Background of the Project
This contract came as a result of certain previous agreements. First, the project was initially awarded to the SPV by DMER through a letter dated January 16, 2026. The SPV referred to here is Advait Krystal Solar Energy SPV Private Limited which was incorporated on March 18, 2026, through a partnership between Krystal Integrated Services and Advaita Enterprises International Private Limited. It is the concessionaire firm in charge of the project while holding a 49% stake in the business.
The board of directors in Krystal Integrated Services approved this SPV during a board meeting held on February 24, 2026. After its incorporation, the SPV then signed a Power Purchase Agreement with the Directorate of Medical Education and Research, Mumbai and the Directorate of Ayush (M.S.) Medical Education and Drug Department, Mumbai.
What the BOOT Model Means
This is a model called the Build Own Operate Transfer model. In such a model, the private body designs and builds the infrastructure at its own expense. It then manages and operates the same for a set time period, at the end of which, it will transfer the ownership to the government body.
In this scenario, the SPV will build and maintain the rooftop solar PV plants on various hospitals and medical college buildings in the state of Maharashtra. During the 25 years, it will operate the solar plants and ensure that it meets the performance standards. The payment would come from the government via a power purchase agreement.
Recent Contract Wins
This particular solar energy contract follows a trend that has been observed through various contract announcements from Krystal Integrated Services in the context of its consistent pursuit of government mandates within various service areas.
In March 2026, Krystal bagged a three-year ₹364 crore healthcare facilities management mandate for 167 hospitals, using more than 5,000 personnel for carrying out this responsibility.
In January 2026, Krystal successfully acquired municipal solid waste management contracts worth ₹275 crore from the Vasai-Virar Municipal Corporation, for waste collection, segregation, and transportation services.
Prior to this, Krystal had in September 2025 received a ₹370 crore, five-year contract from the Commissionerate of Social Welfare, Pune, related to provision of housekeeping and manpower services at more than 2,800 hostels, residential schools, and welfare institutions.
Q3 FY26 Highlights
Revenue from operations grew 10.7% to ₹305.86 crore in Q3 FY26, compared to ₹276.37 crore last year. Growth was slightly slower due to delays in finalising tenders, as many projects require longer approval and documentation processes.
EBITDA (excluding other income) increased 15.8% to ₹20.50 crore, up from ₹17.69 crore in Q3 FY25. This was supported by better project selection, disciplined bidding, and higher contribution from corporate clients.
EBITDA margin improved to 6.7% from 6.4% last year, showing better cost control and a healthier mix of business despite rising expenses.
The Significance of the DMER Relationship
DMER is the name of the authority that supervises all the public government hospitals and colleges in the state of Maharashtra. This is the largest group of public health care institutions in India.
For Krystal, the fact that it will have its facility management contract and even a long-term solar energy contract within such a vast network means extending an established partnership.
The key here is the fact that a contract for twenty-five years is quite rare and significant. Normally, facility management contracts are concluded for periods between three and five years. An infrastructure contract is guaranteed income for at least twenty-five years.
About the Company
Krystal Integrated Services Limited is an integrated facilities management company with its roots in healthcare, education, and public administration. Incorporated in December 2000 and headquartered in Mumbai, the company provides services including housekeeping, security, catering, waste management, staffing, and technical facility management.
