Krystal Integrated Services delivers robust Q4 and FY25 results, expands into waste management and water treatment

Krystal Integrated Services Ltd. (NSE: KRYSTAL, BSE: 544149) delivered a solid financial and strategic performance in the fourth quarter and full fiscal year ended March 31, 2025. The company recorded strong double-digit growth in both revenue and profit, driven by the execution of major integrated facility management contracts and an assertive foray into waste and water treatment segments. The performance reflects Krystal’s evolving business model and its efforts to position itself as a full-spectrum service provider catering to India‘s urban infrastructure and sustainability needs.

In Q4 FY25, Krystal’s total income surged by 41.4% year-on-year to ₹413.10 crore, supported by several new high-value contracts across sectors. Full-year total income stood at ₹1,212.78 crore, marking an 18.1% rise compared to FY24. Despite higher investment in skilled talent and new verticals, EBITDA grew 42.3% year-on-year in Q4, with margins maintained at 6.48%. FY25 profit after tax climbed 27.1% to ₹62.33 crore.

What Led Krystal Integrated Services to Outperform in Q4 FY25?

The fourth quarter was marked by significant operational execution. Revenue rose sharply from ₹292.17 crore in Q4 FY24 to ₹413.10 crore, driven by bundled services across sectors including airports, healthcare institutions, monorail stations, and manufacturing units. EBITDA increased to ₹26.75 crore from ₹18.80 crore, showcasing improved productivity and contract efficiency.

While net profit rose to ₹16.91 crore in Q4, up 7.4% from the prior-year period, the PAT margin saw a contraction to 4.09% due to tax adjustments. The company’s strategy of balancing manpower investments with material cost efficiency helped maintain profitability.

What Were the Full-Year FY25 Financial Highlights?

For the fiscal year ended March 2025, Krystal reported ₹1,212.78 crore in total income, up from ₹1,026.85 crore in FY24. EBITDA rose to ₹77.71 crore from ₹68.68 crore, reflecting a 13.1% increase. However, EBITDA margin fell marginally to 6.41% compared to 6.69% last year, as startup costs for new verticals weighed on operating leverage.

Net profit rose significantly to ₹62.33 crore from ₹49.03 crore, boosting the PAT margin to 5.14%. The Board recommended a final dividend of ₹1.50 per share, showcasing financial confidence despite margin compression from expansionary investments.

How Is Krystal Diversifying into Environmental and Technical Services?

FY25 marked a strategic transformation for Krystal Integrated Services as it entered the waste management, water treatment, and technical facility management sectors. The company secured solid waste management contracts and began wastewater and effluent treatment operations, including the significant TPPA Chennai project. These segments offer regulatory tailwinds, higher profitability, and long-term demand visibility.

Additionally, Krystal began offering specialized technical facility services requiring high-skill personnel, positioning the company in premium-value service lines. This diversification is seen as critical to building a future-ready, ESG-aligned business.

What Major Projects Boosted the Order Book in FY25?

Some of Krystal’s high-impact contracts in FY25 include a ₹349 crore facility management deal from Tamil Nadu Medical Services Corporation, security services for SVC Co-operative Bank, staffing at Mumbai Monorail, and ₹84 crore sanitization services for PGIMER. The company also expanded its airport services portfolio, adding locations such as Chandigarh, Chennai, and Trivandrum.

These wins underscore Krystal’s credibility in bidding for large-scale public infrastructure and health-related service contracts—an area expected to grow with increasing urbanization and hygiene mandates.

What Is the Business Footprint of Krystal Integrated Services?

Krystal operates over 2,487 customer sites and serves 369 clients across sectors including education, healthcare, manufacturing, city infrastructure, airports, metro systems, and retail. The company provides integrated services ranging from facility and catering to private security and payroll solutions.

Its environmental services cover legacy waste bio-mining, Common Effluent Treatment Plants (CETPs), and Zero Liquid Discharge (ZLD) solutions. Krystal’s extensive footprint across India enhances its competitive edge in capturing state and municipal contracts.

How Has the Stock of Krystal Integrated Services Performed?

As of April 30, 2025, Krystal Integrated Services is trading at ₹527.85 on the NSE. While the stock has recovered 26% from its 52-week low of ₹415.60, it remains down 40.56% from its 52-week high of ₹888.00. This reflects mixed investor sentiment despite strong operational performance.

The company’s current P/E ratio stands at 17.08—well below the industry average of 26.30—indicating undervaluation relative to peers. The P/B ratio of 1.74 also points to a discount against the industry benchmark of 2.09.

What Are Institutional Investors Signaling Through Their Holdings?

In terms of institutional flows, promoter holdings remained strong at 69.96% with zero pledge, signaling high confidence. FIIs increased their holdings to 2.09% in March 2025 from 0.72% in the prior quarter, marking growing international investor interest. In contrast, DIIs reduced their holdings from 5.02% to 3.78%, indicating a cautious domestic stance.

Among mutual funds, the Quant ELSS Tax Saver Fund holds a notable 3.76% stake, adding retail confidence to the mix.

What Does Market Sentiment Say About the Stock’s Future?

Investor sentiment towards Krystal is showing early signs of a rebound. While the stock is still down about 30.5% over the past year, the recent recovery and foreign inflows suggest optimism about the company’s strategic pivot and new growth vectors.

Analysts tracking the sector suggest a neutral-to-positive outlook, especially as Krystal positions itself for high-margin opportunities in ESG-aligned services. Valuation comfort, coupled with expanding addressable markets, makes the stock a potential “Buy” for investors with medium to long-term horizons, albeit with close monitoring of margin pressures.

Can Krystal Sustain Its Growth Momentum in FY26?

Krystal Integrated Services has laid the foundation for long-term growth through diversification and scale. The entry into environmental and technical services marks a strategic shift that aligns with India’s national priorities in sanitation, infrastructure, and sustainability. Financially, despite short-term margin fluctuations, the company continues to deliver consistent top-line and bottom-line growth.

For investors, Krystal offers a compelling mix of undervaluation, contract visibility, and strategic sector alignment. The next leg of the journey will depend on margin improvement, contract execution in new domains, and sustained order inflow. If the current trajectory holds, Krystal could emerge as a leading player in India’s next-generation infrastructure services landscape.