Overview

Detailed Summary

BLS E-Services Limited is a technology-enabled provider of last-mile financial inclusion, assisted e-services and e-governance delivery, operating an asset-light merchant network of BLS Touchpoints, BLS Stores and Business Correspondents to deliver banking, government and consumer services across urban, semi-urban and rural India.
Scale and rapid revenue acceleration are notable: consolidated total income jumped to Rs. 286.7 crore in Q3FY26 (115.5% YoY) and 9MFY26 total income reached Rs. 813.9 crore (171.5% YoY), driven by expansion of the BC segment and consolidation of Aadifidelis Solutions into BLS E-Services’ financials.
Network reach is a core competitive advantage — over 151,000+ touchpoints and 45,800+ Business Correspondents as of December 31, 2025, with 152 bank/NBFC tie-ups and over Rs. 87,000 crore gross transaction value in FY25, positioning BLS E-Services to monetize scale across payments, deposits and assisted commerce.
Margins compressed materially during 9MFY26 relative to FY25 — EBITDA margin fell to 9.1% (9MFY26) from 15.8% (FY25) and PAT margin declined, reflecting consolidation impact, higher cost of services and evolving revenue mix after recent acquisitions and network scaling initiatives.
Management is pursuing a two‑pronged growth strategy of organic expansion (more touchpoints, BLS Stores, government tenders) and selective inorganic deals; BLS E-Services also intends to invest in technology (GPS, handheld devices, integrated platforms) to improve execution, reduce outlet setup costs and accelerate cross-sell opportunities.

Sector: IT - Software
Industry: IT Enabled Services / Business Process Outsourcing
Market Cap: 1,284 Cr
Volatility: High Risk
P/E Ratio: 23.1
Industry P/E: 23.7
PEG Ratio: 0.3
P/B Ratio: 2.6
52W High: 232.70
52W Low: 131.15

Sales CAGR

1Y: 72.27%
3Y: 86.42%
5Y: 134.43%
10Y: —

Profit CAGR

1Y: 75.34%
3Y: —
5Y: —
10Y: —

ROE

TTM: 11.17%
3Y: 3.95%
5Y: 3.25%
10Y: —

ROCE

TTM: 17.78%
3Y: 6.10%
5Y: 5.26%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HGS	361.30	1,699 Cr	12.46	0.21	0.00	-0.73	3.31	0.15
SASKEN	1105.00	1,693 Cr	44.30	2.11	2.23	4.90	6.43	3.62
DIGITIDE	93.15	1,374 Cr	30.64	1.63	0.00	7.16	14.68	0.49
BLSE	142.00	1,284 Cr	23.05	2.55	0.71	11.17	17.78	9.53
ALLDIGI	805.25	1,228 Cr	16.89	4.96	5.58	28.96	30.77	17.61
ONEPOINT	46.04	1,210 Cr	33.14	2.85	0.00	8.57	10.89	6.91
STLNETWORK	20.10	976 Cr	-5.46	1.13	0.00	-9.22	1.81	-2.66

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	81	72	74	75	77	128	239	244	270	281
Expenses	69	61	63	64	64	112	220	226	250	264
Operating Profit	12	10	11	12	14	16	19	18	20	17
OPM %	14.89	14.39	14.79	15.57	17.52	12.36	8.12	7.27	7.41	5.94
Other Income	1.01	1.16	5.07	6.93	7.31	5.42	6.00	7.18	6.29	6.02
Interest	0.17	0.18	0.33	0.18	0.15	0.22	0.21	0.18	0.19	0.17
Depreciation	0.69	0.78	1.21	1.14	1.31	1.90	1.88	1.37	1.51	1.58
Profit Before Tax	12	11	14	17	19	19	23	23	25	21
Tax %	25.21	24.36	24.34	27.16	23.34	26.61	25.80	25.00	25.66	27.35
Net Profit	9.12	7.95	11	13	15	14	17	18	18	15
EPS in Rs	—	—	1.46	1.32	1.58	1.44	1.45	1.62	1.70	1.39

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	64	97	243	301	519	688
Expenses	60	90	210	260	459	622
Operating Profit	4.73	6.92	33	42	60	66
OPM %	7.33	7.16	13.60	13.87	11.64	9.66
Other Income	0.75	1.70	0.63	8.10	26	26
Interest	1.48	1.02	3.93	0.85	0.75	0.76
Depreciation	0.07	0.82	2.78	3.37	6.23	6.46
Profit Before Tax	3.92	6.78	27	46	79	85
Tax %	19.73	20.62	24.64	26.62	25.68	25.20
Net Profit	3.15	5.38	20	34	59	64
EPS in Rs	—	—	—	4.62	5.79	6.16
Dividend Payout %	0.00	0.00	0.00	0.00	17.27	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.01	0.01	67	91	91
Reserves	9.67	15	40	340	392
Borrowings	11	15	5.18	7.31	7.13
Other Liabilities	20	26	67	71	183
Total Liabilities	41	56	179	510	672
Fixed Assets	8.14	15	88	93	148
CWIP	0.00	0.00	0.00	0.00	11
Investments	0.00	0.00	0.00	15	110
Other Assets	32	41	92	402	404
Total Assets	41	56	179	510	672

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	8.64	20	29	20	67
Cash from Investing Activity	-0.57	-14	-66	-295	-23
Cash from Financing Activity	-4.81	-7.57	46	290	-4.28
Net Cash Flow	3.26	-1.45	9.66	15	40

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Aug 2023	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	93.83%	92.28%	68.89%	68.89%	68.89%	68.89%	68.89%	68.89%	68.89%	68.89%	69.04%
FIIs	0.00%	0.00%	11.88%	9.27%	5.69%	1.42%	0.78%	0.42%	0.25%	0.21%	1.00%
DIIs	6.17%	7.72%	3.84%	0.01%	0.01%	0.01%	0.02%	0.02%	0.00%	0.00%	0.11%
Public	0.00%	0.00%	15.39%	21.84%	25.41%	29.68%	30.31%	30.68%	30.85%	30.90%	29.85%
Total Shareholders	7	23	37,841	73,190	75,001	87,912	91,939	93,861	90,442	86,689	78,587

Market Transactions

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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