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BLS E-Services Overview

BLS E-Services Limited (BESL) is a technology-enabled digital service provider that offers various services to the citizens at the grassroots level in India. It provides business correspondent services to major banks in India along with assisted e-services such as recharges, bill payments, travel bookings, e-commerce, etc. Also, e-governance services such as passport and visa applications, PAN and Aadhaar registrations, Ayushman Bharat cards, etc. The company was incorporated in 2016 and has a network of over 92,000 touchpoints across 28 state...Read More

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BLS E-Services Key Financials

Market Cap ₹1609 Cr.

Stock P/E 27.4

P/B 3.1

Current Price ₹177.1

Book Value ₹ 57.2

Face Value 10

52W High ₹232.7

Dividend Yield 0.56%

52W Low ₹ 124.3

BLS E-Services Share Price

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Volume
Price

BLS E-Services Quarterly Price

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BLS E-Services Peer Comparison

BLS E-Services Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 81 72 74 75 77 128 239 244 270 281
Other Income 1 1 5 7 7 5 6 7 6 6
Total Income 82 73 79 82 84 133 245 251 276 287
Total Expenditure 69 61 63 64 64 112 220 226 250 264
Operating Profit 13 11 16 19 21 21 25 25 26 23
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 2 2 1 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 12 11 14 17 19 19 23 23 25 21
Provision for Tax 3 3 4 5 5 5 6 6 6 6
Profit After Tax 9 8 11 13 15 14 17 18 18 15
Adjustments -1 -0 -1 -1 -1 -1 -4 -3 -3 -3
Profit After Adjustments 8 7 10 12 14 13 13 15 15 13
Adjusted Earnings Per Share 1.3 1.1 1.1 1.3 1.6 1.4 1.5 1.6 1.7 1.4

BLS E-Services Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 64 97 243 301 519 1034
Other Income 1 2 3 8 26 25
Total Income 65 98 246 310 546 1059
Total Expenditure 60 90 210 260 459 960
Operating Profit 5 9 36 50 86 99
Interest 1 1 4 1 1 0
Depreciation 0 1 3 3 6 7
Exceptional Income / Expenses 0 0 -3 0 0 0
Profit Before Tax 4 7 27 46 79 92
Provision for Tax 1 1 7 12 20 24
Profit After Tax 3 5 20 34 59 68
Adjustments 0 0 -1 -2 -6 -13
Profit After Adjustments 3 5 19 31 53 56
Adjusted Earnings Per Share 1 1.8 2.8 3.5 5.8 6.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 72% 75% 0% 0%
Operating Profit CAGR 72% 112% 0% 0%
PAT CAGR 74% 128% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 12% NA% NA% NA%
ROE Average 13% 20% 83% 83%
ROCE Average 18% 27% 29% 29%

BLS E-Services Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 10 15 107 431 483
Minority's Interest 0 0 5 7 36
Borrowings 0 7 0 0 0
Other Non-Current Liabilities -2 3 1 5 4
Total Current Liabilities 31 28 64 66 149
Total Liabilities 38 53 177 509 671
Fixed Assets 8 15 88 93 148
Other Non-Current Assets 9 12 19 107 218
Total Current Assets 21 27 70 308 306
Total Assets 38 53 177 509 671

BLS E-Services Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 7 6 16 30
Cash Flow from Operating Activities 9 20 29 20 67
Cash Flow from Investing Activities -1 -14 -66 -295 -23
Cash Flow from Financing Activities -5 -8 46 290 -4
Net Cash Inflow / Outflow 3 -1 10 15 40
Closing Cash & Cash Equivalent 7 6 16 30 71

BLS E-Services Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.05 1.79 2.83 3.46 5.79
CEPS(Rs) 1.07 2.06 3.46 4.06 7.16
DPS(Rs) 0 0 0 0 1
Book NAV/Share(Rs) 0.47 2.26 16.03 47.45 53.13
Core EBITDA Margin(%) 7.36 7.2 13.63 13.9 11.57
EBIT Margin(%) 8.41 8.1 12.74 15.47 15.42
Pre Tax Margin(%) 6.08 7.01 11.1 15.16 15.24
PAT Margin (%) 4.88 5.56 8.36 11.12 11.32
Cash Profit Margin (%) 5 6.41 9.51 12.24 12.52
ROA(%) 8.27 11.8 17.69 9.78 9.97
ROE(%) 223.91 131.21 35.75 12.47 12.87
ROCE(%) 26.2 35.2 47.37 17.33 17.52
Receivable days 50.07 32.82 20.1 26.28 41.68
Inventory Days 0 0 0.84 1.3 0.73
Payable days 14.02 27.45 227.16 40.43 361.73
PER(x) 0 0 0 89.7 25.77
Price/Book(x) 0 0 0 6.53 2.81
Dividend Yield(%) 0 0 0 0 0.67
EV/Net Sales(x) 0.03 -0.05 0.09 8.51 2.43
EV/Core EBITDA(x) 0.31 -0.56 0.6 51.29 14.64
Net Sales Growth(%) 0 49.95 151.36 24.03 72.27
EBIT Growth(%) 0 44.53 295.29 50.56 71.7
PAT Growth(%) 0 70.88 277.94 64.95 75.36
EPS Growth(%) 0 70.88 58.05 22.14 67.4
Debt/Equity(x) 7.83 1.29 0 0 0
Current Ratio(x) 0.67 0.96 1.1 4.69 2.06
Quick Ratio(x) 0.67 0.96 1.09 4.66 2.05
Interest Cover(x) 3.62 7.41 7.76 50.27 85.71
Total Debt/Mcap(x) 0 0 0 0 0

BLS E-Services Shareholding Pattern

# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 68.89 68.89 68.89 68.89 68.89 68.89 68.89 68.89 69.81
FII 9.27 5.69 1.42 0.78 0.42 0.25 0.21 0.99 0.45
DII 0.01 0.01 0.01 0.01 0.02 0 0 0.11 0.01
Public 21.84 25.41 29.68 30.31 30.68 30.86 30.9 30.01 29.72
Others 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100

BLS E-Services News

BLS E-Services Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 20%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 40.43 to 361.73days.
  • Stock is trading at 3.1 times its book value.
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