Bluspring Enterprises Limited – Investor Presentation Summary

Key Operational Highlights

  • Workforce of over 1,00,000 employees across all business segments
  • Addition of 2,600 new security guards year-on-year in Q2 FY27 with quarterly addition of over 800 guards
  • Mobilization of new clients across all business segments in Q2 FY27
  • Pan-India delivery footprint across all states and sectors

Key drivers of operational performance: New client mobilizations, acquisition of aviation catering business, addition of security personnel, and full impact of Smart Infra segment acquisition

Segment-wise Performance

Facility & Food Services: Q2 FY27 revenue ₹601 crore (▲17% YoY, ▲15% QoQ), EBITDA ₹29 crore (▲38% YoY, ▲20% QoQ)

Security Services: Q2 FY27 revenue ₹201 crore (▲20% YoY, ▲7% QoQ), EBITDA ₹6 crore (▲27% YoY, ▲24% QoQ)

Smart Infra, Energy & Engineering: Q2 FY27 revenue ₹449 crore (▲189% YoY, ▲101% QoQ), EBITDA ₹49 crore (▲283% YoY, ▲136% QoQ)

Explanation of significant changes in segment performance: Smart Infra segment growth driven by full quarter impact of acquisition and commencement of large contracts. Facility & Food growth due to new client mobilization and aviation catering business addition. Security growth from headcount expansion.

Financial Highlights

Q2 FY27 (Excluding foundit):

Revenue: ₹1,250 crore

EBITDA: ₹84 crore

PAT: ₹32 crore

EPS: ₹2.1

EBITDA Margin: 5.4% (▲188 bps YoY, ▲156 bps QoQ)

PAT Margin: 2.5% (▲60 bps YoY, ▲80 bps QoQ)

H1 FY27 (Excluding foundit):

Revenue: ₹2,180 crore (▲35% YoY)

EBITDA: ₹133 crore (▲84% YoY)

PAT: ₹48 crore (▲76% YoY)

EPS: ₹3.2 (▲75% YoY)

EBITDA Margin: 4.7% (▲141 bps YoY)

PAT Margin: 2.2% (▲51 bps YoY)

Drivers of financial performance: Volume growth, addition of high-margin aviation catering business, better absorption of fixed costs, mobilization of large contracts, and collection efficiencies

Key Risks: Food business affected by inflationary pressures

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Consolidated (as of September 30, 2026):

Total Assets: ₹2,746 crore (▲62% from March 2026)

Fixed Assets & Intangibles: ₹737 crore (▲42%)

Trade Receivables & Unbilled Revenue: ₹1,331 crore (▲52%)

Cash and Cash Equivalents: ₹306 crore (▲452%)

Share Capital & Other Equity: ₹810 crore (▲9%)

Debt: ₹498 crore (▲525%)

Other Liabilities: ₹1,439 crore (▲65%)

Financial Health Insights: Significant expansion in asset base and working capital requirements

Capex & Cash Flow Health

H1 FY27 Consolidated Cash Flow:

Net Cash from Operations: ₹55 crore (vs. negative ₹127 crore in H1 FY26)

Net Cash Used in Investing: ₹188 crore (including ₹150 crore for STEAG & LSG acquisition)

Net Cash from Financing: ₹384 crore (including ₹418 crore from borrowings)

Capital Expenditure: ₹16 crore on PPE & Intangibles

Free Cash Flow: Not Specified

Operating Cash Flow: ₹85 crore generated from operations

Investment Rationale: Acquisition of STEAG & LSG, capacity expansion, and technology upgrades

Strategic & R&D Initiatives

Investments in Innovation: Renamed segment to "Smart Infra, Energy and Engineering" from "Telecom and Industrials" effective April 1, 2026

Expected impact on growth: Share of revenues from highest margin vertical 'Smart Infra, Energy and Engineering' estimated to jump to 36%

Strategic Rationale: Evolving from manpower provider to higher-margin integrated services provider with global presence, focusing on energy and industrial sector

Industry Trends & Business Environment

Macro/Industry Trends: India Capex momentum jumps in Power, Metals & Mining sector; Peak power demand hit record 270.8 GW in May 2026; Coal continues to contribute over 50% of India's power demand; Metals and mining capacity expanding fast

Impact on Company: Rising trend of outsourcing along with creation of new industrial assets provides long runway for integrated infrastructure services providers

Management Commentary & Growth Outlook

Strategic Outlook: Pivoting towards becoming India's only integrated infrastructure services provider for the energy and industrial sector

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

ESG Updates

Focus on sustainability and digital transformation using technology and real-time dashboards to monitor wastage and minimize emissions

Digital Transformation

Using AI-powered job search platform (foundit), enterprise and tele sales, courses & skill assessments, resume services