Stalwart People Services India IPO

About Stalwart People Services India IPO

The public issue of the Stalwart People Services India Ltd IPO, a mainboard IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to eligible investors' demat accounts on TBA. The initiation of refunds will take place on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to [TBA] equity shares (aggregating up to ₹150 crores). The offer for sale consists of up to 5,264,151 equity shares (aggregating up to ₹[TBA] crores). The total issue aggregates up to [TBA] equity shares amounting to ₹[TBA] crores.

Stalwart People Services India Ltd IPO's price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA.

Incorporated in 2003, Stalwart People Services India Limited is an integrated business providing services across security, staffing and facility management. The company serves clients across sectors such as manufacturing, logistics, BFSI, retail, healthcare, e-commerce and government through a technology-enabled service delivery model.

Objectives Of Stalwart People Services India IPO

• Funding the company's working capital requirements.
  
• Pre-payment or repayment of certain outstanding borrowings.
  
• General corporate purposes.
  

Industry Outlook

India's business services industry is expanding as organisations increasingly outsource security, facility management and staffing operations. Higher compliance requirements, growing commercial infrastructure and increasing workforce formalisation continue to support demand for organised service providers.

According to the Frost & Sullivan Report, the security services market in India is valued at ₹1,773.9 billion in FY2026. It is expected to grow at a CAGR of 11.6% to reach ₹3,067.6 billion by FY2031. Commercial establishments account for the largest share of demand, followed by the industrial segment.

The integrated facility management services market is projected to reach ₹942.3 billion by FY2031, growing at a CAGR of 12.7% from FY2026. Demand is expected to be supported by commercial offices, healthcare, public sector projects and increasing outsourcing across industries.

The staffing services market is expected to grow from ₹1,161.3 billion in FY2026 to ₹2,877.0 billion by FY2031, representing a CAGR of 19.9%. Growth is likely to be driven by sectors such as IT/ITeS, banking, manufacturing, retail, logistics, healthcare and hospitality.

About Stalwart People Services India Limited

Incorporated in 2003, Stalwart People Services India Limited is an integrated business services company providing security services, facility management and staffing solutions. Its service portfolio also includes warehouse management, production support, city maintenance services and AI-enabled video surveillance through its proprietary Intelisenz platform.

As of 30 April 2026, the company had a workforce of 25,070 people and served 1,099 clients across 2,752 customer locations spanning 23 states, three Union Territories and two Middle Eastern countries. It provides integrated business support services to clients across more than 15 sectors, including aviation, banking and financial services, healthcare, IT/ITeS, logistics, retail, education, public sector undertakings, quick commerce and infrastructure.

The company also leverages technology through e-onboarding, geo-tagging, biometric attendance, automated payroll processing and real-time operational dashboards to improve workforce management and service delivery.

Strengths Of Stalwart People Services India Limited

• Long standing relationships with its diversified customer base with high client retention rates reflecting strong execution and service capabilities.
  
• One stop integrated solution provider with diversified product offerings
  
• Established global footprint with operations across India and UAE.
  
• Proven track record of 22 years as a trusted partner to over 1,099 corporate clients, reflecting industry leadership and credibility.
  
• Strong in-house technology and product development capabilities, powering proprietary platforms like ‘Intelisenz’
  
• Asset light business model resulting in robust financial parameters.
  
• Experienced management team.
  
• Catering to rapidly growing markets/industries.
  

Risks Of Stalwart People Services India Limited

• A significant portion of the company's revenue comes from South India. Any slowdown or disruption in this region could affect its business.
  
• The company depends on a few large customers for a substantial share of its revenue. The loss of any key customer or contract may impact financial performance.
  
• The company is investing in AI-enabled security and surveillance solutions. Slower adoption or rapid technology changes could affect returns on these investments.
  
• The business relies on a large workforce to deliver its services. Any shortage of manpower or higher employee attrition could affect operations.
  
• The company operates in a highly regulated industry. Any failure to comply with labour and other statutory regulations may lead to penalties or legal action.
  
• The industry is highly competitive. Pricing pressure and competition from organised and regional players could impact margins.
  

The company has identified listed peers operating in a similar line of business for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peers mentioned above is sourced from Financial Results/ Draft Red Herring Prospectus of the company for the year ended 31 March 2025 and stock exchange data dated 29 June 2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, the P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per the Restated Financial Statement for FY 2025.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on 31 March 2025.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹5/- per Equity Share, and the Issue price is [-] times the face value of an equity share.

Anchor Investor Bidding Date: TBA

Registrar Details
KFin Technologies Limited
E-mail: stalwart.ipo@kfintech.com
Tel: +91 40 6716 2222/180 0309 4001

Book Running Lead Manager
Bajaj Capital Securities Limited
E-mail: info@bajajcapitalsec.com
Tel: +91 011-67000000

Stalwart People Services India Limited Contact Details
Door No 34, Thiyagaraya Gramani Street, T Nagar, Thygarayanagar,
Chennai – 600 017, Tamil Nadu, India (Registered Office)
E-mail: cs@stalwartgroup.com
Tel: +91 95006 46344

Stalwart People Services India Limited Business Model

Stalwart People Services India Limited generates revenue by providing outsourced business services under long-term and recurring customer contracts. Its revenue is primarily driven by security services, followed by staffing and facility management solutions. The company also earns income from warehouse management, production support, city maintenance services and technology-enabled surveillance solutions. Its integrated service model enables clients to consolidate multiple workforce-related services under a single provider.

Stalwart People Services India Growth Trajectory

Stalwart People Services India Limited's Total Income for FY25 was ₹399.61 crores, whereas in FY24 and FY23 it was ₹246.73 crores and ₹183.71 crores, respectively. The Profit After Tax for FY25 was ₹16.54 crores, whereas in FY24 and FY23 it was ₹13.99 crores and ₹9.45 crores, respectively.

Its EBITDA for FY25 was ₹24.86 crores, whereas in FY24 and FY23 it was ₹20.28 crores and ₹12.96 crores, respectively.

Stalwart People Services India Market Position

Stalwart People Services India Limited has built a pan-India presence across security services, staffing and facility management. As of 30 April 2026, the company served 1,099 clients across 2,752 customer locations through a workforce of 25,070 personnel operating across 23 states, three Union Territories and two Middle Eastern countries.

The company has built a diversified presence across more than 15 industries, including BFSI, healthcare, manufacturing, logistics, retail, aviation and infrastructure.

As of 31 March 2025, the company's Total Income, Profit After Tax and EBITDA stood at ₹399.61 crores, ₹16.54 crores and ₹24.86 crores, respectively.

How To Apply For Stalwart People Services India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.