bluspring enterprises reported consolidated revenue of ₹3,304 crore for the financial year ended March 31, 2026, marking an 11% year-on-year increase. The infrastructure services provider delivered an adjusted profit after tax (PAT) of ₹67 crore, up 27% from the previous year, as operational efficiencies and new client mobilizations offset a challenging environment in telecom spending. The company’s second annual general meeting is scheduled for August 31, 2026.

Revenue growth was broad-based across key segments. Facility and Food Services, the largest contributor, grew 12% to ₹2,031 crore, driven by large pan-India contract mobilizations in education, commercial, and healthcare sectors. Security Services recorded 14% revenue growth to ₹659 crore, supported by a guard headcount that crossed 24,000. Telecom and Industrials delivered a modest 7% growth to ₹615 crore, largely due to subdued capex spending by telecom operators, though the industrial sub-vertical achieved double-digit EBITDA margins.

The company’s EBITDA stood at ₹121 crore, a 10% year-on-year increase, with margins remaining flat at 3.7% for the full year excluding foundit. However, sequential improvement was notable, with quarterly EBITDA margins expanding from 3.1% in the first quarter to 4.2% in the fourth quarter. Finance costs increased to ₹267 crore from ₹207 crore, primarily due to a one-time expense related to the fair valuation of put options for subsidiary stake acquisition. Exceptional items, including provisions for retirement benefits under the new labour code, amounted to ₹348 crore.

Strategic Acquisitions and Operational Milestones

Bluspring completed the acquisition of STEAG Energy Services India in May 2026 for ₹180 crore, strengthening its presence in the power and energy sector with approximately 7 GW of managed power assets. The company also entered into a definitive agreement to acquire LSG Sky Chefs India’s Bengaluru airline-catering operations for an enterprise value of ₹129 crore, subject to regulatory approvals. Additionally, Bluspring secured a Fitch credit rating during the year, which reduced borrowing costs. Working capital days improved from 46 to 37, and the company ended the year with a net cash position of ₹15 crore.

What the Numbers Show

The divergence between top-line growth and margin expansion highlights the impact of strategic cost discipline. While overall EBITDA margins remained flat at 3.7%, the sequential expansion to 4.2% in Q4 suggests that operational leverage is beginning to materialize. The significant increase in finance costs, driven largely by non-recurring fair value adjustments rather than higher debt levels, masks the underlying operational profitability. With return on equity improving from 6.3% to 7.7%, the company is on track to target double-digit ROE in FY27.

Bluspring Enterprises has completed the acquisition of LSG Sky Chefs (India) Private Limited through its wholly owned subsidiary, Bluspring New Horizon Two Private Limited (BNHTPL). The transaction marks the finalization of a strategic move to expand the company’s footprint in the airline catering sector, with BNHTPL securing 100% of the paid-up share capital of LSG. The acquisition becomes effective from August 06, 2026, following the satisfactory closure of all condition precedents outlined in the Share Purchase Agreement dated April 13, 2026.

The sellers in the transaction are Airline Catering and Retail Invest Asia Pacific Limited and Alfred Anton Rigler. Bluspring Enterprises confirmed that the acquisition is not a related party transaction. Furthermore, none of the company’s promoters, promoter group members, or group companies hold any interest in the entities involved in the deal. This clarification addresses potential regulatory concerns regarding conflict of interest or insider dealing, ensuring transparency in the corporate action.

Transaction Details

The completion of the acquisition follows an earlier intimation dated April 13, 2026, where Bluspring Enterprises disclosed the initial agreement. The current filing serves as the formal confirmation that all contractual obligations have been met. LSG Sky Chefs (India) Private Limited is now integrated as a wholly-owned step-down subsidiary within the Bluspring Enterprises group structure.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation also references Para A of Part A of Schedule III of the SEBI LODR Regulations, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. All material details regarding the acquisition were previously disclosed in the April 13, 2026 letter, with this filing serving to update the market on the successful closure of the deal.

What This Means for Stakeholders

The integration of LSG Sky Chefs (India) Private Limited into the Bluspring Enterprises fold represents a significant consolidation in the aviation support services space. By acquiring 100% of the target, Bluspring gains full control over LSG’s operations and strategic direction. The absence of any promoter interest in the transaction underscores the arm’s-length nature of the deal, potentially reducing governance risks for minority shareholders. As a step-down subsidiary, LSG will contribute to the consolidated financials of Bluspring Enterprises, although specific financial impact metrics were not detailed in this completion notice.