Bls International Services Ltd. · NSE:BLS
Bls International Services — Q3 FY26 Earnings Presentation
44 slides from Bls International Services's earnings presentation, Feb 6, 2026
Slide 1: BLS International Services Limited Investor Presentation Q3 & 9M FY26
BLS INTERNATIONAL SERVICES LIMITED Investor Presentation Q3 & 9M FY26
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. Q3 & 9M FY26 Highlights 2. About BLS 3. Annual Key Financial Highlights 4. Industry Overview 5. Annexures
Slide 4: Q3 & 9M FY26 Highlights
Q3 & 9M FY26 Highlights
Slide 5: Business Highlights – Q3FY26
Business Highlights – Q3FY26 • BLS International reported strong YoY growth, with Consolidated Revenue up 43.6% YoY to Rs. 736.5 Crores in Q3FY26, PAT growing 33.1% to Rs. 170.2 Crores. • For 9MFY26, Consolidated Revenue grew by 45.5% to Rs. 2,183.7 Crores with PAT at Rs. 536.9 Crores, a growth of 3
Slide 6: Consolidated Performance – Q3FY26 vs Q3FY25
Consolidated Performance – Q3FY26 vs Q3FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 700.00 30.8% 26.9% 24.9% 23.1% 600.00 +43.6% 736.5 500.0 500.00 400.0 400.00 +25.3% 512.8 300.0 300.00 +33.1% 200.0 200.00 198.0 158.0 127.9 100.0 170.2 100.00 0.0 - Q3FY25 Q3FY26 Q3FY
Slide 7: Consolidated Performance – 9MFY26 vs 9MFY25
Consolidated Performance – 9MFY26 vs 9MFY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 30.3% 28.2% 26.3% 24.6% 1,100.00 +45.5% 1,200.0 900.00 2,183.7 1,000.0 +36.1% 800.0 +35.1% 700.00 600.0 615.0 500.00 1,500.5 400.0 455.2 536.9 300.00 394.4 200.0 0.0 100.00 9MFY25 9MFY
Slide 8: Consolidated P&L – Q3 & 9M FY26
Consolidated P&L – Q3 & 9M FY26 Particulars (₹ in Crores) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY Revenue from Operations 736.5 512.8 43.6% 2,183.7 1,500.5 45.5% Cost of Services 334.7 223.3 989.9 644.5 Employee Benefit Expenses 123.3 79.6 340.6 226.7 Other Expenses 80.5 51.9 238.1 174.2 EBITDA 198.0 15
Slide 9: Segment Highlights – Q3FY26 vs Q3FY25
Segment Highlights – Q3FY26 vs Q3FY25 Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 37.4% 40.1% +19.6% 400.00 +28.4% 350.00 +109.3% 300.00 449.3 250.00 287.2 375.7 200.00 180.2 150.00 140.3 137.2 100.00 50.00 0.00 Q3FY25 Q3FY26 Q
Slide 10: Segment Highlights – 9MFY26 vs 9MFY25
Segment Highlights – 9MFY26 vs 9MFY25 Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 34.3% 40.8% +13.3% 1000.00 +178.1% +35.0% 800.00 1,368.6 600.00 815.1 558.3 400.00 1,207.4 413.6 293.1 200.00 0.00 9MFY25 9MFY26 9MFY25 9MFY26 9M
Slide 11: About BLS International
About BLS International
Slide 12: BLS International at a Glance
BLS International at a Glance FY25 Consol. Financials Business Overview Rs. 2,193 Crores Revenue from BLS International Services Limited is one of the Top 2 comprehensive end-to-end solutions Operations provider addressing the need of governments and citizens across the world It is the only publ
Slide 13: Journey to being One of Top Visa Services Provider Globally
Journey to being One of Top Visa Services Provider Globally Key Event Timelines 2005 - 2015 2016 - 2018 2019- 2020 2021-2022 2023 2024 - Present Expanded visa service First visa application Listed on NSE and Commenced Got authorized by Renewed the operations to processing contract BSE operat
Slide 14: Diversified Business Model
Diversified Business Model BLS International Visa and Consular Services Digital Services Rs. Crores FY23 FY24 FY25 Rs. Crores FY23 FY24 FY25 75% FY25 Revenue 256.3 315.0 540.0 Revenue 1,259.9 1,361.8 1,653.3 Revenue 25% EBITDA% 14.8% 22.1% 34.5% EBITDA% 13.4% 14.3% 11.0% Business Correspondent (BCs)
Slide 15: Visa and Consular Services
Visa and Consular Services
Slide 16: 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 17: 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 18: 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 19: Digital Services
RLS INTERNATIONAL Digital Services
Slide 20: 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 21: Operational Excellence
Operational Excellence
Slide 22: 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 23: 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 24: BLS: A Unique Value Proposition
BLS: A Unique Value Proposition
Slide 25: 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 BLS is a Cash-generating business with overlap in regions or countries between Negative Working Cap
Slide 26: 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 27: 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 28: New Visa Application Centres & Aadhar Seva Kendras
New Visa Application Centres & Aadhar Seva Kendras Opened 2 new visa application centres in Libya and Benghazi for Spain Visa Inaugurated Aadhar Seva Kendras (ASK) at various locations including Bengaluru, Hyderabad, Raipur, Daman & Diu, Signed contract with Cyprus for Visa Application Centres in Ag
Slide 29: Historical Key Financial Highlights
Historical Key Financial Highlights
Slide 30: 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 31: Historical Key Ratios
Historical Key Ratios Return on Capital Employed Net Cash Balance Net Worth 2,000 1,200 1,800 1,135 1,600 1,731 28.1% 28.1% 1,000 1,400 928 22.4% 22.0% 800 1,200 1,208 1,000 600 800 556 803 600 400 11.0% 407 400 570 200 285 460 200 - - FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23
Slide 32: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 FY25 9MFY26 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 2,183.7 Cost of Services 573.9 1,028.6 964.7 986.0 989.9 Employee Benefit Expenses 75.8 139.6 208.1 323.5 340.6 Other Expenses 93.3 126.9 158.3 254.5 238.1
Slide 33: 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% 540.0 569.7 1,653.3 1,259.9 1,361.8 315.0 300.5 256.3 756.3 186.6 110.1 93.6 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22
Slide 34: Strong Industry Tailwinds
Strong Industry Tailwinds
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 10% CAGR 115.0 0.9 0.6 2019 2024 2029P 2019 2024 2029P Growth Drivers of the Residency a
Slide 40: Annexures
RLS s INTERNATIONAL
Slide 41: 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. Ajit Hugh Dias Saurabh Saggi Prem Anand Rahul Tandon Golok Kumar Si
Slide 42: 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’25 Starfin India Pvt Ltd Malaysia Canada Pattern subsidiaries
Slide 43: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 31st December 2025 Promoters BSE Ticker: 540073 70.39% DIIs NSE Symbol: BLS FIIs Bodies Corporates 2.93% MSE Symbol: BLS 6.37% 2.70% Others 17.61% Market Cap (in Rs. Crores): 13,221 % Free- float: 29.6% Top Shareholders FF M
Slide 44: Thank You
Mr. Amit Sudhakar, CFO amit.sudhakar@blsinternational.com Vikash Verma / Rohit Anand / Riddhant Kapur 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
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