KISL closed FY2026 with consolidated revenue of over ₹1,277 crore, growing at a CAGR of 23.3 per cent since FY22
Krystal Integrated Services Limited (KISL) has acquired 100 per cent equity stake in Citelum India Private Limited from Citelum S.A.S., France, a subsidiary of the French government-owned EDF Group, marking the listed facility management company’s entry into city lighting and urban infrastructure services.The share purchase agreement was signed on May 12, 2026, with Citelum India now becoming a wholly owned subsidiary of KISL. The acquisition consideration, post adjustments, stands at ₹10,000, as filed with the exchanges.Krystal is targeting annual revenue of ₹300-350 crore from the new vertical over the next three to four years, with plans to invest approximately ₹100 crore in engineering capabilities, technology platforms, and business expansion. The company plans to scale operations across 30-40 cities in 12-15 states, with infrastructure services expected to contribute 12-15 per cent of consolidated revenues.Consolidated revenueSanjay Dighe, CEO and Whole Time Director of KISL, said the acquisition fits naturally into the company’s existing government-facing business. “...we have acquired this. It has a very strategic focus. Every product, every service that they are bringing impacts the citizens at large...,” he said, adding that the margin profile of the new business, estimated at 10-15 per cent, is healthier than KISL’s existing facility management margins of 6.5-7.5 per cent at the EBITDA level.KISL closed FY2026 with consolidated revenue of over ₹1,277 crore, growing at a CAGR of 23.3 per cent since FY22, with a customer base of over 570 across 4,000 locations.Founded in 2011, Citelum India specialises in city lighting and urban infrastructure services, having managed over 3,00,000 lighting points across projects in Gujarat, Uttar Pradesh, Madhya Pradesh, and Tamil Nadu. Its current portfolio includes the Ahmedabad Municipal Corporation project, managing approximately 2.5 lakh street lights since 2014, and public lighting infrastructure in Noida alongside Tata Projects.B. Sivakumar, CEO and Director of Citelum India, who continues in his role as a whole-time director post acquisition, said the tie-up positions Citelum for broader expansion. “...we have been having a lot of potential in terms of what we could do. But we also needed someone who is a very ambitious player, who wants to really grow with a long-term vision about India...,” he said.Beyond street lighting, Citelum India’s service offerings include EV charging infrastructure, smart metering, video surveillance, traffic management, IoT integration, and remote network monitoring, areas Krystal intends to scale. Sivakumar noted that the acquisition could generate over 5,000 skilled and semi-skilled employment opportunities as operations expand.Dighe indicated that while the company remains open to further acquisitions, the focus is on targets that bring in technology and complement existing operations, rather than pure top-line growth.Published on August 12, 2026
