BLS International Services Limited

Industrials — Specialty Business Services · NSE

₹227.00−₹0.64 (−0.28%)

DalalBaazaar Score

83 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:52 pm

Understanding the Business

Company site ↗

The 60-second version of BLS International Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

BLS International Services Limited provides outsourcing and administrative tasks of visa, passport, and consular services to diplomatic missions in the Middle East, Asia-Pacific, North America, Europe, Africa, South America, China, and India.

IndustrySpecialty Business Services

SectorIndustrials

Employees63,000

Annual revenue₹2,998 Cr

How does it make money?

Turns over ₹2,998 Cr a year. Of every ₹100 of sales, about ₹23 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation. Each of its 63,000 employees supports ₹4.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹4.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 26.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 27.9% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE15.2%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 9.7% and earnings to grow about 9.7% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+9.7%

Est. earnings growth+9.7%

Analysts1

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +98% while net margin moved +73% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+98%

Margin effect+73%

DalalBaazaar Score

83/ 100

Strong

Weighted across six categories. Every point is explained below.

✓ Beta of -0.13 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

87/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

13.3x

3Y Median

50.0x

40 monthly readings · mean 43.7x · range 13.1x–85.9x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 73% below its 3y median of 50.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 85% below the peer median of 88.8x.

vs. its own history

Cheap

50.0x median over 40 months · -73%

vs. sector peers

Cheap

88.8x median of 3 peers · -85%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.4x

PEG

0.26

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 16.0% to 29.8% over 3 years.
Cash generation is improving
Free cash flow is up 298% over 3 years.
High return on capital employed
ROCE of 26.1% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 6493% over 3 years, from ₹7 Cr to ₹431 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 422% against revenue up 98% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 26.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 16.0% to 29.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 73% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 85% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹766 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 422% against revenue up 98%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 19% a year✓ 25.5% CAGR
Latest reported year was 25.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 28%✓ 29.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹766 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 23%✓ 26.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

8 good · 3 neutral · 0 weak

Market Cap

₹9,343 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.3x

Cheap

Cheap against the generic band

P/B Ratio

3.79x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹17.11

Profitable

Profitable on a per-share basis

ROE

27.9%

Strong

Strong capital efficiency

ROCE

26.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

25.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

10.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.10%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹766 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

10.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

24.8%

Good

Healthy core-business profitability

Net Margin

22.2%

Good

Strong bottom-line conversion

Current Ratio

2.92

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.13

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

222.2 / 238.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,516 Cr	₹1,677 Cr	₹2,193 Cr	₹2,998 Cr	+25.5%
EBITDA	₹242 Cr	₹394 Cr	₹701 Cr	₹894 Cr	+54.5%
EBITDA Margin	16.0%	23.5%	32.0%	29.8%	—
PAT (Net Profit)	₹201 Cr	₹313 Cr	₹508 Cr	₹687 Cr	+50.7%
EPS	₹4.89	₹7.6	₹12.33	₹16.64	+50.4%
ROE	25.0%	25.9%	29.4%	27.9%	—
ROCE	26.2%	24.1%	27.0%	26.1%	—
Total Debt	₹7 Cr	₹31 Cr	₹384 Cr	₹431 Cr	+304.0%
Free Cash Flow	₹192 Cr	₹286 Cr	₹668 Cr	₹766 Cr	+58.5%

🟢 Revenue has grown at 25.5% a year over 3 years.

🟢 EBITDA has grown at 54.5% a year over 3 years.

🟢 EBITDA Margin has risen from 16.0% to 29.8% over 3 years (+13.8 pts).

🟢 PAT (Net Profit) has grown at 50.7% a year over 3 years.

🟢 EPS has grown at 50.4% a year over 3 years.

🟢 ROE has risen from 25.0% to 27.9% over 3 years (+2.9 pts).

🟡 ROCE has held roughly flat at 26.1% over 3 years.

🔴 Total Debt has grown at 304.0% a year over 3 years.

🟢 Free Cash Flow has grown at 58.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,770 Cr

Total Liabilities

₹986 Cr

Cash & Equivalents

₹494 Cr

Operating Cash Flow

₹903 Cr

Capex

-₹137 Cr

Shareholding (proxy)

Institutional Holding

5.2%

Insider Holding

70.6%

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

16 Sept 2026

Analyst Consensus

Recommendations

1 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹330

+45.4% vs CMP

Target Range

₹330 – ₹330

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive3 mixed2 general

BLS International Services Q3 Results 2026 - Find BLS International Services Q3 Earnings Result | BLS Q3 results

Livemint, 16 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

BLS International Services Ltd. Share Price Live Today

CNBC TV18, 16 Oct

BLS International Share Price Jumps 9%: Will It Last?

Univest, 15 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

BLS Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

BLS International Services Limited (NSE:BLS) Passed Our Checks, And It's About To Pay A ₹0.50 Dividend

Simply Wall Street, 12 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

BLS International Acquires Additional Stake In Subsidiary BLS E-Services

Sahi, 20 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑