NSE: KAPSTON
KAPSTON SERVICES LIMITED
Provides business-to-business manpower services, primarily staffing, security, and facility management, across India. According to its Q3 FY26 investor presentation, it employs 30,000+ people and serves 700+ clients. Employee costs dominate the cost structure at 92.3% of revenue, with materials at 0.9%, other operating expenses at 1.6%, and depreciation at 0.5%, reflecting a people-intensive, asset-light model. FY26 standalone revenue was ₹830.20 crore with net profit of ₹28.13 crore and EBITDA margin of 5.48%. In FY26, the company also incorporated Kapston Home Services Private Limited and Kapston Home Products Private Limited as subsidiaries, marking an entry into the business-to-consumer home services market with cleaning, maid, electrical, plumbing, carpentry, beauty and spa offerings, with a soft launch in Hyderabad in April 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Staffing services, Security services, Facility management, B2C home services (new). People-intensive, asset-light commercial services business with a recently launched B2C home services extension.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 689 | 830 |
| EBITDA (ex other income) | 31 | 44 |
| margin % | 4.5 | 5.3 |
| Owners' profit | 18 | 28 |
| EPS, as reported (₹) | 8.79 | 9.24 |
| ROE % · ROCE % | 20.1 · 20.3 | 24.2 · 25.6 |
| Debt / equity (x) | 1.81 | 1.51 |
| Cash from operations | (8) | 9 |
| Capex | (39) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 168 | 183 | 185 | 191 | 211 | 213 | 216 | 222 |
| Profit before tax | 3 | 4 | 5 | 6 | 6 | 7 | 8 | 10 |
| Net profit | 4 | 5 | 6 | 6 | 7 | 7 | 8 | 8 |
| EPS (₹) | 1.94 | 2.23 | 2.98 | 3.02 | 3.48 | 3.66 | 2.47 | 2.79 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.0 | 13.0 | 63 of 79 | 21% |
| P/B | 13.3 | 1.3 | 91 of 95 | 4% |
| ROCE | 16.8 | 3.4 | 12 of 103 | 89% |
| ROE | 24.2 | 2.9 | 9 of 113 | 93% |
| Debt / Equity | 1.5 | 0.1 | 83 of 91 | 9% |
| EBITDA margin | 6.7 | 25.4 | 60 of 92 | 35% |
| Revenue growth | 16.2 | 16.2 | 46 of 91 | 50% |
| Profit growth | 38.5 | 5.2 | 44 of 110 | 61% |
| Market cap | 1546 | 47 | 16 of 108 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Postal ballot seeks approval for one-for-five equity share split | compliance | minimal | — | — |
| 22 Oct 2026 · Postal ballot on proposed five-for-one equity share split | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Newspaper publication of September 2026 quarter results | compliance | minimal | — | — |
| 21 Oct 2026 · Q2 FY27 results - Revenue up 7%, PAT up 19%, EBITDA up 41% YoY | compliance | low | — | — |
| 20 Oct 2026 · Kapston board approves 5:1 stock split and Q2 results | results | high | — | — |
| 20 Oct 2026 · Q2 profit up about 22%; board proposes each Rs 5 share split into five Rs 1 shares | results | high | — | — |
| 6 Oct 2026 · Kapston Services files demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter Srikanth Kodali sells 3% stake in Kapston Services via open market | ownership changes | high | — | — |
| 1 Oct 2026 · Promoter Srikanth Kodali sells 3% stake via open market | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter sells 4 lakh shares to HNIs including actors via bulk deal | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.