Financial Performance - Q2 FY27 vs Q2 FY26

  • Revenue from Operations: ₹972.7 Crores (up 32.0% YoY from ₹736.6 Crores)
  • EBITDA: ₹248.1 Crores (up 16.6% YoY from ₹212.8 Crores)
  • EBITDA Margin: 25.5% (vs 28.9% in Q2FY26)
  • PAT: ₹201.7 Crores (up 8.6% YoY from ₹185.7 Crores)
  • PAT Margin: 20.7% (vs 25.2% in Q2FY26)
  • Finance Costs: ₹7.7 Crores (vs ₹6.1 Crores)
  • Depreciation: ₹40.5 Crores (vs ₹22.5 Crores)
  • Other Income: ₹22.9 Crores (vs ₹18.7 Crores)
  • Tax Expenses: ₹21.1 Crores (vs ₹17.1 Crores)

Financial Performance - H1 FY27 vs H1 FY26

  • Revenue from Operations: ₹1,863.2 Crores (up 28.7% YoY from ₹1,447.2 Crores)
  • EBITDA: ₹500.5 Crores (up 20.0% YoY from ₹417.0 Crores)
  • EBITDA Margin: 26.9% (vs 28.8%)
  • PAT: ₹403.4 Crores (up 10.0% YoY from ₹366.7 Crores)
  • PAT Margin: 21.6% (vs 25.3%)

Segment Performance (Excluding Citizenship Invest & Hotels Business)

  • Net Revenue per Application increased by 11.2% YoY in Q2FY27
  • Net Revenue increased by 11.2% YoY in Q2FY27
  • EBITDA increased by 6.5% YoY in Q2FY27
  • Net Revenue increased by 10.2% YoY in H1FY27

Key Operational Highlights

  • Processed 500 million applications across 100+ countries
  • AI-led technology implementation driving efficiency and data security
  • Certified as Great Place to Work in India
  • CMMI Level 5 and ISO certified for quality and data security
  • ICRA assigned AA- (Stable) / A1+ credit rating

Spain Matter Clarification

  • In August 2026, media reports linked BLS to a Spanish court probe into alleged visa irregularities at Algiers Consulate
  • Company clarified non-involvement in alleged irregularities (stock exchange intimation dated August 24, 2026)
  • Spain lawyer's statement dated September 19, 2026 confirmed no court order directing investigation into BLS
  • Spain operations continue unaffected with no unethical or illegal practices
  • BLS has no role in visa decisions, approvals, or rejections

Balance Sheet Position (as of September 30, 2026)

  • Share Capital: ₹41.2 Crores (unchanged from March 2026)
  • Shareholders' Funds: ₹2,784.2 Crores (vs ₹2,422.3 Crores in March 2026)
  • Non-Controlling Interest: ₹334.0 Crores (vs ₹320.2 Crores)
  • Borrowings: ₹196.8 Crores (₹143.9 Crores non-current + ₹52.9 Crores current)
  • Cash and Cash Equivalents: ₹659.3 Crores
  • Bank Balance: ₹425.9 Crores
  • Total Net Cash: ₹1,665 Crores
  • Fixed Assets including CWIP: ₹617.3 Crores
  • Intangible Assets: ₹148.9 Crores
  • Goodwill: ₹1,211.4 Crores

Cash Flow Statement (H1 FY27)

  • Cash from Operating Activities: ₹545 Crores
  • Cash from Investing Activities: -₹261 Crores (including ₹109 Crores for acquisition of subsidiary)
  • Cash from Financing Activities: -₹118 Crores
  • Net Increase in Cash & Equivalents: ₹165 Crores

FY30 Growth Targets

  • Revenue Target: ₹6,300-6,500 Crores
  • Annual Revenue Growth: 20-25%
  • EBITDA Margin Target: 28-30% (vs 27.3% in FY26)

Growth Drivers

1. Strengthen core visa business through renewals, better pricing, VAS penetration

2. Win new tenders and mobilize new mandates

3. Cross-sell across network (insurance, payments, pension, wealth)

4. Accelerate digital services distribution and G2C services

5. Scale adjacent global businesses (iDATA and Citizenship Invest)

6. Technology and platform-led growth through SaaS, APIs, AI

7. Expand G2C services including Aadhaar Seva Kendras

8. Selective and focused M&A for capability acquisition

Business Overview

  • Technology-enabled global travel and mobility service provider
  • Operates in two segments: Visa & Consular Services and Digital Services
  • Among top 2 players in visa, passport, consular, and citizen services globally
  • 46 client governments across 100+ countries
  • ~17% market share by value and ~10% by volume in global visa outsourcing market (except USA)
  • Typical contract duration: 5-10 years with exclusive regional/global contracts

Acquisition Performance (FY26)

  • Total capital deployed for acquisitions: ₹1,102 Crores
  • FY26 revenue from acquisitions: ₹1,337 Crores
  • Blended FY26 ROI: 14.2%
  • Key acquisitions: Zero Mass (90.9% stake), iDATA (100%), Citizenship Invest (100%), Aadifidelis Solutions (57%)

Sustainability Initiatives

  • Scope 1 emissions: 29.68 tCO₂e
  • Scope 2 emissions: 1,100.89 tCO₂e
  • 32% female workforce
  • 100% health & accident insurance coverage
  • CSR spend: ₹0.7 Crores
  • 720 beneficiaries through women empowerment programs
  • ISO certifications: 27001, 14001, 45001, 9001

Shareholding Information (as of September 30, 2026)

  • Market Cap: ₹8,986.7 Crores
  • Free float: 29.6%
  • Free float market cap: ₹2,659.2 Crores
  • Shares outstanding: 41.2 Crores
  • 3M ADTV (Shares): 21,59,239
  • 3M ADTV (Value): ₹53.1 Crores