BLS International Services Limited provided a transcript of its Earnings Call held on February 06, 2026, discussing performance up to December 31, 2025. For the 9MFY26, consolidated revenue grew 46% YoY to INR2,184 crores, with Profit After Tax (PAT) rising 36% YoY to INR537 crores. The company also announced an interim dividend of INR2 per share.
Q3 & 9MFY26 Financial Highlights
BLS International Services Limited reported a robust financial performance for the nine months ending December 31, 2025 (9MFY26). Consolidated revenue surged by 46% year-on-year (YoY), reaching INR2,184 crores, nearly matching the prior full year’s revenue in just nine months. Consolidated Profit After Tax (PAT) grew by 36% YoY to INR537 crores.
For the third quarter of FY’26 (Q3FY26), total revenue was INR737 crores, marking a 44% YoY growth. EBITDA for the quarter increased 25% YoY to INR198 crores, and PAT grew 33% YoY to INR170 crores.
In line with its consistent growth, the Board approved an interim dividend of 200% of face value (INR2 per equity share).
Segment Performance Breakdown
Visa and Consular Services
The visa and consular services business demonstrated strong traction in Q3FY26, with revenue growing 20% YoY to INR449 crores. This was driven by an 18% increase in applications processed, reaching 10.7 lakh (up from 9.1 lakh in Q3FY25). Net revenue per application saw a 19% increase to INR3,383.
For the 9MFY26, this segment’s revenue rose 13% to INR1,369 crores, with EBITDA jumping 35% to INR558 crores, improving margins to 41%.
Key contract wins during the quarter included a 5-year global contract from the Slovak Republic spanning over 80 countries and a 3-year contract from the Ministry of External Affairs, Government of India, for establishing visa application centres in China.
Digital Business
The digital business maintained significant momentum, with Q3FY26 revenue more than doubling to INR287 crores from INR137 crores in Q3FY25, achieving 109% YoY growth. For 9MFY26, digital revenue reached INR815 crores (up from INR293 crores in 9MFY25).
Traction was noted in the Business Correspondent (BC) business, with Gross Transaction Value (GTV) increasing to INR27,000 crores. The loan lead generation business also saw a significant increase, generating leads worth over INR9,700 crores in the quarter.
Management noted that the lower EBITDA margin in the digital segment (around 3% to 4% due to the Aadifidelis acquisition) is impacting the blended margin, though they anticipate future margin expansion as value-added services are integrated.
Strategic Outlook and Technology
The company is committed to leveraging technology, including AI, advanced analytics, and cloud platforms, to enhance service delivery. Management confirmed they are actively looking for acquisition opportunities, focusing only on allied services that offer clear synergies and healthy valuations, with an expected payback period of 5 to 7 years for recent acquisitions.
Regarding future growth, BLS has a 5-year target of achieving 20% to 25% growth. The recent Union Budget was viewed optimistically for the travel and tourism sector, which is expected to boost overall inflow of tourists.
Q&A Insights
- Employee Expenses: Increased due to staffing for the UIDAI centres (Bihar and others), which is expected to normalize as revenue starts flowing from these projects.
- e-Visa Discussion: Management confirmed that new technologies like e-Visa are seen as enhancing their business, as governments digitize parts of the process, requiring clients to still visit centres for critical steps like biometrics.
- Contract Renewals: The company is actively engaged with many governments for renewals, though specific country details are announced only upon finalization.
Source: BSE
