Stalwart People Services India IPO
Stalwart People Services India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹150.00 crore and an offer for sale of up to 52,64,151 shares by the two promoters. In FY25, the latest full year the draft covers, the company made a profit of ₹16.54 crore on revenue of ₹396.87 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 30 Jun 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Bajaj Capital Securities Limited
- Last SEBI contact
- 13 Sep 2026
- Price band and dates
- Not announced
Where it stands
Stalwart People Services India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Jun 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 30 June 2026, 129 days ago, and its last communication on the draft was on 13 September 2026 (day count is our calculation).
DRHP at a glance
Stalwart People Services India DRHP at a glance
Draft red herring prospectus, 29 Jun 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 214 to 215) and Basis for Offer Price, KPIs (p. 135)Stalwart People Services India provides business support services to corporate clients across three segments: security services, covering manned guarding, armed guarding, quick response teams and AI-enabled video surveillance and analytics through its own platform Intelisenz; facilities management, both hard and soft; and staffing solutions. The draft positions it as a single-vendor partner across all three, which reduces client dependence on multiple suppliers. It was incorporated in 2003, and its promoters have a combined 22 years of industry experience. The workforce was 25,070 people as of 30 April 2026.
As of 30 April 2026 the company served more than 1,099 clients across 2,752 locations in 23 states, three union territories and two Middle East countries, spanning more than 15 sectors including aviation, banking and financial services, healthcare, information technology, logistics, retail, education, public sector undertakings, quick commerce and infrastructure. Named clients in the draft include Yes Bank Limited, Zepto Private Limited, PVR Inox Limited, Century Panels Limited and G. Narayanamma Institute of Technology and Science. By segment it had 955 security services clients, 102 facilities management clients and 42 staffing solutions clients. It entered the United Arab Emirates market in 2024, and holds ISO 9001:2015 and ISO 45001:2018 accreditation.
The offer
DRHP cover pages, The Offer (p. 65) and Capital Structure (p. 90)| Fresh issue | Up to ₹150.00 croreMoney goes to the company |
| Offer for sale | Up to 52,64,151 sharesBy promoter selling shareholders Christopher Arvinth, up to 26,32,076 shares at a weighted average cost of ₹0.06, and Caroline Mendez, up to 26,32,075 shares at ₹0.01. The company receives no proceeds from the offer for sale |
| Shares before the IPO | 5,58,00,000Face value ₹5 each. The offer for sale is about 9.4% of them (ours) |
| Pre-IPO placement | Up to ₹22.50 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Bajaj Capital Securities Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Christopher Arvinth and Caroline Mendez |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 112 to 113)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital expenditure | 65.00 | 43.3% |
| Pre-payment or repayment, in full or in part, of certain outstanding borrowings | 40.00 | 26.7% |
| General corporate purposes (set later) |
The total shown is the fresh issue size of ₹150.00 crore. Offer expenses are deducted before these amounts. The named objects add to ₹105.00 crore (ours), with the balance going to general corporate purposes and offer expenses. Any pre-IPO placement proceeds would reduce the fresh issue.
Financials
DRHP, Summary Financial Information (p. 68 to 72) and Basis for Offer Price, KPIs (p. 133 to 135), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 182.57 | 245.14 | 396.87 |
| EBITDA | 12.96 | 20.28 | 24.86 |
| EBITDA margin | 7.10% | 8.27% | 6.26% |
| EBIT margin | 7.14% | 8.13% | 6.22% |
| Profit after tax | 9.45 | 14 | 16.54 |
| Profit after tax margin | 5.15% | 5.67% | 4.14% |
| Diluted EPS (₹) | 1.69 | 2.53 | 3.10 |
| Total equity | 52.76 | 66.70 | 83.26 |
| Cash from operations | -3.76 | 5.36 | -12.13 |
| Total debt | 4.80 | 2.03 | 18.95 |
| Net debt | -19.99 | -23.27 | -3.33 |
| Total debt to equity | 0.09 | 0.03 | 0.23 |
| Return on net worth | 17.92% | 21.11% | 20.64% |
| Return on capital employed | 22.63% | 28.98% | 24.14% |
| Net asset value a share (₹) | 9.46 | 11.97 | 15.03 |
Restated consolidated figures for the three full years to FY25. Revenue more than doubled over the three years while EBITDA and profit margins narrowed in FY25. Cash from operations was negative in FY23 and FY25, which the draft lists as a risk factor, and net debt was negative in all three years. Return on net worth and return on capital employed both peaked in FY24. Total equity is total assets less total liabilities, as the KPI table defines it. Basic and diluted earnings per share are the same in all three years as printed and are restated for the bonus issue.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 133 to 134). Peer prices as of 19 June 2026 on BSE, and peer figures for the year ended 31 March 2025 on a consolidated basis.The document puts the peer group P/E high at 529.94 times for SIS, the low at 10.22 times for Updater Services and the average at 123.17 times. The P/E for Stalwart People Services India is not given until the offer price is set. Both the company's figures and the peers' are for FY25.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Stalwart People Services India (FY25) | 3.10 | Set with the offer price | 20.64% |
| Kapston Services | 8.79 | 39.43x | 16.92% |
| Krystal Integrated Services | 44.61 | 13.63x | 10.00% |
| SIS | 0.81 | 529.94x | 0.49% |
| TeamLease Services | 64.86 | 22.60x | 11.99% |
| Updater Services | 17.70 | 10.22x | 12.40% |
Risks the draft lists first
DRHP, Risk Factors (p. 27 to 34)- South IndiaSouth India gave about 85.60% of FY25 revenue from operations and 78.30% in the nine months to 31 December 2025. (Risk factor 1, p. 27)
- Surveillance platformFailure to scale, maintain, upgrade or secure the AI-based video surveillance platform would affect the security services business. (Risk factor 3, p. 28)
- Deployed workforceA large workforce is deployed at client sites and workplaces, which exposes the company to liability for their conduct and safety. (Risk factor 4, p. 28)
- Working capitalThe business needs significant working capital because of the lag between paying staff and being paid by clients, and may not obtain financing or bank guarantees on favourable terms. (Risk factor 6, p. 30)
- Segment mixRevenue and profitability vary across the three business segments, which makes future results harder to predict. (Risk factor 11, p. 33)
- Negative cash flowsThe company has had negative cash flows from operating activities in the past and the draft says these may continue. (Risk factor 12, p. 34)
Documents
Stalwart People Services India DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Stalwart People Services India IPO FAQs
When will the Stalwart People Services India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 129 days ago (our calculation).
Has SEBI approved the Stalwart People Services India IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Stalwart People Services India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Stalwart People Services India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Stalwart People Services India IPO?
Bajaj Capital Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Stalwart People Services India do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital expenditure (₹65.00 crore), pre-payment or repayment, in full or in part, of certain outstanding borrowings (₹40.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Stalwart People Services India do?
Stalwart People Services India provides business support services to corporate clients across three segments: security services, covering manned guarding, armed guarding, quick response teams and AI-enabled video surveillance and analytics through its own platform Intelisenz; facilities management, both hard and soft; and staffing solutions. The draft positions it as a single-vendor partner across all three, which reduces client dependence on multiple suppliers. It was incorporated in 2003, and its promoters have a combined 22 years of industry experience. The workforce was 25,070 people as of 30 April 2026.
Where can I read the Stalwart People Services India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 July 2026. The draft is dated 29 June 2026 and runs to 513 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 June 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.