Bluspring Enterprises shares gain up to 17% on ₹2,050 crore BALCO order win

Bluspring Enterprises Ltd shares surged as much as 17.3% during Friday's session after the company announced that its wholly owned step-down subsidiary, STEAG Energy Services (India) Private Ltd, had secured a major operations and maintenance contract from Bharat Aluminium Company Ltd (BALCO).

In a regulatory filing, the company said STEAG Energy Services had been awarded a contract for the comprehensive operations and maintenance of BALCO's 1,740 MW power plant. The estimated aggregate contract value, including additional services, stands at ₹2,049.8 crore. The contract will remain in force for 60 months starting July 1, 2026.

The company said the order has been awarded by a domestic entity and does not involve any related-party transaction. It also clarified that neither the promoter group nor group companies have any interest in the entity awarding the contract.

Investors reacted positively to the announcement, with shares of Bluspring Enterprises climbing to an intraday high of ₹98.30 on the NSE, up 17.3% from the opening price of ₹83.80. The stock was trading at ₹93.46, up 11.5%, as of 2:01 PM.

The contract win comes at a time when Bluspring is seeking to strengthen its position as an integrated infrastructure services company following its demerger from Quess Corp. Earlier this year, the company unveiled a refreshed brand identity aimed at bringing its various service lines and specialist sub-brands under a unified platform.

Management had said the rebranding reflected Bluspring's evolution into a diversified infrastructure services player focused on scaling operations and improving profitability in the post-demerger phase.

The company has also reported strong business momentum. During the first half of FY26, Bluspring posted revenue of ₹1,614 crore, representing a 14% year-on-year increase, while securing 36 new contracts worth ₹110 crore. Management has guided for full-year revenue of more than ₹3,400 crore, compared with around ₹3,000 crore in FY25.

Bluspring is targeting annual revenue growth of over 20%, supported by infrastructure-led demand, new client additions and expansion across service verticals. The BALCO contract adds a sizeable long-term order to its portfolio and further strengthens its presence in the industrial and infrastructure services segment.