BLS - BLS International Services Ltd Share Price

Leisure Services

₹369.25+2.05(+0.56%)

Market Closed as of Apr 29, 2025, 15:30 IST

What does BLS International Services Ltd do?

Tour, Travel Related Services•Consumer Services•Small Cap

BLS International Services Limited provides outsourcing and administrative task of visa, passport, and consular services to various diplomatic missions. The company offers citizen and front-end, e-visa, and biometric and identity management services; verification and attestation services; and value-added services, as well as passport and government services. It operates in the Middle East, Asia-Pacific, North America, Europe, Africa, and India. BLS International Services Limited was incorporated in 1983 and is headquartered in New Delhi, India.

Industry Group:Leisure Services

Employees:357

Website:www.blsinternational.com

Pros

Growth: Awesome revenue growth! Revenue grew 18.1% over last year and 166.1% in last three years on TTM basis.

Size: Market Cap wise it is among the top 20% companies of india.

Profitability: Very strong Profitability. One year profit margin are 24%.

Balance Sheet: Strong Balance Sheet.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Smart Money: Smart money has been increasing their position in the stock.

Technicals: Bullish SharesGuru indicator.

Cons

Momentum: Stock is suffering a negative price momentum. Stock is down -7.4% in last 30 days.

Insider Trading: Significant insider selling noticed recently.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	BLS	Leisure
PE	31.76	66.95
PS	7.55	5.62
Growth	18.1 %	12.7 %

Description	Share	Value
Visa and Consular Services	72.2%	375.7 Cr
Digital Services	27.8%	144.7 Cr
Total		520.4 Cr

Share Holdings

Understand BLS International Services ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Diwakar Aggarwal	5.76%
Azadpur Finvest Private Limited	4.92%
GRB Finvest Private Limited	4.86%
Hawai Capital Private Limited	4.86%
Hillman Properties Private Limited	4.86%
Intime Finance And Investment Private Limited	4.86%
V S Estate Pvt Ltd	4.86%
Wonder Rock Finance And Investment Private Limited	4.86%
Gaurav Aggarwal	4.83%
Madhukar Aggarwal	4.8%
Vinod Aggarwal	4.8%
BLS Finvest Limited	4.48%
Goodwork Finvest Private Limited	4.48%
Sixteenth Street Asian Gems Fund	2.72%
Sushil Aggarwal	2.43%
Alka Agagrwal	1.94%
Shikhar Aggarwal	1.92%
Maybank Securities Pte Ltd	1.12%
JLB Finvest Private Limited	0.38%
Trimurti Finvest Private Limited	0.38%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Summary of Latest Earnings Report from BLS International Services

Summary of BLS International Services's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management's outlook for BLS International highlights robust growth driven by strategic acquisitions, margin expansion, and strong cash reserves. Key points:

1. Financial Performance:

Record Revenue: Q3 FY25 consolidated revenue grew 17% YoY to Rs.513 crore; 9M FY25 revenue rose 22% YoY to Rs.1,500 crore.
Profitability Surge: EBITDA jumped 79% YoY in Q3 (Rs.158 crore) with margins expanding ~1,000 bps due to self-managed model adoption and acquisitions. PAT grew 47% YoY to Rs.128 crore.
Net Cash Position: Rs.690 crore as of December 2024, enabling further inorganic opportunities.

2. Operational Highlights:

Visa & Consular Growth: Processed 9.08 lakh visa apps in Q3 (27% YoY). Net revenue/app surged 26% YoY to Rs.2,837.
Acquisitions Boost: iDATA (Rs.59 crore Q3 revenue), Citizenship Invest (HNIs/residency programs), and Aadifidelis (digital loans) driving scale and diversification.
Digital Services: Revenue up 87% YoY (Rs.137 crore) with organic growth of 16%.

3. Strategic Focus:

Organic/Inorganic Growth: Targeting untapped global visa outsourcing markets (only 50% outsourced currently) and leveraging Citizenship Invest's expertise in high-margin residency programs.
Margin Sustainability: Aim to retain ~30% EBITDA margins in core Visa business; Digital Services margins to stabilize with scale.
Future Opportunities: Active bidding for multi-billion-dollar tenders, new geographies, and tech-driven efficiencies.

Management remains confident in sustained growth, backed by strong travel demand, operational scalability, and a robust acquisition pipeline.

Q&A Session

Last updated: Feb 25

Question: "Sir, I want to know that how much is the contribution from the acquisition done in the Visa segment for iDATA and the other company which we had acquired, Citizenship company. So how much is the contribution in the Visa segment?"
Answer: iDATA contributed ~Rs.59 crore in revenue and ~Rs.25 crore in profit for Q3 FY25. Citizenship Invest added ~Rs.13 crore in revenue and ~Rs.4.75 crore in profit during the quarter.

Question: "Sir, also in the E-Service segment, how much the acquired company has contributed?"
Answer: Aadifidelis contributed ~Rs.49 crore in revenue to the Digital Business segment during Q3 FY25.

Question: "Sir, our net operating margin and operating profit margin also down on Q-on-Q basis. And what will be the sustainable margin?"
Answer: Visa business aims to sustain >30% EBITDA margins. Digital Business margins vary due to revenue mix but aim to maintain current levels (~12-14%).

Question: "If we see the seasonality part, [...] how should we read these numbers? What kind of numbers should we expect for quarter 4?"
Answer: Q3 typically sees lower volumes due to travel seasonality. Q4 is expected to improve with rising applications in Feb-Mar. FY25 guidance remains optimistic.

Question: "In the Visa & Consular business, what percentage of business is now not directly dependent on visa?"
Answer: No exact split provided, as many contracts bundle visa and consular services. Non-visa consular revenue (e.g., passport services) has grown post-COVID.

Question: "What is the difference between the net revenue and the revenue from operations in the Visa & Consular segment?"
Answer: Net revenue deducts direct expenses (e.g., partner commissions, courier costs), reflecting operational efficiency. Gross revenue includes all inflows.

Question: "Are we planning any more acquisitions going further?"
Answer: The company remains open to inorganic opportunities, leveraging its ~Rs.690 crore net cash position, alongside organic growth via new tenders.

Question: "Can I assume that in quarter 4, the number [for Aadifidelis] could be around INR 150 crores?"
Answer: Yes, Aadifidelis is projected to contribute ~Rs.150 crore in Q4 FY25, aligning with its full-quarter consolidation.

Question: "Where do you think the next phase of growth would come [...] organic or inorganic?"
Answer: Growth will stem from both streams: organic expansion via global visa/consular tenders and strategic acquisitions in synergistic sectors.

Question: "What is the thought process behind allocating capital for acquisition?"
Answer: Acquisitions prioritize synergy, high-margin businesses, and ROCE >15%. Integration focuses on scalability and margin sustainability.

Balance Sheet for BLS International Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	13.5%	6.21	5.59	16	11	6.49	5.88
Current investments	81.7%	4.87	3.13	0	0	0	0
Loans, current	-172.5%	0.71	1.4	3.37	0.71	49	0.5
Total current financial assets	12.7%	63	56	67	48	81	47
Current tax assets	-	-	0	0	-	1.96	2.37
Total current assets	12.1%	66	59	70	49	85	52
Property, plant and equipment	50%	46	31	23	8.1	4.89	3.74
Non-current investments	-	33	0	33	0	16	0
Loans, non-current	-	0	0	0	0	0	31
Total non-current financial assets	1572.7%	47	3.75	37	1.81	18	31
Total non-current assets	37.1%	97	71	65	47	24	37
Total assets	26.6%	163	129	135	96	109	89
Total non-current financial liabilities	-	30	0	0	0	0.08	0.42
Provisions, non-current	67.9%	1.47	1.28	1.16	0.99	0.93	0.81
Total non-current liabilities	76.5%	31	18	6.58	1.48	1.02	1.23
Total current financial liabilities	145.5%	28	12	18	6.96	5.19	4.61
Provisions, current	7.2%	0.36	0.31	0.19	0.16	0.12	0.1
Current tax liabilities	-	0	0	0	-	-	-
Total current liabilities	57.1%	34	22	41	17	28	29
Total liabilities	66.7%	66	40	48	18	29	30
Equity share capital	0%	41	41	41	41	20	10
Total equity	9.1%	97	89	88	78	80	59
Total equity and liabilities	26.6%	163	129	135	96	109	89

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	68%	695	414	114	67	122	37
Current investments	283.3%	93	25	3.57	0	0	0
Total current financial assets	14.5%	1,255	1,096	773	560	412	385
Inventories	191.7%	2.75	1.6	2.63	0.56	0.44	0
Current tax assets	-	0	0	0	0	13	5.26
Total current assets	15.5%	1,286	1,114	791	569	470	401
Property, plant and equipment	56.3%	262	168	124	99	94	84
Capital work-in-progress	-	6.01	0	0	-	-	-
Goodwill	730%	665	81	81	81	81	8.01
Non-current investments	-26.2%	49	66	89	88	86	70
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	-56.2%	75	170	103	123	94	111
Total non-current assets	118.8%	1,097	502	379	376	301	233
Total assets	47.5%	2,383	1,616	1,170	945	771	633
Borrowings, non-current	-	229	0	0	0	0	0
Total non-current financial liabilities	50568.7%	324	0.36	2.5	0	4.45	0
Provisions, non-current	58.2%	7.36	5.02	3.6	3.6	3.28	2.91
Total non-current liabilities	1041.4%	332	30	18	8.06	7.73	9.22
Borrowings, current	-	25	0	0	0	0	3.12
Total current financial liabilities	161.5%	252	97	113	81	85	43
Provisions, current	-54.5%	0.49	0.67	0.4	0.19	0.49	0.11
Current tax liabilities	-	0	0	0	0	-	-
Total current liabilities	159.7%	375	145	160	100	99	54
Total liabilities	305.2%	706	175	179	108	107	64
Equity share capital	0%	41	41	41	41	20	10
Non controlling interest	6%	248	234	40	34	5.09	0.04
Total equity	16.2%	1,676	1,442	992	837	664	570
Total equity and liabilities	47.5%	2,383	1,616	1,170	945	771	633

Cash Flow for BLS International Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-11.1%	0	0.1	0
Depreciation	230.4%	6.32	2.61	1.89
Unrealised forex losses/gains	-	0	0	0.53
Dividend income	-104%	0	26	13
Adjustments for interest income	-150%	0	3	2.75
Share-based payments	-12.4%	0	0.11	0
Net Cashflows from Operations	1597.6%	32	-1.07	1.6
Dividends received	-	-33.11	0	0
Interest paid	-	0	0	-0.09
Interest received	-	-1.75	0	0
Income taxes paid (refund)	-78.5%	1.95	5.41	2.1
Other inflows (outflows) of cash	513.5%	4.97	0.04	0
Net Cashflows From Operating Activities	83.1%	-0.26	-6.44	-0.41
Cashflows used in obtaining control of subsidiaries	-104.2%	0	25	0
Purchase of property, plant and equipment	52.8%	9.57	6.61	0.65
Proceeds from sales of investment property	-61.3%	0	0.38	0
Purchase of intangible assets	-14.9%	0	0.13	0.02
Proceeds from sales of long-term assets	-102.8%	0	37	0
Dividends received	28%	33	26	13
Interest received	-67.8%	1.75	3.33	7.75
Other inflows (outflows) of cash	-	1.77	0	19
Net Cashflows From Investing Activities	-26.5%	26	35	19
Proceeds from issuing shares	-11.5%	2.85	3.09	0
Payments of lease liabilities	1876.9%	3.31	0.87	-0.72
Dividends paid	20%	31	26	-12.78
Interest paid	-	0.01	0	-0.39
Net Cashflows from Financing Activities	-32.3%	-31.35	-23.46	14
Net change in cash and cash eq.	-257.8%	-5.25	4.96	32

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	581.8%	2.59	0.67	0.67
Change in inventories	-131.8%	-1.04	0.12	0
Depreciation	76.5%	31	18	7.25
Unrealised forex losses/gains	-	0	0	12
Adjustments for interest income	-	0	0	4.49
Net Cashflows from Operations	52%	384	253	192
Interest received	-211.6%	-37.11	-11.23	0
Income taxes paid (refund)	5.6%	20	19	6.93
Other inflows (outflows) of cash	-40.5%	23	38	0
Net Cashflows From Operating Activities	34.2%	350	261	185
Cashflows used in obtaining control of subsidiaries	-101.2%	0	82	0
Proceeds from sales of PPE	-	0.08	0	0
Purchase of property, plant and equipment	90.9%	64	34	67
Proceeds from sales of investment property	-105.6%	0	19	0
Purchase of investment property	-	25	0	0
Proceeds from sales of intangible assets	-81.8%	0	0.45	0
Purchase of intangible assets	-103%	0	34	15
Interest received	275.9%	34	9.78	3.95
Other inflows (outflows) of cash	-73.6%	-204.99	-117.66	-45.08
Net Cashflows From Investing Activities	-9.3%	-260.06	-237.75	-171.51
Proceeds from issuing shares	527.7%	296	48	0
Proceeds from borrowings	-	0	0	3.12
Repayments of borrowings	-107.7%	0	14	0
Payments of lease liabilities	661.3%	7.23	-0.11	1.63
Dividends paid	20%	31	26	13
Interest paid	-109.1%	0.31	0.67	0.77
Net Cashflows from Financing Activities	4009.1%	257	7.23	-12.05
Net change in cash and cash eq.	1093.1%	347	30	1.77

Valuation
Market Cap	15.2 kCr
Price/Earnings (Trailing)	31.68
Price/Sales (Trailing)	7.53
EV/EBITDA	24.67
Price/Free Cashflow	55.3
MarketCap/EBT	28.56

Fundamentals
Revenue (TTM)	2.02 kCr
Rev. Growth (Yr)	18.01%
Rev. Growth (Qtr)	1.76%
Earnings (TTM)	479.88 Cr
Earnings Growth (Yr)	46.71%
Earnings Growth (Qtr)	-12.23%

Profitability
Operating Margin	26.37%
EBT Margin	26.37%
Return on Equity	28.63%
Return on Assets	20.14%
Free Cashflow Yield	1.81%

Income Statement for BLS International Services

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	21.2%	41	34	38	40	23	28
Other Income	-102.3%	0.51	22	0.67	13	9.03	13
Total Income	-25.5%	42	56	38	53	32	41
Cost of Materials	9.1%	13	12	9.35	8.85	9.08	8.98
Employee Expense	23.1%	17	14	16	14	9.47	8.51
Finance costs	72.7%	0.94	0.78	0.46	0.34	0.31	0.81
Depreciation and Amortization	37.6%	3.71	2.97	2.38	1.79	1.43	2.23
Other expenses	-16.6%	6.69	7.82	7.75	10	8.29	4.24
Total Expenses	8.1%	41	38	36	36	29	25
Profit Before exceptional items and Tax	-103.6%	0.38	18	1.96	18	3.78	16
Total profit before tax	-103.6%	0.38	18	1.96	18	3.78	16
Current tax	49.2%	0.33	-0.32	0.77	2.6	-1.02	1.07
Deferred tax	-2.5%	-0.22	-0.19	-0.26	0.09	-0.25	-0.1
Total tax	41.4%	0.11	-0.52	0.51	2.7	-1.27	0.97
Total profit (loss) for period	-104.1%	0.27	19	1.45	15	5.05	15
Other comp. income net of taxes	0%	-0.01	-0.01	-0.01	-0.27	0.07	0.07
Total Comprehensive Income	-104.2%	0.25	19	1.44	15	5.12	15
Earnings Per Share, Basic	-80%	0.01	0.45	0.04	0.36	0.12	0.36
Earnings Per Share, Diluted	-80%	0.01	0.45	0.04	0.36	0.12	0.36

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	37.2%	119	87	40	20	53	52
Other Income	-5.6%	35	37	17	30	20	9.35
Total Income	24.4%	154	124	58	50	73	61
Cost of Materials	100%	35	18	2.44	1.74	4.39	4.83
Employee Expense	37.9%	41	30	16	9.99	18	17
Finance costs	153.3%	1.48	0.1	0.09	0.14	0.59	0.74
Depreciation and Amortization	230.4%	6.32	2.61	1.89	1.91	1.91	1.5
Other expenses	11.5%	30	27	20	13	18	19
Total Expenses	48.7%	114	77	40	26	44	42
Profit Before exceptional items and Tax	-15.2%	40	47	17	24	30	19
Total profit before tax	-15.2%	40	47	17	24	30	19
Current tax	-43.5%	3.55	5.51	1.35	3.07	6.41	5.07
Deferred tax	-16.5%	-0.34	-0.15	-0.05	-0.09	0.05	0.25
Total tax	-49.5%	3.2	5.36	1.3	2.98	6.46	5.32
Total profit (loss) for period	-10%	37	41	16	21	23	13
Other comp. income net of taxes	-9.4%	-0.05	0.04	0.03	0.98	0.15	0.39
Total Comprehensive Income	-10%	37	41	16	22	23	14
Earnings Per Share, Basic	-	0.9	1	0.3925	0.5075	0.5625	0.324
Earnings Per Share, Diluted	-	0.9	1	0.3925	0.5075	0.5625	0.324

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3.6%	513	495	493	448	438	408
Other Income	-36.4%	15	23	18	15	9.16	8.7
Total Income	1.9%	528	518	510	463	447	416
Cost of Materials	24.7%	223	179	242	245	255	236
Employee Expense	5.3%	80	76	71	61	55	48
Finance costs	106.6%	11	5.84	1.84	0.82	0.5	0.99
Depreciation and Amortization	23.5%	22	18	14	11	6.25	7.27
Other expenses	-32%	52	76	46	51	39	37
Total Expenses	9.3%	387	354	375	369	356	329
Profit Before exceptional items and Tax	-14.7%	140	164	135	93	91	87
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-14.7%	140	164	135	93	91	87
Current tax	-26.3%	15	20	14	7.13	3.82	4.97
Deferred tax	-58.8%	-2.81	-1.4	-0.13	0.88	-0.01	0.21
Total tax	-35.3%	12	18	14	8.01	3.81	5.18
Total profit (loss) for period	-12.4%	128	146	121	85	87	82
Other comp. income net of taxes	272.2%	35	-18.74	-1	-1.49	-2.77	14
Total Comprehensive Income	27.8%	162	127	120	84	84	96
Earnings Per Share, Basic	-18.2%	2.93	3.36	2.77	1.96	2.05	1.91
Earnings Per Share, Diluted	-18.2%	2.93	3.36	2.77	1.96	2.05	1.91

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	10.6%	1,677	1,516	850	478	786	804
Other Income	95%	40	21	15	19	13	43
Total Income	11.7%	1,717	1,537	865	497	799	846
Cost of Materials	-6.2%	965	1,029	574	337	550	538
Employee Expense	48.9%	208	140	76	44	67	67
Finance costs	581.8%	2.59	0.67	0.67	0.54	1.6	10
Depreciation and Amortization	76.5%	31	18	7.25	9.46	12	19
Other expenses	24.6%	158	127	93	58	86	91
Total Expenses	3.9%	1,365	1,314	751	449	716	725
Profit Before exceptional items and Tax	58.1%	352	223	114	48	83	122
Exceptional items before tax	72.2%	0	-2.6	0	0	-27.82	0
Total profit before tax	60.3%	352	220	114	48	55	122
Current tax	53.8%	21	14	4.72	-1.45	7.63	14
Deferred tax	246.9%	5.44	2.28	-1.97	-0.51	-5.19	2.53
Total tax	66.7%	26	16	2.75	-1.97	2.44	17
Total profit (loss) for period	60.1%	326	204	111	50	52	105
Other comp. income net of taxes	-70.6%	11	35	10	-9.16	22	11
Total Comprehensive Income	40.8%	336	239	121	41	75	117
Earnings Per Share, Basic	69.7%	7.6	4.89	2.715	1.225	1.2775	2.56625
Earnings Per Share, Diluted	69.7%	7.6	4.89	2.715	1.225	1.2775	2.56625

Investor Care
Dividend Yield	0.31%
Dividend/Share (TTM)	1.25
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	11.02

Financial Health
Current Ratio	3.43
Debt/Equity	0.15
Debt/Cashflow	0.00

Is BLS International Services Better than it's peers?

Detailed comparison of BLS International Services against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
THOMASCOOK	Thomas Cook (India)Tour, Travel Related Services	6.57 kCr	7.96 kCr	+3.62%	-32.36%	26.2	0.83	+12.58%	+23.59%
SIS	SISDiversified Commercial Services	4.91 kCr	12.97 kCr	+4.83%	-26.95%	21.97	0.38	+6.62%	-24.20%
QUESS	Quess CorpDiversified Commercial Services	4.91 kCr	20.64 kCr	-49.32%	-48.00%	12.64	0.24	+10.62%	+82.55%
EASEMYTRIP	Easy Trip PlannersTour, Travel Related Services	4.24 kCr	632.54 Cr	+2.13%	-48.60%	53.2	6.7	+13.50%	-46.74%
TEAMLEASE	TeamLease ServicesDiversified Commercial Services	3.24 kCr	10.77 kCr	+6.87%	-41.08%	32.21	0.3	+20.19%	-7.51%

BLS - BLS International Services Ltd Share Price

What does BLS International Services Ltd do?

Sector Comparison: BLS vs Leisure Services

Comparative Metrics

Performance Comparison

Revenue Breakdown

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Summary of Latest Earnings Report from BLS International Services

Balance Sheet for BLS International Services

Cash Flow for BLS International Services

Valuation

Fundamentals

Profitability

Income Statement for BLS International Services

Investor Care

Financial Health

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Is BLS International Services Better than it's peers?