BLS International Services Ltd(BLS)

NSE: BLSBSE: 540073

₹ 208.7-4.75%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,593 crWebsite: www.blsinternational.comUpdated: 24 Oct 2026

About

BLS International Services Ltd is an Indian outsourcing company that processes visa and consular applications for foreign governments at centres worldwide, and runs digital services in India: business correspondent banking, loan distribution and government services such as Aadhaar enrolment. It reported revenue of Rs 2998.22 crore in FY26. In its FY25 annual report, BLS says it holds over 10% by volume and 17% by value of global visa outsourcing, excluding the US.^[1][2]

Business segments

Visa and consular services: Rs 1840.3 crore, or 61.4% of FY26 revenue, with an EBIT margin of 39.4%. In FY25 the segment's revenue was Rs 1653.3 crore.^[3][2]
Digital services: Rs 1157.91 crore, or 38.6% of FY26 revenue, with an EBIT margin of 8.2%. In FY25 the segment's revenue was Rs 568.06 crore. It covers business correspondent banking, loan distribution and government digital services.^[3][2]
In Q1 FY27, revenue was about 63% visa and consular and 37% digital, compared with about 65% and 35% a year earlier.^[4]
The FY26 annual report describes the company as operating in a single segment: visa outsourcing and allied services.^[5]

Market position

BLS says it holds over 10% by volume and 17% by value of global visa outsourcing, excluding the US (FY25 annual report).^[2]
The FY25 annual report projects the global visa market to grow from USD 5.4 billion in 2024 to USD 7.7 billion by 2029.^[2]

Key operating numbers

Visa applications: 44.1 lakh in FY26, up 17.6% year on year, and 11.3 lakh in Q1 FY27, broadly flat year on year. Net revenue per application: Rs 3,302 in FY26 (up 13.7%) and Rs 3,521 in Q1 FY27 (up 11%).^[6]
Visa and consular EBITDA margin: 40.1% in FY26 vs 34.5% in FY25; 40.3% in Q1 FY27 vs 40.4% in Q1 FY26.^[6]
Gross transaction value in the business correspondent business: Rs 1.1 lakh+ crore in FY26 vs Rs 87,000+ crore in FY25; Rs 29,500+ crore in Q1 FY27 vs Rs 26,200 crore in Q1 FY26.^[6]
Digital services EBITDA margin: 7.0% in FY26 vs 11.1% in FY25; 8.2% in Q1 FY27 vs 7.2% in Q1 FY26.^[6]

Digital services operations

At the end of FY26, the business correspondent network had 155,000+ touchpoints and 45,800+ channel partners. Loan leads generated for financial institutions totalled Rs 36,800+ crore in FY26.^[6]
Aadifidelis (loan distribution, acquired November 2024) earns about 2-2.5% commission on a pass-through model, with an EBITDA margin of 4-5%. It has made up about 25% of digital revenue since November 2024.^[6]
Citizenship Invest (investment migration advisory) brought in Rs 17.5 crore in Q1 FY27, compared with Rs 11 crore in Q1 FY26.^[4]

Contract wins

In Q3 FY26, the Slovak Republic awarded a 5-year global visa outsourcing contract to run application centres in 80+ countries.^[7]
India's Ministry of External Affairs awarded a 3-year contract to set up and run Indian visa application centres in Beijing, Shanghai and Guangzhou.^[8]
The Embassy of Cyprus awarded a visa outsourcing contract covering Russia, China, South Africa, Kazakhstan and 15+ other countries.^[6]

Aadhaar Seva Kendra expansion

As of Q1 FY27, Rs 75 crore of the planned Rs 125 crore capex on Aadhaar Seva Kendra had been spent, and Phase 2 was near completion. The 6-year contract carries Rs 2,500 crore in total revenue, with full contribution expected from Q4 FY27.^[4]
Aadhaar Seva Kendra brought in Rs 17.5 crore of revenue in Q1 FY27. Its expected EBITDA margin once fully ramped up is 10-15%, revised from 15-20%.^[4]
The Government of Bihar awarded a Rs 100 crore project for permanent Aadhaar enrolment centres.^[7]

Acquisitions

Atyati Technologies (Bangalore) was acquired in Q1 FY27 for Rs 138 crore. In FY26 it had about Rs 275 crore of revenue and Rs 20-21 crore of EBITDA. It brings business correspondent relationships with banks other than SBI and a banking software unit.^[4]
Trefeddian Hotel (Aberdovey, UK) was acquired for Rs 78.3 crore in October 2025 to develop an asset-light managed hotel model. The company says it plans no further property acquisitions.^[8]
About Rs 2,000 crore is set aside for acquisitions over 4-5 years, with a 17-20% return-on-investment hurdle.^[6]

Cash position

Net cash was Rs 1,617 crore at the end of Q1 FY27, Rs 1,434 crore in March 2026 and Rs 928 crore in March 2025.^[4]
About 70% of cash sits in overseas subsidiaries and is set aside for international acquisitions.^[8]

Recent developments

A final dividend of Rs 0.50 per Re 1 share is recommended for FY26.^[5]
Re-appointment of the Joint Managing Director is proposed from June 2027. Pay would be Rs 20 lakh a month plus commission of at least 3% of net profit or Rs 1.5 crore, whichever is higher.^[5]
Risks named in the FY26 annual report: geopolitics, changes in government policy and regulation, foreign exchange, inflation and competition.^[5]

Market Cap

₹8,593 Cr

High / Low

₹343 / 212

Stock P/E

12.8

Price / Book

3.6

Book Value

₹60

EPS

₹16.7

No. of Shares

41.17 Cr

ROCE

30.4%

ROE

32.7%

OPM

26.5%

Debt / Equity

0.09

Sales

₹2,998 Cr

Net Profit

₹724 Cr

Promoter holding

70.4%

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BLS International Services Ltd(BLS)

About

Business segments

Market position

Key operating numbers

Digital services operations

Contract wins

Aadhaar Seva Kendra expansion

Acquisitions

Cash position

Recent developments

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