Bls International Services Ltd. · NSE:BLS
Bls International Services — Q1 FY27 Earnings Presentation
41 slides from Bls International Services's earnings presentation, Aug 7, 2026
Slide 1: BLS International Services Limited Investor Presentation Q1FY27
BLS INTERNATIONAL SERVICES LIMITED A Leading Global Travel & Mobility Service Provider Investor Presentation Q1FY27
Slide 2: 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 3: Table of Contents
Table of Contents 1. About BLS 2. Q1FY27 Highlights 3. Annual Financial Highlights 4. Industry Overview 5. Annexures
Slide 4: About BLS International
About BLS International
Slide 5: BLS at a Glance: A Tech-Enabled Global Travel & Mobility Service Provider
BLS at a Glance : A Tech-Enabled Global Travel & Mobility Service Provider Business Overview BLS International Services Limited “BLS” is a Technology-enabled Global Travel and Mobility Service Provider to governments and citizens The Company operates under two business segments: Visa & Consula
Slide 6: BLS' Journey in Numbers
BLS’ Journey in Numbers Consolidated Visa & Consular Business Rs. 2,998 Crores Rs. 1,840 Crores FY26 Revenue FY26 Revenue FY22–26 CAGR : 37% FY22–26 CAGR : 25% Rs. 819 Crores Rs. 738 Crores FY26 EBITDA FY26 EBITDA FY22–26 CAGR : 66% FY22–26 CAGR : 61% 27.3% $ 40.1% FY26 EBITDA Margin FY26 EBITDA Mar
Slide 7: A Differentiated Platform with a Durable Moat
A Differentiated Platform with a Durable Moat A Differentiated, Technology-led Platform for Global Travel & Mobility Services 01 02 Unique Value Proposition One-stop Service Stack Differentiated financial positioning and Comprehensive portfolio around cross- 6 PILLARS service model border movement e
Slide 8: BLS - A Unique Value Proposition
BLS - A Unique Value Proposition Exclusive Long-term Contracts Asset-Light Model Technology-Backed Platform Rs. 1,617 Crores Net Cash balance as of 30th June 2026 Most contracts are exclusive, ensuring All visa application centers across the AI, biometrics and secure digital no overlap in regi
Slide 9: A One-Stop Service Stack Around Cross-Border Movement
A One-Stop Service Stack Around Cross-Border Movement A comprehensive service architecture that begins with visas and extends across travel, settlement, citizen access, and hospitality Global Mobility Services Core Authorization Travel Convenience Consular Identity Migration Pathways Hospitality (Va
Slide 10: Established Market Player
Established Market Player Visa & Consular Services Business is the Credibility Engine for providing Broader Mobility Services Entered into the visa processing business in 2005 with it’s first contract for the Portuguese Embassy in New Delhi, is now one of the Top 2 Global Visa & Consular services pl
Slide 11: Providing Comprehensive Service Solutions
Providing Comprehensive Service Solutions At BLS, we have established a respect for providing a one-stop service solution Collection/courier of the application Quality check as opted by the applicant at the Submission of documents Biometric data consolidation of the Data processing at the time of su
Slide 12: Focus on Operational Excellence
Focus on Operational Excellence Focusing on capital efficiency which was evident in significant strengthening of EBITDA margin from 14.6% in FY22 to 40.6% in FY26, reflecting improved revenues, higher scale, and strategic cost management Visa & Consular Services Transitioned from a partner-run model
Slide 13: 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 14: Technology as a Strategic Moat
Technology as a Strategic Moat Strategic Intent For BLS International, technology reduces dependency on manual processes, strengthens government trust, and creates high entry barriers through deep integration with sovereign workflow AI-Led Identity & Fraud End-to-End Digital Secure, Compliant & Purp
Slide 15: Technology Driving Efficiency, Trust & Margin Expansion
Technology Driving Efficiency, Trust & Margin Expansion Technology is a material enabler of margin expansion, scalable growth, and durable returns, reinforcing BLS International’s position as a mission-critical partner to governments AI-Powered KPI Dashboards for Governments Superior Applicant Exper
Slide 16: Journey to being the Leading Global Travel & Mobility Service Provider
Journey to being the Leading Global Travel & Mobility Service Provider Key Event Timelines 2005 - 2015 2016 - 2018 2019- 2020 2021-2022 2023 2024 - Present First visa application Listed on NSE and Commenced Got authorized by Renewed the Expanded visa service processing contract BSE operation
Slide 17: 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 18: Q1FY27 Highlights
Q1FY27 Highlights
Slide 19: Result Snapshot – Q1FY27 vs Q1FY26
Result Snapshot – Q1FY27 vs Q1FY26 Consolidated Highlights Rs. 891 Crores Rs. 252 Crores Rs. 202 Crores Revenue | + 25.3% YoY EBITDA | + 23.6% YoY PAT | + 11.4% YoY 28.3% 22.6% EBITDA Margin PAT Margin Visa & Consular Services Highlights Rs. 560 Crores Rs. 226 Crores Rs. 3,521 Visa & Consular Revenu
Slide 20: Business Highlights – Q1FY27
Business Highlights – Q1FY27 Commenced Belarus Visa operations Launched #VisaReadyWithBLSInternational in Mumbai, India, facilitating visa for all awareness campaign for categories visa applicants Secured West Bengal contract for Deployed AI-Powered VoiceBot Ayushman Bharat, PM-JAY, and Ayushman in
Slide 21: Consolidated Performance – Q1FY27 vs Q1FY26
Consolidated Performance – Q1FY27 vs Q1FY26 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 28.7% 28.3% 25.5% 22.6% +25.3% 300.0 890.5 280.0 260.0 +23.6% 240.00 710.6 240.0 252.4 220.00 +11.4% 220.0 200.00 200.0 201.6 204.2 180.00 180.0 181.0 160.00 160.0 140.00 140.0 120.0 1
Slide 22: Visa & Consular Services Highlights – Q1FY27 vs Q1FY26
Visa & Consular Services Highlights – Q1FY27 vs Q1FY26 Visa & Consular (Including Citizenship Invest & Hotels Business) Visa & Consular (Excluding Citizenship Invest & Hotels Business) Revenue from Operations Net Revenue * +21.6% +10.7% 560.1 460.7 398.3 359.8 Q1FY26 Q1FY27 Q1FY26 Q1FY27 EBITDA & EB
Slide 23: Consolidated P&L – Q1FY27
Consolidated P&L – Q1FY27 Particulars (₹ in Crores) Q1FY27 Q1FY26 YoY FY26 FY25 YoY Revenue from Operations 890.5 710.6 25.3% 2,998.2 2,193.3 36.7% Cost of Services 404.3 318.1 1,381.7 986.0 Employee Benefit Expenses 137.2 109.0 465.6 323.5 Other Expenses 96.6 79.3 332.1 254.5 EBITDA 252.4 204.2 23.
Slide 24: Historical Financial Highlights
Historical Financial Highlights
Slide 25: Historical Key Financial Highlights
Historical Key Financial Highlights Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 37% CAGR 66% CAGR 60% CAGR 12.6% 14.6% 20.6% 28.7% 27.3% 13.1% 13.5% 19.4% 24.6% 24.1% 2,998.2 818.9 723.8 2,193.3 629.3 539.6 1,676.8 1,516.2 325.6 345.7 849.9 221.1 204.3 111.2 106.9 FY22 FY
Slide 26: Historical Key Ratios
Historical Key Ratios Return on Equity Net Cash Balance Net Worth 1,600 1,400 31.2% 1,434 2,463 29.4% 1,200 27.0% 25.4% 1,000 1,135 1,731 928 19.5% 800 600 1,208 400 556 803 407 200 570 - FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 26 In Rs. Crores Consolidated Financi
Slide 27: Historical Visa & Consular Services Highlights
Historical Visa & Consular Services Highlights Revenue from Operations EBITDA & EBITDA Margin (%) 14.8% 22.1% 34.5% 40.1% +13% +58% 1,840.3 737.8 1,653.3 1,361.8 569.7 1,259.9 300.5 186.6 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 No. of Applications (Lakhs) Net Revenue per Application * (Rs.) +21% +27
Slide 28: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 FY25 FY26 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 2,998.2 Cost of Services 573.9 1,028.6 964.7 986.0 1,381.7 Employee Benefit Expenses 75.8 139.6 208.1 323.5 465.6 Other Expenses 93.3 126.9 158.3 254.5 332.1
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’25 Mar’26 Particulars (Rs. in Crores) Mar’25 Mar’26 Share Capital 41.2 41.2 Fixed Assets incl. CWIP 320.8 454.4 Shareholders' Funds 1,689.7 2,422.3 Intangible Assets 58.8 55.3 Non-Controlling Interest 287.9 320.2 Goodwill 1,025.8 1,212.8 Pro
Slide 30: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Rs. Crores March FY24 March FY25 March FY26 371 Operating Profit before WC changes 702 992 C/F from Operating (2) 350 Changes in Working Capital 202 829 (7) 903 activities (20) Direct Taxes (75) (82) (64) Purchase of Property, Plant and Equipment and Intangibles (161
Slide 31: Strong Industry Tailwinds
Strong Industry Tailwinds
Slide 32: Growing Global Travel Industry & Accelerating International Arrivals
Growing Global Travel Industry & Accelerating International Arrivals 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) Eur
Slide 33: 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) 26% 31% 42% 7% CAGR 7.7 5.4 14% CAGR 3.2 4.7 14% CA
Slide 34: 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% 7% 9% 6% Others 35% 38% 10% 5
Slide 35: Consular, Residency & Immigration - Adjacent G2C Growth Engines
Consular, Residency & Immigration - Adjacent G2C Growth Engines Investment Migration Services Market by Value ($ Bn) Global Consular Services Outsourced Market ($ Mn) 6% CAGR 175.0 11% CAGR 1.5 3% CAGR 134.0 9% CAGR 115.0 0.9 0.6 2019 2024 2029P 2019 2024 2029P Growth Drivers of Consular Services an
Slide 36: Annexures
RLS INTERNATIONAL Annexures
Slide 37: 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. Saurabh Saggi Prem Anand Rahul Tandon Golok Kumar Simli Gaurav Agga
Slide 38: Corporate Structure
Corporate Structure BLS International Services Limited 100% 51% BLS International FZE - UAE BLS E-Services Limited (Visa and Consular business in other countries) (Digital Business) UK Hong Kong Shareholding 100% Key international Dec’26 Starfin India Pvt Ltd Malaysia Canada Pattern subsidiaries
Slide 39: Focus on Sustainability
Focus on Sustainability Environmental Social Governance 13% reduction in Scope 2 emissions (YoY) 46% female workforce Board-level ESG oversight Scope 1 emissions: 19.84 tCO₂e 100% health & accident insurance coverage Independent audits & internal controls Scope 2 emissions: 322.80 tCO₂
Slide 40: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 30th June 2026 BSE Ticker: 540073 Promoters 70.39% DIIs NSE Symbol: BLS FIIs Bodies Corporates Market Cap (in Rs. Crores): 10,318.2 4.14% 3.10% 3.05% Others 19.32% % Free- float: 29.6% FF Market Cap (in Rs. Crores): 3,055.2
Slide 41: Thank You!
Thank You! Vikash Verma / Rohit Anand / Riddhant Kapur Mr. Amit Sudhakar, CFO vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / amit.sudhakar@blsinternational.com riddhant.kapur@in.ey.com
BLS International Services — Q1 FY27 Earnings Presentation on 6ix