Synopsis: In a move that marks a sharp departure from its core security and facilities management business, Dynamic Services & Security Limited has signed a share purchase agreement to acquire 100 percent of Badrinath Infrastructure Private Limited, the SPV entity holding Suncity Mall in Barasat, Kolkata, at an enterprise value of Rs. 64 crore.
Shares of a Kolkata-based security and facilities management company came into focus after it disclosed a significant diversification play, filing an intimation on 7th April 2026 of its entry into commercial real estate via the acquisition of a 1.51-lakh square foot mall in North 24 Parganas through a six-entity SPV structure.
With a market capitalisation of Rs. 164.95 crore, the shares of Dynamic Services & Security Limited were trading at Rs. 120 per share, up 7.14 percent from its previous closing price of Rs. 112. It is trading at a P/E of 5.59.
Under the Share Purchase Agreement signed on 7th April 2026, the company will acquire 100 percent of the paid-up share capital of Badrinath Infrastructure Private Limited (BIPL), which owns the leasehold rights to the land and common areas of Suncity Mall in Mouza Banmalipur, Barasat. The mall spans 151,643 square feet of super built-up area on 0.83 acres of leasehold land, with an enterprise value set at Rs. 64 crore.
The deal structure is layered. Of the Rs. 64 crore enterprise value, Rs. 58.91 crore is absorbed through assumption of BIPL’s existing loans and liabilities, while Rs. 5.09 crore is a direct cash payment for shares.
The company’s total outflow, including Rs. 9.91 crore for debt discharge alongside the share consideration, amounts to Rs. 15 crore. BIPL will become a wholly owned subsidiary of the company; BIPL will then acquire the entire promoter stake in five associate companies (Gourinandan Traders Private Limited, Kapileshwar Dealmark Private Limited, Levia Apartments Private Limited, Sukhari Enclaves Private Limited, and Everwhere Infraprojects Advisory Private Limited) each of which holds a 30-year sublease over distinct floor areas of the mall.
On expiry of that 30-year term, the floor-level lease rights revert to BIPL, consolidating full leasehold control. BIPL targets completing the acquisition of all five entities within a month.
The six entities together generate rental income of Rs. 75 lakh per month, or roughly Rs. 9 crore annually. Against an enterprise value of Rs. 64 crore, that translates to an implied yield of approximately 14 percent, reasonable on paper, though the Rs. 58.91 crore of debt being absorbed into the consolidated balance sheet warrants scrutiny.
The company’s consolidated borrowings had already risen sharply from Rs. 34 crore in FY24 to Rs. 119 crore in FY25 and Rs. 149 crore as of September 2025. This acquisition adds a further layer of structured debt.
Business overview
Incorporated in 2001, Dynamic Services & Security Limited provides security guarding and manpower solutions to the Indian Army, Indian Navy, Indian Air Force, Indian Railways, and several corporate and government clients. For FY25, the company reported consolidated revenue of Rs. 275 crore, up from Rs. 119 crore in FY24 and a net profit of Rs. 21 crore. ROCE stood at 15.7 percent and ROE at 12.5 percent as of the latest available data.
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