Bls International Services Ltd. · NSE:BLS
Bls International Services — Q1 FY26 Earnings Presentation
43 slides from Bls International Services's earnings presentation, Aug 5, 2025
Slide 1: Cover letter to stock exchanges
August 05, 2025 National Stock Exchange of India Ltd., BSE Ltd., Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra [E], Mumbai – 400051 Mumbai - 400 001 NSE Scrip Symbol: BLS BSE Scrip Code: 540073 Dear Sir/ Ma’am, Subject: Investor Presentation
Slide 2: BLS International Services Limited Investor Presentation Q1 FY26
BLS INTERNATIONAL SERVICES LIMITED Investor Presentation Q1 FY26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”) have been prepared by BLS International Services Limited (the “Company”) solely for informational purposes. They do not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities, and sh
Slide 4: Table of Contents
Table of Contents 1. About BLS 2. Q1FY26 Key Financial Highlights 3. Annual Key Financial Highlights 4. Industry Overview 5. Annexures
Slide 5: 20 Years Strong and Growing Faster
20 Years Strong and Growing Faster From humble beginnings in 2005 to becoming one of the top two global leaders in visa and consular services, BLS International’s 20-year journey has been defined by visionary leadership, operational rigour, and an unrelenting commitment to service excellence. Built
Slide 6: About BLS International
About BLS International
Slide 7: BLS International at a Glance
BLS International at a Glance A Trusted Global Partner for Governments and Citizens BLS International is one of the Top 2 global Visa & Consular Services Digital Services providers of visa, passport, consular and citizen BLS delivers outsourced visa, passport and other BLS offers front-end citizen s
Slide 8: Investment Rationale
Investment Rationale Leading player in a fast-growing industry enabling unprecedented potential for value creation Focus on Established Expansion through Operational Strong Industry Robust Market Player Diversification and Excellence Tailwinds * Financial Inorganic Route Performance One of the Top
Slide 9: Established Market Player
Established Market Player
Slide 10: Established Market Player
Established Market Player Transformed to become One of Top 2 Global Players within just 2 Decades Entered into the visa processing business in 2005 with it’s first contract for the Portuguese Embassy in New Delhi, now regarded as a valued partner to 46 client governments globally with operations i
Slide 11: Offering End-to-End Visa & Consular Services
Offering End-to-End Visa & Consular Services Providing a One-Stop Service solution with Infrastructure of Global Standards BLS offers a comprehensive range of service solutions encompassing outsourced visa processing, document verification, attestation, passport services, e-visa solutions and asso
Slide 12: Expanding Horizons
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Slide 13: Expanding Horizons
Expanding Horizons In line with our commitment to being global, strengthening our revenues and sustainable value creation Through Diversification of Business Model Digital Drawing upon its capabilities and expertise in the G2C sector, BLS has expanded its business and operations to offer front-end c
Slide 14: Diversification into Digital Services Business
Diversification into Digital Services Business Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services Digital Services Business Business Correspondent E-Governance Services Assisted E-Services Delivers last mile
Slide 15: Expansion through the Inorganic Avenues
Expansion through the Inorganic Avenues iDATA Citizenship Invest Aadifidelis Solutions Founded in 2005 Founded in 2009 Founded in 2018 Visa processing & consular service Investor programs for residency & Distribution and processing of loans provider citizenship to HNWI for corporates and
Slide 16: Operational Excellence
Operational Excellence
Slide 17: Focus on Operational Excellence
Focus on Operational Excellence Focusing on capital efficiency which was evident in significant strengthening of EBITDA margin from 8.3% in FY21 to 28.7% in FY25, reflecting improved revenues, higher scale, and strategic cost management EBITDA Margin (%) Transitioned from a partner-run model to a se
Slide 18: Harnessing the Power of Technology to Climb into the Next Orbit
Harnessing the Power of Technology to Climb into the Next Orbit BLS harnesses advanced technologies to reinforce its brand equity, elevate its competitive edge, and drive scalable growth across markets Delivering Tech-Enabled Services Globally AI-Driven Identity Language Data Connected User Electron
Slide 19: BLS: A Unique Value Proposition
BLS: A Unique Value Proposition
Slide 20: BLS - A Unique Value Proposition
BLS - A Unique Value Proposition Focus on Profitable Growth Exclusive & Long-term Contracts Negative Working Capital Achieved 37% Revenue CAGR (FY22-25) Most contracts are exclusive, ensuring no B L S i s a C as h -ge n e rati n g b u s i n e s s w i t h overlap in regions or countries between
Slide 21: Committed to Exploring Avenues for Future Growth
Committed to Exploring Avenues for Future Growth Follow an aggressive bidding strategy for new upcoming tenders Aggressive Bidding Recruit experienced resources and train them around AI and technology to strengthen our bidding Expanding Service Offerings Explore opportunities to diversify serv
Slide 22: Q1FY26 Financial Highlights
Q1FY26 Financial Highlights
Slide 23: Q1 FY26 Consolidated Performance
Q1 FY26 Consolidated Performance Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 400.00 400.0 27.0% 28.7% 350.00 24.5% 25.5% +44% 350.0 300.00 710.6 300.0 250.00 250.0 +53% 200.00 +50% 492.7 200.0 204.2 150.00 150.0 181.0 100.0 133.2 100.00 120.8 50.00 50.0 - 0.0 Q1FY25 Q1FY2
Slide 24: Q1FY26 Consolidated P&L
Q1FY26 Consolidated P&L Particulars (₹ in Crores) Q1FY26 Q1FY25 YoY FY25 FY24 YoY Revenue from Operations 710.6 492.7 44.2% 2,193.3 1,676.8 30.8% Cost of Services 318.1 242.4 986.0 964.4 Employee Benefit Expenses 109.0 71.2 323.5 208.1 Other Expenses 79.3 45.9 254.5 158.7 EBITDA 204.2 133.2 53.4% 62
Slide 25: Q1FY26 – Segment Highlights
Q1FY26 – Segment Highlights Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 29.3% 40.4% 300.00 +11% 210.00 460.7 414.1 186.0 250.00 160.00 +53% 200.00 +218% 249.9 110.00 121.3 150.00 60.00 100.00 78.5 50.00 10.00 Q1FY25 Q1FY26 0.00
Slide 26: Historical Key Financial Highlights
Historical Key Financial Highlights
Slide 27: Historical Key Financial Highlights
Historical Key Financial Highlights Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 46% CAGR 100% CAGR 81% CAGR 8.3% 12.6% 14.6% 20.6% 28.7% 10.5% 13.1% 13.5% 19.4% 24.6% 2,193.3 539.6 629.3 1,676.8 1,516.2 325.6 345.7 849.9 204.3 221.1 478.4 39.7 106.9 111.2 50.3 FY21 FY22 F
Slide 28: Historical Key Ratios
Historical Key Ratios Return on Capital Employed Net Cash Balance Net Worth 1,800 1,200 1,600 1,731 28.1% 28.1% 1,135 1,400 1,000 928 1,200 22.4% 22.0% 800 1,208 1,000 600 800 803 556 600 400 11.0% 407 570 460 400 200 285 200 - - FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24
Slide 29: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 FY25 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 Cost of Services 573.9 1,028.6 964.7 986.0 Employee Benefit Expenses 75.8 139.6 208.1 323.5 Other Expenses 93.3 126.9 158.3 254.5 EBITDA 106.9 221.1 345.7 629.3 EB
Slide 30: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’24 Mar’25 Particulars (Rs. in Crores) Mar’24 Mar’25 Share Capital 41.2 41.2 Fixed Assets incl. CWIP 168.3 331.6 Shareholders' Funds 1,207.6 1,730.8 Intangible Assets 45.8 48.1 Non Controlling Interest 234.0 287.9 Goodwill 81.4 994
Slide 31: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement Rs. Crores March FY24 March FY25 Operating Profit before WC changes 371 702 C/F from Operating activities Changes in Working Capital (2) 350 202 829 Direct Taxes (20) (75) Purchase of Property, Plant and Equipment and Intangibles (64) (161) Proceeds from S
Slide 32: Key Segment Highlights
Key Segment Highlights Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 14.6% 14.8% 22.1% 34.5% +30% +79% +73% 540.0 1,653.3 569.7 1,259.9 1,361.8 315.0 756.3 300.5 256.3 110.1 186.6 93.6 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22
Slide 33: Strong Industry Tailwinds
Strong Industry Tailwinds
Slide 34: Growing Global Travel Industry
Growing Global Travel Industry Global Travel & Tourism industry is expected to continue its growth trajectory, driven by multiple factors In-bound Tourism by Region Global Travel & Tourism Industry ($ Tn) Global Airline Passengers (Bn) of Origin (% of Total) 5.6 Europe Asia & Pacific Americas Middle
Slide 35: Global Visa Market offers significant opportunity for Outsourcing
Global Visa Market offers significant opportunity for Outsourcing Global Visa Market by Value ( $ Bn) - Huge Opportunity for Outsourced Partners Outsourcing Visa Market & Outsourcing Visa Market Total Visa Market % of Total Visa Market (except USA) 7.7 26% 31% 42% 5.4 7% CAGR 4.7 3.2 14% CAGR 14% CA
Slide 36: Visa Outsourcing: Scaling Efficiency in Global Visa Solutions
Visa Outsourcing : Scaling Efficiency in Global Visa Solutions Governments are outsourcing Visa & Consular services to improve efficiency and effectiveness of their immigration processes Global Visa Applications Volumes Split Market Segmentation by Type of Visa 2% 1% 1% 35% 38% 7% 9% 6% 10% Others 5
Slide 37: Consular Services: Another G2C Segment with Enormous Opportunity
Consular Services : Another G2C Segment with Enormous Opportunity Growth Drivers of the Global Consular Global Consular Services Outsourced Market ($ Mn) Services Market Beyond visas, consular services now also encompass national ID applications, 32% CAGR 634.0 renunciation of citizenship and nota
Slide 38: Residency and Immigration Services - Witnessing Increasing Global Mobility
Residency and Immigration Services - Witnessing Increasing Global Mobility Investment Migration Services Market by Value ($ Bn) Investment Migration Services Market by Volumes (Thousand) 11% CAGR 175.0 1.5 134.0 115.0 10% CAGR 0.9 0.6 2019 2024 2029P 2019 2024 2029P Growth Drivers of the Residency a
Slide 39: Annexures
RLS c INTERNATIONAL
Slide 40: Leadership Team
Leadership Team Charu Khosla Diwakar Aggarwal Shikhar Aggarwal Nikhil Gupta Amit Sudhakar Jitendra Sahu COO – Strategic Chairman Jt. Managing Director Managing Director Chief Financial Officer COO - Operations Markets, Govt. & Inst. Prashant Khullar Bhavya Suri Prem Anand Rahul Tandon Golok Kumar Si
Slide 41: Corporate Structure
Corporate Structure 100% 51% BLS International FZE iDATA DANISMANLIK VE BLS E-Services Limited HIZMET DIS TIC. A.S., Visa & Consular Business in other Turkey Digital Business countries 100% Key International Subsidiaries* UK USA UAE Russia Starfin India Pvt Ltd BLS Kendra Pvt Ltd (BC Business) (e-Go
Slide 42: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 30th June 2025 BSE Ticker: 540073 Promoters 70.39% DIIs NSE Symbol: BLS FIIs Bodies Corporates 2.87% MSE Symbol: BLS 8.53% Others 2.09% 16.12% Market Cap (in Rs. Crores): 15,205 % Free- float: 29.6% Top Few Shareholders FF M
Slide 43: Thank You
Mr. Amit Sudhakar, CFO Vikash Verma / Rohit Anand / Riddhant Kapur amit.sudhakar@blsinternational.com vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / Mr. Gaurav Chugh, Head – Investor Relations riddhant.kapur@in.ey.com gaurav.chugh@blsinternational.com Thank You
BLS International Services — Q1 FY26 Earnings Presentation on 6ix