Bluspring Enterprises Limited reports 49% Q2 revenue growth

Bluspring Enterprises Limited reported Q2 FY27 revenue excluding Foundit of ₹1,250 crore, up 49% year-on-year, while EBITDA rose 130% to ₹67 crore and the EBITDA margin expanded to 5.4%. The quarter marked the first time revenue on this basis crossed ₹1,000 crore, aided by acquisition consolidation and growth across operating segments.

What did Bluspring report for Q2 FY27?

Bluspring reported revenue excluding Foundit of ₹1,250 crore for Q2 FY27, representing growth of 49% year-on-year and 34% quarter-on-quarter. EBITDA more than doubled to ₹67 crore, up 130% from a year earlier, while the EBITDA margin improved by 188 basis points to 5.4%.

For the first half of FY27, revenue excluding Foundit stood at ₹2,180 crore, up 35% year-on-year, and EBITDA rose 93% to ₹102 crore. Management described the quarter as a landmark period because quarterly revenue crossed ₹1,000 crore for the first time on this basis.

The company also reported revenue from operations of ₹1,272 crore, up 48.3% year-on-year, and net profit of ₹12.7 crore, up 262.9% year-on-year, in the results cited alongside the earnings call. The disclosed figures use different reporting descriptions, with the ₹1,250 crore measure specifically excluding Foundit.

What drove Bluspring's revenue growth during the quarter?

Bluspring's reported growth was supported substantially by acquisitions, including the consolidation of STIAC and the acquisition of LSG Sky Chefs India, whose financials were included from August 2026. Management said the core businesses grew 16%, indicating that acquisition consolidation was a material contributor to the overall 49% revenue increase.

The LSG Sky Chefs India acquisition was completed in August 2026. Management said the business had already added a leading international airline to its client portfolio. The company operates across Smart Infra, Energy and Engineering; Facility and Food Services; and Security Services, and it has positioned its strategy around integrated infrastructure services.

The company also said it was exploring opportunities outside India while continuing to pursue domestic demand. However, the call did not provide revenue or order-book figures for overseas opportunities, so the financial contribution from that initiative was not disclosed.

How did Bluspring's segment margins change?

Bluspring said margin improvement was broad-based across its three operating segments, with Smart Infra, Energy and Engineering recording the largest expansion. That segment's EBITDA margin rose 266 basis points year-on-year to 10.9% in Q2 FY27.

Facility and Food Services expanded its margin by 72 basis points to 4.7%, while Security Services improved by 19 basis points to 3.2%. Management linked the overall improvement to operational efficiency and disciplined execution. Call summaries also noted that a one-off reversal of a credit-loss provision aided margins.

The shift towards higher-margin industrial operations and maintenance services was cited as another contributor to profitability. Industrial revenue had risen to more than one-third of total revenue, according to the results commentary. The available transcript does not quantify the revenue contribution of that business within the ₹1,250 crore quarterly figure.

What are Bluspring's debt and Foundit considerations?

Bluspring had net debt of ₹126 crore, according to the earnings-call summary, while interest cost had doubled. These items are relevant because the company has added businesses through acquisitions, and acquisition-led expansion can raise funding and integration requirements.

Foundit continued to make losses, according to the call summary. Management targeted break-even for the entity by the end of Q4, while the central operating metrics presented on the call excluded Foundit. Investors therefore need to distinguish between the performance of the operating businesses excluding Foundit and the consolidated financial effects of the loss-making entity.

A separate standalone-results reference reported revenue of ₹682.82 crore and net profit of ₹1.46 crore for the July-September 2026 quarter. These standalone figures are not directly comparable with the consolidated and exclusion-based metrics discussed during the earnings call.

What guidance has Bluspring provided for FY27 and beyond?

Bluspring reiterated its FY27 targets of more than ₹4,700 crore of revenue, ₹200 crore of EBITDA and ₹100 crore of profit after tax. The company also guided for 18% to 20% growth in FY28 and stated an objective to reach a 6% EBITDA margin before FY30.

The Q2 run rate places the company in a period of rapid expansion, but the guidance remains management's target rather than a reported outcome. Delivery will depend on the integration of STIAC and LSG Sky Chefs India, core-business growth, the performance of Foundit, and the effect of debt-related interest costs.

For investors, the key reported development is that EBITDA grew faster than revenue in Q2 and margins expanded across all three segments. At the same time, the disclosed dependence on acquired businesses means subsequent quarterly reporting will be important for assessing the underlying growth profile and the durability of margin gains.

Conclusion

Bluspring's Q2 FY27 results showed strong revenue and EBITDA growth, with revenue excluding Foundit reaching ₹1,250 crore and EBITDA increasing to ₹67 crore. Acquisition consolidation, segment-level margin expansion and a higher share of industrial operations and maintenance activity shaped the reported performance.

The next disclosures to watch are progress towards the FY27 targets of more than ₹4,700 crore revenue, ₹200 crore EBITDA and ₹100 crore profit after tax, along with management's stated aim for Foundit to reach break-even by the end of Q4. Updates on LSG Sky Chefs India integration, net debt and interest costs will also provide context on the financial effect of the expansion strategy.