BLS International Services (BLS) Q4 24/25 earnings summary

Executive summary

• FY 2025 delivered record consolidated revenue of INR 2,193 crore, up 31% YoY, and net profit of INR 540 crore, a 66% increase over the previous year.

• EBITDA grew 82% YoY to INR 629 crore, with margin expansion to 28.7% from 20.6% in FY24.

• Growth was driven by robust expansion in visa consular and digital businesses, transition to a self-managed model, and strategic acquisitions including iDATA, Citizenship Invest, Aadifidelis, and others.

• The company expanded its global footprint, opening new centers in multiple countries and enhancing operational efficiency.

• BLS E Services Ltd. subsidiary was listed in February 2024, raising INR 309.29 crore in gross proceeds.

Financial highlights

• Q4 FY25 revenue was INR 693 crore, up 55% YoY; EBITDA at INR 174 crore, up 93% YoY, with margin at 25.1%.

• Full-year EBITDA reached INR 629 crore, up 82% YoY, with margin improving to 28.7%.

• Profit after tax for FY 2025 was INR 540 crore, up 66% YoY.

• Net cash stood at INR 928 crore as of March 2025, after deploying over INR 1,000 crore in acquisitions.

• Operating cash flow for the year was INR 903 crore.

Outlook and guidance

• Management targets maintaining at least 15%-20% annual growth, with a focus on sustaining current EBITDA margins above 30% in the visa business.

• Aggressive bidding for new tenders, geographic expansion, and inorganic growth through acquisitions are planned.

• Strong future visibility with major contracts up for renewal and a healthy balance sheet to support growth.