The call ran from 4:01 PM to 4:37 PM IST (37 min).
Key takeaways
Q2 revenue ₹973 Cr (+32%) and EBITDA ₹248 Cr (+17%) were record highs, but EBITDA margin fell to 25.5% from 28.9% on digital mix. H1 PAT rose 10% to ₹403 Cr.
| Management target | Revenue 20.0% FY30 |
|---|
| Revenue growth | Q2 revenue ₹973 Cr, +32% YoY; record quarter, digital-aided. |
|---|---|
| Margins | Consolidated EBITDA margin 25.5% vs 28.9%; visa 41.9%, digital 7.4%. |
| Order book | Recent wins cited (Portugal, Poland, Germany); no order book value given. |
| Demand visibility | Seasonal Q2 dip; Middle East tensions; tender wins pending finalisation. |
| Management confidence | Balanced; confident on growth, deflects valuation and buyback questions. |
Growth
Revenue +32% YoY, with digital +66% (includes Atyati) and visa +11%. Digital's low margin is diluting the group margin.
Outlook
FY30 targets: revenue ₹6,300–6,500 Cr, 20–25% annual growth, EBITDA margin 28–30%. No FY27 guidance was raised.
Risks
Application volumes down ~3% YoY, with management citing Middle East tensions. A shift to e-visa could lower per-application revenue. Media allegations on Spain and Slovakia remain.
Last quarter's promises, checked
Delivered
- 15–20% organic growth → revenue +32% incl. Atyati, organic split n/a (= BEAT)
- Visa EBITDA margin ~40% → 41.9% (= BEAT)
Partly delivered
- Visa revenue growth 10–15% → +11% (= PARTIAL)
- Application volumes 'broadly stable' → down ~3% YoY (= PARTIAL)
Missed
- Consolidated EBITDA margin 28.3% held → 25.5% (= MISS)
- Digital EBITDA margin ~8.0% held → 7.4% (= MISS)
- Digital EBITDA growth ~1.5x revenue pace → ~1.0x (EBITDA +67% vs revenue +66%) (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
BLS International Services Q2 FY27 Results: Net Profit ₹201.7 Cr, Up 8.6% YoY
BLS International Services Ltd reported revenue from operations of ₹972.7 Cr (+32.1% YoY) and net profit of ₹201.7 Cr (+8.6% YoY) for Q2 FY27.
- Key figure
- Net profit ₹201.7 Cr · +8.6% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 15-20% organic revenue growth over 5 years; INR 125 Cr total capex for Aadhaar project; active M&A pipeline.
Growth they described
Revenue grew 25% YoY to INR 891 Cr; EBITDA rose 24% to INR 252 Cr; PAT increased 12% to INR 202 Cr.
Call details
| Company | BLS International Services Ltd |
|---|---|
| NSE symbol | BLS |
| ISIN | INE153T01027 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 4:00 PM IST |
| Length | 37 min |
| Audio | Our stream on YouTube ↗ |
BLS International Services Ltd: key numbers
- Share price
- ₹216.85
- Market cap
- ₹8,929 Cr
- Revenue (annual)
- ₹2,998 Cr
- Net profit (annual)
- ₹686.7 Cr
- P/E (TTM)
- 12.5×Sector 34.6×
- Promoter holding
- 70.41%+0.02% QoQ
- FII holding
- 3.88%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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