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Swing Capital

BLS E-Services Ltd

NSE: BLSE BSE: 544107IT / Software

Incorporated in 2016, BLS-E Services Ltd provides Digital Services including E-Governance, Business Correspondent and allied services[1]

₹192
52W: ₹124 — ₹233
PE 116 · Book ₹46.2 · +316% vs book
Market Cap₹1,744 Cr
Stock P/E116Price to Earnings
ROCE9.18%Return on Capital
ROE6.74%Return on Equity
Div. Yield0.5%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 66.1% CAGR over last 5 years
  • +Promoter holding has increased by 0.92% over last quarter.

Weaknesses

  • −Stock is trading at 4.22 times its book value
  • −Company has a low return on equity of 5.34% over last 3 years.
  • −Earnings include an other income of Rs.13.8 Cr.
  • −Debtor days have increased from 47.9 to 76.7 days.

Shareholding Pattern

Promoters69.81%
FIIs0.46%
DIIs0.01%
Public29.49%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.89%68.89%68.89%68.89%68.89%68.89%68.89%69.81%▲0.9
FIIs5.69%1.42%▼4.30.78%▼0.60.41%▼0.40.25%▼0.20.21%▼0.00.99%▲0.80.46%▼0.5
DIIs0.01%0.01%0.01%0.02%▲0.00%▼0.00%0.11%▲0.10.01%▼0.1
Public25.4%29.68%▲4.330.31%▲0.630.67%▲0.430.85%▲0.230.9%▲0.029.77%▼1.129.49%▼0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales10.138.2113.6111.6818.0821.3715.6914.8923.8222.57
Expenses7.396.527.977.5411.3411.5815.8413.1820.7319.63
Operating Profit2.741.695.644.146.749.79-0.151.713.092.94
OPM %27.05%20.58%41.44%35.45%37.28%45.81%-0.96%11.48%12.97%13.03%
Net Profit1.520.76.046.598.5410.152.163.894.984.06
EPS ₹0.230.10.660.730.941.120.240.430.550.45

AI Insights

Revenue Trend

TTM revenue at ₹77Cr, up 14.9% YoY. OPM at 10%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (1200% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.01% (+0.00pp change). FIIs: 0.46% (-8.81pp change). Promoters hold 69.81%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 9% (Mar 2025). Working capital days: -37.

Valuation

PE 116x with 9.18% ROCE. Price is 316% above book value of ₹46.2. Dividend yield: 0.5%.

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