StockWatch
·

BLS E-Services Ltd

BSE: 544107

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
21.22
-27.2%+14.1%
Expenditure
16.58
-27.9%+23.8%
Net Profit
3.44
-24.3%-11.6%
OPM %
13.63%
+0.56pp+2.21pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.008.1616.3224.4832.64Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

BLS E-Services Q1: PAT +6% YoY, margins compress despite 25% consolidated revenue growth

e-governance · business correspondent · loan distribution

ResultsQ1 FY2706 Aug 20263 minTechnology / IT
Latest
Board Meeting6 Aug, 7:30 pm

BLS E-Services Q1: PAT +6% YoY, margins compress despite 25% consolidated revenue growth

BLS E-Services' consolidated (primary basis) Q1 FY27 revenue from operations came in at ₹304.09 Cr, up 24.6% YoY from ₹243.99 Cr but down 6.0% QoQ from ₹323.37 Cr in the seasonally stronger Q4 FY26. Consolidated PAT (total, before minority-interest split) was ₹18.63 Cr, up just 6.3% YoY from ₹17.52 Cr — trailing revenue growth by a wide margin — though it rose 2.1% QoQ. Basic EPS was ₹1.68 against ₹1.62 in both the year-ago and prior quarters. A BLS E-Services-specific analyst consensus could not be located for this quarter — web results returned estimates for the separately listed parent, BLS International Services (ticker BLS), a different entity — so the print's standing versus Street is unknown. The company has no formal guidance on record and no prior concall in our database, so there is no outlook to grade this against. The YoY gap between revenue and profit growth traces to three items on the P&L: other income fell 21.2% YoY to ₹5.66 Cr from ₹7.18 Cr, directly denting total income; cost of services grew 25.7% YoY to ₹264.50 Cr, marginally outpacing the 24.6% revenue growth; and the effective tax rate rose to 26.4% from 25.0% a year ago. Together these pulled PBT margin down to 8.32% of revenue from 9.58% YoY (OPM eased to 6.98% from 7.27%). Sequentially, margins actually expanded — NPM to 6.01% from 5.55% and OPM to 6.98% from 6.33% — but per the YoY-primary read that improvement is supporting detail, not the headline. The standalone (parent-only) statement tells a different story: standalone PAT fell 11.6% YoY to ₹3.44 Cr (and 24.3% QoQ) even as standalone revenue grew 24.8% YoY to ₹18.58 Cr — indicating all of the group's profit growth this quarter came from subsidiaries (Starfin India, BLS Kendras, Zero Mass, Aadifidelis), while the parent entity's own profitability contracted. On the same day as this result, the board approved a 1:2 stock split (face value ₹10 to ₹5) to aid liquidity and retail participation, appointed two new independent directors (former BPCL/IOC chairman Sarthak Behuria and Dr. Savita), and named Ashish Misra Deputy CEO — none of which affect Q1 numbers. Separately, the company completed its ₹157 Cr acquisition of Atyati Technologies on July 2, 2026, funded from ₹138 Cr of previously unutilized IPO proceeds; since this closed after the June 30 quarter-end, it will first show up in Q2 FY27 consolidated results. No management press release or MD&A commentary accompanied this filing beyond the regulatory outcome letter, so there is no company framing to reconcile against the numbers.

6 Aug 2026, 07:30 pm

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