BLS International Services (BLS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹972.7 crore, up 32.0% YoY; H1 revenue reached ₹1,863.2 crore, up 28.7%, with growth across Visa & Consular and Digital Services.

• Cumulative applications processed surpassed 500 million across 100+ countries; Q2 processed 10.9 lakh applications and H1 22.2 lakh.

Financial highlights

• Q2 EBITDA was ₹248.1 crore, up 16.6% YoY, and PAT was ₹201.7 crore, up 8.6%; H1 EBITDA was ₹500.5 crore, up 20.0%, and PAT was ₹403.4 crore, up 10.0%.

• Q2 PBT before exceptional items increased 9.8% YoY to ₹222.8 crore; H1 rose 13.8% to ₹458.5 crore.

• Consolidated EBITDA margin was 25.5% in Q2 versus 28.9% YoY and 26.9% in H1 versus 28.8%, reflecting a higher share of lower-margin Digital Services.

Outlook and guidance

• FY30 targets: revenue of ₹6,300–6,500 crore, annual revenue growth of 22%–25%, and EBITDA margin of 28%–30%.

• Growth priorities include Visa and Consular Services, scaling Digital and G2C services, winning tenders, cross-selling, technology-led recurring revenue, and selective M&A; Visa growth target is at least 15%.

• Net revenue per application is expected to grow 5%–6% annually, supported by better-priced contracts and added services; Visa and Consular margins are expected to stabilize at 38%–40%.