Processes visa applications on behalf of foreign governments and runs a digital financial-inclusion platform in India, earning ₹2,998 crore in revenue in FY26 across two segments. The visa and consular services business generated ₹1,840 crore (61.4% of segment revenue) and is the more profitable stream, contributing ₹725 crore of segment EBIT at a 40.1% margin — up from 34.5% in FY25 and 14.6% in FY22, driven by a shift from partner-run to self-managed centres and higher revenue per application. The digital services segment generated ₹1,158 crore (38.6% of segment revenue), more than doubling year-on-year (+114%), and includes a business correspondent / loan-distribution business, the Aadifidelis acquisition (contributing roughly 25% of revenue from November 2024), and most recently the ₹156.82 crore acquisition of Atyati Technologies, an AI-powered banking-tech and BC firm with FY26 revenue of ₹375.8 crore. The asset-light model runs through 155,000+ touch points and 45,800+ channel partners, with the digital segment's gross transaction value crossing ₹1.1 lakh crore. The company won a ₹2,500 crore UIDAI Aadhaar Seva Kendra contract being deployed across 200+ centres over 1-1.5 years, plus new country contracts in Slovakia, Cyprus, Italy, Portugal and Poland. Materials / service-delivery costs are the largest line at 46.1% of revenue, followed by employees at 15.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Visa and consular services (61%), Digital services (39%). Asset-light services with two segments — high-margin government-outsourced visa processing and lower-margin digital financial-inclusion
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 850 | 1,516 | 1,677 | 2,193 | 2,998 |
| EBITDA (ex other income) | 107 | 218 | 346 | 629 | 819 |
| margin % | 12.6 | 14.4 | 20.6 | 28.7 | 27.3 |
| Owners' profit | 111 | 201 | 313 | 508 | 687 |
| EPS, as reported (₹) | 10.86 | 4.89 | 7.60 | 12.34 | 16.68 |
| ROE % · ROCE % | 19.5 · 19.8 | 24.4 · 26.2 | 22.6 · 24.1 | 26.7 · 27.3 | 26.0 · 26.1 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.10 | 0.08 |
| Cash from operations | 185 | 261 | 350 | 829 | 903 |
| Capex | (67) | (34) | (64) | (161) | (137) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 495 | 513 | 693 | 711 | 737 | 736 | 815 | 891 |
| Profit before tax | 164 | 140 | 167 | 200 | 203 | 191 | 204 | 236 |
| Net profit | 146 | 128 | 145 | 181 | 186 | 170 | 187 | 202 |
| EPS (₹) | 3.36 | 2.93 | 3.28 | 4.15 | 4.26 | 3.95 | 4.32 | 4.62 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Visa and consular services | 921 | 30.7 |
| Digital services | 908 | 30.3 |
| Visa and Consular Services | 919 | 30.7 |
| Digital Services | 250 | 8.3 |
| Total, before eliminations | 2,998 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 37,096 | 26.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Corrigendum to FY25-26 Annual Report - typographical errors corrected | compliance | minimal | — | — |
| 30 Aug 2026 · Newspaper publication confirming dispatch of 42nd AGM Notice | compliance | minimal | — | — |
| 29 Aug 2026 · 42nd AGM on Sept 23, 2026 - Annual Report web-link shared with shareholders | compliance | minimal | — | — |
| 29 Aug 2026 · Record date fixed at September 16, 2026 for final dividend | corporate actions | low | — | — |
| 29 Aug 2026 · BRSR sustainability report filing for FY 2025-26 with reasonable assurance | investor communications | medium | — | — |
| 29 Aug 2026 · BLS International 42nd AGM on Sept 23, 2026; Final Dividend of Rs 0.50 per share | board shareholder meetings | low | — | — |
| 29 Aug 2026 · BLS International FY26 Annual Report: Revenue Rs 2,998 Cr, PAT Rs 724 Cr | results | high | — | — |
| 25 Aug 2026 · 42nd AGM newspaper notice published; final dividend record date September 16 | compliance | minimal | — | — |
| 24 Aug 2026 · BLS International rejects visa irregularity allegations | regulatory legal | high | — | — |
| 21 Aug 2026 · BLS step-down subsidiary Visametric Tajikistan deregistered | strategic transactions | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 8.61 |
| 18.9 |
| 32.3 |
| 40.8 |
| — |
| 33.5 |
| TBO TEK LIMITED | 18,252 | 67.9 | 11.77 | 42.2 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD ◆ | 9,553 | 13.5 | 3.43 | 10.2 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,963 | 81.4 | 3.40 | 56.6 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 5,038 | 22.8 | 2.00 | 7.5 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,323 | 22.4 | 2.85 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,814 | 58.4 | 2.18 | 17.7 | 5.6 | 5.5 | — | 8.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.5 | 26.6 | 29 of 91 | 69% |
| P/B | 3.4 | 2.0 | 59 of 83 | 29% |
| ROCE | 25.4 | 5.4 | 11 of 101 | 90% |
| ROE | 26.0 | 5.8 | 9 of 87 | 91% |
| Debt / Equity | 0.1 | 0.1 | 40 of 87 | 55% |
| EBITDA margin | 30.9 | 23.4 | 33 of 85 | 62% |
| Revenue growth | 25.3 | 12.1 | 24 of 89 | 74% |
| Profit growth | 11.4 | 17.5 | 44 of 83 | 48% |
| Market cap | 9553 | 388 | 12 of 103 | 89% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
