Synopsis: Reporting its first full-year results since listing, Bluspring Enterprises has delivered 11% revenue growth, 10% EBITDA growth, and 27% adjusted PAT growth in FY26 (excluding its Foundit investment segment), while the imminent closure of its STEAG Energy acquisition expected within May 2026 is projected to add approximately 20% to the company’s topline and expand EBITDA margins by a further 90–100 basis points.
Shares of a Bengaluru-based integrated infrastructure services company came into focus after reporting a strong set of first full-year financials since its demerger from Quess Corp, with EBITDA margins crossing the 4 percent mark in Q4 and two acquisitions moving toward closure within the current quarter. The results were announced on 19th May, 2026.
With a market capitalization of Rs. 1,099.52 crore, the shares of Bluspring Enterprises Limited were trading at Rs.73.59, up 5.35 percent from its previous close of Rs.69.85.
Bluspring’s core infrastructure services business presented by the company excluding its Foundit investment segment delivered revenue of Rs. 3,304 crore in FY26, up 11 percent year-on-year. EBITDA grew 10 percent to Rs. 121 crore, while adjusted PAT came in at Rs. 67 crore, a 27 percent increase. Adjusted diluted EPS for the year stood at Rs. 4.5 per share, also up 27 percent. The workforce expanded 8 percent to over 93,000 employees across 28 states.
The Q4 numbers were sharper. Revenue for the March quarter reached Rs. 846 crore, up 8 percent year-on-year and flat sequentially. EBITDA jumped 44 percent year-on-year to Rs. 35 crore, with margins expanding 105 basis points to 4.2 percent above the company’s stated full-year guidance of 4 percent. Adjusted PAT for Q4 was Rs. 20 crore, up 73 percent year-on-year.
The company’s profit before tax on a reported basis turned positive at Rs. 18 crore in Q4 FY26, against Rs. 8 crore in Q4 FY25, and represented a sharp sequential recovery from the December quarter’s Rs. 12 crore loss, the latter inflated by the one-time Labour Code provisioning.
On a reported consolidated basis, including Foundit losses and exceptional charges, the group posted a net loss of Rs. 23.04 crore for FY26 a significant narrowing from Rs. 179.12 crore in the prior comparative period (which covered approximately 13.5 months from incorporation through 31st March, 2025). Exceptional items totalling Rs. 36.63 crore in FY26 included Rs. 28.58 crore from the Labour Code impact and Rs. 6.78 crore in acquisition-related professional fees.
Facility Management and Food Services, the group’s largest division, posted Rs. 2,031 crore in FY26 revenue 12 percent growth with EBITDA of Rs. 87 crore and a margin of 4.3 percent. The segment added 80 new contracts with an annual contract value of Rs. 313 crore during the year. Security Services grew 14 percent to Rs. 659 crore, with EBITDA up 23 percent and man-guarding headcount rising 14 percent to over 24,000 guards.
The segment added 70 new clients at an ACV of Rs. 69 crore. Telecom and Industrial Services contributed Rs. 615 crore in revenue and 7 percent growth with the highest margin in the group at 9.2 percent EBITDA, up 11 percent year-on-year. The company noted it is actively pivoting this segment toward KPI and outcome-based contracts, a structural shift that could support margin retention.
The Foundit job-portal business which houses the Monster.com franchise across India and Southeast Asia reported Rs. 78 crore in FY26 revenue against an EBITDA loss of Rs. 43 crore. Q4 saw some green shoots: Foundit clocked Rs. 26 crore in billings during the quarter, about 50 percent above the average of the prior three quarters, following a product revamp. Management has guided for EBITDA breakeven at Foundit by Q4 FY27, though the segment has been loss-making since listing and any timeline should be treated with caution until sustained.
Acquisition Update
The company’s two pending acquisitions are now close to completion. The acquisition of STEAG Energy Services (India) Private Limited, a provider of operations and maintenance, digital solutions, and engineering advisory for conventional and renewable power assets is expected to close within May 2026. Management has guided that STEAG India will add approximately 20 percent to Bluspring’s topline and expand EBITDA margins by 90–100 basis points, a meaningful accretion if integration proceeds on schedule. The deal consideration stands at Rs. 180 crore.
The acquisition of LSG Sky Chefs (India) Private Limited, an in-flight catering and aviation services provider, is expected to close within 30–60 days of the result date. The enterprise value is Rs. 129 crore, subject to customary adjustments. Together, the two deals represent Rs. 309 crore in combined outlay and would materially expand the group’s service breadth beyond its current facility management core.
Business Overview
Bluspring Enterprises Limited is an integrated infrastructure services company listed on 11th June, 2025, following its demerger from Quess Corp. The group operates across facility management and food services, telecom and industrial services, security services, and the Foundit talent platform, serving over 1,000 customers across sectors including healthcare, BFSI, IT, manufacturing, and government. In FY26, the company reported adjusted revenue (excluding Foundit) of Rs. 3,304 crore and adjusted PAT of Rs. 67 crore. The financial results were audited by Deloitte Haskins & Sells with an unmodified opinion.
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