BLS International Services Ltd logo

BLS International Services Ltd

BLS NSE

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]

AI Verdict: BUY Confidence: 7%

BLS International trades at a PE of 15x despite delivering 69% profit CAGR over 5 years and maintaining 33% ROE, suggesting the stock is attractively valued relative to its growth. The 28% correction in the past year offers a compelling entry point for a high-quality compounder with strong secular tailwinds in visa outsourcing.

Key Fundamentals

MicrocapTour & TravelLeisure Services
Market Cap
₹10,714 Cr
Volatility
Moderate
P/E Ratio
15.55
EBITDA
₹819 Cr
Return on Equity
24.4%
Debt to Equity
0.13
Book Value
₹59.83
EPS
₹8.7
52W High
₹414.9
52W Low
₹218.9

Technical Indicators

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 68.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.9%
  • Company's median sales growth is 25.0% of last 10 years

Weaknesses

2
  • Tax rate seems low
  • Promoter holding has decreased over last 3 years: -4.02%

Growth Rate

Revenue Growth
31.86% ↗
Net Income Growth
34.56% ↗
Cash Flow Change
136.91% ↗
ROE
18.33% ↗
ROCE
13.40% ↗
EBITDA Margin (Avg.)
-15.21% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 9d ago
BUY
Risk medium

BLS International trades at a PE of 15x despite delivering 69% profit CAGR over 5 years and maintaining 33% ROE, suggesting the stock is attractively valued relative to its growth. The 28% correction in the past year offers a compelling entry point for a high-quality compounder with strong secular tailwinds in visa outsourcing.

Bull Case 8
  • Exceptional profit growth of 69% CAGR over 5 years demonstrates strong earnings compounding capability
  • ROE of 33% sustained over 3 years indicates excellent capital efficiency and high-quality business model
  • PE of 15x is significantly below what a 69% profit CAGR compounder typically commands, indicating potential undervaluation
  • TTM sales growth of 37% shows continued strong revenue momentum in the current period
  • Median sales growth of 25% over 10 years reflects a durable long-term growth franchise
  • 100% of analysts covering the stock have a Buy rating, reflecting unanimous institutional confidence
  • Stock has corrected 28% in the last 1 year from highs, offering a better risk-reward entry versus prior elevated levels
  • Dividend yield of 0.76% provides some income support uncommon for high-growth companies at this stage
Bear Case 8
  • Stock has declined 28% over 1 year despite strong fundamentals, suggesting possible market concerns not captured in reported numbers
  • Promoter holding has decreased by 4.02% over last 3 years, raising governance and alignment concerns
  • Price-to-book of 4.41x is elevated and leaves limited margin of safety if growth decelerates
  • Only 1 analyst covers the stock, meaning limited institutional scrutiny and potential liquidity risk for large investors
  • Low tax rate flagged as a concern — any normalization of tax could compress net profit margins materially
  • 10-year stock CAGR data is unavailable, limiting ability to assess full-cycle shareholder returns
  • 52-week high and low data unavailable at 0, making technical risk assessment difficult
  • Debt-to-equity and EPS data are not disclosed, reducing visibility into balance sheet leverage

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3d ago
Headwinds 1
  • CHRO resignation Jun 1

    Chief Human Resource Officer Ajit Hugh Dias resigned effective June 05, 2026, citing personal reasons. Leadership departures can signal internal challenges or create short-term operational gaps.

Neutral 2
  • Independent Director re-appointment Jun 11

    BLS International initiated a postal ballot to re-appoint Ram Sharan Prasad Sinha as Independent Director for a second five-year term. Routine governance action ensuring board continuity.

  • Investor conference attendance May 25

    BLS International will attend the 360 ONE Capital Annual Investor Conference in Mumbai on May 28, 2026, focusing on financial and operational performance. Standard institutional engagement activity.

TL;DR: Recent news flow for BLS International is largely procedural with no material operational or financial catalysts. The CHRO resignation is a minor headwind but attributed to personal reasons. Board continuity is being maintained through director re-appointment. The near-term outlook lacks clear directional signals, and investors should watch for substantive updates from the May 28 investor conference.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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
PBT
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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
PBT
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
7.6
12.34
16.68
Div. Payout %
0%
0%
7%
5%
10%
20%
10%
12%
15%
13%
8%
3%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
13
36
48
56
133
116
45
185
261
350
829
903
Investing
-11
-7
-115
-27
-66
-107
-22
-172
-238
-260
-1,119
-446
Financing
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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
5
2
34
98
80
52
76
10
8
9
20
21
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%

Shareholding Pattern

As of Mar 2026
Promoters 70.39%
Public 15.83%
FIIs 6.14%
Others 4.66%
DIIs 2.99%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022May 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
74.59%
74.59%
74.59%
74.59%
74.59%
74.59%
74.59%
74.40%
74.40%
74.41%
71.68%
71.52%
71.52%
71.52%
71.52%
70.38%
70.38%
70.38%
70.39%
70.39%
70.39%
70.39%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.67%
7.39%
8.96%
10.94%
9.94%
8.53%
6.82%
6.37%
6.14%
DIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.05%
0.05%
0.05%
0.04%
0.87%
1.05%
1.35%
1.72%
1.37%
2.26%
2.87%
2.90%
2.93%
2.99%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.87%
17.18%
16.28%
16.79%
14.42%
11.13%
11.20%
11.73%
12.33%
12.43%
12.44%
12.79%
11.78%
12.54%
13.54%
13.61%
13.01%
13.18%
14.36%
15.41%
15.68%
15.83%
Others
8.54%
8.23%
9.13%
8.62%
10.99%
14.28%
14.21%
13.82%
13.22%
13.11%
15.83%
15.65%
15.83%
7.22%
6.20%
5.33%
4.31%
4.24%
3.85%
4.48%
4.63%
4.66%
No. of Shareholders
31,997
39,778
42,490
43,468
41,702
49,859
57,531
62,499
76,404
87,068
88,435
96,119
1,11,240
1,44,947
1,51,709
1,73,612
1,70,165
1,87,493
2,05,127
2,08,792
2,10,222
2,18,959

Documents

1
Concall - Nov 2019 Nov 2019
2
Concall - Feb 2020 Feb 2020
3
Concall - Jun 2020 Jun 2020
4
Concall - Jul 2020 Jul 2020
5
Concall - Nov 2020 Nov 2020

Frequently Asked Questions about BLS International Services Ltd

What does BLS International Services Ltd do?
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]
Where is BLS International Services Ltd (BLS) listed?
BLS International Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: BLS and BSE: 540073. You can view its live share price, financials, and ratios on Tapetide.
Which sector does BLS International Services Ltd belong to?
BLS International Services Ltd operates in the Consumer Discretionary sector within the Leisure Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of BLS International Services Ltd?
BLS International Services Ltd has a market capitalisation of approximately ₹10713.50 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of BLS International Services Ltd?
The Price-to-Earnings (PE) ratio of BLS International Services Ltd is 15.55. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of BLS International Services Ltd?
Over the past 52 weeks, BLS International Services Ltd has traded between a low of ₹218.9 and a high of ₹414.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does BLS International Services Ltd pay dividends?
Yes, BLS International Services Ltd has a dividend yield of 0.77%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of BLS International Services Ltd?
BLS International Services Ltd has a Return on Equity (ROE) of 24.40%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research BLS International Services Ltd on Tapetide?
On Tapetide, you can view BLS International Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website blsinternational.com
CEO Mr. Diwakar Aggarwal
Listed 2016-06-14
Face Value ₹ 1
Issued Size 41,17,40,908

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