Bluspring Enterprises subsidiary secures ₹2,049.8 crore power plant O&M contract

Bluspring Enterprises has secured a significant operations and maintenance contract valued at ₹2,049.8 crore through its wholly-owned step-down subsidiary, STEAG Energy Services (India) Private Limited. The order was awarded by Bharat Aluminium Company Limited for the comprehensive operations and maintenance of a 1740 MW power plant. The contract is scheduled to commence on July 1, 2026, and will remain in force for a period of 60 months.

Contract Details

The disclosure was made to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The following table summarises the key parameters of the agreement:

Parameter	Details
Client	Bharat Aluminium Company Limited
Contract Value	₹2,049.8 crore
Scope of Work	Comprehensive Operations and Maintenance
Plant Capacity	1740 MW
Duration	60 months
Commencement Date	July 1, 2026

Significance of the Order

The contract covers the full-scope operations and maintenance of the 1740 MW power plant owned by Bharat Aluminium Company Limited. The estimated aggregate contract value includes additional services. The 60-month tenure underscores the long-term nature of the service arrangement, providing a defined timeline for resource mobilisation by STEAG Energy Services (India) Private Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+11.40%	+35.76%	+43.93%	+36.74%	+10.41%	+10.41%

Bluspring Enterprises Limited announced its financial results for the fourth quarter and fiscal year ended March 31, 2026. On an adjusted basis, the company reported a profit after tax (PAT) of ₹67 Cr for FY26, representing a growth of 27% year-on-year. Revenue for the fiscal year stood at ₹3,304 Cr, an increase of 11% compared to the previous year. The operational performance was marked by an expansion in EBITDA margins, which rose to 3.7% from 3.7% in the same period last year.

For the quarter ended March 31, 2026, the company posted an adjusted PAT of ₹20 Cr, a rise of 73% year-on-year. Revenue for Q4 FY26 stood at ₹846 Cr, an increase of 8% compared to the corresponding quarter of the previous year. The EBITDA margin expanded by 105 basis points YoY to 4.2%. The board approved the financial results at a meeting held on May 19, 2026. The financial highlights on an adjusted basis exclude the company's investments in the foundit business.

Consolidated Financial Performance

The company's operational performance improved during the quarter, driven by growth across its business segments. The adjusted diluted EPS for Q4 FY26 was ₹1.3 per share, up 72% YoY. The headcount stood at over 93,000, reflecting a 3% increase quarter-on-quarter. The following table presents the adjusted financial performance for Q4 FY26 and FY26:

Particulars (in ₹ Cr):	Q4 FY26	Q4 FY25	YoY	FY26	FY25	YoY
Revenue:	846	783	8%	3,304	2,969	11%
Reported EBITDA:	35	25	44%	121	110	10%
Reported EBITDA%:	4.2%	3.1%	105 bps	3.7%	3.7%	Flat
Adj. PAT:	20	11	73%	67	53	27%
Adj. Diluted EPS (₹):	1.3	0.8	72%	4.5	3.5	27%

Segmental Highlights

Facility and Food Services reported revenue of ₹519 Cr for the quarter, growing 10% YoY, with an EBITDA margin of 4.7%. Security Services revenue grew 15% YoY to ₹169 Cr, with EBITDA surging 203% YoY to ₹6 Cr. Telecom and Industrial Services revenue was at ₹157 Cr, with EBITDA margins touching double digits at 11.2%. The foundit business reported revenue of ₹19 Cr with an EBITDA loss of ₹10 Cr for the quarter.

Strategic Acquisitions and Guidance

Management announced the signing of definitive agreements for the acquisition of STEAG Energy Services (India) Private Limited and LSG Sky Chefs (India) Private Limited. STEAG India, with annual revenues of ₹700 Cr and high-single digit EBITDA margins, manages 7 GW of power assets. LSG Sky Chefs India generates revenue of ₹110 Cr with mid-to-high teens EBITDA margins. The company expects these acquisitions to add nearly 20% to its top line and improve pro forma EBITDA margins by approximately 90 to 100 basis points. The company targets organic revenue growth of 15% to 16% for FY27 and aims to achieve 5% EBITDA margins post-consolidation.

Audited Results and Publication

Pursuant to Regulation 30 read with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the company has published the audited financial results for the quarter and year ended March 31, 2026. The results were published in the Financial Express and Hosa Digantha newspapers on May 21, 2026. The statutory auditors have expressed an unqualified audit opinion on the financial results for the year ended March 31, 2026.

Analyst Call Recording

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Bluspring Enterprises Limited has informed that the audio recordings of the analyst call conducted on May 20, 2026, have been uploaded on the company's website.