Bluspring Enterprises Ltd(BLUSPRING)

NSE: BLUSPRINGBSE: 544414

₹ 145.05-5.72%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,169 crWebsite: www.bluspring.comUpdated: 24 Oct 2026

About

Bluspring Enterprises Ltd is an integrated infrastructure services company. It works across facility management, food and catering, security, telecom network services, industrial operations and maintenance, and an AI-powered talent platform (foundit). The company describes itself as India's only nationally-scaled, compliance-first, tech-enabled Integrated Infrastructure Services Enterprise. Its revenue was Rs 3382.03 Cr in FY26.^[1]

Business segments

Facility Management and Food Services made up 60.0% of FY26 revenue (Rs 2,030.88 Cr). It covers integrated facility management (IFM), catering and food services.^[2]
Integrated Facility Management (Avon) was about 49% of revenue in FY26. Its revenue grew 8% in FY26.^[3]
Security Services made up 19.5% of FY26 revenue (Rs 658.54 Cr). It provides manned guarding under the Terrier brand.^[2]
Telecom and Industrials made up 18.2% of FY26 revenue (Rs 615.06 Cr). It covers telecom network deployment (Vedang) and industrial operations and maintenance (Hofincons).^[2]
Foundit, the talent platform, made up 2.3% of FY26 revenue (Rs 77.56 Cr).^[2]

Brands and service lines

Facility management runs under the Avon brand, food and catering under Indya Foods, industrial operations and maintenance under Hofincons, telecom network services under Vedang, and security under Terrier.^[3]
Food and Hospitality runs seven meal brands: The Daily Symphony, INDYA EATS, The Soul Kitchen, The Reserve, Attache, Occasions and The Arena.^[3]
foundit is an AI-powered talent platform. It operates in 20+ countries, with 183 million candidate profiles and 14 million monthly active seekers.^[3]

Operations and scale

As of FY26, Bluspring Facilities managed over 385 million sq ft of built space across 3,600+ sites, with 55,000+ employees serving 700+ clients.^[3]
As of FY26, Hofincons managed 4,680 MW of conventional power and 300 MW of renewables, with 6,500+ technical professionals and less than 1% downtime.^[3]
As of FY26, Vedang operated across 22 telecom circles in 67 geographies with a 3,400+ workforce, carrying out over 10,000 deployments a month.^[3]
As of FY26, Terrier operated across 2,480+ sites with 24,000+ trained guards, holding PSARA licences across 24 states.^[3]
STEAG Energy Services India manages about 11.7 GW of power assets, including 600 MW in Africa. It operates in India, South-East Asia, the Middle East and Africa.^[3]
The food business commissioned a new central kitchen in Bengaluru in FY26.^[3]

Key operating numbers

Security guard headcount reached 24,926 in Q1 FY27, up 15% year on year. It had crossed 24,053 at the end of FY26.^[4]
Client retention was 95% in Q1 FY27.^[4]
New contract ACV (annual contract value) mobilised was Rs 132 Cr across 77 contracts in Q1 FY27, against Rs 459 Cr across 164 contracts for full-year FY26.^[4]
In FY26, IFM mobilised about ₹245 crore of new ACV.^[3]
In FY26, the food business booked its highest-ever ACV of about ₹68 crore and grew revenue 30%.^[3]
In FY26, the Industrials business sold ₹71 crore of ACV, contributing to 12% revenue growth.^[3]
Organic net working capital days were 37 days in Q1 FY27, the same as at the end of FY26 and down from 46 days a year earlier.^[4]
Foundit's EBITDA loss was Rs 14 Cr in Q1 FY27 on revenue of Rs 19 Cr. Its breakeven target was moved to Q4 FY27.^[4]

Customers and concentration

As of Q4 FY26, the top 30 clients made up less than 50% of revenue.^[5]
About 67% of Industrials revenue comes from the metals sector (FY26).^[3]
Vedang is the largest pan-India non-OEM deployment partner for one of the two largest private telecom operators. It is the largest non-OEM partner across RAN, transmission and network domains for the other.^[3]
As of FY26, STEAG India earned about USD 10 million of international revenue from South-East Asia, the Middle East and Africa.^[3]

Acquisitions and expansion

STEAG Energy Services India was acquired for Rs 180 Cr (100% equity, all cash). The deal was agreed in March 2026 and consolidated from 21 May 2026. It added Rs 76 Cr to Q1 FY27 revenue.^[3]
STEAG won four large multi-year deals worth over Rs 5,200 Cr over five years. Three went live on 1 July 2026 and the fourth started in the first week of August 2026.^[4]
In April 2026, a wholly owned subsidiary agreed to buy LSG Sky Chefs' Bengaluru airline-catering business for Rs 166 Cr (enterprise value Rs 129 Cr). LSG India had FY26 revenue of Rs 112 Cr and caters about 6,000 flights a month under an airport concession running to 2039.^[4][3]
After integrating LSG, Bluspring plans to use its airline-catering expertise to enter other airport cities as new airports open in India.^[4]

Recent developments

On 29 September 2026, Bluspring filed a proposed scheme to merge its wholly owned subsidiary Bluspring New Horizon Two Private Limited into step-down subsidiary LSG Sky Chefs India Private Limited.^[6]
Management plans to monetise the foundit stake once the business nears EBITDA breakeven, possibly bringing in an external strategic investor and reducing to a minority holding. Proceeds would go towards repaying acquisition debt.^[4]
India's four Labour Codes came into force on 21 November 2025, raising compliance requirements.^[3]
Bluspring was demerged from Quess Corp and listed on BSE (544414) and NSE (BLUSPRING) on 11 June 2025. 14,89,49,413 shares were allotted to Quess Corp shareholders.^[3]

Market Cap

₹2,169 Cr

High / Low

₹182 / 42

Stock P/E

-176.9

Price / Book

3.2

Book Value

₹45

EPS

₹-1.0

No. of Shares

14.91 Cr

ROCE

5.2%

ROE

-2.3%

OPM

1.4%

Debt / Equity

0.12

Sales

₹3,382 Cr

Net Profit

₹-23 Cr

Promoter holding

58.4%

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