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

Executive summary

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

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

• Strategic acquisitions in hospitality and digital services, including Trefeddian Hotel and RDFS, expanded business footprint.

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

• Board approved unaudited financial results for Q2 and H1 FY2026, with an unmodified conclusion from auditors.

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).

• Net cash position as of September 30, 2025: INR 1,306 crore.

• EBITDA margin for Q2 FY2026 at 28.9%.

Outlook and guidance

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

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

• Revenue from the Aadhaar contract to ramp up from next year, with annualized revenue of ~INR 350 crore when fully operational.

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