BLS International Services Ltd
India's only listed global visa outsourcing company — operating across 80+ countries, serving 46+ government clients, reporting FY26 revenue of ₹2,998 Cr with net profit of ₹724 Cr.
Company Description
BLS International Services is India's only listed company operating in global visa and consular outsourcing — ranking among the top 2 providers globally with a 17% market share by value (excluding the US) as of 2024.
The company handles outsourced visa processing, document verification, attestation, biometrics, and citizen services for 46+ government clients. In FY26, it processed 44.1 lakh applications at a net revenue per application of ₹3,302 — up 14% year-on-year.
Its second vertical — Digital Services — more than doubled in FY26 to ₹1,158 Cr (from ₹440 Cr in FY25), driven by banking correspondent networks, loan distribution, and 1.55 lakh touchpoints across India.
In Their Own Words
We reached out to BLS International management with our 4 direct questions. Their official responses will appear here unedited once received.
Performance & Profit Track
Source: Company exchange filings and audited financial statements.
Why almost nobody has looked at this yet
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1
Only Listed Indian Visa Player: No other mainboard peer shares this specific business model, creating a peerless research blind spot.
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2
Under-Covered Digital Ramp: Most commentators only analyze the visa desks, missing the digital banking correspondent network that doubled in FY26.
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3
Operating vs Valuation Disconnect: Down ~37% in one year despite delivering all-time record revenue and profit.