ALFA Finder
The call ran from 10:31 AM to 11:25 AM IST (54 min).
Key takeaways
Q2 FY27 revenue ₹1,250 Cr (+49% YoY) and EBITDA ₹67 Cr (+130%), margin 5.4%. Growth is acquisition-heavy: STIAC consolidated, LSG from August. Foundit still burning; net debt ₹126 Cr; interest cost doubled.
| Management target | Revenue 18.0% FY28 |
|---|
| Revenue growth | Revenue +49% YoY to ₹1,250 Cr; partly acquisition-driven. |
|---|---|
| Margins | EBITDA margin 5.4%, +188bps YoY; 6% targeted before FY30. |
| Order book | H1 new contracts ACV over ₹900 Cr; total book not stated. |
| Demand visibility | Strong: power and metals capex cited; ₹641 Cr ACV mobilized. |
| Management confidence | Over-optimistic; repeatedly 'confident' while deflecting debt and tax questions. |
Growth
Revenue +49% YoY, boosted by STIAC and LSG acquisitions; core businesses grew 16%. Margin also aided by a one-off credit-loss provision reversal.
Outlook
Guides ~₹4,700 Cr revenue for FY27. Targets 18-20% growth in FY28 and 6% EBITDA margin before FY30.
Risks
Interest cost doubled to ₹16 Cr on ₹420 Cr gross debt. H1 tax rate 49% vs 22% guidance, unexplained. Gross DSO above 90 days.
Last quarter's promises, checked
Delivered
- LSG close 'next couple of weeks' → consolidated from Aug (= BEAT)
- Organic growth 15-16% → core +16% (= BEAT, top end)
Partly delivered
- Exit FY27 EBITDA margin >5% → Q2 5.4%, year-end unproven (= PARTIAL)
- FY27 revenue >₹4,700 Cr → Q2 ₹1,250 Cr, FY total not reported (= PARTIAL)
- STEAG FY27 ~₹1,000 Cr → Energy/STIAC segment ₹449 Cr, STEAG not isolated (= PARTIAL)
Missed
- ETR 22% → H1 49% (= MISS)
- Aggressive acquisition-debt repayment → gross debt ₹307 Cr → ₹420 Cr (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Bluspring Enterprises Q2 FY27 Results: Net Profit ₹12.7 Cr, Up 262.9% YoY
Bluspring Enterprises Ltd reported revenue from operations of ₹1,272 Cr (+48.3% YoY) and net profit of ₹12.7 Cr (+262.9% YoY) for Q2 FY27.
- Key figure
- Net profit ₹12.7 Cr · +262.9% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
FY27 guidance predicts revenue exceeding 4,700 Cr and PAT over 100 Cr, reflecting 50% growth.
Growth they described
Revenue grew 20% YoY and 10% sequentially, aided by industrial segment expansion and inorganic contributions.
Call details
| Company | Bluspring Enterprises Ltd |
|---|---|
| NSE symbol | BLUSPRING |
| ISIN | INE0U4101014 |
| Call | Q2 FY27 earnings call |
| Date | Saturday, 7 November 2026 |
| Time | 10:30 AM IST |
| Length | 54 min |
| Audio | Our stream on YouTube ↗ |
Bluspring Enterprises Ltd: key numbers
- Share price
- ₹156.12
- Market cap
- ₹2,335 Cr
- Revenue (annual)
- ₹3,382 Cr
- Net profit (annual)
- ₹-15.34 Cr
- P/E (TTM)
- -997.2×Sector 47.2×
- Promoter holding
- 58.41%+0.36% QoQ
- FII holding
- 5.28%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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