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Stock Analysis

Description

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.

Key Growth Triggers

Secured a significant 3-year contract from MEA for Indian Visa Application Centres in China.
Awarded a work order from UIDAI valued at approximately INR 2,055.35 Crores for six years.
Diversification into hospitality with the acquisition of Trefeddian Hotel in the UK.
Management projects sustaining 20-25% growth over the next 3-4 years.
Expansion of operations in Kenya and Armenia.

Order Book

Awarded a landmark ₹2,055.35 Cr contract from UIDAI for Aadhaar Seva Kendras over 6 years.

Key Red Flags

MEA debarment order (though subsequently quashed by Delhi High Court) initially posed a risk to future MEA tenders.
Historical data shows a high P/E ratio and a decrease in promoter holding over the last 3 years.

Key Dates To Watch

Upcoming investor and analyst meets and earnings calls for Q3 FY26.
Past AGMs indicate regular shareholder engagement activities.

Corporate Announcements

16th Apr 26

Impact Rating: 4

BLS International Services Limited announced the appointment of Kfin Technologies Limited as its new Registrar and Share Transfer Agent (RTA), replacing Beetal Financial and Computer Services Private Limited. The transition is effective April 15, 2026.

9th Apr 26

Impact Rating: 6

BLS International Services Limited has responded to the BSE's query regarding increased stock trading volume, affirming that no material information has been withheld and they are unaware of the surge's underlying reasons.

31st Mar 26

Impact Rating: 6

BLS International provided an update on the voluntary strike-off of its wholly-owned subsidiary, Reired BLS International Services Private Limited. The e-Form STK-2 has been submitted, with completion now expected by June 30, 2026.

26th Mar 26

Impact Rating: 5

BLS International Services Limited will shut its trading window for designated persons from April 1, 2026. This restriction will remain in effect until 48 hours post-announcement of its audited financial results for the fiscal year ending March 31, 2026.

21st Mar 26

Impact Rating: 6

BLS International Services Limited announced that its shareholders have approved two special resolutions via postal ballot concerning payment of commissions to Non-Executive Independent Directors and the location for keeping company registers.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	I R C T C	672.80	40.26	53832.02	1.19	341.86	9.69	1145.99	7.71	49.03	4798.86	33.42	1337.24	337.64	12.63	19.87	0.02
2.	TBO Tek	1575.50	76.98	17118.07	0.00	67.55	12.41	567.51	25.92	26.68	1947.11	14.49	222.36	67.55	12.34	3.87	0.52
3.	BLS Internat.	313.85	1722.45	12918.35	0.32	4.90	-73.75	46.08	34.54	18.99	157.10	0.08	7.50	4.90	171.45	12.41	0.09
4.	Le Travenues	231.15	209.98	10110.34	0.00	-3.47	-125.44	282.74	36.94	12.62	1123.11	5.25	48.15	-3.18	13.17	6.85	0.04
5.	Thomas Cook (I)	141.94	27.56	6664.07	0.32	70.75	-21.45	2073.84	3.50	18.69	8511.67	5.27	241.78	50.97	2.83	3.91	0.22
6.	Yatra Online	172.60	48.76	2706.62	0.00	14.28	95.62	350.87	48.42	5.34	1014.91	7.65	55.51	14.28	3.33	2.88	0.07
7.	Easy Trip Plann.	7.28	48.97	2647.63	0.00	-36.04	-85.52	118.34	-18.20	20.89	522.18	12.42	54.07	3.75	3.06	10.70	0.04
–	Median: 11 Co.	231.15	42.0	2706.62	0.0	5.98	-21.45	118.34	12.25	20.89	522.18	12.42	48.15	6.0	3.2	6.85	0.06

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	21.98	23.33	41.19	27.53	37.69	44.47	25.20	40.21	25.36	24.04	27.57	34.25	46.08
Expenses	19.71	26.84	36.67	24.12	33.57	39.30	24.02	33.39	40.72	16.11	21.73	33.98	40.28
Operating Profit	2.27	-3.51	4.52	3.41	4.12	5.17	1.18	6.82	-15.36	7.93	5.84	0.27	5.80
Other Income	8.29	9.03	0.51	0.44	0.67	1.50	11.40	13.03	23.85	1.41	12.95	21.63	5.06
Profit before tax	9.96	3.78	0.38	2.95	1.95	0.95	11.53	17.72	2.63	8.77	15.75	18.15	5.00
Tax %	23.69%	-33.60%	28.95%	27.46%	26.15%	21.05%	4.25%	15.18%	39.92%	25.09%	6.16%	-2.81%	2.20%
Net Profit	7.60	5.05	0.27	2.15	1.45	0.75	11.04	15.02	1.58	6.57	14.79	18.67	4.90
EPS in Rs	0.18	0.12	0.01	0.05	0.04	0.02	0.27	0.36	0.04	0.16	0.36	0.45	0.12

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	10	14	16	24	41	52	53	20	40	87	119	138	157
Expenses	8	10	13	19	31	39	40	24	38	74	106	144	157
Operating Profit	2	4	3	5	10	13	13	-3	2	13	13	-6	0
Other Income	0	0	2	2	6	9	20	30	17	37	35	47	31
Interest	0	1	1	1	1	2	1	1	0	1	2	4	6
Depreciation	1	2	2	2	2	2	2	2	2	3	6	13	16
Profit before tax	1	1	2	4	13	19	30	24	17	47	40	23	9
Net Profit	1	1	1	3	11	13	23	21	16	41	37	22	8
EPS in Rs	–	0.02	0.03	0.08	0.26	0.32	0.56	0.51	0.39	1.00	0.90	0.53	0.19
Dividend Payout %	-0%	-0%	-0%	114%	49%	77%	44%	25%	79%	75%	111%	187%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	10	10	10	10	10	10	10	10	10	41	41	41	41
Reserves	2	3	4	8	15	24	31	45	49	37	48	66	34
Borrowings	-0	7	3	2	5	8	1	1	1	1	19	70	7
Other Liabilities	2	2	6	7	19	26	24	8	29	17	21	42	134
Total Liabilities	15	23	23	27	50	68	67	65	89	96	129	219	216
Fixed Assets	2	6	4	5	4	4	4	4	4	8	31	87	82
Gross Block	4.88	10.68	10.80	12.84	7.00	8.53	11.05	12.00	13.53	15.76	45.02	113.08	–
Accumulated Depreciation	2.83	4.65	6.65	8.25	3.39	4.65	6.56	7.85	9.74	7.48	13.80	25.91	–
CWIP	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Investments	2	2	2	3	4	5	5	1	1	33	36	42	67
Other Assets	11	15	17	19	42	59	57	60	84	54	61	90	67
Total Assets	15	23	23	27	50	68	67	65	89	96	129	219	216

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0	2	2	1	10	22	1	-26	-0	-6	-0	25
Cash from Investing Activity	0	-8	1	0	-7	-21	24	33	19	35	26	30
Cash from Financing Activity	-0	6	-2	-2	-1	-3	-23	-9	-14	-23	-31	-30
Net Cash Flow	1	-0	2	-1	3	-2	2	-3	4	5	-5	25

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	33	50	26	63	105	27	26	45	18	15	56	36
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	33	50	26	63	105	27	26	45	18	15	56	36
Working Capital Days	-25	-43	63	78	92	86	124	563	-138	4	43	-53
ROCE %	9%	13%	12%	30%	55%	58%	73%	49%	31%	57%	45%	19%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.41%	74.41%	71.68%	71.52%	71.52%	71.52%	71.52%	70.38%	70.38%	70.38%	70.39%	70.39%
FIIs	8.20%	7.57%	8.46%	7.66%	7.56%	7.67%	7.40%	8.96%	10.93%	9.94%	8.54%	6.82%
DIIs	0.05%	0.05%	0.05%	0.07%	0.89%	1.05%	1.35%	1.71%	1.36%	2.26%	2.87%	2.90%
Public	17.30%	17.92%	19.78%	20.49%	19.93%	19.65%	19.68%	18.87%	17.27%	17.38%	18.18%	19.88%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

BLS International Services Appoints Kfin Technologies as New Registrar and Share Transfer Agent

17th April 2026, 12:23 am

BLS International Clarifies BSE Volume Surge, States No Material Information Withheld

9th April 2026, 10:13 pm

BLS International Updates on Wholly-Owned Subsidiary Strike-Off

1st April 2026, 12:10 am

BLS International Closes Trading Window from April 1, 2026, Ahead of Financial Results

26th March 2026, 5:13 pm

BLS International Shareholders Approve Director Commission and Office Location Resolutions

21st March 2026, 11:14 pm

Published by Other Websites

External media mentions & references

Nifty Tops 24000, Sensex Gains 3000 Pts on Oil Drop, RBI Hold

8th April 2026, 5:35 pm

Middle East Ceasefire Lifts Indian Stocks: BLS, L&T Lead Rally

8th April 2026, 1:13 pm

Midcaps Surge 3% on Geopolitical De-escalation Hopes

1st April 2026, 10:25 am

Indian Stocks Surge 2% as Geopolitical Fears Ease; SMIDs Lead Rally

24th March 2026, 1:56 pm

BLS International Soars 11% on Record Volume, Q3 Beat Fuels Rally

23rd February 2026, 2:53 pm

News Articles

Editorial & research coverage

BLS International Profit Soars 35% on Mega Visa, Aadhaar Deals

6th February 2026, 5:37 pm

Global Tech Rout, AI Race Overshadow Indian Earnings

6th February 2026, 7:18 am

Adani Power, NMDC, IDBI Bank: Breakout Stocks Defy Market Flatness

4th February 2026, 6:07 pm

BLS Intl. Expands into Key Asian Visa Markets

28th January 2026, 8:34 am

BLS International Bags Rs 100 Crore Bihar Aadhaar Centre Project

20th January 2026, 4:50 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

1d - Confirmation certificate dated January 05, 2026 for the third quarter ended December 31, 2025, as received from Registrar and Transfer Agent (RTA) of the Company …

Closure of Trading Window

Update- Hon'Ble High Court Of Delhi Sets Aside The Debarment Imposed By The Ministry Of External Affairs (MEA), Government Of India

18 Dec - Delhi High Court set aside MEA two-year debarment on BLS, quashing restriction dated Dec 18, 2025.

Announcement under Regulation 30 (LODR)-Acquisition

5 Dec 2025 - BLS FZE acquired 100% of Armenia's BLS International LLC for AED 97; turnover AMD 98,850,986.

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

18 Nov 2025 - Q2 FY26: Revenue INR737cr, PAT INR186cr; won ~INR2,000cr Aadhaar contract over six years; visa volumes 11.3 lakh.