BLS International Services (BLS) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for Q3 FY 2026 grew 44% year-over-year to INR 737 crores, with nine-month revenue up 46% to INR 2,184 crores, nearly matching last year's full-year revenue.

• Profit after tax for Q3 FY 2026 rose 33% year-over-year to INR 170 crores; nine-month PAT increased 36% to INR 537 crores.

• Board declared an interim dividend of INR 2 per share (200% of face value) for FY 2025-26.

• Secured major new contracts, including global visa contracts for Slovakia and Cyprus, and a three-year contract for Indian Visa Application Centres in China.

• Growth was driven by higher application volumes, new and renewed contracts, and successful integration of acquired businesses.

Financial highlights

• Q3 FY 2026 EBITDA increased 25% year-over-year to INR 198 crores; nine-month EBITDA up 35% to INR 615 crores.

• Net revenue per application improved 19% year-over-year to INR 3,383.

• EBITDA margin for Q3 FY 2026 at 26.9% (down from 30.8% YoY); 9MFY26 at 28.2% (down from 30.3% YoY).

• Cash and cash equivalents at quarter-end stood at INR 1,400 crores, up from INR 1,290 crores in the previous quarter.

• Basic and diluted EPS for Q3: Rs. 3.95 (vs. Rs. 2.93 in Q3 last year); nine months EPS: Rs. 12.36 (vs. Rs. 9.06 year-over-year).

Outlook and guidance

• Management targets 22%-25% annual growth over the next five years.

• Focus on aggressive bidding, expanding service offerings, and geographic expansion.

• Positive outlook for travel and tourism sector due to government budget initiatives and expected increase in overseas travel.

• Anticipates continued growth in both visa and digital segments, with margin expansion as value-added services are introduced.

• IPO proceeds from subsidiary BLS E Services Ltd. to be used for technology, organic and inorganic growth, and general corporate purposes.