BLS International Services LimitedUnclassifiedBLS
Q1 FY27 earnings callBLS International Services Limited
BLS International achieved record quarterly revenue, EBITDA, and PAT driven by strong contributions from both its Visa & Consular and Digital Service businesses.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | INR 891 crores | 25% | |
| Consolidated EBITDA | INR 252 crores | 24% | |
| Consolidated PAT | INR 202 crores | 12% | |
| Visa & Consular Revenue | INR 560 crores | 22% | |
| Visa & Consular EBITDA Margin | 40.3% | — | |
| Visa Applications Processed | 11.3 lakh | stable YoY | |
| Net Revenue Per Application | INR 3,521 | 11% | |
| Digital Service Revenue | INR 330 crores | 32% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹512.85 Cr+17.1% YoY+3.6% QoQ | ₹127.91 Cr+46.7% YoY-12.2% QoQ | ₹2.93+42.9% YoY-12.8% QoQ |
| Q2 FY25 | ₹495.01 Cr+21.4% YoY+0.5% QoQ | ₹145.73 Cr+77.7% YoY+20.7% QoQ | ₹3.36+75.9% YoY+21.3% QoQ |
| Q1 FY25 | ₹492.67 Cr+28.5% YoY+10% QoQ | ₹120.78 Cr+70.1% YoY+41.3% QoQ | ₹2.77+64.9% YoY+41.3% QoQ |
| Q4 FY24 | ₹447.71 Cr-0.2% YoY+2.2% QoQ | ₹85.45 Cr+11.4% YoY-2% QoQ | ₹1.96+16.7% YoY-4.4% QoQ |
| Q3 FY24 | ₹437.88 Cr0% YoY+7.4% QoQ | ₹87.18 Cr+90.1% YoY+6.3% QoQ | ₹2.05+66.7% YoY+7.3% QoQ |
TL;DR
- Consolidated revenue grew 25% YoY to INR 891 crores, a record high.
- EBITDA grew 24% YoY to INR 252 crores, with a margin of 28.3%.
- Profit after tax grew 12% YoY to INR 202 crores.
- Visa & Consular revenue grew 22% YoY to INR 560 crores, with a 40.3% margin.
- Digital Service revenue grew 32% YoY to INR 330 crores, with an 8.2% margin.
- Net cash position was INR 1,617 crores.
Said on the call
“This performance was supported by healthy contribution from both our Visa & Consular Services and Digital Business, which continued to demonstrate resilient and strong operational momentum.”
From the Q&A
| Topic | What management said |
|---|---|
| Capital Allocation and Returns | Management stated M&A investments are generating returns of more than 17% to 20% and prioritized organic expansion, M&A, and dividends. |
| Organic Growth Outlook | The company targets 15% to 20% organic growth over the next 5 years, citing Q1's 25% revenue growth as being on track. |
| Margins Guidance | Management aims to maintain Visa & Consular margins around 40% and Digital Service margins around 8%, with consolidated EBITDA margin at 28.3%. |
| Tax Rate and Depreciation | The effective tax rate was 14%; full-year expectation is around 12%. Increased depreciation to INR 32 crores is due to Aadhaar project investments and may rise next quarter before stabilizing. |
| Aadhaar Project Timeline | Full investment of INR 125 crores to be completed next quarter; full revenue expected to start in Q4. The project has a six-year contract for about INR 2,500 crores total revenue and 10-15% EBITDA margin. |
| Visa Volume and Growth Drivers | Visa application volumes were stable YoY at 11.3 lakh despite a war impact. Growth is expected from revenue per application (pricing/mix), with a long-term target of 12-15% segment growth. |
| Buyback Consideration | A buyback is not currently under consideration but may be discussed at the next Board meeting, with acquisitions and business expansion taking priority. |
| Acquisition Contributions | iDATA contributed INR 72.5 crores, Aadifidelis INR 225 crores, Citizenship Invest INR 17.5 crores, and the Aadhaar project INR 17.5 crores of revenue in Q1. |
Guidance
- Organic revenue growth target of 15% to 20% over the next five years.
- Aim to maintain Visa & Consular EBITDA margin around 40% and Digital Service margin around 8%.
- Full-year effective tax rate estimated at around 12%.
- Full Aadhaar project revenue expected to start in Q4 FY27.
- Visa & Consular segment revenue growth expected at 12-15% long-term.
Source
Summary written from the transcript filed by BLS International Services Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 19:01 IST.