BLS International Services Limited (BLS) share price

₹220.84 on NSE as of 2026-10-07. -1.40% on the day. market cap ₹9,093 Cr. P/E 12.9. 52-week range ₹215.75 to ₹351.40. Consumer Services.

www.blsinternational.com

What the company does

Established in 2005, BLS International Services Limited is a global provider of visa, consular, citizen and digital services, operating through a network of subsidiaries across multiple geographies. Over the years, the company has expanded its presence thr ough a combination of organic contract wins and strategic acquisitions, strengthening its position in the outsourced Government services industry. The company serves Government clients across more than 70 countries through its visa & consular services and digital services businesses. Its operations are supported by specialised subsidiaries, including iDATA in visa processing services, citizenship invest in residency and citizenship advisory services, and BLS e-services in the digital services segment. BLS has established a large global service network and developed capabilities in managing end-to-end visa processing, consular services, citizen services and digital enablement platforms. The company has also increasingly transitioned from partner - operated centres to self -managed operations, resulting in greater operational control, service consistency and improved profitability. Its established relationships with Government clients, technology-enabled operating platform and experience in executing large-scale contracts support its competitive position within the global outsourced Government services sector.

Filed by ICRA, page 5.

BLS International Q1 FY27: Revenue Up 25.3% to ₹891 Cr, 11.3 Lakh Applications, and 79 Subsidiaries

At a glance

BLS International fills in visa and consular paperwork for governments, and runs digital service counters across India. Revenue for the three months to June 2026 came to ₹891 crore. That is 25.3% higher than the ₹711 crore booked a year earlier. Consolidated profit after tax was ₹201.6 crore, against ₹181.0 crore a year before. Management called it the "highest ever quarterly revenue", and noted "PAT of INR 202 crores for the first time". A company that fills in forms for a living described its own quarter with the punctuation of a sports commentator.

Operating profit was ₹252 crore, on a margin of 28%. Applications processed came to 11.3 lakh, which management described as broadly stable year on year. Net revenue per application was ₹3,521, against ₹3,167 a year earlier. Revenue per application rose, while the number of applications did not.

The other number in the filing is 79. That is how many subsidiaries and step-down subsidiaries the auditor listed in an annexure. It runs two full pages and travels alphabetically through Albania, Azerbaijan, Bosnia and Cameroon. It carries on through Kosovo, Peru, Senegal and Tajikistan, and then arrives at a hotel in Wales.

ICRA, a credit-rating agency, assigned [ICRA] AA-(Stable) and [ICRA] A1+ on 5 August 2026. The board appointed an additional independent director, and set the 42nd annual general meeting for 23 September. A Turkish step-down subsidiary was merged into iDATA on 17 August. The Aadhaar contract brought in ₹17.5 crore of revenue in the quarter. That contract is expected to total ₹2,500 crore over six years.

Introduction

BLS International entered visa processing in 2005 with one contract: the Portuguese Embassy in New Delhi. The company now tells investors it works in more than 100 countries. It says it has processed over 490 million applications. Each of those was a person who wanted to go somewhere and had to prove it in triplicate first.

The timeline in the company's own presentation reads like a passport with too many stamps. Austria, Belgium, Greece and Romania came across India, and Tunisia followed. It also serves Indian embassies in Saudi Arabia and Singapore. The shares were listed on NSE and BSE in the 2016 to 2018 window, alongside the global Spain contract. Then came Germany in North America and Mexico, Thailand in Kenya, and Brazil in China and Lebanon. Somewhere in the middle of this, the company was authorised to process Portugal visas across Russia. That is a sentence that would have needed a footnote in 2005.

From 2024 onwards the acquisitions get busy. iDATA and Citizenship Invest were bought. India's foreign ministry, the MEA, ordered visa application centres across China. A global Slovakia contract covers more than 80 countries, and further Cyprus contracts cover more than 15. Management said on the earnings call: "Last year alone, we invested about INR 1,100 crores in new acquisitions."

Not everything in the record is expansion. In October 2025 the MEA imposed a two-year debarment from MEA and India Mission tenders. The company disclosed at the time that Indian Missions were roughly 12% of revenue. It put them at about 8% of EBITDA in the three months to June 2025. EBITDA is operating profit before interest, tax and depreciation. The Delhi High Court set that debarment aside in December 2025. ICRA, a credit-rating agency, cites the episode directly. It describes the business as exposed to regulatory actions and policy changes by governments, "as demonstrated by the temporary MEA ban imposed on the company (subsequently quashed by the high court)."

The most recent additions sit further from the visa counter. BLS bought the Trefeddian Hotel in Wales for GBP 6.55 million in October 2025. BLS E-Services completed the purchase of Atyati Technologies for ₹156.82 crore on 2 July 2026.

Business model

BLS International reports two segments. Visa and consular services brought in ₹560 crore in the June 2026 quarter. The segment's EBITDA margin was 40.3%. The company sits between a government that does not want to run a queue and a traveller who must stand in one. Embassies keep the judgement of who is allowed in. BLS handles reception, document submission, biometrics and quality checks. It also handles cash management, day-end consolidation and courier. The presentation sets this out as an eleven-step wheel, which is about ten more steps than most applicants notice while they wait.

The base fee is the visa itself. Around it sit paid extras: premium lounges, courier and internet facilities, form-filling assistance and insurance. Translation, SMS alerts and mobile biometrics are sold the same way. Each is offered to somebody already anxious about a deadline, which is the most reliable emotional state in commerce. Net revenue per application has compounded at 19% from the year to March 2022 to the year to March 2026.

A second line, Migration Pathways, sells citizenship and residency programmes through Citizenship Invest. Listed on the same slide is hospitality: two hotels in the United Kingdom. The service stack begins with a visa form and ends with a country inn in Aberdovey. Management describes Citizenship Invest as seeing tailwinds "particularly... Middle East".

Digital services brought in ₹330 crore at an 8.2% margin. It runs under BLS E-Services, a 51% subsidiary that is separately listed. This is the India-facing half: business correspondent work, e-governance and loan distribution. More than 750 government services are delivered digitally, through over 45,800 customer service points. Touchpoints number 1.55 lakh. Gross transaction value crossed ₹29,500 crore in the quarter. The CFO called it "a high-volume distribution-led model", with extra transactions layered over a largely fixed cost base. The CFO also cautioned that margins will stay "structurally lower than" the visa business.

The company describes the operating model as asset-light, with all visa application centres leased. It reports negative working capital, with processing fees collected upfront, ahead of the service. The applicant pays before the queue rather than after it. Visa and consular work is about 63% of revenue. Management puts it at roughly 90% of consolidated EBITDA.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for BLS International Services Limited.

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