Earnings Call Transcript - XNSE:KRYSTAL 2026-11-03

Operator

Ladies and gentlemen, good day and welcome to the Crystal Integrated Services Ltd. Q2 and H1FY27 Earnings Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note, this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. We have with us today Sanjay Deege, CEO and Whole-Time Director of the company, and Mr. Barun De, Chief Financial Officer. I now hand the conference over to Mr. Sanjay Dike, CEO and Whole Time Director of the company, for opening remarks. Thank you and over to you, sir.

Sanjay Dike, CEO

Thank you. Good morning, everyone. Thank you very much for joining us today for our Q2 and H1 FY27 earnings call. As always, I am happy to do this call along with you. Let me begin with a simple observation today. Every facility, whether it is a hospital, railway station, airport, educational institute, manufacturing unit, retail, malls, theaters, multiplexes, they all depend on complex network of services to function efficiently, from housekeeping, security, to technical maintenance, to staffing, their payroll management, Their other infrastructure management needs, these services are very, very essential to keep those facilities up and running, even if they go often unnoticed. Today, organizations increasingly want a single, reliable partner who can manage these operations seamlessly and at a scale and to the specifications of various customer requirements. This is the opportunity we are building at Crystal. We have delivered a very strong performance in the first half of FY27, with the revenue from operations growing 46% to 414.47 crores in Q2, and 28% to 775.18 crores in the H1. Our pad grew 42% to 18.7 crores in Q2 and 22.1% to 36 crores in H1. Beyond these numbers, we have made meaningful progress in expanding our customer base, strengthening our order pipeline, and entering new business verticals. Let me put this performance into a larger industry context. Next, India's infrastructure and urbanization story is creating a significant opportunity for organized service providers. The Indian facility management industry is estimated to grow at approximately 8-9% annually, driven by commercial, real estate, manufacturing, healthcare, education, airports, and other metros and allied services. We are also witnessing a shift from fragmented service providers towards integrated facility management contracts, where customers prefer one partner managing multiple services and across multiple locations. In staffing, the Indian Staffing Federation estimates the formal flexi-staffing market had approximately 2.2 lakh crore in FY26. The formal workforce is expected to increase from 7.2 million in FY25 to 9.2 million by FY27. The implementation of India's four labour codes on 21st November 2025, consolidating 29 central labour laws, is another important development. While the transition requires industry-wide adjustments, we believe it will increasingly favour organised players with strong compliance frameworks. The waste management presents another significant opportunity. Under the Swachabharat Mission Urban 2.0, the government has an outlay of approximately 1.41 lakh crore with the objective of making Indian cities garbage-free. Urban India generates approximately 1.66 lakh tons of mincible solid waste every day, while waste processing has increased from 16% in 2014 to approximately 80% currently of the 10,930 crore allocated for solid waste management. Projects worth 9,439 crore have been approved. Additionally, metro projects are under development in 12 cities alongside airport expansions, railway modernization, new railway tracks, new railway trains, and investments in urban infrastructure. For Crystal, these developments represent more than market growth. They represent a structural shift towards organized. We believe our capabilities position us well to participate in this opportunity. Given our 25 years of experience and the strong experience across the country, with a network of our 36 offices and a very well-experienced and qualified frontline staff, along with an excellent management internal bandwidth, we are absolutely poised to participate in these new opportunities. Coming to our business performance, our focus remains on strengthening our core operations while expanding our customer relationships. During H1-F527, we added 59 new corporate customers, including 31 only in Q2. As of September 2026, we were serving more than 1,700 locations, Supported by 33 branches, 5 warehouses, and a workforce of 49,971 on-site employees. These additions demonstrate the increasing reach of our operations and our ability to serve customers across multiple sectors and geography. Our recent order wins further demonstrate the breadth of our opportunities we are addressing. Some of the significant contracts secured during the period include a 24-month contract worth approximately $26 crore from the Southeast Central Railway, Bilaspur Division, for on-board housekeeping and layland distribution. A three-year integrated facility management contract worth approximately $134 crore from Maharashtra State Road Transport Corporation covering Mumbai and Chhattrapati, Sambachi Nagar. Work orders were approximately 296 crore, representing our 40% share through the LC Infra and Crystal Consortium for sewage treatment plants, intake and outlet structures, and sewer networks in Pune and Nagpur under Swatchabharat Mission Urban 2.0. Contract worth approximately $33 crore and $6.6 crore from Maha Mumbai Metro Operations Corporation for housekeeping, facade cleaning, and roof cleaning at metro and monorail stations. A contract worth approximately $27.6 crore from the Backward Classes Welfare Department, Aghara Pradesh, governing sanitation at 563 hostels across 13 districts. A five-year manpower services contract worth approximately $17 crore from Maharashtra Rajya Sarkari Sangpude. A 12-month sanitation and waste management contract worth approximately 6.6 crore from Shri Khatushab Mandir Committee. An annual manpower contract worth approximately 8.75 crore from Kosol Energy of 250 technically qualified professionals at its Bawala facility in Gujarat. These means reflect our growing presence across railways, public transport, water infrastructure, institutional sanitization, and industrial staffing. On the bidding front, we evaluated our tender team, evaluated tenders worth approximately over 12,000 crores, and we participated in bids worth approximately 4,500 crores. Based on our historical performance in this tender-oriented business, our approach remains selective. We are focused not merely on increasing our order book, but on securing contracts that offer sustainable margins and align with our execution capabilities. Crystal 2.0, our next phase of growth. Let me now touch upon an important part of our strategy, which is this crystal. Over the years, we have established a strong foundation in integrated facility management and manpower-based services. We now intend to leverage that foundation to enter adjacent infrastructure-led and technology-enabled businesses. There are four important areas of focus. First, power and light is of SITLAM India from its existing shareholders, including SITLAM SAS of France. This acquisition marks our entry into city lighting and urban infrastructure business, adding specialized engineering and technology capabilities to our business. Bidding activities have commenced, and we are actively pursuing opportunities across India. The captive team is in place, and Sittlum is led by a very competent CEO who has over 40 years. Over the next three to four years, we are targeting annual revenues of 300 to 350 crore from this vertical, supported by a planned investment of approximately 100 crore in engineering capabilities, technology platforms, and business expansion. Solid waste management, we have added solid waste management as a new business segment and are working towards increasing our processing capability from approximately 400 tons per day to 800 to 1,000 tons per day. With increasing government investment and urban infrastructure requirements, we believe this can become an important growth vertical. We have secured our first solar order from DMER, marking our entry into a solar EPC segment. We have also introduced technical facility management as a separate segment, allowing us to expand our service offerings and participate in more specialized infrastructure operations. The focus here is to participate in various electrical plants to manage their O&M, turbine maintenance, etc. These initiatives are connected by one common objective, to build a diversified business with multiple growth engines while leveraging our existing customer relationships, operational capabilities, and second half of FY27. We remain very positive about the opportunities ahead. Our priorities are clear. Converting our tender pipeline, executing our recent secured contracts efficiently, strengthening our emerging business verticals, improving our operational efficiencies, and penetrating more and more corporate sector across the country in metros and A, B, and C tires cities. We already have excellent corporate relationships. The idea is to cross-sell various products to single corporates and leverage our relationships phenomenally. At the same time, we remain conscious of the importance of margin discipline, working capital management, and cash generation. Managing nearly 50,000 employees across thousands of locations requires strong systems, processes, and execution capabilities. We will continue investing in these areas as we scale. Our ambition is not simply to make Crystal a larger company. Our ambition is to build a stronger, more diversified, and consistently profitable organization that delivers sustainable value to our shareholders, our team members, our bankers, and everybody. So, this is all from my side in my opening remarks on today's returns call. Thank you for patiently listening to me, and we'll be happy to take your questions later. Good morning, everybody.

Barun De, CFO

Coming to our Consolidated Financials, revenue for Q28527 was 414.47 CR, up by 46.25% year-on-year, from INR 283.4 CR, And up by 14.9% quarter-on-quarter from INR 360.71 year. H1 revenue was 775.18 year, up 27.82% year-on-year from 606.48 year in H1 FY26. By segment, manpower and related services contributed about 91% of H1 revenue and catering and related services up to 9%. EBITDA without other income for Q2 was 24.86 years, up 38.82% with a margin of 6% as against 6.32% in Q2 FY26. H1 EBITDA was 47.66 years, up 21.39% at a margin of 6.15% against 6.47%. The modernization of 32 basic points in margin comes from employee cost, which was 75.9% for Q2 revenue against 72.3% last year. Partly offset by lower material and other expenses as a share of revenue. We continue to prioritize the margin activity walks as we scale. PAT for Q2 was 18.67 SEER, up 41.66%, and for H1, it was 36.04 SEER, up 22.09%, and PAT margin of 4.65%. Q2 Pat view faster than the operating profit held by lower effective tax rate of 12.5% as against 16.6% last year. Earning per share for H1 was 25.85. On the balance sheet front, the net date of as on September 30th was 26 was 63.84 seer with a borrowing of 144.64 seer and cash and bank balance of 80.80 seer. The net worth 539.09 years and trade receivable dates were about 118 days, in line with March 26, despite increase in business. With that, we are now happy to take your questions. Thank you.

Operator

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Yash Parker from Patel Investments. Please go ahead.

Yash Parker, Analyst — Patel Investments

Hi, sir. Congratulations on a great set of numbers. First of all, my question is regarding margins. So, while we have delivered good revenue growth of nearly 46% in quarter to year on year, EBITDA margins have moderated from 6.32% to 6%. So, could you help us understand the key factors behind this margin contraction and how should we look at the margin improvement over the coming quarters?

Sanjay Dike, CEO

Thank you, Yash. Good morning to you. Basically, if you heard my entire speech, our endeavor is to attract contracts, work on contracts, and build our efficiencies to grow the margin. The entire game plan is that as we grow our top line, we need to build our margin profile as well. What happens when you acquire a newer business, a larger chunk of business in a particular quarter? The initial investment done in that phase to stabilize that contract and during the startup phase attracts a little more working capital and other expenses, then And you do it on a normal, month-to-month, regular basis. So, therefore, every quarter that you see that we attract a new, we sign up a new contract, you see a little dip in the margin, because it is an initial phase. And this is the nature of our business. As in now that we add our O&M businesses, our technical businesses, etc., you will see that the efficiency is then taken care of by these businesses, when we attract the biggest customer.

Yash Parker, Analyst — Patel Investments

Right, sir. We have also mentioned an order book of approximately 3,100 crore. So, could you throw slight on the execution time of this order book and the revenue contribution that we can expect over the next 6 to 12 months?

Sanjay Dike, CEO

See, two questions you are asking me. So, one is this order book position of 2980 or approximately 3000 crore is for the next three years. So, you will see the way some contracts get over and your contracts build up. So, that is our order book position for the next three, three and a half years. And based on the tenure of the contract, that order book will flow. Now, coming to your second half of the question, we've achieved more than about 46-43%. So, we have a very strong pipeline. I'm very confident that we should be able to give 31st batch.

Yash Parker, Analyst — Patel Investments

So, and last question from my answer regarding this acquisition of Citalium that we have done. So, with this, we have also entered into city lighting and urban infrastructure segment. With the revenue ambition of nearly 3,350 crores over the next 3 to 4 years, so could you elaborate on the execution roadmap to achieve this target?

Sanjay Dike, CEO

See, we acquired Sittlum India Private Limited. They already, they have done the entire city lighting of Ahmedabad City. They have also been lighting in Noida and other places. They also had a very significant presence in the Tata projects, Mahendra projects, etc. So, we have acquired a company which already has a strong pre-qualification. Because of that, it enables us to bid for city lighting, whether it is new design and development, or revamping of existing lighting, or upgradation or updation across the country. So, now that we have started participating in the tender, we also have the same team which was earlier working with Citlum, which we have taken on board. So, business has continued completely, not anywhere, and the work is in full space.

Yash Parker, Analyst — Patel Investments

Right, sir. Just a follow-up question on this. So, will this business primarily focus on government-led projects or private sector opportunities, sir? Both. Okay. That answers my questions. Thank you so much for the opportunity. Thank you. Thank you.

Operator

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants, Please limit your questions to two per participant. And reminder to all the participants, anyone who wishes to ask a question, miss Trestar and Bun on their touchstone telephone. Next question is from the line of Divya Reddy, an individual investor. Please go ahead.

Divya Reddy, Analyst — Individual Investor

Hello, good morning. Am I audible? So, sir, you have been giving the revenue target of 300 to 350 crores. So, do you think that you have that required infrastructure or the capabilities to achieve it, or do you operate family through an asset-light model?

Sanjay Dike, CEO

So, you are talking about the city lighting business, right, that we have acquired? Yeah, so I just explained, if you are listening just now, I just explained that when we have acquired this company, we have acquired the capabilities also, and the pre-qualifications. So we are not going to take any time to build capabilities. Only thing when we acquire a project, wherever in the country, then the project team has to be rolled out for rolling out the project. So we are not going to need any lead time when we acquire a project. We have the systems in place, processes in place, and the people which is the captive team in place. So that is the number one. What was the second one that you asked?

Divya Reddy, Analyst — Individual Investor

Do you operate to the asset light company?

Sanjay Dike, CEO

Yeah, so this is basically, this is kind of city lighting, design, installation, commissioning, and O&M. So, it is not going to have our assets involved in it. It is a part of the project. These are all project-driven business, so we don't need to invest any assets.

Divya Reddy, Analyst — Individual Investor

Okay, that answers my question.

Operator

Thank you, sir. Thank you. Next question is from the line of Isha Jain from Jail Investment. Please go ahead.

Isha Jain, Analyst — Jain Investment

Good morning, sir.

Isha Jain, Analyst — Jain Investment

Good morning.

Isha Jain, Analyst — Jain Investment

Yeah, so I have two questions. My first question is, does the company have indicated and accepted tender conversion rate of 15 to 20 percent? Could you please share the historical tender conversion rate achieved by your company?

Sanjay Dike, CEO

It is a little difficult to actually give a ballpark figure on how the conversion is specifically. It all depends on how tenders are being structured, what are the criteria, and etc. But historically, the trend, and this is the trend, this is not a committed number. Historically, the trend of conversion of newer tenders is somewhere between 8 to 10 percent. Good.

Isha Jain, Analyst — Jain Investment

Okay. Okay, sir, that answers my question.

Sanjay Dike, CEO

Okay.

Isha Jain, Analyst — Jain Investment

Thank you.

Operator

Thank you. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Next question is from the line of Myra Mittal from Mittal Investors. Please go ahead.

Myra Mittal, Analyst — Mittal Investors

Thank you for the opportunity, sir. Sir, my question is that, sir, there is a revenue growth we are seeing from 46.25%, and EBITDA has also grown by 38.82%, but the margin has declined. So, sir, what is the reason, primary reason for the margin contraction?

Sanjay Dike, CEO

Yeah, I answered first question only, because we have started a couple of bigger contracts in a particular quarter, and when we do this, the initial investment there goes to stabilize the contract, and then over the period of time, the contract streamlines. So, therefore, you see, particularly in a phase where we acquired bigger contracts, the margin takes a little dip, and then stabilizes over the period of time. This is the nature of the business.

Myra Mittal, Analyst — Mittal Investors

Okay, sir. And so, the employee cost has also increased to 75.9% of the revenue. So, can you explain that, like, how much of this increase is due to wages or new contracts or change in business mix?

Sanjay Dike, CEO

Yeah, like we've acquired almost 33 new customers in Q2. Over the last, in H2027, we've acquired 59 customers, plus the company, etc. So therefore, the employee cost has gone high because you require the people to service this contract.

Myra Mittal, Analyst — Mittal Investors

Sir, what is the medium to long-term EBITDA margin and what operational measures you are taking to drive improvement in EBITDA margin?

Operator

I am sorry to interrupt, ma'am. There is a background noise from your side.

Sanjay Dike, CEO

The EBITDA margin is to keep ourselves between that zone. To keep ourselves between that zone, we continuously strive to build in our operational efficiencies, our cost rationalization measures internally, so that we keep them. We are also now trying to push multiple services through different products, so minimal. So, it is not one single measure, but a couple of measures that we take to ensure that we continue to remain between that zone of EBITDA margin.

Myra Mittal, Analyst — Mittal Investors

Okay, sir. And for this last question, can you give a break-up, segment 5 break-up of the 3100 crore order book?

Sanjay Dike, CEO

No, I'm afraid I can't give that break-up over a call. It's a pretty...

Myra Mittal, Analyst — Mittal Investors

Oh, okay, sir. Okay.

Sanjay Dike, CEO

But again, the order book, if you see our trend that our government business is almost 60-35%, so you can have that kind of...

Operator

Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Next question is from the line of Bikrant Sahu from RK Advisory. Please go ahead.

Bikrant Sahu, Analyst — RK Advisory

Thank you for the opportunity. Good morning, sir. So, I have primarily two questions. First being, what percentage of our company's total outstanding receivables is contributed by the government clients? And, um, second, should I continue with the second one?

Sanjay Dike, CEO

Yeah, yeah.

Bikrant Sahu, Analyst — RK Advisory

So, and the second one being that, uh, what are the initiatives that we are taking to enhance the contribution of private sector and corporate clients to our overall business?

Sanjay Dike, CEO

Okay, I'll answer the second question first. If you see our, we, we've added over the, uh, traditionally we had a 70-30 kind of composition, 70% government and 30% corporate. I think last year we have scaled the corporate business and we have tweaked that composition to around 65% government and corporate 35%. So we have built a very strong corporate team and we have established our presence and therefore if you see last year we added more than 177 new corporate customers. So which is a record. Our corporate business itself grew by over 40% in the last financial year. So, our corporate market has also successfully increased. Our business has increased. Therefore, we are very focused on growing up our corporate business, and while we are doing that, we are maintaining our focus on also good order book position for those business. Because opportunities are also coming. So answering your question, 40, it could be in that zone of 7. And answering your first question about the outstanding also. The outstanding is also in a similar ratio that essentially that outstanding will also move.

Bikrant Sahu, Analyst — RK Advisory

Okay. Okay. Thank you so much for the detailed answer, sir.

Operator

Thank you. Next question is from the line of Shreya Patel from SCI.

Operator

Please go ahead.

Shreya Patel, Analyst — SCI

Hello. Sir, I have two questions, Wendy. The first one being that when do you expect to raise a solid weight processing capacity to 800 to 1000 tons per day? And the other one being that with your, how is your revenue currently distributed between government and corporate customers?

Sanjay Dike, CEO

Yes, like I was telling our government and corporate customer revenue is distributed 65-35. 65 comes from government, 35 comes from corporate. And about the solid waste management, we already have about 400. We are, with the TMC, Vasavi Virar, and the other portraits that we are doing, it is 400 tons per day, TPD. And now, with a 400 TPD qualification, our qualification to bid for larger tonnage of contracts has increased. So, we are in an active bidding process, and through this active bidding process only, we are planning to scale it up to around 800 to 1,000 TPD.

Shreya Patel, Analyst — SCI

Okay, sir. Could I just ask one more question, please? By any, could you share the further details of the first solar EPC order that has been awarded by DMER?

Sanjay Dike, CEO

Yeah, of course. DMER, we were already servicing the DMER business in terms of facility management. And when they came up, it is on the same premises that we are already working. It is solar power-enabled infrastructure. So, this is a 15-year contract that we have got.

Shreya Patel, Analyst — SCI

Okay, sir. Thank you.

Sanjay Dike, CEO

Thank you.

Operator

Thank you. Participants, you may press star and 1 to ask a question. Next question is from the line of Krisha, an individual investor.

Operator

Please go ahead.

Krisha, Analyst — Individual Investor

So, my first question is, since you are entering into new geographics, so what principal risk are you monitoring?

Sanjay Dike, CEO

We try to avoid the principal risk by going into a geography, then establishing a business, wherein we have already done expense in infrastructure, and then we wait for business to come. So, that is not the way that we follow. Generally, we enter a geography where our customer is expanding so that our business is assured. So, in that way, we eliminate the risk of having spent in an infrastructure and the entire setup of an office and then wait for business. So, therefore, there is no principal risk that is possible. We already mitigate that risk because we move in newer geographies along with the customers with identified and conformed businesses.

Krisha, Analyst — Individual Investor

Okay. Then, does management expect to recover the additional statutory employee costs through price revision or any other contractual mechanism?

Sanjay Dike, CEO

That's a good question. We are working very closely with the customers. And obviously, there is a mechanism of recovering these costs. There are already some customers who have started paying those costs. And with others, there is communication and meetings which are already underway. I am very confident we will mitigate this issue also.

Krisha, Analyst — Individual Investor

Okay, thank you. That's all for my sake. Thank you.

Operator

Next question is from the line of Mahesh Kumar from MU Investments. Please go ahead.

Mahesh Kumar, Analyst — Investments

Hello, am I audible, sir? Sir, first of all, congratulations on the strong revenue growth this quarter. While revenue has grown around 46%, and EBITDA has been slightly lower, 39%, resulting in some moderation in the margin. Just wanted to understand what is driving this margin pressure and whether can we expect it going, improving, going forward in newer contracts.

Sanjay Dike, CEO

Yeah, newer contracts, we are focusing on newer contracts which are technical in nature, which have a little less manpower. They are O&M related, engineering driven. So, obviously, there is a good opportunity to, what can I say, to improve the margin profile. Having said that, time will tell exactly how this moves ahead, but the entire strategy behind pursuing these lines is to improve better margins, is to harness long-term order book positions, and also engage in newer technologies and engineering to create a very solid business lines in the next 5 to 8 years.

Mahesh Kumar, Analyst — Investments

Okay, okay. And so, during H1-FI-27, the company added around 30 new corporate customers, right? So, just wanted to understand what kind of incremental revenue contribution can we expect from these customers going forward, particularly in the second half?

Sanjay Dike, CEO

It's a good question, but right now I won't have figures off-end because these are 31, 32 customers, so every customer what billing they are giving. But if you see our 70, 30 configuration of corporate and government business, you know, your overall contribution will come to the same thing, that is what I am assuming, even at the end of this financial year.

Mahesh Kumar, Analyst — Investments

Okay, okay. And on inorganic growth strategy, sir, so just wanted to understand whether the company is actively evaluating any further acquisition opportunity for service offering or strengthening presence across new geographies or markets?

Sanjay Dike, CEO

Yeah, this is also a good question. We are evaluating newer opportunities for inorganic growth with startups and other companies which have an O&M edge on a national level. We have a specific, who have a specific manufacturing engagement in robotics, who are smaller startups indulging in AI-related matters. So these are some things that we are looking at.

Mahesh Kumar, Analyst — Investments

Okay, okay. That's just from my side. I'll join back the Q4M question. Thank you so much.

Operator

Thank you. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Next question is from the line of Isha Jain from Jain Investment. Please go ahead. Hi, sir.

Isha Jain, Analyst — Jain Investment

I have a few more questions. My first question is, is there any significant geographical concentration in the recently secured contracts?

Sanjay Dike, CEO

We are working across the country, so our geography where we are operating is Maharashtra, Gujarat, AP, Telangana, Delhi, Ansar Pradesh, Tamil Nadu, and based on the tenders that come or based on the newer business that we acquire, the numbering position of 1, 2, 3, or in terms of that order keeps on shifting on an annualized basis. But we are a company which has a national presence. We are present across all states, right from Himachal to Kerala, and right from Gujarat here to West Bengal and Assaf. So, we are a company with a national footprint. However, to answer your question, the geographical presence is very dynamic, and it is not static. It keeps on shifting year on year.

Isha Jain, Analyst — Jain Investment

Okay. Yeah, that answers my question. My second question is, are there any sizable tenders for which the company is currently the preferred bidder, or are there any awaiting final awards?

Sanjay Dike, CEO

Quite a few of them, because we have already bid, and we are waiting for the results.

Isha Jain, Analyst — Jain Investment

Okay. Any number, specifications, any on that?

Sanjay Dike, CEO

We cannot specifically say that, but in my opening speech, I have already mentioned that we have evaluated almost more than 12,000 crores of tenders, and we are participating in almost more than 4,200 crores of tenders, and I also disclosed the kind of conversion ratio. So, you can have your own math and figure out.

Isha Jain, Analyst — Jain Investment

Okay. Also, one last question. What measures does the management should consider that the aggressive bidding does not actually compromise the profitability or the operating margins of the company?

Sanjay Dike, CEO

Yeah, so the idea is the bidding process here is a L1, L2, L3 kind of process. But we have a committee in place which evaluates every tender participation and projected P&L for the tenure of those tenders. So it is a very conscious decision whether to bid or not bid, whether to participate or not bid, which is based on our operational capability, working capital requirements, and the profitability ratio. So, ultimately, it is not a single-person decision, but a committee which takes a decision to bid. And this is exactly how we ensure that we don't bid very competitive and lose our margin.

Isha Jain, Analyst — Jain Investment

Okay. Thank you so much, sir. That answers my question.

Operator

Thank you. That was the last question for today. I now hand the comments over to Mr. Sanjay Degay for closing comments.

Sanjay Dike, CEO

So, thank you, everybody, for the questions that you have asked, some really, really pertinent questions coming from individual investors and other investment companies. I really appreciate your interest and enthusiasm in Crystal Integrated Services Limited and the business that we are doing. I am also happy that you are very, very interested in the way, in the future that we are seeing to build. So, it was absolutely a pleasure to be on this call with you. So, to summarize H1 and FY27, this has been an encouraging period for us. We have delivered revenue growth of 27.82%, as explained, expanded our corporate business, secured significant contracts, and strengthened our presence in your business verticals. Our core business continues to provide a strong foundation, while Citlum Solid Waste Management, Solar APC, and Technical Facility Management create additional opportunities for growth. Through the second half of FY27, our focus will remain on execution, profitable growth, and a disciplined capital allocation. We appreciate the confidence and continued support of our investors and shareholders, and of course our customers.

Operator

Thank you, sir. On behalf of Crystal Integrated Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.