NSE: BLSE · BSE: 544107
BLS E-SERVICES LIMITED
Operates a Business Correspondent and digital banking services network of 1,55,000+ touchpoints across India, acting as a last-mile agent between banks and citizens for transactions, deposits, withdrawals and account services. The BC franchise runs 45,800+ BC/CSP points on behalf of partner banks, earning commissions and transaction fees. Loan distribution is a fast-growing vertical, originating Rs. 36,800+ crore of loans in FY26 (up 213.8% year-on-year), with revenue earned as lead-generation and distribution fees from lending partners. E-governance services add a smaller stream. The network processed Gross Transaction Value of Rs. 1.11 lakh+ crore in FY26. In July 2026 the company completed the Rs. 156.82 crore all-cash acquisition of Atyati Technologies, a Bengaluru-based AI banking technology firm serving 35+ banks and financial institutions through 25,900+ customer service points across about 1,00,000 villages, adding micro-lending and tech platform capabilities. FY26 consolidated revenue stood at Rs. 1,117.79 crore, with materials/services at 87.7% of revenue — the dominant cost, reflecting pass-through payments to BC agents and technology infrastructure. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Business Correspondent services, Loan distribution, E-governance services, AI banking technology (Atyati). Asset-light, transaction-volume-driven business correspondent and digital banking services
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 301 | 519 | 1,118 |
| EBITDA (ex other income) | 42 | 60 | 75 |
| margin % | 13.9 | 11.6 | 6.7 |
| Owners' profit | 31 | 53 | 57 |
| EPS, as reported (₹) | 4.44 | 5.79 | 6.33 |
| ROE % · ROCE % | 7.7 · 10.5 | 11.3 · 15.3 | 12.2 · 16.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 20 | 67 | 51 |
| Capex | (5) | (13) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 77 | 128 | 239 | 244 | 270 | 281 | 323 | 304 |
| Profit before tax | 19 | 19 | 23 | 23 | 25 | 21 | 24 | 25 |
| Net profit | 15 | 14 | 17 | 18 | 18 | 15 | 18 | 19 |
| EPS (₹) | 1.58 | 1.44 | 1.45 | 1.62 | 1.70 | 1.39 | 1.62 | 1.68 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.1 | 17.5 | 47 of 76 | 39% |
| P/B | 2.3 | 2.2 | 40 of 70 | 44% |
| ROCE | 16.2 | 9.6 | 23 of 86 | 74% |
| ROE | 12.2 | 9.2 | 24 of 70 | 67% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 8.8 | 13.0 | 51 of 69 | 27% |
| Revenue growth | 24.6 | 20.8 | 28 of 67 | 59% |
| Profit growth | 6.3 | 14.6 | 38 of 64 | 41% |
| Market cap | 1334 | 296 | 19 of 87 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 2, 2026 | results | low | — | — |
| 13 Oct 2026 · BLS E-Services files demat certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Stock split 1:2 completed; new shares credited to demat accounts | corporate actions | high | — | — |
| 30 Sept 2026 · Auditor of material subsidiary ATPL resigns mid-term, new auditor appointed | management changes | medium | — | — |
| 29 Sept 2026 · Auditor change at material subsidiary Atyati Technologies | management changes | medium | — | — |
| 29 Sept 2026 · Subsidiary ATPL to sell JLG lending business via slump sale | strategic transactions | high | — | — |
| 28 Sept 2026 · Subsidiary ATPL to sell JLG lending business to TVAM for Rs 59.49 lakh | strategic transactions | high | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 FY27 results announcement | compliance | minimal | — | — |
| 23 Sept 2026 · BLS E-Services to Hold Virtual Investor Meet on September 29 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · BLS E-Services fixes October 6, 2026 as record date for stock split | corporate actions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.