BLS International Services Limited

Financial Performance Highlights

Q2 FY27 Consolidated Performance:

  • Revenue: INR 973 crores, up 32% from INR 737 crores in Q2 FY26
  • EBITDA: INR 248 crores, up 17% from INR 213 crores in Q2 FY26
  • EBITDA Margin: 25.5% (compared to 28.9% in Q2 FY26)
  • PAT: Increased by approximately 10% YoY (specific Q2 PAT figure not quantified)

H1 FY27 Consolidated Performance:

  • Revenue: INR 1,863 crores, up 29% YoY
  • EBITDA: INR 500 crores, up 20% YoY
  • EBITDA Margin: 26.9%
  • PAT: INR 403 crores, up 10% from INR 367 crores in H1 FY26

Segment-wise Performance

Visa & Consular Services (Q2 FY27):

  • Revenue: INR 510 crores, up 11% from INR 459 crores YoY
  • EBITDA: INR 214 crores, up 11% YoY
  • EBITDA Margin: 41.9%
  • Applications Processed: Approximately 11 lakh (1.1 million) in Q2
  • Net Revenue Per Application: INR 3,553, up 10% YoY

Visa & Consular Services (H1 FY27):

  • Revenue: INR 1,070 crores, up 16% YoY
  • EBITDA: INR 440 crores, up 16% YoY
  • EBITDA Margin: 41.1%
  • Net Revenue Per Application: INR 3,537, up 11% YoY

Digital Services (Q2 FY27):

  • Revenue: INR 463 crores, up 66% from INR 278 crores YoY
  • EBITDA: INR 34 crores, up 67% from INR 21 crores YoY
  • EBITDA Margin: 7.4%
  • Gross Transaction Value (GTV): INR 41,400 crores in Q2
  • Loan Disbursements: Over INR 9,500 crores during the quarter
  • Network Touch Points: Over 1,88,200 as of September 30, 2026

Digital Services (H1 FY27):

  • Revenue: INR 793 crores, up 50% YoY
  • EBITDA: INR 61 crores, up 57% YoY
  • EBITDA Margin: 7.7% (improved from 7.4% last year)
  • GTV: INR 70,900 crores in H1

Operational Milestones and Business Updates

Global Scale Achievement:

  • Processed 500 million applications globally during the quarter
  • Operations span more than 100 countries
  • Works with 46 governments currently

Digital Services Expansion:

  • Full quarter consolidation of Atyati acquisition contributing to growth
  • Operating Aadhaar Seva Kendra under UIDAI contract (INR 2,500 crores contract)
  • Supporting more than 1,000 government citizen services
  • Atyati adds banking technology, financial inclusion and micro-lending capabilities

Technology and Certification:

  • Achieved CMMI Maturity Level 5 certification during the quarter
  • Maintained ISO certification for quality and information security
  • Investing in AI, automation and secure technology

Human Resources:

  • Certified 'A Great Place to Work' in India in September 2026
  • Investing in AI-focused training and upskilling programs
  • Strengthened Global Advisory Board with appointment of former Estonian President as Global Strategic Advisor

Financial Position and Credit Rating

  • Net Cash Position: INR 1,556 crores as of September 30, 2026
  • Credit Rating: ICRA rated AA- for long term and A1+ for short term
  • Capital deployment priority given to opportunities strengthening existing businesses or adding complementary capabilities

Management Guidance and Outlook

FY30 Targets:

  • Revenue: INR 6,300-6,500 crores
  • Annual Revenue Growth: 20-25%
  • EBITDA Margin: 28-30%

Growth Drivers:

  • Growing existing Visa business
  • Winning new contracts (actively participating in tenders across Europe, North America)
  • Expanding adjacent services (iDATA and CI)
  • Scaling Digital Services and G2C activities
  • Using networks more effectively
  • Investing in technology
  • Pursuing selective acquisitions

Segment Mix Expectations:

  • Visa & Consular Services: 60-65% of business
  • Digital Services: 35-40% of business

Visa Business Specific Guidance:

  • Net revenue per application expected to grow 5-6% annually
  • Target to sustain at least 15% growth driven by travel industry expansion, value-added services, and new contracts

Q&A Session Key Points

Volume Decline Explanation:

  • Year-on-year decline in application volumes mainly due to geopolitical situation in Middle East
  • Q2 typically shows seasonal moderation compared to Q1

Market Valuation Discussion:

  • Management declined to comment on market valuations, focusing on business performance
  • Addressed questions about disparity between BLS International and BLS E-Services valuations

Contract Wins:

  • Recently announced wins with Portuguese, Polish, Italian, German, Brazilian, Philippine governments
  • Slovakia contract clarification: no issues with client governments

Hotel Business Strategy:

  • No further investment planned until assessment of existing hotels over next 1-2 years
  • Strategic decision on expansion to be based on performance assessment

Buyback Consideration:

  • Buyback proposal remains under consideration with Board
  • Management indicated Board will likely take call during current financial year

Digital Services Risk:

  • Loans are not on company's books - only facilitate processing and earn commissions
  • Underlying credit risk does not sit with BLS International