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BLS International Services Q2 FY27 results: net profit up 8.6% to ₹201.74 crore, revenue up 32.0%
BLS International Services Limited reported consolidated revenue of ₹972.68 crore in Q2 FY27, up 32.0% from a year earlier, while profit after tax rose 8.6% to ₹201.74 crore. The EBITDA margin narrowed to 25.5% from 28.9%, as the cost base rose faster than revenue and the digital services mix increased. On a standalone basis, revenue was ₹86.88 crore and profit after tax was ₹13.74 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹972.68 crore, up 32.0% from ₹736.63 crore in Q2 FY26.
- EBITDA was ₹248.06 crore, up 16.6%, and the EBITDA margin fell 3.4 percentage points to 25.5%.
- Profit after tax was ₹201.74 crore, up 8.6%, and basic EPS was ₹4.52 against ₹4.26.
- In H1 FY27, revenue rose 28.7% to ₹1,863.2 crore and PAT rose 10.0% to ₹403.36 crore.
- Digital services revenue was ₹462.84 crore, up 66.5%, while visa and consular services revenue was ₹509.84 crore.
How did BLS International Services perform in Q2 FY27?
BLS International Services reported consolidated revenue of ₹972.68 crore for Q2 FY27, up 32.0% from ₹736.63 crore in Q2 FY26 and 9.2% from ₹890.53 crore in Q1 FY27. Total income was ₹995.59 crore against ₹755.35 crore a year earlier. The standalone figures for the quarter were revenue of ₹86.88 crore and profit after tax of ₹13.74 crore.
EBITDA rose 16.6% to ₹248.06 crore from ₹212.77 crore, but the margin fell 3.4 percentage points to 25.5% from 28.9% and was 2.8 percentage points below Q1 FY27. Profit before tax was ₹222.81 crore, up 9.9% from ₹202.83 crore, and PAT was ₹201.74 crore, up 8.6% from ₹185.70 crore. Basic EPS was ₹4.52 against ₹4.26 and ₹4.62 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 972.68 | 890.53 | 736.63 | +32.0% | +9.2% |
| Other income | 22.91 | 22.69 | 18.73 | +22.3% | +1.0% |
| Total expenses | 772.77 | 677.58 | 552.52 | +39.9% | +14.0% |
| EBITDA | 248.06 | 252.40 | 212.77 | +16.6% | −1.7% |
| EBITDA margin | 25.5% | 28.3% | 28.9% | −3.4 pp | −2.8 pp |
| Profit before tax | 222.81 | 235.64 | 202.83 | +9.9% | −5.4% |
| Tax | 21.07 | 34.02 | 17.13 | +23.0% | −38.1% |
| Net profit | 201.74 | 201.62 | 185.70 | +8.6% | +0.1% |
| EPS (₹) | 4.52 | 4.62 | 4.26 | +6.1% | −2.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in BLS International Services' costs and profit?
Total expenses rose 39.9% to ₹772.77 crore from ₹552.52 crore in Q2 FY26, ahead of the 32.0% rise in revenue. Cost of materials was ₹447.66 crore, up ₹110.52 crore, employee cost was ₹170.16 crore, up ₹61.73 crore, depreciation was ₹40.45 crore, up ₹17.93 crore, and other expenses were ₹104.06 crore, up ₹25.77 crore. Finance costs were ₹7.71 crore, up ₹1.57 crore.
Other income rose to ₹22.91 crore from ₹18.73 crore, an increase of ₹4.18 crore, while there was no exceptional item in either quarter. Tax was ₹21.07 crore against ₹17.13 crore, up ₹3.94 crore. Against Q1 FY27, total expenses rose 14.0% while revenue rose 9.2%, and finance costs and tax were lower by ₹0.04 crore and ₹12.95 crore respectively. Management attributed the lower consolidated margin to the rising mix of digital services.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 447.66 | 337.14 | +110.52 | +32.8% |
| Employee cost | 170.16 | 108.43 | +61.73 | +56.9% |
| Finance costs | 7.71 | 6.14 | +1.57 | +25.6% |
| Depreciation | 40.45 | 22.52 | +17.93 | +79.6% |
| Other expenses | 104.06 | 78.29 | +25.77 | +32.9% |
| Total expenses | 772.77 | 552.52 | +220.25 | +39.9% |
| Other income | 22.91 | 18.73 | +4.18 | +22.3% |
| Tax | 21.07 | 17.13 | +3.94 | +23.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,863.2 crore, up 28.7% from ₹1,447.19 crore in H1 FY26, while total income rose 28.0% to ₹1,908.81 crore. Profit before tax was ₹458.46 crore, up 13.8% from ₹403.02 crore, and PAT was ₹403.36 crore, up 10.0% from ₹366.68 crore.
Basic EPS for the first half was ₹9.14 against ₹8.41 in H1 FY26. The investor presentation put first-half EBITDA at 26.9%, against 28.8% a year earlier, and PAT margin at 21.6% against 25.3%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,863 | 1,447 | +28.7% |
| Profit before tax | 458.46 | 403.02 | +13.8% |
| Net profit | 403.36 | 366.68 | +10.0% |
| EPS (₹) | 9.14 | 8.41 | +8.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹4,299.44 crore against ₹3,770.1 crore at 31 March 2026, and total equity was ₹3,159.42 crore against ₹2,783.66 crore. Borrowings fell to ₹196.8 crore from ₹230.56 crore, while cash rose to ₹659.3 crore from ₹494.16 crore. Trade receivables were ₹239.42 crore against ₹170.57 crore and trade payables ₹153.16 crore against ₹152.71 crore.
Operating cash flow in H1 FY27 was ₹544.67 crore, above ₹514.94 crore in H1 FY26. Investing cash flow was negative ₹261.23 crore against negative ₹384.93 crore, and financing cash flow was negative ₹118.31 crore against negative ₹90.95 crore. Capital expenditure was ₹168.45 crore against ₹39.72 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,299 | 3,770 |
| Total equity | 3,159 | 2,784 |
| Borrowings | 196.80 | 230.56 |
| Cash and equivalents | 659.30 | 494.16 |
| Inventories | 1.24 | 0.87 |
| Trade receivables | 239.42 | 170.57 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 544.67 | 514.94 |
| Cash from investing | −261.23 | −384.93 |
| Cash from financing | −118.31 | −90.95 |
| Capital expenditure | 168.45 | 39.72 |
Source: Company's results filing (XBRL).
How has BLS International Services done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters and profit also rose year on year in each of the last eight quarters. In the reported series, revenue was lowest at ₹512.85 crore in Q3 FY25 and highest at ₹972.68 crore in Q2 FY27, while PAT moved from ₹127.91 crore to ₹201.74 crore.
The EBITDA margin in the reported quarters reached 30.8% in Q3 FY25 and fell to 25.0% in Q4 FY26 before recovering to 28.3% in Q1 FY27 and easing to 25.5% in Q2 FY27. PAT rose from ₹180.98 crore in Q1 FY26 to ₹201.74 crore in Q2 FY27, with the Q2 FY27 figure only slightly above the ₹201.62 crore reported in the previous quarter.
Which businesses drove the quarter?
Visa and consular services, which include visa and allied services, reported revenue of ₹509.84 crore and EBIT of ₹206.86 crore in Q2 FY27, with an EBIT margin of 40.6%. The investor presentation showed visa and consular revenue up 11.2% year on year.
Digital services, covering e-governance, business correspondent and allied services, reported revenue of ₹462.84 crore, up 66.5% from ₹278.03 crore in Q2 FY26, and EBIT of ₹23.66 crore against ₹25.16 crore. The segment's EBIT margin was 5.1%. The presentation showed the digital share of consolidated revenue at 48% in Q2 FY27 against 38% a year earlier.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Visa and consular services (includes visa and allied services) | 509.84 | 206.86 | 40.6% | |
| Digital services | 462.84 | +66.5% | 23.66 | 5.1% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report of the statutory auditors, on 3 November 2026. The auditors gave an unmodified conclusion. The company also filed an investor presentation on the same results.
The board designated independent director Manoj Joshi as chairman of the Nomination and Remuneration Committee and the Risk Management Committee with effect from 4 November 2026, with Sarthak Behuria remaining a member of both. The results filing also stated that the group completed the acquisition of 100% equity of Atyati Technologies Private Limited on 2 July 2026. No dividend or fresh fund raise was announced in the same-day filings.
What did BLS International Services' management say?
Management reiterated FY27 consolidated revenue growth guidance of 22-25%, with approximately 60-65% of growth expected from visa and counselling and the balance from digital services. The consolidated EBITDA margin target remains a 20-30% range subject to segment mix, with visa and counselling margins stabilising around 38-40% and digital margins expected to improve over time as Atyati is integrated.
Management set out an FY30 ambition of ₹6,300-6,500 crore of revenue, 20-25% annual revenue growth and a 28-30% EBITDA margin. It expects net revenue per application to grow 5-6% per annum on pricing and value-added services. On the earnings call, Joint Managing Director Sikkhar Agarwal said, "We have had a good first half, with both businesses contributing to growth."
How did BLS International Services shares react?
The stock moved higher in the first minutes after the filing, up 1.2% after five minutes and 1.1% after 15 minutes, before turning to a fall of 0.4% after 30 minutes. It closed the reaction day down 2.2% from its previous close of ₹218.82, and by the next day's close it was down 0.9% from that pre-results close.
Over the reaction day, the median move of the other stocks in the tour travel related services industry was down 0.2%, so BLS International underperformed the sector median by 2.0 percentage points. By the next day's close, the industry median was up 0.7% while BLS International was down 0.9%, a gap of 1.6 percentage points. Earlier results-day moves were mixed: up 2.4% on 7 August 2026 and 2.3% on 19 May 2026, down 2.5% on 6 February 2026 and 1.9% on 11 November 2025.
| After the filing | Stock | Tour Travel Related Services median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +1.1% | |
| 30 minutes | −0.4% | |
| Reaction day | −2.2% | −0.2% |
| Next day | −0.9% | +0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | +2.4% |
| 19 May 2026 | +2.3% |
| 6 February 2026 | −2.5% |
| 11 November 2025 | −1.9% |
| 5 August 2025 | +3.4% |
| 15 May 2025 | +0.1% |
| 11 February 2025 | −6.3% |
| 11 November 2024 | −5.8% |
Source: MarketPing price-reaction measurement.
Quick answers
What was BLS International Services' revenue in Q2 FY27?
Revenue from operations was ₹972.68 crore, up 32.0% from ₹736.63 crore in Q2 FY26 (consolidated).
Did BLS International Services make a profit in Q2 FY27?
Yes. Net profit was ₹201.74 crore, against a net profit of ₹185.70 crore in Q2 FY26.
What was BLS International Services' EPS in Q2 FY27?
Basic earnings per share were ₹4.52, against ₹4.26 in Q2 FY26.
How did BLS International Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.2% from the previous close; the median Tour Travel Related Services stock moved −0.2%.
When did BLS International Services announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Meeting Of Board Of Directors Of The Company Scheduled To Be Held On November 03, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Of Directors Meeting Held On Tuesday, November 03, 2026 (BSE, 3 November 2026) · PDF
- Outcome Of Board Of Directors Meeting Held On Tuesday, November 03, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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