Post demerger, Quess Corp lists spinoffs Bluspring, Digitide

Given BluSpring’s transition from the Quess umbrella to an independent listing, how do you expect the market to assess its standalone value and the heightened expectations for performance and accountability?

We are very mindful of this shift. Moving out from the large, powerful umbrella of Quess to stand independently does bring new responsibilities. However, by communicating our value proposition clearly, we are confident the market will respond positively. We are not new to this business; we carry a significant legacy. Today, BluSpring serves over 1,000 clients nationwide with a workforce exceeding 85,000 employees.

We operate six well-established brands. Avon, our Facility Management brand, covers 360 million square feet, driven by digital operations. Indya Foods delivers 180,000 meals daily, utilising nutrition-first, compliant kitchen models that can be on-site or off-site. Terrier is a respected security brand, over 25 years old, with more than 21,000 guards, now integrating smart surveillance technology. Hofincons, a 47-year-old brand in industrial maintenance, is expanding into sunrise sectors like renewables. Lastly, Vedang is a key telecom infrastructure player actively executing 4G and 5G rollouts across India. With this strong portfolio, we are well-positioned to demonstrate robust, independent performance.

 Are there any immediate expansion plans, especially internationally?

Currently, our international presence is limited. Hofincons has a few small contracts abroad, and Foundit maintains some presence in Southeast Asia. Otherwise, we are predominantly India-focused.

Nevertheless, India’s massive infrastructure push, including roads, airports, hospitals, and extensive educational and commercial facilities, presents an enormous opportunity. These newly developed assets will invariably require long-term maintenance. As a listed national player offering compliance-driven, tech-enabled, and outcome-based solutions, we believe we are strategically positioned for significant domestic growth over the next decade. Therefore, for the foreseeable future, our focus remains firmly on scaling within India.

 How does the listing align with Bluspring’s operational focus and long-term vision? Are you addressing any structural synergies or inefficiencies post-separation?

There are indeed significant synergies that we are actively unlocking. For instance, in a large manufacturing facility, we can now provide comprehensive, end-to-end services, including industrial maintenance for turbines, boilers, and furnaces, as well as facility management, food services, and security, all under one unified umbrella.

By integrating offerings across our service lines, we aim to significantly improve our margins. We are currently operating at approximately 4 per cent EBITDA and are targeting a growth to 6 per cent over the next five years. To achieve this, we are undertaking several key initiatives. We are transitioning from traditional manpower provisioning to outcome-based solutions, which involves a shared risk and reward model. Furthermore, we are increasing our digital penetration through tech-driven solutions and actively entering sunrise sectors such as renewables. Finally, we are rebalancing our business mix, recognising that while some verticals operate at low single-digit margins, others are closer to achieving double digits. All these collective efforts form an integral part of our five-year transformation roadmap.

Which of your operating verticals do you expect will drive the most growth over the next 2-3 years?

While all five of our verticals certainly possess considerable growth potential, I am particularly bullish about our industrial and manufacturing services. India is currently undergoing a significant manufacturing revolution, with both the public and private sectors investing heavily in infrastructure development. This creates substantial downstream opportunities for us—ranging from maintenance, facility services, and security to food services and more—across numerous manufacturing plants and burgeoning industrial parks nationwide.

Is Bluspring looking at inorganic growth or acquisitions?

Yes, we are open to pursuing both organic and inorganic growth strategies. We have identified a few specific areas where strategic investments could significantly strengthen our market position. While there are no active deals on the table at this precise moment, we fully intend to leverage our extensive experience, having successfully executed over 24 acquisitions in the past, to explore future opportunities that offer strong risk-reward potential or align closely with our existing service offerings. Our entrepreneurial culture and deep sector knowledge provide us with a very solid foundation for this approach.