BLS E-Services Limited has submitted its monitoring agency report for the third quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer. The report, prepared by CRISIL Ratings Limited and filed with stock exchanges on February 13, 2026, demonstrates the company's systematic deployment of IPO funds across various strategic objectives.

IPO Proceeds Overview

The company's IPO, conducted from January 29 to February 1, 2024, raised gross proceeds of Rs 30,929.29 lakh through fresh equity issuance. The net proceeds were revised to Rs 27,776.93 lakh during the quarter, reflecting an increase of Rs 2.43 lakh due to lower actual utilization of issue expenses compared to the proposed deployment.

Quarterly Utilization Progress

During the quarter ended December 31, 2025, BLS E-Services utilized Rs 154.42 lakh, bringing the cumulative utilization to Rs 12,049.96 lakh. The utilization was focused entirely on strengthening technology infrastructure, with no deployment recorded for other objectives during this quarter.

Investment of Unutilized Funds

The company has deployed the remaining Rs 15,726.97 lakh in fixed deposits with Kotak Mahindra Bank, generating attractive returns. The investments are structured across multiple fixed deposits with varying maturity periods and interest rates.

Object-wise Implementation Status

The monitoring report reveals varied progress across different IPO objectives. The technology infrastructure development continues to receive funding, while the BLS Stores initiative has not commenced utilization. The acquisitions objective was fully completed during the December 2024 quarter, and general corporate purposes allocation is nearly exhausted.

Key Highlights:

• Technology infrastructure development progressing with Rs 154.42 lakh quarterly utilization
• Acquisitions objective fully completed with Rs 2,871.00 lakh deployment
• BLS Stores setup yet to commence with full Rs 7,478.30 lakh allocation available
• General corporate purposes nearly utilized with only Rs 28.18 lakh remaining

Regulatory Compliance

The monitoring agency report confirms no deviations from disclosed objects and no material changes in financing means. All utilizations align with prospectus disclosures, and the company maintains proper documentation through peer-reviewed chartered accountant certifications from M/s NGMKS and Associates.

CRISIL Ratings Limited, serving as the monitoring agency, has declared no conflicts of interest and confirmed that all proceeds deployment follows regulatory guidelines under SEBI ICDR Regulations. The report demonstrates BLS E-Services' systematic approach to IPO proceeds utilization while maintaining transparency with stakeholders and regulatory compliance.

BLS E-Services Limited has announced its quarterly results for Q3FY26 ended December 31, 2025, showcasing exceptional growth with total income reaching ₹286.7 crores, marking a remarkable 115.5% year-over-year increase. The technology-enabled digital service provider demonstrated strong performance across its core businesses while declaring its first interim dividend.

Outstanding Financial Performance with Strong Growth Momentum

The company delivered exceptional consolidated performance during Q3FY26, with total income reaching ₹286.7 crores compared to ₹133.1 crores in Q3FY25, representing a substantial 115.5% year-over-year growth. Revenue from operations stood at ₹280.7 crores, up 119.9% from ₹127.6 crores in the corresponding period last year. Consolidated net profit after tax for the quarter reached ₹15.2 crores compared to ₹14.0 crores in Q3FY25, marking an 8.7% year-over-year growth.

For the nine-month period ended December 31, 2025, total income reached ₹813.9 crores, marking a substantial 171.5% increase from ₹299.8 crores in the corresponding period of the previous year.

Nine-Month Performance Highlights

The company's nine-month performance demonstrated sustained growth momentum with total income increasing to ₹813.9 crores in 9MFY26 compared to ₹299.8 crores in 9MFY25, up by 171.5% year-over-year. EBITDA increased to ₹73.9 crores from ₹60.7 crores in 9MFY25, registering a growth of 21.8%. PAT rose to ₹51.0 crores compared to ₹41.5 crores in 9MFY25, showing a growth of 23.0%.

Network Expansion and Business Growth

BLS E-Services continued its network expansion strategy with over 1,51,000+ touchpoints at the end of Q3FY26, growing from 1,37,600+ touchpoints in Q3FY25. The company's Customer Service Points (CSPs) increased to 45,800+ from 41,500+ CSPs in Q3FY25 within the Business Correspondent segment. The Business Correspondent business witnessed a Gross Transaction Value of over ₹27,000 crores during Q3FY26 compared to over ₹21,000 crores during Q3FY25.

First Interim Dividend Declaration

The Board of Directors declared the company's first interim dividend of ₹0.50 per equity share, representing 5% on the face value of ₹10 per share. The dividend will be paid on 90,85,64,850 equity shares for the financial year 2025-26 with a record date of February 13, 2026.

Management Commentary and Future Outlook

Mr. Shikhar Aggarwal, Chairman of BLS E-Services Limited, highlighted the company's remarkable performance backed by strong growth across core businesses and increasing scale of assisted digital and citizen service offerings. The company's asset-light and scalable operating model remained a key enabler of growth, supported by continued investments in technology, process optimization, and service quality. The deployment of over 10,000 GPS units within the network and introduction of mobile handheld devices are expected to further expand the BC network footprint while lowering outlet setup costs.