Bluspring Enterprises Ltd Management Discussions

MACRO-ECONOMIC OVERVIEW

Global Economy

The global economy remained resilient in 2025, though growth continues to track below long-term averages amid persistent structural and geopolitical challenges. As per the April 2026 World Economic Outlook of the International Monetary Fund, global GDP grew an estimated 3.4% in 2025 and is projected to hold at 3.1% in 2026. Advanced economies remain subdued, while emerging markets and developing economies continue to account for the larger share of global growth.

Indian Economy

Against this uneven global backdrop, India consolidated its position as the worlds fastest-growing major economy. According to the National Statistics Office (MoSPI), real GDP growth for FY26 reached 7.7%, outpacing the 7.1% recorded in FY25, with nominal GDP projected to expand at 8.9%.

Growth was broad-based: manufacturing recorded doubledigit growth and the services sector grew above 9%. Energy markets turned volatile during the year following the conflict in West Asia and the disruption to shipping through the Strait of Hormuz, which lifted energy and freight costs. These pressures are expected to be transitory. The medium-term global outlook continues to rest on resilient services demand, gradually easing inflation, and a steady recovery in trade and investment.

Indias macroeconomic fundamentals remain strong entering FY27. The synergy between sustained public capex and a nascent pickup in private investment is creating a virtuous cycle of growth, and high-frequency indicators - from GST collections to power consumption - point to a robust medium-term horizon. The RBI projects real GDP growth of 6.6% for FY27, while the IMF projects 6.5% for both 2026 and 2027.

Public Administration, Defence & Other Services category includes the Other Services sector i.e. Education, Health, Recreation, and other personal services

Source: MOSPI

INDUSTRY GROWTH DRIVERS

Indias infrastructure management and business services by sustained economic growth, rapid digital adoption, rising ecosystem is undergoing a structural transformation, supported urbanisation, the expansion of organised commercial and industrial infrastructure, and the increasing outsourcing of noncore but mission-critical operations. Enterprises are decisively moving away from fragmented, vendor-led models towards integrated, compliant and technology-enabled service partners who can deliver scale, operational consistency, safety, uptime and governance.

Four structural forces cut across every market in which the Company operates:

- Formalisation: A defining structural shift for India - and a direct tailwind for organised service providers - is the accelerating formalisation of the workforce. Two policy developments in FY26 stand out.

First, the Government brought all four Labour Codes into force on 21st November 2025, consolidating 29 central labour laws into 4 Codes on Wages, Social Security, Industrial Relations, and Occupational Safety, Health and Working Conditions. The Codes mandate written appointment letters, a statutory minimum wage and timely payment for all workers, and extend social-security coverage, including to gig and platform workers. Meeting these requirements at scale demands the systems, compliance discipline and governance that organised providers are built to deliver.

Second, the Employment Linked Incentive (ELI) Scheme, with an outlay of R99,446 crore, took effect for jobs created between August 2025 and July 2027. It targets the creation of over 3.5 crore formal jobs - including 1.92 crore first-time workers - by routing incentives to both employees and employers through the EPFO.

- Outsourcing intensity: Across facility management, industrial maintenance, telecom deployment and catering, a large share of activity still sits in-house or with fragmented local vendors. The shift towards integrated, single-accountability partners has years to run.

- Technology enablement: IoT-led predictive maintenance, AI-driven analytics, cloud-based monitoring and mobile- first workflow platforms are converting labour-led services into measurable, outcome-based operations - and separating scaled operators from the rest.

- Sustainability and ESG: Clients are writing measurable environmental and safety outcomes into service contracts - energy-performance-linked terms, smart metering and ESG reporting - making demonstrated compliance a selection criterion, not an afterthought.

Bluspring Enterprises Limited operates at the intersection of these themes. Its presence across facility management, food and hospitality services, industrial operations and maintenance, telecom network services, security services and talent platforms positions the Company to benefit from Indias long-term transition towards organised, technology-led and

outsourced infrastructure management. The size, growth and dynamics of each of these markets are discussed within the respective business sections that follow.

BUSINESS OVERVIEW

Bluspring Enterprises Limited is Indias only nationally scaled, people-powered, compliance-first and technology-enabled integrated infrastructure services enterprise. The Company delivers the essential infrastructure support services that enable organisations to operate efficiently, safely and sustainably across diverse industries.

The Companys diversified portfolio comprises Integrated Facility Management (Avon), Food & Catering Services (Indya Foods), Industrial Operations & Maintenance (Hofincons), Telecom Network Services (Vedang), Security Services

(Terrier) and the foundit talent platform. Through these complementary verticals, Bluspring offers comprehensive solutions that help customers optimise operations, enhance asset performance, strengthen compliance and improve workplace productivity.

Built on a strong execution platform, a skilled national workforce and technology-enabled processes, the Company serves clients across commercial, industrial, healthcare, education, telecom, infrastructure and public sector domains. Its integrated service model enables cross-functional delivery, operational consistency and long-term customer partnerships.

INTEGRATED FACILITY MANAGEMENT

Operating under the Avon brand, Integrated Facility Management is Blusprings largest business, contributing around 49% of total revenue in FY26 and deploying approximately 55,000 people across all 28 states and 5 UTs - a genuinely national delivery footprint. Its mandate spans the full facility lifecycle: soft services such as housekeeping, sanitation, pest control and landscaping; technical and MEP services that keep electrical, mechanical and HVAC systems running; and allied services including security support, energy and executive housing and guest-house management.

Market: Indias organised, outsourced facility management market measured at approximately R40,000 crore in FY25 and is expected to grow at about 15% a year to roughly R79,900 crore by FY30. Beyond the economic tailwinds discussed in previous section the growth rests on the still-low penetration of organised, outsourced facility management: across most end-sectors a large share of operations remains inhouse or with fragmented local providers, so the shift towards compliant, integrated partners has years to run. Demand is led by the South ( 36%), followed by the North ( 27%), West ( 23%) and East ( 14%); by end-sector, Education & Healthcare, Industrials and Commercial Spaces each account for roughly a quarter of demand, with Government & Public Infrastructure, BFSI and other segments making up the balance. Detailed sector wise break-up is provided in the illustration below

Industry wise contribution to facility management market

Manufacturing sector is the largest contributor commanding 26% of the facility management market followed by Healthcare and Corporate sectors with 17% and 15% respectively.

Emerging trends

Key Trend	Why It Matters
Consolidation towards integrated providers	Clients increasingly prefer one accountable partner across soft, technical and allied services rather than multiple single-line vendors; KPMGs customer research found a majority would choose a single integrated provider for ease of execution.
From upkeep to workplace experience	Facility management is shifting from a functional utility to an experience-led service, judged on occupant comfort, safety and productivity as much as cleanliness and uptime - a bar raised further by demanding Grade-A and GCC occupiers.
Sustainability and ESG	Occupiers are writing measurable sustainability outcomes into contracts - energy- performance-linked terms, smart metering and reporting on energy, water and waste. Providers that can operate buildings to a lower environmental footprint, and evidence it, increasingly win and retain mandates.

The year gone by

FY26 was defined by calibrated investment in organisational capability - across operations, the sales engine and the digital backbone - and that investment has already begun to pay back. The business mobilized around R 245 crore of new annual contract value (ACV) during the year, driving 8% revenue growth, with the mix shifting decisively towards larger, more complex mandates: nine contracts of over R10 crore ACV each were added, led by Commercial Spaces and Education & Healthcare.

The year also marked entry into new sub-segments - a first foray into sports and leisure through the New Delhi 2025 World Para Athletics Championships, and entry into off-campus student living within Education, broadening the addressable base beyond traditional campuses. Service quality earned independent recognition as well: a major international airport under the businesss management was named the Cleanest

Airport in India and South Asia (under-five-million-passenger category) at the Skytrax World Airport Awards 2026, retaining the title for a second consecutive year.

Focus areas

- Accelerate large-deal wins in core segments. Concentrate the sales engine on larger, longer-tenure mandates within established sectors i.e. Industrials, Healthcare & Education and Commercial Spaces deepening share where the business already delivers at scale.

- Enter sunrise sectors. Extend into high-growth adjacencies - sports and leisure, airports and urban mobility - where modern infrastructure and rising service expectations favour scaled, technology-enabled providers.

- Deepen end-to-end digitisation. Roll out front-end and back-end automation further, so every site runs to minimise downtime, reduce operational risk and enable people to perform at their best.

FOOD & CATERING SERVICES

Operating under the Indya Foods brand, the Food & Catering business is Blusprings institutional food-services arm, serving more than 300,000 meals a day across 132+ client locations ,

anchored by 58+ onsite kitchens and 5+ central kitchens. It runs the full institutional spectrum: everyday institutional and executive dining, retail and food-court operations, and event- led services spanning banquets, large-format events, and butler and concierge support.

Market: Indias organised, outsourced B2B food-catering market is estimated at approximately R32,600 crore in FY25, growing at about 14% a year to roughly R63,000 crore by

FY30, led by manufacturing and commercial spaces. Against this, our businesss share stands at slightly over 1% - Providing ample headroom for growth. On-premise catering accounts for just over 60% of the market, with off-premise and delivered models growing marginally faster. By end-use, manufacturing ( 26%, and the fastest-growing at 19%) and corporate and commercial spaces ( 26%) are the two largest pools, followed by education ( 22%) and healthcare ( 16%). Our business is well represented in Healthcare & Education (53% of revenue) and Industrials (32%), while Commercial Spaces (<15% of revenue) constitutes the clearest growth opportunity in the coming years.

Note: [1] Market size does not include manufactured snacks [2] Manufacturing, Commercial Space, Education & healthcare sector covers executive dining, cafeteria, vending machines etc. [3] Others covers in-fUght catering, defense, marine, offshore etc. [4] MICE: Meetings, Incentives, Conferences, and Exhibitions

Source: Internal analysis, expert consultations and industry reports Emerging trends

Key Trend	Why It Matters
Central-kitchen, hub-and-spoke production	Operators are investing in centralised kitchens that supply many satellite sites, improving consistency, food safety and cost efficiency.
Health, nutrition and customised menus	Clients increasingly specify nutrition-focused, wellness-driven and regionally customised meal programmes, with rising demand for plant-forward and allergen-aware options. Dietitian-led, data- informed menus win preference, particularly in corporate and healthcare settings.
Digitisation and kitchen automation	Mobile ordering, contactless billing, smart vending, digital meal tracking and Al-based demand forecasting are becoming standard, while smart kitchen equipment and inventory analytics cut food wastage.
Food safety and sustainable operations	Food safety and hygiene are renewal-critical: clients audit against multiple standards, and lapses end contracts. In parallel, sustainability is moving into agreements through sustainable packaging, local sourcing and measurable food-waste reduction.

The year gone by

FY26 followed the group-wide capability-building agenda, with deliberate investment in operations, the sales engine and the digital backbone. That investment showed up in the order book: the business booked around R68 crore of new ACV - its highest ever - led by education and healthcare, followed by industrials, and revenue grew 30% year-on-year. On the operations side, a new central kitchen was commissioned in Bengaluru and mobilised in the first quarter of FY27, strengthening the hub-and-spoke network that.

The year also marked the start of a focussed branding exercise, introducing distinct meal brands for different settings - Daily Symphony for institutional dining, with segment-specific variants for healthcare, education and industrial sites; Indya Eats for cafe and food-court formats; and a dedicated set of hospitality brands for executive dining, concierge and events - bringing a consistent, recognisable identity to each meal occasion.

Focus areas

- Scale corporate and commercial-space catering from the new central kitchen. Use the New Bengaluru central kitchen to grow the corporate-office and commercial- space portfolio - the segments where hub-and-spoke production is most efficient and margins are richer.

- Build an aviation-catering platform through the proposed LSG India acquisition. In April 2026, a wholly owned subsidiary signed a definitive agreement to acquire the Bengaluru airline-catering operations of LSG Sky Chefs (India), subject to customary closing conditions. Once completed, it would give the business an immediate foothold in aviation catering - a high-entry-barrier segment carrying mid-to-high-teens EBITDA margins - with Bengaluru Airports passenger traffic projected to rise materially through the decade, serving as a springboard into the wider aviation-catering market.

- Continue building the digital backbone. Scale the digital dining platform across sites - pre-ordering, queue-skipping and live order tracking for customers; preparation tracking and inventory alerts for kitchen teams; real-time dashboards and AI-led demand insights for administrators - making digital convenience a differentiator against food-delivery alternatives rather than a cost of doing business.

INDUSTRIAL OPERATIONS & MAINTENANCE

Operating under the Hofincons brand, with over four and a half d ecades in ind ustrial asset managemen t, th e business runs performance-based operations and maintenance, preventive and predictive maintenance, services for Indias heavy industries. The portfolio is anchored in metals ( 67% of the revenue), followed by power ( 12%) spanning conventional and, increasingly, renewable plants, with the balance revenue shared spread across government and infrastructure projects, paints, water oil and gas, pharmaceuticals, FMCG, and a growing set of smart-infrastructure and digital asset-

management mandates. This concentration reflects deep expertise in metals; broadening the base while capitalizing on core strength is a central focus of years ahead.

Market: Indias organised, outsourced industrial services O&M market measured approximately R48,000 crore in FY26 and is expected to cross R61,000 crore by FY30, growing at close to 6% a year. Three forces drive this expansion:

1) The ongoing build-out of Indias ferrous and non-ferrous smelting and refining capacity;

2) The Production-Linked Incentive schemes, under which 836 applications had been approved across 14 sectors as on 31 March 2026, drawing cumulative investment of over R2.40 lakh crore led by electronics, pharmaceuticals and high-efficiency solar PV; and

3) the continued build towards 500 GW of non-fossil power by 2030. Each enlarges the fleet of plants requiring longterm maintenance - and as plants grow more complex and uptime and safety expectations rise, more of this work is shifting from in-house teams to specialist partners.

Emerging trends

Key Trend	Why It Matters
From projects to strategic O&M partnerships	Clients are consolidating maintenance into multi-year, outcome-based contracts and handing core operations to specialist partners - deepening recurring revenue and rewarding proven reliability.
Predictive and condition-based maintenance	IoT sensors, CMMS platforms and analytics are moving plants from reactive repair to planned intervention, raising asset uptime for clients and productivity for providers.
Energy-transition O&M	Solar, wind and storage are creating a distinct, higher-growth maintenance vertical, from remote diagnostics to specialised plant upkeep.
Safety and ESG as selection criteria	In hazardous heavy-industry settings, demonstrated safety performance and compliance increasingly decide who is trusted with core operations.

The year gone by

Three mutually reinforcing threads defined the year. The first was a deliberate shift from manpower provider to strategic operations partner - taking ownership of a clients core processes rather than supplying labour to them. This showed up directly in sales: in the first half, the business won three significant contracts worth a combined R 47 crore in ACV - the operation and maintenance of a blast furnace, of an iron-ore processing unit, and a smart-meter installation programme - each sitting at the heart of the clients own operations. Overall ACV sold was R71 crore, contributing to 12% revenue growth .

The second was diversification beyond the metals base, with entry into new segments that open up the wider industrial

opportunity - the O&M of an FMCG plant for a leading industrial group, and of a manufacturer of Aluminum frames for solar panels, the businesss first step into renewable energy.

The third was safety. Across more than 1.5 crore man-hours worked, the business recorded zero fatalities and a losttime injury frequency rate of 0.19. A strong reporting culture underpins the result: 235 near-misses and over 2,500 unsafe conditions were logged and acted upon, and more than 25,000 safety training hours were delivered. Leading clients across steel, aluminium, paper and chemicals recognised this performance with multiple safety awards.

Focus areas

- Build on the momentum in integrated, strategic O&M - anchored by STEAG: The acquisition of STEAG Energy Services India, agreed in March 2026 and completed shortly after financial year-end, is the most significant step towards building an integrated O&M practice. Among Indias leading power-services specialists, STEAG India provides O&M, end-to-end engineering, management advisory and digital solutions to the conventional and renewable power sector across India, Botswana, the Middle East and other markets. Its established digital capabilities - performance monitoring, predictive analytics, diagnostics and training simulators - strengthen Blusprings ability to deliver high-value, technology- enabled O&M.

- Grow wallet share within the existing client base: Our

client base comprises of several of Indias largest industrial groups - leading producers of steel, aluminium, alumina and copper - most operating multiple plants nationwide. The business is engaged at only a subset of these sites, and at a subset of the maintenance scope within each site, leaving substantial scope for growth.

- Expand overseas: Draw on STEAG Indias international presence across Botswana, the Middle East and other markets to build out the Companys overseas industrial O&M practice.

Emerging trends

Key Trend	Why It Matters
From rollout to recurring operations	With coverage now near-universal, value is shifting from one-time rollout toward multiyear operations, maintenance and assurance - increasingly run from AI-enabled network operations centres - converting episodic project work into stickier, annuity-style managed- services revenue.
Greening the tower estate	The draft National Telecom Policy 2025 targets a 30% cut in the sectors carbon footprint and 30% of towers on renewable energy by 2030, Opening a new adjacent services pool in site solarisation, critical power and energy management.
Vendor-agnostic networks	As networks shift to multi-vendor, software-defined architectures - including Indias indigenously developed stack now running across roughly 100,000 sites - independent, OEM-neutral partners that can integrate and optimise across mixed estates gain share. This is Vedangs core positioning.
Network fiberisation	Only about 44-46% of Indias towers are fiberised, against a 80% target for 2030 - leaving years of build-out across towers, backhaul and in-building networks that favours scaled, compliant infrastructure partners.

TELECOM NETWORK SERVICES

Operating under the Vedang brand, Telecom Network Services is Blusprings telecom-infrastructure arm, built on more than 17 years of specialist expertise in rolling out and maintaining operator networks across India. What sets Vedang apart is its direct, non-OEM operating model: rather than working through equipment vendors, it contracts directly with the operators themselves as one of Indias largest independent deployment partners - supported by more than 1,000 installation- and-commissioning teams and a network of 400+ delivery partners that together execute upwards of 10,000 deployment activities each month. Its offering spans the full network lifecycle through four pillars: Network Deployment (design, implementation, integration, EMF compliance and in-building solutions); Operations & Maintenance (managed services and a central network operations centre); Network Assurance (benchmarking and customer-experience management); and Enterprise (FTTH, fibre, Wi-Fi, and indoor and outdoor small cells).

Market: Vedang operates in Indias organised, outsourced telecom network-services market - the deployment, maintenance and assurance work operators contract out rather than run in-house. This market measured approximately R12,500 crore in FY25 and is expected to reach around R19,800 crore by FY30, growing at close to 10% a year. Demand is anchored by the major private operators, with a rising contribution from the state operators 4G and 5G buildout, enterprise and FTTH connectivity, and government-led digital-connectivity programmes. A structural shift underpins this: as networks density, the physical work of rolling them out and keeping them running is increasingly handed to specialist partners. Indias 5G transition is multiplying the macro and small-cell sites, fibre routes and in-building systems that must be planned, installed, integrated and optimised - and each new investment cycle enlarges the addressable services pool.

The year gone by

FY26 was a year of deepening relationships. Across its core operator accounts, Vedang steadily increased wallet share, converting trusted delivery into repeat and expanded mandates. That progress is clearest in its standing with the two largest private operators: Vedang is now the largest pan-India non-OEM deployment partner for one, and the largest non-OEM partner across RAN, transmission and network domains for the other . The delivery earned external recognition - a Valuable Partner citation and Award of Honour from a leading operator, HSE Innovation Champion of the Year, and a commendation for the strength of its safety culture.

Safety remained central to that reputation: zero major incidents and zero fatalities through FY26, reinforced by the rollout of virtual remote site audits and underpinned by disciplined work- at-height certification, permit-to-work and site-audit processes. The year also marked an important first - Vedang executed its maiden overseas project, in the Asia-Pacific region, carrying its deployment capabilities beyond India and opening a new avenue for growth.

Focus areas

- Deepen the core with existing operators. Expand wallet share within each account - across more circles, more network domains and a greater span of the rollout, transmission and assurance value chain - converting proven delivery into larger, longer-tenure mandates.

- Diversify into adjacent, higher-value services. Scale adjacencies that carry more recurring, annuity-style revenue: energy services such as site solarisation and critical power; smart-infrastructure offerings spanning e-surveillance, smart metering and urban and in-building infrastructure; and enterprise and digital-infrastructure services beyond the mobile operators - shifting the mix toward a more capital-efficient, durable model.

- Extend into new geographies. Pursue measured, asset- light international expansion through phased, partnership- led entry, taking proven deployment and managed- services capabilities into selected markets beyond India.

SECURITY SERVICES

Operating under the Terrier brand, the security services business generated roughly R659 crore of annual revenue with around 24,000 guards deployed. The business holds 24 PSARA licences, enabling operations across roughly two- thirds of Indias states and union territories - a real advantage in a sector where large clients increasingly value multi-state, compliant coverage.

Market: Indias organised, outsourced manned-guarding market stood at approximately R38,500 crore in FY25, deploying around 12.6 lakh guards, and is expected to grow at a high single-digit to low double-digit CAGR over the next five years - a steady, structural tailwind rather than a cyclical one. The top five end-sectors - manufacturing, corporate, BFSI, healthcare and education - together account for nearly 80% of demand. Underpinning this is a simple structural gap:

India remains significantly under-policed, with about 155 police personnel per 100,000 people against its own sanctioned strength of 197.5 and the UN-recommended standard of 222. With public policing stretched, enterprises, institutions and communities increasingly turn to private security, and that demand only deepens as urbanisation, organised real estate and industrial activity expand. Geographically, demand is spread across the South ( 33%), West ( 30%), North ( 24%) and East ( 13%), concentrated in a handful of clusters - Bengaluru, Mumbai-Pune, Delhi-NCR, Hyderabad and Chennai. In comparison, 45% of Terriers manpower is deployed in the South, followed by the East (21%), North (18%) and West (15%). Increase the share of North and West is a major focus area in FY27.

Emerging trends

Key Trend	Why It Matters
Convergence of electronic and manned security	Demand is shifting from standalone guarding toward bundled solutions pairing trained manpower with electronic surveillance, access control and IoT-enabled monitoring - improving coverage while creating room to raise productivity and margins.
AI-powered surveillance	Video systems with facial recognition, anomaly detection and real-time analytics are moving surveillance from passive recording to proactive threat response - strongest across BFSI, healthcare, transportation and data centres, with the same cameras increasingly doubling up for safety and compliance monitoring on factory floors.
Drone and perimeter security	Critical-infrastructure and industrial sites are adopting perimeter intrusion detection, intelligent monitoring and anti-drone capabilities - extending professional security beyond the gate to the full premises, and directly relevant to Terriers strength in industrials.

The year gone by

Growth was the clear priority for FY26. Terrier began the year with the headcount of 21,157 and ended with 24,053, adding almost 3 k headcount. - almost entirely through new sales - a headcount increase of around 14%, alongside 70 new client logos . The additions leaned toward the West (20%) and North (29%), the regions where Terriers share has been lower relative to the market, while the South - the Companys anchor and the countrys largest pocket - remained the biggest contributor at 37%. By end-sector, growth was led by Industrials (30% of new sales), Education (24%) and Infrastructure (10%), reinforcing traditional strength in industrial and manufacturing accounts.

Focus areas

- Sustain growth and rebalance the footprint. Pursue higher wallet share within existing accounts and continued logo addition, capturing the economies of greater client and route density - while deepening presence in the West and North, where the business has been relatively under-represented.

- Expand electronic security and converge it with guarding.

Electronic security - a market of approximately R2,500 crore in FY25, expected to double to around R5,000 crore by FY30 at a 14-16% CAGR (company estimates) - offers a higher-margin, technology-led layer; converging it with manned guarding is the route to margin growth.

- Strengthen the sourcing engine. The business opened three manpower sourcing centres in Eastern India during the year and expanded its recruiter base from 50 to 92, building the hiring engine needed to convert a growing demand pipeline into deployed headcount.

FOUNDIT

foundit is the Companys talent platform, operating across 20+ countries and anchored by 183 million candidate profiles, 14 million monthly active seekers and 12,000 recruiter profiles, at a 92% CSAT score . It defines its market across three converging segments - Recruitment, Career Services and Talent Intelligence - reflecting a deliberate shift from a singlesided job board to a two-sided platform that monetises both recruiter and seeker.

Market: foundits addressable online recruitment opportunity across its core India and Southeast Asia markets is estimated at USD 700-900 million (internal estimates), growing 1218% a year and outpacing the global markets 7.1% CAGR. India accounts for an estimated USD 400-500 million but remains heavily concentrated, with leading player holding over 80% share; Southeast Asia - Malaysia, the Philippines and Singapore - adds an estimated USD 300-400 million in a far less consolidated, faster-adopting landscape that is foundits primary growth lever. Management views the business as being at a positioning inflection point as demand shifts from volume to quality hiring - a transition that favours platforms with differentiated data and AI over commoditised listings.

Key trends shaping the industry

- Skills over listings: hiring is moving toward skills- and precision-based matching rather than keyword-based listings.

- Platform consolidation: integrated models combining sourcing, assessment and engagement are taking share from single-purpose job boards.

- AI-led re-platforming: generative and agentic AI are compressing the hiring workflow, rewarding providers that embed AI natively for both recruiters and seekers - the trend around which foundits FY27 roadmap is built, via an eight-track AI Charter spanning intelligent parsing, semantic recruiter search, seeker discovery and AI- powered matching.

The year gone by

Financial performance. foundit closed FY26 with total sales of approximately R77.5 crore, with B2B the primary growth engine at approximately R63 crore, or 81% of total sales.

Product and platform. Engagement scaled through the year: total job applications grew from 0.81 crore in Q1 to 1.25 crore in Q4 (4.26 crore for the year), while traffic nearly doubled to 2.63 crore. Platform uptime averaged 99.5%.

People and organisation. Headcount was rationalised from 656 to 475 (a 27.6% reduction) alongside a 27% cut in workforce cost, while on-roll attrition fell from 29.6% in Q1 to 12.0% in Q4 and high-performer retention held at 86%.

Focus areas

FY27 is positioned as a pivotal year, targeting aggressive sales growth and EBITDA profitability by Q4 FY27, with priorities on three pillars:

- Profitability first: operating discipline through ARPU growth, automation-led efficiency and cost control, including a targeted 30% efficiency gain in finance operations.

- AI Charter: eight AI tracks across recruiter search, seeker experience, data quality and internal automation - for both efficiency and a defensible moat.

- Build - Partner - Outsource: proprietary build reserved for genuine differentiation, with speed and leverage prioritised elsewhere.

Beyond these, FY27 plans include strategic B2B partnerships, a redesign of B2C seeker journeys and new upskilling lines of business - framed under foundits North Star: the evolution from a job board into an intelligent talent marketplace.

Performance Overview

The Company delivered a strong operational and financial performance in FY26, marking its first full year post-demerger. The Companys financial performance witnessed strong revenue and margin growth driven by accelerating sales and working capital improvement. The Company continued its focus on strengthening its leadership and advancing technology while maintaining a cost discipline across its businesses.

The Company achieved Revenue growth of 11% YoY and EBITDA growth of 10% YoY. The Adjusted PAT grew 26% YoY to R668 Mn. The Adjusted PAT excluded exceptional items for the year, which were primarily attributable to impact of new labour code and one time acquisition related costs.

PROFIT AND LOSS ACCOUNT SUMMARY

Bluspring Excluding foundit

(Figures in R Mn)

Component	FY26	FY25	YoY Change
Revenue	33,044	29,688	11%
EBITDA	1,207	1,098	10%
EBITDA Margin (%)	3.7%	3.7%	Flat
Depreciation & Amortisation	(302)	(287)	(5%)
Interest	(267)	(207)	(29%)
Other Income	16	23	(32%)
Exceptional Items	(348)	(1,617)	78%
Profit Before Tax (PBT)	306	(989)	131%
Tax	14	(99)	114%
PAT (Reported)	320	(1,088)	129%
PAT Margin (%)	1.0%	(3.7%)	464bps
Adjusted PAT	668	529	26%
Adjusted PAT Margin (%)	2.0%	1.8%	25bps
EPS (R)	21	(7.3)	129%
Adjusted EPS )	4.5	3.5	27%

DISCUSSION ON FINANCIAL PERFORMANCE (ECXCLUDING FOUNDIT)

Revenue from Operations

The Companys revenue grew 11% year-on-year to R33,044 Mn, through sustained focus on accelerating the sales engine.

The Facility & Food Services business remained the largest contributor to the portfolio, supported by strong contract wins and sustained operational momentum. Security Services continued its strong growth trajectory through steady expansion across operations, while Telecom & Industrial Services delivered resilient performance despite a challenging industry environment, driven by improved contract mix and operational efficiencies.

Expenses

The Company continued to invest in technology, leadership capability, operational excellence, and business devel

opment. These initiatives, combined with a strengthened balance sheet and improving cash generation, position the company well for its next phase of growth.

EBITDA

EBITDA achieved for the year stood at R1,207 Mn, a 10% increase year-on-year. The growth was achieved on the back of new contract additions, disciplined execution and cost optimization across businesses. EBITDA margins remained flat YoY despite continued investments in businesses, a reflection of sustained operational excellence.

Finance cost

The Finance cost increased from R207 Mn to R267 Mn primarily due to one-time expense towards fair valuation of put option for subsidiary stake acquisition. The average debt remained stable during the year in line with growth across businesses.

Depreciation and Amortisation

The depreciation and amortisation expense increased from R287 Mn to R302 Mn attributable towards operational capital expenditure incurred during the year.

Exceptional Items

The Company provided for exceptional items of R348 Mn during the year. The expenditure primarily pertained to estimated one-time impact of adoption of new labour code resulting in higher provision towards retiral benefits.

Income Taxes

The Company recorded a net tax credit of R14 Mn during the year arising from one-time deferred tax creation and earlier years tax adjustments.

Bluspring

(Figures in RMn)

Component	FY26	FY25	YoY Change
Revenue	33,820	30,863	10%
EBITDA	781	672	16%
EBITDA Margin (%)	2.3%	2.2%	13bps
Depreciation & Amortisation	(470)	(451)	(4%)
Interest	(338)	(335)	(1%)
Other Income	149	36	269%
Exceptional Items	(366)	(1,617)	77%
Profit Before Tax (PBT)	(244)	(1,695)	86%
Tax	14	(97)	114%
PAT (Reported)	(230)	(1,793)	87%
PAT Margin (%)	(07%)	(5.8%)	514bps
Adjusted PAT	136	(175)	177%
Adjusted PAT Margin (%)	0.4%	(0.6%)	100bps
EPS ( )	(1.6)	(12.0)	87%
Adjusted EPS ( )	0.9	(1.2)	174%

SEGMENTAL OPERATING RESULTS

Revenue

(Figures in R Mn)

Segment	FY26	FY25	YoY
Facility & Food	20,309	18,155	12%
Industrials &	6,150	5,763	7%
Telecom
Security	6,585	5,768	14%
foundit	776	1,175	(34%)
Total	33,820	30,862	10%
EBITDA
		(Figures in R Mn)
Segment	FY26	FY25	YoY
Facility & Food	874	832	5%
Industrials &	569	510	11%
Telecom
Security	188	153	23%
foundit	(426)	(424)	(1)%
Total	1,205	1,070	13%

KEY PERFORMANCE HIGHLIGHTS

Facility & Food:

Facility Management & Food continued to be the largest contributor to the revenue, with a turnover of R20,309 Mn, marking a 12% YoY growth.

EBITDA for the year stood at R874 Mn, (growth of 5% YoY). During the year, 80 new contracts were mobilized with ACV of R3,130 Mn . Industrials & Telecom

Industrials and Telecom reported a modest 7% growth in revenue YoY due to reduction in capex spends from key players.

Despite slow growth, the EBITDA expanded by 11% YoY to R569 Mn through margin expansion and cost optimization

The vertical continued its focus on health and safety with 25,000+ annual health and safety training hours delivered during the year.

Security

Security business reported a strong net headcount addition of 14% YoY, achieving 24K+ guards for the first time.

The revenue from the business expanded to R6,585 Mn, a 14% increase YoY, through key wins witnessed across education, manufacturing and commercial sectors.

EBITDA Margin for the year grew 23% to R188 Mn, through business expansion and strong working capital improvement. Investments - foundit

Foundit reported revenues of 776 Mn during the year and EBITDA loss of (426 Mn) achieved through cost optimization initiatives undertaken during the year.

The business reported strong operational metrics achieving new sales of 260 Mn in the last quarter of the year while expanding its recruiter search base increased by 47% YoY.

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

Component	With Foundit	Without Foundit
Total Assets	16,904	16,544
Non-Current Assets	6,858	7,129
Current Assets	10,046	9,415
Trade Receivables (Billed+	8,771	8,376
Unbilled)
Other Current Assets	1,275	1,039
Total Equity	7,395	8,644
Total Liabilities	9,509	7,899
Gross Debt	796	350
Other Liabilities	8,713	7,549
Cash & Bank	546	496
Net Cash Position	-250	146
DSO (Days)	89	87

Cash-Flow metrics

SI	Cash flow metrics
No Metrics	March 31, 2026	March 31, 2026
	(with Foundit)	(without Foundit)
1 DSO days	89	87
2 Interest Coverage Ratio	2.31	4.53
3 Current Ratio	1.33	1.55
4 Debt-Equity Ratio	0.11	0.04
5 EBITDA Margin	2.31%	3.65%
6 Net Profit Margin (Reported)	-0.68%	0.97%
7 Adjusted Net Profit Margin	0.40%	2.02%
8 Return on Net Worth (Adj. ROE)	1.84%	773%
9 Debtor Turnover Ratio	5.76	6.03
10 Working Capital Turnover Ratio	13.46	9.93
11 EBITDA to Operating Cash Flow	0.66	0.76
12 Net Cash Position	-250	146

FINANCIAL STATEMENTS SUMMARY

(Figures in RMn)

Particulars	Standalone Year ended March 31, 2026 (Audited)	Consolidated Year ended March 31, 2026 (Audited)
Revenue from operations	23,117.63	33,820.34
Other income	120.19	148.73
Total income	23,237.82	33,969.07
Cost of material and stores and spare parts consumed	2,603.99	2,611.37
Employee Benefit expense	17,904.79	26,901.83
Finance costs	181.96	338.22
Depreciation and amortisation expense	260.92	469.88
Other expenses	1,935.81	3,525.76
Total expenses	22,887.47	33,847.06
Share of Profits/(loss) of equity accounted investees (net of income tax)	0.00	0.00
Profit/(loss) before exceptional items and tax	350.35	122.01
Exceptional items (Loss)	291.09	366.34
Profit/(Loss) Before Tax	59.26	-244.33
Tax (Expense)/Credit	108.73	13.93
Profit/(Loss) for the year from Continuing Operations	167.99	-230.40
Profit/(Loss) for the year from Discontinued Operations (net of tax)	0.00	0.00
Profit/(Loss) for the year	167.99	-230.40
Other Comprehensive lncome/(loss) for the year	-138.21	-105.39
Total Comprehensive lncome/(loss) for the year	29.78	-335.79
Basic EPS (in ) (For Continuing operations)	1.13	-1.03
Diluted EPS (in ) (For Continuing operations)	1.12	-1.03

RISKS & MITIGATION

Bluspring operates people-intensive, multi-site service businesses across regulated sectors. The Company follows a structured Enterprise Risk Management (ERM) framework under which risks are identified at the business level, assessed for likelihood and impact, assigned owners, and reviewed periodically by senior management and the Risk Management Committee of the Board. The principal risks relevant to the Companys businesses, and the mitigations in place, are set out below.

Risk	Description Mitigation
Workforce Management Risk	Difficulty in recruiting, training, and retaining qualified personnel; high attrition rates could disrupt operations and increase costs	- We invest in a robust people supply chain backed by strong recruitment, onboarding, and training programs
		- 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	- We maintain diversified revenue streams across multiple service lines to reduce dependency on any single vertical.
		- Our collections and credit control processes are tightly managed to ensure healthy cash flows and minimal receivables risk.
		- We prioritize cash-generating contracts and business segments to maintain liquidity strength.
		- Strategic partnerships are leveraged to optimize 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	- Our in-house legal and compliance teams ensure organization-wide adherence to labor regulations through standardized processes.
		- Field teams receive regular training on labor law updates to stay aligned with evolving mandates.
		- 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	- We follow a centralized regulatory tracking system and leverage domain-specific legal expertise across business verticals.
		- All statutory licenses and permits are proactively applied for, renewed on time, and closely monitored.
		- Internal compliance audits are conducted periodically to ensure no lapses.
		- We maintain all critical certifications including ISO, PSARA, and OHSAS to meet client and regulatory expectations.
Risk	Description	Mitigation
Data Privacy & Cybersecurity Risk	Risks related to data breaches, cyber-attacks, and non-compliance with evolving data protection regulations including DPDP Act 2023	- Our data protection framework is aligned with the IT Act, Privacy Rules, and the DPDP Act.
		- Security infrastructure is continuously strengthened through regular audits and timely system upgrades.
		- 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	- We strictly comply with the FSS Act and all applicable food safety regulations across our operations.
		- A centralized kitchen model enables tighter quality control and consistency in large-scale meal preparation.
		- We conduct regular food safety audits and maintain necessary certifications to ensure hygiene and compliance.

INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

The Company has established a system of internal controls commensurate with the size, scale and complexity of its operations, designed to provide reasonable assurance on the recording and reporting of financial information, adherence to accounting standards, safeguarding of assets, prevention and detection of fraud and error, and compliance with applicable laws and regulations. The internal financial control framework is aligned with the requirements of the Companies Act, 2013 and is reviewed for design and operating effectiveness on an ongoing basis.

Given the distributed nature of the Companys operations - tens of thousands of people deployed across client sites in every state and union territory - the control environment leans heavily on technology and standardisation. Site-level operations run on defined standard operating procedures; attendance, deployment and billing are increasingly captured through digital workforce platforms, reducing manual intervention and leakage; and centralised functions govern procurement, payroll, statutory compliance and treasury. Delegation-of-authority matrices define approval thresholds across the organisation, and maker-checker controls operate over key financial processes.

The internal audit function, supported by independent audit firms where appropriate, conducts risk-based reviews across businesses, sites and processes in accordance with an annual audit plan approved by the Audit Committee. Findings, root causes and remediation plans are tracked to closure and reported to the Audit Committee, which reviews the adequacy of the internal control environment each quarter along with observations of the statutory auditors. During the year, the scope of controls testing was extended to the newly commissioned central kitchen, the expanded sourcing

infrastructure and integration-readiness of acquired entities. No material weaknesses in the design or operation of internal financial controls were observed during the year.

HUMAN RESOURCES

People remain at the core of Blusprings business, with the Company employing one of the largest frontline workforces in India across facility management, security, catering, industrial services, telecom deployment and digital talent solutions. During FY26, the Company continued to strengthen its people ecosystem by expanding its recruitment capabilities through new sourcing centres and a larger recruiter network, enabling faster deployment of skilled and compliant manpower to support business growth. Recruitment processes remained focused on rigorous background verification, statutory compliance and PSARA-compliant screening, while training continued to be embedded as a core operational discipline across businesses through safety, technical, functional and customer-service programmes. Digital tools and mobile- first platforms further enhanced workforce productivity, operational visibility and employee capability. The Company maintained a strong focus on employee safety and wellbeing, reflected in an exemplary safety record across operations and recognition from leading customers for its health, safety and contractor management practices. During the year, organisational effectiveness initiatives within foundit streamlined the workforce while significantly improving attrition and retaining high-performing talent, demonstrating the Companys focus on building an agile and performance-oriented organisation. Supported by structured performance management, internal career opportunities, merit-based growth and harmonious industrial relations, Bluspring continues to strengthen its human capital as a key enabler of sustainable growth.

ESG

At Bluspring, sustainability is embedded into the way the Company operates, scales and creates long-term value. As one of Indias largest infrastructure management companies, ESG considerations are integrated across business operations through a strong focus on environmental stewardship, responsible employment practices and robust governance standards.

ENVIRONMENTAL

Bluspring integrates environmental sustainability into its operations through a focus on resource efficiency, energy optimisation and responsible waste management. During FY26, the Company established its greenhouse gas inventory across Scope 1, Scope 2 and Scope 3 emissions while advancing initiatives in sustainable procurement, authorised e-waste disposal and the management of over 2.78 million sq. ft. of client green spaces.

SOCIAL

The Company continues to strengthen its people-first culture through investments in employee development, diversity, inclusion, safety and wellbeing. With a workforce of over 93,000 employees and associates, Bluspring expanded leadership and wellbeing initiatives, created employment opportunities for over 9,600 first-time employees and continued to foster an inclusive and safe workplace.

GOVERNANCE

Blusprings governance framework is anchored in transparency, ethical conduct and accountability, supported by an independent Board and robust governance policies covering business ethics, anti-bribery, whistle-blower protection, POSH, risk management and data privacy. Regular audits, compliance reviews and strong oversight reinforce responsible business practices across the organisation.

CAUTIONARY STATEMENT

The statements made in the Management Discussion and Analysis describing the Companys 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 Companys 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.