BLS International Services Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,597 Cr
- P/E
- 12.17
- ROE
- 32.07%
- PEG
- 0.25
- Price to sales
- 2.71
- Debt to equity
- 0.17
- 52W high / low
- ₹337 / ₹208
- Sales growth (5Y)
- 44.35%
- EBITDA margin
- 27.28%
- Net profit margin
- 23.65%
- Promoter holding
- 70.41%
- Sales (last year)
- ₹3,178 Cr
BLS International Services Limited (BLS), a part of the four-decades-old BLS Group with a global presence and diversified range of services, and is the biggest global players in visa application outsourcing.[1]
Guidance scorecard · Q1 FY27 call
What BLS International Services Ltd's management guided
and where it ranks in Leisure Services
RevenueQ4 FY26 call
20–40%- The company targets a revenue growth of 20%-25% annually on an increased base for FY27.
- Over the last 3 years, revenue and bottom line grew at a 50% CAGR.
- New contracts and tender wins (including 5-8 new contracts last year) are driving volume increases.
- Multiple tenders worth $1 billion to $2 billion expected to come up for bidding in the next 1-2 years.
- Visa & Consular Services segment expected to maintain strong double-digit growth with margins around 40%.
- The Digital segment is growing rapidly with expectations of margin improvement as scale increases.
- Expansion planned both organically and via acquisitions with INR2,000 crores earmarked for acquisitions over 4-5 years.
2 more points from BLS International Services Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what BLS International Services Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- BLS International plans to utilize cash primarily for expansion of existing business and inorganic growth through acquisitions.
- The company has announced one acquisition in the pipeline and is working on a few acquisition opportunities across both Digital and Visa & Consular Services segments.
- Management mentioned allocating about INR2,000 crores towards acquisitions over the next 4-5 years.
- The company is focused on asset-light business models and has ruled out further acquisitions in the hotel space.
2 more points from BLS International Services Ltd's call on capex
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FundraisingQ4 FY26 call
See what BLS International Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- BLS International is actively bidding on multiple tenders across regions including Europe, North America, and the Middle East.
- The company has won several contracts recently, including the INR 2,500 crores UIDAI Aadhaar project, which is a 6-year contract currently in phases of deployment.
- There is a potential opportunity of $1 billion to $2 billion worth of contracts expected to come up for bidding in the next couple of years.
2 more points from BLS International Services Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Leisure Services
on management's own guidance
- Jubilant Foodworks LtdGood growth2
- Landmark Global Learning LtdGood growth1
- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Leisure Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Landmark Global Learning Ltd | 20–40% | Up 2%+ | ₹21 Cr | — |
| 2 | Jubilant Foodworks Ltd | 20–40% | Flat | ₹27,579 Cr | 72.4 |
| 3 | Le Travenues Technology Ltd | 20–40% | Flat | ₹6,423 Cr | 54.1 |
| 4 | 20–40% | Flat | ₹6,285 Cr | 2553.3 | |
| 5 | 20–40% | Flat | ₹4,827 Cr | 20.4 | |
| 6 | 20–40% | Flat | ₹2,741 Cr | 215.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Leisure Services rankingFinancials of BLS International Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of BLS International Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 449 | 383 | 408 | 438 | 448 | 493 | 495 | 513 | 693 | 711 | 737 | 736 | 815 |
| Expenses + | 382 | 303 | 321 | 349 | 357 | 360 | 331 | 355 | 519 | 506 | 524 | 538 | 611 |
| Operating Profit | 67 | 80 | 87 | 89 | 90 | 133 | 164 | 158 | 174 | 204 | 213 | 198 | 204 |
| OPM % | 15% | 21% | 21% | 20% | 20% | 27% | 33% | 31% | 25% | 29% | 29% | 27% | 25% |
| Other Income + | 29 | 7 | 9 | 9 | 15 | 18 | 23 | 15 | 25 | 25 | 19 | 21 | 30 |
| Interest | 0 | 0 | 1 | 0 | 1 | 2 | 6 | 11 | 9 | 6 | 6 | 5 | 6 |
| Depreciation | 8 | 6 | 7 | 6 | 11 | 14 | 18 | 22 | 23 | 23 | 23 | 23 | 25 |
| Profit before tax | 87 | 80 | 87 | 91 | 93 | 135 | 164 | 140 | 167 | 200 | 203 | 191 | 204 |
| Tax % | 12% | 12% | 6% | 4% | 9% | 10% | 11% | 9% | 13% | 10% | 8% | 11% | 8% |
| Net Profit + | 77 | 71 | 82 | 87 | 85 | 121 | 146 | 128 | 145 | 181 | 186 | 170 | 187 |
| EPS in Rs | 1.68 | 1.68 | 1.91 | 2.05 | 1.96 | 2.77 | 3.36 | 2.93 | 3.28 | 4.15 | 4.26 | 3.95 | 4.32 |
Financials of BLS International Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 450 | 505 | 635 | 789 | 804 | 786 | 478 | 850 | 1,516 | 1,677 | 2,193 | 2,998 |
| Expenses + | 420 | 467 | 551 | 629 | 693 | 700 | 437 | 742 | 1,293 | 1,326 | 1,545 | 2,179 |
| Operating Profit | 30 | 38 | 84 | 160 | 111 | 86 | 41 | 108 | 223 | 351 | 649 | 819 |
| OPM % | 7% | 7% | 13% | 20% | 14% | 11% | 9% | 13% | 15% | 21% | 30% | 27% |
| Other Income + | 0 | 0 | 3 | 4 | 43 | -15 | 19 | 15 | 19 | 40 | 80 | 95 |
| Interest | 2 | 1 | 7 | 13 | 13 | 4 | 2 | 2 | 3 | 8 | 47 | 23 |
| Depreciation | 5 | 6 | 26 | 40 | 19 | 12 | 9 | 7 | 18 | 31 | 77 | 94 |
| Profit before tax | 24 | 31 | 53 | 111 | 122 | 55 | 48 | 114 | 220 | 352 | 606 | 797 |
| Tax % | 1% | 1% | 6% | 13% | 14% | 4% | -4% | 2% | 7% | 8% | 11% | 9% |
| Net Profit + | 24 | 31 | 50 | 97 | 105 | 52 | 50 | 111 | 204 | 326 | 540 | 724 |
| EPS in Rs | 0.58 | 0.75 | 1.22 | 2.36 | 2.57 | 1.28 | 1.22 | 2.72 | 4.89 | 7.60 | 12.34 | 16.68 |
| Dividend Payout % | 0% | 0% | 7% | 5% | 10% | 20% | 10% | 12% | 15% | 13% | 8% | 3% |
Financials of BLS International Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 41 | 41 | 41 | 41 |
| Reserves | 73 | 108 | 155 | 250 | 362 | 418 | 450 | 560 | 762 | 1,166 | 1,690 | 2,422 |
| Borrowings + | 7 | 6 | 95 | 108 | 38 | 1 | 1 | 11 | 7 | 31 | 359 | 431 |
| Other Liabilities + | 13 | 13 | 36 | 101 | 66 | 40 | 38 | 52 | 136 | 378 | 714 | 876 |
| Total Liabilities | 103 | 137 | 297 | 470 | 475 | 469 | 498 | 633 | 945 | 1,616 | 2,804 | 3,770 |
| Fixed Assets + | 24 | 24 | 78 | 49 | 51 | 41 | 38 | 112 | 234 | 296 | 1,363 | 1,721 |
| CWIP | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 11 | 2 |
| Investments | 2 | 2 | 32 | 28 | 28 | 29 | 24 | 70 | 88 | 116 | 220 | 352 |
| Other Assets + | 78 | 111 | 187 | 393 | 393 | 400 | 436 | 451 | 623 | 1,205 | 1,210 | 1,696 |
| Total Assets | 103 | 137 | 297 | 470 | 475 | 469 | 498 | 633 | 945 | 1,616 | 2,804 | 3,770 |
Financials of BLS International Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 13 | 36 | 48 | 56 | 133 | 116 | 45 | 185 | 261 | 350 | 829 | 903 |
| Cash from Investing Activity + | -11 | -7 | -115 | -27 | -66 | -107 | -22 | -172 | -238 | -260 | -1,119 | -446 |
| Cash from Financing Activity + | 6 | -2 | 84 | -2 | -87 | -54 | -9 | -12 | 7 | 257 | 158 | -246 |
| Net Cash Flow | 8 | 27 | 17 | 27 | -20 | -45 | 13 | 2 | 30 | 347 | -131 | 211 |
| Free Cash Flow | 7 | 31 | -33 | 45 | 150 | 116 | 40 | 103 | 193 | 286 | 668 | 766 |
| CFO/OP | 45% | 96% | 60% | 37% | 141% | 153% | 111% | 178% | 125% | 105% | 139% | 120% |
Financials of BLS International Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 5 | 2 | 34 | 98 | 80 | 52 | 76 | 10 | 8 | 9 | 20 | 21 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 5 | 2 | 34 | 98 | 80 | 52 | 76 | 10 | 8 | 9 | 20 | 21 |
| Working Capital Days | 28 | 36 | 20 | 46 | 51 | 51 | 77 | 7 | -2 | -4 | -42 | 2 |
| ROCE % | 30% | 31% | 39% | 26% | 21% | 11% | 22% | 32% | 31% | 34% | 29% |
Guidance history
How BLS International Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
10 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −34.1% | 19% |
| Last 6 months | −24.8% | 14% |
| Last 3 months | −12.6% | 38% |
The price is 58.6% below its all-time high of ₹504.9 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 21 became 10.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For BLS International Services Ltd: 0.4 × 19 + 0.4 × 14 + 0.2 × 38 = 21, halved to 10 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What BLS International Services Ltd's management said in earlier quarters
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