BLS International Q2 results: Record revenue on Digital Services growth, but can strong earnings revive shares?
A Ksheerasagar
BLS International Services Limited, a leading global AI and technology-enabled services partner for governments and citizens, announced its financial performance for the quarter and half year ended September 30, 2026, on Tuesday after market hours.
The company continued its strong growth trajectory in Q2 and H1 FY27, delivering its highest-ever quarterly revenue of ₹973 crore in Q2 FY27, up 32% year-on-year (YoY), driven by growth across its Visa and Consular Services and Digital Services businesses.
Its Visa and Consular Services business maintained steady momentum, with Q2 revenue growing 11.2% YoY to ₹510 crore. EBITDA also increased 11.2% to ₹214 crore, with a healthy EBITDA margin of 41.9%. The number of visa applications processed during the quarter stood at 10.9 lakh in Q2 FY27. For H1 FY27, the number of applications stood at 22.2 lakh.
Revenue from the Digital Services business increased 66.4% YoY to ₹462.7 crore in Q2 FY27, compared with ₹278 crore in Q2 FY26. This growth was primarily driven by strong traction in the business correspondent and loan disbursement businesses.
In terms of operating performance, EBITDA increased 16.6% to ₹248 crore, while profit after tax (PAT) grew 8.6% to ₹202 crore.
Despite geopolitical and travel-related disruptions in certain markets, the company’s diversified global presence and operational capabilities supported its performance.
For the first half of FY27, the company recorded a 28.7% YoY increase in revenue to ₹1,863 crore, while EBITDA grew 20% to ₹500 crore, according to the company’s earnings filing.
During the quarter, the company announced plans to strengthen its AI-led technology ecosystem through investments in automation, secure infrastructure, and strategic partnerships. These initiatives are aimed at driving operational efficiencies, reinforcing data security and enhancing the applicant experience.
The company said it had achieved a significant milestone by processing more than 500 million applications across its Visa, Consular, and Citizen Services businesses worldwide. During the quarter, it was also appraised at CMMI Level 5, supported by internationally recognised ISO certifications and robust governance frameworks.
Commenting on the financial performance, Shikhar Aggarwal, Joint Managing Director, said the company remained confident about its growth prospects, supported by its expanding global footprint, established government relationships, technology capabilities, and the growing scale of its digital services business.
He added that the company remained focused on disciplined execution, profitable growth, and long-term value creation for its stakeholders.
The company’s shares have turned volatile since hitting a fresh all-time high of ₹521 in January 2025 and have since declined 58% to the current trading price of ₹215 apiece. In terms of yearly performance, the stock is down 33% so far in 2026, following a 33.5% decline in 2025.
Nevertheless, the stock’s long-term performance remains strong, with its five-year return standing at 292%, supported by the significant gains accumulated between 2020 and 2024. During this period, the stock rose 282%.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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