₹5,100 Crore of Revenue That Most Investors Still Treat as a New Business.

$BLUSPRING recently acquired STEAG India, but the interesting part is what happened after the acquisition. STEAG has already secured four long-term contracts worth roughly ₹5,112 crore, including O&M contracts with BALCO and Vedanta Aluminium. These contracts run for five years and are largely recurring in nature. The bigger point is the change in Bluspring's business mix. STEAG alone generated more than ₹700 crore of FY26 revenue, with over 90% coming from 3–5 year contracts. The acquisition is expected to add over 20% to Bluspring's topline and improve EBITDA margins by around 90–100 bps. The market may still be valuing Bluspring as a facility-management company. It is quietly becoming an asset-operations platform with contracted industrial revenue.