A Bharat Vikas Group Company · "Humanity Ahead" · CIN: U74999PN2002PLC016834
👥 90,000+ employees📍 Pan-India + Saudi Arabia🏭 8 subsidiaries · 1 JV📈 DRHP filed with SEBI⭐ Great Place to Work 2026
₹4,128 Cr
Consolidated Revenue
↑ 25.0% YoY
₹251 Cr
Total PAT
↑ 21.2% YoY
₹471 Cr
EBITDA
↑ 23.4% YoY
BVG India Limited delivered its strongest financial performance in FY 2025-26, crossing ₹4,100 Crore in consolidated revenues — a milestone that underscores the company's rapid scaling across facility management, emergency services, and the fast-growing environmental & energy segment. With 90,000+ frontline workers deployed across airports, metro stations, hospitals, and government premises, BVG has quietly built one of India's most essential yet under-the-radar services platforms. This report dissects every major financial and strategic development from the 25th Annual Report.
Company Overview
What does BVG India do?
BVG operates across three distinct verticals — each targeting a different layer of India's infrastructure and services ecosystem.
🏛
Integrated Facility Management (IFMS)
Mechanized housekeeping, transportation, security, manpower supply, and waste management. Serves airports, metro rail, hospitals, malls, and government complexes.
Core vertical · Largest revenue driver
🚑
Emergency Response Services (ERS)
Ambulance operations, paramedic deployment, emergency medical and police support under government and public sector contracts across India.
Public-sector driven
☀
Environmental & Energy (E&S)
Waste management, solar EPC contracts, landscaping, and a 500 MW/year solar PV module plant — BIS, IEC & ALMM certified. India's renewable energy push is a major tailwind here.
High-growth · Future-facing
The IFMS segment remains the revenue anchor — contributing an estimated ~72% of total revenues — while ERS brings a unique differentiation as few private companies operate in emergency medical and police response at this scale. The E&S segment, though smallest today, is the most exciting growth vector: BVG's 500 MW solar module plant (commissioned in FY26) places it directly in India's renewable energy supply chain. With the government's continued thrust on clean energy, this segment could meaningfully re-rate the company's valuation story over the medium term.
Financial Snapshot
FY 2025-26 at a glance
All figures on a consolidated basis. The company reported its 25th consecutive year of operations with record revenues.
Revenue from Ops
₹4,128 Cr
↑ +25.0% vs FY25
EBITDA
₹471 Cr
↑ +23.4% vs FY25
PAT (Total)
₹251 Cr
↑ +21.2% vs FY25
Total Assets
₹2,858 Cr
↑ +17.4% vs FY25
Total Equity
₹1,624 Cr
↑ +18.6% vs FY25
Cash & Bank
₹255 Cr
↑ vs ₹170 Cr FY25
Basic EPS (Cont.)
₹21.61
↑ vs ₹17.13 FY25
Dividend / Share
₹1.75
87.5% on ₹2 FV
Profit & Loss Statement
Consolidated P&L — key metrics
All figures in ₹ Crore. FY26 = year ended 31 March 2026. FY25 = year ended 31 March 2025. Original financials in ₹ Millions ÷ 10.
Particulars
FY 2024-25 (₹ Cr)
FY 2025-26 (₹ Cr)
YoY Change
Income
Revenue from contracts with customers
3,301.80
4,128.27
↑ 25.0%
Other income
17.74
10.96
↓ 38.2%
Total Income
3,319.54
4,139.23
↑ 24.7%
Key Expenses
Employee benefits expenses
2,089.65
2,391.91
↑ 14.5%
Cost of materials consumed
355.34
707.04
↑ 98.9%
Other expenses
489.76
561.44
↑ 14.6%
Finance costs (interest)
91.56
102.46
↑ 11.9%
Depreciation & amortisation
29.38
36.55
↑ 24.4%
Total Expenses
3,058.59
3,806.97
↑ 24.5%
Profitability
EBITDA
381.88
471.28
↑ 23.4%
EBITDA margin
11.6%
11.4%
▼ 20bps
Profit before tax (continuing ops)
260.95
332.27
↑ 27.3%
Tax expense (net)
38.89
48.11
↑ 23.7%
PAT — continuing operations
222.05
284.15
↑ 28.0%
Loss — discontinued ops (after tax)
(15.17)
(33.31)
Widened
Share of profit from JV (net)
0.33
0.41
↑ 24.2%
Total Profit for the Year
207.21
251.25
↑ 21.2%
Total Comprehensive Income
198.53
268.02
↑ 35.0%
Basic EPS — continuing ops (₹)
17.13
21.61
↑ 26.2%
Basic EPS — overall (₹)
15.96
19.08
↑ 19.5%
Revenue & EBITDA
₹ Crore · FY25 vs FY26
RevenueEBITDA
PAT & Comprehensive Income
₹ Crore · FY25 vs FY26
PATTotal CI
Revenue mix by vertical
Illustrative based on segment disclosures
IFMS ~72%ERS ~16%E&S ~12%
Margin trend
EBITDA & PAT margin %
EBITDA marginPAT margin
💡 UnlistedZone Analyst Take — P&L
BVG's top-line grew a healthy 25% to ₹4,128 Cr. The standout metric is PAT from continuing operations jumping 28% to ₹284 Cr — ahead of revenue growth, signalling improving operational leverage. However, material costs nearly doubled (↑99%) — a direct consequence of ramping up solar module manufacturing. This is a scaling cost and should stabilise as the plant reaches full capacity. The discontinued operations segment dragged total PAT by ₹33 Cr — but with this being wound down, the clean PAT trajectory is actually stronger than headline numbers suggest. EBITDA margin compressed marginally by 20bps to 11.4% — a remarkably small dip given the expansion underway.
Expense breakdown — where does the money go?
Consolidated FY 2025-26 · Total expenses ₹3,807 Cr · % of total
Employee costs
₹2,392 Cr
62.8%
Materials consumed
₹707 Cr
18.6%
Other expenses
₹561 Cr
14.7%
Finance costs
₹102 Cr
2.7%
Depreciation
₹37 Cr
1.0%
ⓘ Employee costs at 62.8% are the dominant cost head — a labour-intensive business by design. The near-doubling of material costs reflects the solar manufacturing ramp-up and is expected to moderate as the plant stabilises at full capacity.
Balance Sheet
Consolidated balance sheet — 31 March 2026
All figures in ₹ Crore. The company's asset base expanded 17.4% YoY, funded primarily by growing retained earnings.
🏛 Assets · ₹ Crore
Property, Plant & Equipment285.60
Right-of-Use Assets15.61
Deferred Tax Assets130.20
Other non-current assets176.42
Total Non-Current Assets608.43
Trade Receivables1,269.52
Cash & Equivalents238.05
Other Financial Assets548.59
Other Current Assets193.30
Total Current Assets2,249.95
TOTAL ASSETS2,858.38
⚖ Equity & Liabilities · ₹ Crore
Equity Share Capital25.71
Reserves & Surplus1,578.59
Non-controlling interest4.65
Total Equity1,624.48
Long-term Borrowings93.98
Other NC Liabilities82.39
Total NC Liabilities176.37
Short-term Borrowings550.08
Trade Payables173.23
Other Current Liabilities334.22
Total Current Liabilities1,057.54
TOTAL EQUITY & LIABILITIES2,858.38
Asset composition — FY26 vs FY25
₹ Crore · key asset heads · shows where growth is concentrated
FY 2025-26FY 2024-25
The balance sheet tells a story of rapid working-capital growth. Total assets expanded by ₹424 Cr (↑17.4%) — but the standout is trade receivables at ₹1,270 Cr, which represent 30.7% of total assets. This is the single biggest risk to watch: BVG serves large government and institutional clients with notoriously slow payment cycles. On the bright side, cash jumped from ₹160 Cr to ₹238 Cr — the company is generating and retaining cash. Equity grew by ₹255 Cr purely from retained earnings, and the debt-to-equity ratio remains a comfortable 0.40x — well within manageable territory for a services business of this scale.
Key Financial Ratios
How does BVG score on key metrics?
Ratios calculated on consolidated FY 2025-26 financials.
11.4%
EBITDA Margin
vs 11.6% in FY25
6.1%
PAT Margin
vs 6.2% in FY25
0.40x
Debt-to-Equity
Manageable leverage
₹21.61
Basic EPS (Cont.)
↑ from ₹17.13
2.13x
Current Ratio
Healthy liquidity
25%
Revenue Growth
Consistent scaling
The ratios paint a picture of a company in healthy but measured growth. Margins have compressed marginally (EBITDA: 20bps, PAT: 10bps) — which is normal for a company investing aggressively in new manufacturing capacity. The current ratio of 2.13x indicates BVG has no near-term liquidity stress. EPS from continuing operations jumped 26.2% — significantly faster than revenue growth — suggesting the core business is generating better per-share returns year on year. At a 0.40x D/E, the company has significant headroom to raise capital for further expansion.
Key Developments FY 2025-26
What changed this year?
Four events that will shape BVG's trajectory over the next 3–5 years.
📄
DRHP filed & SEBI clearance received — IPO on the horizon
BVG filed its Draft Red Herring Prospectus on September 30, 2025. SEBI issued its final observations on January 23, 2026 — the most critical regulatory gate before a public listing. An IPO would be transformative for BVG's capital structure and provide a market-determined valuation for the first time.
Sep 2025 → Jan 2026
☀
500 MW solar module plant commissioned — manufacturing enters the mix
This is arguably BVG's most strategically significant move in years. The plant manufactures high-efficiency photovoltaic modules certified under FAT, BIS, IEC, and ALMM standards — qualifying it for government solar projects. Expansion to TOPCON G12 & G12R modules is already being evaluated.
FY 2025-26
🌎
BVGI Arabia JV equity expanded — Middle East pivot underway
BVG infused an additional SAR 21,00,000 into its Saudi Arabia joint venture — reinforcing its 60% controlling stake. The Middle East IFMS market mirrors India a decade ago: rapid urbanisation, large-scale infrastructure buildout, and growing preference for organised service providers.
FY 2025-26
🏆
Great Place to Work certified + ESOP 2025 launched
Managing 90,000+ frontline workers and earning the GPTW certification (February 2026) is no small feat. The ESOP 2025 scheme was also approved — creating a future mechanism for employee wealth creation and retention at scale.
Feb 2026
Valuation & Peer Comparison
How BVG stacks up — and what the market is pricing in
BVG India (unlisted) vs. Updater Services / UDS (NSE: UDS) — the closest listed proxy in India's IFM space. UDS is India's 2nd largest IFM player; BVG is arguably the largest by breadth of services. Both serve similar clients and segments.
Financials at a Glance — BVG vs UDS (Latest FY)
BVG India FY26 vs Updater Services FY26 — apples-to-apples on key IFM metrics
Metric
BVG India UNLISTED
Updater Services NSE: UDS
Edge
Revenue (FY26)
₹4,128 Cr
₹2,941 Cr (est.)
BVG +40%
Revenue Growth YoY
+25% (FY25→FY26)
+7.5% (FY25→FY26)
BVG 3× faster
EBITDA
₹471 Cr
₹134 Cr
BVG 3.5×
EBITDA Margin
~11.4%
~5%
BVG far superior
PAT (FY26)
₹251 Cr
₹83 Cr
BVG 3×
PAT Margin
~6.1%
~2.8%
BVG 2.2× higher
ROE
15.45%
8.3%
BVG nearly 2×
D/E Ratio
0.40×
~0.05× (near debt-free)
UDS leaner
Employees
90,000+
70,000+
BVG larger
Side-by-Side P&L — Last 3 Years (FY24, FY25, FY26)
All figures in ₹ Crore. BVG from Annual Reports; UDS from NSE filings via Screener.in
BVG IndiaUNLISTED
₹ Cr
FY24
FY25
FY26
Revenue
2,839
3,302
4,128
YoY Growth
+23%
+16%
+25%
EBITDA
352
382
471
EBITDA %
12.4%
11.6%
11.4%
PAT
166
207
251
PAT Margin
5.8%
6.3%
6.1%
PAT Growth
—
+25%
+21%
Updater ServicesNSE: UDS
₹ Cr
FY24
FY25
FY26 (TTM)
Revenue
2,444
2,736
2,941
YoY Growth
+16%
+12%
+7.5%
EBITDA
134
167
134
EBITDA %
5.5%
6.1%
5.0%
PAT
66
119
83
PAT Margin
2.7%
4.4%
2.8%
PAT Growth
—
+80%
−30%
Margin divergence is stark: BVG runs at ~11–12% EBITDA vs UDS's 5–6% — more than double. BVG's FY26 revenue is 40% larger and growing 3× faster (25% vs 7.5%). UDS's FY26 PAT has actually fallen 30% from FY25's peak of ₹119 Cr back to ₹83 Cr — margin compression is a serious concern for the listed peer. BVG's growth trajectory is clearly superior, though both face the same structural constraint: ~60% cost in manpower.
Valuation Multiples — BVG (Unlisted) vs UDS (Listed) — June 2026
BVG at ₹525/share (post FV split 10→2, effective Jan 28 2024); UDS CMP ₹181, 52W High ₹427
Valuation Metric
BVG India UNLISTED
Updater Services NSE: UDS
Observation
Market Cap
₹6,749 Cr
~₹1,215 Cr
BVG commands 5.6× higher mkt cap
CMP
₹525 (OTC)
₹181 (NSE)
—
P/E Ratio
26.88×
~13×
BVG priced at 2× premium to UDS
P/B Ratio
4.15×
~1.15×
Large unlisted premium embedded in BVG
Book Value/share
₹126.54
₹157
UDS has higher book per share
ROE
15.45%
8.3%
BVG nearly 2× higher capital efficiency
EBITDA Margin
11.4%
5.0%
BVG more than 2× — structural edge
Face Value
₹2 (split from ₹10, Jan 2024)
₹10
BVG split inflated share count 5×
IPO Optionality
SEBI-cleared DRHP ✓
Listed since Oct 2023 (IPO ₹280)
BVG has listing upside / risk
Valuation verdict: BVG trades at ~27× P/E vs UDS's ~13× — a 2× premium. BVG's superior margins and growth justify some premium, but the unlisted market is pricing in a lot of optimism. UDS listed at ₹280, hit ₹427 briefly, and has since fallen to ₹181 — down 35% from IPO and 57% from its high. That's the cautionary tale. If BVG IPOs and the market applies even a 20× P/E to its FY26 PAT of ₹251 Cr, the implied market cap would be ~₹5,020 Cr — vs current unlisted valuation of ₹6,749 Cr. Buyers at ₹525 OTC need a 20%+ listing premium just to break even.
Price Return: April 2023 → June 2026
BVG: actual OTC prices (pre-split FV₹10 shown dashed, post-split FV₹2 solid) vs UDS listed on NSE since Oct 2023. Split done Jan 28, 2024.
BVG India — OTC Price (FV₹2 adj.)UNLISTED
+118% real return for Apr-23 buyers. Pre-split OTC ₹1,200 (FV₹10). Post-split OTC started ~₹275 (Jan 2024). Current ₹525 = +91% return for post-split buyers. Pre-split ₹1,200 ÷ 5 = ₹240 adjusted → ₹525 = +119%. Split created optical cliff — share count 5×, no investor lost money.
UDS (NSE) — Listed PriceNSE: UDS
−35% from IPO price (Oct-23 IPO ₹280 → CMP ₹181). 52W High: ₹427 — peak buyers are down 57%. A clear warning on how the market values IFM businesses post-listing.
The split-adjusted reality for BVG: Pre-split buyers at ₹1,200 (Apr-23) saw their share count multiply 5× in Jan 2024. Post-split OTC started ~₹275 and has risen to ₹525 today — a +91% gain for post-split buyers and a genuine +118% return (price-adjusted) for Apr-23 buyers. The optical cliff in the chart is the split, not a crash. Current buyers at ₹525 are at a very different risk/reward. The UDS story shows what happens when IFM companies list — the market applies a realistic 10–15× P/E, not the 25–30× that unlisted markets price in.
* BVG OTC prices are indicative from UnlistedZone. FV split done Jan 28, 2024 (₹10 → ₹2). UDS prices from NSE. Past returns ≠ future results. Not investment advice.
UnlistedZone View
Our take — what we think about BVG at current prices
An honest, balanced review from the UnlistedZone research desk. This is not investment advice.
✓ What works in BVG's favour
✓Consistent 20–25% revenue CAGR over 3+ years — rare in a services business
✓EBITDA margins at 11–12% — nearly double closest listed peer (UDS at ~5%)
✓Diversifying into solar module manufacturing — could re-rate margins if scaled
✓SEBI-cleared DRHP is a real near-term catalyst — IPO provides liquidity exit
✓D/E of 0.40× — balance sheet is not over-leveraged
✓Strong cash: ₹255 Cr vs ₹170 Cr prior year — cash generative
⚠ What concerns us
▲~60% cost is manpower — core structural drag. IFM businesses are hard to scale profitably; wage inflation is irreversible and sticky
▲Market won't give high P/E to a manpower-heavy business — UDS at 13× is the reality check
▲Trade receivables ₹1,270 Cr (31% of assets) — govt clients pay slow, locking up capital
▲Discontinued operations still bleeding — ₹33 Cr loss in FY26
▲Solar manufacturing promising but unproven at scale — execution risk if it falters
🎯 UnlistedZone Honest View
BVG is a genuinely good business — but the current unlisted price looks fully priced in. The company has delivered consistent growth over the last 3 years and is clearly the market leader in integrated facility management. The solar manufacturing foray shows ambition and could re-rate the business over time.
However, IFM businesses structurally don't command high P/E multiples — and for good reason. With ~60% of revenue going into wages, there's a hard ceiling on how much margin expansion is possible. The listed peer (UDS) trades at 13× P/E and has actually seen its stock fall 35% from IPO and 57% from its peak. The market's verdict on IFM is clear.
At ₹525 (27× P/E), BVG's unlisted price is building in a lot of optimism. A fair IPO price based on UDS-comparable multiples (15–20× P/E on FY26 PAT of ₹251 Cr) would imply a market cap of ₹3,765–5,020 Cr — vs the current unlisted valuation of ₹6,749 Cr. Buyers at current OTC prices are effectively speculating on a high IPO valuation. That's a bet, not an investment. Early buyers (Apr-23, ₹240 adj.) have done well. At ₹525, the risk-reward is much less attractive.
Our View
Fully Valued at CMP
Better Entry
₹380–420 Range
IPO Watch
Key Trigger
Time Horizon
2–3 Years Min.
This is an analytical view by UnlistedZone Research. It is not SEBI-registered investment advice. Please consult a registered financial advisor before making any investment decision.
Investment Considerations
Strengths vs watch points
A balanced view before making any investment decision in BVG India's unlisted shares.
✓ What makes BVG compelling
✓Consistent 20–25% revenue growth over multiple years
✓Manageable leverage — D/E of just 0.40x
✓SEBI-cleared DRHP — IPO catalyst visible
✓14% CAGR industry tailwind (Frost & Sullivan)
✓Solar plant adds a manufacturing moat in renewables
✓Strong cash build — ₹255 Cr vs ₹170 Cr last year
△ What to watch closely
△Trade receivables ₹1,270 Cr — 30.7% of total assets
△Govt client payment cycles are notoriously slow
△Short-term borrowings at ₹550 Cr (working capital)
△Discontinued ops still dragging — ₹33 Cr loss in FY26
△Margins stable but showing slight compression
△Labour-intensive model — wage inflation is a structural risk
Bottom line: BVG India is a fundamentally strong, consistently growing services business entering a new phase — manufacturing, international expansion, and a likely public listing. The risks are real but manageable, and the industry tailwind is structural. For investors in the unlisted space, the key question is valuation relative to listed peers. As always, verify financials directly with the company and consult a SEBI-registered advisor before investing.