Diversified Commercial Services industry

155 companies · ₹1.1 L cr · 33 with AI deep dives · Q1FY27 report

GCC-led flex-space and crane demand carries growth, while wage resets and receivables cap the margin

Turning upmargin troughed at 9.0% and has risen for 7 quarters to 10.7%, on positive revenue growth

Revenue YoY: +16.1%
EBITDA margin: 10.7%; +120bps YoY
Price, 1 year: -1.8%; 44% of names up
P/E vs own 5y: -20.8%; 16.9x now

Exhibit 1The quarter in numbers

constant panel of 19 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	11,265 cr	10,922 cr	+3.1%	9,702 cr	+16.1%	11,380 cr	-1.0%
EBITDA margin	10.7%	11.7%	-100bps	9.5%	+120bps	11.7%	-100bps

Revenue

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%

EBITDA margin

Jun 26: 10.7%
Mar 26: 11.7%
QoQ: -100bps
Jun 25: 9.5%

Sept 26: 3 of 28 reported so far, so it is not in the trend above.

Breadth: 83% of 23 companies grew revenue year on year (was 91% a quarter earlier) and 39% expanded margin (was 48%).

Exhibit 2What it costs

13.67x - 41.66x across the panel today

The median name trades at 16.9x, -20.8% against this industry's own 5-year median of 21.4x, and -45.3% against its own peak of 30.9x.

Exhibit 3Structure

₹1.1 L cr

International Gemological Institute Limited is 15% of this industry by market cap. The top 5 are 41.2% and the top 10 are 64.2%.

mid 1small 21micro 13328 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 16.91x, 5y ROCE above its median of 6.16%, 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.

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Exhibit 5Coverage (25 of 156)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
International Gemological Institute Limited	₹16,649 cr	25.0x	26.2x	54.2%	59.9%	+31.1%	Unlock
Wework India Management Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindGCCs are the main source of new demand across flex space and staffing6 managements

GCC share of revenue is high or rising in flex space and specialised staffing: 53% at Indiqube, 21% at Smartworks (up from 15%), 24% at Awfis, 67% of TeamLease specialised net…

TEAMLEASE (Q1FY27): “GCCs are now the single largest driver of incremental staffing demand in India”

tailwind6 managements tailwind4 managements

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.

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AppendixThe other 131 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Rentomojo Ltd	₹5,501 cr	-	-	-	-	-	Unlock