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BLS E-Services Limited
(BLSE)
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Rating:70Outperform
Price Target:
₹281.00
▲(44.85% Upside)
Action:Reiterated
Date:07/02/26
The score is primarily driven by strong financial growth and balance-sheet strength, supported by positive technical trend signals. These positives are meaningfully offset by margin compression/uneven operating cash flow quality and a relatively expensive valuation (high P/E with low dividend yield).
Positive Factors
Sustained Revenue Growth
Strong multi-year top-line expansion demonstrates durable demand for BLSE’s assisted e-governance and transaction services. Persistent revenue growth supports operating scale, network effects at service centers, and provides a runway for reinvesting in technology and geographic reach over the next 2–6 months.
Negative Factors
Margin Compression
A material decline in margins signals rising cost pressure or lower per-transaction economics. If sustained, compressed margins will reduce reinvestment capacity and returns on expanded scale, making profitability recovery a key medium-term risk to monitor.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Strong multi-year top-line expansion demonstrates durable demand for BLSE’s assisted e-governance and transaction services. Persistent revenue growth supports operating scale, network effects at service centers, and provides a runway for reinvesting in technology and geographic reach over the next 2–6 months.
Read all positive factors
BLS E-Services Limited (BLSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.07B
Dividend Yield0.49%
Average Volume (3M)22.84K
Price to Earnings (P/E)39.9
Beta (1Y)1.21
Revenue Growth115.23%
EPS Growth9.35%
CountryIN
Employees850
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)6.21
Shares Outstanding90,856,480
10 Day Avg. Volume24,037
30 Day Avg. Volume22,844
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 fees for enabling and processing services delivered through its assisted-service network and technology platform. Key revenue streams typically include: (1) service/transaction fees earned per application or ...
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 | 8.81B | 11.18B | 5.19B | 3.01B | 2.43B | 966.98M |
| Gross Profit | 917.58M | 1.31B | 747.12M | 665.86M | 581.63M | 270.52M |
| EBITDA | 978.23M | 1.18B | 861.12M | 500.03M | 337.55M | 86.56M |
| Net Income | 563.70M | 574.96M | 525.63M | 313.99M | 188.80M | 53.80M |
Balance Sheet | ||||||
| Total Assets | 7.17B | 7.62B | 6.72B | 5.10B | 1.79B | 559.29M |
| Cash, Cash Equivalents and Short-Term Investments | 3.76B | 3.88B | 2.01B | 2.65B | 457.00M | 154.79M |
| Total Debt | 74.31M | 61.32M | 71.29M | 73.08M | 51.83M | 152.18M |
| Total Liabilities | 1.71B | 1.92B | 1.54B | 719.05M | 680.14M | 408.62M |
| Stockholders Equity | 5.05B | 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
194.00
Price Trends
213.89
Positive
185.40
Positive
188.86
Positive
Market Momentum
10.42
Negative
78.69
Negative
84.76
Negative
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 194 is below the 20-day moving average (MA) of 232.51, below the 50-day MA of 213.89, and above the 200-day MA of 188.86, indicating a bullish trend. The MACD of 10.42 indicates Negative momentum. The RSI at 78.69 is Negative, neither overbought nor oversold. The STOCH value of 84.76 is Negative, 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 | ₹13.01B | 14.74 | ― | ― | 7.44% | -27.87% | |
70 Outperform | ₹24.07B | 39.91 | ― | 0.49% | 115.23% | 9.35% | |
67 Neutral | ₹45.27B | 14.93 | ― | 2.71% | 2.58% | -18.98% | |
63 Neutral | ₹15.45B | 40.54 | ― | ― | 22.24% | -1.25% | |
57 Neutral | ₹4.18B | 12.82 | ― | 4.81% | 0.55% | -30.67% | |
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
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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.