Order Book Or Contract Wins
Expected: 6 yearsHIGH confidence
What: Contract Value: ₹2,000 Cr
“won a prestigious and large-scale contract valued at around INR 2,000 crores from the Unique Identification Authority of India.”
BLS International Services Ltd: Is It a Deep Value Opportunity?
Average
As of , BLS International Services Ltd (Services - Others) has a deep value score of 53/100 (rated Average). 1Y return vs Nifty 500: -35%.
BLS International Services Ltd Key Facts
- PE Ratio
- 16.2x
- Market Cap
- ₹10,413 Cr
- Value Score
- 53/100
- Margin of Safety
- 186%
- PAT Growth YoY
- +33%
- Revenue Growth YoY
- +44%
- OPM
- 27.0%
PE: Near TroughStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
🌐FII stake decreased 2.1% this quarter
🏛️DII accumulation — stake up 1.2%
💰Trading 186% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
6 yearsHIGH
2. Geographical Expansion
5 yearsHIGH
3. Operating Leverage Inflection
CurrentMEDIUM
Key Risks
1. Temporary ban by the MEA on applying for new tenders due to customer complaints
MEDIUM2. Ongoing war between Russia and Ukraine affecting travel volumes
LOWSector-Specific Signals
Visa Applications Processed10.7 lakh+18%
Net Revenue per Application₹3,383+19%
Visa Segment EBITDA Margin40%+300 bps
Digital Business Revenue₹287 Cr+109%
Key Numbers
PAT Growth YoY
+33%
Stable
Revenue YoY
+44%
Stable
Operating Margin
27.0%
-400 bps YoY
PE Ratio
16.2
PEG Ratio
0.24
Current Price
₹253
Dividend Yield
0.79%
3Y PAT CAGR
+69%
Market Cap
10.4K Cr
Valuation
Significantly UndervaluedWhy Are BLS International Services Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Geographical Expansion
Expected: 5 yearsHIGH confidence
What: Country Count: 80 countries
“The company secured a 5-year global contract from Slovak Republic to establish and operate visa application centres in over 80 countries.”
Operating Leverage Inflection
Expected: CurrentMEDIUM confidence
What: Visa Segment Margin: 40%
Impact: 275 bps improvement
“EBITDA rose by 28% to INR180 crores, with margins at 40%, an improvement of 275 basis points from 37% margin last year.”
Visa application volume growth of 18% YoY.
HIGH confidence
What: Visa application volume growth of 18% YoY.
“The number of applications processed increased by 18% during Q3, rising to 10.7 lakh applications compared to 9.1 lakh in Q3FY25.”
What Are the Key Risks for BLS International Services Ltd?
Earnings deceleration risks from management commentary
Temporary ban by the MEA on applying for new tenders due to customer complaints
MEDIUMTrigger: Customer complaints regarding waiting times led to a temporary suspension of new tender applications.
Management view: Management is working to resolve the matter and states it has no impact on current operations or revenue.
Monitor: regulatory
Ongoing war between Russia and Ukraine affecting travel volumes
LOWTrigger: Pre-war volumes from this region were significant; current volumes are suppressed.
Management view: Hopeful for streamlining of travel if the situation stabilizes.
Monitor: geopolitical
What Is BLS International Services Ltd's Management Saying?
Key quotes from recent conference calls
“On a sequential basis, we have maintained our EBITDA margins at around 29% in the second quarter, and we feel the margins have now stabilized at these levels. [Previous EBITDA Margin guidance]”
“while the management is always telling that the industry is already growing at 14%, 15%. [Previous Visa Application Growth guidance]”
“now we'll utilize that experience to get into management contracts... where there is no upfront capex deployment. [Initiative: Asset-light Hotel Management]”
“they are temporarily putting a ban on applying for new tenders... We are working towards resolving the matter and are hopeful that it will be resolved soon. [Risk (regulatory): MEDIUM]”
What Did BLS International Services Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹737 Cr
YoY +44%QoQ 0%
Why: Growth was driven by higher application volumes and the consolidation of acquired businesses like Aadifidelis and Citizenship Invest.
Revenue remained flat sequentially at ₹737 Cr but showed strong year-on-year momentum.
EBITDA
₹198 Cr
YoY +25%Margin 26.9%
Why: EBITDA grew due to volume increases in the visa segment, though margins were diluted by the lower-margin Aadifidelis acquisition.
EBITDA margins contracted from 30.8% last year to 26.9% due to a change in the business mix.
PAT
₹170 Cr
YoY +33%QoQ -8.6%
Why: PAT growth was supported by operational efficiencies and higher application volumes despite the margin contraction in the digital segment.
PAT declined sequentially from ₹186 Cr in Q2 to ₹170 Cr in Q3.
Other Highlights
• Interim dividend of 200% (₹2 per share) declared.
• Visa application volumes grew 18% YoY to 10.7 lakh.
• Digital business revenue more than doubled to ₹287 Cr.
What Sector Metrics Matter for BLS International Services Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Visa Applications Processed
10.7 lakh
YoY +18%QoQ -5.3%
Why: YoY growth driven by travel recovery and new contracts; QoQ decline reflects seasonality.
Net Revenue per Application
₹3,383
YoY +19%QoQ +5.0%
Why: Supported by enhanced service offerings and a favorable business mix.
Visa Segment EBITDA Margin
40%
YoY +300 bpsQoQ -200 bps
Why: Improvement driven by the shift to a self-managed model and cost optimization.
Digital Business Revenue
₹287 Cr
YoY +109%QoQ +3.2%
Why: Growth in BC and loan distribution business along with Aadifidelis consolidation.
BC Business Gross Transaction Value
₹27,000 Cr
YoY +28.6%QoQ -1.1%
Why: Witnessing significant traction in the banking correspondent network.
Loan Leads Value
₹9,700 Cr
YoY Not GivenQoQ +12.8%
Why: Strong traction in the loan lead generation business.
Cash and Cash Equivalents
₹1,400 Cr
YoY Not GivenQoQ +8.5%
Why: Accretion of about ₹100 Cr during the quarter from operations.
Digital Service Touch Points
1,51,000+
YoY Not GivenQoQ +2.7%
Why: Expansion of the assisted digital and citizen service network.
What Is BLS International Services Ltd's Management Guidance?
Forward-looking targets from management for 5 years
Revenue Growth Target
22.5%
OPM Guidance
29.5%
Revenue Outlook
20-25%
Margin Outlook
Blended margins expected in the range of 29-30%.
Volume
Expect a good jump in revenue from Chinese operations.
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
EBITDA Margin Goal: 29% → 29-30%
How Fast Is BLS International Services Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +44% | +37% | Stable |
| PAT (Net Profit) | +33% | +69% | Stable |
| OPM | 27.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Other Deep Value Stocks in Services - Others
Frequently Asked Questions: BLS International Services Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What is BLS International Services Ltd's deep value score?
BLS International Services Ltd has a deep value score of 53/100 (rated Average). This score is calculated from three components
- Earnings Score: 6/40 — measures PAT growth momentum across quarters
- Underperformance Score: 20/35 — how much the stock trails Nifty 500 (deeper underperformance = higher contrarian signal)
- Quality Score: 0/25 — operational quality (margins, revenue growth, valuation)
Is BLS International Services Ltd fundamentally improving?
BLS International Services Ltd's quarterly profit (PAT) growth trajectory
- Latest Quarter PAT Growth (QoQ): -8%
- Previous Quarter PAT Growth (QoQ): +3%
- 2 Quarters Ago PAT Growth (QoQ): +25%
- PAT Acceleration: -16.5pp (profits are decelerating)
Why is BLS International Services Ltd underperforming despite good earnings?
BLS International Services Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
- 1-Year Return vs Nifty 500: -35%
- 6-Month Return vs Nifty 500: -18%
- 3-Month Return vs Nifty 500: -3%
- Yet average quarterly PAT growth is +6% — earnings are improving
- The market often takes time to re-rate stocks with improving fundamentals. This gap between price performance and earnings improvement is what deep value research seeks to identify.
What is the earnings momentum for BLS International Services Ltd?
BLS International Services Ltd's earnings momentum is Decelerating — growth rate is slowing.
- PAT QoQ progression: +25% → +3% → -8% (2Q ago → 1Q ago → latest)
- Acceleration: -16.5pp
- PAT YoY Growth: +33%
Is BLS International Services Ltd undervalued?
BLS International Services Ltd's valuation metrics
- Price-to-Earnings (PE): 16.2x
- Price-to-Book (PB): 4.9x
- PEG Ratio: 0.2x
- Margin of Safety: +218% (appears undervalued)
What are the revenue and margin trends for BLS International Services Ltd?
BLS International Services Ltd's revenue and margin trends
- Latest Quarter Revenue Growth (QoQ): 0%
- Average Quarterly Revenue Growth: +2%
- Revenue Acceleration: -1.3pp
- Latest OPM Change: -2.0pp (margins contracting)
- Average OPM Change: +0.6pp
- Revenue YoY: +44%
What is BLS International Services Ltd's trailing twelve month (TTM) performance?
BLS International Services Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹682 Cr
- TTM PAT Growth: +42.1% YoY
- TTM Revenue: ₹3,000 Cr
- TTM Revenue Growth: +47.6% YoY
- TTM Operating Margin: 27.5%
What sector does BLS International Services Ltd belong to?
BLS International Services Ltd key facts
- Sector: Services - Others
- Market Cap: ₹10.4K Cr
- Rank in Services - Others: #4 by value score
- Overall rank among all deep value stocks: #108
Is BLS International Services Ltd a good deep value opportunity to study?
BLS International Services Ltd shows limited deep value signals currently — score is 53/100 (Average). Monitor for improvement.
- Value Score: 53/100 (Average)
- Earnings: Not accelerating
- 1Y Underperformance: -35% vs Nifty 500
What is the bull and bear case for BLS International Services Ltd?
Research Signals (Bull Case)
- Appears undervalued based on fair value analysis
- Operating margins expanding
Risk Factors (Bear Case)
- Earnings growth decelerating
- Significant underperformance (-35% vs Nifty 1Y)
- Margin pressure warning
Which other Services - Others stocks are deep value opportunities?
Other deep value stocks in Services - Others
- Team Lease Services Ltd — Score 56/100, Average, earnings accelerating
- eMudhra Ltd — Score 50/100, Average
- PDS Ltd — Score 43/100, Average
How does the Services - Others sector look for deep value?
Services - Others deep value sector overview
- 4 deep value stocks in this sector
- Average value score: 51/100
- Avg PAT acceleration: +0.3pp
- Top pick: Team Lease Services Ltd
What is deep value investing?
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
How is the deep value score calculated?
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
What are the growth catalysts for BLS International Services Ltd?
BLS International Services Ltd has 4 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins
- Geographical Expansion
- Operating Leverage Inflection
- Visa application volume growth of 18% YoY.
What are the key risks in BLS International Services Ltd?
BLS International Services Ltd has 2 key risks worth monitoring
- Temporary ban by the MEA on applying for new tenders due to customer complaints
- Ongoing war between Russia and Ukraine affecting travel volumes
What did BLS International Services Ltd's management say in the latest earnings call?
In Q3 FY26, BLS International Services Ltd's management highlighted
- "On a sequential basis, we have maintained our EBITDA margins at around 29% in the second quarter, and we feel the margins have now stabilized at these..."
- "while the management is always telling that the industry is already growing at 14%, 15%. [Previous Visa Application Growth guidance]"
- "now we'll utilize that experience to get into management contracts... where there is no upfront capex deployment. [Initiative: Asset-light Hotel Mana..."
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.