BLS International Services logo

BLS International Services

BLS NSE

Key Fundamentals

MicrocapTour & TravelLeisure Services
Market Cap
₹9,463 Cr
Volatility
Moderate
P/E Ratio
13.5
EBITDA
₹819 Cr
Return on Equity
26.73%
Debt to Equity
0.17
Book Value
₹59.83
EPS
₹8.7
52W High
₹372.45
52W Low
₹218.9

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has delivered good profit growth of 68.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.9%
  • Company's median sales growth is 25.0% of last 10 years

Weaknesses

1
  • Tax rate seems low

Growth Rate

Revenue Growth
31.86% higher than 3Y
Net Income Growth
34.56% lower than 3Y
Cash Flow Change
137% lower than 3Y
ROE
18.33% lower than 3Y
ROCE
13.4% higher than 3Y
EBITDA Margin (Avg.)
-15.21% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk medium

BLS International Services Ltd is a ₹9,882 Cr market cap visa and digital services outsourcing company that delivered FY25 consolidated revenue of ₹2,193 Cr (up 30.8% YoY) and PAT of ₹540 Cr (up 65.7% YoY), with EBITDA margins expanding 808 bps to 28.7%. Despite strong operational performance, the stock has declined 37% over the past year, compressing the trailing PE to 13.6x against a 3-year ROE of 33%.

Bull Case 8
  • FY25 PAT grew 65.7% YoY to ₹540 Cr, with 5-year profit CAGR of 68.8%, demonstrating sustained earnings compounding
  • EBITDA margin expanded 808 bps from 20.6% in FY24 to 28.7% in FY25, indicating strong operating leverage as the business scales
  • 3-year average ROE of 33% and last-year ROE of 33% reflect high capital efficiency with minimal equity dilution
  • Revenue grew at 26% CAGR over 3 years and 44% over 5 years, with FY25 consolidated revenue reaching ₹2,193 Cr (up 30.8% YoY)
  • Won a 5-year global contract from Slovak Republic covering 80+ countries, a 3-year MEA contract for Indian visa centres in China, and a 6-year UIDAI Aadhaar Seva Kendra contract worth ₹2,055 Cr, providing multi-year revenue visibility
  • Trailing PE of 13.6x is well below historical averages for a company growing profits at 36% TTM, suggesting compressed valuation multiples
  • Diversification into digital public services (Aadhaar, e-governance) reduces dependency on visa processing alone, with 9-month FY26 revenue up 45.5% YoY to ₹2,184 Cr
  • Median sales growth of 25% over the last 10 years with 10-year profit CAGR of 36% demonstrates consistent long-term compounding ability
Bear Case 8
  • Stock has declined 37% over the past 1 year and 28% YTD despite strong earnings, suggesting market concerns about sustainability or valuation re-rating risk
  • 3-year stock CAGR is -1% while profit CAGR is 50% over the same period, indicating a significant de-rating of multiples from prior peaks
  • High client concentration risk as visa outsourcing contracts are government-dependent and subject to non-renewal, policy changes, or geopolitical disruptions
  • Tax rate appears low relative to statutory rates, which may normalize upward and compress post-tax earnings growth going forward
  • The visa outsourcing industry faces competition from VFS Global and TLScontact, with contract wins not guaranteed upon renewal
  • Price-to-book of 3.99x implies the market is pricing in continued high returns; any slowdown in ROE from the current 33% could lead to further de-rating
  • Dividend yield of only 0.84% despite strong cash generation suggests limited near-term income return for shareholders
  • 5-year stock CAGR of 45% was front-loaded in earlier years; the recent sharp correction shows momentum has reversed, with 52-week high/low data unavailable for range assessment

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 1
  • Independent Director re-appointed unanimously Jul 14

    Shareholders re-appointed Mr. Ram Sharan Prasad Sinha as Independent Director for a second five-year term with 99.13% votes in favour, signaling strong governance confidence.

Neutral 1
  • New Japan subsidiary for visa services Jul 9

    BLS International FZE subscribed to 100% stake in BLS International Services Japan Co. Ltd. for JPY 100,000, incorporated on July 8, 2026, to offer visa processing, biometric authentication, and e-Visa support in Japan.

TL;DR: BLS International is expanding its global visa outsourcing footprint with a new Japan entity while maintaining stable corporate governance with near-unanimous board approvals. No headwinds are visible in the current news cycle. The geographic expansion into Japan suggests continued growth ambitions, and the trend appears steady with incremental international buildout.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
383
408
438
448
493
495
513
693
711
737
736
815
891
Expenses
303
321
349
357
360
331
355
519
506
524
538
611
638
Operating Profit
80
87
89
90
133
164
158
174
204
213
198
204
252
OPM %
21%
21%
20%
20%
27%
33%
31%
25%
29%
29%
27%
25%
28%
Other Income
7
9
9
15
18
23
15
25
25
19
21
30
23
Interest
0
1
0
1
2
6
11
9
6
6
5
6
8
Depreciation
6
7
6
11
14
18
22
23
23
23
23
25
32
PBT
80
87
91
93
135
164
140
167
200
203
191
204
236
Tax %
12%
6%
4%
9%
10%
11%
9%
13%
10%
8%
11%
8%
14%
Net Profit
71
82
87
85
121
146
128
145
181
186
170
187
202
EPS in Rs
1.68
1.91
2.05
1.96
2.77
3.36
2.93
3.28
4.15
4.26
3.95
4.32
4.62
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
450
505
635
789
804
786
478
850
1,516
1,677
2,193
2,998
3,178
Expenses
420
467
551
629
693
700
437
742
1,293
1,326
1,545
2,179
2,311
Operating Profit
30
38
84
160
111
86
41
108
223
351
649
819
867
OPM %
7%
7%
13%
20%
14%
11%
9%
13%
15%
21%
30%
27%
27%
Other Income
0
0
3
4
43
-15
19
15
19
40
80
95
93
Interest
2
1
7
13
13
4
2
2
3
8
47
23
25
Depreciation
5
6
26
40
19
12
9
7
18
31
77
94
103
PBT
24
31
53
111
122
55
48
114
220
352
606
797
833
Tax %
1%
1%
6%
13%
14%
4%
-4%
2%
7%
8%
11%
9%
—
Net Profit
24
31
50
97
105
52
50
111
204
326
540
724
744
EPS in Rs
0.58
0.75
1.22
2.36
2.57
1.28
1.22
2.72
4.89
7.6
12.34
16.68
17.15
Div. Payout %
0%
0%
7%
5%
10%
20%
10%
12%
15%
13%
8%
3%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
10
10
10
10
10
10
10
41
41
41
41
Reserves
73
108
155
250
362
418
450
560
762
1,166
1,690
2,422
Borrowings
7
6
95
108
38
1
1
11
7
31
359
431
Other Liabilities
13
13
36
101
66
40
38
52
136
378
714
876
Total Liabilities
103
137
297
470
475
469
498
633
945
1,616
2,804
3,770
Fixed Assets
24
24
78
49
51
41
38
112
234
296
1,363
1,721
CWIP
0
0
0
0
3
0
0
0
0
0
11
2
Investments
2
2
32
28
28
29
24
70
88
116
220
352
Other Assets
78
111
187
393
393
400
436
451
623
1,205
1,210
1,696
Total Assets
103
137
297
470
475
469
498
633
945
1,616
2,804
3,770
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
13
36
48
56
133
116
45
185
261
350
829
903
Investing
-11
-7
-115
-27
-66
-107
-22
-172
-238
-260
-1,119
-446
Financing
6
-2
84
-2
-87
-54
-9
-12
7
257
158
-246
Net Cash Flow
8
27
17
27
-20
-45
13
2
30
347
-131
211
Free Cash Flow
7
31
-33
45
150
116
40
103
193
286
668
766
CFO/OP
45
96
60
37
141
153
111
178
125
105
139
120
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
5
2
34
98
80
52
76
10
8
9
20
21
Cash Conversion Cycle
5
2
34
98
80
52
76
10
8
9
20
21
Working Capital Days
28
36
20
46
51
51
77
7
-2
-4
-42
2
ROCE %
—
30%
31%
39%
26%
21%
11%
22%
32%
31%
34%
29%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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61 extracted metrics + investor summaries across FY13–FY26.

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Shareholding Pattern

DIIs3.10%Promot.70.39%FIIs4.14%Others5.07%Public17.30%As ofJun 2026

Documents

Frequently Asked Questions about BLS International Services

What does BLS International Services Ltd do?
BLS International Services Limited (BLS), a part of the four-decades-old BLS Group with a global presence and diversified range of services, and is the biggest global players in visa application outsourcing.[1]
Where is BLS International Services Ltd (BLS) listed?
BLS International Services Ltd trades as BLS on the NSE and under code 540073 on the BSE.
Which sector does BLS International Services Ltd belong to?
BLS International Services Ltd is classified under the Leisure Services sector, in the Tour & Travel industry.
What is the market capitalisation of BLS International Services Ltd?
BLS International Services Ltd has a market capitalisation of ₹9,463 Cr, which places it in the Mid Cap band.
What is the PE ratio of BLS International Services Ltd?
BLS International Services Ltd trades at a PE ratio of 13.50, on earnings per share of ₹8.7, against a book value of ₹59.83 per share.
What is the 52-week high and low of BLS International Services Ltd?
Over the last 52 weeks BLS International Services Ltd has traded between ₹218.9 and ₹372.45.
Does BLS International Services Ltd pay dividends?
BLS International Services Ltd has a dividend yield of 1.06%.
What is the Return on Equity (ROE) of BLS International Services Ltd?
BLS International Services Ltd reported a return on equity of 26.73%. Its debt-to-equity ratio is 0.17.

Company Information

BLS International Services Limited (BLS), a part of the four-decades-old BLS Group with a global presence and diversified range of services, and is the biggest global players in visa application outsourcing.[1]

Website blsinternational.com
CEO Mr. Diwakar Aggarwal
Listed 2016-06-14
Face Value ₹ 1
Issued Size 41,17,40,908

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