Credit Rating

Date: September 8, 2026 BSE Limited Na(cid:415)onal Stock Exchange of India Limited 1st Floor, New Trading Ring, Exchange Plaza, Rotunda Building, PJ Towers, Bandra- Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 544414 Symbol: BLUSPRING Dear Sir/ Madam, Sub: Disclosure under Regula(cid:415)on 30 of SEBI (Lis(cid:415)ng Obliga(cid:415)ons and Disclosure Requirements) Regula(cid:415)ons, 2015 - Credit Ra(cid:415)ng of Vedang Cellular Services Private Limited (Material Subsidiary) Pursuant to Regula(cid:415)on 30 (6) read with Para A of Part A of Schedule III of the SEBI (Lis(cid:415)ng Obliga(cid:415)ons and Disclosure Requirements) Regula(cid:415)ons, 2015, we wish to inform you that India Ra(cid:415)ngs and Research Private Limited (“India Ra(cid:415)ngs”) has assigned a credit ra(cid:415)ng to the bank loan facili(cid:415)es of Vedang Cellular Services Private Limited, a Material Subsidiary of the Company. The details of the ra(cid:415)ng are set out below: Name of the Company Instrument Size of Issue Ra(cid:415)ng Assigned along Ra(cid:415)ng Ac(cid:415)on Type (INR Million) with Outlook/Watch Vedang Cellular Services Bank Loan 500 IND A/Stable/IND A1 Assigned Private Limited Facili(cid:415)es A copy of the ra(cid:415)ng le(cid:425)er dated September 8, 2026, issued by India Ra(cid:415)ngs is available on its website, i.e., h(cid:425)ps://www.indiara(cid:415)ngs.co.in/ and will also be hosted on the Company's website at www.bluspring.com under the “Investors” sec(cid:415)on. The ra(cid:415)ng le(cid:425)er and ra(cid:415)ng ra(cid:415)onale issued by India Ra(cid:415)ngs in respect of the aforesaid credit ra(cid:415)ng are enclosed herewith. This is for your kind informa(cid:415)on and records. Thanking you, Yours sincerely, For Bluspring Enterprises Limited Arjun Sunil Makhecha Company Secretary & Compliance Officer Membership no. ACS 29253 Bluspring Enterprises Limited Regd. Office: 3/3/2, Bellandur Gate, Sarjapur Main Road, Bengaluru – 560103, Karnataka Tel: 080-6105 6001 | E-mail: corporatesecretarial@bluspring.com | CIN: L81100KA2024PLC184648 |Website: www.bluspring.com India Ratings Assigns Vedang Cellular Services’ Bank Loan Facilities ‘IND A’/Stable/‘IND A1’ Sep 08, 2026 | VEDANG CELLULAR SERVICES PRIVATE LIMITED | Diversified Commercial Services India Ratings and Research (Ind-Ra) has rated Vedang Cellular Services Private Limited’s (VCSPL) bank loans as follows: Details of Instruments Size of Rating Regulator of Date of Coupon Maturity Rating Instrument Type Issue (INR Assigned with Instrument Issuance Rate Date Action million) Outlook/Watch Bank loan RBI - - - 500 A/Stable/IND Assigned facilities Analytical Approach To arrive at the ratings, Ind-Ra has taken a fully consolidated view of VCSPL and its 98.98% parent, Bluspring Enterprises Limited (BEL; debt rated at ‘IND A’/Stable/‘IND A1’), due to the strong operational and strategic linkages, and moderate legal linkages between them. Detailed Rationale of the Rating Action The ratings factor in VCSPL's strong linkages with its parent, BEL. The ratings are further supported by VCSPL’s net cash position, which has led to a strong credit profile. List of Key Rating Drivers Strengths Strong linkages with parent BEL’s strong business profile; pan-India presence Consistent revenue growth, albeit low EBITDA margins Weaknesses Elongated working capital cycle Evolving credit profile Customer concentration risk Highly competitive industry Detailed Description of Key Rating Drivers Strong Linkages with Parent: VCSPL has strong strategic and operational linkages with its 98.98% parent, BEL, as: a) VCSPL provides telecom infrastructure and network deployment services to leading telecom operators, enhancing BEL’s presence in the telecom industry and strengthening its position as a diversified infrastructure solutions provider; b) VCSPL’s treasury and funding activities are undertaken under BEL's oversight, and it continues to leverage BEL's customer relationships to secure new business; c) VCSPL contributes meaningfully to BEL’s consolidated financial performance, accounting for about 10%-11% of the consolidated revenue and 54%-60% of the consolidated EBITDA during FY25 and FY26; and d) VCSPL’s two of the five-member board are BEL directors. These linkages have helped improve VCSPL’s operational efficiency, productivity, and cost control. Nevertheless, any material deterioration in BEL’s business profile due to changes in the revenue mix or regulatory requirements, which could impact the revenue and profitability, is a key rating monitorable. At the group level, the rating further draws comfort from BEL’s strong promoter group, with Ajit Isaac and Fairbridge Capital (Mauritius) Limited, an entity affiliated to Fairfax Financial Holdings Limited, holding a combined promoter stake of around 58.2% as on 30 June 2026. BEL was formed after the demerger of the infrastructure management business from Quess Corp Limited (Quess), founded by Ajit Isaac. As a result, BEL benefits from his extensive experience and the strong senior management team carved out from Quess. Additionally, Fairfax enhances BEL’s strategic oversight through its board representation. BEL’s Strong Business Profile; Pan-India Presence: BEL has a healthy market position, backed by its pan-India presence, diversified customer base across sectors, and broad suite of product offerings. BEL’s business profile is strengthened by its exposure to several business lines, such as integrated facility management (IFM) and food services, smart infra, energy and engineering, security services, and talent placement solutions (Foundit), which collectively help BEL mitigate any systemic risk in one segment. IFM and the food services business jointly contributed around 54.8% to BEL’s consolidated 1QFY27 revenue (FY26: 60.0%; FY25* (from 11 February 2024 to 31 March 2025): 58.4%), followed by the smart infra, energy, and engineering segment at 23.5% (18.2%; 18.6%), security services at 19.7% (19.5%; 19.0%), and the talent placement solution segment at 2.0% (2.3%; 4.0%). BEL has already set up a new central kitchen in Bengaluru, with a capacity of 20,000 meals per day, in addition to its existing capacity. BEL is also pivoting towards end-to-end operation solutions, along with diversification in solar installations under its smart infra, energy, and engineering vertical. The headcount of its security business was 24,926 in 1QFY27, with consistent headcount additions across quarters. Ind-Ra expects the revenue to grow FY27 onwards, supported by its recent acquisitions of STEAG Energy Services (India) Private Limited (STEAG) and LSG Sky Chefs (India) Private Limited (LSG); a rebound in the deployment of telecom towers after relief on government dues for a key telecom player, boosting the smart infra, energy, and engineering segment; and organic growth in the security and IFM businesses. BEL has a strong clientele of over 1,000 clients, mainly comprising large corporates and conglomerates. The top 10 customers contributed 28%-29% to the consolidated revenue over FY25-FY26. The customer concentration risk is mitigated by BEL’s 95% customer retention rate, and its customers being present across diversified sectors, such as industrial, commercial spaces, public infrastructure, education, and telecom. Consistent Revenue Growth, albeit Low EBITDA Margins: At a consolidated level, despite a decline of 34% yoy in Foundit’s business, BEL’s revenue grew 10% yoy to INR33,820 million in FY26 (FY25: INR30,862 million), supported by secular growth in the order book across core segments. The consolidated revenue for 1QFY27 was INR9,493 million, up 10% and 19% qoq and yoy, respectively (4QFY26: INR8,648 million; 1QFY26: INR7,972 million). Ind-Ra expects BEL to sustain the monthly revenue rate of around INR3,000 million in its organic business, leading to organic revenue growth of 9%-10% in FY27, driven by industry-wide transition [Showing first 8,000 characters — download PDF for full document]