Diversified Commercial Services industry
174 companies · ₹1.0 L cr · 19 with AI deep dives · Q1FY27 report
GCC demand and infra upcycle drive broad revenue recovery; capex and wage inflation keep margin breadth narrow
- Revenue YoY
- +16.1%
- EBITDA margin
- 11.2%
- +170bps YoY
- Price, 1 year
- -1.2%
- 50% of names up
- P/E vs own 5y
- -12.1%
- 19.0x now
Exhibit 1The quarter in numbers
constant panel of 19 companies above ₹500 cr- Jun 26
- 11,265 cr
- Mar 26
- 10,922 cr
- QoQ
- +3.1%
- Jun 25
- 9,702 cr
- YoY
- +16.1%
- Peak
- 11,380 cr
- vs peak
- -1.0%
- Jun 26
- 11.2%
- Mar 26
- 11.8%
- QoQ
- -60bps
- Jun 25
- 9.5%
- YoY
- +170bps
- Peak
- 11.8%
- vs peak
- -60bps
Breadth: 78% of 23 companies grew revenue year on year (was 91% a quarter earlier) and 39% expanded margin (was 48%).
Exhibit 2What it costs
15x - 50.05x across the panel todayThe median name trades at 19.0x, -12.1% against this industry's own 5-year median of 21.6x, and -38.4% against its own peak of 30.9x.
Exhibit 3Structure
₹1.0 L crInternational Gemological Institute Limited is 14.1% of this industry by market cap. The top 5 are 42.5% and the top 10 are 65.9%.
Exhibit 4Screen
P/E below the sub-industry median of 19.04x, 5y ROCE above its median of 6.8%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 175)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹13,656 cr
- P/E
- 29.6x
- EV/EBITDA
- -
- ROCE
- 37.9%
- Margin
- 61.4%
- Rev YoY
- -87.7%
- Mcap
- ₹6,056 cr
- P/E
- 217.2x
- EV/EBITDA
- 5.2x
- ROCE
- 7.5%
- Margin
- 65.2%
- Rev YoY
- +44.0%
- Mcap
- ₹865 cr
- P/E
- 14.1x
- EV/EBITDA
- 9.5x
- ROCE
- 18.1%
- Margin
- 7.9%
- Rev YoY
- +11.6%
- Mcap
- ₹698 cr
- P/E
- 15.9x
- EV/EBITDA
- 12.5x
- ROCE
- 26.6%
- Margin
- 27.1%
- Rev YoY
- +53.4%
- Mcap
- ₹383 cr
- P/E
- 12.2x
- EV/EBITDA
- 11.1x
- ROCE
- 14.0%
- Margin
- 11.6%
- Rev YoY
- +5.6%
- Mcap
- ₹371 cr
- P/E
- 36.2x
- EV/EBITDA
- 4.8x
- ROCE
- 10.9%
- Margin
- 37.0%
- Rev YoY
- -
- Mcap
- ₹3,444 cr
- P/E
- -
- EV/EBITDA
- -639.1x
- ROCE
- -1.1%
- Margin
- -129.4%
- Rev YoY
- -37.5%
- Mcap
- ₹1,472 cr
- P/E
- 162.7x
- EV/EBITDA
- 77.9x
- ROCE
- 1.2%
- Margin
- 46.6%
- Rev YoY
- -10.9%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30WeWork India, Smartworks, AWFIS, EFC (I), and Indiqube each reported YoY revenue growth of 27-44%, with EBITDA growing faster than revenue in four of the five. Capacity added 2-3…
- WEWORK (Q1FY27): “Revenue for the quarter was up to INR698 crores, up 28.5% year-on-year. EBITDA was INR138…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 150 companies
1-30- Mcap
- ₹985 cr
- P/E
- 15.2x
- EV/EBITDA
- -
- ROCE
- 21.6%
- Margin
- 28.7%
- Rev YoY
- +30.4%
- Mcap
- ₹518 cr
- P/E
- 32.2x
- EV/EBITDA
- 24.5x
- ROCE
- 31.1%
- Margin
- 20.3%
- Rev YoY
- +107.1%
- Mcap
- ₹329 cr
- P/E
- 8.3x
- EV/EBITDA
- 7.0x
- ROCE
- 19.8%
- Margin
- 16.3%
- Rev YoY
- +71.4%
- Mcap
- ₹220 cr
- P/E
- 18.5x
- EV/EBITDA
- 15.0x
- ROCE
- 25.8%
- Margin
- 4.5%
- Rev YoY
- +26.4%
- Mcap
- ₹154 cr
- P/E
- 13.9x
- EV/EBITDA
- -
- ROCE
- 25.5%
- Margin
- 16.9%
- Rev YoY
- +16.9%
- Mcap
- ₹151 cr
- P/E
- 57.3x
- EV/EBITDA
- -1798.6x
- ROCE
- -0.1%
- Margin
- 5.9%
- Rev YoY
- -73.4%
- Mcap
- ₹128 cr
- P/E
- 8.9x
- EV/EBITDA
- -
- ROCE
- 7.5%
- Margin
- 84.5%
- Rev YoY
- -18.8%
120 more companies
This industry has 150 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →