1. Opening Hook
India’s office real estate is booming, the government’s capex is flexing, and Bluspring’s CEO Kamal Hoda sounds like he just found caffeine in the balance sheet. The facilities-to-food conglomerate is on a cleanliness high—literally scrubbing its way to ₹837 crore revenue while juggling janitors, guards, and 5G engineers.
Q2FY26 wasn’t revolutionary, but margins finally remembered their purpose. A bit of AI in the job portalfoundit, a sprinkle of new contracts, and voilà—corporate India’s favorite housekeeping firm is flirting with growth again.
Keep reading—there’s food, telecom, debt, and drama, all wrapped in EBITDA optimism.
2. At a Glance
- Revenue ₹837 Cr– Up 14% YoY; apparently, people want their offices cleanandtheir meals hot again.
- EBITDA ₹29 Cr– Up 22% QoQ; cost control finally joined the payroll.
- PAT ₹16 Cr– Up 19% YoY; a rare sighting of profit discipline.
- EBITDA Margin 3.5%– Still leaner than a corporate lunch, but improving.
- Debt ₹136 Cr (ex-foundit)– CEO swears it’s “manageable,” like all CEOs do.
- DSO 105 days– Clients love the service but hate paying on time.
3. Management’s Key Commentary
“Revenue grew 14% YoY to ₹837 crore.”(Translation: India Inc. is outsourcing everything except optimism.)
“EBITDA up 22% QoQ despite leadership investments.”(We hired expensive people to make money slower—but better.)
“Facility & Food business serves 180,000 meals a day.”(A country where biryani equals business strategy.) 🍛
“Telecom & Industrials up 11% YoY; safety hours 13,000, zero fatalities.”(Proof that PPE kits sometimes protect profits too.)
“Security business added 1,300 guards, highest ever.”(Bluspring’s version of hiring sprees—except everyone gets a baton.)
“Foundit’s cost base reduced from ₹45 cr to ₹33 cr.”(The AI may not find jobs yet, but it found savings.) 🤖
“Target 4% EBITDA by year-end.”(Stretch goal or motivational poster? TBD.)
4. Numbers Decoded
| Metric | Q2FY26 | Q1FY26 | YoY Change | QoQ Change |
|---|---|---|---|---|
| Revenue (₹ Cr) | 837 | 775 | +14% | +8% |
| EBITDA (₹ Cr) | 29 | 24 | +1% | +22% |
| PAT (₹ Cr) | 16 | 12 | +19% | +38% |
| EBITDA Margin (%) | 3.5 | 3.1 | +0.4 pp | +0.4 pp |
| Net Debt (₹ Cr, ex-foundit) | 136 | — | + | — |
| DSO (Days) | 105 | 90 | — | +15 |
| Foundit Revenue (₹ Cr) | 21 | 20 | +5% | +4% |
Comment:Margins creeping up like Wi-Fi bars in a concrete basement. Cash flow’s lagging, but management promises to “collect soon”—like every teenager after allowance day.
5. Analyst Questions
- On high DSO:“Novation delays, now behind us.”(Translation: Clients were confused which company to pay—classic demerger hangover.)
- On Foundit losses:“Almost break-even by Q4.”(They’ve been saying that since Web 2.0.)
- On telecom:“We’re now dabbling in solar and satellites.”(Next stop: Space housekeeping?) 🛰️
- On cash flow:“Negative ₹97 crore, but confidence positive.”(CFO logic: optimism is a current asset.)
- On margins:“Aim to touch 6% by 2030.”(Patience required—this is a long-term yoga posture.)
6. Guidance & Outlook
Management targetsdouble-digit revenue growthand4% EBITDA marginby FY26-end.They’re betting on:
- New central kitchen in Bengaluru (because every growth story needs food).
- Industrial business pivoting from “manpower supply” to “strategic O&M partner” (a.k.a. same work, fancier slides).
