BLS International Services (BLS) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY2026 revenue grew 49% year-over-year to INR 737 crore, with EBITDA up 30% and profit after tax rising 27%.

• Major contract wins include the INR 2,055.35 crore UIDAI Aadhaar Seva Kendra (six years) and Indian Visa Application Centres in China.

• Strategic acquisitions, including RDFS and Trefeddian Hotel in the UK for INR 78.3 crore, expanded digital and hospitality segments.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY2025-26, with an unmodified conclusion from auditors.

• Net cash balance increased to INR 1,306 crore as of September 30, 2025.

Financial highlights

• Q2 FY2026 revenue: INR 737 crore (up 49% YoY); EBITDA: INR 213 crore (up 30% YoY); PAT: INR 186 crore (up 27% YoY).

• H1 FY2026 revenue: INR 1,447 crore (up 46% YoY); EBITDA: INR 417 crore (up 40% YoY); PAT: INR 367 crore (up 38% YoY).

• Earnings per share for Q2 FY2026: INR 4.25 vs INR 3.36 in Q2 FY2025.

• EBITDA margin for Q2 FY2026 at 28.9%; PAT margin for H1 FY2026 at 25.3%.

• Net cash from operating activities for H1: INR 51,494 lakh; cash and cash equivalents at period end: INR 32,193 lakh.

Outlook and guidance

• Management aims to sustain current EBITDA margins and surpass last year’s application volumes.

• Revenue from the INR 2,000 crore Aadhaar contract to ramp up over six years, with annual revenue expected around INR 350 crore once fully operational.

• Focus on aggressive bidding for new tenders, expanding digital and value-added services, and continued geographic expansion.

• Many major contracts up for renewal in the next two years, representing a USD 1-2 billion opportunity.

• IPO proceeds of subsidiary BLS E Services Ltd. remain partially unutilized, to be used for technology, growth, and corporate purposes.