BLS International Services (BLS) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY2026 revenue grew 49% year-on-year to INR 737 crore, with EBITDA up 30% and profit after tax rising 27%.

• Major contract wins include a INR 2,055.35 crore Aadhaar Seva Kendra project and a three-year Indian Visa Application Centre contract in China.

• Strategic acquisitions, including iDATA, Citizenship Invest, Aadifidelis Solutions, and Trefeddian Hotel, expanded market presence and diversified services.

• Strong cash flows led to a net cash balance of INR 1,306 crore as of September 2025.

• Board approved unaudited financial results for Q2 and H1 FY2026, with an unmodified auditor conclusion.

Financial highlights

• Q2 FY2026 revenue: INR 737 crore (up 49% YoY); EBITDA: INR 213 crore (up 30% YoY); PAT: INR 186 crore (up 27% YoY).

• H1 FY2026 revenue: INR 1,447 crore (up 46% YoY); EBITDA: INR 417 crore (up 40% YoY); PAT: INR 367 crore (up 38% YoY).

• Earnings per share for Q2 FY2026: INR 4.26 (vs INR 3.36 in Q2 FY2025).

• Net cash position as of September 30, 2025: INR 1,306 crore, up from INR 928 crore in March 2025.

• Cost of services and employee expenses increased in line with revenue growth.

Outlook and guidance

• Management aims to sustain current EBITDA margins and surpass last year’s visa application volumes.

• Focus on aggressive bidding for new tenders, expanding service offerings, and exploring inorganic growth opportunities.

• Revenue from the Aadhaar contract to ramp up from next year, with annualized revenue of ~INR 350 crore when fully operational.

• Many major contracts up for renewal in the next two years, representing a USD 1-2 billion opportunity.

• IPO proceeds of subsidiary BLS E Services Ltd. remain partially unutilized and are temporarily invested in term deposits.