Financial Performance - Q2FY27 vs Q2FY26

  • Revenue from Operations: ₹424.4 Cr (up 57.3% from ₹269.8 Cr in Q2FY26)
  • Total Income: ₹428.1 Cr (up 55.1% from ₹276.0 Cr in Q2FY26)
  • EBITDA*: ₹32.4 Cr (up 23.4% from ₹26.3 Cr in Q2FY26)
  • EBITDA Margin*: 7.6% (down from 9.5% in Q2FY26)
  • Operating EBITDA: ₹28.8 Cr (up 43.8% from ₹20.0 Cr in Q2FY26)
  • Operating EBITDA Margin: 6.8% (down from 7.4% in Q2FY26)
  • PAT: ₹20.5 Cr (up 12.4% from ₹18.3 Cr in Q2FY26)
  • PAT Margin: 4.8% (down from 6.6% in Q2FY26)
  • Cost of Services: ₹350.6 Cr (up from ₹234.9 Cr)
  • Employee Benefit Expenses: ₹34.6 Cr (up from ₹11.2 Cr)
  • Other Expenses: ₹10.4 Cr (up from ₹3.6 Cr)

Financial Performance - H1FY27 vs H1FY26

  • Revenue from Operations: ₹728.5 Cr (up 41.8% from ₹513.7 Cr in H1FY26)
  • Total Income: ₹737.9 Cr (up 40.0% from ₹527.2 Cr in H1FY26)
  • EBITDA*: ₹59.3 Cr (up 15.9% from ₹51.2 Cr in H1FY26)
  • EBITDA Margin*: 8.0% (down from 9.7% in H1FY26)
  • PAT: ₹39.2 Cr (up 9.4% from ₹35.8 Cr in H1FY26)
  • PAT Margin: 5.3% (down from 6.8% in H1FY26)

Consolidated Balance Sheet (as of September 2026 vs March 2026)

  • Total Assets: ₹871.8 Cr (up from ₹761.9 Cr)
  • Property, Plant and Equipment: ₹8.6 Cr (up from ₹7.2 Cr)
  • Goodwill: ₹204.3 Cr (up from ₹167.0 Cr)
  • Other Non-Current Assets: ₹166.8 Cr (up from ₹54.1 Cr)
  • Trade Receivables: ₹160.7 Cr (up from ₹119.2 Cr)
  • Total Equity: ₹606.4 Cr (up from ₹569.8 Cr)
  • Equity Share Capital: ₹90.9 Cr (unchanged)
  • Other Equity: ₹461.6 Cr (up from ₹431.6 Cr)
  • Non-Controlling Interest: ₹53.9 Cr (up from ₹47.3 Cr)
  • Other Financial Liabilities: ₹124.6 Cr (up from ₹88.7 Cr)

Operational Highlights - Q2FY27

  • Gross Transaction Value: ₹41,400+ Cr (up 8.1% YoY)
  • Loan Disbursement: ₹9,500+ Cr (up 10.5% YoY)
  • Total Touchpoints: 188,200+ (up from 147,000+ as of September 30, 2025)
  • Business Correspondent CSPs: 74,400+ (up from 45,400+ as of September 30, 2025)

Operational Highlights - H1FY27

  • Gross Transaction Value: ₹70,900+ Cr (up 32.5% YoY)
  • Loan Disbursement: ₹18,200+ Cr (up 15.2% YoY)

Strategic Developments

  • Completed acquisition of 100% stake in Atyati Technologies Pvt. Ltd. on July 2, 2026, for ₹157 Cr (all-cash deal)
  • Atyati Technologies is a Bengaluru-based AI-powered banking business correspondent and financial services platform
  • Acquisition adds 25,900+ CSPs across approximately 1 lakh villages to BLS network
  • Brings 35+ banks and financial institutions onto BLS platform
  • Adds AI-led banking technology and micro-lending platforms in-house
  • Received empanelment from Punjab & Sind Bank and Chhattisgarh Gramin Bank during the quarter

Business Segments Overview

Company operates four business segments:

1. Business Correspondent Services: Essential banking products and services

2. Loan Disbursement: Personal loans, business loans, and credit products (enhanced through Aadifidelis Solutions acquisition)

3. E-Governance Services: Citizen-centric services for state and central governments (750+ digitally delivered government services)

4. Assisted E-Services: PoS solutions, ticketing, assisted e-commerce through BLS Sewa platform

Historical Financial Performance

FY26 Total Income: ₹1,143 Cr with 67% CAGR from FY23-FY26

FY26 EBITDA*: ₹100 Cr with 8.7% margin

FY26 PAT: ₹69 Cr with 6.1% margin

Corporate Structure

Key operational subsidiaries include acquired entities: Zero Mass (acquired 2022), Aadifidelis Solutions (57% stake acquired 2024), and Atyati Technologies (100% acquired 2026)