BLS International Services Limited — Q3 FY26
BLS International delivered a strong Q3 FY26 with consolidated revenue of ₹737 crore (+44% YoY) and PAT of ₹170 crore (+33% YoY), driven by 18% growth in visa application volume...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
70%Questions answered2Evaded / deflected10Questions auditedMixedNumbers vs filing
Evasive
High priority
Which big contracts renew in 1-2 years and their value?
Asked by Soleni, RS RSP Venture B
Management did not name specific renewing contracts or provide values, only mentioned general wins.
no specific contracts namedno value givendeflected to general wins
Read the exchange
Question
can you just say in next one year or two years which of the countries contracts are going to renew and how much that will be worth
Shikhar (Management)
we have already announced that we have won a lot of new contracts you know with different governments this quarter. So you know there many governments which are coming out and we are actively working on it
Answered
Medium priority
Is the employee expense increase due to UIDAI centers and will it continue?
Asked by Soleni, RS RSP Venture B
Management confirmed the increase is due to UIDAI centers.
Read the exchange
Question
this quarter employee expense grew significantly from 108 to 123. So is there any one of these expenses due to UI centers?
Shikhar (Management)
Yes.
Answered
Medium priority
What is the revenue of ASPL, Citizenship IDA, and UK hotel?
Asked by Soleni, RS RSP Venture B
Management provided specific revenue numbers for each acquisition.
Read the exchange
Question
can you just give a revenue of ASPL citizenship I data and also in this quarter we will have a revenue of UK author also
Shikhar (Management)
list about 200 cr was a revenue. citizen indust is about 12 12 cr and third one UK hotel is about 11 cr.
Answered
High priority
Will the 15% visa growth continue in FY27 and FY28?
Asked by Soleni, RS RSP Venture B
Management gave a clear growth target range for the next 5 years.
Read the exchange
Question
the 15% growth you have mentioned for the FY 26. Will it be continued to FY 27 and 28 also?
Shikhar (Management)
we have already said that we will next 5 years our target is to achieve you know 20 to 25% growth.
Partial answer
High priority
What is the organic vs inorganic revenue growth split?
Asked by Shri Kiral, Money Investor Wealth Management
Management gave organic growth but did not provide the inorganic growth number.
inorganic number not provided
Read the exchange
Question
I want to understand the revenue growth split between organic and inorganic
Shikhar (Management)
the organic growth has been range around 26% in current quarter and the inorganic growth
Answered
High priority
Why did EBITDA margin contract YoY and outlook?
Asked by Shri Kiral, Money Investor Wealth Management
Management explained the margin contraction due to mix shift to lower-margin digital business.
Read the exchange
Question
the IITA margin has been contracted on year on year on basis. So could you elaborate what's the key driver and how we should think about margin normalization
Shikhar (Management)
the sales mix has changed a little bit because of VA business we have improved our margins... digital business the growth has been more than 100%. There the margins have contracted because of credit which is at a lower bit margin business.
Evasive
Medium priority
Why is consular services revenue declining and what is its margin?
Asked by Warren Subramanyan, Edin Capital
Management did not explain the decline or provide margin for consular services, only stated they report as one segment.
did not address declinerefused to break out consular revenue
Read the exchange
Question
the revenue come from around 440 crores to 280 crores... what is the revenue model there why is it going down and what the margin profile looks like
Shikhar (Management)
the visa and counselor services is a single segment that we report. We don't separately report visa and counselor separately.
Answered
High priority
Do you have future acquisition plans and what is the IRR target?
Asked by Shikhamea, Time and Tide Advisor
Management confirmed ongoing M&A pipeline and stated double-digit ROI target.
Read the exchange
Question
do we have acquisitions planned in the future... and internally do we have an IR we want to make as BLS on companies acquired by us.
Shikhar (Management)
we have a team we are constantly looking at opportunities but we need to we are very conservative... we look at only allied services... the ROI at least in double digit minimum
Answered
Medium priority
What is the payback period for recent acquisitions?
Asked by Shikhamea, Time and Tide Advisor
Management provided a specific payback period range.
Read the exchange
Question
is it possible for you to give a payback period or something of sorts because we have a very large goodwill on our books
Shikhar (Management)
they all have a payback between 5 to 7 years.
Answered
Low priority
What services are included in digital offerings?
Asked by Nul Punjani, 40 Cent
Management clearly listed the three verticals in digital services.
Read the exchange
Question
I would like to understand what all entails in the digital services what all services come under digital offerings.
Shikhar (Management)
In digital offering we have basically currently three vertical. One is a business correspondent... loan distribution company... and the third is a egovernance
Answered
Low priority
Which quarter is the strongest for the company?
Asked by Sia Deshmuk, Pune East Limited
Management identified Q4 and Q1 as strongest quarters.
Read the exchange
Question
which quarter can be considered strong risk for the company.
Shikhar (Management)
Q4 Q1 and Q4 and Q1 are the ones which are the highest volumes and revenues we get
Partial answer
Medium priority
Will Slovak contract cause margin compression initially?
Asked by Abiji, PISS
Management acknowledged initial investment but did not quantify margin compression.
no quantification of margin impact
Read the exchange
Question
regarding the republic contract should we expect margin compression due to transported expenses before the centers reach optimum utilization.
Shikhar (Management)
We will be utilizing lot of centers from our existing centers as well across the world. So you know there will be quantities of scale. So definitely initially in any contract... there is a you know investment but after that it is quite streamlined
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q3 FY26 revenue grew 44% YoY to 737 cr | ₹737 cr | ₹737 cr | Matches filing |
| Q3 FY26 EBITDA grew 25% YoY to 198 cr | ₹198 cr | ₹198 cr | Matches filing |
| Q3 FY26 PAT grew 33% YoY to 170 cr | ₹170 cr | ₹170 cr | Matches filing |
| 9M FY26 revenue 2,184 cr, up 46% YoY | ₹2,184 cr | ₹737 cr | Overstated vs filing |
| 9M FY26 EBITDA 615 cr, up 35% YoY | ₹615 cr | ₹198 cr | Overstated vs filing |
| 9M FY26 PAT 537 cr, up 36% YoY | ₹537 cr | ₹170 cr | Overstated vs filing |
| Visa segment Q3 revenue 449 cr, up 20% YoY | ₹449 cr | ₹737 cr | Understated vs filing |
| Digital segment Q3 revenue 287 cr, up 109% YoY | ₹287 cr | ₹737 cr | Understated vs filing |
| Digital segment 9M revenue 815 cr, up from 293 cr | ₹815 cr | ₹737 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.