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BLS International Services Ltd (BLS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540073 NSE: BLS Professional Services | Small Cap | BLS Internatl. Serv. Share Price

₹225.20 1.65 (0.74%)

As on 08-Nov'26 16:59

BLS International Services Ltd (BLS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540073 NSE: BLS Professional Services | Small Cap | BLS Internatl. Serv. Share Price

₹225.20 1.65 (0.74%)

As on 08-Nov'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹9,204 Cr.
Current Price
₹225.2
52-Week Low / High
₹204 / 343
TTM EPS
₹17.4
TTM Sales
₹3,414 Cr.
Book Value per Share
₹68.6
P/E Ratio
12.84
Lower than its 5-year historical median
Industry PE
33.7
Price to Book (P/B)
3.26
Lower than its 5-year historical median
Price to Sales (P/S)
2.70
Lower than its 5-year historical median
EV/EBITDA
8.32
Lower than its 5-year historical median
Dividend Yield
1.11%
Profitability Efficiency
Return on Equity (ROE)
34.79%
Outperforms industry median
Return on Capital Employed (ROCE)
36.54%
Outperforms industry median
Return on Assets (ROA)
21.50%
Outperforms industry median
Operating Profit Margin
28.3%
Outperforms industry median
Net Profit Margin
24.14%
Outperforms industry median
Gross Profit Margin
29.7%
Outperforms industry median
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
51.58%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
30.93%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
34.12%
Asset Quality
Promoter Holding
70.41%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,784 Cr.
Equity
₹41.2 Cr.
Face Value
₹1
All Time Low / High
₹6.81 / 522.30

BLS International Services stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is BLS International Services Ltd a good quality company?
BLS International Services Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does BLS International Services Ltd performance compare with that of its Peers?
Q.1 Revenue growth of BLS International Services Ltd vs industry peers?
BLS International Services Ltd revenue CAGR is 44.35%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of BLS International Services Ltd?
Promoters hold 70.41% of the BLS International Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of BLS International Services Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 17.4% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
BLS International Services Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ29.9%54.9%57.9%73.3%50.4%31%68.9%50.4%28%115.5%-
Value Creation
Index ⓘ
1.12.93.14.22.61.24.12.71.17.6-

Growth Parameters ⓘ

Sales ⓘ24.140.951.753.120.340.386.8119138210275
Sales YoY Gr.-69.7%26.4%2.8%-61.9%98.8%115.6%36.7%16.7%51.6%-
Adj EPS ⓘ0.10.30.30.60.50.40.90.90.52.53.8
YoY Gr.-257.1%36%64.7%-10.7%-20%117.5%4.6%-41.8%366%-
BVPS (₹) ⓘ0.40.60.811.41.41.92.12.21.83.2
Adj Net
Profit ⓘ
3.110.414.123.120.616.535.737.621.8102156
Cash Flow from Ops. ⓘ0.710.222.31.3-26.2-0.4-6.4-0.324.662.3-
Debt/CF from Ops. ⓘ2.50.50.40.7000000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ27.2%59.6%34.2%51.6%
Adj EPS ⓘ48.6%37.6%41.6%366%
BVPSⓘ17.2%6.1%-1.1%-17.2%
Share Price 17.8% 32.6% -5.6% -28.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
1948.247.961.342.328.752.244.922.2102.1149.7
Op. Profit
Mgn % ⓘ
22.324.827.424-15.77.114.511.8-4.21414
Net Profit
Mgn % ⓘ
12.725.527.443.5101.540.941.231.715.748.456.5
Debt to
Equity ⓘ
0.10.20.200000000
Working Cap
Days ⓘ
185222286305816428144951058158
Cash Conv.
Cycle ⓘ
3864421136132206-4-43

Valuation of BLS Internatl. Serv. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales6357898047864788501,5161,6772,1932,998
Operating Expenses ⓘ + 5516296937014387421,2931,3261,5452,149
Manufacturing Costs4704955395493365721,0219409791,379
Material Costs001103927118
Employee Cost 425367674476140208323466
Other Costs ⓘ 398187835792123151232297
Operating Profit ⓘ 841601118541108223351648849
Operating Profit Margin (%) 13.2%20.3%13.8%10.9%8.5%12.7%14.7%20.9%29.6%28.3%
Other Income ⓘ + 344313191521408195
Exceptional Items ⓘ 000-2800-3000
Interest ⓘ 71313422384753
Depreciation ⓘ 264019129718317794
Profit Before Tax ⓘ 531111225548114220352606797
Tax ⓘ 314172-2316266673
Profit After Tax 50971055250111204326540724
PAT Margin (%) 7.9%12.2%13.1%6.7%10.5%13.1%13.5%19.4%24.6%24.1%
Adjusted EPS (₹)1.22.42.61.31.22.74.97.612.316.7
Dividend Payout Ratio (%)7.20%5.30%9.70%19.50%10.20%11.50%15.40%13.20%8.10%15%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1662613724284605708031,2051,7152,445
Share Capital ⓘ 10.2510.2510.2510.2510.2510.2541.0841.1741.1741.17
Reserves ⓘ 1552503624184505607621,1641,6742,404
Debt +84932900300229231
Long Term Debt4939100000205178
Short Term Debt355428003002553
Minority Interest000-00034234288320
Trade Payables133924161018293198153
Others Liabilities ⓘ 34745019223371144568686
Total Liabilities ⓘ 2974674754644916259381,6142,8993,835

Fixed Assets

Net Fixed Assets ⓘ +78495141381122342961,3951,706
Gross Block1221258788921763144081,5882,017
Accumulated Depreciation43763647546480112194311
CWIP ⓘ 003000001117
Investments ⓘ 32282829247088116220352
Inventories0000001201
Trade Receivables60212176113100223340122171
Cash Equivalents 701191742392773244769627411,182
Others Assets ⓘ 575842425296106199411408
Total Assets ⓘ 2974674754644916259381,6142,8993,835
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 485613311645185261350829903
PBT ⓘ 531111225548114220352606797
Adjustment ⓘ 28561130-130461996195
Changes in Working Capital ⓘ -31-1072446-24813-2202-7
Tax Paid ⓘ -2-4-23-15-0-7-19-20-75-82
Cash Flow From Investing Activity ⓘ + -115-27-69-107-22-172-238-260-1,119-446
Capex -82-10170-5-82-68-64-161-137
Net Investments -33-17-89-114-22-93-98-230-109-313
Others ⓘ 013654-7234-8484
Cash Flow From Financing Activity ⓘ + 84-2-87-54-9-127257158-246
Net Proceeds from Shares ⓘ 0000004829600
Net Proceeds from Borrowing ⓘ 55-6-44-9-100000
Interest Paid ⓘ -5-11-12-2-1-1-1-0-13-5
Dividend Paid ⓘ -1-4-5-15-8-13-26-31-21-130
Others ⓘ 3519-26-28-01-14-7193-110
Net Cash Flow ⓘ 1727-23-4513230347-131211
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)35.2445.333.2513.0911.3321.629.7732.4436.9634.79
ROCE (%)31.4839.4834.6113.9311.2622.4232.4335.7841.1836.54
Asset Turnover Ratio2.922.071.711.6811.521.941.310.970.89
PAT to CFO Conversion(x)0.960.581.272.230.91.671.281.071.541.25
Working Capital Days
Receivable Days17.8062.9088.2067.1081.2026.306.60813.5017.80
Inventory Days0000000.100.200.200.10
Payable Days0005,507.1001,961.50969411.402,138.205,761.80

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Annual reports

No annual reports available.

Concalls

No concalls available.

BLS International Services Ltd FAQs

The current trading price of BLS Internatl. Serv. on 08-Nov-2026 16:59 is ₹225.2.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 07-Nov-2026 the market cap of BLS Internatl. Serv. stood at ₹9,204.5 Cr

The latest P/E ratio of BLS Internatl. Serv. as of 07-Nov-2026 is 59.10.

The latest P/B ratio of BLS Internatl. Serv. as of 07-Nov-2026 is 69.48.

The 52-week high of BLS Internatl. Serv. is ₹343.1 and the 52-week low is ₹204.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of BLS Internatl. Serv. is ₹275 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that BLS International Services Ltd is a good quality company.

The key valuation ratios of BLS International Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of BLS International Services Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About BLS International Services Ltd

BLS International Services is a globally trusted, tech-enabled and AI-powered service partner, catering to the evolving needs of governments and citizens across global markets. As the largest publicly listed company in this domain, the company manages visa outsourcing, consular services, and digital citizen services at scale. The company combines the decades of expertise with a technology-driven, asset-light model that creates high entry barriers and durable government relationships. The company operates two complementary segments - Visa & Consular Services, its high-margin core business, and Digital Services (via 52%-owned BLS E-Services), a fast-scaling platform serving rural India and financial inclusion.

Backed by a workforce of several employees and professionals, an extensive global delivery network, and many citizen service touchpoints across India, the company continues to deliver trusted, technology-enabled services at scale. Its globally recognised certifications underscore a steadfast commitment to quality, security, and operational excellence. Recognised among India’s most valuable companies and featured in leading global business rankings, the company has built its reputation on long-standing government partnerships and consistent execution. 

As one of the world’s leading providers of AI & technology-enabled citizen and government services, the company delivers comprehensive solutions that simplify global mobility and public service access. Its integrated offerings span across visa, consular, digital, and citizen services, enabling seamless, secure, and efficient experiences for governments and citizens across the world.

Business of the company

The company is primarily engaged in business of providing outsourcing and administrative task of visa, passport and consular services to various diplomatic missions across the world. The company also provides services related to attestation and apostille on behalf of Ministry of External Affairs, New Delhi (India). Further the allied services like services to the bank account holders on behalf of its customer, seva Sindhu services by setting up grama one citizen service centres, and other outsourcing services.

Services of the company

  • Visa Processing Services
  • Consular Services
  • Biometrics and Identity Management Services
  • E-Visas
  • Verification and Attestation Services
  • Value Added Services
  • Citizen and Front-End Services
  • IT Services - Land Governance

Milestones

2005:

  • Entered the visa outsourcing industry by securing its first visa application processing contract from the Portuguese Embassy in New Delhi, establishing the foundation for BLS International’s future growth.

2006-07:

  • Expanded its diplomatic servicesnetwork by commencing visa processing operations for the Embassies of Austria, Belgium, Greece, Romania, and Tunisia across India.
  • Strengthened its reputation as a trusted outsourcing partner for European diplomatic missions operating in the country.

2008-10:

  • Extended operations beyond India through engagements with Indian Embassies in Spain, Kuwait, Sudan, and Russia, marking the beginning of the Company’s international expansion journey.
  • Established the foundation for a globally scalable visa and consular services.

2011: 

  • Established Visa Application Centres (VACs) for the Indian Embassy in the UAE and several Indian diplomatic missions across South Asia.
  • Strengthened its presence in strategically important overseas markets with a growing international delivery network.

2012: 

  • Expanded operations into new geographies through service mandates from the Indian Embassies in Saudi Arabia and Singapore.
  • Enhanced its position across major travel, trade, and migration corridors connecting Asia and the Middle East.

2013-14:

  • Commenced operations for four foreign missions of a European Union member country, representing a significant milestone in the Company’s internationalisation journey.
  • Expanded its overseas footprint through seven additional Indian diplomatic missions, including high-volume locations such as the United States and Canada.
  • Continued strengthening its credentials as a trusted partner for governments worldwide.

2015:

  • Expanded its international diplomatic services portfolio through operations for the Consulate General of India in Hong Kong, the High Commission of India in Kuala Lumpur, and the Embassy of Hungary in Baku.
  • Secured the UAE Manpower Contract, strengthening its service offerings in the Gulf region.
  • Crossed an important financial milestone with turnover reaching $75.90 million in FY2015-16

2016: 

  • Achieved a major corporate milestone through its successful listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)
  • Diversified its domestic services portfolio by securing the Punjab e-Governance Project, marking a significant expansion into citizen-centric services
  • Won its first global visa outsourcing contract for Spain, reinforcing its growing stature in the international visa services industry
  • Recorded turnover of $95.44 million in FY2016-17, reflecting sustained business momentum

2017:

  • Expanded its consular services footprint through new operations in Abuja (Nigeria) and Beirut (Lebanon)
  • Strengthened its citizen services portfolio through a contract with the Embassy of Afghanistan
  • Enhanced its presence in West Africa by launching dedicated UAE consular service operations in Dakar, Seneg

2018: 

  • Diversified its business portfolio through the acquisition of Starfin India Pvt. Ltd., establishing a stronger presence in financial inclusion and Business Correspondent services across India
  • Expanded its international service network by launching visa processing operations for Italy in Singapore and commencing services for the French Embassy in Jordan
  • Strengthened its position in the UK immigration services market through a collaboration with Sopra Steria and UK Visas & Immigration (UKVI) for visa renewal facilitation
  • Earned international recognition through inclusion in Forbes Asia’s prestigious “200 Best Under A Billion” Companies List, 2018

2019:

  • Enhanced citizen-facing service capabilities by expanding attestation and apostille operations to 11 additional cities under the Ministry of External Affairs
  • Broadened its diplomatic services portfolio through the commencement of operations for the Embassy of Vietnam in India
  • Strengthened its position in digital governance through the operational management of Estonia’s e-Residency Digital ID Programme
  • Received recognition as one of Fortune India’s Next 500 Companies, underscoring its growing scale and market leadership Under A Billion” Companies List, 2018

2020:

  • Continued international expansion despite pandemicrelated disruptions by securing authorisation to process Portugal visa applications across 22 locations in Russia
  • Entered the Egyptian market through a strategic alliance with Al Wafi Governmental Services Corporation for government-led legalisation and documentation services
  • Received accreditation from the Royal Canadian Mounted Police (RCMP) through CCRTIS to provide fingerprinting services on behalf of the Government of Canada
  • Expanded visa processing operations for the Embassy of Brazil in China and Lebanon, strengthening its presence across key Asia–Latin America corridors
  • Commenced acceptance of visa applications for the Embassy of Lebanon across India, Nepal, Thailand, and Bangladesh, further broadening its regional consular services network

2021:

  • Strengthened its domestic citizen services platform through an agreement with the Government of Uttar Pradesh for the establishment and operation of Jan Seva Kendras
  • Expanded its North American presence after being appointed by Germany’s Federal Foreign Office for visa processing operations across North America and Mexico
  • Added multiple mandates from the Royal Thai Embassy network across India and Kenya, strengthening its footprint across Asia and Africa
  • Extended partnerships with the Embassy of India in Kuwait and the Embassy of the Republic of the Philippines across Qatar, Malaysia, and Italy

2022:

  • Expanded citizen service engagements through projects with the Governments of Rajasthan, Karnataka, and West Bengal
  • Strengthened its financial inclusion ecosystem through the acquisition of Zero Mass Private Limited (ZMPL)
  • Secured additional international visa service mandates for Germany in the United States and Thailand across India, Kenya, and South Africa
  • Continued diversifying revenue streams beyond traditional visa outsourcing services

2023:

  • Renewed key global visa processing contracts for Spain and India in Canada, reaffirming long-standing government relationships and service excellence
  • Strengthened its European presence through the award of the global visa outsourcing contract for Slovakia
  • Entered India’s digital identity ecosystem through a significant engagement with UIDAI, expanding its citizen services portfolio
  • Achieved CMMI DEV Level 5 Version 2.0 certification, demonstrating globally recognised standards in quality, innovation, and process excellence

2024:

  • Successfully listed BLS E-Services, with the IPO receiving subscriptions exceeding 100 times across investor categories, reflecting strong investor confidence
  • Acquired 100% ownership of iDATA, significantly enhancing relationships with German and Italian diplomatic missions and strengthening its global visa services platform
  • Expanded visa service operations to new geographies, including Hungary in Jordan, Canada, Algeria, and Oman; the Czech Republic in Botswana; Italy in Pakistan; and Portugal in Russia and Morocco
  • Secured the renewal of visa processing services for Poland in the Philippines, reinforcing its track record of operational excellence and client retention
  • Extended attestation services for the Embassy of Qatar to Uganda, Seychelles, and the Democratic Republic of the Congo (DRC), deepening its presence across emerging international markets
  • Entered the residency and citizenship advisory segment through the acquisition of Citizenship Invest, Dubai, for Rs 260 crore
  • Acquired a 57% controlling stake in Aadifidelis Solutions Private Limited, strengthening capabilities across digital identity, financial inclusion, and technology-enabled citizen services

2025:

  • Introduced the industry’s first AI-powered VoiceBot for visa applicants in Canada, enabling seamless round-theclock support
  • Won a landmark Rs 2,055 Crore UIDAI contract to establish and operate Aadhaar Seva Kendras across India.
  • Strengthened consular operations in Spain through new Consular Application Centres in Madrid, Barcelona and Tenerife
  • Won Global contract from Slovakia; to open Visa offices in over 80 countries
  • Won additional contracts from Cyprus for 29 countries
  • Received order from MEA, India to establish VACs across China

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