BLS International Services Limited (BLS)
₹227.53 -0.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, BLS International's revenue was ₹891 Cr (+25.3% year on year, +9.3% on the previous quarter), and net profit ₹202 Cr (+11.4% year on year); the operating margin was 28.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹891 | +25.3% | +9.3% |
| Operating profit | ₹252 | +23.6% | +23.7% |
| Net profit | ₹202 | +11.4% | +7.8% |
| EPS (₹) | 4.62 | +11.3% | +6.9% |
| Operating margin | 28.3% | — | — |
BLS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.96% of the BLS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.3%. That is close to its usual level.
Delivery in the last 5 sessions: 44.8% · 40.3% · 46.2% · 9.7% · 42.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
BLS International Services announced that statutory auditor M/s. S.R. Batliboi & Co. LLP resigned from its step-down subsidiary, Atyati Technologies Private Limited (ATPL), effective September 28, 2026. The resignation was triggered by internal independence requirements because another EY Global member firm provides non-audit services to holding firms BLS E-Services and BLS International. M/s. S. S. Kothari Mehta & Co. LLP has been appointed to fill the casual vacancy until the conclusion of the FY27 Annual General Meeting. No disagreements or audit qualifications were cited in the resignation.
- S.R. Batliboi & Co. LLP resigned effective September 28, 2026, due to EY independence rules following ownership change to BLS E-Services on July 2, 2026
- S. S. Kothari Mehta & Co. LLP appointed as statutory auditor for ATPL until the conclusion of the FY27 AGM
- Auditor confirmed FY26 audit completed on June 29, 2026, and no audit work had commenced for FY27
- No material concerns or inability to obtain audit information reported by the outgoing auditor
BLS International Services announced that statutory auditor M/s. S.R. Batliboi & Co. LLP resigned from its step-down subsidiary, Atyati Technologies Private Limited (ATPL), effective September 28, 2026. The resignation was triggered by internal independence requirements because another EY Global member firm provides non-audit services to holding firms BLS E-Services and BLS International. M/s. S. S. Kothari Mehta & Co. LLP has been appointed to fill the casual vacancy until the conclusion of the FY27 Annual General Meeting. No disagreements or audit qualifications were cited in the resignation.
- S.R. Batliboi & Co. LLP resigned effective September 28, 2026, due to EY independence rules following ownership change to BLS E-Services on July 2, 2026
- S. S. Kothari Mehta & Co. LLP appointed as statutory auditor for ATPL until the conclusion of the FY27 AGM
- Auditor confirmed FY26 audit completed on June 29, 2026, and no audit work had commenced for FY27
- No material concerns or inability to obtain audit information reported by the outgoing auditor
BLS International Services announced that its step-down subsidiary, Atyati Technologies Private Limited (ATPL), approved the slump sale of its Joint Liability Group (JLG) financial lending business to Tvam Technologies for Rs 59.49 lakh. The JLG unit generated Rs 100.56 crore in turnover during FY26 (26.8% of ATPL's total turnover and ~3.2% of BLS's TTM revenue of Rs 3,179 crore). Its computed net worth as of July 1, 2026, was Rs 59.49 lakh (0.9% of ATPL's net worth). The transaction is classified as a related-party deal at arm's length, as an ATPL director is a director and member in TVAM, and is slated to close within 90 days.
- Consideration for slump sale set at Rs 59,49,000, subject to post-closing adjustments
- JLG Business unit contributed Rs 100.56 Crores in turnover in FY25-26, representing 26.8% of ATPL's revenue
- Unit net worth stood at Rs 59.49 lacs as of July 1, 2026, representing 0.9% of ATPL's total net worth
- Transaction is a related party transaction entered at arm's length and expected to conclude in about 90 days
BLS International Services Limited has informed exchanges that its management will participate in the G200 Summit 2026, an annual flagship conference organized by Anand Rathi Institutional Equities. The event is scheduled for September 22, 2026, and will be held in person in Mumbai. The interaction will involve group meetings with investors and analysts. The company confirmed that discussions will be based on already published public disclosures, with no unpublished price-sensitive information shared.
- Management participating in Anand Rathi G200 Summit 2026 on September 22, 2026
- Meeting format scheduled as in-person group meetings in Mumbai
- Discussions restricted to public information; no unpublished price sensitive information to be shared
BLS International Services Limited has dispatched communications providing the FY2025-26 Annual Report web-link to shareholders whose email IDs are not registered as of August 21, 2026. The company has scheduled its 42nd Annual General Meeting (AGM) for Wednesday, September 23, 2026, at 3:00 PM IST via video conferencing. This filing is purely procedural and has no direct financial or operational impact.
- 42nd Annual General Meeting (AGM) scheduled for September 23, 2026, at 3:00 PM IST via VC/OAVM.
- Web-link communication dispatched to unregistered email shareholders as of August 21, 2026.
- Filing made under Regulation 30 and Regulation 36(1)(b) of SEBI Listing Regulations.
BLS International Services Limited has fixed Wednesday, September 16, 2026, as the record date to determine shareholder eligibility for receiving the final dividend. The company's 42nd Annual General Meeting is scheduled to be held on Wednesday, September 23, 2026, via Video Conferencing/OAVM. The specific dividend amount per share was not stated in this intimation filing. Beneficial owners holding shares in demat or physical form at the close of business on September 16, 2026, will qualify for the payout.
- Record date fixed as September 16, 2026 for final dividend entitlement
- 42nd Annual General Meeting scheduled for September 23, 2026
- Dividend per share amount: not disclosed in this filing
BLS International Services Limited has submitted its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI Listing Regulations. The report is accompanied by an Independent Practitioner's Reasonable Assurance Report on BRSR Core Indicators issued by TAMS & Co. LLP. On a standalone basis, business activity was split between Visa and Consular Services (63.59% of turnover) and Digital Services (36.41%). The company operated across 67 offices nationally (including 54 Aadhaar Sewa Kendra centres) with a permanent workforce of 1,747 employees.
- Visa and Consular Services contributed 63.59% and Digital Services contributed 36.41% to standalone entity turnover
- Reasonable assurance on BRSR Core Indicators obtained from T A M S & CO LLP
- Permanent employee count stood at 1,747 (32.23% female participation) with an annual permanent employee turnover rate of 36.13%
- Operated across 67 national offices/locations, including 54 Aadhaar Sewa Kendra (ASK) centres as of March 31, 2026
BLS International Services Limited has issued the notice for its 42nd Annual General Meeting scheduled for September 23, 2026, via video conferencing. Key ordinary business includes the adoption of FY26 audited financial statements and approval of a final dividend of ₹0.50 (50%) per equity share. Special business items include the appointment of Mr. Manoj Joshi as an Independent Director for a 5-year term and the re-appointment of Mr. Shikhar Aggarwal as Joint Managing Director for 3 years effective June 17, 2027. The voting cut-off date is set for September 16, 2026.
- 42nd AGM scheduled for September 23, 2026, at 3:00 PM IST via VC/OAVM.
- Proposed final dividend of ₹0.50 (50%) per paid-up equity share for FY26.
- Re-appointment of Mr. Shikhar Aggarwal as Joint Managing Director for 3 years from June 17, 2027, to June 16, 2030, with commission terms of at least 3% net profit or ₹1.50 Cr.
- Appointment of Mr. Manoj Joshi as Independent Director for a 5-year term from August 7, 2026, to August 6, 2031.
- Remote e-voting period runs from September 19, 2026 (9:00 AM) to September 22, 2026 (5:00 PM), with cut-off date on September 16, 2026.
BLS International has issued a media release on August 24, 2026, categorically rejecting media allegations regarding its involvement in visa irregularities. The company emphasized that its role is strictly administrative and that all visa issuance or refusal decisions rest entirely with relevant diplomatic and consular authorities. With TTM revenue of ₹3,179 Cr and high operational reliance on government/diplomatic contracts, regulatory and reputational compliance remains critical for contract retention and renewals.
- Clarification issued on August 24, 2026, under Regulation 30 following negative media reports
- Company stated there is no evidence establishing any wrongdoing by BLS International or its employees
- Company clarified its scope of work is purely administrative with zero discretionary power on visa approvals
BLS International Services Limited has announced the completion of the deregistration of its step-down subsidiary, Visametric LLC, Tajikistan, effective August 21, 2026. This follows the liquidation process initiated and communicated to the stock exchanges on October 17, 2025. Following the deregistration, Visametric LLC, Tajikistan has ceased to exist as a step-down subsidiary. The transaction represents routine corporate entity rationalisation with negligible impact on overall consolidated operations.
- Visametric LLC, Tajikistan deregistered effective August 21, 2026
- Liquidation process was originally notified on October 17, 2025
- The entity ceases to exist as a step-down subsidiary of BLS International
- Company generated TTM revenue of ₹3,179 Cr and PAT of ₹745 Cr against which this entity closure is minor
BLS International has cumulatively acquired a 2.21% additional equity stake (20,07,589 shares) in its subsidiary, BLS E-Services Limited, via secondary market transactions for ₹45.22 Crores during FY 2026-27. The latest tranche cost ₹4.29 Crores, triggering the SEBI disclosure threshold of exceeding 2% of the company's standalone net worth. Target company BLS E-Services reported FY 2025-26 revenue of ₹87.35 Crores and holds a net worth of ₹423.26 Crores.
- Acquired 20,07,589 shares (2.21% equity stake) in subsidiary BLS E-Services via secondary market in FY27
- Total cumulative acquisition investment in FY 2026-27 stands at ₹45.22 Crores, including the latest ₹4.29 Crore purchase
- Target entity BLS E-Services recorded FY26 turnover of ₹87.35 Crores, up from ₹66.83 Crores in FY25 and ₹39.67 Crores in FY24
- Net worth of BLS E-Services stands at ₹423.26 Crores with a paid-up capital of ₹90.86 Crores
BLS International has merged its foreign step-down subsidiary, BLS International Vize Hizmetleri Limited Sirketi, into another step-down subsidiary, iDATA Danismanlik Ve Hizmet Dis Tic As, effective August 17, 2026. Both entities operate in visa processing services, and the merger aims to streamline operational synergies. For FY26 (as of March 31, 2026), the transferor entity reported standalone revenue of INR 16.79 Cr (INR 16,78,58,678), while the transferee reported standalone revenue of INR 187.78 Cr (INR 1,87,77,72,130). There is no cash consideration or change in the parent company's shareholding, as the entire share capital of the transferor is cancelled.
- BLS International Vize Hizmetleri merged into iDATA Danismanlik effective August 17, 2026
- Transferor FY26 standalone revenue stood at INR 16,78,58,678 (~Rs 16.79 Cr, ~0.5% of BLS TTM revenue)
- Transferee (iDATA) FY26 standalone revenue stood at INR 1,87,77,72,130 (~Rs 187.78 Cr)
- Transaction involves nil cash payout and no change to the parent company's shareholding structure
BLS International reported its highest-ever quarterly performance in Q1 FY27, with consolidated revenue rising 25% YoY to ₹891 crore and PAT growing 12% YoY to ₹202 crore. EBITDA reached ₹252 crore with stable margins of 28.3%, supported by 22% YoY growth in Visa & Consular services (₹560 crore) and 32% YoY growth in Digital Services (₹330 crore). Management disclosed that its ongoing Aadhaar centers project requires total capex of ₹125 crore (₹75 crore already invested) and is expected to deliver ₹2,500 crore in total revenue over a 6-year contract period at 10-15% EBITDA margin.
- Consolidated revenue reached record ₹891 crore (up 25% YoY) and PAT reached ₹202 crore (up 12% YoY)
- Visa & Consular segment revenue grew 22% YoY to ₹560 crore with an EBITDA margin of 40.3%
- Digital Services segment revenue increased 32% YoY to ₹330 crore, with Business Correspondent GTV crossing ₹29,500 crore
- Aadhaar center project involves ₹125 crore total capex and is expected to generate ~₹2,500 crore in revenue over 6 years at 10-15% EBITDA margin
- Net revenue per application in the core Visa business grew 11% YoY despite broadly flat application volume of 11.3 lakh
BLS International has released the audio recording of its earnings call held on August 11, 2026, regarding its Q1 FY27 performance. The company reported a TTM revenue of 2,999 Cr and a TTM PAT of 724 Cr, maintaining a strong operating margin of 27.3%. This call follows a period of aggressive inorganic expansion, including a 1,000 Cr deployment for acquisitions like iDATA. Investors can access the recording to evaluate management's strategy regarding the 1-2 billion USD contract renewal pipeline.
- Earnings call conducted on August 11, 2026, at 11:00 A.M. IST for the quarter ended June 30, 2026
- Company maintains a high ROCE of 81.0% with a TTM revenue of 2,999 Cr
- Management previously highlighted a 31% YoY growth in application volumes reaching 37.5 lakhs in FY25
- Net revenue per application increased 35% to 2,903 in the previous fiscal year
- Indian Missions contribute approximately 12% of total revenue, currently under a 2-year debarment for new tenders
BLS International reported a strong Q1 FY27 with consolidated revenue reaching ₹890.53 Cr, a 25.3% increase from ₹710.57 Cr in Q1 FY26. Net profit grew by 11.4% YoY to ₹201.62 Cr, resulting in a basic EPS of ₹4.62. The board approved the re-appointment of Shikhar Aggarwal as Joint Managing Director for a three-year term starting June 2027. Additionally, the company disclosed that ₹154.71 Cr of the BLS E-Services IPO proceeds remain unutilized, providing a buffer for future inorganic growth.
- Consolidated revenue from operations increased 25.3% YoY to ₹890.53 Cr in Q1 FY27.
- Net profit for the quarter rose to ₹201.62 Cr, up from ₹180.98 Cr in the previous year's corresponding quarter.
- Basic Earnings Per Share (EPS) improved to ₹4.62 from ₹4.15 YoY.
- Unutilized IPO proceeds from subsidiary BLS E-Services stand at ₹154.71 Cr as of June 30, 2026.
- Shikhar Aggarwal re-appointed as Joint Managing Director for 3 years effective June 17, 2027.
Financial Performance
Revenue Growth by Segment
Overall revenue from operations grew 30.8% YoY to INR 2,193.3 Cr in FY25. The core Visa and Consular business grew 21% YoY to INR 1,653.3 Cr, driven by a 31% increase in application volumes to 37.5 Lakhs. Digital Services revenue growth was supported by the consolidation of e-Governance and Business Correspondent offerings.
Geographic Revenue Split
BLS operates in over 70 countries. Revenue from Indian Missions is estimated at 12% of Q1 FY26 revenue, which is projected to decrease to approximately 10% during fiscal 2026 due to a two-year debarment from new Indian Mission tenders.
Profitability Margins
Net profit (PAT) margin expanded by 519 basis points to 24.6% in FY25, up from 19.4% in FY24. This improvement was driven by higher gross margins and operational leverage. Q2 FY26 PAT rose 27% YoY, maintaining strong profitability trends.
EBITDA Margin
Operating EBITDA margin surged to 28.7% in FY25, an 808 bps improvement from 20.6% in FY24. EBITDA grew 82.1% YoY to INR 629.3 Cr. In Q2 FY26, EBITDA margins stabilized at approximately 29% due to better contribution from value-added services.
Capital Expenditure
BLS follows an asset-light model with most visa centers on lease. However, the company invested approximately INR 1,000 Cr during FY25 on strategic acquisitions, including iDATA, Aadifidelis Solutions, and Citizenship Invest.
Credit Rating & Borrowing
The company holds a CRISIL A1 rating for short-term facilities. Debt-to-equity ratio increased to 0.21 in FY25 from 0.03 in FY24 due to a new loan for the iDATA acquisition and the renewal of lease contracts.
Operational Drivers
Raw Materials
As a service-based visa outsourcing firm, physical raw materials are not applicable; however, IT infrastructure, biometric hardware, and leased office spaces represent the primary operational inputs.
Import Sources
Not applicable for service operations; however, technology and software solutions are deployed globally across 70+ countries to support visa processing.
Key Suppliers
Not specifically disclosed, but the company relies on global technology vendors for NLP, Chatbots, and biometric security, and local landlords for its leased Visa Application Centers (VACs).
Capacity Expansion
Application processing capacity grew significantly, with volumes reaching 37.5 Lakhs in FY25 (up 31% YoY). The company is expanding its 'phygital' network through BLS Touchpoints in the Digital Services vertical.
Raw Material Costs
Not applicable. Operational costs are primarily driven by employee benefits and lease rentals. Trade payables increased in FY25 due to recent acquisitions and increased scale of sales.
Manufacturing Efficiency
The company operates an asset-light model with a high Asset Turnover Ratio of approximately 9.7x in FY25, reflecting efficient use of leased assets to generate revenue.
Logistics & Distribution
Not applicable; services are delivered through physical application centers and digital platforms.
Strategic Growth
Expected Growth Rate
37%
Growth Strategy
Growth is driven by a mix of organic volume increases (31% rise in applications) and aggressive inorganic expansion, having spent INR 1,000 Cr on acquisitions like iDATA. The company is targeting a USD 1-2 Billion opportunity in contract renewals over the next two years and expanding high-margin value-added services (VAS).
Products & Services
Visa processing, passport services, consular services, attestation, e-governance services, business correspondent services, and citizenship-by-investment consultancy.
Brand Portfolio
BLS International, BLS E-Services, iDATA, Aadifidelis Solutions, Citizenship Invest.
New Products/Services
Expansion of Digital Services including fintech solutions, e-commerce, and insurance through the BLS E-Stores network, and value-added services in visa processing.
Market Expansion
Targeting increased penetration in the digital business and expanding the visa footprint through the iDATA acquisition, which provides access to new diplomatic missions.
Market Share & Ranking
BLS is one of the top three global players in the visa, passport, and consular services industry.
Strategic Alliances
Operates through joint ventures with local players in several of the 70+ countries of operation to navigate local regulatory requirements.
External Factors
Industry Trends
The industry is shifting toward tech-enabled outsourcing and digital 'phygital' models for citizen services. BLS is positioning itself by consolidating its Digital Services vertical.
Competitive Landscape
Competes globally with a few large specialist providers; competition is tender-based and requires robust credit history and operational expertise.
Competitive Moat
Moat is built on a 30-year track record, complex IT infrastructure requirements, and stringent security background checks required by diplomatic missions, making it difficult for new entrants to compete.
Macro Economic Sensitivity
Highly sensitive to global tourism trends and international migration policies; a steady growth in tourism is a key driver for the business risk profile improvement.
Consumer Behavior
Increasing demand for value-added services (VAS) and digital convenience in visa processing is allowing for margin expansion.
Geopolitical Risks
Susceptibility to changes in visa regulations by various countries and geopolitical tensions that could lead to the suspension of visa services.
Regulatory & Governance
Industry Regulations
Strict adherence to diplomatic mission prerequisites including information technology infrastructure and operational expertise. The company is currently facing a 2-year debarment from new MEA tenders.
Environmental Compliance
Not disclosed as a significant cost factor due to the service-oriented nature of the business.
Taxation Policy Impact
Effective tax rate is reflected in the PAT margin of 24.6%. The company manages tax compliance across 70+ jurisdictions.
Legal Contingencies
The company is monitoring the impact of the MEA debarment order; while existing contracts remain intact, the inability to bid for new Indian Mission tenders for two years is a key regulatory hurdle.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'watch with developing implications' by rating agencies regarding the MEA debarment and the potential for slower-than-expected ramp-up of acquired businesses (iDATA).
Geographic Concentration Risk
Diversified across 70 countries, reducing reliance on any single nation, though Indian Mission revenue was a notable 12% prior to the debarment.
Third Party Dependencies
High dependency on the renewal of contracts with diplomatic missions; many major contracts are up for renewal in the next 24 months.
Technology Obsolescence Risk
Risk of digital disruption in traditional visa processing is mitigated by the company's own investment in e-visa and digital service platforms.
Credit & Counterparty Risk
Low risk; the company has zero receivables from Missions/Embassies as it collects processing fees upfront from applicants.
