Bls International Services Ltd. · NSE:BLS
Bls International Services — Q4 FY26 Earnings Presentation
48 slides from Bls International Services's earnings presentation, May 19, 2026
Slide 1: BLS International Services Limited Investor Presentation Q4 & FY26
BLS INTERNATIONAL SERVICES LIMITED Investor Presentation Q4 & 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. Q4 & FY26 Highlights 2. About BLS 3. Annual Key Financial Highlights 4. Industry Overview 5. Annexures
Slide 4: Q4 & FY26 Highlights
Q4 & FY26 Highlights
Slide 5: Result Snapshot – FY26
Result Snapshot – FY26 Consolidated Revenue Consolidated EBITDA Consolidated PAT Rs. 2,998 Crores Rs. 819 Crores Rs. 724 Crores 27.3% Margin 24.1% Margin 36.7% 30.1% 34.1% VISA Business Revenue Digital Business Revenue Net Cash Rs. 1,434 Crores Rs. 1,840 Crores Rs. 1,158 Crores (as on 31st March 202
Slide 6: Result Snapshot – Q4FY26
Result Snapshot – Q4FY26 Consolidated Revenue Consolidated EBITDA Consolidated PAT Rs. 815 Crores Rs. 204 Crores Rs. 187 Crores 25.0% Margin 22.9% Margin 17.6% 17.1% 28.7% VISA Business Revenue Digital Business Revenue VISA Application Count Rs. 472 Crores Rs. 343 Crores 10.8 Lakhs 7.0% 36.0% 9.8% 6
Slide 7: Business Highlights – FY26
Business Highlights – FY26 Won 3-Year Visa Outsourcing Contract from Ministry of Awarded UIDAI Work Order of Rs. 2,055 Crores for Aadhar External Affairs, India to establish and operate Indian Visa Seva Kendras (ASKs) Application Centres in China Won 5-Year Global Visa Outsourcing Contract from the
Slide 8: Consolidated Performance – FY26 vs FY25
Consolidated Performance – FY26 vs FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 28.7% 27.3% 24.6% 24.1% 1,100.00 +36.7% 1,200.0 900.00 1,000.0 +30.1% +34.1% 2,998.2 700.00 800.0 818.9 723.8 600.0 2,193.3 629.3 500.00 539.6 400.0 300.00 200.0 100.00 0.0 FY25 FY26 FY25
Slide 9: Consolidated Performance – Q4FY26 vs Q4FY25
Consolidated Performance – Q4FY26 vs Q4FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 400.00 25.1% 25.0% 21.0% 22.9% +17.6% 350.00 300.0 280.0 300.00 814.6 260.0 692.8 240.0 220.0 +17.1% 250.00 200.0 +28.7% 180.0 203.9 200.00 160.0 174.1 186.9 140.0 150.00 120.0 145.2 1
Slide 10: Consolidated P&L – Q4 & FY26
Consolidated P&L – Q4 & FY26 Particulars (₹ in Crores) Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from Operations 814.6 692.8 17.6% 2,998.2 2,193.3 36.7% Cost of Services 391.8 341.6 1,381.7 986.0 Employee Benefit Expenses 124.9 96.8 465.6 323.5 Other Expenses 94.0 80.3 332.1 254.5 EBITDA 203.9 174.1 1
Slide 11: Segment Highlights – FY26 vs FY25
Segment Highlights – FY26 vs FY25 Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 34.5% 40.1% +11.3% +29.5% +114.4% 1200.00 1,840.3 1,157.9 1000.00 1,653.3 737.8 800.00 569.7 600.00 400.00 200.00 540.0 0.00 FY25 FY26 FY25 FY26 FY25
Slide 12: Segment Highlights – Q4FY26 vs Q4FY25
Segment Highlights – Q4FY26 vs Q4FY25 Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 34.2% 38.1% +7.0% 400.00 +36.0% 350.00 471.7 300.00 342.8 440.8 +19.0% 250.00 200.00 252.0 150.00 179.5 100.00 150.9 50.00 0.00 Q4FY25 Q4FY26 Q4F
Slide 13: 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 14: 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 15: About BLS International
About BLS International
Slide 16: BLS International at a Glance
BLS International at a Glance FY26 Consol. Financials Business Overview Rs. 2,998 Crores Revenue from BLS International Services Limited is one of the Top 2 comprehensive end-to-end Operations solutions provider addressing the need of governments and citizens across the world Rs. 819 Crores EBITDA
Slide 17: 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 Hungary in processing contract
Slide 18: Diversified Business Model
Diversified Business Model BLS International Visa and Consular Services Rs. Crores FY23 FY24 FY25 FY26 90% FY26 Revenue 1,259.9 1,361.8 1,653.3 1,840.3 EBITDA 10% EBITDA% 14.8% 22.1% 34.5% 40.1% Digital Services * Visa Rs. Crores FY23 FY24 FY25 FY26 Includes visa issuance-related administrative an
Slide 19: Visa and Consular Services
Visa and Consular Services
Slide 20: 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 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: 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 23: Operational Excellence
Operational Excellence
Slide 24: 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 25: 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 26: 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 27: 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 28: BLS: A Unique Value Proposition
BLS: A Unique Value Proposition
Slide 29: 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 (FY22-26) Most contracts are exclusive, ensuring no BLS is a Cash Generating business with overlap in regions or countries between Negative Working Cap
Slide 30: 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 31: 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 32: Historical Key Financial Highlights
Historical Key Financial Highlights
Slide 33: 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 34: 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 34 In Rs. Crores Consolidated Financi
Slide 35: 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 36: Historical Segment Highlights
Historical Segment Highlights Visa & Consular Services Digital Services Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 14.8% 22.1% 34.5% 40.1% +13% +65% +58% 1,840.3 1,157.9 1,653.3 737.8 1,259.9 1,361.8 569.7 300.5 540.0 186.6 256.3 315.0 FY23 FY24 FY25 FY26 FY23 FY24 FY
Slide 37: Strong Industry Tailwinds
Strong Industry Tailwinds
Slide 38: 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 39: Accelerating Growth in International Travel
Accelerating Growth in International Travel Driven by Strong Demand, Robust Performance from large source markets globally, & the ongoing recovery in Asia & Pacific Total International Tourist Arrivals (Bn.) • Strong pent-up demand and deferred travel plans are driving sustained global travel 3% CAG
Slide 40: 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 41: 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 42: 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 43: 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 44: Annexures
RLS s INTERNATIONAL
Slide 45: 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 46: 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 47: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 31st March 2026 BSE Ticker: 540073 Promoters 70.39% DIIs NSE Symbol: BLS FIIs Bodies Corporates Market Cap (in Rs. Crores): 11,357.87 2.99% 6.14% 2.10% Others 18.38% % Free- float: 29.6% FF Market Cap (in Rs. Crores): 2868 T
Slide 48: 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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