BLS

BLS International Services share price & financials

Price
₹235.7
Market cap
₹11.0k Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

BLS International Services Limited Q1 FY27

Revenue ₹891 cr +25%EBITDA ₹252 cr +24%EBITDA Margin 28.3% PAT ₹202 cr +12%

What went well

  • Achieved highest ever quarterly revenue of ₹891 crores, EBITDA of ₹252 crores, and PAT of ₹202 crores.
  • Consolidated revenue grew 25% year-on-year to ₹891 crores, driven by broad-based growth across both Visa & Consular Services and Digital Business.
  • EBITDA grew 24% year-on-year to ₹252 crores, with a stable EBITDA margin of 28.3%, reflecting operating leverage and cost discipline.

What to watch

  • Visa application volumes were broadly stable year-on-year at 11.3 lakh applications, despite new contracts, with management citing the impact of the 'war'.
  • Analyst noted a sequential decline in the gross profit margin of the visa business, which management did not immediately confirm but offered to check.
Read the full call →

What BLS International Services Limited does

BLS International is a tech-enabled outsourcing partner to national governments and diplomatic missions, running Visa Application Centres that handle the end-to-end visa, passport, consular, attestation and e-visa process on behalf of client governments and embassies. It earns processing/service fees per application handled at these centres, plus value-added services (courier, insurance, form-filling, translation, biometrics). Through subsidiary BLS E-Services it also runs a Digital Services business delivering Business Correspondent banking and loan distribution, e-governance (Aadhaar/PAN/birth-death certificates, property registration) and assisted e-commerce/PoS services across rural and urban India. It has grown through acquisitions (iDATA, Citizenship Invest, Aadifidelis Solutions, Zero Mass, Starfin India) that extended it into citizenship/residency-by-investment programs and BC/loan distribution.

Segments

  • Visa & Consular Services
  • Digital Services
Global market position
Top 2 global player in visa/passport/consular/citizen services outsourcing
Countries of operation
80+
Client governments served
46+
Cumulative applications processed to date
490 Mn+
Years of global experience
20+
Employees and associates (workforce)
60,000+
Founded 2005Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 2 delivered 3 missed 11 open
  • Visa Business EBITDA Margin delivered said Q3 FY25 Promised: >30% Sustainable Q1 FY27: Achieved 40.3% margin, continuing the trend of performing well above the sustainable target.
  • Effective Tax Rate went quiet said Q3 FY25 Promised: ~12% for FY25 & FY26 Q1 FY27: The promise for FY25 & FY26 remains unverified. Management has now issued new guidance for ~12% ETR for FY27.
  • Revenue and Profitability Growth revised down said Q1 FY26 Promised: 20%-25% for next 3-4 years Q1 FY27: Management revised long-term organic growth guidance down to 15-20% for the next 5 years. Q1 FY27 revenue growth was 25% YoY.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.3%, net profit up 11.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue495 513 693 711 737 +49%736 +43%815 +18%891 +25%
EBITDA164 158 174 204 213 +30%198 +25%204 +17%252 +24%
Net profit146 128 145 181 186 +27%170 +33%187 +29%202 +12%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.0% 1Y

₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 20 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹367.5 on 10 Sept 2025 → ₹231.58. High ₹369.95 (17 Sept 2025), low ₹221.75 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.1%
11 Aug
Q4 FY26
+2.4%
20 May
Q3 FY26
−2.6%
6 Feb
Q2 FY26
+9.1%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 25.5% a year over 3 years, FY23 to FY26. Operating margin widened to 27.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.5k Cr₹1.7k Cr₹2.2k Cr₹3.0k Cr
Operating profit₹221 Cr₹346 Cr₹629 Cr₹819 Cr
Operating margin14.6%20.6%28.7%27.3%
Interest₹0 Cr₹2 Cr₹28 Cr₹23 Cr
Depreciation₹19 Cr₹30 Cr₹77 Cr₹94 Cr
Net profit₹205 Cr₹325 Cr₹540 Cr₹724 Cr
Net margin13.5%19.4%24.6%24.1%
Cash from operations₹261 Cr₹350 Cr₹829 Cr₹903 Cr
Free cash flow₹193 Cr₹286 Cr₹668 Cr₹766 Cr
ROCE32.0%31.0%34.0%29.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹41 Cr₹41 Cr₹41 Cr₹41 Cr
Reserves₹450 Cr₹560 Cr₹762 Cr₹1.2k Cr₹2.1k Cr₹2.4k Cr
Borrowings₹1 Cr₹11 Cr₹7 Cr₹31 Cr₹404 Cr₹431 Cr
Other liabilities₹38 Cr₹52 Cr₹136 Cr₹378 Cr₹805 Cr₹876 Cr
Total liabilities₹498 Cr₹633 Cr₹945 Cr₹1.6k Cr₹3.3k Cr₹3.8k Cr
Fixed assets₹38 Cr₹112 Cr₹234 Cr₹296 Cr₹1.5k Cr₹1.7k Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹12 Cr₹2 Cr
Investments₹24 Cr₹70 Cr₹88 Cr₹116 Cr₹271 Cr₹352 Cr
Other assets₹436 Cr₹451 Cr₹623 Cr₹1.2k Cr₹1.6k Cr₹1.7k Cr
Total assets₹498 Cr₹633 Cr₹945 Cr₹1.6k Cr₹3.3k Cr₹3.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −4.40 pp while the public added +4.15 pp. The shareholder count grew 9% to 2,23,624.

Promoters
70.4%
FIIs
4.1%
DIIs
3.1%
Public
22.3%
Others
0.0%

Since Jun 2025

  • FIIs −4.40 pp
  • Public +4.15 pp
  • DIIs +0.23 pp

How it drifted, 12 quarters

Over this window FIIs fell from 7.7% to 4.1% — −3.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.5%, FIIs 7.7%, DIIs 0.1%, Public 20.5%, Others 0.3%.Dec '23: Promoters 71.5%, FIIs 7.6%, DIIs 0.9%, Public 19.9%, Others 0.1%.Mar '24: Promoters 71.5%, FIIs 7.7%, DIIs 1.1%, Public 19.6%, Others 0.1%.Jun '24: Promoters 71.5%, FIIs 7.4%, DIIs 1.4%, Public 19.7%, Others 0.1%.Sep '24: Promoters 70.4%, FIIs 9.0%, DIIs 1.7%, Public 18.9%, Others 0.1%.Dec '24: Promoters 70.4%, FIIs 10.9%, DIIs 1.4%, Public 17.3%, Others 0.1%.Mar '25: Promoters 70.4%, FIIs 9.9%, DIIs 2.3%, Public 17.4%, Others 0.0%.Jun '25: Promoters 70.4%, FIIs 8.5%, DIIs 2.9%, Public 18.2%, Others 0.0%.Sep '25: Promoters 70.4%, FIIs 6.8%, DIIs 2.9%, Public 19.9%, Others 0.0%.Dec '25: Promoters 70.4%, FIIs 6.4%, DIIs 2.9%, Public 20.3%, Others 0.0%.Mar '26: Promoters 70.4%, FIIs 6.1%, DIIs 3.0%, Public 20.4%, Others 0.1%.Jun '26: Promoters 70.4%, FIIs 4.1%, DIIs 3.1%, Public 22.3%, Others 0.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of BLS International Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Diwakar Aggarwal 5.76%unchanged
Azadpur Finvest Private Limited 4.92%unchanged
Intime Finance and Investment Private Limited 4.86%unchanged
Wonder Rock Finance and Investment Private Limited 4.86%unchanged
V.S. Estates Private Limited 4.86%unchanged
GRB Finvest Private Limited 4.86%unchanged
Hawai Capital Private Limited 4.86%unchanged
Hillman Properties Private Limited 4.86%unchanged
Gaurav Aggarwal 4.83%unchanged
Madhukar Aggarwal 4.80%unchanged
Vinod Aggarwal 4.80%unchanged
BLS Finvest Limited 4.48%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BLS

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 0 sold out — net +0.03 L shares (+0.9%).

Held by funds
₹8 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹5 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹2 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹0 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 2 trimmed — net +3,295 shares (+0.9%)

Funds are sitting on
-23%
vs est. average cost
Held by funds
₹8 Cr
6 schemes · ≈ 0.08% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund

Shares held by these funds +326%

Aug '23 3.49 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹232, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~51%. At that growth it is worth ₹2225 — upside of 861%.

Growth the price implies
4.8% a year
for 7 years, fading to 4%
It has actually compounded at
52.3% a year
net profit, FY23–FY26 · EPS 50.6%
The gap
-0.5 pp
861% downside if it only repeats history
Price today ₹231.58 Value at the reference growth ₹2,225.46

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse BLS International Services Limited

Guides on how to read this kind of business and the numbers that matter.