Highlight

• IDBI Capital Market Services has issued a buy rating on BLS International Services with a target price of ₹445.
• The company has reported its highest-ever quarterly performance in Q2 FY26.
• In Q2 FY26, BLS reported revenue growth, improved profitability, and multiple new government contract wins across key global markets.

BLS International Services Ltd (NSE:BLS) has received a buy rating from IDBI Capital Market Services Limited, with the brokerage assigning a target price of ₹445. The rating comes at a time when the company has posted record quarterly results and continued to expand its operational footprint across multiple regions.

Highest-Ever Quarterly Revenue

For the quarter ended 30 September 2025, BLS International reported consolidated revenue of ₹736.6 crore, marking a 48.8% year-on-year increase. The company delivered an EBITDA of ₹212.8 crore, up 29.7% year-on-year, with net profit rising 27.4% to ₹185.7 crore. This represents the strongest quarter in the company’s history.

The performance was supported by sustained traction across visa processing, citizen services and digital identity management. The company continued to build scale across existing contracts while securing new long-term engagements that enhance revenue visibility.

Expansion Through Strategic Contract Wins Across Regions

The company’s growth during the quarter was further supported by several major contract awards. A significant milestone was the three-year mandate from India’s Ministry of External Affairs to establish and operate Indian Visa Application Centres across China. This contract adds to BLS International’s longstanding engagement with the Indian government and enhances its presence in a key global market.

In Central Asia, the company secured the Cyprus visa processing project in Kazakhstan, further strengthening its regional portfolio. Meanwhile, in Latin America, BLS International undertook multiple expansion initiatives, including the opening of a new centre in Argentina, a relocation to a larger facility in Ecuador, and a transition to a self-managed operational model in Bolivia.

The company also deepened its role within India’s digital ecosystem by winning a major contract from the Unique Identification Authority of India valued at approximately ₹2,055.35 crore. Under this engagement, BLS International will establish and operate district-level Aadhaar Seva Kendras nationwide, supporting one of the world’s largest digital identity programmes.

Portfolio Diversification

Adding to its global expansion, BLS diversified into the hospitality sector through the acquisition of the Trefeddian Hotel in the United Kingdom for ₹78.3 crore. This strategic move supports the company’s long-term aim of building a broader and more resilient business portfolio beyond its core government services operations.

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