BLS International Services Ltd. Gets Buy Call from Nuvama with Target Price INR 637

BLS International Services Limited (BSE: 540073, NSE: BLS), is an Indian multi-national corporation and a trusted global tech-enabled services partner for governments and citizens. The company has got a buy call from Nuvama with Target Price INR 637.

Nuvama further added, “Its operational performance aligned with our estimates. It posted a record high quarterly revenue. As the only listed Indian company in global visa processing and G2C services outsourcing, BLSIN operates a capital light and cash-generating model, with strong growth potential. New visa contracts and an expanding digital services network can further enhance profitability. Its strong track record of acquisitions continues to broaden its market reach and service portfolio. Given its in line performance in Q3FY25 and higher-than anticipated margin guidance, we have revised our FY25/FY26 EBITDA estimate upwards by 6% each. Consequently, we raise our SoTP-based TP to INR637 from INR604. Maintain 'BUY'.”

Earlier, BLS International announced its consolidated financial results for the quarter and nine months ended 31st December 2024.

The company’s Revenue from Operations expanded by 17.1% YoY to Rs. 512.8 Crores in Q3FY25 from Rs. 437.9 Crores in Q3FY24. Company’s EBITDA surged by 78.5% YoY to Rs. 158.1 Crores during the quarter as compared to Rs. 88.6 Crores in Q3FY24. EBITDA Margin increased to 30.8% in Q3FY25 from 20.2% in Q3FY24. Margin expansion was enhanced by the ongoing transition from partner run to self-managed model and integration of newly acquired businesses. PAT for the quarter scaled to Rs. 127.9 Crores as compared to Rs. 87.2 Crores reported in Q3FY24, a growth of 46.7% YoY. Post acquisitions done in FY25, the company’s net cash balance stood at Rs. 690 Crores as of 31st December 2024.

The company’s Revenue from Operations grew by 22.1% YoY to Rs. 1,500.5 Crores in 9MFY25 as compared to Rs. 1,229.1 Crores in 9MFY24. EBITDA of the company surged to Rs. 455.2 Crores from Rs. 255.4 Crores in 9MFY24, registering a growth of 78.3% YoY. EBITDA Margin expanded to 30.3% in 9MFY25 from 20.8% in 9MFY24. PAT stood at Rs. 394.4 Crores as compared to Rs. 240.2 Crores in 9MFY24, a growth of 64.2% YoY. With this, the company significantly surpassed the profits of Rs 325.6 Crores reported in FY24.

Founded in 2005, BLS International Services Ltd. is a trusted global tech-enabled services partner for governments and citizens, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services.

The company is recognized as “India’s Most Valuable Companies” by Business Today Magazine, “Best under a Billion’ Company” by Forbes Asia and ranked among “Fortune India’s Next 500 companies”. The company is the second largest International Visa & Consular services provider and works with over 46 client governments, including Diplomatic Missions, Embassies and consulates, and leverages technology and processes that ensure data security.

BLS International is certified with as CMMI DEV L5 V2.0 & SVC L5 V2.0, ISO 9001:2015 for Quality Management Systems, ISO 27001:2013 for Information Security Management Systems, ISO 14001:2015 for Environmental Management Systems, and more. BLS International is the only listed company in this domain with operations in 70+ countries.