BLS International Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company has delivered good profit growth of 37.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 64.6%
- Company has a good return on equity (ROE) track record: 3 Years ROE 64.3%
- Company has delivered good sales growth of 59.6% CAGR over last 5 years
CONS
- A large part of profit comes from other income (99.9% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.54x)
- Stock is trading at 128.9x its book value
- Operating margins have contracted to 14.0% from 57.3%
- Effective tax rate is unusually low at 4.2% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| URBANCO | 166.95 | 0.00 | 25746.71 | 0.00 | -921.20 | -13373.78 | 5283.40 | 1338.56 | -8.23 | -18.44 |
| BLS | 231.65 | 13.51 | 9537.98 | 1.08 | 201.62 | 11.41 | 890.53 | 25.33 | 36.54 | 28.34 |
| SIS | 420.05 | 40.52 | 5937.25 | 1.67 | 101.66 | 9.37 | 4603.58 | 29.73 | 7.39 | 4.66 |
| QUESS | 350.00 | 20.70 | 5228.51 | 3.14 | 82.12 | 61.07 | 4181.68 | 14.52 | 24.72 | 2.02 |
| BLSE | 314.65 | 49.19 | 2858.80 | 0.32 | 18.63 | 6.30 | 304.09 | 24.63 | 18.67 | 6.98 |
| BLUSPRING | 131.50 | 100.98 | 1965.95 | 0.00 | -1.58 | 77.90 | 949.29 | 19.07 | 1.32 | 2.17 |
| TEAMLEASE | 1236.60 | 12.77 | 1889.70 | 0.00 | 34.45 | 37.74 | 3034.69 | 4.96 | 16.22 | 1.05 |
| KAPSTON | 588.20 | 58.70 | 1790.02 | 0.00 | 84.89 | 1284.83 | 2216.57 | 1062.33 | 13.16 | 6.56 |
| GCSL | 601.20 | 55.17 | 1503.32 | 0.12 | 128.00 | 1240.31 | 375.21 | 70.67 | 21.85 | 46.76 |
| UDS | 207.45 | 16.00 | 1388.94 | 0.00 | 30.28 | 4.47 | 764.29 | 9.15 | 9.99 | 5.54 |
| KRYSTAL | 615.35 | 14.01 | 859.76 | 0.24 | 17.41 | 5.92 | 360.71 | 11.65 | 16.36 | 6.33 |
| INNOVISION | 261.10 | 16.84 | 621.77 | 0.00 | -73.55 | -771.26 | 2638.15 | 948.03 | 37.59 | -3.82 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28 | 28 | 23 | 40 | 38 | 34 | 41 | 25 | 44 | 46 | 50 | 69 | 69 | |
| 24 | 22 | 27 | 33 | 34 | 34 | 37 | 41 | 39 | 40 | 43 | 59 | 72 | |
| Operating Profit | 3 | 6 | -4 | 7 | 4 | 0 | 5 | -15 | 5 | 6 | 8 | 10 | -3 |
| OPM % | 12.38% | 21.18% | -15.09% | 16.96% | 10.93% | 0.82% | 10.97% | -60.57% | 11.63% | 12.61% | 15.09% | 14.23% | -4.35% |
| 0 | 13 | 9 | 13 | 1 | 22 | 1 | 24 | 2 | 5 | 23 | 77 | 64 | |
| Interest | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 |
| Depreciation | 1 | 2 | 1 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 5 | 8 | 9 |
| Profit before Tax | 3 | 16 | 4 | 18 | 2 | 18 | 0 | 3 | 1 | 5 | 24 | 77 | 61 |
| Tax % | 27.36% | 6.15% | -33.60% | 15.24% | 26.02% | -2.87% | 28.95% | 39.92% | 21.05% | 2.00% | -7.12% | 7.58% | 25.44% |
| Net Profit | 2 | 15 | 5 | 15 | 1 | 19 | 0 | 2 | 1 | 5 | 25 | 72 | 45 |
| 0.05 | 0.36 | 0.12 | 0.36 | 0.04 | 0.45 | 0.01 | 0.04 | 0.02 | 0.12 | 0.61 | 1.74 | 1.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 41 | 52 | 53 | 20 | 40 | 87 | 119 | 138 | 210 | 235 | |
| 19 | 31 | 39 | 40 | 24 | 38 | 74 | 106 | 144 | 181 | 214 | |
| Operating Profit | 5 | 10 | 13 | 13 | -3 | 2 | 13 | 13 | -6 | 29 | 20 |
| OPM % | 22.27% | 24.57% | 25.01% | 23.94% | -16.06% | 5.82% | 14.49% | 10.97% | -4.27% | 14.01% | 8.62% |
| 2 | 6 | 9 | 20 | 30 | 17 | 37 | 35 | 47 | 107 | 169 | |
| Interest | 1 | 1 | 2 | 1 | 1 | 0 | 1 | 2 | 4 | 8 | 8 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 6 | 13 | 21 | 26 |
| Profit before Tax | 4 | 13 | 19 | 30 | 24 | 17 | 47 | 40 | 23 | 107 | 167 |
| Tax % | 28.97% | 16.91% | 28.61% | 21.88% | 12.54% | 7.45% | 11.50% | 7.96% | 4.98% | 4.20% | 11.82% |
| Net Profit | 3 | 11 | 13 | 23 | 21 | 16 | 41 | 37 | 22 | 103 | 147 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.03 | 1.57 | 2.00 | 0.90 | 0.53 | 2.49 | — |
| Dividend Payout % | 114.19% | 48.52% | 77.14% | 44.41% | 24.62% | 79.47% | 74.69% | 111.25% | 187.44% | 100.40% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 29%
- 5 Years:
- 60%
- 3 Years:
- 34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 56%
- 5 Years:
- 38%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- 30%
- 3 Years:
- -6%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- 50%
- 5 Years:
- 56%
- 3 Years:
- 64%
- Last Year:
- 123%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 41 | 41 | 41 | 41 |
| 8 | 15 | 24 | 31 | 45 | 49 | 37 | 46 | 50 | 34 | |
| 2 | 5 | 8 | 1 | 0 | 0 | 0 | 17 | 63 | 104 | |
| Trade Payables | 0 | 1 | 1 | 1 | 0 | 0 | 2 | 4 | 22 | 9 |
| 7 | 18 | 25 | 23 | 7 | 28 | 14 | 20 | 40 | 100 | |
| Total Liabilities | 27 | 49 | 68 | 66 | 64 | 88 | 95 | 128 | 216 | 289 |
| 5 | 4 | 4 | 4 | 4 | 4 | 8 | 31 | 87 | 157 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| 3 | 4 | 5 | 5 | 1 | 1 | 33 | 36 | 42 | 56 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 14 | 21 | |
| Cash & Bank | 5 | 6 | 13 | 14 | 11 | 36 | 32 | 20 | 47 | 21 |
| 14 | 35 | 46 | 43 | 48 | 47 | 22 | 22 | 26 | 32 | |
| Total Assets | 27 | 49 | 68 | 66 | 64 | 88 | 95 | 128 | 216 | 289 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 13 | 27 | 8 | -21 | 2 | -1 | -0 | 25 | 62 | |
| Cash from Investing | 0 | -7 | -21 | 24 | 33 | 19 | 35 | 26 | 30 | 53 |
| Cash from Financing | -2 | -1 | -3 | -23 | -9 | -14 | -23 | -31 | -30 | -138 |
| -1 | 3 | -2 | 2 | -3 | 4 | 5 | -5 | 25 | -22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-30 - BLS International Services Limited has informed the Exchange about Newspaper Publication for completion of dispatch of Notice of 42nd Annual General Meeting of the Company
2026-08-29 - BLS International Services Limited has informed the Exchange about Web Link Letter
2026-08-29 - BLS International Services Limited has informed the Exchange that Record date for the purpose of Dividend is 16-Sep-2026.
2026-08-29 - BLS International Services Limited has informed the Exchange regarding 'Business Responsibility & Sustainability Report'.
2026-08-29 - BLS International Services Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026
2026-08-25 - The Company has published Newspaper Advertisements for the attention of the Equity Shareholders of the Company in respect of information regarding the AGM other related information, to the members of the Company, published today i.e. Tuesday, August 25, 2026 in the following newspapers: 1. Financial Express- English Language- All edition 2. Jansatta- Hindi Language - Delhi Edition
2026-08-24 - BLS International Services Limited has informed the Exchange regarding Media Release with reference to categorically rejects allegations of Involvement in Visa Irregularities appearing in various Media Reports
2026-08-21 - BLS International Services Limited has informed the Exchange about Deregistration of Visametric LLC, Tajikistan, Step down subsidary of the Company
2026-08-20 - BLS International Services Limited has informed the Exchange about Acquisition of additional equity stake in BLS E-Services Limited
News
Recent coverage and analyst commentary for BLS
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