{"id":183562,"date":"2026-05-20T04:04:26","date_gmt":"2026-05-20T08:04:26","guid":{"rendered":"https:\/\/alphastreet.com\/india\/bluspring-enterprises-ltd-bluspring-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T04:04:26","modified_gmt":"2026-05-20T08:04:26","slug":"bluspring-enterprises-ltd-bluspring-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/bluspring-enterprises-ltd-bluspring-q4-2026-earnings-call-transcript\/","title":{"rendered":"Bluspring Enterprises Ltd (BLUSPRING) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Bluspring Enterprises Ltd (NSE: BLUSPRING) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Nibodh Shetty<\/strong> \u2014 Head, Investor Relations<\/em><\/p>\n

Kamal Pal Hoda<\/strong> \u2014 Chief Executive Director<\/em><\/p>\n

Prapul Sridhar<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Siddharth Jabar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yash Sharma<\/strong> \u2014 Analyst<\/em><\/p>\n

Sarvesh Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Zakir Nasser<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashish Pare<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Good day and welcome to the Blue Spring Enterprises 4Q FY26 earnings call hosted by IFL Capital Services Ltd. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference Vatimister Siddharth Jabar from IFL Capital.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you. Ladies and gentlemen, good morning and thank you for joining us. I’m sorry to interrupt.<\/p>\n

Operator<\/strong><\/p>\n

Sir, your voice is muffled. Can you please use your handset mode?<\/p>\n

Siddharth Jabar<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Ladies and gentlemen, good morning and thank you for joining us on the post Q4FY26 results conference call for Blue Spring Enterprises Limited. It is my pleasure to introduce the senior management team of Blue Spring who are here with us today to discuss the results. We have Ms. Rudda, Executive Director and CEO, Mr. Prapul Sridhar, CFO and Mr. Nibod Shetty, Head Investor Relations. We will begin the call with opening remarks by the management team and thereafter we will open the call for a Q and A session.<\/p>\n

I would like to now hand over the call to Mr. Nibod Cherkee to take the proceedings forward. Thank you. And over to you, Nibod.<\/p>\n

Nibodh Shetty<\/strong> \u2014 Head, Investor Relations<\/em><\/p>\n

Good morning everyone. Thank you for joining Q4FY26 Blue Swing Enterprise Limited earnings call. This point we would like to highlight that today’s discussion include forward looking statements which are based on current expectations and are subject to business risks, regulatory changes, macroeconomic environment and geopolitical conditions. We do not guarantee these statements or results and are not obliged to update them at any point of time. These statements should be read in conjunction with the safe harbor clause provided on slide number two of our investor presentation.<\/p>\n

With that, I hand the call over to our CEO Mr. Kamal Palwoddha for his opening remarks over to you.<\/p>\n

Kamal Pal Hoda<\/strong> \u2014 Chief Executive Director<\/em><\/p>\n

Thanks nimod. Good morning everyone and thank you for joining the call today. The completion of our first financial year as an independent listed company represents a significant milestone for our organization. During our inaugural Analyst call in Q1, we reaffirmed a renewed sense of purpose, a sharper vision and a strong commitment to create long term value. Since then, our performance has strengthened with each successive quarter. Navigating the changing regulatory and external environments towards delivering a robust financial performance.<\/p>\n

The stability and strength of our core business have provided the confidence to pursue business expansion through disciplined inorganic growth. We recently announced the signing of definitive agreement for acquisition of Stiag Energy Services India Private Limited, a leading energy services company and LSG SKYships India Private Limited and in Flight Catering and Allied Aviation Services Company. I’ll discuss both these acquisitions in detail after discussing the full year FY26 and Q4 highlights excluding the investments vertical, we delivered a strong financial year with broad based growth across key metrics.<\/p>\n

Revenue for FY26 grew 11% year on year to 3,304 crores while Q4 revenue increased 8% year on year to 846 crores. Our sales engine continues to perform strongly in FY26. We have secured new 164 contracts with a total annual contract value of 459 crores. EBITDA for FY26 increased by 10% year on year to 121 crores. EBITDA for quarter four FY26 stood at 35 crores growing 44% year on year and 9% quarter on quarter. Q4 EBITDA margin crossed 4% benchmark reaching 4.2% at 35 basis points quarter on quarter increase.<\/p>\n

The margin expansion was driven by seasonal improvement in our food and telecom businesses, improved contract mix and collection efficiencies. Profit after tax adjusted for the one time impact of new labour code related changes grew 26% year on year to 67 crores. Q4 pad stood at 20 crores up 73% year on year adjusted EPS for FY26 stood at Rs 4.5 per share. Now coming to segment wise updates starting with facility and food services. This segment continues to be the largest driver for our business contributing to over 60% of our revenues.<\/p>\n

FY26 revenue stood at 2031 crores up 12% year on year while Q4 revenue grew 10% year on year to 519 crores. The business added 24 new contracts with 124 crores ACV giving excellent head start to New Year’s growth. The business continued focus on quality deals and investment in leadership, branding and sales have started to borne fruit and have laid strong foundation for sustained and profitable growth in the years ahead. Staying on the theme of quality growth, we signed definitive agreement of acquisition of LSG Skyshef’s Bengaluru operations in April 2026.<\/p>\n

The acquisition marks a key milestone in our growth push in high margin segments. Talking a bit More Details about LSG Founded in 2001, LSG Skyships India Private Limited or LSG India as we call it, is a leading provider of in flight catering and allied aviation services for domestic and international airlines including Indigo, Lufthansa AT and Qatar Airways. Supported by a workforce of over 400 employees, LSG India’s Bangalore operations generate revenue of over 110 crores and mid to high teens EBITDA margins.<\/p>\n

The acquisition gives Blue Spring access to in flight catering facilities operating at Bangalore Airport under a long term concession agreement until 2039. According to Bangalore International Airport Bail estimates, air passenger traffic at Bangalore Airport is poised to rise from present 45 million now towards 70 million by 2030 enabling Blue Spring to capture the high growth aviation catering segment Moving to Telecom and Industrials vertical For US employee well being and safety remains paramount.<\/p>\n

We continue to report on job fatalities 0 on job fatalities in quarter four. This was achieved on back of strong emphasis and investments in training, health and safety. The industrial vertical logged over 25,000 health and safety training hours in FY26. FY26 revenue for telecom and industrial grew 7% year on year to 615 crores with the overall segment growth was muted due to delay in planned capital expenditure from leading telecom operators. However, the industrial sub vertical grew by 7% quarter on quarter on back of new contract mobilizations.<\/p>\n

The focus in this segment continues to be on transitioning from manpower provider to strategic operations partner. The segment continues its margin uptick and delivered double digit EBITDA margins. This was supported by higher margin industrial contracts and disciplined cost optimization across operations in industrial vertical. We recently announced signing of definitive agreements for acquisition of Stiag Energy Services India Private Limited in March 2026. Founded in 2001, STIAG India operates on an asset light business model aligned with our core business approach.<\/p>\n

It manages both captive and non captive power plants. The company provides end to end plant management solutions including plant operations and maintenance, O and M control room operations and overhauling services. These services contribute 90% of STIAG India’s revenue base and are typically secured through long term contracts ranging from three to five years, providing strong visibility into stable and recurring cash flows. The balance of company revenues generated through high margin advisory and technology driven services including digital performance monitoring, predictive analytics, diagnostics, training simulators, flexibilization solutions and simulation studies.<\/p>\n

STIAG currently employs over 2,000 professionals and manages approximately 7 gigawatts of power assets along with 2,200 tons per hour of process team supply capacity. Its portfolio includes supercritical power plants and refinery utilities demonstrating proven capabilities across the broader electricity value chain. The company clocks annual revenues of 700 crores with EBITDA margins in high single digits. Moving to our security services business, the security vertical recorded its highest ever headcount which crossed 24,000 for the first time, the business clogged FY26 revenues of 659 crores, an increase of 14% year on year.<\/p>\n

This growth was powered by headcount additions of around 2,900 additional security guards. During the financial year, the business continued its upward trajectory in Q4 with revenue of 169 crores, a 15% year on year increase. Quarter 4 FY26 witnessed an headcount addition of 850 guards. The focus of this business continues to be adding new logos, increasing business from existing clients and further strengthening sourcing channels to enable faster mobilizations. Moving on to our investments in Foundit, this has been a turnaround quarter for Foundit.<\/p>\n

As we had highlighted in earlier quarters, we have invested significant time and resources into revamping the product and focusing on getting unit economics right and moving towards breakeven. The revamped product has been received well by the clients and we registered a strong sales of 26 crores during Q4FY26. The sales velocity has jumped by 50% from an average sale of 17 crores during the first 3\/4 of FY26 to 26 crores in Q4 of FY26. The strong growth in sales would convert into revenues in the upcoming quarters for Q4 foundry delivered a revenue of 19 crores.<\/p>\n

All the key product matrices such as Total Applications, Recruiter search, total traffic and 6 months active user base have shown growth during the year. In line with our recent guidance, we have lowered our ebitda losses from 12 crores in Q3 to 9 crores in Q4FY26 in Foundit, we are further accelerating our AI adoption which will help in keeping cost in control and increasing productivity. This is in line with our commitment to be EBITDA profitable by end of this financial year. The focus for Q1 for founded is on strategic sales marketing spends to accelerate seeker growth, automation of platform maintaining revenue trajectory and continue to improve on our ebitda.<\/p>\n

Before I hand over the call to Praful, I would like to emphasize in our first year post demerger we have undertaken focused initiatives to accelerate sales, adopt a more technology led operating model and identify new avenues of growth across our businesses. We also made targeted investments in talent and leadership to build and sustain these capabilities. As the year has progressed, the benefits of these investments have begun to materialize, reflecting in an 11% year on year revenue growth in FY26 and 113 basis points expansion in EBITDA margins from the year from 3.1% we reported in Q1 of FY26 to 4.2% in Q4 of FY26.<\/p>\n

The recently announced acquisitions will further support margin acceleration. The coming financial year will continue to build on the momentum of our first year with a clear focus of driving growth, enhancing margins and improving return on equity to higher levels. With that backdrop, I’ll now hand it over to our CFO Prapul Chider for a financial deep dive. Over to you Praful.<\/p>\n

Prapul Sridhar<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Kamal and a very good morning to all of you present in the call. Let me take you through our financial performance excluding founded for the year and quarter ending March 31, 2026. During the quarter we reported revenues of 846 crores, a growth of 8% year on year and flat sequentially. On a full year basis our revenue stands at 3,304 crores, a growth of 11% year on year. This growth was broad based across all segments with telecom being an exception. The temporary slowdown in telecom industry is intertwined with the pause in the capex rollout of telecom players.<\/p>\n

During the quarter we have mobilized close to around 42 new contracts contributing to an annual contract value of 181 crores. We continue to have a well diversified client base and sector presence with top 30 clients contributing to less than 50% of our revenues. Our overall headcount grew by 6,600 during the year. We now stand a strong 93,000 plus workforce working for us. The EBITDA for the quarter stood at 35 crores for up a growth of 44% year on year and 9% sequentially full year. EBITDA now stands at 121 crores, a growth of 10% year on year.<\/p>\n

Our EBITDA margin saw a consistent quarterly increase with Q1 being 3.1% and an exit of Q4 at 4.2%. 112 basis points jumped during the year. This was aided largely by volume growth with new contracts being mobilized at better margins, improvement in age collections and rationalization of low margin clients. During the year, our interest cost reduced sequentially by 41% to a steady state of around 5 crores per quarter. We got Blue Spring rated recently by a Fitch Group company and we saw downward revisions in our borrowing rates since then.<\/p>\n

Our adjusted pat for the quarter stood at 20 crores, a growth of 73% year on year and 6% sequentially for full year. FY26 our adjusted PAT stood at 67 crores, a growth of 27% year on year. Thereby our EPS stood at 4.5 rupees per share. Exceptional item during the quarter was 6.8 crores. This was on account of certain costs relating to professional fees which we incurred for the acquisitions announced recently. We continued on our previously stated trajectory on reducing debt. We are happy to report that we stand at a net cash position of 15 crores as of March 2026.<\/p>\n

Our working capital days for the year stood at 37 days as compared to 46 days a year back. Moving now towards segmental performance, our facilities and food services business continue to be our largest segment. The revenue for Q4FY26 was up 10% year on year and flat sequentially. The revenue growth was driven by 24 new client additions during the quarter, an annual contract value addition of 124 crores. We have continued to add clients across education, commercial and healthcare businesses in this vertical with the total revenues for the year closing at 2031 crores with 12% year on year growth.<\/p>\n

EBITDA for the quarter stood at 24 crores for this vertical registering a growth of 56% year on year and 4% sequentially. The growth was driven largely due to stronger aged collections other than volume growth reported. The telecom and industrial segment recorded revenues of 157 crores for the quarter. Full year revenues now stands at 615 crores, a growth of 7% year on year. As mentioned earlier, the growth in this segment was muted for telecom vertical. However we registered a strong growth in industrial segment in the metal space with new contracts coming at better margins.<\/p>\n

EBITDA for the quarter in telecom and industrials was 18 crores recording a growth of 13% year on year and 19% sequentially a full year EBITDA in this segment stands at 57 crores which has a growth of 11% year on year. Moving on to security services segment which saw recorded revenues of 169 crores for the quarter which is a growth of 15% year on year and flat sequentially. Full year revenues closed at 659 crores registering a growth of 14% year on year. We closed the year with over a record headcount increase of 2,900 cards taking the overall headcount to 24,000 plus workforce.<\/p>\n

The security business recorded EBITDA of 6 crores for the quarter and 19 crores for full year, a growth of 23% year on year. EBITDA growth was aided by robust additions of headcount and collection efficiencies Coming to the acquisitions that we announced recently, the acquisitions of Stiag India is expected to add nearly 20% to our top line and improve our Proforma EBITDA margins for the year by approximately 90 to 100 basis points. The business model is annuity based running across multiple years.<\/p>\n

The transaction is ROE and Pat Accretive. We plan to fund this acquisition primarily through debt and internal accruals. Our priority for the financial year is to repay the acquisition debt aggressively following the integration. The acquisition comes at an important juncture of our journey and will elevate us into a higher margin trajectory company. Post acquisition, the share of our high margin telecom and industrial verticals would grow from 19% to 33% of revenues. We will focus all our efforts in current year on integrating the acquired businesses and unlocking synergies.<\/p>\n

Closing the Deal the closure of the deal announcement is expected to happen this month. Coming to our second acquisition of LSG Skyships. This is an annuity based aviation catering business with multi year contracts with leading airline companies. The business clocks revenues of around 110 crores annually. EBITDA margins of this business are in mid to high teens which would augment our margins further. The transaction would also be Pat and Roe accretive and would largely be funded from debt and internal accruals.<\/p>\n

We remain on track to close the acquisition in the next 30 to 60 days. Coming to Foundit as mentioned earlier, this has been a turnaround quarter for this business as we witnessed a significant uptick in sales of 26 crores for the quarter which would translate into revenues in the quarters ahead. This has been highest ever sales clogged in the last six quarters. The business recorded revenues of around 19 crores for the quarter. Our losses in the business has come down from 12 crores in Q3 to 9 crores in Q4.<\/p>\n

We continue our efforts to contain costs and increasing efficiencies in sales. We intend to increase our surgical marketing spend to grow revenues further from the current levels. I would like to conclude by reiterating that this has been the first full year of independent operations. It has been a year of reset and restart for us where we realigned our business models, focused on profitable growth, improved internal processes, implemented systems and technologies to improve efficiencies and collections, migrated to SAP, implemented sales force across the verticals, brought down our debt levels and lowered our cost to serve.<\/p>\n

I’m sure that these measures will lead us to a sustained growth trajectory in the times coming. With that I conclude My opening remarks and open the call for questions and answers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question May Press Star N1 on their touchdown telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Sam, The first question is from the line of Girish, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right. So I would like to start with congratulating the team on completing the first year and on a fantastic set of results. As you guys have mentioned, I can also see that EBITDA margin has gone up steadily by over 100bps in last four quarters. And my both my questions are related to this particular trend. So first of all, is it fair to assume that post FIAC consolidation, which is a 700 crore company with high single digit margin, can we expect that Blue Spring will be able to achieve 5% EBITDA margin on a sustained basis in near future?<\/p>\n

And my second question is if you can provide some update on the timelines on the closure of both these transactions, TIAG and lsg. Thank you.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Thank you for that question. So you are right. You know, as mentioned in our speech and also reflected from our numbers, we’ve moved from 3% which was our starting margins in Q1 of FY26 to 4%, 4.2% now in FY26 Q4. And with this acquisition, our internal estimate is that we should definitely be in the touching distance of 5% margins in terms of timelines since these are two separate acquisitions. STIAG acquisition we are expected to close within this week. So starting Q1 we’ll start consolidating STIAG with Blue Spring.<\/p>\n

And as far as LSG acquisitions, we are looking at a timelines of another 30 to 45 days within which we assume the acquisitions to get completed.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So then it will accelerate our growth rate as well, if I am understanding this correctly.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah. So there is an organic growth as we have demonstrated last year, you know, we have done a double digit growth. So from our organic growth businesses we expect 14 to 15% growth. And with these inorganic acquisitions, you know, with 700 crores of annualized revenue from SPIAG and you know 110 crores of annualized revenues from LSE that will add on to the existing organic growth. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

We will take our next question from the line of Yash Sharma from 361 Capital. Please go ahead.<\/p>\n

Yash Sharma<\/strong><\/p>\n

Hello. Hi sir. Thank you for this opportunity and congratulations. So all of the questions that I have is in relations with TAG India position. So I’ll go with the first question. So how does the STIAG India acquisition fit into Blue Spring growth strategy?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Sorry Yash, is your question that how does STIAG India integrate with Blue Spring?<\/p>\n

Yash Sharma<\/strong><\/p>\n

Yes. So yes, broadly that as in how would the acquisition fit into the overall growth strategy for Blue Spring?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah. So Yash, you know, as you can see, we position ourselves as an integrated infrastructure services company. And STIAG offers end to end power services spanning across feasibility, commissioning, O and M. And you know, they also were subsidiary of a 90 year old German company. So the technical capabilities that they have towards solutions in the power industry are a great addition to the Blue Spring capabilities. Also, SIAG has in addition to domestic presence as well as access to 7 GW of power plant operations and maintenance within India, they also have overseas presence.<\/p>\n

So they have a large contract close to around 600 megawatts in one African country. They also have operations in Middle east and in Vietnam. And majority of their contracts are SLA based contracts and not manpower based contracts. So they definitely become a great addition to the Blue Spring services.<\/p>\n

Yash Sharma<\/strong><\/p>\n

Got it. It was clear. So the second question I have is that how much the EBITDA from both of the acquisitions will increase going forward and can you give some light on the profit after tax margin post the acquisition also?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah. So Yash, as we have mentioned during our previous calls as well as in this I presentation, Stiag operates at high single digit EBITDA margins. So at 700 crores of revenue, you know, let’s say around 60 to 65 crores of annualized EBITDA should come from Stiag. LSG operates close to around 17 to 18% presently operating margins. And with 110 crores of revenue, they should probably add another 20 crores of EBITDA from LSG operations. So both put together, we expect another 80 crores of EBITDA to be added on a combined basis on a profit after tax.<\/p>\n

We believe with both these operations integrated well, both financially as well as culturally, we should cross on a annualized basis a hundred crores pat company with both these acquisitions integrated well.<\/p>\n

Yash Sharma<\/strong><\/p>\n

Got it sir. Clear enough so that you have said that culturally also it will help. So that brings on my next question that how do we see these synergies and growth and opportunities playing out?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah, so there are ample opportunities. As you know, one of our Service lines into engineering asset management under the brand HOP and cons. We have a very large presence in the industrial asset management space. Specifically in the metals, both ferrous and non ferrous metal industries. And we work with some of the very large manufacturing plants in that space providing end to end operation and maintenance solutions. And similarly STIAG is working with some of these clients also on an end to end power plant operations for captive power plants for such metals.<\/p>\n

So there is a lot of cross sell opportunity both for HOP INCONS as well as tag. And like I said, yes, we want to showcase ourselves as India’s largest integrated infrastructure services company. So you know, if you take let’s say a very large manufacturing setup in any industry we can become a one stop solution now with industrial services, housekeeping services, security services, food services and now also power plant operation services. So we can be a one stop solution for any large, you know, industrial manufacturing setup.<\/p>\n

Yash Sharma<\/strong><\/p>\n

Got it. Just last question from my slides. What date are we thinking from with the perspective of consolidations for both the acquisitions? Yeah,<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

I did answer yes in my previous question but I’ll repeat. So STIAG acquisition we are hopeful to complete within this week. So starting end of this month we will start consolidating STIAG and LSG should take another 30 to 45 days.<\/p>\n

Yash Sharma<\/strong><\/p>\n

Got it. Thank you. Thank you so much for this, sir. And all the best.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sarvesh Gupta from Maximal Capital pms. Please go ahead.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Hi<\/p>\n

Yash Sharma<\/strong><\/p>\n

Sir.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Congratulations<\/p>\n

Yash Sharma<\/strong><\/p>\n

On a good set of numbers,<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Sir. Firstly on the organic<\/p>\n

Yash Sharma<\/strong><\/p>\n

Growth field.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt service. Can you speak a little louder please?<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Yeah. Yeah. So on the organic growth piece we have given a ACV of around 450 odd crores. Right. For FY26. Which translates to 12, 13%. And then there can be some accounts which can be lost also every year. Right. So if I do that math it’s coming to more like 10% sort of a growth on an organic basis. So how do we look at the organic growth? Because you mentioned I think 15% earlier.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah, thanks for that question, Sarvesh. You are right. And in fact if you look at our current year results, we’ve grown 11% so. Exactly. You know, we’ve probably organically grown close around 15, 16%. And we have lost certain contract. Some we have lost to competition. Some we have also lost because we wanted to intentionally come out of some really low margin contracts. And that has also reflected in our margin trajectory moving upwards from 3% to 4%. So internally we weeded out all those contracts.<\/p>\n

So we do not believe that the reduction should be of the magnitude that we saw in the year one. Also, you know, being year one, we were, you know, we started the year with a negligible investment in our sales leadership which we have strengthened over the years. As we start this year, we have a full fledged sales team which is also well integrated into the culture of the company. So you know, if I reflect back from year one with let’s say 50% of my sales team capability and also, you know, me trying to weed out some loss making contracts, I start this year with a position of strength where I don’t have any more contracts that I want to intentionally lose because of poor margins.<\/p>\n

And I also have a full fledged sales team. So that gives me confidence to commit 15, 16% organic growth.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Okay. And I am assuming that on top of that we will still be on the hunt for inorganic opportunities because the space where you are operating there can be a lot of inorganic opportunities from time to time.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

So Sarvesh, our first and foremost priority is to integrate these two acquisitions. As demonstrated through these acquisitions we have a lot of deal discipline. You know, if you look at the prices at which we have got these assets, we have disclosed that, you know, STIAG acquisition, we’re going to pay enterprise value of 180 crores. We got almost 140 crores of cash in the business. So we’ll obviously be very selective in our acquisitions. We’ll follow the same deal discipline that we have followed with these two acquisitions.<\/p>\n

But our topmost priority right now is to integrate these two acquisitions within Blue Spring.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Okay. And you know, the other question is on found aid. So here we have been losing money. Of course, you know, this quarter has been good, but it a, doesn’t fit with the other businesses that we have and B, given all kind of AI risk, etc. You know, there can always be a cloud over the long term outlook for this business. So what is the management’s, you know, near term, let’s say FY27 plan as well as in the medium term, what do you want to do with this and how do you want to deal with Found it?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Sure. Thanks service for that question. So you’re absolutely right. And that’s why if you see in all our presentations, we show our operating assets separately and pound it, we show it as an investment because we know that this is a very different asset than our organic businesses that we are growing. So in terms of since your questions are on near Term and medium term. In near term we definitely want to increase our revenue share and bring down the losses for that business. Quarter four has been a demonstration of that.<\/p>\n

And we are midway almost in quarter one and we believe we’ll be able to repeat our performance over the next two, three quarters. So in the near term we’ve given a guidance that by end of this year, quarter four we want to be a EBITDA breakeven. And as you can see, we’ve jumped from 17 crores of revenue to almost 26 crores of revenue. And if you can continue this trajectory upwards, we are very confident that by exit of this financial year we should exit with a breakeven. And then that brings us to the medium term.<\/p>\n

CB categorically call this out as an investment. We believe that there is a lot of value of this asset both for us and eventually if we find a right investor who can scale this asset. It’s a space which has got only one large player in the market. And hence for such a large market like our country, there’s definitely an opportunity for a number two player to scale up. So in the medium term we will not shy away in coming down and becoming, let’s say a minority investor in Foundit. But till that time we want to scale up this asset and find out a right, you know, investor for Foundit.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Yeah. So that, that is understood. But you know, right now the company is bleeding money. So till what point of time will the parent support. Have you. Have we decided any guardrails that this is the maximum that we want to Invest further, say FY27 onwards. Because the funding requirement of this business can be there for a long, for a long time if it doesn’t reaches the break even. And that can always be under question mark.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah. So Sarvesh, we have deliberated this internally with our board and we are keen to see the turnaround for FY27. So as of now we have visibility of funding limits for Founded for the current year and its growth. And whatever is the shortfall, the parent supports. We also in past have raised capital for Founded from external investors. And if there would be a need, we believe that there will be people willing to invest in this business model. Like I said, this is a year where we want to fully solve Founded.<\/p>\n

And the first and the foremost step in that solution is to move more near towards breakeven. With that objective being achieved in quarter four, we will definitely be taking some steps to monetize our investments in Founded.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Okay. On Stiyaj, you know, given the kind of valuation at which we have bought 180 crore equity value with 140 crore cash in the company for 65 crore EBITDA. So I mean are the revenues going to come in the coming years or is this just a one time sort of a revenue EBITDA performance and hence it has been sold at this sort of a valuation. I mean basically is it sustainable and how do you look into it, you know in the coming years?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Sure. So CTAC is first of all a company which has been in India for last almost 25 years. This company was founded by Stiag Power GmbH which is a 90 year old German engineering energy player and STIAG themselves. If you look at our presentation in last three years in FY24 they were at 530 crores, FY25 they were at 600 crores and FY26 last year they have closed at 700 crores. So they’ve been growing and you know it’s not that it’s a one time revenue. They have access to long term contracts. Generally PowerPoint contracts range from three to five years and as of now the visibility of their revenue is definitely there for next three years.<\/p>\n

And typically all these contracts, you know, when they come up for renewal we also get as in STIAG also gets a chance to participate during renewals. The reason and one of the foremost reasons for let’s say the Germans to let go this Indian asset is because strategically they want to now focus more on the Europe market and the energy crisis in Germany. So that’s why they had an intent to focus only in the Europe market and they were letting go the Indian assets and to a certain extent we kind of got lucky to get this asset.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Okay, now on the pre Indias basis, you know what are the major, I mean first of all a feedback if you can incorporate that into one of the slides from next quarter. And secondly what will be the adjustment at your EBITDA level and at the PBT PAT level?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah, I’ll let Prakul<\/p>\n

Prapul Sridhar<\/strong><\/p>\n

Answer that. But we do not have sizable India’s adjustments in Blue Spring. Yeah, so close. So around 121 crores of EBITDA that is reported. You will notice close to around 10 crores is coming from only India’s. The remaining is all operating EBITDA number one. And even in terms of our PAT that we have reported there are only two adjustments to the PAT from an exceptional item perspective. One is the labor code that we had reported in Q3 close to around 29 crores of one time hit that we had taken because of the labor code changes.<\/p>\n

One in Q4 we have taken 6.8 crores of exceptional item towards professional charges for the acquisitions that we have announced. Those are the only two call outs in pat as well.<\/p>\n

Sarvesh Gupta<\/strong><\/p>\n

Okay, that’s all from my side. Thank you sir.<\/p>\n

Prapul Sridhar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question please press star N1. We will take a next question from the line of Zakir Nasser, an individual investor. Please go ahead.<\/p>\n

Zakir Nasser<\/strong><\/p>\n

Yes sir, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes. You’re Adipal?<\/p>\n

Zakir Nasser<\/strong><\/p>\n

Yeah. Congratulations on a turnaround quarter Kamalji and team. Sir, as it is clearly intended that Founded is an investment for Blue Spring. But on a console level it keeps burning cash. So would you be reasonably confident that this year Q4 you will make it EBITDA neutral at least? And as you mentioned, okay. As market the size of India cannot have only one player in the in in this segment. So what would your intent be sir? Would you. Would you want to turn it around or would you want to sell it out?<\/p>\n

I mean as as from the management perspective. Thank you sir. And this 100 crore that what you mentioned would be X of founded, right?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yes. Thanks for your question, Zaki. So there are three questions. Let me start in the reverse order. Yes, you are right. We’ll cross hundred crores bet xo founded. I think on our intent and our confidence level of EBITDA neutral. I think I did answer when similar question came from Sarvesh. But you know, just to again reassure, if you look at the performance, you know we’ve done sizable investments in the product and the sales capabilities and leadership of Foundit. We have seen on ground results in Q4 where the revenue has increased, the sales number has increased from 17 crores that we were hovering around from the previous three or four quarters to 26 crores.<\/p>\n

Historically we have seen quarter ones are generally soft quarters for talent platforms. But we are very confident that we will be able to repeat our performance of Q4 and Q1 as well. So we are on that trajectory of an internally aligned of taking the company to EBITDA breakeven company by the end of this financial year on our medium term intent. I also clarified in the previous call that we see this as an investment and you know we will not shy away at the right time to monetize a sizeable part of our investment.<\/p>\n

But we would also want to find a suitable home for Foundit. As I explained, there’s a phenomenal Opportunity in the market. While there is a bit of a cloud as sure as in the previous questions mentioned about AI risk and IT companies. But if you see our wallet share that way is pretty, pretty small. So from a overall market sizing perspective and only second player in the market, the opportunity size for us is still phenomenal. And that’s what in the near term we are trying to capture by enhancing our sales.<\/p>\n

Sales. And yeah, I think the third question which was on pat I answered that the hundred crores number that we are targeting to cross this year is without Foundit.<\/p>\n

Zakir Nasser<\/strong><\/p>\n

So sir, would it be safe to assume that founded if it touches 35 crore run rate, we will be pat positive on it, sir.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah, that’s the range. So that’s the cost base of Foundit right now. And we do not need to invest anything further in terms of people profit. So you are right. 34, 35 crores is the range.<\/p>\n

Zakir Nasser<\/strong><\/p>\n

Thank you sir. Best wishes for the year.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take our next question from the line of Ashish Pare, an individual investor. Please go ahead.<\/p>\n

Ashish Pare<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, you are.<\/p>\n

Ashish Pare<\/strong><\/p>\n

Thank. Thank you for the opportunity sir and congratulations on both side of numbers. So I have two questions. One is regarding the consolidated top line that we predict after these two acquisitions. And so that is the first concern. And second one is regarding those one offs and exceptional items that we have been showing on our currency. So from now on do we assume that these one option exceptional items are behind us and we will be pat positive there will be no losses reported. These are my two questions.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Yeah. Ashish, thanks for your questions on consolidated top line. I think again I answered it in the previous question. So organically see we closed the year at 3300 crores. Organically we are targeting 50, 15 to 16% growth in FY27. And to top it up another 800 crores comes from the inorganic route. But the 800 crores is an annualized number. It also comes in proportionately from the day we consolidate. So for example Siag, we will obviously get full 10 months. LSD could be, you know, eight to nine months depending upon when we do the transaction.<\/p>\n

As far as one of an exceptions I think Prapul did explain. Even in the current year the entire corporate India took a one off for labor code charges. So that’s the only one off that we have and nothing else. So that way we are also not you know, having anything one off except the labor code impact which like I said every listed company in their country took. And the second Exception was only the acquisition cost for these two acquisitions which includes diligence done by, you know, big four companies and consul fees, legal and banker charges for the transaction, which is again a customary thing to do in accounting to show the effect of such cost separately from the operating cost.<\/p>\n

So even in the current year we have not done any exceptional reporting other than the two which were obviously, you know, situational driven. And for feature standpoint also, we want to continue to report all operating expenses and operating profits. As far as cash position, we are already a cash positive company. If you see our cash flows excluding Foundit, we’ve done close to around 70% operating cash flows to EBITDA ratios. So we’ve generated cash during the first year itself and we’ll continue to guide the market to be 55 to 60% operating cash flow company which service the operating Ebitdas.<\/p>\n

Ashish Pare<\/strong><\/p>\n

Thank you sir. Just one follow up from these acquisitions. Do it be having like any amortization or depreciation expenses one offs?<\/p>\n

Prapul Sridhar<\/strong><\/p>\n

No, it is again a Capex light. Both the companies are very Capex light companies and we don’t foresee any large items that is impacting the depreciation at overall level. We don’t foresee that both are positions.<\/p>\n

Ashish Pare<\/strong><\/p>\n

Thank you so much sir for question please. Thank you so much.<\/p>\n

Prapul Sridhar<\/strong><\/p>\n

Thank you Ashish.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star N1. We will take our next question from the line of Costa from BMSPL Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good morning, this is Shreya. On behalf of Kaufa, I get a sense that FY27 will be a period of consolidation of the two acquisitions. But I want to understand what will the growth be in terms of revenue and EBITDA margins in the business that stands today if we do not include these two acquisitions. So basically how will the business x of these two acquisitions look like in FY27 versus FY26?<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Sure. Thanks Shreya for that question. So organic growth in terms of revenue, our guidance is 15 to 16% organically we have touched 4% EBITDA. So that’s the range of EBITDA that we want to be from an organic businesses. Quarter one would be an exception because two of our high margin businesses, which is food and telecom have a seasonality effect in quarter 1s food because we work with lot of large education institutions and due to summer holidays quarter ones are generally soft quarters. So we may drop from 4% in quarter one, but then we come back strongly from quarter two.<\/p>\n

Onwards. That has been the historical trend as well. So you know the organic revenue growth 15 16% organic EBITDA range 4% with these two acquisitions the EBITDA margins jump from 4% to 5% and the revenue growth, like I said, you know, organic plus close to around 700 odd crores from these two acquisitions should add. I hope that answers your question. Shreya<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you so much and all the best.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you participants, you may press Star and one to ask a question. As there are no further questions from the participants. I would now like to hand the conference back to the management for closing comments.<\/p>\n

Kamal Pal Hoda<\/strong><\/p>\n

Thank you and thank you for all the investors for attending today’s call and asking all valid questions. This has been a great first financial year for us as a listed company and we’ve tried to tick all the boxes of the commitments that we gave during our first inaugural analytics call in Q1. Whether it was the margins that we wanted to target or the discipline that we wanted to do with our acquisitions, our digital investments that we did throughout the year and our leadership investments that we have more or less now done FY27 as we look forward, we look forward with a lot of optimism both from our organic businesses as well as integration of these two acquisitions.<\/p>\n

Thank you once again and look forward to interacting with you in the coming quarters.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much on behalf of IFL Capital Services Ltd. That concludes this conference. Thank you all for joining us today and you may now disconnect your lines.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Bluspring Enterprises Ltd (NSE: BLUSPRING) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Unidentified Speaker Nibodh Shetty \u2014 Head, Investor Relations Kamal Pal Hoda \u2014 Chief Executive Director Prapul Sridhar \u2014 Chief Financial […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179475,"url":"https:\/\/alphastreet.com\/india\/bluspring-enterprises-posts-double-digit-revenue-growth-in-q3-margins-improve-despite-mixed-segment-trends\/","url_meta":{"origin":183562,"position":0},"title":"Bluspring 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