BLSE
BLS E-Services share price & financials
- Price
- ₹227.03
- Market cap
- ₹2.8k Cr
- Sector
- Information Technology
What BLS E-Services Limited does
BLS E-Services is a tech-enabled digital services provider that acts as Business Correspondent (BC) for banks, delivering last-mile banking (account opening, cash deposit/withdrawal, remittances, bill payment) through a merchant-led network of touchpoints in rural and semi-urban India. It also runs Common Service Centres for state e-governance (birth/death certificates, PAN, Aadhaar, land records), operates a loan-distribution business (personal, business and credit products) through its subsidiary Aadifidelis, and runs an Assisted E-Services vertical (PoS, ticketing, e-commerce, insurance) via BLS Touchpoints and BLS E-stores. Revenue is earned through transaction commissions, registration/renewal/service-activation fees charged to merchants, and support-service charges, on an asset-light model where merchants own or lease the touchpoints and stores.
Segments
- Business Correspondent (BC) Services
- Loan Distribution
- E-Governance Services
- Assisted E-Services
- Business Correspondents / CSPs
- 45,800+ (as on 31 March 2026)
- Total BLS Touchpoints (network reach)
- 1,55,000+ (as on 31 March 2026)
- Rural / semi-urban service codes
- 30,000+
- Urban service codes
- 15,800+
- Bank / NBFC tie-ups (BC business)
- 162 (as on 31 March 2026)
- Common Service Centres (e-governance)
- 22,000+ CSCs across Uttar Pradesh, Karnataka, Gujarat, West Bengal & Rajasthan
Quarterly results
Q1 FY27: revenue up 24.6%, net profit up 5.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 77 | 128 | 239 | 244 | 270 +251% | 281 +120% | 323 +35% | 304 +25% |
| EBITDA | 14 | 16 | 19 | 18 | 20 +43% | 17 +6% | 20 +5% | 21 +17% |
| Net profit | 15 | 14 | 17 | 18 | 18 +20% | 15 +7% | 18 +6% | 19 +6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +70.3% 1Y
1Y: ₹183.64 on 10 Sept 2025 → ₹312.8. High ₹327.9 (31 Aug 2026), low ₹128.58 (9 Mar 2026).
Financials, as filed
Revenue grew 92.4% a year over 2 years, FY24 to FY26. Operating margin narrowed to 6.7%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹302 Cr | ₹519 Cr | ₹1.1k Cr |
| Operating profit | ₹42 Cr | ₹61 Cr | ₹75 Cr |
| Operating margin | 13.9% | 11.8% | 6.7% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹4 Cr | ₹6 Cr | ₹7 Cr |
| Net profit | ₹34 Cr | ₹59 Cr | ₹69 Cr |
| Net margin | 11.3% | 11.4% | 6.2% |
| Cash from operations | ₹20 Cr | ₹67 Cr | ₹51 Cr |
| Free cash flow | ₹15 Cr | ₹54 Cr | ₹42 Cr |
| ROCE | 17.0% | 16.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹67 Cr | ₹91 Cr | ₹91 Cr | ₹91 Cr |
| Reserves | ₹10 Cr | ₹15 Cr | ₹40 Cr | ₹340 Cr | ₹414 Cr | ₹432 Cr |
| Borrowings | ₹11 Cr | ₹15 Cr | ₹5 Cr | ₹7 Cr | ₹7 Cr | ₹6 Cr |
| Other liabilities | ₹20 Cr | ₹26 Cr | ₹67 Cr | ₹71 Cr | ₹205 Cr | ₹233 Cr |
| Total liabilities | ₹41 Cr | ₹56 Cr | ₹179 Cr | ₹510 Cr | ₹717 Cr | ₹762 Cr |
| Fixed assets | ₹8 Cr | ₹15 Cr | ₹88 Cr | ₹93 Cr | ₹179 Cr | ₹180 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹15 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹15 Cr | ₹130 Cr | ₹126 Cr |
| Other assets | ₹32 Cr | ₹41 Cr | ₹92 Cr | ₹402 Cr | ₹397 Cr | ₹441 Cr |
| Total assets | ₹41 Cr | ₹56 Cr | ₹179 Cr | ₹510 Cr | ₹717 Cr | ₹762 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −3.61 pp while promoters added +2.98 pp. The shareholder count shrank 23% to 69,588.
- Promoters
- 71.9%
- FIIs
- 0.6%
- DIIs
- 0.0%
- Public
- 27.2%
- Others
- 0.2%
Since Jun 2025
- Public −3.61 pp
- Promoters +2.98 pp
- FIIs +0.39 pp
How it drifted, 10 quarters
Over this window FIIs fell from 9.3% to 0.6% — −8.6 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 68.9%, FIIs 9.3%, DIIs 0.0%, Public 21.8%.Jun '24: Promoters 68.9%, FIIs 5.7%, DIIs 0.0%, Public 25.4%.Sep '24: Promoters 68.9%, FIIs 1.4%, DIIs 0.0%, Public 29.7%.Dec '24: Promoters 68.9%, FIIs 0.8%, DIIs 0.0%, Public 30.3%.Mar '25: Promoters 68.9%, FIIs 0.4%, DIIs 0.0%, Public 30.7%.Jun '25: Promoters 68.9%, FIIs 0.3%, Public 30.9%.Sep '25: Promoters 68.9%, FIIs 0.2%, Public 30.9%.Dec '25: Promoters 68.9%, FIIs 1.0%, DIIs 0.1%, Public 29.8%, Others 0.2%.Mar '26: Promoters 69.8%, FIIs 0.5%, DIIs 0.0%, Public 29.5%, Others 0.2%.Jun '26: Promoters 71.9%, FIIs 0.6%, DIIs 0.0%, Public 27.2%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bls International Services Limited +2.06 pp 53.89% held
- 1 Danta Consultants newly disclosed 1.09% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of BLS E-Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bls International Services Limited | 53.89% | +2.06 pp |
| Diwakar Aggarwal | 9.47% | unchanged |
| Shikhar Aggarwal | 6.99% | unchanged |
| Sunabh Consultancy Pvt Limited | 4.55% | unchanged |
| Karan Aggarwal | 1.49% | unchanged |
| Sukh Buildwell Private Limited | 1.33% | −0.62 pp |
| 1 Danta Consultants | 1.09% | newly disclosed |
| Nimit Aggarwal | 0.01% | unchanged |
| Gaurav Aggarwal | 0.01% | unchanged |
| Goodwork Finvest Private Limited | 0.00% | unchanged |
| GRB Finvest Private Limited | 0.00% | unchanged |
| Hawai Capital Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹313, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~42%. At that growth it is worth ₹577 — upside of 84%.
- Growth the price implies
- 29.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 42.5% a year
- net profit, FY24–FY26
- The gap
- -0.1 pp
- 84% downside if it only repeats history
Learn to analyse BLS E-Services Limited
Guides on how to read this kind of business and the numbers that matter.