Bluspring Enterprises Limited (BLUSPRING) share price

₹135.79 on NSE as of 2026-10-08. -4.85% on the day. market cap ₹2,029 Cr. 52-week range ₹44.72 to ₹149.44. Services.

www.bluspring.com

What the company does

BEL is a tech-enabled and integrated infrastructure services company incorporated on 11 February 2024,following the demerger of infrastructure management business from Quess. The company operates across multiple segments offering comprehensive services that includes IFM, industrial asset management, telecom network services, food and catering and recruitment solutions. Its services are supported by prominent brands such as Avon and Indya Foods in IFM & food services, Hofincons and Vedang in Telecom & Industrial services, Terrier in security services and Foundit in talent acquisition.

Filed by India Ratings, page 4.

Bluspring Enterprises Q1 FY27: ₹949 Cr of Revenue, ₹20.55 Cr of Operating Profit, and a Power Plant Business Bought in May

At a glance

Bluspring booked ₹949.29 crore of revenue in the three months to June 2026. That was up 19% on the ₹797.23 crore of the same quarter a year earlier. It was 9.8% above the ₹864.80 crore booked in the three months to March 2026.

Operating profit was ₹20.55 crore, which is 2.16% of sales. If the whole quarter were a single rupee, operating profit would be a shade over two paise.

Net profit was a loss of ₹0.49 crore. The June 2025 quarter carried a loss of ₹4.77 crore. The three months to March 2026 carried a profit of ₹4.12 crore. Earnings per share for the June quarter were ₹-0.03.

The corporate activity was busier than the profit and loss account. On 20 May 2026 the company completed its acquisition of STEAG Energy Services (India) for ₹180.30 crore. A term loan of ₹175 crore, taken by the subsidiary Bluspring New Horizon One, funded the purchase. In a release dated 6 July, the company put STEAG's order book at ₹5,100 crore. That figure follows four long-term deals, among them contracts with BALCO and Vedanta.

A second acquisition was signed on 13 April 2026 and still awaits closing. It covers the Bengaluru in-flight catering operation of LSG Sky Chefs India. The enterprise value is ₹129 crore.

Management raised its guidance for the year to March 2027 after these two deals.

Introduction

Bluspring Enterprises was incorporated on 11 February 2024. It came out of the demerger of Quess Corp's infrastructure management business. The shares listed on the BSE and the NSE on 11 June 2025, under the symbol BLUSPRING. The registered office is at Bellandur Gate, Sarjapur Road, Bengaluru.

The promoter group is Ajit Isaac, who founded Quess, and Fairbridge Capital Mauritius Limited. Fairbridge is affiliated to Fairfax Financial Holdings. Together they hold about 58%. India Ratings, a credit-rating agency also known as Ind-Ra, notes that Fairfax adds strategic oversight through board representation. The agency also notes that the senior management team was carved out of Quess.

The four months to July 2026 were largely about buying things. On 19 March 2026 a subsidiary signed an agreement to acquire STEAG India for ₹180 crore. That deal closed on 21 May 2026. On 13 April 2026 a second subsidiary signed to acquire all of LSG India. The enterprise value there was ₹129 crore.

Term loans followed both purchases. Poonawalla Fincorp lent ₹175 crore in May for STEAG. A further ₹125 crore was signed on 23 July for LSG.

The STEAG orders then arrived in a cluster. On 5 June came a BALCO contract worth ₹2,049.8 crore, running 60 months. It covers a plant of 1,740 MW. On 26 June came a five-year extension worth ₹1,219.85 crore, on Vedanta Aluminium's 1,800 MW plant. An extension worth ₹406.43 crore was signed the same day, on a plant of 600 MW. On 3 July, VAML awarded a captive power operations and maintenance contract worth ₹1,437.17 crore.

The notice for the annual general meeting was published on 1 August 2026. It was only the second such notice in the company's existence.

Business model

Bluspring supplies the people and the plumbing that keep other people's buildings, plants and networks running. It reports four segments.

Facility Management and Food Services booked ₹520.27 crore in the June quarter, roughly 55% of the total. The work covers soft services, hard services, pest control and landscaping. It also runs on-site kitchens, a central kitchen operation and event catering. The brands are Avon in integrated facility management and Indya Foods in catering. This is the mopping-and-meals business, and it is the largest segment by a distance.

Smart Infra, Energy and Engineering booked ₹222.87 crore. The segment was called Telecom and Industrials until 1 April 2026. Its work covers power and industrial operations and maintenance, installation and commissioning, and digital consulting. It also handles network deployment and tower infrastructure management. The brands are Hofincons and Vedang. STEAG contributed ₹76 crore of the segment's revenue in the quarter.

Security Services booked ₹186.71 crore, run under the Terrier brand. The work covers man-guarding, electronic security, event management and security audits. Guard headcount crossed 24,926, up about 900 over the quarter.

foundit booked ₹19.44 crore. It is the former Monster.com job platform, held through Monster entities in India, Singapore, Hong Kong and Malaysia. It offers AI-powered job search, courses and skill assessments. The company labels this an investment business and reports it separately from the rest.

The total workforce is over 97,000 people. The client base is over 1,000. The top 10 clients accounted for 27% of revenue in the three months to June 2026. The top 30 accounted for 50%. By geography, the South is 41% of revenue and the North 25%. The East is 18% and the West 15%. International work is 1%.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Bluspring Enterprises Limited.

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