BLS E-Services Limited (BLSE)
₹145.90 +3.59% last close, 23 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, BLS E-Services' revenue was ₹323 Cr (+35.3% year on year, +15.2% on the previous quarter), and net profit ₹18.2 Cr (+7.3% year on year); the operating margin was 6.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹323 | +35.3% | +15.2% |
| Operating profit | ₹20.5 | +7.7% | +22.8% |
| Net profit | ₹18.2 | +7.3% | +19.8% |
| EPS (₹) | 1.62 | +11.7% | +16.5% |
| Operating margin | 6.3% | — | — |
BLSE delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 53.26% of the BLSE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.51%. That is close to its usual level.
Delivery in the last 5 sessions: 45.8% · 46.8% · 62.0% · 49.1% · 53.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BLS E-Services Limited has announced a change in the statutory auditors of its material subsidiary, Atyati Technologies Private Limited (ATPL). M/s. S.R. Batliboi & Co. LLP resigned effective September 28, 2026, due to independence conflicts arising from non-audit services provided by EY member firms to BLSE and its holding company following ATPL's ownership change on July 2, 2026. The casual vacancy has been filled by the appointment of M/s. S. S. Kothari Mehta & Co. LLP effective September 28, 2026, until the conclusion of the AGM for FY 2026-27. The outgoing auditor confirmed there are no material concerns or audit limitations.
- Resignation of Statutory Auditor M/s. S.R. Batliboi & Co. LLP effective September 28, 2026
- Appointment of M/s. S. S. Kothari Mehta & Co. LLP to fill the casual vacancy until the FY 2026-27 AGM
- Change triggered by ownership shift of ATPL to BLSE effective July 2, 2026, creating an auditor independence conflict under EY network rules
- Outgoing auditor had completed the FY26 audit on June 29, 2026, and confirmed no unresolved concerns or limitations
BLS E-Services' wholly owned subsidiary, Atyati Technologies Private Limited (ATPL), has approved a slump sale of its Joint Liability Group (JLG) financial lending business to TVAM Technologies. The business unit recorded a turnover of Rs 100.56 crore in FY26, contributing 26.8% of ATPL's total turnover (and roughly 9.0% of BLSE's TTM consolidated revenue of Rs 1,118 crore). However, the sale consideration is just Rs 59.49 lakh, matching the unit's net worth of Rs 59.49 lakh (0.9% of ATPL net worth). Crucially, the transaction is a related party transaction as a director of ATPL is also a director and shareholder in TVAM.
- Slump sale of ATPL's JLG lending undertaking to Tvam Technologies for Rs 59,49,000
- Divested unit generated Rs 100.56 crore turnover in FY26 (26.8% of ATPL turnover, ~9% of BLSE consolidated TTM revenue)
- Net worth of the unit was Rs 59.49 lakh as on July 1, 2026, representing 0.9% of ATPL's net worth
- Classified as a related party transaction because an ATPL director is a director and member in TVAM
- Transaction expected to be consummated in approximately 90 days subject to lender and regulatory consents
BLS E-Services has fixed Tuesday, October 6, 2026, as the record date for its stock split. Existing equity shares of face value Rs 10 each will be sub-divided into 2 equity shares of face value Rs 5 each. The split was previously approved by shareholders at the Annual General Meeting held on September 15, 2026. This corporate action alters share count and liquidity without impacting company fundamentals or market capitalization.
- Record date fixed for Tuesday, October 6, 2026
- Stock split ratio of 1:2 (1 share of Rs 10 split into 2 shares of Rs 5)
- Approved by shareholders in the AGM held on September 15, 2026
- Preceding proposal intimation dated August 06, 2026
BLS E-Services shareholders approved an alteration to Clause V of the Memorandum of Association (MOA) at the AGM held on September 15, 2026. The amendment reflects a stock sub-division, splitting shares of face value Rs 10 into shares of face value Rs 5 each. Consequently, the company's authorized share capital of Rs 110 crore is now divided into 22 crore equity shares of Rs 5 each, up from 11 crore equity shares of Rs 10 each. Total authorized capital remains unchanged at Rs 110 crore.
- Authorised Share Capital remains constant at Rs 110,00,00,000
- Share count increases from 11,00,00,000 shares to 22,00,00,000 shares
- Face value per equity share reduced from Rs 10 to Rs 5 (1:2 split)
- Approved via Ordinary Resolution at the AGM held on September 15, 2026
BLS E-Services Limited declared the voting results of its 10th Annual General Meeting held on September 15, 2026. Shareholders approved all 7 resolutions with overwhelming majorities, including an ordinary resolution for the alteration of share capital via a stock split. Additionally, a final dividend of ₹0.50 (5%) per equity share of face value ₹10 was approved for FY26. Total votes polled represented 77.06% of the company's outstanding 9,08,56,485 shares.
- All 7 resolutions passed with ~99.9% to 100% approval rates among polled votes
- Approval of ₹0.50 (5%) per share final dividend on face value ₹10 for FY26
- Passed ordinary resolution for alteration of share capital by sub-division/split of equity shares
- 70,014,652 votes polled out of 90,856,485 total shares (77.06% participation)
BLS E-Services concluded its 10th Annual General Meeting on September 15, 2026. Shareholders considered the adoption of FY26 audited financial statements and a final dividend declaration of ₹0.50 (5%) per equity share of face value ₹10. Additionally, key resolutions presented included the sub-division/split of the company's equity shares and the appointment of two independent directors. The formal voting results and scrutinizer's report will determine the final approval of these resolutions.
- 10th AGM conducted virtually on September 15, 2026, from 3:00 P.M. to 3:47 P.M. IST
- Final dividend of ₹0.50 per equity share of face value ₹10 (5%) tabled for shareholder approval
- Proposed resolution for sub-division/split of existing equity shares of the company
- Considered appointment of Dr. Savita and Mr. Sarthak Behuria as Non-Executive Independent Directors
BLS E-Services Limited has issued a communication under Regulation 30 and 36(1)(b) to shareholders whose email IDs are not registered, providing the web-link to access the FY26 Annual Report. The company confirmed that its 10th Annual General Meeting (AGM) will be held on Tuesday, September 15, 2026, at 3:00 PM IST via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). This is a standard statutory compliance filing with no operational or financial impact on the company.
- 10th Annual General Meeting (AGM) scheduled for Tuesday, September 15, 2026 at 3:00 PM IST
- Meeting to be conducted electronically via Video Conferencing (VC) or Other Audio-Visual Means (OAVM)
- Annual Report for FY 2025-26 made available via download link on the company's website and RTA portal (KFintech)
BLS E-Services Limited has fixed Tuesday, September 08, 2026, as the record date to determine shareholder eligibility for the FY 2025-26 final dividend. The company's 10th Annual General Meeting (AGM) will take place on Tuesday, September 15, 2026, via Video Conferencing. Remote e-voting is scheduled from September 11 to September 14, 2026. If approved at the AGM, the dividend will be disbursed within 30 days of the meeting's conclusion.
- Record date for FY 2025-26 final dividend fixed as September 08, 2026
- 10th Annual General Meeting scheduled for September 15, 2026
- Remote e-voting window open from September 11, 2026 (9:00 AM) to September 14, 2026 (5:00 PM)
- Dividend to be paid within 30 days from the date of the AGM upon shareholder approval
BLS E-Services Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report outlines the company's standalone ESG disclosures, operations across 28 states, and workforce metrics. Key disclosures include a standalone permanent employee count of 123 with an employee turnover rate of 69.47% for FY26. Zero data breaches and zero customer or regulatory complaints on data privacy were reported during the period.
- Published FY 2025-26 BRSR covering standalone operations across 28 Indian states
- Reported 123 permanent employees as of FY26-end (78.86% male, 21.14% female)
- Permanent employee turnover rate stood at 69.47% in FY26 compared to 58% in FY25
- Recorded 0 instances of data breaches and 0 pending shareholder complaints at year-end
BLS E-Services Limited has issued the notice for its 10th Annual General Meeting scheduled for September 15, 2026, via video conferencing. Key agenda items include the declaration of a final dividend of ₹0.50 per share (5% on face value of ₹10) for FY26 and approval for a sub-division/stock split of equity shares. The AGM will also consider the appointment of Dr. Savita and Mr. Sarthak Behuria as Non-Executive Independent Directors for five-year terms ending August 2031. The remote e-voting window is open from September 11 to September 14, 2026, with a cut-off date of September 8, 2026.
- 10th AGM scheduled for Tuesday, September 15, 2026, at 3:00 PM IST via VC/OAVM
- Final dividend of ₹0.50 (5%) per equity share of ₹10 face value recommended for FY26
- Shareholder approval sought for alteration of capital via sub-division/split of equity shares
- Remote e-voting period runs from September 11, 2026 (9:00 AM) to September 14, 2026 (5:00 PM)
- Voting cut-off date fixed as September 08, 2026
BLS E-Services reported a 24.6% YoY revenue growth to ₹304.09 Cr for Q1 FY27, although revenue declined 6% sequentially from Q4 FY26. The board approved a 1:2 stock split, reducing the face value from ₹10 to ₹5 to improve share liquidity. Significant leadership changes include the appointment of Mr. Ashish Misra (ex-IndusInd Bank) as Deputy CEO and Mr. Sarthak Behuria (ex-Chairman of IOCL and BPCL) as an Independent Director. The company still holds ₹154.71 Cr in unutilized IPO proceeds, with ₹138 Cr specifically allocated for the Atyati Technologies acquisition.
- Revenue from operations grew 24.6% YoY to ₹304.09 Cr in Q1 FY27 compared to ₹243.99 Cr in Q1 FY26.
- Consolidated Net Profit increased 6.3% YoY to ₹18.63 Cr for the quarter ended June 30, 2026.
- Approved a 1:2 stock split, doubling the authorized share count to 22,00,00,000 shares of ₹5 each.
- Appointed Ashish Misra as Deputy CEO, bringing nearly 30 years of experience from IndusInd Bank and the NBFC sector.
- Unutilized IPO proceeds stand at ₹154.71 Cr, including ₹138 Cr pending for the Atyati Technologies acquisition.
BLS E-Services (BLSE) reported a steady Q1 FY27 with revenue of ₹304.09 Cr and a net profit of ₹18.63 Cr, representing a 24.6% YoY revenue growth. The board approved a 1:2 stock split, reducing the face value from ₹10 to ₹5 to enhance liquidity. Significant leadership changes were announced, including the appointment of Mr. Sarthak Behuria (ex-Chairman of IOCL) as an Independent Director and Mr. Ashish Misra as Deputy CEO. The company still holds ₹154.71 Cr in unutilized IPO proceeds, with ₹138 Cr specifically earmarked for the Atyati Technologies acquisition.
- Q1 FY27 revenue reached ₹304.09 Cr, a 24.6% increase compared to ₹243.99 Cr in Q1 FY26.
- Net profit for the quarter stood at ₹18.63 Cr, up from ₹17.52 Cr in the corresponding previous year quarter.
- Approved a 1:2 stock split, dividing each ₹10 face value share into two ₹5 face value shares.
- Unutilized IPO proceeds of ₹154.71 Cr remain as of June 30, 2026, including ₹138 Cr for the Atyati Technologies acquisition.
- Appointment of Mr. Ashish Misra as Deputy CEO, bringing 30 years of experience from IndusInd Bank and other financial institutions.
BLS E-Services (BLSE) reported a strong 23.3% YoY increase in total income to ₹309.8 cr for Q1 FY27, driven by its Business Correspondent (BC) segment. While top-line growth was robust, EBITDA margins compressed to 8.7% from 9.9% in the previous year, resulting in a modest 6.3% growth in PAT to ₹18.6 cr. A key milestone was the completion of the 100% acquisition of Atyati Technologies, which adds over 25,900 CSPs to the network. Operational volumes remain high, with loan disbursements growing 20.8% YoY to ₹8,700+ cr.
- Total Income grew 23.3% YoY to ₹309.8 cr in Q1 FY27 compared to ₹251.2 cr in Q1 FY26.
- Loan disbursements facilitated reached ₹8,700+ cr, representing a 20.8% YoY increase.
- Total touchpoints expanded to 1,58,600+, up from 1,44,000+ in the same quarter last year.
- Completed 100% acquisition of Atyati Technologies, significantly boosting rural banking and last-mile agent banking capabilities.
- Gross Transaction Value (GTV) for the quarter stood at ₹29,500+ cr, up 12.6% YoY.
BLS E-Services Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent (RTA), KFIN Technologies Limited, confirmed that no requests for dematerialization or rematerialization of shares were received during the period from April 1, 2026, to June 30, 2026. This is a standard procedural filing required for all listed entities to ensure share records are reconciled with depositories.
- Reporting period covers the full quarter from April 1, 2026, to June 30, 2026
- Zero (0) requests were received for dematerialization of shares during the quarter
- Zero (0) requests were received for rematerialization of shares during the quarter
- Compliance confirmed by KFIN Technologies Limited, the company's appointed RTA
BLS E-Services (BLSE) has successfully consummated the 100% acquisition of Atyati Technologies for a total cash consideration of ~₹157 Crores. This acquisition is significant, representing approximately 37% of BLSE's Net Worth (₹423 Cr) and 14% of its TTM Revenue (₹1118 Cr). Atyati brings a robust network of 25,900+ Customer Service Points (CSPs) and partnerships with 35+ banks, which will be integrated into BLSE's existing digital service platform. The deal is expected to enhance BLSE's AI-driven banking capabilities and expand its reach into 100,000 villages.
- Acquisition of 100% stake in Atyati Technologies for ~₹157 Crores in an all-cash transaction
- Atyati adds a network of 25,900+ Customer Service Points (CSPs) covering 100,000 villages
- Target company serves more than 35 banks and financial institutions with AI-driven digital solutions
- Acquisition value represents ~37.1% of BLSE's reported Net Worth of ₹423 Cr
- Transaction aims to strengthen BLSE's micro-lending and last-mile banking infrastructure
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 72.26% YoY to INR 519.35 Cr in FY 2024-25, up from INR 301.48 Cr. The company operates in a single reportable segment: 'Digital Services', which includes E-Governance, Business Correspondent (BC), and Loan Distribution.
Geographic Revenue Split
The company maintains a Pan-India presence with 147,000+ touchpoints as of Q2 FY26. Specific regional percentage splits are not disclosed in the available documents.
Profitability Margins
Net Profit Ratio remained stable at 11.32% in FY 2024-25 compared to 11.12% in FY 2023-24. Return on Equity (ROE) decreased from 20.11% to 12.87% due to the significant increase in shareholder funds following the IPO.
EBITDA Margin
Consolidated EBITDA margin was 16.58% in FY 2024-25, with absolute EBITDA growing 72.46% YoY to INR 86.11 Cr from INR 49.93 Cr.
Capital Expenditure
The company has allocated INR 97.59 Cr for strengthening technology infrastructure, of which INR 13.84 Cr was utilized by Sep 30, 2025. Additionally, INR 74.78 Cr is earmarked for setting up BLS Stores.
Credit Rating & Borrowing
The company maintains a very low Debt-to-Equity ratio of 0.01 as of March 31, 2025, down from 0.02 in the previous year, indicating negligible reliance on external debt.
Operational Drivers
Raw Materials
As a service-based digital platform, primary 'inputs' are technology infrastructure (18% of IPO proceeds allocated) and human resources. Traditional raw materials like steel or oil are not applicable.
Key Suppliers
Key partners providing financial products include State Bank of India (SBI), Canara Bank, Central Bank of India, Aditya Birla Capital, Piramal Finance, and Bajaj Finserv.
Capacity Expansion
Touchpoints increased 21.5% YoY to 1,47,000+ in Q2 FY26. Business Correspondent CSPs grew 52.8% YoY to 45,400+ as of September 30, 2025.
Raw Material Costs
Not applicable. Operational costs are driven by commission payouts and technology maintenance.
Manufacturing Efficiency
Not applicable. Operational efficiency is measured by transaction volume, which reached 14 Crores in FY 2024-25, facilitating a Gross Transaction Value (GTV) of INR 87,000 Cr.
Logistics & Distribution
Not applicable; services are delivered digitally or through physical touchpoints (CSPs).
Strategic Growth
Expected Growth Rate
72.26%
Growth Strategy
Growth is driven by inorganic expansion (INR 77.89 Cr acquisition of ASPL), organic network expansion of CSPs (up 52.8% YoY), and a massive 514% jump in loan distribution volume to INR 8,600 Cr in Q2 FY26.
Products & Services
E-governance services, Business Correspondent (BC) banking services, Loan distribution, and Assisted E-services (B2B2C).
Brand Portfolio
BLS E-Services, BLS Stores, BLS Sewa Kendras, Zero Mass, Starfin.
New Products/Services
Expansion into loan distribution (facilitated INR 12,000 Cr in FY25) and new healthcare services via partnerships like MeraDoc.
Market Expansion
Aggressive strategy to win new government tenders and expand the BC network further into underserved rural areas.
Market Share & Ranking
Positioned as a prominent player in the BC services and e-governance segment in India; specific market share % not disclosed.
Strategic Alliances
Partnerships with Aditya Birla Capital, Piramal Finance, and Grameen Foundation for social impact and financial product distribution.
External Factors
Industry Trends
The industry is rapidly growing (GTV up 36.5% in Q2 FY26) driven by the 'Digital India' initiative and a shift toward self-managed service centers to improve EBITDA margins.
Competitive Landscape
Competes with other large BC service providers and e-governance facilitators in a highly regulated environment.
Competitive Moat
Moat is built on an asset-light model and a massive network effect of 1.47 Lakh touchpoints, which creates high entry barriers for competitors trying to reach grassroots levels.
Macro Economic Sensitivity
Highly sensitive to government spending on digital inclusion and financial literacy programs.
Consumer Behavior
Increasing rural demand for digital access to government services and formal credit (loan distribution grew 514% YoY in Q2 FY26).
Geopolitical Risks
Exposure to regulatory volatility in India regarding digital financial services and data privacy laws.
Regulatory & Governance
Industry Regulations
Operations are governed by RBI guidelines for Business Correspondents and specific state-level E-Governance project norms.
Environmental Compliance
Minimal ESG impact due to the service-based digital nature of operations.
Taxation Policy Impact
Subject to standard Indian corporate tax rates; H1 FY26 standalone profit before tax was INR 11.85 Cr.
Legal Contingencies
No specific pending litigation values or major court cases were disclosed in the provided financial summaries.
Risk Analysis
Key Uncertainties
Contractual dependency on the parent company (BLS International) for government contracts is a primary risk. Technology obsolescence requires continuous reinvestment (INR 97.59 Cr allocated).
Geographic Concentration Risk
While Pan-India, revenue is concentrated in states where major E-Governance contracts are active.
Third Party Dependencies
High dependency on banking partners (SBI, Canara) for the BC business segment.
Technology Obsolescence Risk
The company is mitigating this by utilizing IPO proceeds to consolidate platforms and develop new digital capabilities.
Credit & Counterparty Risk
Trade receivables turnover ratio of 8.76 indicates moderate collection cycles; receivables stood at INR 4.53 Cr as of Sep 2025.
