Bluspring Enterprises Q3FY26 EBITDA Rises to ₹241M, Loss Narrows with Revenue Growth
Bluspring Enterprises delivered strong Q3FY26 performance with revenue growing 8.86% to ₹8.6 billion and EBITDA improving 15.87% to ₹241 million, while net loss narrowed dramatically from ₹1.6 billion to ₹199 million. The company approved Employee Stock Option Scheme 2026 covering 54.34 lakh options and released investor presentation highlighting its position as India's leading integrated infrastructure management company serving 1,000+ clients.

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Bluspring Enterprises Limited announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, along with the approval of a new employee stock option scheme. The Board of Directors meeting held on February 3, 2026, addressed key financial performance metrics and strategic initiatives for employee compensation. The company also released its investor presentation providing comprehensive insights into operational performance and future outlook.
Financial Performance Overview
The company's consolidated financial results showed improved operational efficiency with revenue growth and enhanced profitability metrics. Revenue from operations increased to ₹8.6 billion in Q3FY26 from ₹7.9 billion in Q3FY25, representing growth in the core business segments. The company demonstrated operational improvement with EBITDA rising to ₹241 million compared to ₹208 million in the previous year.
| Metric: | Q3FY26 | Q3FY25 | Change |
|---|---|---|---|
| Revenue from Operations: | ₹8.6 billion | ₹7.9 billion | +8.86% |
| EBITDA: | ₹241 million | ₹208 million | +15.87% |
| EBITDA Margin: | 2.79% | 2.63% | +16 bps |
| Net Loss: | ₹199 million | ₹1.6 billion | -87.56% |
For the nine months ended December 31, 2025, consolidated revenue from operations reached ₹25,172.36 million compared to ₹22,847.71 million in the corresponding period of the previous year. The company reported a consolidated net loss of ₹268.67 million for the nine-month period against ₹1,563.32 million loss in the previous year.
Segment-wise Performance Analysis
The company operates across four key business segments, each contributing differently to overall performance. The investor presentation highlighted strong diversification across sectors with significant operational scale.
| Business Segment: | Q3FY26 Revenue | Q3FY25 Revenue | Growth |
|---|---|---|---|
| Facility Management and Food Services: | ₹5,212.65 million | ₹4,679.03 million | +11.40% |
| Security Services: | ₹1,726.21 million | ₹1,497.06 million | +15.30% |
| Telecom and Industrials: | ₹1,505.71 million | ₹1,482.31 million | +1.58% |
| Foundit: | ₹180.73 million | ₹250.82 million | -27.94% |
Facility Management and Food Services emerged as the largest revenue contributor, while the Foundit segment experienced a decline in revenue during the quarter. The company manages 366 million+ square feet of space and serves 182,000+ meals per day across its operations.
Exceptional Items Impact
The company recorded exceptional items of ₹298.88 million in Q3FY26 related to the implementation of new Labour Codes. On November 21, 2025, the Government of India notified provisions of the Code on Wages 2019, Industrial Relations Code 2020, Code on Social Security 2020, and Occupational Safety, Health and Working Conditions Code 2020. These codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits.
Based on guidance from the Institute of Chartered Accountants of India and draft Central Rules, the company estimated incremental liability arising from past service cost in gratuity and increased leave liability. The management classified this impact as an exceptional item due to its materiality, regulatory-driven nature, and non-recurring characteristics.
Employee Stock Option Scheme 2026
The Board approved the formulation, adoption, and implementation of Employee Stock Option Scheme 2026 (ESOS 2026), subject to shareholder approval. The scheme represents a strategic initiative to enhance employee retention and motivation.
| Parameter: | Details |
|---|---|
| Total Options: | 54,34,300 stock options |
| Percentage of Share Capital: | 3.65% of paid-up share capital |
| Exercise Price: | Face value of shares (₹10.00) |
| Vesting Period: | Minimum 1 year, Maximum 4 years |
| Exercise Period: | Maximum 3 years from vesting date |
The scheme will be administered by the Nomination and Remuneration Committee and implemented through a Trust route. The Trust will acquire equity shares through primary issuance and secondary acquisition, with primary mode being fresh allotment from the company.
Operational Scale and Market Position
According to the investor presentation, Bluspring Enterprises has established itself as India's leading integrated infrastructure management company. The company serves over 1,000 clients across 2,400+ sites with a workforce of 91,000+ employees. Key operational metrics include managing 100+ hospitals, maintaining 237,000 telecom network nodes per month, and serving 2,000+ MW power capacity and 39 MTPA metal capacity.
Historical Stock Returns for Bluspring Enterprises
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.48% | +1.10% | -8.06% | -32.29% | -28.27% | -28.27% |
































