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BLS E-Services Limited
(BLSE)
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Rating:69Neutral
Price Target:
₹360.00
▲(27.57% Upside)
Action:Reiterated
Date:07/25/26
The score is driven primarily by strong financial fundamentals (high growth and minimal leverage) and solid bullish technical momentum (price above key moving averages and positive MACD). These positives are meaningfully offset by a premium valuation (P/E 44.6 with low yield) and recent margin and operating cash-flow volatility that increase execution risk.
Positive Factors
Strong revenue scaling
Rapid revenue expansion indicates that BLSE is scaling its technology-enabled citizen-services operations and processing volumes. If maintained, this growth can broaden the platform’s operating base, support reinvestment in service delivery, and strengthen its ability to compound earnings over the next several quarters.
Negative Factors
Material margin compression
The sharp reduction in net margin shows that revenue growth has not translated proportionally into profitability. Continued compression could limit earnings growth, reduce the cash available for reinvestment, and indicate that the economics of incremental service volumes are becoming less attractive.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue scaling
Rapid revenue expansion indicates that BLSE is scaling its technology-enabled citizen-services operations and processing volumes. If maintained, this growth can broaden the platform’s operating base, support reinvestment in service delivery, and strengthen its ability to compound earnings over the next several quarters.
Read all positive factors
BLS E-Services Limited (BLSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹29.18B
Dividend Yield0.3%
Average Volume (3M)18.47K
Price to Earnings (P/E)51.4
Beta (1Y)1.21
Revenue Growth71.21%
EPS Growth5.24%
CountryIN
Employees1,900
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)6.39
Shares Outstanding90,856,480
10 Day Avg. Volume16,634
30 Day Avg. Volume18,467
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 | 581.63M | 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 | 457.00M | 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
312.04
Positive
272.01
Positive
222.62
Positive
Market Momentum
3.84
Positive
59.82
Neutral
45.43
Neutral
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 below the 20-day moving average (MA) of 320.08, below the 50-day MA of 312.04, and above the 200-day MA of 222.62, indicating a bullish trend. The MACD of 3.84 indicates Positive momentum. The RSI at 59.82 is Neutral, neither overbought nor oversold. The STOCH value of 45.43 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹4.73B | 3.66 | ― | ― | 6.15% | 1081.71% | |
74 Outperform | ₹67.56B | 21.00 | ― | 1.28% | 7.88% | -1.77% | |
73 Outperform | ₹51.92B | 42.30 | ― | 0.21% | 29.74% | 25.01% | |
73 Outperform | ₹98.36B | 41.50 | ― | ― | 114.36% | 14.91% | |
69 Neutral | ₹29.18B | 51.42 | ― | 0.30% | 71.21% | 5.24% | |
56 Neutral | ₹20.83B | 49.96 | ― | ― | 15.71% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
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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.