Bluspring Enterprises Limited (BLUSPRING)
₹165.19 -4.34% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bluspring Enterprises' revenue was ₹949 Cr (+19.1% year on year, +9.8% on the previous quarter), and net profit ₹-1.6 Cr (a smaller loss than a year earlier); the operating margin was 2.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹949 | +19.1% | +9.8% |
| Operating profit | ₹20.5 | +76.0% | -18.2% |
| Net profit | ₹-1.6 | loss narrowed | to loss |
| EPS (₹) | -0.03 | loss narrowed | to loss |
| Operating margin | 2.2% | — | — |
BLUSPRING delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.48% of the BLUSPRING shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.83%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 8.6% · 23.9% · 37.1% · 18.8% · 34.5%
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
Bluspring Enterprises has announced a Scheme of Amalgamation to merge its wholly owned subsidiary, Bluspring New Horizon Two Pvt Ltd, into its step-down subsidiary, LSG Sky Chefs India Pvt Ltd. LSG Sky Chefs, acquired via New Horizon on August 6, 2026, reported an audited FY26 turnover of ₹189.08 crore (equivalent to ~5.4% of Bluspring's TTM revenue of ₹3,534 crore). The merger involves a 1:1 share exchange ratio with no cash outflow and eliminates one intermediate holding tier. As a transaction between wholly owned entities, it is exempt from standard related-party restrictions and does not alter the parent's shareholding pattern.
- Merger of wholly owned subsidiary Bluspring New Horizon Two into step-down subsidiary LSG Sky Chefs India approved on September 29, 2026
- LSG Sky Chefs India reported FY26 turnover of INR 189.08 Crores
- Share swap ratio set at 1:1 equity share (INR 10 face value) of LSG Sky Chefs for every 1 share held in Transferor
- No change in the listed entity's shareholding pattern; transaction eliminates one layer of subsidiary
Bluspring Enterprises Limited announced the resignation of Mr. Arjun Sunil Makhecha as Company Secretary, Compliance Officer, and Nodal Officer, effective September 10, 2026. The Board has appointed Mr. Raman Sapra as his successor, effective September 11, 2026. Mr. Sapra brings over 16 years of legal and governance experience, having previously worked at MPS Limited and KRBL Limited. Additionally, the company updated its list of Key Managerial Personnel authorised under Regulation 30(5) for determining materiality.
- Cessation of Mr. Arjun Sunil Makhecha effective close of business hours on September 10, 2026
- Appointment of Mr. Raman Sapra (ICSI Membership No. F9233) effective September 11, 2026
- Mr. Raman Sapra brings over 16 years of governance and compliance experience
- Board meeting conducted from 16:15 hours to 16:30 hours on September 10, 2026
- CEO Kamal Pal Hoda, CFO Prapul Sridhar, and CS Raman Sapra authorised under Regulation 30(5)
Bluspring Enterprises Limited announced the resignation of Mr. Arjun Sunil Makhecha from the role of Company Secretary and Compliance Officer, effective close of business September 10, 2026. Concurrently, the Board approved the appointment of Mr. Raman Sapra as the new Company Secretary, Compliance Officer, and Nodal Officer effective September 11, 2026. Mr. Sapra brings over 16 years of legal and corporate governance experience from companies including MPS Limited and KRBL Limited. This is a routine secretarial leadership transition with immediate succession in place.
- Resignation of Arjun Sunil Makhecha as CS and Compliance Officer effective close of business September 10, 2026
- Appointment of Raman Sapra as CS and Compliance Officer effective September 11, 2026
- Incoming CS Raman Sapra brings over 16 years of corporate governance and legal experience
- Board meeting approving the changes held on September 10, 2026, lasting 15 minutes (16:15 to 16:30 hours)
Bluspring Enterprises Limited announced the appointment of Mr. Raman Sapra as Company Secretary, Compliance Officer (KMP), and Nodal Officer effective September 11, 2026. This follows the resignation of Mr. Arjun Sunil Makhecha, who stepped down at the close of business on September 10, 2026, to pursue an external career opportunity. Mr. Sapra brings over 16 years of legal and governance experience, having previously worked with MPS Limited and KRBL Limited.
- Appointment of Mr. Raman Sapra as Company Secretary and Compliance Officer effective September 11, 2026
- Resignation of predecessor Mr. Arjun Sunil Makhecha took effect at close of business on September 10, 2026
- Incoming CS brings over 16 years of corporate legal, governance, and compliance experience
- Board meeting approving the transition commenced at 16:15 hours and concluded at 16:30 hours on September 10, 2026
Bluspring Enterprises announced that Arjun Sunil Makhecha has resigned from the role of Company Secretary, Compliance Officer, and Nodal Officer effective close of business hours on September 10, 2026. The Board approved the appointment of Raman Sapra as his successor, effective September 11, 2026. Mr. Sapra brings over 16 years of legal and governance experience, having previously headed compliance at MPS Limited and KRBL Limited. The company has also authorized KMPs, including the new CS, under Regulation 30(5) for determining materiality.
- Resignation of Arjun Sunil Makhecha as CS and Compliance Officer effective close of business on September 10, 2026
- Appointment of Raman Sapra effective September 11, 2026, bringing over 16 years of experience
- Sapra is an FCS member (ICSI Membership No. F9233) with prior leadership roles at MPS Limited and KRBL Limited
- Board meeting commenced at 16:15 hours and concluded at 16:30 hours on September 10, 2026
India Ratings has assigned an 'IND A/Stable/IND A1' credit rating to the ₹500 million (₹50 crore) bank loan facilities of Vedang Cellular Services Private Limited (VCSPL), a 98.98% material subsidiary of Bluspring Enterprises Limited. The rating reflects VCSPL's strong strategic linkages with Bluspring, which generates 54%-60% of its consolidated EBITDA from VCSPL. At the group level, consolidated revenue reached ₹3,382 crore in FY26, though operating margins remain thin at around 2.2% to 2.3% and working capital cycles stretched at 95 receivable days.
- India Ratings assigned 'IND A/Stable/IND A1' rating to VCSPL's ₹500 million bank facilities
- VCSPL accounts for 10%-11% of consolidated revenue and 54%-60% of consolidated EBITDA for FY25-FY26
- Consolidated revenue stood at ₹9,493 million in Q1 FY27 with EBITDA margins at 2.2%
- Receivable days including unbilled stood elongated at 95 days as of FYE26 (down from 106 days at 1HFYE26)
Bluspring Enterprises Limited disclosed the voting results and scrutinizer report for its 2nd Annual General Meeting held on August 31, 2026. All 6 resolutions, including adoption of FY26 standalone and consolidated financials, re-appointment of Director Mr. Anish Thurthi, and enabling special resolutions for borrowing powers (Section 180(1)(c)), asset charges (Section 180(1)(a)), and investment/loan limits (Section 186), were passed with overwhelming majorities ranging from 98.06% to 100%. Total voter turnout stood at 75.28% of total outstanding shares across 82,555 registered shareholders as of the August 24, 2026 cut-off date.
- All 6 AGM resolutions passed with approval rates between 98.06% and 100%
- Total voting participation reached 75.28% of outstanding equity shares (11,25,49,216 votes polled)
- Enabling special resolutions passed for borrowing powers under Section 180(1)(c) (99.64% in favour) and investments/loans under Section 186 (98.06% in favour)
- 82,555 shareholders recorded as of the record cut-off date of August 24, 2026
Bluspring Enterprises Limited conducted its 2nd Annual General Meeting (AGM) on August 31, 2026, via video conferencing with 108 shareholders in attendance. Key resolutions tabled included the adoption of FY26 financial statements, the reappointment of director Mr. Anish Thurthi, and special resolutions to approve borrowing powers, creation of charges on assets, and increased investment and loan limits under Sections 180 and 186 of the Companies Act. Voting results will be submitted within two working days of the AGM conclusion.
- 2nd Annual General Meeting held on August 31, 2026, with a quorum of 108 shareholders via VC/OAVM
- Special resolutions presented to approve borrowing powers under Section 180(1)(c) and asset charges under Section 180(1)(a)
- Special resolution presented to increase limits for investments, loans, and guarantees under Section 186
- Remote e-voting conducted from August 27 to August 30, 2026, with final voting results to be disclosed within 2 working days
Bluspring Enterprises has filed a scheme of amalgamation to merge its wholly-owned subsidiary, Bluspring New Horizon One Private Limited, into its step-down subsidiary, STEAG Energy Services (India) Private Limited. STEAG is a significant contributor to the group, with an unaudited FY26 turnover of ₹537.70 Cr, representing approximately 15.9% of Bluspring's TTM consolidated revenue. The restructuring aims to simplify the corporate hierarchy by eliminating one layer of subsidiaries and reducing administrative overheads. The share exchange ratio is fixed at 1 share of STEAG for every 10 shares of the transferor company.
- Transferee company STEAG Energy Services reported an unaudited FY26 turnover of ₹537.70 Cr.
- The merger will eliminate 1 layer of the subsidiary structure to streamline decision-making.
- Share exchange ratio set at 1 share of STEAG (FV ₹100) for every 10 shares of New Horizon (FV ₹10).
- Transferor company was recently incorporated on February 9, 2026, with no prior turnover.
- Amalgamation is conducted under Section 233 of the Companies Act, 2013, for fast-track processing.
Bluspring Enterprises has announced its 2nd Annual General Meeting (AGM) will be held on August 31, 2026, via video conferencing. The company has dispatched physical letters to shareholders without registered email addresses, providing access to the FY26 Annual Report and AGM notice. Key administrative dates include a voting cut-off of August 24, 2026, and a remote e-voting window from August 27 to August 30, 2026. This follows a fiscal year where the company reported TTM revenue of ₹3,382 Cr and a net loss of ₹23 Cr.
- 2nd Annual General Meeting (AGM) scheduled for August 31, 2026, at 03:00 P.M. IST
- Cut-off date for remote e-voting eligibility set for Monday, August 24, 2026
- Remote e-voting period runs from August 27, 2026 (09:00 AM) to August 30, 2026 (05:00 PM)
- Annual Report for FY25-26 and AGM notice made available via QR code and web links for physical shareholders
- Company reported TTM revenue of ₹3,382 Cr and a net loss of ₹23 Cr for the period ending March 2026
Bluspring Enterprises has issued the notice for its 2nd Annual General Meeting scheduled for August 31, 2026. For FY26, the company reported consolidated revenue of ₹3,382 crore, though it posted a net loss of ₹23 crore primarily due to its 'foundit' digital recruitment segment. The core infrastructure services business (excluding foundit) showed resilience with ₹3,304 crore in revenue and an EBITDA of ₹121 crore. Investors should note the steady improvement in quarterly EBITDA margins, which rose from 3.1% to 4.2% over the fiscal year.
- FY26 core business revenue (excluding foundit) grew 11% YoY to ₹3,304 crore.
- Workforce scale reached 93,000+ associates serving over 1,000 clients across 28 states.
- New contract wins in FY26 included 80 accounts in Facility and Food services with an Annual Contract Value (ACV) of ₹313 crore.
- Adjusted Profit After Tax (PAT) for the core business increased 27% YoY to ₹67 crore.
- Client retention remains high at 95%, with the top 30 customers contributing 50% of total revenue.
Bluspring Enterprises has successfully completed the 100% acquisition of LSG Sky Chefs (India) Private Limited through its wholly-owned subsidiary. The transaction, which follows the initial agreement on April 13, 2026, was finalized on August 06, 2026, after meeting all conditions precedent. This acquisition is a strategic move to bolster the company's food services vertical, aligning with its goal to increase EBITDA margins from 3.5% to 6% by 2030. LSG Sky Chefs (India) is now a wholly-owned step-down subsidiary of the company.
- Completed 100% acquisition of the paid-up share capital of LSG Sky Chefs (India) Private Limited.
- The acquisition became effective on August 06, 2026, following the April 13, 2026, share purchase agreement.
- Strategic alignment with the company's 21% CAGR growth target and 2030 margin expansion goals.
- The target entity LSG Sky Chefs (India) is now a wholly-owned step-down subsidiary.
Bluspring Enterprises has allotted 61,131 equity shares of Rs 10 each following the exercise of Restricted Stock Units (RSUs) under its 2025 stock ownership plan. This allotment increases the total paid-up equity shares from 14,94,40,980 to 14,95,02,111. The resulting equity dilution is negligible at approximately 0.04%. This is a standard administrative procedure for employee compensation and retention in a manpower-heavy business.
- Allotment of 61,131 equity shares to eligible RSU holders
- Paid-up share capital increased from Rs 149.44 Cr to Rs 149.50 Cr
- Equity dilution represents approximately 0.04% of the pre-allotment base
Bluspring Enterprises has reported a significant turnaround in Q1 FY27, posting a PAT of ₹16 Cr compared to a TTM loss of ₹23 Cr. The company completed the acquisition of STEAG Energy, which brought in four large multi-year deals worth over ₹5,100 Cr, representing approximately 150% of current TTM revenue. Additionally, the company is finalizing the acquisition of LSG Sky Chefs' Bengaluru operations for ₹166 Cr to enter the high-margin aviation catering sector. Management has accelerated its 6% EBITDA margin target timeline from FY30 to FY29, driven by these high-value integrations.
- Secured 4 large multi-year deals via STEAG acquisition worth ₹5,100 Cr over the next 5 years
- Q1 FY27 EBITDA grew 48% YoY to ₹35 Cr, with margins improving to 3.8% from 3.1%
- Acquiring LSG Sky Chefs India for ₹166 Cr, which includes a cash balance of ₹57 Cr
- Security services segment reached a record headcount of 24,900+ associates, adding 900 in Q1
- Mobilized 77 new contracts during the quarter with an Annual Contract Value (ACV) of ₹132 Cr
Bluspring Enterprises has disclosed the availability of the audio recording for its Q1FY27 earnings conference call held on August 01, 2026. The company, which reported a TTM revenue of Rs 3,382 Cr and a net loss of Rs 23 Cr, is currently navigating a turnaround for its 'foundit' digital recruitment segment. Management previously indicated a target CAGR of 21% and a workforce of over 90,000 associates. This filing is a standard regulatory requirement following the release of quarterly results.
- Audio recording of the analyst call conducted on August 01, 2026, is now publicly available.
- The call covers the Q1FY27 earnings period and management outlook.
- Company continues to manage a large-scale 'people supply chain' with 90,000+ associates.
- Management is targeting a long-term EBITDA margin improvement toward 6% by 2030.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 14% YoY to INR 837 Cr in Q2 FY26. Segment-wise: Facility & Food grew 14% YoY to INR 514 Cr; Telecom & Industrial grew 11% YoY to INR 155 Cr; Security grew 19% YoY to INR 168 Cr. For FY25, total revenue was INR 3,483.57 Cr, a 13% increase from INR 2,728.4 Cr in FY24.
Geographic Revenue Split
Not explicitly disclosed in available documents, though the company mentions operating across multiple geographies and is exploring geographical diversification for the telecom business into international markets.
Profitability Margins
Reported PAT for FY25 was a loss of INR 179.3 Cr (-5.8% margin) compared to a loss of INR 20.7 Cr (-0.8% margin) in FY24. Adjusted PAT for FY25 was a loss of INR 17.5 Cr (-0.6% margin). Q2 FY26 PAT margin improved to 1.9%, up 43 bps QoQ.
EBITDA Margin
Consolidated EBITDA margin for FY25 was 2.2% (INR 67.2 Cr), down 16 bps YoY. Ex-investments EBITDA margin was 3.7% (INR 109.8 Cr). Q2 FY26 EBITDA margin stood at 3.5%, showing a trajectory toward the year-end target of 4% and a long-term 2030 goal of 6%.
Capital Expenditure
Operational capital expenditure led to a 3% YoY increase in depreciation to INR 28.7 Cr in FY25. Total consolidated depreciation for FY25 was INR 50.5 Cr. Specific future CapEx in INR Cr is not disclosed, but the company is investing in digitalization and sales leadership.
Credit Rating & Borrowing
Borrowing costs decreased 39% YoY from INR 33.7 Cr to INR 20.7 Cr in FY25, driven by a reduction in debt from INR 108.6 Cr to INR 78.9 Cr. The company aims to maintain a Debt/EBITDA ratio of less than 1.5x.
Operational Drivers
Raw Materials
Cost of materials and stores (primarily food ingredients for catering and consumables for facility management) represented INR 231.19 Cr in FY25, approximately 6.6% of total revenue.
Import Sources
Not disclosed in available documents; sourcing is likely domestic given the nature of service-led operations in facility and food management.
Capacity Expansion
Current capacity is defined by a workforce of 90,000+ associates. Security business added a record 1,374 man-guards in Q2 FY26. The company added 37 new contracts in Q2 FY26 with an Annual Contract Value (ACV) of INR 96 Cr.
Raw Material Costs
Material costs stood at INR 231.19 Cr in FY25. Procurement strategies focus on digitalization of the supply chain and leveraging scale across 90,000+ managed personnel to optimize costs.
Manufacturing Efficiency
Not applicable as a manufacturing metric; however, operational efficiency is tracked via headcount additions (6k+ net additions in FY25, 8% YoY growth) and 13,000+ health and safety training hours in H1 FY26.
Strategic Growth
Expected Growth Rate
21%
Growth Strategy
The company targets 3x GDP growth (approx. 21% CAGR) through a combination of organic growth and strategic value-based acquisitions. Key strategies include transitioning from a manpower provider to a strategic operations partner (Hofincons model), cross-selling across 8 sectors, and expanding the high-margin food and industrial verticals.
Products & Services
Integrated facility management, industrial catering (food services), manned guarding (security), telecom infrastructure maintenance, and digital recruitment services (foundit).
Brand Portfolio
Bluspring, Hofincons, foundit.
New Products/Services
Expansion into solar maintenance for telecom towers and strategic operations partnering in the industrial sub-vertical. foundit is undergoing a product-led turnaround with a target to break even by Q4 FY26.
Market Expansion
Geographical diversification for the telecom business and targeting 8 different sectors (Education, Healthcare, BFSI, etc.) where each contributes >5% of revenue.
External Factors
Industry Trends
The industry is shifting toward digitalized workforce management and integrated service models. The telecom sector is transitioning through 5G rollout completion toward 6G and renewable energy (solar) integration for towers.
Competitive Landscape
High competitive intensity in core facility management and security businesses, which the company counters by moving toward higher-margin 'strategic partnership' roles.
Competitive Moat
Moat is built on scale (90,000+ associates), sector diversification (no single sector dominance), and a digitalized 'people supply chain' which creates high switching costs for large enterprise clients.
Macro Economic Sensitivity
Revenue growth is pegged at 3x of GDP growth, making the company highly sensitive to national economic expansion and industrial activity.
Consumer Behavior
Increased demand for outsourced facility and food management in commercial and industrial sectors as companies focus on core competencies.
Geopolitical Risks
Exposure to international laws as it scales; however, primary risks currently relate to domestic labor law compliance.
Regulatory & Governance
Industry Regulations
Strict adherence required for central and state labor laws, POSH (Prevention of Sexual Harassment), and anti-bribery policies. Compliance is managed via a Board-approved Risk Management Policy.
Environmental Compliance
Zero fatalities and lost time injuries reported in Q2 FY26; 13,000+ health and safety training hours logged in H1 FY26.
Taxation Policy Impact
Tax expense for FY25 was INR 9.46 Cr (Consolidated) on a loss before tax of INR 169.66 Cr.
Legal Contingencies
Exceptional items of INR 168.03 Cr were reported in FY25, primarily related to demerger costs and strategic investments. Specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Workforce management risk (high attrition), working capital risk (negative cash flows), and cyclicality in the telecom sector (network rollout pauses).
Geographic Concentration Risk
Not disclosed, but the company is actively seeking to diversify geographically to mitigate regional risks.
Third Party Dependencies
Dependency on telecom majors for infrastructure projects; muted CapEx by these majors directly impacts the Telecom & Industrial segment growth.
Technology Obsolescence Risk
Risk of failed internal processes or systems; mitigated by the digitalization of attendance and investment in the 'foundit' platform to stay competitive in recruitment tech.
Credit & Counterparty Risk
Credit control processes are 'tightly managed' to mitigate cash flow risks; Q2 FY25 benefited from an Estimated Credit Loss (ECL) reversal due to strong collections.
