Pasal Wealth
BLS International Services Ltd
India's only listed global visa outsourcing company — operating across 80+ countries, serving 46+ government clients, and reporting FY26 revenue of ₹2,998 Cr with net profit of ₹724 Cr. The stock is down ~37% in one year despite strong fundamentals.
Company Description
BLS International Services is India's only listed company operating in global visa and consular outsourcing — a category where it ranks among the top 2 providers globally, with a 17% market share by value (excluding the US) in the global visa outsourcing market as of 2024.
The company handles outsourced visa processing, document verification, attestation, biometrics, and citizen services for 46+ government clients across 80+ countries. In FY26, its visa and consular segment processed 44.1 lakh applications at a net revenue per application of ₹3,302 — up 14% year-on-year.
The second business — Digital Services — more than doubled in FY26 to ₹1,158 Cr (from ₹440 Cr in FY25), driven by banking correspondent services, loan distribution, and assisted digital services through 1.55 lakh touchpoints and 45,800 channel partners across India. This segment's growth was partly accelerated by the ₹190 Cr acquisition of 57% of Aadifidelis Solutions in FY25 — a digital loan distributor that facilitated loan disbursements of over ₹6,700 Cr in just four months of integration.
A 3-year contract from India's Ministry of External Affairs to establish and operate Indian Visa Application Centres in China is the most recent significant contract win.
We reached out to BLS International management with four plain questions. When they respond, answers will appear here in full, unedited, clearly labelled as management's own words.
Company Numbers
Source: Public exchange filings and company financial data, as reported. Verify against latest filings before relying on any figure here.
Worth watching: The visa contract renewal cycle is the key business risk — management has acknowledged over a dozen major contracts up for renewal within the next 24 months, representing a USD 1–2 billion opportunity. Win rates have historically been strong, but each renewal is a discrete risk event. Watch for contract announcements closely.
Company Performance
Source: Company exchange filings, Business Standard, and verified financial data. FY = April–March. FY25 PAT was ₹539.6 Cr (consolidated). FY26 net profit ₹724 Cr reflects 34.1% growth. Q1 FY27 net profit ₹181 Cr was up 49.8% YoY. These are reported figures, not Pasal Wealth's projections.
Why almost nobody's looked at this yet
- 01It's the only listed Indian play on global visa outsourcing. There is no other mainboard-listed company in India with this exact business model. The structural scarcity of comparable listed companies is itself a research blind spot.
- 02The Digital Services segment is under-covered despite doubling. Most coverage focuses on the visa business. The digital segment — banking correspondent, loan distribution, 1.55 lakh touchpoints — doubled in FY26 and is growing faster than the visa business.
- 03Down 37% in one year despite record FY26 earnings. The divergence between the operating performance (FY26 best-ever revenue and profit) and the stock price trajectory is exactly the kind of mismatch that our screen flags for closer reading.