Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
BLS International Ltd.
NSE: BLSIndustrialsSpecialty Business Services
- Last close
- ₹209.22
- Day change
- −₹10.16 (−4.63%)vs
- Market cap
- ₹9,364 crIndian rupees
- Research updated
- 1 report
Follow BLS International
Create an account, then follow this company for weekday briefs. You will return to BLS International after signing in.
About BLS International
BLS International Ltd. is a globally recognized service provider specializing in outsourcing and technology-driven solutions for visa, passport, and citizen services. Primarily, the company facilitates the processing of visa applications for various governments around the world, acting as an intermediary between consulate offices and applicants. This involves managing appointments, document verification, and biometric enrollment, ensuring a seamless application process. BLS International Ltd. significantly impacts the travel and tourism sector, as efficient visa processing is integral to international travel. Additionally, the company operates in the healthcare, e-governance, and banking sectors, offering services that range from document management to financial inclusion solutions. Its market role is pivotal due to its partnerships with diplomatic missions in over 60 countries, emphasizing its extensive reach and operational capability. BLS International Ltd.'s presence supports governmental processes globally, contributing to the efficiency of public service delivery through technology and streamlined operations. Founded in 2005 and headquartered in New Delhi, India, the company stands as a vital player in the field of business process outsourcing, enhancing cross-border communication and service facilitation.
- Sector
- Industrials
- Industry
- Specialty Business Services
- Listing
- NSE: BLS
- Next results
- Employees
- 63,000
- Headquarters
- New Delhi, India
- ISIN
- INE153T01027
- Website
- blsinternational.com
Public research · Report of
Business model & financial foundation
BLS International (NSE: BLS), Visa and consular outsourcing; assisted digital government and banking services: revenue of ₹2,998 crore in FY26 (+36.7% on FY25), an EBITDA margin of 27.3%, net profit of ₹686.7 crore and net cash of ₹1,434 crore.
- Revenue, FY26 (₹ crore)
- 2,998
- consolidated
- Revenue growth, FY26
- +36.7%
- on FY25
- EBITDA margin, FY26
- 27.3%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 686.7
- to owners
- Return on equity, FY26
- 32.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,434
- Net debt (negative denotes company-defined net cash)
- Market capitalisation (₹ crore)
- 9,331
- at the close of 18 Oct 2026
Company profile
BLS performs non-judgmental visa, passport and consular tasks for governments; consular authorities retain visa approval decisions. It monetises processing fees and optional services, with upfront collections and leased centres. Digital services include banking correspondents, loan distribution and e-governance through BLS E-Services. Contract renewals, compliance and deployment discipline determine sustainable earnings.
| Item | Value |
|---|---|
| Legal name | BLS International Services Limited |
| Exchange and ticker | NSE: BLS; BSE: 540073 |
| ISIN | INE153T01027 |
| CIN | L51909DL1983PLC016907 |
| Sector | Services |
| Industry | Visa and consular outsourcing; assisted digital government and banking services |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.S. Kothari Mehta & Co. LLP (since at least 2017) |
| Market capitalisation | ₹9,331 crore (18 Oct 2026) |
| Shares outstanding | 41.17 crore shares (FY26) |
| Price | ₹227.5 (close, 18 Oct 2026) |
| 52-week range | ₹212.0 - ₹343.3 (to 18 Oct 2026) |
| Website | https://www.blsinternational.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| BLS International FZE | 100% | Overseas visa and consular operations |
| BLS E-Services | 51% | Listed digital services including BC and loan distribution; stake increased subsequently |
| iDATA | 100% | Turkey-based visa processing |
| Citizenship Invest DMCC | 100% | Investment migration |
| Aadifidelis Solutions | 57% | Loan distribution, held through BLSE |
| Atyati Technologies | 100% | Banking technology and business correspondent; held through BLSE |
| Zero Mass | 90.9% | Business correspondent; held through BLSE |
Percentages for step-down entities are direct subsidiary holdings, not ultimate economic interests. BLSE June stake51%; subsequent secondary purchases require current reconciliation.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 70.39% | 70.39% | 70.39% | 70.39% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.82% | 6.37% | 6.14% | 4.14% |
| Domestic institutions | 2.90% | 2.93% | 2.99% | 3.10% |
| of which mutual funds | 0.39% | 0.36% | 0.41% | 0.43% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BLS International does the administrative, non-judgemental work of visa, passport and consular processing for 46 client governments in 100+ countries. Applicants pay processing and value-added service fees upfront, so working capital is negative and the centres are leased. The visa decision always stays with the mission. Contracts are exclusive and run 5-10 years, but they are re-tendered and can be suspended. The Digital segment, through 51%-owned listed BLS E-Services, covers business-correspondent banking, loan distribution (Aadifidelis, 57%), e-governance and UIDAI Aadhaar centres. Atyati was added on 2 Jul 2026 for Rs156.82cr.
- FY26 revenue: Rs2,998.2cr, of which Visa & Consular Rs1,840.3cr at 40.1% EBITDA margin and Digital Rs1,157.9cr at about 7%.
- Q1 FY27: Visa was 63% of revenue and about 90% of EBITDA.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Visa and consular services | 1,840 | 61.4% | 737.8 | 90.1% |
| Digital services | 1,158 | 38.6% | 81.0 | 9.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| CMS Info Systems (CMSINFO) | Cash-services outsourcing and government/bank relationships; not direct visa rival |
| Firstsource Solutions (FSL) | Tech-enabled outsourced processes, overseas operations |
| Quess Corp (QUESS) | Outsourced services; staffing economics differ |
| TeamLease Services (TEAMLEASE) | Asset-light services; lower margins |
| Thomas Cook India (THOMASCOOK) | Travel services exposure; business mix differs |
| Yatra Online (YATRA) | Travel-services demand comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 849.9 | 1,516 | 1,677 | 2,193 | 2,998 |
| Cost of revenue (vendor classification) * | 573.9 | 1,029 | 964.7 | 986.0 | 1,382 |
| Other operating costs (vendor classification) * | 124.5 | 100.0 | 117.1 | 219.2 | 273.5 |
| EBITDA (vendor classification) * | 121.9 | 242.4 | 393.5 | 705.3 | 893.8 |
| Operating EBIT excluding other income | 99.6 | 202.6 | 314.8 | 552.8 | 725.2 |
| Finance cost | 0.70 | 0.70 | 2.60 | 27.8 | 23.2 |
| Profit before tax (presentation basis) | 114.0 | 223.1 | 352.1 | 605.5 | 797.1 |
| Tax | 2.80 | 16.2 | 26.5 | 65.9 | 73.3 |
| Profit after tax including non-controlling interests | 111.2 | 204.3 | 325.6 | 539.6 | 723.8 |
| Diluted EPS (₹) | 2.71 | 4.89 | 7.60 | 12.33 | 16.64 |
| Cost of services | 573.9 | 1,029 | 964.7 | 986.0 | 1,382 |
| Employee cost | 75.8 | 139.6 | 208.1 | 323.5 | 465.6 |
| Other operating expenses | 93.3 | 126.9 | 158.3 | 254.5 | 332.1 |
| EBITDA (company definition) | 106.9 | 221.1 | 345.7 | 629.3 | 818.9 |
| Depreciation and amortisation | 7.30 | 18.5 | 30.9 | 76.5 | 93.7 |
| Other income | 14.9 | 21.3 | 39.9 | 80.5 | 95.2 |
| PAT attributable to owners of parent | n.r. | n.r. | 313.0 | 508.2 | 686.7 |
| PAT attributable to non-controlling interests | n.r. | n.r. | 12.7 | 31.4 | 37.1 |
| Exceptional items (gain positive; loss negative) | n.r. | -2.60 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of associates | n.r. | n.r. | n.r. | n.r. | n.r. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to shareholders of parent | 569.8 | 837.1 | 1,442 | 1,731 | 2,464 |
| Borrowings excluding lease liabilities | 11.2 | 6.53 | 30.6 | 229.4 | 230.5 |
| Cash and cash equivalents | 36.9 | 66.9 | 414.1 | 282.9 | 494.2 |
| Trade receivables | 22.3 | 32.7 | 40.5 | 121.7 | 170.6 |
| Inventories * | 0.56 | 1.60 | 0.49 | 0.87 | |
| Trade payables * | 18.3 | 29.5 | 31.4 | 98.3 | 152.7 |
| Net property, plant and equipment * | 9.90 | 10.8 | 39.9 | 194.0 | 269.5 |
| Capital work in progress * | 4.71 | 10.8 | 5.19 | ||
| Total assets * | 633.3 | 945.4 | 1,616 | 2,806 | 3,770 |
| Bank balances other than cash equivalents | 457.9 | 687.6 | |||
| Other financial assets (current) | 255.1 | 415.8 | |||
| Non-controlling interests in equity | 287.9 | 320.2 | |||
| Goodwill | 1,026 | 1,213 | |||
| Lease liabilities | 154.5 | 200.0 | |||
| Net debt (negative denotes company-defined net cash) | -1,135 | -928.0 | -1,434 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations (presentation definition) | 149.4 | 223.4 | 350.0 | 829.0 | 903.0 |
| Capital expenditure (outflow positive) | 67.0 | 67.7 | 63.8 | 161.2 | 137.1 |
| Free cash flow (vendor definition) * | 103.3 | 192.4 | 286.0 | 667.6 | 765.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -12.8 | -25.7 | -30.8 | -21.1 | -130.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 29.99 | 41.06 | 41.14 | 41.17 | 41.17 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 495.0 | 512.8 | 692.8 | 710.6 | 736.6 | 736.5 | 814.6 | 890.5 |
| Cost of revenue (vendor classification) * | 178.8 | 223.3 | 341.6 | 318.1 | 337.1 | 334.7 | 391.8 | 404.3 |
| Other operating costs (vendor classification) * | 76.4 | 51.9 | -24.8 | 79.3 | 78.3 | 80.5 | 94.0 | 96.6 |
| EBITDA (vendor classification) * | 187.4 | 172.8 | 198.9 | 229.3 | 231.5 | 218.9 | 234.3 | 275.1 |
| Operating EBIT excluding other income | 146.4 | 136.3 | 151.2 | 181.4 | 190.3 | 174.8 | 178.8 | 220.7 |
| Finance cost | 5.80 | 10.7 | 9.40 | 6.30 | 6.10 | 5.10 | 5.70 | 7.70 |
| Profit before tax | 164.0 | 140.2 | 166.7 | 200.2 | 202.8 | 190.6 | 203.6 | 235.6 |
| Tax | 18.2 | 12.3 | 21.4 | 19.2 | 17.1 | 20.3 | 16.7 | 34.0 |
| Profit after tax including non-controlling interests | 145.7 | 127.9 | 145.2 | 181.0 | 185.7 | 170.2 | 186.9 | 201.6 |
| Diluted EPS (₹) | 3.36 | 2.93 | 3.28 | 4.15 | 4.25 | 3.95 | 4.31 | 4.60 |
| Cost of services | 178.8 | 223.3 | 341.6 | 318.1 | 337.1 | 334.7 | 391.8 | 404.3 |
| Employee cost | 75.9 | 79.6 | 96.8 | 109.0 | 108.4 | 123.3 | 124.9 | 137.2 |
| Other operating expenses | 76.4 | 51.9 | 80.3 | 79.3 | 78.3 | 80.5 | 94.0 | 96.6 |
| EBITDA (company definition) | 164.0 | 158.1 | 174.1 | 204.2 | 212.8 | 198.0 | 203.9 | 252.4 |
| Depreciation and amortisation | 17.6 | 21.8 | 22.9 | 22.8 | 22.5 | 23.2 | 25.1 | 31.7 |
| Other income | 23.4 | 14.7 | 24.8 | 25.1 | 18.7 | 21.0 | 30.4 | 22.7 |
| PAT attributable to owners of parent | 138.2 | 120.7 | 135.1 | 171.0 | 175.2 | 162.7 | 177.8 | n.r. |
| PAT attributable to non-controlling interests | 7.50 | 7.24 | 10.1 | 9.98 | 10.5 | 7.55 | 9.10 | n.r. |
| Exceptional items (gain positive; loss negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n.r. |
| Share of profit or loss of associates | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 77.7% | 78.4% | 10.6% | 30.8% | 36.7% |
| EBITDA margin | 12.6% | 14.6% | 20.6% | 28.7% | 27.3% |
| Net margin | 18.7% | 23.2% | 22.9% | ||
| Return on equity | 27.5% | 32.0% | 32.7% | ||
| Return on capital employed | 19.1% | 28.4% | 27.2% | 32.2% | 31.2% |
| Return on assets | 24.4% | 23.0% | 20.9% | ||
| Net debt (₹ crore) | -1,135 | -928.0 | -1,434 | ||
| Net debt / EBITDA | -3.28x | -1.47x | -1.75x | ||
| Interest cover | 142.3x | 289.4x | 121.1x | 19.9x | 31.3x |
| Asset turnover | 1.50x | 1.92x | 1.31x | 0.99x | 0.91x |
| Receivable days | 10 | 8 | 9 | 20 | 21 |
| Inventory days (on revenue) | 0 | 0 | 0 | 0 | |
| Payable days (on revenue) | 8 | 7 | 7 | 16 | 19 |
| Cash conversion | 1.12x | 1.63x | 1.31x | ||
| Capex intensity | 7.9% | 4.5% | 3.8% | 7.3% | 4.6% |
| Free cash flow (₹ crore) | 82.4 | 155.7 | 286.2 | 667.8 | 765.9 |
| Dividend payout | 9.9% | 4.2% | 18.9% | ||
| EPS, diluted (₹) | 2.71 | 4.89 | 7.60 | 12.33 | 16.64 |
| Book value per share (₹) | 19.00 | 20.39 | 35.04 | 42.04 | 59.83 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative denotes company-defined net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on BLS International includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on BLS International
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,850.00 last close on 30 Oct 2026 −1.18%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,853.70 last close on 30 Oct 2026 −0.33%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹369.90 last close on 30 Oct 2026 −0.03%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,877.60 last close on 30 Oct 2026 +4.33%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.60 last close on 30 Oct 2026 −3.57%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.