BLS
Small CapBLS International Services Limited
Services
BLS International Services Limited is a global provider of visa, consular, and citizen services, partnering with 46 client governments across 80+ countries. It also offers digital services including e-governance and business correspondent services in India. The company is publicly listed on NSE and BSE.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +18% YoY · PAT +29% YoY · +11% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹815 Cr | +17.6% | +10.7% |
| EBITDA | ₹204 Cr | +17.2% | +3.0% |
| Operating margin | 25.0% | +0 bps | -200 bps |
| PAT | ₹187 Cr | +29.0% | +10.0% |
| PAT margin | 22.9% | +202 bps | -16 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
BLS International reported robust FY26 performance with consolidated revenue up 36.7% YoY to Rs. 2,998 Cr, EBITDA up 30.1% to Rs. 819 Cr (27.3% margin), and PAT up 34.1% to Rs. 724 Cr (24.1% margin). Q4FY26 also saw strong growth in revenue and PAT.
The company demonstrates strong financial growth, significant contract wins in both visa/consular and digital segments, and a clear strategy for future expansion. Operational excellence is driving margin expansion in the core visa business, while digital services show high revenue growth, albeit with lower margins. The healthy net cash position supports inorganic growth ambitions.
FY26 EBITDA by Business Segment
Latest issuer-disclosed distribution across 2 reported categories.
New Visa Outsourcing Contracts
Won 3-Year Visa Outsourcing Contract from MEA, India for China; 5-Year Global Contract from Slovak Republic; Contract from Embassy of Cyprus for 15+ countries.
Digital Services Expansion
Awarded UIDAI Work Order of Rs. 2,055 Crores for Aadhar Seva Kendras (ASKs) and Rs. 100 Crores project from Bihar Government for Permanent Enrolment Centres.
Technology-Driven Solutions
Harnessing AI-driven platforms, advanced biometrics, and secure architecture to enhance efficiency, security, and competitive edge in visa processing.
Inorganic Expansion
Acquired iDATA, Citizenship Invest, and Aadifidelis Solutions in FY26, contributing to revenue growth and diversified offerings.
Aadhar Seva Kendras (ASKs)
Awarded UIDAI Work Order of Rs. 2,055 Crores for Aadhar Seva Kendras (ASKs).
Permanent Enrolment Centres (PEC)
Secured project from Bihar Government to establish Permanent Enrolment Centres (PEC) for Aadhar, worth Rs. 100 Crores.
Global Visa Offices
Won Global contract from Slovakia; to open Visa offices in 80+ countries.
Growing Global Travel Industry
Rising disposable incomes, visa liberalization, and government initiatives are driving expansion in leisure, business, and experiential travel.
Accelerating International Travel
Strong pent-up demand, increasing disposable incomes, and simplified entry rules are driving sustained global travel recovery.
Visa Outsourcing Market Growth
Total Visa Outsourced market is expected to grow at an 8.8% CAGR (2024-29), outgrowing total visa applications, as governments seek efficiency.
Consular Services Market Opportunity
Global Consular Services Outsourced Market is projected to grow at a 20% CAGR (2024-29), driven by increasing complexity and passport applications.
Competition in Bidding
The company follows an aggressive bidding strategy for new tenders, indicating a competitive landscape for contract acquisition.
Regulatory and Policy Changes
Government policies and regulatory actions, including changes in visa rules or contract terms, can impact operations and profitability.
Integration of Acquisitions
Successful integration of recent acquisitions like iDATA, Citizenship Invest, and Aadifidelis is crucial for realizing synergies and sustained growth.
Digital Services Margin Pressure
Digital Services EBITDA margin declined from 11.3% in FY25 to 7.0% in FY26, suggesting potential pressure on profitability in this segment.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both annual (FY26 vs FY25) and quarterly (Q4FY26 vs Q4FY25) comparisons are relevant. Annual figures reflect overall business growth and margin stabilization, while quarterly figures highlight recent operational momentum, application volumes, and digital services expansion.
Global Visa Outsourcing Market Share (ex-USA)
BLS holds 17% by value and 10% by volume of the Global Visa Outsourcing Market (except USA) in 2024.
Visa Application Count
Q4FY26: 10.8 Lakhs (+9.8% YoY). FY26: 44.1 Lakhs (+31% YoY).
Net Revenue per Visa Application
Q4FY26: Rs. 3,444 (+9.4% YoY). FY26: Rs. 3,302 (+13.7% YoY).
Visa & Consular Services EBITDA Margin
FY26: 40.1% (up from 34.5% in FY25). Q4FY26: 38.1% (up from 34.2% in Q4FY25).
Aggressive Bidding Strategy
Management plans to follow an aggressive bidding strategy for new upcoming tenders and recruit experienced resources in AI and technology.
Expanding Service Offerings
The company aims to diversify services beyond traditional visa processing into specific citizen services and new value-added services.
Explore Inorganic Expansion
Management is actively scouting for strategic inorganic opportunities that provide synergy to existing businesses to maximize shareholder value.
Maintain Strong Government Partnerships
Strategic partnerships with government agencies and diplomatic missions are key to securing long-term contracts and adapting to regulatory changes.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Visa Application Volumes | FY26: 44.1 Lakhs (+31% YoY) | Sustained growth in application counts, indicating continued demand and market share gains. |
| Digital Services Revenue Growth | FY26: Rs. 1,157.9 Crores (+114.4% YoY) | Continued high growth momentum from new projects and successful integration of acquisitions. |
| Digital Services EBITDA Margin | FY26: 7.0% | Stabilization or improvement in margins for the Digital Services segment, indicating operational efficiency. |
| New Contract Wins | Multiple significant wins in FY26 (UIDAI, China MEA, Slovakia, Cyprus) | Announcement of new large-scale global visa outsourcing and e-governance contracts. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The Outsourcing Visa Market (except USA) is expected to grow at a 14% CAGR from 2024-29P.
"expected to grow at a 14% CAGR from 2024-29P"
The Global Consular Services Market is expected to grow at 32% CAGR from 2024-29P.
"expected to grow at 32% CAGR from 2024-29P"
The Global Travel & Tourism Industry is expected to grow at 8% CAGR from 2024-29P.
"expected to grow at 8% CAGR from 2024-29P"
Many major contracts are up for renewal in the next 2 years, representing an opportunity in the range of USD 1 – 2 Billion.
"opportunity in the range of USD 1 – 2 Billion"
BLS International won a contract from Unique Identification Authority of India (UIDAI) to establish and operate District-Level Aadhaar Seva Kendras worth Rs. 2,055.35 Crores, to be executed over six years.
"to be executed over six years"
BLS, through its 100% subsidiary Citizenship Invest, would expand the residency and citizenship programs to customers across various geographies.
"would expand the residency and citizenship programs"
The company will follow an aggressive bidding strategy for new upcoming tenders.
"Follow an aggressive bidding strategy"
The Company was awarded a Three-Year contract by Ministry of External Affairs, Government of India to establish and operate Indian Visa Application Centres across China.
"awarded a Three-Year contract"
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
BLSweekly · 5Y+669.8%Technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 56.0%.
Main drags
- Valuation is weaker at 16/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 99th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 70.4%. Key concern: ROCE trend is -2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 99th pctile, median 66 · Small: 98th pctile, median 65
107 documents indexed, but claim history is not strong enough yet.
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.2%.
- ▸10 years of positive FCF.
Trust risks
- ▸ROCE trend is -2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.70
- P/B
- 4.38
- EV/EBITDA
- 12.29
- Market Cap
- 10788.00Cr
Profitability
- ROE
- 32.70%
- ROCE
- 29.30%
- ROA
- 19.20%
- Dividend Y
- 0.76%
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 69.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 50.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 35.61×
- Altman Z
- 7.60
- Book Value
- 59.80
Cash Flow
- FCF Yield
- 4.24%
- FCF Positive Y
- 10/5
- OCF
- 903.00 Cr
- EPS TTM
- 16.68
Shareholding
- Promoter Hold
- 70.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.