BLS International Services (BLS) Q4 24/25 earnings summary

Executive summary

• FY 2025 delivered record-breaking results with consolidated revenue of INR 2,193 crore (₹2,27,380.67 lakhs), up 31% year-over-year, and net profit of INR 540 crore (₹50,822.71 lakhs), a 66% increase over the previous year.

• EBITDA grew 82% YoY to INR 629 crore, with margin expanding to 28.7% from 20.6% in FY24.

• Growth was driven by robust performance in visa consular and digital businesses, transition to a self-managed model, and strategic acquisitions including iDATA, Citizenship Invest, Aadifidelis, and others.

• The subsidiary BLS E Services Ltd. was listed in February 2024, raising ₹30,929.29 lakhs in gross proceeds.

• Strong balance sheet maintained, with net cash position of INR 928 crore after over INR 1,000 crore invested in acquisitions.

Financial highlights

• Q4 FY25 revenue was INR 693 crore (₹69,276.90 lakhs), up 55% YoY; EBITDA was INR 174 crore, up 93% YoY, with margin at 25.1%.

• PAT for Q4 FY25 rose 70% YoY to INR 145.2 crore; PAT margin improved to 21.0%.

• Historical CAGR (FY22-25): Revenue 37%, EBITDA 81%, PAT 81%.

• Basic and diluted EPS for the year were ₹12.34, up from ₹7.60 year-over-year.

• ROE stood at 31% and ROCE at 22% for FY 2025.

Outlook and guidance

• Management targets maintaining current growth momentum, aiming for at least 15%-20% annual growth, with a focus on sustaining EBITDA margins above 30% in the visa business.

• Focus on aggressive bidding for new tenders, expanding service offerings, and geographic expansion through organic and inorganic growth.

• Healthy cash reserves and expanding global footprint position the company to capture emerging opportunities in both core and digital verticals.

• IPO proceeds from BLS E Services Ltd. are being allocated to technology, organic and inorganic growth, and general corporate purposes.

• Ongoing bidding for billion-dollar contracts and continued focus on organic and inorganic growth.