerings and of course the subsequent O and M business that follows with every executed project.
This aligns seamlessly with the broader crystal 2.0 vision that we are building. We are equally focused on sustainability link opportunities including those arising from Sacha, Bharat, Abhiyan, the National Solar Mission and the Amrut Mission, all of which is a growing addressable market for crystal Moving forward, let me now share where we stand on our order book position because I believe this is one of the most reassuring parts of our story today. As of 31st March 2026 our order book in hand stands approximately INR 1220 crores and this is considerably high given the work that we have done last year, so our position on console basis is much better and process even 2,500 crores during the year.
We secured several key mandates including facility management for the new terminal at Jayprakash Narayan International Airport in Patna as well as Vijayawada Airport in Andhra Pradesh, manpower services for Mumbai Metro lines and O and M of power substations in Maharashtra. This marks one of the most significant breakthroughs of the year with the award of the ONM management contract for MSE DCF substations currently operating at 33kV and below. This contract is strategically important as it establish as it establishes our qualification and credibility in the power sector predominantly in the substation O and M management, enabling us to pursue similar opportunities with electricity boards across the country.
We also though this is a Maharashtra State Electricity Board contract, it also opens doors for us in private energy companies which are supplying power to power to various cities in India. We also deepened our presence in healthcare and public infrastructure through sanitization through sanitation and housekeeping mandates across 25 government hospitals in Andhra Pradesh along with the repeat client contracting covering 29 government education institutions in Tamil Nadu. In addition, we secured a large facility management contract in 167 government medical hospitals in Tamil Nadu for the prestigious Directorate of Medical and Rural Health Services which is dms.
We also secured sanitation and security mandates from Delhi schools, sanitation services for Jindal Steel and municipal solid waste management contracts in Vasevira. Notably, the Vasevira win was particularly significant as we were among the top three qualifying agencies supported by our technology partners with MTS under CBS guidelines. Our qualification allows us to bid for projects of approximately 480 to 500tpd which is tons per day by the end of the current fiscal. We are targeting to scale this qualification to 800 to 1000 tons per day over the next 18 months which would substantially enhance our revenue potential and also give us the scope to better our margin profile this fiscal we also secured a rooftop solar PV project for government hospitals and medical colleges in Maharashtra, marking our entry into the renewable energy segment.
From an operational standpoint. We are also driving a structural shift in our workforce composition, progressively moving towards skilled and semi skilled manpower supported by our rigorous training initiatives as well as internal capability development programs. This shift enables us to offer more sophisticated value added service propositions, command better pricing and improve our margins on a sustained basis. Therefore, our guidance for FY26 27 we are targeting upwards of 20% revenue growth on a consolidated basis.
Margin appreciation is also expected going forward led by the increasing contribution of our corporate segment and the gradual scaling of our higher margin emerging verticals. Our pipeline of orders is robust, the demand environment remains constructive and our execution capabilities are stronger than ever.
Nimesh Pandya — Analyst
I
Sanjay Dighe — Chief Executive Officer
Will now hand over the call to Barun, our CFO to take you through the financial highlights for the quarter and the full year. Hope I have been able to explain to you the year gone by and what we are looking at in the future. Over to you. Thank you.
Barun Dey — Chief Financial Officer
Good afternoon everyone. Thank you Sanjay. I will now take you through our consolidated key Financials for Q4 and the full year ended 31 March 26. We reported INR 364.94 crores in revenue during Q4 FY26, nearly 12% year on year decline. So this was a conscious outcome of our disciplined approach to bidding where we choose not to pursue opportunities that will dilute margin. While operational scale moderated during the quarter we delivered a healthy 19% sequential improvement over Q3 driven by stronger operational efficiency and continued focus on profitability.
The EBITDA excluding the other income for the quarter was INR 23.78 year and 11% year on year decline reflecting the same selective bidding discipline. EBITDA margin however improved by three basic points to 6.51%. Our PAT during the quarter is 18.85 seer as against 16.93 seer in the fourth quarter of FY25, an increase of over 11% year on year. PAT margin stood at 5.16% up 100 and six basic points over Q4 FY25. The earning per share for the quarter is INR 13.49. Now coming to our annual FY26 numbers, our revenue for FY26 came at INR 1,277.28 Cr, a 5.32% year on year rise driven by steady execution of existing contracts and new order wins across government and corporate vertical.
Our EBITDA excluding the other income for the year stood at INR 83.53 cr up by 7.5 year on year. EBITDA margin is 6.54% and improvement of 13 basic points over FY25 reflecting operational efficiency, better operational leverage and improvement in business mix. Our PAT during The period is 64.35 seer as against 62.52 seer in FY25 up by nearly 3%. PAT margin stood at 5.04%. The earning per share for the period is 45.94. Now. Our working capital, specifically receivables and loans and advances has increased during the year.
This is a direct consequences of the space at which we have been adding new customers, new geographies and new contracts. As each of these businesses reaches a new steady state, working capital will normalize. Our loan and advances stood at approximately 146.45 crores as on March 26th. And we expect that this will be reduced meaningfully in the near term. As short term positions are recovered. Our debt equity remains comfortable at 0.22. This is a short term working capital impact that is very typical on the business that is scaling rapidly.
And we expect this to correct itself as our new contract stable. I am happy to share that board of directors has recommended a final dividend of 1.50 FISA per equity share of face value of rupees 10 for the financial year 26 subject to approval of shareholder. This is all from my side. Thank you. We will now open the floor for questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take our first question from the line of Shravan Modi from Syndicate Family office. Please go ahead.
Please use your handset mode.
Shravan Modi
Yeah.
Nimesh Pandya
Good
Shravan Modi
Evening. Good morning. Yes, go ahead please.
Sanjay Dighe
Morning.
Shravan Modi
So my question to the management. How do you differentiate from large group from players like cbr, jl, sis? And so when competing for large corporate mandates.
Sanjay Dighe
That is a good question. So Shavan, generally the services which are offered are the same. The quality. We are able to offer a much better quality when it comes to large contracts. The only differentiation is these people come with the international mandates. So because they are essentially proper property management companies. So therefore they come with international mandates. But they do not have enough capabilities to offer these services that we offer. And therefore these are all outsourced services for them.
And vis a vis, when it comes to us, when we are pitching for business, we are the direct service providers to the customer. So there is no. There is. It is a seamless service offering when it comes from us directly to the customer. That is the only difference. And today there are many Corporates which have started to realize this and therefore if you see the new customers that we have added over the period of time, these are the customers which we have competed with these large players and we have acquired this customer.
So in a nutshell to tell you it is just that they are a property management company and coming with international mandates and we are an Indian company pitching for the same business. They outsource services. We are the original service provider.
Shravan Modi
Right. Thank you for your inputs. Also I just wanted to get any thoughts on what is your three to five year vision for like Crystal, where do you see the company and organization go in terms of business mix and where you see the market positioning itself and in terms of scalability as well. What could be the. What is the vision towards the goal?
Sanjay Dighe
Yeah, in the next three to five years the way that we are, we are and we said that we are rebalancing our service portfolios apart from just the government and corporate mix which earlier used to be 70, 30. We are trying to rebalance and add more corporates also in the portfolio. We are redefining our bidding strategy so that we add meaningful government contracts. We have diversified into the waste management space and already acquired contracts. So waste management is also going to play a very crucial role going forward because our pre qualifications are now very very strong in the solid waste as well as the wastewater.
We are moving towards project management businesses in the ONM space. Our MSCDCL contract gives us a huge headway in that sector. Also our newer acquisition of Sidlum opens a completely new space for us to operate which is city lighting. And because the company already is qualified in Ahmedabad City Corporation and has been servicing that for the next eight years. So that gives us a new direction in city infrastructure. To sum it up, in the next three to five years in the government sector we will grow our dominance.
We will bid for good contracts which are giving us healthier margins. We would have made the space for ourselves as the most preferred service provider in large MNCs and conglomerates. We are also shifting our manpower mix to a more semi skilled and skilled kind of manpower. So we will be able to have our business proposal structured in a very different manner. And yes, with these changes we would emerge as one of the key players with much diverse and very strong verticals in the next five years which are going to be all revenue making, all sustainable and all profit making.
Shravan Modi
Right. That’s. Thanks so much for your inputs and patiently answering everything. I wish you and the organization all the very best and to grow really well. Thanks thank you.
Operator
Thank you. Next question is from the line of Mahesh Kumar from MU Investment. Please go ahead.
Mahesh Kumar
Hello, I’m audible.
Sanjay Dighe
Yes,
Operator
Yes,
Mahesh Kumar
Thank you for the opportunity. So I just had two questions on one on the Taskmaster. So I just wanted to know how much revenue is, you know, contributed by the. That trust Taskmaster. Currently.
Sanjay Dighe
Yeah, currently the Taskmart, the Taskmaster currently has, it is a startup. So it has, it has posted a revenue of about 46 in this year. 46 lakhs. We are building it. Our application is ready, the team is ready. Our pilot work is going on. We are identifying the good geographies that we need to work even internally in Mumbai, forget any other city. So there is a lot of work going on in terms of branding, in terms of marketing, in terms of platforms and so on, so forth. So this year from the second quarter maybe it will start picking up some space and it will take take almost a year to see a particular kind of traction.
It is a good space and all of us know it is a no brainer that there are key players in every. In the offering of these services. Also has a lot of flexibility. So there is a lot of things happening in that market space and we are very much there with our supervisory training abilities, our police verification capabilities and our, our management bandwidth of that. It is just a matter of a couple of months that we will see actually a trajectory on a growing, on a growth path.
Mahesh Kumar
Okay sir, so how do you see, how do you see Taskmaster and like going forward, how, what percentage of revenue? Any guidance on that, how much it can contribute going forward in next two, three years?
Sanjay Dighe
To be very honest, Mahesh Kumar, I will not be able to give you a two, three year guidance because lot of work is going on currently. It is under various type of pilot projects that we are doing because it is in a B2C residential sector. So in a residential sector also there are range of services that are being offered currently by the players and we are also figuring it out exactly the services, the packages and what, what value we can drive in that sector. So it is, it is very early for me to actually give any ad hoc comment on the, on the future projections of this business.
But definitely got our things aligned on one of the calls. Definitely I will give a proper feedback on this.
Mahesh Kumar
Sure. And one last question on the corporate side. So we think we are targeting more corporate clients now. Any big names we have added in that and what are the marine profile versus you know, others in the corporate.
Sanjay Dighe
We have, we’ve added quite a Few big names which I have already said on my introductory speech. We have ordered. There is the Merck shipping lines. We’ve added. We’ve added hospitals,
Barun Dey
Fortis
Sanjay Dighe
Hospitals. We have added the new Adani hospitals. So a lot of them, they are all uploaded on our. Maybe the new presentation also. That was uploaded.
Mahesh Kumar
Okay. And how is the margin profile? Sir,
Sanjay Dighe
Not only we’ve added new customers, we’ve added new geographies also. And we’ve added new services also. So the penetration is new customer wise also. And new geographies also. Margin, margin profile also. That is an interesting question. The margin profile of the corporate sector also has increased over the period of time that we saw. Which in the post pandemic era. So the end of course it depends on a service delivery capability. And as I told you, my colleague Raul heads at service delivery and with the kind of efficiency he brings to the customers those step we are able to command a better margin profile.
So margin profile is also good in the new corporate business.
Mahesh Kumar
Okay, sir, okay. Thank you so much. That is from my side and all the best. Thank you.
Operator
Thank you. Next question is from the line of Van Rath from JJ Investment. Please go ahead.
Van Rath
Hi sir. Good afternoon. Thank you for giving me this opportunity. Sir, I wanted to ask. While we see There is a 106bps expansion in fat margin this quarter but the 11.7 year over revenue decline that we see in Q4 is quite sharp. So could you quantify how much of this drop was due to any exits from any low margin contracts or slowdown in new order inflows or any delay in government entering quantifiable.
Sanjay Dighe
Yeah, this is also a good question. You know, 180 crore worth of business. We, we had decided we had taken a step not to go and bid aggressively and chasing revenue. Therefore we had a major shift in our bidding philosophy to focus on projects which give us better margins. So therefore there were a couple of businesses that we did not bid for. And so that is the reason that we saw a little shift in our revenue. So that was one point. The second point is there are there were some tenders that we had already participated and we are still expecting the results.
So there is pillow of the decision making also there. So these are two elements which has postponed the business which should have actually come in this financial year. But if you look at our order book position, we have an extremely good order position on a standalone and console basis. Also like on a standalone we have more than 1200 crore of order book position. And on console basis we have more than 2600 crore of order book position if you see the entire contract tenure. So we are in a very very good position.
So what we were not able to achieve due to these two areas it is going to be made up in the. In the coming fiscal that we see.
Van Rath
All right, so there is a delay in government ending part. We are L1 in many of the.
Sanjay Dighe
But yeah, so there is a pipeline. So there is a. There is a. There is a slight delay in the processes to to disclose the decision.
Van Rath
So
Sanjay Dighe
That’s it. So maybe we. We’ve already bid it. We were supposed. The results were supposed to come in last fiscal but for the process reason I think the decisions are pending. It could come anytime a little later. So these are the. And this is a very typical scenario in a government business driven organization because you know they the bidding in the entire process. The documentation compliance is in our hand. The evaluation is with various machineries. And since we participate in larger contracts there are times to evaluate these.
These contracts. The decision making process take a little. Takes a little time. So which is. Which is good. That is not a problem only thing now that we have listed we are we. The spillover completely goes into a different quarter and a different year or so.
Van Rath
But
Sanjay Dighe
The business in hand is already there.
Van Rath
Okay, thank you so much. This answers my questions. Thank you so much. Yeah, thank you.
Operator
Next question is from the line of Nimesh Pandya from NP Investment. Please go ahead.
Nimesh Pandya
Hello sir. Good afternoon. A couple of questions. I just wanted to know. So what is the expected time limit for commercialization of the bioengine technology? And sir, how should we think about this medium term revenue potential?
Sanjay Dighe
Okay, can you say again the earlier line that you said?
Nimesh Pandya
So what is the expected timeline for commercialization of the bio enzyme technology?
Sanjay Dighe
Okay.
Nimesh Pandya
Yes,
Sanjay Dighe
So the commercial. Commercial. See this bioenzyme technology also though there are various technologies in the bioenzyme and most of them are patented by a different different research laboratories. The commercialization takes maximum one month to. When you spray these enzymes on the garbage or on the legacy waste then it is from seven days to one month that it takes to actually unleash the commercial value of this enzyme. So this entire thing is under a lot of development and we have also done various pilot projects in municipal corporations.
So basically when it removes that entire organic waste. And so whether it is a one ton of waste which is sprayed by enzyme, the reduction of actual waste in the number of days is the key. Currently as you know we have a strategic association with VPRC Vishnu Prasad Research center in Chennai. And we are doing various pilot projects with their enzymes. So this is. We’ve already running this pilots in Mira binder and garbage dumps. So exactly. It is under process. Once we exactly know how much is the timeline to reduce how much quantum of the waste then there is a commercial proposal that can be submitted.
So currently there is no fixed commercial cost that can be allotted. Because these are all under pilot.
Nimesh Pandya
Okay. Got it. Okay. That’s it. From my side. That’s fine. Thank you. Thanks a lot.
Operator
Thank you. As there are no further questions I now hand the conference over to Mr. Sanjay DK for closing comments. Over to you sir.
Sanjay Dighe
So I would like to once again thank the entire Crystal team across the country for their dedication and hard work which continues to drive our progress. I also thank our promoter families for their trust, our valued customers and for their continued partnership. Our valuable bankers for their support. Our valuable investors, the vendor partners with whom we work nationally who support our various projects. The Ad factors team for their guidance. And all the analyst broker community of my friends who are patiently listening to this call.
Most importantly, I thank all the investors for their continued trust and confidence. We remain fully committed to delivering on your expectations and creating long term value for all of us. Thank you very much.
Operator
Thank you. On behalf of Crystal Integrated Services Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.