Stalwart People Services India Limited IPO

Offers comprehensive, single-window solutions across Security Services, Integrated Facility Management (IFM), and Staffing Solutions, allowing turnkey contract execution across diverse client needs.  

Operates an active network of 23 regional offices managing 2,752 client sites across India with a total workforce of 25,070 personnel (comprising 23,854 on-site employees, 527 corporate/support staff, and 689 apprentices) as of April 30, 2026. 

Revenue from operations grew from ₹182.57 crore in FY23 to ₹245.14 crore in FY24 and ₹396.87 crore in FY25 (a two-year CAGR of 47.45%), reaching ₹474.50 crore in the nine months ended December 31, 2025. Restated PAT expanded from ₹9.45 crore in FY23 to ₹16.54 crore in FY25 and ₹22.84 crore in 9M FY26. 

Demonstrated consistent capital efficiency with a Return on Net Worth (RoNW) of 19.86% in FY25 and 22.18% (unannualized) in 9M FY26, alongside a Return on Capital Employed (RoCE) of 27.76% in FY25 and 23.16% in 9M FY26. 

Developed proprietary technology systems including an in-house ERP and the AI-based video surveillance platform Intelisenz, which had deployed 3,200 video feeds across 59 customer premises as of April 30, 2026. 

Established an international operational base in the UAE through its subsidiary Stalwart Facility and Security Services L.L.C, broadening its market reach beyond India. 

The Indian security services market has over 20,000 operators (with market leader SIS holding only 3.8% in FY26) and outsourced facility management has ~500 players. Increasing client preference for strict statutory compliance (PF, ESIC, minimum wages) creates significant market-share migration toward organised providers. 

Tier-1 organised players control only 26.5% of the outsourced facility management market, and top 5 staffing players account for 34.7% in FY26, leaving substantial room for consolidation and scale-up. 

Opportunity to scale Intelisenz across a wider customer base beyond its initial three enterprise clients, and commercialise developed modules such as AI freshness monitoring, crowd management, and heat-mapping analytics.  

The company derived 85.60% (FY25) and 78.30% (9M FY26) of its revenue from South India, with Tamil Nadu and Karnataka contributing 44.53% and 24.04% in 9M FY26, respectively. Any economic slowdown, localised civil disruption, increased regional competition, or adverse changes in state government policies across Tamil Nadu and Karnataka could disproportionately impair revenues and operational stability. 

As of April 30, 2026, the company employed 23,854 on-site personnel across 2,752 client locations. The on-site employee attrition rate stood at 61.78% in 9M FY26, 64.02% in FY25, 66.11% in FY24, and 67.60% in FY23. High turnover elevates ongoing recruitment, induction, and training expenses, while increasing the risk of unfilled client shifts, service delivery disruptions, and contract defaults. 

Employee benefit expenses formed 87.62% of revenue from operations and 91.65% of total expenses in 9M FY26 (and 89.57% of revenue and 94.41% of total expenses in FY25). If statutory wage minimums, provident fund, gratuity, or insurance mandates increase under newly enacted Labour Codes, an inability to pass these costs onto fixed-price or SLA-based client contracts would compress operating margins. 

The company deployed 289-armed security personnel and canine squad handlers as of April 30, 2026. Misuse or negligence involving firearms or canines can expose the firm to vicarious liability, heavy financial damages, criminal litigation, and client terminations, particularly in sensitive sectors like BFSI. 

The Indian security services market has over 20,000 operators (SIS leads with 3.8% market share in FY26), while outsourced facilities management comprises around 500 players. Unorganised competitors operating without full compliance with PF/ESIC regulations can underbid price, creating constant downward pricing pressure on organised service providers. 

The progressive implementation of the four Labour Codes (Code on Wages, Code on Social Security, OSHWC Code, and Industrial Relations Code) will alter the statutory definition of basic wages. The base for calculating PF, gratuity, and leave encashment will rise, causing a structural increase in human-capital overhead that may not be fully recoverable under legacy client service agreements. 

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials. 

Locate the IPO Section: Navigate to the 'IPO' section on the platform. 

Select IPO: Find and select the Stalwart People Services India Limited IPO from the list of open IPOs. 

Enter the Lot Size: Specify the number of lots you want to bid for. 

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

Log in to the Angel One app. 

Go to the IPO Section and then to IPO Orders. 

Select the individual IPO that you had applied for and check the allotment status. 

Angel One will notify you of your IPO allotment status via push notification and email.