NSE: BLS · BSE: 540073
BLS INTL SERVS LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDIAN RAIL TOUR CORP LTD | 35,432 | 25.4 | 8.22 | 18.0 | 32.3 | 40.8 | — | 33.5 |
| TBO TEK LIMITED | 17,086 | 63.6 | 11.02 | 39.5 | 15.8 | 13.1 | — | 16.3 |
| BLS INTL SERVS LTD ◆ | 9,021 | 12.8 | 3.24 | 9.6 | 26.0 | 25.4 | 44.4 | 30.9 |
| LE TRAVENUES TECHNOLOGY L | 6,142 | 71.8 | 3.00 | 49.6 | 3.5 | 4.7 | — | 15.0 |
| THOMAS COOK (INDIA) LTD | 4,231 | 19.2 | 1.68 | 6.1 | 8.7 | 9.3 | 60.2 | 7.4 |
| EASY TRIP PLANNERS LTD | 2,315 | 22.4 | 2.84 | — | (5.8) | (5.4) | 38.1 | (4.7) |
| YATRA ONLINE LIMITED | 1,164 | 37.5 | 1.40 | 11.4 | 5.6 | 5.5 | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.8 | 26.6 | 24 of 87 | 73% |
| P/B | 3.2 | 1.9 | 58 of 83 | 31% |
| ROCE | 25.4 | 5.4 | 11 of 101 | 90% |
| ROE | 26.0 | 5.6 | 7 of 83 | 93% |
| Debt / Equity | 0.1 | 0.1 | 35 of 82 | 58% |
| 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 | 9021 | 303 | 13 of 103 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve Q2 and half-year results on November 3 | results | low | — | — |
| 16 Oct 2026 · BLS International responds to BSE query on unusual volume spike | regulatory legal | medium | — | — |
| 16 Oct 2026 · BSE seeks clarification from BLS International on volume movement | regulatory legal | high | — | — |
| 15 Oct 2026 · BLS International clarifies on sudden rise in trading volume | regulatory legal | medium | — | — |
| 15 Oct 2026 · Sudden spike in trading volume, NSE seeks clarification from BLS International | compliance | low | — | — |
| 9 Oct 2026 · Quarterly certificate shows no share conversion activity in Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Step-down subsidiary ATPL gets new statutory auditor after resignation | management changes | high | — | — |
| 29 Sept 2026 · Auditor SRBC resigns from step-down subsidiary ATPL, Kothari Mehta appointed | management changes | low | — | — |
| 29 Sept 2026 · BLS subsidiary ATPL to divest JLG lending business via slump sale | strategic transactions | high | — | — |
| 28 Sept 2026 · Step-down subsidiary to sell JLG lending business via slump sale | strategic transactions | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
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.