BLS International Services Limited stands as amongst the top two players globally in the government technology-enabled services domain. The New Delhi-based company provides visa, passport, consular, and citizen services and was founded in 2005, operating in over 66 countries across five continents. The company has established itself as a preferred partner for Embassies and Governments across the world, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, e-governance, attestation, biometric, e-visa, and retail services.
BLS International operates as an outsourcing partner for diplomatic missions worldwide, providing comprehensive administrative and non-judgmental services. The company serves Diplomatic Missions in 22 countries through its 101 offices and processes in excess of 14.3 million applications annually. The business model encompasses multiple service verticals, including visa processing, passport services, consular assistance, attestation services, and e-governance solutions.
The company's visa processing services form the core of its operations, where it acts as an intermediary between applicants and diplomatic missions. BLS has evolved the entire system into a seamless process which includes information dissemination, automated application and appointment systems, help lines, collection and remittance of fees, biometric enrolment, and convenient value-added services. Over the last few years, technology-driven innovative solutions have revolutionized the way visa & passport application services are managed.
The company currently trades with a market capitalization of ₹15,457 Crore as reported by financial data platforms. The company has demonstrated remarkable financial growth across key metrics. Net profit rose 67.34% to ₹135.14 Crore in the quarter ended March 2025, as against ₹80.76 Crore during the previous quarter ended March 2024. Sales rose 54.74% to ₹692.77 Crore in the quarter ended March 2025, as against ₹447.71 Crore during the previous quarter ended March 2024.
For the full financial year, the performance was equally impressive. Net profit rose 62.39% to ₹508.23 Crore in the year ended March 2025, as against ₹312.97 Crore during the previous year ended March 2024. Sales rose 30.80% to ₹2,193.30 Crore in the year ended March 2025, as against ₹1,676.81 Crore during the previous year ended March 2024.
Key Financial Metrics (FY25):
- Revenue: ₹2,193 Crore
- Net Profit: ₹508.23 Crore
- Market Cap: ₹15,457 Crore
- Promoter Holding: 70.4%
The company has pursued an aggressive acquisition strategy to strengthen its market position. During the quarter, BLS completed the acquisition of a controlling stake of 57% in Aadifidelis Solutions and its affiliates. With the total investment of over ₹1,000 Crore done in FY25 for new acquisitions, which were primarily funded through internal accruals, the company still maintains a robust balance sheet with net cash of ₹690 Crore as of December 31, 2024.
The company has also made significant international contract wins. In 2016, BLS International was awarded a contract by Spain's Ministry of Foreign Affairs and Cooperation (MAEC) for global visa outsourcing, valued at €175 million. More recently, in August 2024, the company was awarded a contract for global visa outsourcing by the Ministry of Foreign and European Affairs of the Slovak Republic. In May 2023, the company secured a renewal of its contract with Spain's Ministry of Foreign Affairs and Cooperation (MAEC) for the second consecutive term.
BLS International has invested heavily in technology to enhance its service delivery capabilities. By 2021, BLS International had integrated advanced technologies like artificial intelligence (AI) and machine learning (ML) to enhance biometric enrolment and document verification processes. The company also expanded its e-governance solutions to support digital transformation initiatives.
The company continues to expand its global presence through strategic partnerships and new contract wins. Recent expansions include services for the Embassies of Germany in the United States and Mexico from November 2022, contracts with Italian Embassies in multiple countries from July 2023, and Hungarian Embassy contracts across seven countries from February 2024.
According to Joint Managing Director Shikhar Aggarwal, the company continues to report remarkable performance with robust growth across all key financial and operational metrics. The growth has been driven by strong operational efficiencies and supported by the transition to a self-managed model from the partner-run model, along with the integration of new businesses.
BLS International Services represents a compelling investment opportunity in the growing global mobility and government services outsourcing sector, with its strong financial performance, expanding international presence, and technology-driven service delivery model positioning it well for continued growth in the digital governance space.
