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Bluspring Enterprises Limited
NSE: BLUSPRING BSE: 544414 INE0U4101014 Services Diversified Commercial Services 🔎 Screen
₹1,677 Cr
Market Cap
P/E
PEG
5.1%
ROCE
-0.1%
ROE
0.20
D/E
2.3%
OPM
-14.9%
% from 52W High
95
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Incorporated in 2025, Bluspring Enterprises Ltd is in the business as an infrastructure services company

✓ Strengths 1
  • Debtor days have improved from 83.1 to 58.8 days.
! Concerns 3
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -0.60% over last 3 years.
  • Company's cost of borrowing seems high
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
📊 Quick Scorecard
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3-Statement Financial Model
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Strong beat on profitability: EBITDA margin expanded 105bps YoY to 4.2% and adjusted PAT surged 73% YoY, but revenue growth stalled QoQ (flat at ₹846 Cr) and Telecom segment slipped. quarter Investor Presentation One-Pager? Mar 2026
Revenue (ex-foundit)
₹846 Cr
+8% YoY, flat QoQ
EBITDA Margin (ex-foundit)
4.2%
+105bps YoY, +35bps QoQ
Adjusted PAT (ex-foundit)
₹20 Cr
+73% YoY, +6% QoQ
Headcount (ex-foundit)
93,000+
Driven by Security (+14% YoY HC growth)
What Went Right
  • Security segment EBITDA surged 203% YoY to ₹6 Cr on 15% revenue growth and faster collections.
  • Facility & Food EBITDA grew 56% YoY to ₹24 Cr, with margin reaching 4.7% in Q4 (vs 4.0% in Q3).
  • Adjusted PAT rose 73% YoY to ₹20 Cr, driving adjusted EPS to ₹1.3 (vs ₹0.8 YoY).
  • Telecom & Industrials EBITDA improved 19% QoQ to ₹18 Cr despite flat revenue, aided by industrial margins and cost cuts.
  • FY26 ex-foundit revenue crossed ₹3,300 Cr (+11% YoY) and adjusted PAT hit ₹67 Cr (+27% YoY).
What to Watch
  • Revenue was flat QoQ at ₹846 Cr; Telecom segment revenue declined 2% YoY due to a temporary capex pause.
  • foundit continued to burn cash with negative EBITDA of ₹9 Cr in Q4 (margin -48%), though improving from -73% in Q1.
  • FY26 EBITDA growth in Facility & Food lagged revenue growth (5% vs 12%) due to upfront investments in leadership and sales.
  • Consolidated operating cash flow was only ₹52 Cr in FY26, well below adjusted PAT of ₹67 Cr, indicating working capital drag.
  • Adjusted PAT margin remains thin at 2.3% (ex-foundit), highlighting low earnings power relative to revenue scale.
Investor Lens
The thesis of margin expansion and scale-driven profitability is intact – EBITDA margins improved 105bps YoY and 35bps QoQ to 4.2%, with Q4 exit rate for Facility & Food at 4.7%. However, flat QoQ revenue and Telecom’s capex pause raise questions about near-term growth momentum. The STEAG Energy Services acquisition (₹180 Cr, high-single-digit EBITDA margin) should boost topline ~20% and add 90-100bps to group margins, but integration risk remains. Foundit’s path to breakeven is still distant (EBITDA -48% in Q4). Watch next quarter for: revenue reacceleration, working capital improvement, and foundit’s cash burn rate.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue up 7.9% YoY; operating profit surges 429% but margins remain thin.
Revenue
Revenue rose 7.9% YoY to ₹864.8 Cr, with minimal 0.3% QoQ growth. The modest expansion suggests stable demand but limited near-term momentum.
Profitability
Net profit surged 116% YoY and QoQ to ₹3.8 Cr, EPS ₹0.28. However, an effective tax rate of 51.88% weighed on bottom-line gains.
Margins
Operating margin improved to 2.91% from 0.59% YoY, reflecting a sharp 429% jump in operating profit. Margins remain low, indicating high cost pressures.
Cash Flow
No cash flow data provided.
Balance Sheet
Borrowings stand at ₹136 Cr (D/E 0.2), while reserves are ₹519 Cr. Total assets of ₹1,690 Cr support a moderate leverage profile.
Key Risks
Thin operating margins (2.91%) and high tax rate (51.88%) limit profitability. Negative ROE (-0.08%) signals inefficient use of equity.
Outlook
Revenue growth is steady but unspectacular; sustaining margin improvement is critical. The high tax burden and low ROE warrant caution.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Facility Management and Food Services
521
EBIT 23
519
EBIT 24
Foundit
19
EBIT -10
Security Services
173
EBIT 4
169
EBIT 6
Telecom and Industrials
151
EBIT 15
157
EBIT 18
d) Foundit
18
EBIT -8
Total 863 865

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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📊 Analysis Methodology

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