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 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).

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

• Expanded digital and Aadhaar services in India and renewed key contracts.

Financial highlights

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

• Visa and consular services Q3 revenue rose 20% to INR 449 crores; EBITDA margin improved to 40% from 37% last year.

• Digital business Q3 revenue more than doubled to INR 287 crores, with 109% year-over-year growth.

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

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

Outlook and guidance

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

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

• Strong future visibility with major contracts up for renewal and M&A opportunities in the pipeline.

• Continued investment in technology and operational excellence to drive growth and efficiency.

• Q1 and Q4 are expected to be the strongest quarters for volumes and revenue.