Clear Secured Services Ltd Forensic Report - SOIC x StockScans Report

as of Sep 2026

Clear Secured Services has a clean audit record and a promoter group holding 73% of the company with zero pledge, but the numbers tell a more complicated story. Revenue has more than doubled in three years while operating cash flow has been negative in three of the last four, and a major customer's insolvency forced an ₹8.44 crore provision. The tax and regulatory items are small and largely resolved; the cash conversion and customer concentration are what need attention.

Key findings

  1. Revenue quality is deteriorating, cash conversion is poor and a customer's insolvency forced a provision Major - Operating cash flow was negative in three of the four years FY2023-FY2026, cumulatively -₹33 crore against cumulative profit of ₹59 crore. Revenue grew from ₹309 crore in FY2023 to ₹778 crore in FY2026, but receivable days swung from 63.55 to 51.02 to 62.53 over FY2023-FY2025. The company booked an ₹8.44 crore exceptional provision after a customer was admitted into insolvency (CIRP) under NCLT Mumbai on August 25, 2025.
  2. A ₹5.57 crore tax demand is stayed in court; contingent liabilities have shifted to guarantees Minor - The AY 2013 demand of 5.57 crore plus 1.4 crore interest is subject to the outcome of Bombay High Court Writ Petition (L) 4142 of 2023. Contingent liabilities fell from 16.39 crore in FY2023 to 11.24 crore as at September 30, 2024, with the income tax component gone. Guarantees given on behalf of the company rose from 5.38 crore in FY2022 to 10.78 crore as at September 30, 2024.
  3. Regulator actions are limited to a resolved tax notice and minor filing delays; the promoter faces a criminal case Minor - A show-cause notice dated December 27, 2022 was dropped by the Assessing Officer on January 18, 2023 after the company's application was accepted. The DRHP dated December 8, 2025 discloses 14 delayed statutory filings between 2021 and 2025, with delays of 2 to 53 days. Promoter Vimal Dhar Dubey faces criminal litigation in Crime No. 191 of 2021 registered at Police Station Jaitpura.
  4. Promoter family holds key executive roles; shareholding is 73.03% with zero pledge Minor - Ashish Vimaldhar Dubey, son of the MD, was appointed CFO effective April 1, 2026. Promoter shareholding stands at 73.03% with pledge at 0.00%, and the DRHP confirms no promoter shares are pledged or encumbered. The company issued 1,72,87,704 bonus shares in a 63:1 ratio on May 30, 2025.

What to watch

Bottom line: This is a disclosed and audited record with a strong promoter stake and no pledge, but the operating cash flow has not kept pace with the profit growth, and one customer's insolvency has forced a provision. The risk is concentrated in receivables and customer concentration. Watch the insolvency resolution and whether cash conversion improves in the FY2025-26 annual report.