Krystal Manpower Services Drive September-Quarter Growth

Krystal Integrated Services Limited’s manpower and related services revenue rose 52.9% year on year to Rs 375.03 crore in the quarter ended 30 September 2026, driving a 46.3% increase in consolidated revenue from operations to Rs 414.47 crore despite an 83.4% fall in IT-enabled-services revenue.

What drove Krystal’s revenue growth in the September 2026 quarter?

Manpower and related services drove Krystal’s growth in the quarter ended 30 September 2026, contributing Rs 375.03 crore of revenue before adjustments and eliminations. That was Rs 129.69 crore higher than Rs 245.34 crore in the quarter ended 30 September 2025, representing a 52.9% increase. The segment made up about 90% of total segment revenue before adjustments of Rs 414.63 crore, compared with about 87% of Rs 283.59 crore a year earlier.

Catering and related services made a smaller contribution, with quarterly revenue rising 15.1% to Rs 38.85 crore from Rs 33.74 crore a year earlier. Information technology enabled services, or IT-enabled services, moved in the opposite direction, declining from Rs 45.07 crore in the September 2025 quarter to Rs 74.7 lakh in the September 2026 quarter. The Rs 44.32 crore fall meant this segment did not add to Krystal’s year-on-year revenue expansion.

After adjustments and eliminations of Rs 16.1 lakh, Krystal reported consolidated revenue from operations of Rs 414.47 crore for the September 2026 quarter. That compared with Rs 283.40 crore after adjustments and eliminations of Rs 19 lakh in the September 2025 quarter. The adjustment was therefore limited relative to the three operating segments in both reporting periods.

How did Krystal’s segments perform in the half year ended September 2026?

Manpower and related services also accounted for most of Krystal’s half-year expansion, generating Rs 704.97 crore in the half year ended 30 September 2026. This was Rs 171.56 crore, or 32.2%, above Rs 533.31 crore in the half year ended 30 September 2025. Its half-year revenue was more than 10 times catering revenue of Rs 69.23 crore and far above IT-enabled-services revenue of Rs 1.25 crore.

Catering and related services revenue increased 3.5% to Rs 69.23 crore in the half year from Rs 66.92 crore in the corresponding prior-year period. IT-enabled-services revenue fell 81.0% to Rs 1.25 crore from Rs 6.57 crore. The differences in segment performance show that the Rs 168.70 crore increase in revenue before adjustments and eliminations was concentrated in manpower and related services.

Total revenue from operations before adjustments and eliminations rose to Rs 775.45 crore in the half year ended 30 September 2026 from Rs 606.80 crore a year earlier. After adjustments and eliminations of Rs 27.2 lakh, consolidated operating revenue was Rs 775.18 crore, up 27.8% from Rs 606.48 crore after Rs 32.1 lakh of adjustments in the prior-year half. The reported consolidated growth rate was lower than manpower growth because catering grew more slowly and IT-enabled services declined.

How did Krystal’s segment profit change?

Manpower and related services remained Krystal’s largest segment-profit contributor, reporting profit before tax of Rs 18.79 crore in the quarter ended 30 September 2026. This was 37.3% above Rs 13.69 crore a year earlier, though marginally below Rs 18.86 crore in the quarter ended 30 June 2026. The September-quarter figure represented about 88% of total segment profit before tax of Rs 21.35 crore.

Catering services recorded quarterly profit before tax of Rs 2.55 crore, compared with Rs 1.84 crore in the September 2025 quarter and Rs 1.80 crore in the June 2026 quarter. IT-enabled services recorded Rs 70,000 of quarterly segment profit before tax, down from Rs 27 lakh a year earlier. Catering added Rs 71 lakh to year-on-year segment profit, while the IT-enabled-services contribution declined by Rs 26.3 lakh.

For the half year ended 30 September 2026, manpower segment profit before tax increased to Rs 37.65 crore from Rs 30.89 crore in the prior-year half. Catering profit before tax rose to Rs 4.35 crore from Rs 3.69 crore, while IT-enabled-services profit before tax fell to Rs 3.8 lakh from Rs 39.4 lakh. Total segment profit before tax consequently rose 20.2% to Rs 42.03 crore from Rs 34.98 crore.

What does Krystal’s sequential revenue trend show?

Krystal’s consolidated revenue from operations increased 14.9% sequentially, from Rs 360.71 crore in the quarter ended 30 June 2026 to Rs 414.47 crore in the quarter ended 30 September 2026. Manpower revenue rose 13.7% from Rs 329.94 crore, while catering revenue increased 27.9% from Rs 30.38 crore. These two segment movements accounted for nearly all of the Rs 53.76 crore increase in reported operating revenue between the quarters.

IT-enabled-services revenue increased sequentially from Rs 50.3 lakh in the June 2026 quarter to Rs 74.7 lakh in the September 2026 quarter. However, the September amount remained far below the Rs 45.07 crore reported in the September 2025 quarter and the Rs 12.91 crore reported for the year ended 31 March 2026. The quarter-on-quarter increase therefore did not reverse the segment’s sharp year-on-year contraction.

Krystal presents the segments under Indian Accounting Standard 108, Operating Segments, under which its chief operating decision maker evaluates group performance and allocates resources using segment indicators. The September 2026 consolidated results include Citelum India Private Limited as a wholly owned subsidiary from 29 June 2026. The filing does not disclose the subsidiary’s revenue or profit allocation across the three segments.

Conclusion

Krystal’s September 2026 business mix was led by manpower and related services, which generated Rs 375.03 crore of quarterly revenue and Rs 18.79 crore of segment profit before tax. Catering expanded at a lower pace, while IT-enabled services fell sharply in revenue and profit compared with the September 2025 quarter.

The next disclosure to watch is whether Krystal identifies the segment impact of Citelum India Private Limited, consolidated from 29 June 2026. The filing leaves that allocation unresolved, while its segment statement will also show whether manpower revenue continues to rise from the Rs 704.97 crore reported for the half year ended 30 September 2026.