NSE:BLSNSEIndustrials
BLS International Services Limited
📊 Specialty Business Services
Day ₹278
₹285 Oversold
52W ₹219
₹422 Oversold
₹279.69
▲ ₹0.40 (+0.14%)
Vol: 303,660 · Avg: 5,925,620
As of April 29, 2026 · 06:42 IST
COMPOSITE RISK SCORE
71 LOW RISK
VAL:18/25 · FIN:23/25 · GRO:23/25 · TECH:7/25
📈 P/E RATIO
17.9x
Trailing
📖 P/B RATIO
5.4x
Price to Book
💰 EPS
₹15.61
TTM
🏛 MARKET CAP
₹11,515Cr
Mid Cap
📊 ROE
29.4%
Return on Equity
📈 REV GROWTH
43.6%
YoY
🏢 Company Analysis · BLS International Services Limited
💼 BUSINESS MODEL
  • BLS International Services Limited provides outsourcing and administrative task of visa, passport, and consular services to various diplomatic missions in India..
  • It operates through the Rendering of Visa and other Allied Services, and Digital Services segments..
  • The company offers citizen and front-end services; consular services; e-visa; biometric and identity management services; verification and attestation services; and value-added services, such as courier, domestic money transfer, and Aadhar card, as well as services related to attestation and apostille, e-governance, business correspondent, and allied services..
  • It also operates in the Middle East, Asia-Pacific, North America, Europe, and Africa..
  • Operates in Specialty Business Services within the Industrials sector.
🏰 MOAT & COMPETITION
  • Mid-cap (₹11,515 Cr) — growing company in a competitive landscape.
  • Profit margin of 22.4% suggests pricing power / cost moat.
  • Key competitors: I R C T C, LGT Business, BLS Internat., Naturewings Hol..
🚀 CATALYSTS
  • Company has delivered good profit growth of 45.7% CAGR over last 5 years
  • Revenue growing at 44% — strong top-line momentum.
  • Earnings growth of 35% signals execution on profitability.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹389 — ₹389 (mean ₹389, 1 analysts).
  • Unfavorable asymmetry — limited upside +39% vs downside +39% (1.0x).
  • P/E of 17.9x — fair value territory; catalysts needed for re-rating.
🔭 FUTURE OUTLOOK
  • Analyst consensus: None (1 analysts).
  • Latest quarter earnings grew 35% YoY — positive trajectory.
✅ PROS
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 45.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
❌ CONS
  • Tax rate seems low
  • Promoter holding has decreased over last 3 years: -4.02%
VALUATION
18/25
25% WEIGHT
  • P/E at 18x
  • P/B at 5.4x
  • Analyst target: ₹389 (+39.1%)
  • 1Y return: -23.9%
FINANCIAL HEALTH
23/25
25% WEIGHT
  • ROE: 29.4%
  • Profit margin: 22.4%
  • Revenue growth: 43.6%
  • Debt/Equity: 17%
GROWTH
23/25
25% WEIGHT
  • Revenue growth: 43.6%
  • Earnings growth: 34.8%
  • Beta: -0.37
  • Sector: Industrials
TECHNICAL
7/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
554.6 419.7 284.9 150.0 15.2 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2015: 482.2 Mar 2016: 372.9 Mar 2017: 229.3 Mar 2018: 118.5 Mar 2019: 108.8 Mar 2020: 218.5 Mar 2021: 229.3 Mar 2022: 102.8 Mar 2023: 57.2 Mar 2024: 36.8 Mar 2025: 22.7 TTM: 17.9 17.9
💎 Valuation & Financial Metrics
P/E RATIO
17.9x
Trailing twelve months
P/B RATIO
5.4x
Price to Book value
ROE
29.4%
Return on Equity
PROFIT MARGIN
22.4%
Net profit margin
OPM
23.7%
Operating profit margin
ANALYST TARGET
₹389
Range: ₹389 - ₹389
Yahoo Finance ↗
PEG RATIO
0.28
Price/Earnings to Growth
EV/EBITDA
14.4x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
1.07%
Annual yield
ROA
20.4%
Return on Assets
GROSS MARGIN
38.2%
Gross profit margin
INDUSTRY AVERAGES — TOUR, TRAVEL RELATED SERVICES
P/E 17.9x (above avg)
P/B 5.0x (sector fair)
ROCE 33.6% (below avg)
ROE 20% (sector good)
OPM 20% (sector good)
Div Yield 1.13%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 N/A— N/A— N/A N/A
Q3 FY25 ₹513 Cr— ₹121 Cr— N/A 33.7%
Q4 FY25 ₹693 Cr+35.1% ₹135 Cr+12.0% N/A 28.7%
Q1 FY26 ₹711 Cr+2.6% ₹171 Cr+26.5% N/A 32.3%
Q2 FY26 ₹737 Cr+3.7% ₹175 Cr+2.5% N/A 31.4%
Q3 FY26 ₹736 Cr-0.0% ₹163 Cr-7.2% N/A 29.7%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹850 Cr— ₹111 Cr— ₹185 Cr—
FY23 ₹1,516 Cr+78.4% ₹201 Cr+80.4% ₹261 Cr+40.6%
FY24 ₹1,677 Cr+10.6% ₹313 Cr+55.9% ₹350 Cr+34.3%
FY25 ₹2,193 Cr+30.8% ₹508 Cr+62.4% ₹829 Cr+136.9%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How BLS International Services Limited Makes Its Money
Revenue ₹736 Cr Cost of Revenue ₹335 Cr Gross Profit ₹402 Cr Op. Expenses ₹227 Cr Operating Inc. ₹175 Cr Tax ₹20 Cr Interest ₹5 Cr Other ₹21 Cr Net Income ₹163 Cr (22.1% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of BLS International Services Limited's Balance Sheet
Total Assets ₹3.3K Cr Cash & Equiv.: ₹322 Cr (9.6%) Receivables: ₹157 Cr (4.7%) Inventory: ₹1.0 Cr (0.0%) Other Current: ₹1.3K Cr (38.5%) PP&E: ₹344 Cr (10.3%) Goodwill: ₹1.1K Cr (33.5%) Other Intangibles: ₹44 Cr (1.3%) Other Non-Curr.: ₹67 Cr (2.0%) Liab. + Equity ₹3.3K Cr Current Liab.: ₹569 Cr (17.1%) Long-Term Debt: ₹206 Cr (6.2%) Other Liab.: ₹125 Cr (3.7%) Equity: ₹2.4K Cr (73.1%) As of Sep 2025 · All values in ₹ Crores
💸 Looking into BLS International Services Limited's Cash Flow
Operating CF ₹829 Cr Capital Exp. ₹161 Cr Free Cash Flow ₹668 Cr Dividends ₹21 Cr Retained / Other ₹647 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +383408438448493495513693711737736
Expenses +303321349357360331355519506524538
Operating Profit80878990133164158174204213198
OPM %21%21%20%20%27%33%31%25%29%29%27%
Other Income +7991518231525251921
Interest010126119665
Depreciation6761114182223232323
Profit before tax80879193135164140167200203191
Tax %12%6%4%9%10%11%9%13%10%8%11%
Net Profit +71828785121146128145181186170
EPS in Rs1.681.912.051.962.773.362.933.284.154.263.95
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +7898047864788501,5161,6772,1932,876
Expenses +6296937004377421,2931,3261,5452,087
Operating Profit1601118641108223351649789
OPM %20%14%11%9%13%15%21%30%27%
Other Income +443-15191519408090
Interest1313422384727
Depreciation4019129718317791
Profit before tax1111225548114220352606760
Tax %13%14%4%-4%2%7%8%11%
Net Profit +971055250111204326540682
EPS in Rs2.362.571.281.222.724.897.6012.3415.64
Dividend Payout %5%10%20%10%12%15%13%8%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital101010101041414141
Reserves2503624184505607621,1661,6902,089
Borrowings +108381111731359404
Other Liabilities +10166403852136378714805
Total Liabilities4704754694986339451,6162,8043,339
Fixed Assets +495141381122342961,3631,494
CWIP03000001112
Investments282829247088116220271
Other Assets +3933934004364516231,2051,2101,562
Total Assets4704754694986339451,6162,8043,339
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +485613311645185261350829
Cash from Investing Activity +-115-27-66-107-22-172-238-260-1,119
Cash from Financing Activity +84-2-87-54-9-127257158
Net Cash Flow1727-20-4513230347-131
Free Cash Flow-334515011640103193286668
CFO/OP60%37%141%153%111%178%125%105%139%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days3498805276108920
Inventory Days
Days Payable
Cash Conversion Cycle3498805276108920
Working Capital Days20465151777-2-4-42
ROCE %31%39%26%21%11%22%32%31%34%
🏭 Industry Peers — Tour, Travel Related Services
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1I R C T C ★₹54831.8₹43,84049.0%+13.3%82
2LGT Business₹568.3₹5250.1%+43.4%72
3BLS Internat.₹28017.9₹11,52733.6%+34.8%71
4Naturewings Hol.₹7416.4₹2625.4%+72.2%69
5Helloji Holidays₹12520.4₹4364.3%—66
6Western Overseas₹215.7₹1338.0%—65
7TSC India₹3710.3₹5422.0%+26.0%65
8Thomas Cook (I)₹9718.1₹4,56618.7%+20.1%64
9Sailani Tours N₹1528.8₹74.8%+55.6%61
★ I R C T C ranks higher on combined P/E, ROCE, and growth metrics in Tour, Travel Related Services
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.38%70.38%70.39%70.39%70.39%70.39%
FIIs10.93%9.94%8.54%6.82%6.37%6.14%
DIIs1.36%2.26%2.87%2.90%2.92%2.99%
Public17.27%17.38%18.18%19.88%20.28%20.42%
Others0.06%0.04%0.03%0.01%0.02%0.05%
No. of Shareholders1,70,1651,87,4932,05,1272,08,7922,10,2222,18,959
🟢 CATALYSTS
🏆Revenue Growth 44%: Above sector norm of 18% — strong top-line momentum.
💹High ROE (29.4%): Above sector norm of 20% — efficient capital use.
🔀Healthy Margins (22.4%): Above sector norm of 20%.
🇮Analyst Upside (39%): Mean target of ₹389 above current price.
🇳Low Beta (-0.37): Less volatile than market — defensive play.
🔬Earnings Growth (35%): Above sector norm — strong profit expansion.
🔴 RISKS
📜Market Risk: Broader market correction or sentiment shift could impact stock.
💰Sector Risk: Regulatory or competitive changes in Industrials space.
🔓Execution Risk: Growth may not meet elevated expectations.
🕸 Factor Analysis · Radar
Momentum 4/10: 1M +18.7%, 6M -8.8%, RSI 51, MACD bearish, Below 200DMA Sentiment 8/10: Analyst upside +39.1%, Rec: none Value 7/10: P/E 17.9, P/B 5.4, PEG 0.28, EV/EBITDA 14.4 Quality 7/10: Margin 22.4%, D/E 17 Low Volatility 7/10: Beta -0.37, Ann. vol 46% Momentum 4 Sentiment 8 Value 7 Quality 7 Low Vol 7
Momentum 4/10
1M +18.7%, 6M -8.8%, RSI 51, MACD bearish, Below 200DMA
Sentiment 8/10
Analyst upside +39.1%, Rec: none
Value 7/10
P/E 17.9, P/B 5.4, PEG 0.28, EV/EBITDA 14.4
Quality 7/10
Margin 22.4%, D/E 17
Low Volatility 7/10
Beta -0.37, Ann. vol 46%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYCapture 39.1% analyst upside; strong 34% ROCE compoundsOPM of 24% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake falling (-0.23%)Miss further upside if momentum continues; 1M return of +18.7% shows momentum
SELLLock in -23.9% 1Y returnAvoid further drawdown
REASONS TO BUY
  • Analyst upside of 39.1% with mean target of ₹389
  • ROCE at 34% indicates strong capital efficiency
  • ROE of 29.4% above sector norm of 20%
  • Revenue growing at 43.6% YoY (sector norm: 6%)
REASONS TO SELL / AVOID
  • FII stake falling (-0.23%) — institutional exit signal
📰 Latest News
BLS International Services Ltd (BOM:540073) Q3 2026 Earnings Call Highlights: Robust Revenue ...
GuruFocus.com · 2026-02-06T23:01
BLS International Services Ltd (BOM:540073) Q2 2026 Earnings Call Highlights: Strong Revenue ...
GuruFocus.com · 2025-11-12T17:02
Indian visa services firm BLS set for worst day since March 2020 on govt tender ban
Reuters · 2025-10-13T06:16
RECOMMENDATION
BUY
COMPOSITE SCORE
71/100
BLS International Services Limited trades at ₹279.69 with a composite risk score of 71/100. The stock scores 18/25 on valuation, 23/25 on financial health, 23/25 on growth, and 7/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 39.1% with a mean target of ₹389. Revenue growth is at 43.6% — a strong positive signal.

Within Tour, Travel Related Services, I R C T C (P/E 31.8, ROCE 49.0%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Attractive risk/reward for Industrials at current levels. The current recommendation is BUY.
PROFITABLE HIGH ROE STRONG GROWTH UPSIDE POTENTIAL CHEAP
RISK SCORE REPORT · NSE:BLS · GENERATED APR 29, 2026 06:42 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.