Bluspring Enterprises Limited

Industrials — Specialty Business Services · NSE

₹166.60−₹6.08 (−3.52%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Bluspring Enterprises Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bluspring Enterprises Limited provides integrated facility management, security, food catering, telecom network, and client asset management services in India, Singapore, and internationally.

IndustrySpecialty Business Services

SectorIndustrials

Employees93,000

Annual revenue₹3,382 Cr

How does it make money?

Turns over ₹3,382 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 93,000 employees supports ₹3.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹3.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 1.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 1 years revenue moved -3% while net margin moved -91% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-3%

Margin effect-91%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 2.9% a year

Quality vs. Valuation

Company Quality

37/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

45/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

82.5x

Sector Median

88.8x

median of 3 sector peers

🟡Against its sector it is priced broadly in line with the peer median of 88.8x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

88.8x median of 3 peers · -7%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

21.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 1 years.
Return on equity is rising
ROE has improved from -24.7% to -2.3%.
Return on capital is rising
ROCE has improved from -13.9% to 1.0%.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 0.3x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹15 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹24 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 2%✓ 3.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ 0.3x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹24 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 1.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹2,491 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

82.5x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.67x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.02

Profitable

Profitable on a per-share basis

ROE

-2.3%

Weak

Weak capital efficiency

ROCE

1.0%

Weak

Low return on total capital employed

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

19.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

91.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹24 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

0.7%

Weak

Thin margins leave little room for error

Net Margin

-0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.33

Comfortable

Healthy short-term liquidity

52W Range Position

89%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

145.2 / 132.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

63.3

Neutral momentum

Financial Trend (2-Year)

Metric	FY25	FY26	1Y CAGR
Revenue	₹3,484 Cr	₹3,382 Cr	-2.9%
EBITDA	₹87 Cr	₹119 Cr	+37.2%
EBITDA Margin	2.5%	3.5%	—
PAT (Net Profit)	-₹172 Cr	-₹15 Cr	—
EPS	₹-11.55	₹-1.03	—
ROE	-24.7%	-2.3%	—
ROCE	-13.9%	1.0%	—
Total Debt	₹140 Cr	₹136 Cr	-2.8%
Free Cash Flow	-₹49 Cr	₹24 Cr	—

🔴 Revenue has shrunk at 2.9% a year over 1 years.

🟢 EBITDA has grown at 37.2% a year over 1 years.

🟢 EBITDA Margin has risen from 2.5% to 3.5% over 1 years (+1.0 pts).

🟢 ROE has risen from -24.7% to -2.3% over 1 years (+22.5 pts).

🟢 ROCE has risen from -13.9% to 1.0% over 1 years (+14.9 pts).

🟢 Total Debt has shrunk at 2.8% a year over 1 years.

🟢 Free Cash Flow has turned positive, from -₹49 Cr to ₹24 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,690 Cr

Total Liabilities

₹951 Cr

Cash & Equivalents

₹50 Cr

Operating Cash Flow

₹52 Cr

Capex

-₹28 Cr

Shareholding (proxy)

Institutional Holding

9.1%

Insider Holding

69.7%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 positive3 mixed1 general

Bluspring Enterprises shares gain 5% on contract win from Vedanta Aluminium

TradingView, 02 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

BLUSPRING Share Price Rise: Price, Valuation, Sector View

Univest, 21 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Bluspring Wins ₹2,049 Crore BALCO Contract; Shares Jump

HDFC Sky, 05 JunOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Broad-Based Technical Strength Lifts Bluspring Enterprises Ltd to 52-Week High of Rs 168.2

MarketsMojo, 14 Oct

Bluspring Enterprises shares rally 10% to hit 52-week high as arm bags ₹1,437 crore order from Vedanta firm

Upstox, 03 JulOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Bluspring Enterprises reports consolidated net loss of Rs 0.49 crore in the June 2026 quarter

Business Standard, 01 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑