Bls International Services Ltd. · NSE:BLS
Bls International Services — H1 FY27 Earnings Presentation
41 slides from Bls International Services's earnings presentation, Nov 3, 2026
Slide 1: BLS International Services Limited Investor Presentation Q2 & H1 FY27
BLS INTERNATIONAL SERVICES LIMITED A Leading Global Travel & Mobility Service Provider Investor Presentation Q2 & H1 FY27
Slide 2: Safe Harbor
( Safe Harbor BLSI INTERNATIONAL 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 a
Slide 3: Table of Contents
Table of Contents BLS INTERNATIONAL 1. Q2 & H1 FY27 Highlights 2. About BLS 3. Annual Financial Highlights 4. Industry Overview 5. Annexures
Slide 4: Q2 & H1 FY27 Highlights
Q2 & H1 FY27 Highlights BLS BLS BLS
Slide 5: Key Developments – Q2 & H1 FY27
( Key Developments – Q2 & H1 FY27 BLSI INTERNATIONAL r Q2 FY27 KEY UPDATES SPAIN MATTER 500 Mn Applications In August 2026, media reports linked BLS to a Spanish court probe into alleged Landmark milestone for number of applications processed till date visa irregularities at the Algiers Consulate. a
Slide 6: Result Snapshot – Q2 & H1 FY27
( Result Snapshot – Q2 & H1 FY27 BLSI INTERNATIONAL Q2FY27 vs Q2FY26 H1FY27 vs H1FY26 CONSOLIDATED CONSOLIDATED Rs. 973 Crores Rs. 248 Crores Rs. 202 Crores Rs. 1,863 Crores Rs. 500 Crores Rs. 403 Crores Revenue EBITDA PAT Revenue EBITDA PAT +32.0% YoY +16.6% YoY +8.6% YoY +28.7% YoY +20.0% YoY +10.
Slide 7: Performance Highlights – Q2FY27 vs Q2FY26
( Performance Highlights – Q2FY27 vs Q2FY26 BLSI INTERNATIONAL Consolidated Visa & Consular Including Citizenship Invest & Hotels Business (____ ▲ 32.0% YoY ) (____ ▲ 16.6% YoY ) (__ Revenue EBITDA (____ - - Revenue ▲ 11.2% YoY ) EBITDA ▲ 11.2% YoY ) 736.6 972.7 28.9% 212.8 25.5% 248.1 458.6 509.9 -
Slide 8: Performance Highlights – H1FY27 vs H1FY26
( Performance Highlights – H1FY27 vs H1FY26 BLSI INTERNATIONAL Consolidated Visa & Consular Including Citizenship Invest & Hotels Business Revenue (____ ▲ 28.7% YoY ) EBITDA (____ ▲ 20.0% YoY ) (- ▲ 16.4% YoY ) (_ _ YoY ) - - Revenue EBITDA ▲ 16.2% 1,447.2 1,863.2 28.8% 417.0 26.9% 500.5 919.3 - 1,0
Slide 9: Segment Mix – Q2FY27 vs Q2FY26 & H1FY27 vs H1FY26
( Segment Mix – Q2FY27 vs Q2FY26 & H1FY27 vs H1FY26 BLSI INTERNATIONAL Visa & Consular Digital 57% 62% 52% 64% Revenue Mix 48% 43% 38% 36% Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 88% 90% 86% 91% EBITDA Mix 10% 14% 9% 12% Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 9 In Rs. Crores Consolidated Financials
Slide 10: Consolidated P&L – Q2 & H1 FY27
( Consolidated P&L – Q2 & H1 FY27 BLSI INTERNATIONAL Particulars (₹ in Crores) Q2FY27 Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 972.7 736.6 32.0% 1,863.2 1,447.2 28.7% Cost of Services 450.4 337.1 854.7 655.2 + Employee Benefit Expenses 170.2 108.4 307.4 217.4 Other Expenses 104.0 78.3 20
Slide 11: Our Vision for FY30 & Key Growth Drivers
( Our Vision for FY30 & Key Growth Drivers BLSI INTERNATIONAL Targeting Profitable Growth through FY30, Powered by Eight Growth Levers Strengthen the Core Visa FY30 TARGETS Business Accelerate Digital Services Renewals, better pricing, deeper VAS Scale financial inclusion, BC services, loan penetrat
Slide 12: Consolidated Balance Sheet
( Consolidated Balance Sheet BLSI INTERNATIONAL Particulars (Rs. in Crores) Mar’26 Sep’26 Particulars (Rs. in Crores) Mar’26 Sep’26 Share Capital 41.2 41.2 Fixed Assets incl. CWIP 454.4 617.3 Shareholders' Funds 2,422.3 2,784.2 Intangible Assets 55.3 148.9 Non-Controlling Interest 320.2 334.0 Goodwi
Slide 13: Consolidated Cash Flow Statement
( Consolidated Cash Flow Statement BLSI INTERNATIONAL Rs. Crores Mar FY26 Sep FY26 Sep FY27 992 Operating Profit before WC changes 518 554 C/F from Operating (7) 903 Changes in Working Capital 30 515 8 545 activities (82) Direct Taxes (33) (17) (137) Purchase of Property, Plant and Equipment and Int
Slide 14: About BLS International
About BLS International
Slide 15: 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 16: BLS' Journey in Numbers
BLS’ Journey in Numbers CONSOLIDATED VISA & CONSULAR BUSINESS FY26 FY22 - FY26 FY26 FY22 - FY26 Revenue Rs. 2,998 Crores 37% CAGR Rs. 1,840 Crores 25% CAGR EBITDA Rs. 819 Crores 66% CAGR Rs. 738 Crores 61% CAGR EBITDA Margin 27.3% from 12.6% 40.1% from 14.6% Net Rev. / Application PAT Rs. 724 Crores
Slide 17: 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 MOATS service model border movement exp
Slide 18: BLS - A Unique Value Proposition
BLS - A Unique Value Proposition Exclusive Long-term Contracts Asset-Light Model Negative Working Capital Rs. 1,665 Crores Net Cash balance as of 30th September 2026 ➢ Most contracts are exclusive, ensuring ➢ All visa application centers across the ➢ Processing fees collected upfront, no overlap in
Slide 19: 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 20: Established Market Player
Established Market Player Visa & Consular Services Business is the Credibility Engine for Broader Mobility Services SCALE & POSITION FINANCIAL TRACK RECORD (FY22 – 26) SUPERIOR SERVICE PROPOSITION In 2005, entered the Visa Processing business with Government Outsourcing Partner first contract win fr
Slide 21: 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 22: 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 23: Technology: Our Strategic Moat and Margin Driver
Technology : Our Strategic Moat and Margin Driver Technology reduces manual dependency, strengthens government trust and creates high entry barriers through deep integration with sovereign workflows WHAT WE DEPLOY WHY IT IS A MOAT VALUE WE CREATE AI-Led Identity & Fraud Prevention Operational Levera
Slide 24: 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 25: Major Acquisitions: A Track Record of Value Creation
Major Acquisitions : A Track Record of Value Creation PORTFOLIO Rs. 1,102 Crores Rs. 1,337 Crores 14.2% AT A GLANCE Total Capital Deployed for FY26 Revenue from acquisitions Blended FY26 ROI Acquisitions PERFORMANCE BY ACQUISITION (FY26) Zero Mass iData Citizenship Invest Aadifidelis Solutions Acqui
Slide 26: Historical Financial Highlights
Historical Financial Highlights
Slide 27: 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 28: 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 28 In Rs. Crores Consolidated Financi
Slide 29: 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 1,259.9 186.6 300.5 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 No. of Applications (Lakhs) Net Revenue per Application * (Rs.) +21% +27
Slide 30: 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 31: Strong Industry Tailwinds
RLS INTERNATIONAL 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) 5.6
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 COO – Strategic Chairman Jt. Managing Director Managing Director Chief Financial Officer Markets, Govt. & Inst. Jitendra Sahu Saurabh Saggi Prem Anand Rahul Tandon Gaurav Aggarwal COO - Operations Head – Corpor
Slide 38: Corporate Structure
Corporate Structure BLS International Services Limited 100% 54.53% BLS International FZE - UAE BLS E-Services Limited (Visa and Consular business in other countries) (Digital Business) UK Hong Kong Shareholding 100% Key international Sept’26 Starfin India Pvt Ltd Malaysia Canada Pattern subsidia
Slide 39: Focus on Sustainability
Focus on Sustainability Environmental Social Governance 32% female workforce Board-level ESG oversight Scope 1 emissions: 29.68 tCO₂e 100% health & accident insurance coverage Independent audits & internal controls Scope 2 emissions: 1,100.89 tCO₂e CSR spend: Rs. 0.7 Crores ISO Certi
Slide 40: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 30th September 2026 BSE Ticker: 540073 Promoters 70.42% DIIs NSE Symbol: BLS FIIs Bodies Corporates Market Cap (in Rs. Crores): 8,986.7 3.88% 3.06% 2.84% Others 19.80% % Free- float: 29.6% FF Market Cap (in Rs. Crores): 2,65
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
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