Bluspring Enterprises Ltd Management Discussions

MACROECONOMIC AND INDUSTRY ENVIRONMENT

India has firmly established itself as one of the world s fastest-growing major economies, recently overtaking Japan to become the fourth-largest economy globally by nominal GDP. This upward trajectory has been fuelled by robust domestic consumption, policy stability, infrastructure expansion, and a favourable investment climate. According to the National Statistical Office s Second Advance Estimates, India s real GDP is projected to grow by 6.5% in FY 2024-25, following a strong 9.2% expansion in FY 2024-25.

The industrial sector is estimated to grow by 4.5% in FY 2024-25, with manufacturing and services Purchasing Managers Index (PMI) consistently ranking among the highest globally, according to S&P Global. This growth has been underpinned by macroeconomic stability, improved fiscal health, and a well-managed external sector. Importantly, the government s sustained focus on infrastructure-led development continues to catalyse investment and economic productivity.

Between FY 2024-25 and FY 2027-28, the Government of India is expected to invest 8,800 Bn in infrastructure - a substantial 80% increase over the previous five years. These investments span across logistics, transportation, urban infrastructure, warehousing, renewable energy, and digital infrastructure. National programmes such as PM Gati Shakti, the National Industrial Corridor, and the Smart Cities Mission are enabling integrated and accelerated project execution, while targeted schemes like Production Linked Incentive, Make in India, and Startup India are creating fertile ground for industrial and services growth. India s physical infrastructure continues to mature, as evidenced by its status as the third-largest domestic aviation market, the second-largest road network, and the third-largest metro network globally. India is expanding its metro network and has currently more than 1,000 km of operational metro line with another 1,000 km under construction. This has

been possible due to implementation of key initiatives like PPP in metro projects through Metro Rail Policy 2017, Make in India supporting local manufacturing of metro coaches.

Complementing this is the rapid growth in the office space segment, which recorded a historic high of 39.45 Mn sq. ft of gross leasing in H1 FY 25, driven largely by the expansion of Global Capability Centres (GCCs). India now hosts more than half of the world s GCCs and it is expected to grow at a CAGR of 8% through FY 2027-28. They are increasingly located beyond Tier 1 cities, with expansion into Tier II and III regions to leverage cost efficiency, emerging talent pools, and supportive policy frameworks. This resilience, even amid global economic uncertainties, reflects corporate India s long-term optimism and the country s rising importance in global value chains. As per ANSR Quarterly GCC report December 2024 , more than 450 Forbes Global 2000 companies have GCC operations in India in more than 825+ centres primarily in Bengaluru and Hyderabad with a smaller share from Non-metro cities.

India is undergoing a profound urban transformation, with the proportion of its population living in cities expected to rise from approximately 34% currently to over 40% by 2030, which means that millions of more people will be residing in urban areas within the next few years - a shift driven by rapid economic growth, expanding employment opportunities in cities, and government initiatives, but also bringing about pressure on infrastructure, housing, and essential public services that will require sustained and innovative policy intervention to create inclusive, sustainable, and resilient urban environments.

India is also seeing a rapid expansion in private healthcare and the number of beds are expected to increase from currently 11.0 - 11.5 Lakh by 30,000+ between FY 2023-24 and FY 2027-28. The capacity of private healthcare in terms of number of beds is expected to increase by 2.7% in 5 years with a capital outlay of around 325,000 Mn.

In renewables energy, India has set an ambitious target of achieving 500 GW capacity from non-fossil-based plant by 2030. Based on the current installed capacity of 220 GW (FY 2024-25) and under construction projects of 169 GW, India is well poised to meet the goals within the timelines.

external demand, and commodity price volatility may impact trade balances and investor sentiment. Domestically, delays in private capital investment, regulatory uncertainty, and unemployment could moderate the pace of growth.

Sources: MoSPI, RIB, India Budget Economic Survey

Inflation has shown a moderating trend, with the Consumer Food Price Index declining sharply post-December 2024, contributing to an overall CPI easing to 3.34% in March 2025. The RBI expects inflation to remain close to its 4% target through FY 2025-26, providing a stable monetary environment for business and consumer activity.

Looking ahead, India is projected to become the third-largest economy by 2030, propelled by infrastructure spending, rising consumer demand, urbanisation, and digital adoption. The GDP growth outlook for FY 2025-26 is pegged between 6.3% and 6.8%, reinforcing confidence in the country s long-term economic potential.

However, this growth narrative is not without challenges. Labour migration patterns, manpower shortages at the local level, and a persistent skills gap pose real constraints to scalability. Global risks such as geopolitical instability, slowing

Industry Overview

Bluspring Enterprises operates across six key service segments, each anchored in high-growth industries shaped by rising infrastructure investment, digital transformation, and formalisation. FY 2024-25 witnessed positive momentum across all verticals, supported by strong market fundamentals and sector-specific tailwinds.

Integrated Facility Management (IFM)

India s organised outsourced facility management market has reached approximately 400,000 Mn in FY 2024-25, with the top five segments - Manufacturing (26%), Healthcare (17%), Corporate (15%), Education (10%), and Retail (8%), command over 75% of the total market. This represents a remarkable consolidation of demand among key industrial and commercial segments, each with distinct service requirements and growth trajectories.

The growth of IFM in India is underpinned by four major forces: rapid urbanisation, a booming construction sector, a growing push for green and smart buildings, and a clear shift in mindset toward outsourcing non-core operations. Businesses are increasingly turning to professional IFM providers to manage non-core functions such as housekeeping, security, engineering maintenance, and soft services. The outsourced IFM market in India is projected to grow from 390,000 Mn in 2023 to 620,000 Mn by 2028, with an expected CAGR of 17% between FY 2025 - FY 2028. This pace is 1.5x faster than in-house service expansion, driven by strategic benefits like cost savings of up to 20% and operational efficiency gains of 10-15%.

Emerging trends

• Technology integration as a differentiator

Emerging technologies such as IoT, and integrated BMS are transforming how facilities are maintained and monitored.

Predictive maintenance, real-time asset tracking, digital helpdesks, QR-based service management in buildings are becoming standard services across leading enterprises.

• Focus on sustainability and ESG

Organisations are embedding environmental responsibility into their FM contracts, demanding measurable outcomes on waste management, water and energy efficiency, green cleaning, and indoor air quality. Increasingly clients are looking for vendors using bio-based and non-toxic cleaning products, energy-efficient and water conservation cleaning equipment.

• Consolidation and formalisation

The industry is witnessing a gradual consolidation as larger, tech-enabled providers win preference over fragmented regional players. This shift is being driven by regulatory reforms, heightened corporate focus on compliance, and stricter government enforcement of labour laws, workplace safety, and ESG norms. Preference is increasing for service partners who maintain complete documentation, hold relevant certifications, operate background verification systems, and follow traceable processes.

• Evolution of FM from utility to experiential service

Facilities Management is shifting from being a purely functional utility to an experience-driven service. Organisations now expect providers to create high-quality workplace experiences for employees while remaining cost-effective, with sustainability integrated as a core element of service delivery.

Food & Catering Services

India s B2B food and catering services industry is large, diverse, and highly fragmented. With over 2 Mn players in operation, the market is led primarily by small and medium-sized businesses offering institutional catering across corporate campuses, manufacturing units, educational institutions, and healthcare facilities.

In 2024, the market stood at approximately 326,000 Mn and is projected to grow to 551,000 Mn by 2028, with a robust CAGR of 14%. This growth is driven by increased demand from organisations looking to outsource non-core functions like employee meals, cafeteria operations, and pantry services, primarily for reasons of hygiene, efficiency, and scale.

Note: [1] Market size does not Include manufactured snacks [2] Manufacturing, Commercial Space, Education & Healthcare sector covers executive dining, cafeteria, vending machines etc. [3] HORECA includes standalone & chain restaurants for various formats such as QSR, casual dining, fine dining, cafes etc. [4] Others covers in-flight catering, sports, leisure, defence, marine, offshore etc.

Source: Internal analysis, expert consultations and industry reports

On-site catering is the dominant model, accounting for roughly 60% of the market. These services, delivered directly at client locations, are favoured for their convenience, quality control, and adherence to health and safety regulations. Meanwhile, off-premise catering, including centralised kitchens and satellite meal delivery, is also gaining ground, especially in multi-location enterprises.

Emerging Trends

• Growth of Ready-to-Eat (RTE) category

The RTE segment, comprising microwaveable meals, packaged salads, frozen snacks, and heat-and-eat offerings, is witnessing global traction. This format supports scale, logistics efficiency, and modern lifestyles, and is being explored as a value-added extension by institutional caterers.

• Data-driven operations

Educational institutions are adopting digital access management systems to streamline cafeteria operations.

Smart forecasting, digital menu management, and tech-enabled feedback systems are helping players optimise portions, reduce wastage, and personalise offerings based on employee profiles and footfall data.

• Client consolidation and long-term contracts

Enterprises are now preferring fewer, scalable partners who can offer pan-India execution, consistent quality, and integrated food + facilities solutions. This is shifting the market in favour of organised, well-capitalised players.

Security Services

India s organised security services market, valued at approximately 360,000 Mn, is experiencing fundamental changes driven by evolving threat landscapes and advancing technology capabilities. The corporate security segment alone represents a 70,000 Mn opportunity, employing roughly 200,000 security personnel in corporate offices across five major metropolitan clusters: Mumbai-Pune, Bengaluru, Hyderabad, Delhi-NCR, and Chennai.

Emerging trends

• AI-Powered surveillance

Enterprises, especially in sectors like BFSI, are rapidly adopting advanced video surveillance systems equipped with facial recognition, anomaly detection, and real-time analytics. These intelligent systems are designed to proactively identify threats such as unauthorised access or suspicious behaviour and instantly alert security teams, enabling faster, data-driven incident response and better perimeter control.

• Convergence of electronic and man-guarding security

Security services demands are evolving towards an integrated ecosystem that combines physical guarding with technology-driven electronic surveillance, including loT-enabled monitoring. This ensures end-to-end security coverage beyond just physical intrusion deterrence. The emergence of integrated command and control centres represents the most significant innovation in

security services. These facilities can monitor multiple client locations simultaneously, providing centralised oversight while maintaining local response capabilities.

Industrial Asset Management Services

India s industrial services market is on a strong growth trajectory, with the Total Addressable Market (TAM) projected to reach 640,000 Mn by FY 2029-30, up from 270,000 Mn in FY 2023-24. There are six key sectors metals - ferrous and aluminium, oil and gas, power - solar and thermal, and cement that are driving the industrial O&M and installation and commissioning services for the services of our nature. A defining feature of this growth is the increasing dominance of Operations & Maintenance (O&M) services, which are expected to contribute nearly 60% of the total market by FY 2029-30, signalling a fundamental shift from one-time project-based work to long-term recurring service engagements. This growth is anchored in traditional sectors like ferrous metals, cement, oil & gas, aluminium, and coal-based power, which together account for the bulk of outsourced O&M spend.

TAM for Industrials market is expected to reach- 1 Lakh Crore by FY 2029-30, with O&M accounting for-60% of the market

Notes: [1] Project s Indude s In s tallation and commi ss ioning [2] O&M-Operations & Maintenance [3] We are capturing new upcoming/ opportunities/ in projects, hence no market size is considered for projects in FY 2024-25 [4] Both core and non-core equipment considered in scope for Metals and Oil & Gas sector [5] Indicated sectors are non-exhaustive

The TAM growth is being driven by both greenfield industrial expansion and brownfield upgrades, with a marked shift toward outsourcing of non-core functions to specialised service providers. This includes preventive and predictive maintenance, energy optimisation, safety and compliance services, and end-to-end asset management, delivered through digitally enabled, SLA-based models.

Emerging Trends

• Growth of renewable and energy services

As solar and wind capacity scales up, specialised O&M for inverter systems, battery storage, cooling infrastructure, and remote diagnostics is creating a new vertical. Additionally, Energy-as-a-Service (EaaS) is emerging as a distinct play, with TAM projected to double from 31,000 Mn in FY 2024-25 to 59,000 Mn in FY 2029-30.

• Sustainability at the core

Environmental, Social, and Governance principles are shaping core operational decisions. Industrial service providers are being evaluated not just on cost or delivery but on how well they support carbon reduction, waste minimisation, safety outcomes, and ethical supply chains. ESG is becoming a key differentiator in vendor selection and contract renewals.

• Technology integration

Large industries are shifting towards Industry 4.0 and connected devices and data-driven insights optimising production processes, inventory, and equipment performance. Advanced automation, artificial intelligence, and machine learning are being integrated across steel plants for predictive maintenance, robotic welding, automated quality control, and smart logistics. Digital twins, IoT-connected sensors, and data analytics enable real-time optimisation, reducing downtime and waste while improving efficiency and quality.

• Embedded compliance support and ESG integration

To ensure the operational environment is fully aligned with statutory requirements, asset management is increasingly embedded with regulatory and safety compliance. O&M service delivery is now expected to align with client-side ESG mandates, driving investments in training, equipment standardisation, and data traceability.

Telecom Network Services

India s telecom sector continues to be a cornerstone of the country s digital infrastructure expansion. As of FY 2023-24, India ranked second globally in total telecom subscribers (1.2 Bn) and internet users (924 Mn), reflecting the sector s broad reach and critical role in enabling digital inclusion.

The market is being reshaped by large-scale 5G deployments, deep fiber densification, and the move towards software-defined, vendor-agnostic networks. These infrastructure upgrades are in direct response to rising user expectations, surging data consumption, and increasing demand for low-latency, high-capacity networks.

Emerging trends

• 5G rollout momentum

I ndia s 5G deployment is advancing at a rapid pace, with infrastructure expansion underway across metros, tier-2 cities, and major commercial hubs. The rollout spans both macro and small cell sites, with small cell deployment expected to grow at a CAGR of 19% through FY 2029-30. The adoption of mmWave spectrum is enabling high-through put applications, while the network architecture is increasingly shifting toward dense, hyperlocal infrastructure designed to support low-latency, enterprise-grade use cases.

• Telecom-adjacent infrastructure growth

The telecom backbone is now driving a surge in adjacent infrastructure development. Telcos entering the data centre space are creating demand for active infrastructure integration and SLA-based managed services. Telecom-grade connectivity is powering a wide range of loT applications, from vehicle tracking and smart parking to asset monitoring, delivering real-time capabilities with low power consumption. ln parallel, telecom infrastructure players are expanding into EV charging station development and solar-powered tower solutions, reinforcing the sector s alignment with broader decarbonisation and sustainability goals.

• Logistics and infra-as-a-service

Telecom rollouts now demand tightly orchestrated backend operations, kitting, packaging, warehousing, and

transport. Players offering bundled infrastructure along with logistics services are better placed to meet telco expectations around speed, cost, and quality assurance.

• Open RAN adoption

Telecom operators are increasingly adopting Open RAN to build vendor-agnostic, software-defined networks, enhancing flexibility and cost efficiency.

• Fibre and in-building solutions (IBS)

High-capacity fibre rollouts and IBS deployments are scaling rapidly, particularly in data-heavy environments such as commercial complexes, malls, airports, and high-rise buildings.

Job Placement services

India s job search and talent acquisition ecosystem is in the middle of a structural shift. In 2024, hiring activity bounced back with force, up nearly 10% year-on-year. Technology is the primary driver of this change. Roles in Al, machine learning, cloud engineering, and cybersecurity are not just trending, they are reshaping how organisations think about talent altogether. IT sector alone saw over 50% growth in new job openings last year, and fresh graduate hiring in tech is expected to climb 40% in FY 2024-25. At the same time, sectors like BFSI, telecom, manufacturing, and healthcare expanded their hiring footprints, pointing to a broader, more diversified recovery. The hiring in Tier 2 and Tier 3 cities also contributed to the shift, driven by better digital access, a maturing talent base, and cost considerations.

Emerging trends

• AI-led recruitment

The rise of AI-based recruitment tools is transforming the talent acquisition space, especially in the job board market. With a growing number of small-scale players using AI for screening and hiring, larger platforms are evolving into end-to-end talent ecosystems, offering integrated solutions through proprietary tech and partner networks. Hiring decisions are increasingly being shaped by actionable insights rather than intuitions, marking a decisive shift toward data-driven recruitment. Data is also uncovering new workforce dynamics, the demand in tier-2 & tier-3 cities grew by 28% annually.

• Skill-first hiring

As operations become more tech-enabled, frontline and mid-level managers are expected to have skills in AI, IoT, data analytics, and smart infrastructure. This shift is triggering a parallel evolution in hiring practices, moving away from traditional degrees toward mandatory skill-based assessments, especially for technical roles. Importantly, skill-first hiring is not confined to IT, it is expanding into manufacturing, logistics, green energy, and retail, where employers increasingly seek workers with digital fluency, problem-solving ability, and cross-functional expertise.

CORPORATE OVERVIEW

Bluspring Enterprises Limited is one of India s leading infrastructure management companies, offering a comprehensive suite of services designed to support India s rapidly growing infrastructure ecosystem. The Company operates through multiple verticals, providing integrated facility management, security services, food catering, telecom network services, and industrial asset management solutions across diverse industries and geographies. In addition to the Company s core services, Bluspring holds an investment in foundit, an Al-driven platform focused on white-collar job placement and candidate services, further extending its footprint into the digital workforce solutions space.

Core Business Segments

Bluspring Enterprises Limited

r

Facility Management (Avon)	Food & Catering (Indya Foods)
Soft services:	\u2022 On-site Kitchen -
housekeeping,	catering services
janitorial tasks.	provided at
disinfection &	a specific
sanitation,	location or venue,
landscaping,	usually
gardening &	events such
pest control	as corporate
Hard services-fire	events, weddings
safety systems,	\u2022 Central Kitchen -
mechanical,	where food
electrical &	is prepared for
plumbing	distribution to
upkeep, green	other food service
building services,	locations
lighting system maintenance	\u2022 Events

Security Services (Terrier Security Services)	Telecom Network Service (Vedang)
Man-guarding	\u2022 Managed Services
Electronic Security Services	\u2022 Project Management
Event Management	\u2022 Network assurance
Security Audits	\u2022 FTTX Services & Consulting (Fibre to the x (FTTx) - refers to using fibre-optic cables to bring fast internet close to or into homes and buildings

Industrial Asset
Management	foundit
(Hofincons)
\u2022 Power & Metal	\u2022 Talent Marketplace
Operation &	(earlier Monster
Maintenance	(APAC & Gulf))

Integrated Facility Management Services

As the Company s primary revenue driver, this segment accounts for 50-55% of total revenues and serves as the operational foundation of Bluspring s service portfolio. It manages an expansive footprint of approximately 360 Mn sq.ft. across India, delivering end-to-end facility management solutions. The segment delivers comprehensive facility management solutions encompassing soft services such as housekeeping, cleaning, landscaping, and pest control, alongside hard services including HVAC maintenance, fire safety systems, and electrical infrastructure management. This segment also provides production support services, hygiene solutions, and technology-enabled facility management across diverse sectors including BFSI, healthcare, education, and manufacturing.

Food and Catering Services

This service is provided under the Indya Foods brand and this segment generates 8-10% of revenues by delivering high-quality food and catering solutions across corporate, industrial, healthcare, and education sectors. Operating through

five strategically located central kitchens and serving about 3 Lakh meals per day, the division ensures consistency, quality control, and food safety standards while achieving operational efficiency through centralised preparation and streamlined distribution networks. This model enables cost-effective service delivery while maintaining the highest standards of culinary excellence and nutritional value.

Security Services

Operating through the established subsidiary Terrier Security Services (India) Private Limited, this segment contributes 18-20% of total revenues and represents one of India s most comprehensive security service providers in India. Founded in 1989 with operations spanning over 20 states, Terrier deploys more than 21,000 security personnel while offering an integrated suite of manned guarding services, electronic security solutions, and specialised consulting services. The company s innovative CARE Model integrates traditional security with advanced technology, supported by a state-of- the-art command centre in Bengaluru.

Telecom Network Services

Delivered through subsidiary Vedang Cellular Services Private Limited, this segment contributes 10-12% of revenues and has established itself as a critical player in India s telecommunications infrastructure development since 2008. Vedang has strategically differentiated itself by directly partnering with telecom operators rather than working through traditional OEMs, resulting in 92% of revenue generated from direct operator relationships. The company provides essential support for India s digital transformation through approximately 250,000 towers with 4G and 5G network deployments, Open RAN system integration, and comprehensive telecom infrastructure solutions.

Industrial Asset Management Solutions

Operating under the Hofincons brand with over 45 years of industry heritage, this segment generates 8-10% of revenues serving critical heavy industries including manufacturing, oil

and gas, paints, and cement sectors. With operations spanning 60+ sites across 18 states and a skilled workforce of 4,500 personnel, the division specialises in performance-based asset management, preventive maintenance programmes, and advanced technology consulting services that optimise industrial operations and extend asset lifecycles.

Job Placement Services

Through foundit, an Al-powered talent acquisition platform, this segment contributes 4-5% of revenues while addressing the evolving needs of India s dynamic job market. The platform connects employers and job seekers across India, Southeast Asia, and the Middle East, leveraging an extensive database of over 160 Mn+ candidate profiles. foundit provides comprehensive recruitment solutions including job posting, resume database access, skill assessments, and end-to-end managed hiring services that enable organizations to hire with speed and precision, positioning itself at the forefront of digital recruitment transformation.

PERFORMANCE OVERVIEW

The financial results presented here mark a significant milestone, being the first set of disclosures post the completion of the demerger, effective March 31, 2025. Prior period figures are from Internal Management Reports to ensure comparability and consistency. These numbers, therefore, provide a more accurate representation of the Company s performance and its strategic direction moving forward.

Adjusted PAT and Adjusted EPS exclude exceptional items for the year. Exceptional items for the year amount to 1,617 Mn attributable to expected credit loss for discontinued projects, goodwill impairment, and demerger-related expenses. This does not involve any cash outflows and has no impact on the company s operational liquidity.

Profit and Loss Account Summary Bluspring

(Figures in Mn)

Component	FY 2024-25	FY 2023-24	YoY Change
Revenue	30,863	27,284	T 13%
EBITDA	672	550	T 22%
EBITDA Margin (%)	2.2%	2.0%	-16bps
Depreciation & Amortisation	(451)	(387)	(17%)
Interest	(335)	(385)	T 13%
Other Income	36	45	i (20%)
Exceptional Items	(1,617)	-	-
Profit Before Tax (PBT)	(1,695)	(177)	i (858%)
Tax	(97)	(31)	i (219%)
PAT (Reported)	(1,793)	(207)	i (764%)
PAT Margin (%)	(5.8%)	(0.8%)	(505bps)
Adjusted PAT	(175)	(207)	i (15%)
Adjusted PAT Margin (%)	(0.6%)	(0.8%)	i (25%)
EPS (Reported) (?)	(12.0)	(1.4)	(760%)
Adjusted EPS (?)	(1.2)	(1.4)	A (16%)

Bluspring Ex. Investments

(Figures in Mn)

Component	FY 2024-25	FY 2023-24	YoY Change
Revenue	29,688	25,817	T 15%
EBITDA	1,098	1,120	i (2%)
EBITDA Margin (%)	3.7%	4.3%	(64bps)
Depreciation & Amortisation	(287)	(278)	l (3%)
Interest	(207)	(337)	T 39%
Other Income	23	16	T 45%
Exceptional Items	(1,617)	-	-
Profit Before Tax (PBT)	(989)	523	l (290%)
Tax	(99)	(31)	i (223%)
PAT (Reported)	(1,088)	492	1 (322%)
PAT Margin (%)	(3.7%)	1.9%	(558bps)
Adjusted PAT	529	492	T 7%
Adjusted PAT Margin (%)	1.8%	1.9%	(13bps)
EPS (Reported) (?)	(7.3)	3.3	i (322%)
Adjusted EPS (?)	3.5	3.3	T 7%

Discussion on Financial Performance (Ex. Investments) Revenue from Operations

The Company reported a revenue of 29,688 Mn, registering a growth of 15% year-on-year, demonstrating the strength and scale of our infrastructure management services. Facility & Food Services posted double-digit revenue growth on the back of strong demand in IFM, while Telecom & Industrial Services sustained robust momentum across projects, with our headcount net addition of 6k+ (8% YoY growth).

Expenses

This year marks a period of strategic transition for Bluspring as it navigates through a demerger. We have invested in strengthening our sales capabilities and expanding leadership capacity to support future growth across all business segments. Accordingly, our employee benefit expenses have risen to 78% of revenue from 77% of revenue last year.

EBITDA

EBITDA for the year dropped to 1,098 Mn, a 2% drop year-on- year. The drop is majorly on account of investments made in sales and leadership team in our Facility & Food business to strengthen internal capabilities and building a future-ready organisation. EBITDA margins dropped by 64 bps as compared to FY 2023-24, due to investment in corporate functions leading to a slightly lower EBITDA on a YoY basis.

Finance cost

The Finance cost has decreased from 337 Mn to 207 Mn with a decrease of 39% year-on-year, primarily driven by a reduction in debt from 1,086 Mn to 789 Mn.

Depreciation and Amortisation Expense

The depreciation and amortisation expense increased from 278 Mn to 287 Mn with an increase of 3% year-on-year attributable towards operational capital expenditure incurred during the year.

Exceptional Items

Exceptional items for the year amount to 1,617 Mn attributable to expected credit loss for discontinued projects, goodwill impairment, and demerger-related expenses.

Income Taxes

Income tax increased to 99 Mn from 31 Mn, with effective tax rate for the year being -9.9% which is due to exceptional items. However, revised ETR after adjustment of exceptional items is 15.9%.

Segmental Operating results
Revenue
		(Figures in Mn)
Segment	FY 2024-25	FY 2023-24	YoY
Facility & Food	18,155	15,846	T 15%
Industrials & Telecom	5,763	4,510	T 28%
Security	5,768	5,462	T 6%
foundit	1,175	1,467	i (20%)
Total	30,862	27,284	13%
Operating Margin
		(Figures in Mn)
Segment	FY 2024-25	FY 2023-24	YoY
Facility & Food	832	909	l (9%)
Industrials & Telecom	510	395	T 29%
Security	153	140	T 9%
foundit	(424)	(570)	T 26%
Total	1,070	873	T 23%

Key performance highlights

Facility & Food:

• In FY 2024-25, Facility Management & Food continued to be the largest contributor to the revenue, with a turnover of 18,155 Mn, marking an 15% YoY growth.

• Operating Margin for the year stood at 832 Mn from 909 Mn in FY 2023-24, down 9% from the previous year.

• During the year, 87 new contracts were signed.

• Focus on cross-sell between existing accounts and digitalise operations.

Industrials & Telecom

• Operating Margin expanded by 29% YoY to 510 Mn from 395 Mn in FY 2023-24.

• Diversification efforts towards predictable, annuity-based revenue.

• Focus towards sunrise sectors in Industrials while O&M in Telecom.

Security

• Security revenue rose to 5,768 Mn, a 6% increase from FY 2023-24 which stood at 5,462 Mn.

• Operating Margin for the year grew 9% to 153 Mn, from 140 Mn in FY 2023-24.

• Man-guarding HC at 21,394, up by 6% for the full year.

• Focus on high-margin electronic surveillance systems.

Investments - foundit

• Revenue at 1,175 Mn with EBITDA at (424 Mn), improved by 26% from (570 Mn) in FY 2023-24.

• 6-month Active user base increased by 36% YoY to 29 Mn.

• Recruiter search increased by 22% YoY to 4.6 Mn.

Balance Sheet Summary (in Mn, except for No. of days)

Component	With Foundit	Without Foundit
Total Assets	15,584	14,097
Non-Current Assets	6,587	5,577
Current Assets	8,997	8,519
Trade Receivables (Billed + Unbilled)	7,760	7,130
Other Current Assets	1,237	1,389
Total Equity	7,740	8,329
Total Liabilities	7,844	5,768
Gross Debt	789	358
Other Liabilities	7,055	5,410
Cash & Bank	701	669
Net Cash Position	- 88	310
DSO (Days)	85	82
Cash-Flow metrics

Sl No.	Cash flow metrics	February 11, 2024 to March 31, 2025 (with Foundit)	February 11, 2024 to March 31, 2025 (without Foundit)
1	DSO days	85	82
2	Interest Coverage Ratio	2.16	4.26
3	Current Ratio	1.47	2.12
4	Debt-Equity Ratio	0.10	0.04
5	EBITDA Margin	2.34%	3.40%
6	Net Profit Margin (Reported)	-5.14%	-3.34%
7	Adjusted Net Profit Margin	-0.32%	1.68%
8	Return on Net Worth (Adj. ROE)	-1.43%	6.76%
9	Debtor Turnover Ratio	6.58	6.96
10 Working Capital Turnover Ratio		12.11	7.47
11	EBITDA to Operating Cash Flow	-0.08	0.43
12	Net Cash Position	-87.60	310.15

Financial Statements Summary (Figures in Mn)

Particulars	Standalone	Consolidated
	February 11, 2024 to March 31, 2025	February 11, 2024 to March 31, 2025
	(Audited)	(Audited)
Revenue from operations	23,223.75	34,835.72
Other income	119.21	51.14
Total income	23,342.96	34,886.86
Cost of material and stores and spare parts consumed	2,300.76	2,311.89
Employee benefits expense	18,159.27	27,263.42
Finance costs	192.44	377.92
Depreciation and amortisation expense	288.02	504.96
Other expenses	2,268.51	4,445.00
Total expenses	23,209.00	34,903.19
Share of Profits/(loss) of equity accounted investees (net of income tax)	0.00	0.00
Profit/(loss) before exceptional items and tax	133.96	-16.33
Exceptional items (Loss)	944.21	1,680.27
Profit/(Loss) Before Tax	-810.25	-1,696.60
Tax (Expense)/Credit	-14.53	-94.62
Profit/(Loss) for the year from Continuing Operations	-824.78	-1,791.22
Profit/(Loss) for the year from Discontinued Operations (net of tax)	0.00	0.00
Profit/(Loss) for the year	-824.78	-1,791.22
Other Comprehensive Income/(loss) for the year	47.05	5.42
Total Comprehensive Income/(loss) for the year	-777.73	-1,785.80
Basic EPS (in ) (For Continuing operations)	-5.54	-11.55
Diluted EPS (in ) (For Continuing operations)	-5.54	-11.55

RISKS AND MITIGATION

At Bluspring, we meticulously evaluate both external and internal factors to identify, assess, control, and effectively manage associated risks. Our meticulously crafted Enterprise Risk Management (ERM) framework, which comprehensively covers all aspects of our operations, enables us to gauge the likelihood and impact of identified risks, ensuring proactive risk mitigation.

• Our Board-approved Risk Management Policy delineates a structured and disciplined approach to risk management, aiding strategic decision-making. The Risk Management Committee, composed of Board members and C-suite Executives, diligently reviews and oversees the progress of mitigation plans, offering essential guidance and direction.

• The Corporate-level Risk Management Team maintains constant engagement with independent Internal Auditors to pinpoint areas necessitating strengthened processes and internal controls for enhanced risk management. The Audit Committee conducts in-depth discussions and evaluations of audit findings, including the status of management action plans.

• Business SOPs and policies, alongside centrally issued directives, serve as guiding principles for our internal controls, fortifying our risk management processes.

Risk Category		Description
0 L 1	Strategic Risks	Strategic risk involves uncertainties arising from an organisations leadership decisions on long-term goals, competitive position, and successful execution of strategy. For example, risks associated with business model, service offerings, target markets, etc.
	Operational Risks	Risks that impact our service delivery and business practices due to inadequate or failed internal processes, systems, or people. For example, risks associated with day-to-day operations, such as errors in procedures, technology failures, and the ability to scale based on business needs.
\u201c A	Financial Risks	Risks affecting the financial stability and profitability of the business, such as SLA management, fluctuations in market conditions, credit defaults, interest rate changes, etc.
if	Compliance Risks	Non-adherence to central, state, and international laws governing business activities may result in financial and reputational risks. For example, compliance with labour laws, licenses, and permits, etc.
	Sustainability Risks	Risk refers to potential threats posed by environmental, social, and governance (ESG) factors that could adversely affect a company \u2019 s long-term viability and reputation. These factors include carbon footprint, diversity, inclusion, business ethics, etc.

Risk and Mitigation Measures by Company

Operating across multiple sectors, geographies, and service lines, Bluspring is exposed to a broad spectrum of risks. The complexity of managing large-scale, people-intensive operations in a compliance-driven environment requires a robust and forward-looking risk management framework. The Company adopts a proactive approach to risk management, identifying emerging threats, assessing potential impact, and implementing mitigation strategies to safeguard business continuity and stakeholder value.

Key Business Risks:

Risk Area	Risk Description	Mitigation Strategy
Workforce Management Risk	Difficulty in recruiting, training, and retaining qualified personnel; high attrition rates could disrupt operations and increase costs	\u2022 We invest in a robust people supply chain backed by strong recruitment, onboarding, and training programmes. \u2022 Our compensation models are benchmarked, and we have focused retention strategies to reduce attrition and ensure operational continuity.
Working Capital & Cash Flow Risk	Negative cash flows and working capital requirements impacting operations; difficulty in meeting short-term obligations	\u2022 We maintain diversified revenue streams across multiple service lines to reduce dependency on any single vertical. \u2022 Our collections and credit control processes are tightly managed to ensure healthy cash flows and minimal receivables risk. \u2022 We prioritise cash-generating contracts and business segments to maintain liquidity strength. \u2022 Strategic partnerships are leveraged to optimise working capital cycles and support operational continuity.
Labour Law Compliance Risk	Stringent labour regulations and compliance requirements across multiple states; potential penalties for non-compliance	\u2022 Our in-house legal and compliance teams ensure organisation-wide adherence to labour regulations through standardised processes. \u2022 Field teams receive regular training on labour law updates to stay aligned with evolving mandates. \u2022 We maintain proactive engagement with regulatory authorities to anticipate changes and ensure timely compliance.
Regulatory & Licensing Risk	Multiple licenses and approvals required across different business verticals; risk of suspension or non-renewal of critical permits	\u2022 We follow a centralised regulatory tracking system and leverage domain-specific legal expertise across business verticals. \u2022 All statutory licenses and permits are proactively applied for, renewed on time, and closely monitored. \u2022 Internal compliance audits are conducted periodically to ensure no lapses. \u2022 We maintain all critical certifications including ISO, PSARA, and OHSAS to meet client and regulatory expectations.
Data Privacy & Cybersecurity Risk	Risks related to data breaches, cyber-attacks, and non-compliance with evolving data protection regulations including DPDP Act 2023	\u2022 Our data protection framework is aligned with the IT Act, Privacy Rules, and the upcoming DPDP Act. \u2022 Security infrastructure is continuously strengthened through regular audits and timely system upgrades. \u2022 Employees undergo periodic training on data privacy and cybersecurity protocols to ensure frontline vigilance.
Food Safety & Quality Risk	Risks related to food contamination, safety violations, and regulatory penalties in catering business affecting reputation and operations	\u2022 We strictly comply with the FSS Act and all applicable food safety regulations across our operations. \u2022 A centralised kitchen model enables tighter quality control and consistency in large-scale meal preparation. \u2022 We conduct regular food safety audits and maintain necessary certifications to ensure hygiene and compliance.

INTERNAL CONTROLS AND GOVERNANCE

The Company maintains a comprehensive Internal Control System (ICS) that is fully aligned with the provisions of the Companies Act, 2013, and appropriately structured to address the scale, scope, and complexity of its business operations. The Board of Directors has established internal financial controls through well-defined policies and procedures that have been formally adopted by the Company. These controls ensure the efficient and effective operation of the business, compliance with all applicable laws, regulations, and regulatory directives, safeguarding of assets, proper authorisation of transactions, prevention and detection of fraud and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

Grant Thornton Bharat LLP serves as the internal auditor, operating within the scope and authority defined by the Audit Committee. To ensure independence and objectivity, the Internal Auditor reports directly to the Chairman of the Audit Committee. The Internal Auditor continuously monitors and evaluates the effectiveness of the Company s ICS while ensuring compliance with applicable laws and accounting policies.

Management conducts thorough reviews of these reports and implements appropriate corrective measures to strengthen control systems. Summaries of periodic audit findings are systematically presented to the Audit Committee for review. The Audit Committee of the Company is constituted in accordance with the provisions of Section 177 of the Companies Act, 2013 and SEBI Listing Regulations. The Audit Committee, comprises of four directors with three independent directors. Further, the chairperson of the Audit Committee is an independent director. Meetings of the Audit Committee are convened quarterly where the Internal Audit reports submitted by the Internal Auditor are reviewed. The Committee conducts comprehensive assessments of key audit findings to ensure the effectiveness of financial and internal controls, risk management systems, and related processes. These systems are continuously strengthened through regular audits and systematic reviews.

ESG INITIATIVES OVERVIEW

Bluspring is India s largest and most advanced infrastructure management company, integrating next-generation asset management with a deep commitment to innovation, operational excellence, and sustainability. ESG principles are embedded into our operations, policies, and decision-making.

Environment

As a service-focused organisation with a widespread presence across India, our environmental footprint is relatively modest, but our responsibility is not. We focus on effective resource management, emissions tracking, and energy efficiency.

We manage waste at source, route e-waste through authorised recyclers, and promote sustainable procurement. Our landscaping vertical maintains over 2.78 Mn sq. ft. of green cover. In FY 2024-25, we recorded GHG emissions of173.76 tCO 2 e (Scope 1), 535.38 tCO 2 e (Scope 2), and 109.79 tCO2e (Scope 3), with full inventory tracking in place.

Social

With a workforce exceeding 87,683, we focus on inclusion, employee wellbeing, and structured engagement. Over 15,000 first-time employees joined us this year, all with access to statutory benefits. Our diversity ratio among core staff stands at 25%, with a target of 30% by FY 2027-28. A strong safety culture and robust POSH framework support a respectful and secure workplace.

Governance

Governance at Bluspring is driven by an independent board and supported by well-established committees. Our policies on anti-bribery, whistle-blower protection, POSH, and risk management reinforce ethical conduct. Regular audits, internal controls, and compliance systems ensure transparency, accountability, and alignment with global ESG standards.

As we scale operations and deepen our market presence, our ESG commitments remain central to how we create long-term value.

HUMAN RESOURCE

At the heart of the Company s service delivery model is a diverse, distributed, and dynamic workforce that powers operations across multiple industries and geographies. FY 2024-25 was marked by a continued focus on building a people-first organisation, one that balances operational agility with long-term capability building. The company maintained a strong core-to-associate ratio, reflecting a strategic mix of domain expertise and scalable execution capacity. Structured learning and development programmes were deployed across levels, with a focus on leadership readiness, technical upskilling, and compliance training. Employee wellness remained a priority, supported through a suite of initiatives spanning preventive healthcare, mental wellbeing, insurance coverage, and digital access to health consultations. Workforce safety remained paramount, with regular safety audits, mandatory training modules, and strict adherence to operational protocols across sites.

The Company also deepened its commitment to inclusivity and representation by expanding hiring from tier-3 and rural locations, alongside initiatives to increase the participation of women in operational and supervisory roles. Engagement was driven through regular communication from leadership, employee

recognition platforms, and open channels for feedback and grievance redressal. As client expectations evolve toward more tech-enabled and compliant service delivery, Bluspring s human capital strategy is increasingly aligned to these shifts, investing in frontline digital enablement, supervisory excellence, and a culture of accountability and care. As of March 31, 2025, Bluspring had a total workforce of about 87,683 employees across core and associate roles, forming the backbone of its service capabilities nationwide.

CAUTIONARY STATEMENT

The statements made in the Management Discussion and Analysis describing the Company s objectives, projections, estimates, and expectations may be forward-looking statements within the meaning of applicable securities laws & regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Company s operations include economic conditions affecting demand, supply, and price conditions in the domestic & overseas markets in which the Company operates, changes in Government regulations, tax laws & other statutes, and other incidental factors. The Company assumes no responsibility in respect of forward-looking statements, which may be amended or modified in the future.