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BLS E-Services Limited
(BLSE)
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Rating:64Neutral
Price Target:
₹172.00
▼(-39.05% Downside)
Action:Reiterated
Date:10/07/26
The score is primarily supported by solid financial performance (strong growth and minimal leverage), partially offset by margin and operating cash-flow volatility. Technicals are moderately positive with the stock holding above key moving averages, but overall upside is constrained by a relatively expensive valuation (high P/E and low dividend yield).
Positive Factors
Strong revenue scaling
Rapid revenue expansion demonstrates strong scaling of the company’s technology-enabled services model and broader customer or transaction reach. Continued top-line momentum can support operating investment, strengthen distribution capabilities, and create a larger base for future earnings growth.
Negative Factors
Material margin compression
The sharp decline in net margin shows that revenue growth is not translating proportionally into profit, weakening the quality of recent expansion. If the lower margin profile persists, it could constrain earnings growth, reduce reinvestment capacity, and make results more sensitive to operating costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue scaling
Rapid revenue expansion demonstrates strong scaling of the company’s technology-enabled services model and broader customer or transaction reach. Continued top-line momentum can support operating investment, strengthen distribution capabilities, and create a larger base for future earnings growth.
Read all positive factors
BLS E-Services Limited (BLSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.45B
Dividend Yield0.62%
Average Volume (3M)17.73K
Price to Earnings (P/E)50.4
Beta (1Y)1.20
Revenue Growth71.21%
EPS Growth5.24%
CountryIN
Employees1,900
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)3.19
Shares Outstanding90,856,480
10 Day Avg. Volume17,066
30 Day Avg. Volume17,735
Financial Highlights & Ratios
PEG Ratio2.71
Price to Book (P/B)2.78
Price to Sales (P/S)1.30
P/FCF Ratio31.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BLS E-Services Limited Business Overview & Revenue Model
Company Description
BLS E-Services Limited is an Indian digital solutions company that harnesses technology to provide supported e-services and e-governance initiatives. Operating through an expansive network of physical access points, the firm facilitates the delive...
How the Company Makes Money
BLSE primarily makes money by charging service and processing fees for enabling and handling transactions on behalf of end users and service providers. Key revenue streams generally include: (1) per-transaction or per-application fees earned when ...
BLS E-Services Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.78B | 11.18B | 5.19B | 3.01B | 2.43B | 966.98M |
| Gross Profit | 953.62M | 1.31B | 747.12M | 628.54M | 551.20M | 270.52M |
| EBITDA | 1.02B | 1.18B | 861.12M | 500.03M | 337.55M | 86.56M |
| Net Income | 581.15M | 574.96M | 525.63M | 313.99M | 188.80M | 53.80M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 7.62B | 6.72B | 5.10B | 1.79B | 559.29M |
| Cash, Cash Equivalents and Short-Term Investments | 3.88B | 3.88B | 2.01B | 2.65B | 423.26M | 136.50M |
| Total Debt | 0.00 | 61.32M | 71.29M | 73.08M | 51.83M | 152.18M |
| Total Liabilities | -5.70B | 1.92B | 1.54B | 719.05M | 680.14M | 408.62M |
| Stockholders Equity | 5.70B | 5.22B | 4.83B | 4.31B | 1.07B | 150.67M |
Cash Flow | ||||||
| Free Cash Flow | 90.90M | 464.50M | 779.80M | 150.09M | 279.86M | 124.88M |
| Operating Cash Flow | 101.95M | 552.65M | 910.80M | 196.51M | 288.73M | 197.43M |
| Investing Cash Flow | -158.71M | -144.39M | -465.21M | -2.95B | -656.32M | -136.21M |
| Financing Cash Flow | -113.72M | -235.73M | -42.17M | 2.90B | 464.16M | -75.72M |
BLS E-Services Limited Technical Analysis
Positive
282.20
Price Trends
157.88
Positive
138.54
Positive
112.37
Positive
Market Momentum
1.06
Positive
47.96
Neutral
18.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BLSE, the sentiment is Positive. The current price of 282.2 is above the 20-day moving average (MA) of 159.90, above the 50-day MA of 157.88, and above the 200-day MA of 112.37, indicating a neutral trend. The MACD of 1.06 indicates Positive momentum. The RSI at 47.96 is Neutral, neither overbought nor oversold. The STOCH value of 18.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BLSE.
BLS E-Services Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹4.55B | 3.63 | ― | ― | 6.15% | 1081.71% | |
74 Outperform | ₹65.40B | 20.49 | ― | 1.31% | 7.88% | -1.77% | |
73 Outperform | ₹49.55B | 43.11 | ― | 0.21% | 29.74% | 25.01% | |
67 Neutral | ₹100.69B | 41.64 | ― | ― | 114.36% | 14.91% | |
64 Neutral | ₹14.45B | 50.36 | ― | 0.62% | 71.21% | 5.24% | |
56 Neutral | ₹20.91B | 50.77 | ― | ― | 15.71% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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66.12
72.00%
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BLS E-Services Limited Corporate Events
BLS E-Services Subsidiary ATPL to Divest JLG Micro-Lending Unit in Slump Sale
Sep 28, 2026
Atyati Technologies Private Limited, a wholly owned subsidiary of BLS E-Services Limited, has approved the sale of its Joint Liability Group financial lending business to TVAM Technologies Private Limited via a slump sale on a going-concern basis....
BLS E-Services Puts FY 2025–26 Annual Report and AGM Notice Online, Urges Digital Investor Communication
Aug 21, 2026
BLS E-Services Limited has notified shareholders and the exchanges that its Annual Report for the financial year 2025–26 and the notice of its 10th Annual General Meeting, scheduled for September 15, 2026 via video conferencing, are availabl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.