Announcement
Announcement under Regulation 30 (LODR)-Restructuring 29 Sep - ATPL approved slump sale of JLG lending business to TVAM for Rs. 59.49 lakh, expected in 90 days.
Source: Bse
BLS International Services Limited (BLS)
Small CapServices stocks · Small cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -6.6% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
BLSD candles · FIT view-19.8%Latest close ₹221.03 on 2026-10-19
Bar
-2.9%
RSI
44
MACD hist
1.53
52W pos
7%
2026-10-19O ₹227.60H ₹228.60L ₹216.01C ₹221.03Vol 6.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BLSNifty 500
- BLS
- -6.3%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -0.7 pp
Chart stats
19 Oct 2026- From 52W high
- -36.7%
- 52W range position
- 7%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.48x
- Avg traded value
- ₹28.5 Cr
- 20D price channel
- ₹212 - ₹240
₹349.2
₹212 - ₹349.2
₹7.6
Latest completed session
20-session average
29.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +25.3% · PAT +11.6% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model+51.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +25% YoY · PAT +12% YoY · +9% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹891 Cr | +25.3% | +9.3% |
| EBITDA | ₹252 Cr | +23.5% | +23.5% |
| Operating margin | 28.0% | -100 bps | +300 bps |
| PAT | ₹202 Cr | +11.6% | +8.0% |
| PAT margin | 22.7% | -279 bps | -27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.30
- P/B
- 3.80
- EV/EBITDA
- 10.10
- Market Cap
- 9363.00Cr
Profitability
- ROE
- 32.10%
- ROCE
- 29.80%
- ROA
- 19.78%
- Dividend Y
- 1.10%
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 68.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 49.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 34.68×
- Altman Z
- 7.07
- Book Value
- 59.80
Cash Flow
- FCF Yield
- 4.88%
- FCF Positive Y
- 10/5
- OCF
- 903.00 Cr
- EPS TTM
- 17.15
Shareholding
- Promoter Hold
- 70.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,998+36.7% vs prev
Net Profit
₹ CrLatest: 724+34.1% vs prev
Return on Equity
%Latest: 29.4-5.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
17
RS percentile
Stage 4 Downtrend
1M return
-2.4%
3M return
-6.3%
6M return
-24.3%
1Y return
-28.1%
RS 1D
0
RS 20D
+11
Sector rank
#4
Industry rank
-
Stage evidence
- Price is 12.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 69.42-1.85%
RS vs Nifty 50069
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation16/30
Growth23/25
Quality18/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 4.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 51.5%.
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.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
13.3
PB
3.8
EV/EBITDA
10.1
ROE
32.1%
ROCE
29.8%
FCF Yield
4.9%
Debt/Equity
0.2
MoS
+51.5%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
81
Previous: 81
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+51.5%
Previous: +51.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
81
81
81
81
81
81
81
81
81
81
81
81
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹151.91
-45.5% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹455.33
+51.5% MoS
PEG
0.22
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KAPSTON
Small
Kapston Services Limited
HR & Manpower
match 121
44
51.8
27.4%
-95%
WATCHLIST
WEWIN
Small
WE WIN LIMITED
HR & Manpower
match 121
63
12.2
15.2%
+55%
UNDERVALUED
AARVI
Small
Aarvi Encon Limited
HR & Manpower
match 120
58
10.2
13.5%
+67%
FAIR VALUE
QUESS
Micro
Quess Corp Limited
HR & Manpower
match 119
59
19.2
21.3%
+28%
FAIR VALUE
WHITEFORCE
SME
Happy Square Outsourcing Services Ltd.
HR & Manpower
match 115
70
7.0
22.7%
+74%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T09:09:39.862Z
Management commentary snapshot
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.
Current business mix
FY26 EBITDA by Business Segment
Latest issuer-disclosed distribution across 2 reported categories.
Visa and Consular Services90.0%
Digital Services10.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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
demand outlooknot yet verifiablequantified
The Outsourcing Visa Market (except USA) is expected to grow at a 14% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at a 14% CAGR from 2024-29P"
demand outlooknot yet verifiablequantified
The Outsourcing Visa Market (except USA) is expected to grow at a 14% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at a 14% CAGR from 2024-29P"
demand outlooknot yet verifiablequantified
The Global Consular Services Market is expected to grow at 32% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at 32% CAGR from 2024-29P"
demand outlooknot yet verifiablequantified
The Global Consular Services Market is expected to grow at 32% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at 32% CAGR from 2024-29P"
macro expectationnot yet verifiablequantified
The Global Travel & Tourism Industry is expected to grow at 8% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at 8% CAGR from 2024-29P"
macro expectationnot yet verifiablequantified
The Global Travel & Tourism Industry is expected to grow at 8% CAGR from 2024-29P.
Timeframe: 2024-29PDirection: growthConfidence: expected
"expected to grow at 8% CAGR from 2024-29P"
order inflownot yet verifiablequantified
Many major contracts are up for renewal in the next 2 years, representing an opportunity in the range of USD 1 – 2 Billion.
Timeframe: next 2 yearsDirection: positiveConfidence: opportunity
"opportunity in the range of USD 1 – 2 Billion"
order inflownot yet verifiablequantified
Many major contracts are up for renewal in the next 2 years, representing an opportunity in the range of USD 1 – 2 Billion.
Timeframe: next 2 yearsDirection: positiveConfidence: opportunity
"opportunity in the range of USD 1 – 2 Billion"
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
102 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Services: 99th pctile, median 66 · Small: 99th pctile, median 66
Evidence depth
Financial-only
102 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 70.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.9%.
- ▸10 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BLS International Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 11 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Aug - Newspaper Advertisement for completion of dispatch of Notice of 42nd Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 20 Aug - BLS International acquired additional BLS E-Services stake for Rs 4.29 crore; cumulative FY27 investment Rs 45.22 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - In compliance with Regulation 47 of the SEBI (LODR) Regulations, 2015 (including any statutory modification(s), amendment(s) and re-enactment(s) ....
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.