BLS International Services Ltd

Visa irregularities allegations: denial

• BLS International categorically rejects involvement in visa irregularities; no evidence of wrongdoing by the company or employees.
• Role is strictly administrative and decisions rest with diplomatic/consular authorities.

Subject & stance

• BLS International categorically rejects involvement in visa irregularities.
• The company states its role is strictly administrative and evidence shows no wrongdoing.
• All visa decisions rest with diplomatic and consular authorities.
• Company emphasizes integrity, transparency, compliance and service delivery.

Subsidiary de-registration

• Visametric LLC, Tajikistan, de-registered with effect from Aug 21, 2026.
• Ceases to exist as a step-down subsidiary of the company.
• Earlier notice (Oct 17, 2025) indicated liquidation process for Visametric LLC.

Acquisition details

• Target entity: BLS E-Services Limited, a digital services and Business Correspondent provider in India.
• Paid-up capital Rs 90.86 cr; FY2025-26 turnover Rs 87.35 cr.
• Acquisition via secondary market; arm's-length, not a related party.
• Industry: digital services and Business Correspondent services for major Indian banks.
• Purpose: strategic investment by the holding company to create long-term value.
• Regulatory approvals: Not applicable.
• Timeframe: completion not applicable for shares acquired.
• Consideration: cash.
• Cumulative cost of acquisition: Rs 45.22 cr; current Rs 4.29 cr exceeds 2% of net worth.
• Shareholding acquired: 20,07,589 shares, 2.21% of equity.
• Incorporation date: 12/04/2016; presence: India.
• Last 3 years turnover: FY23-24 Rs 39.67 cr; FY24-25 Rs 66.83 cr; FY25-26 Rs 87.35 cr.
• Net worth: Rs 423.26 cr; presence: India.

Merger of step-down subsidiaries

• Transferor: BLS International Vize Hizmetleri Limited Sirketi merged into iDATA Danismanlik Ve Hizmet Dis Tic AS.
• Effective date: August 17, 2026.
• Transferor ceases to exist as a step-down subsidiary.
• Merger is arm's length; related party transaction.
• No cash consideration or new shares issued.
• Listed entity shareholding remains unchanged.
• Rationale: align synergies of step-down subsidiaries.
• Transferor turnover (as at 31 Mar 2026): INR 167,858,678.
• Transferee turnover (as at 31 Mar 2026): INR 1,877,772,130.
• Both entities provide visa processing services.

Meeting Details

• Date: August 11, 2026; time not disclosed.
• Type: group earnings conference call; mode: virtual.
• Event/organiser: BLS International Q1 FY27 Earnings Call, organised by Arihant Capital Markets.

Participants

• Key company participants: MD, Joint MD, CFO, and COO (BLS E-Services Limited).

Purpose

• To discuss Q1 FY27 earnings and operational performance.

Additional Notes

• Recording was made; transcript available on the company website; presentation available on stock exchanges.

Financial Performance

• Consolidated revenue = INR 891 crores, up 25% YoY (Q1 FY27).
• EBITDA = INR 252 crores, up 24%; margin 28.3%.
• PAT = INR 202 crores, up 12%.
• Visa & Consular revenue = INR 560 crores; EBITDA = INR 226 crores; margin 40.3%.
• Digital Service revenue = INR 330 crores; EBITDA = INR 27 crores; margin 8.2%.

Operating Update

• Visa app volumes = 11.3 lakh; net revenue per app = INR 3,521; +11%.
• Digital Service: BC and loan distribution drive growth; EBITDA up 45% to INR 27 crores; margin 8.2%.
• BC GTV grew to INR 29,500 crores from INR 26,200 crores YoY.
• West Bengal Ayushman PM-JAY & Ayushman Vay Vandana contract secured.
• Tamil Nadu Grama Bank mandate; Coverfox Insurance via 1.58 lakh touchpoints.

Balance Sheet & Cash

• Net cash = INR 1,617 crores as of 30 June 2026; no net debt.
• Asset-light model supports flexible deployment and investment.

Projects & Capex

• Aadhaar project capex ~INR 75 crores incurred; total investment ~INR 125 crores; six-year contract.
• Aadhaar project expected total revenue ~INR 2,500 crores over six years; EBITDA margin 10-15%.
• Aadhaar quarterly revenue ~INR 17.5 crores; Phase 2 final stages; Phase 3 planned; full revenue from Q4.
• iDATA revenue this quarter ~INR 72.5 crores; Citizenship Invest ~INR 17.5 crores; Aadhaar ~INR 17.5 crores.
• UK hotel revenue ~INR 16 crores this year; prior year ~INR 2.5 crores.

Outlook & Guidance

• Organic revenue growth target: 15-20% for the next 5 years; Q1: 25% revenue growth, ~24% EBITDA growth.
• Consolidated EBITDA margin target: maintain current level; no explicit margin expansion guidance.

Q&A Highlights

• Capital allocation: organic expansion first, then M&A with ROI > 17-20%; dividends also considered.
• Acquisitions yield 17-20% ROI; no single-item valuation disclosed; ongoing cross-synergies.
• Aadhaar project: capex ~₹75 cr incurred; full revenue to start from Q4; six-year revenue ~₹2,500 cr.
• Pipeline: multiple tenders in flight; 8–12 months, with potential longer-durations.
• Buyback: not currently under consideration; Board may discuss at next meeting.

Risks & Watchpoints

• Short-term visa volumes impacted by geopolitical factors; volumes stable in Q1; pipeline remains robust.
• Reliance on government contracts; execution and regulatory timelines remain a key variable.

Earnings call audio recording

• Subject: audio recording of earnings call for Q1 FY27 ended June 30, 2026.
• Call held on August 11, 2026 at 11:00 IST.
• Pursuant to Regulation 30 of SEBI LODR.
• Audio recording available on the company website; access details in the filing.
• Intimation dated August 6, 2026 referenced.
• No financial metrics disclosed in this update.