Dynamic Services & Security Ltd is fundamentally a chameleon - a company that started life supplying security guards and cleaners, and is now reinventing itself as a diversified industrial group with a hand in everything from solar parks to shopping malls. Incorporated in 2016 and listed on the NSE’s SME platform in 2021, it has used a recurring playbook of acquisitions, subsidiary formation, and government partnerships to bolt on entirely new businesses at high velocity. The constant across all its incarnations is a reliance on contracts and tenders - whether for deploying manpower, trading goods, or building power plants - and a tight-knit promoter group that steers the expansion. # Business segments Three engines at very different stages - a labour-intensive services business that is the original foundation, a goods-trading operation that has scaled rapidly, and a sprawling collection of new ventures in energy, manufacturing, and real estate that are still being assembled. ## 1. Manpower & facility services: the original contract-work engine **The company deploys thousands of workers to clean, guard, and cater for government railways and city authorities, earning revenue from fixed-term contracts won through competitive tenders.** - **Paid by the contract, not the hour** - it bids for and wins fixed-value, multi-year service orders, such as a two-year contract with Indian Railways for manpower, catering, and linen washing worth roughly Rs. 1.17 crore, or a security deployment for the Kolkata Metropolitan Development Authority worth about Rs. 2.06 crore. - **Headcount rises and falls with projects** - the workforce is not fixed; it employed 2,088 people as of March 2025, up from 1,686 a year earlier, because staffing depends entirely on how many contracts are active. - **No moat against rivals** - the company itself states there are no entry barriers in its industry, so it faces constant pressure from new competitors and big players, as well as rising labour wages. - **Working capital is the hidden engine** - day-to-day operations consume significant cash, funded by bank credit lines secured against stock and receivables, with total borrowings of roughly Rs. 8,036 lakh as of March 2025. ## 2. Sales & supply of goods: the trading desk **The company buys and resells stock-in-trade - a straightforward merchant business that has grown to become the largest single revenue segment.** - **Buy, hold, sell** - it purchases goods, holds them as inventory valued on a first-in-first-out basis, and recognises revenue only when ownership passes to the buyer, net of returns and taxes. - **Inventory is the balancing act** - as of March 2025, it held closing stock of traded goods worth about Rs. 710 lakh, against purchases of roughly Rs. 4,389 lakh for the year, meaning it turns over its inventory quickly rather than stockpiling. - **A separate stream from services** - the trading business is reported as a distinct segment, not a sideline, and its revenue is recognised on a standalone basis. ## 3. Renewable energy & new ventures: the transformation bet **Through a web of newly incorporated subsidiaries, acquisitions, and government partnerships, the company is attempting to build a presence in solar power generation, battery manufacturing, engineering services, and commercial real estate - all at once.** - **Solar built through subsidiaries and partners** - it incorporated Dynamic Solar Green Limited in June 2024, which then secured authority to sign power purchase agreements for a 5,000 MW solar park in Rajasthan and agreed to acquire a stake in another solar operator, while the parent company signed a separate deal to develop a 100 MW plant in Manipur through a special purpose vehicle. - **A battery factory bought, not built** - it acquired 100% of The Bharat Battery Manufacturing Company, a Kolkata-based maker of lead-acid batteries for railways, defence, and telecom, for a consideration of roughly Rs. 45 crore in cash and shares. - **A mall for rental income** - in April 2026, it agreed to acquire Badrinath Infrastructure Private Limited, the entity that operates Suncity Mall in Kolkata, along with five leaseholding companies, giving it a combined rental income of Rs. 75 lakh per month from a 151,643 sq. ft. commercial property. - **Objects clause as a wish list** - the company’s approved business activities now span engineering consulting, share trading, data management, retail and wholesale medicine, and mineral trading, signalling ambition far beyond its current operations. # Group structure and partners **The company controls a growing constellation of subsidiaries and associates, with the promoter family at the centre and key partnerships providing access to large-scale solar projects.** - **A family-anchored promoter group** - Managing Director Jugal Kishore Bhagat holds 60,00,920 shares, while his spouse Rekha Bhagat and sister-in-law Rekha Devi Bhagat are also directors and significant shareholders, and related-party transactions with promoter-linked firms have been a feature of the company’s history. - **Partners unlock scale** - a partnership with NACOF OORJA Private Limited gives the group exclusive rights to sign power purchase agreements for a 5,000 MW solar park, while a separate joint venture with Sungevity Enterprises targets a 100 MW plant in Manipur with Dynamic holding 85% of the project vehicle.