Bluspring Enter. Q1 FY27 Results (NSE: BLUSPRING)
Signal: Loss narrowed
The read
Bluspring's Q1FY27 results reflect the first partial impact of the STEAG acquisition (40 days), which boosted the Smart Infra segment and overall revenue growth. EBITDA margin expanded YoY despite higher finance costs from acquisition debt. Net loss narrowed sharply, but the bottom line was heavily dependent on other income. The Foundit segment remains a drag. The company's order book stands at ₹5,100 Cr from recent wins, providing revenue visibility.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹949.29 Cr | 19.1% | 9.8% |
| EBIT | ₹12.11 Cr | N/A | |
| Net profit | ₹-1.58 Cr | 77.9% | |
| EPS | ₹-0.03 | -90.6% | |
| EBIT margin | 2.7% |
P&L walk
Revenue growth of 19.1% YoY was led by the Smart Infra segment (up 46.8%) which included 40 days of STEAG contribution; operational EBITDA margin expanded 116bps YoY to 2.7% as employee cost ratio improved slightly; net loss reduced sharply as other income rose to ₹5.37 Cr (227.5% of PBT) and finance costs increased due to acquisition debt.
Segments
Smart Infra, Energy and Engineering segment revenue surged 46.8% YoY (to ₹222.87 Cr) driven by the first 40 days of STEAG contribution, and its PBIT margin expanded to 9.3%; Foundit continued to drag with a PBIT loss of ₹14.69 Cr, widening from ₹12.14 Cr YoY.
Key positives
- Revenue grew 19.1% YoY to ₹949 Cr, driven by the STEAG acquisition and organic growth in Facility Management and Security segments.
- EBITDA margin expanded ~116bps YoY to 2.7%, led by improved segment mix and operational efficiencies.
- Net loss reduced 78% to ₹1.58 Cr from ₹7.15 Cr, with positive operating leverage partially offsetting higher finance costs.
- Smart Infra segment PBIT margin improved to 9.3% from 7.6% YoY, aided by STEAG's higher-margin energy services.
Key concerns
- Other income of ₹5.37 Cr was 227.5% of PBT, underscoring thin operating profitability before non-operating items.
- Foundit segment PBIT loss widened to ₹14.69 Cr from ₹12.14 Cr YoY, with no clear turnaround in sight.
- Finance costs jumped 31.2% YoY to ₹9.83 Cr due to the ₹1,750 Cr term loan taken for the STEAG acquisition, raising leverage.
Earnings quality: includes non-operating other income
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