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BLS International Services Ltd.
(BLS)
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Rating:71Outperform
Price Target:
₹264.00
▲(12.99% Upside)
Action:Upgraded
Date:05/21/26
The score is driven primarily by strong financial performance (high profitability and robust cash generation), tempered by a weaker technical setup (below key moving averages with negative MACD) and only moderate valuation support (P/E ~20 with a modest dividend yield).
Positive Factors
Strong cash generation and FCF conversion
Operating cash flow materially exceeded reported earnings in 2026 and free cash flow covered a large portion of net income, indicating durable cash conversion. This supports reinvestment, contract fulfilment and balance-sheet flexibility over the medium term despite some year-to-year swings.
Negative Factors
Rising leverage versus prior years
The upward trajectory in debt from historically minimal levels impairs the company’s prior conservatism. Even moderate leverage reduces optionality for big contract bids, increases interest exposure and warrants monitoring if debt continues to rise against business volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and FCF conversion
Operating cash flow materially exceeded reported earnings in 2026 and free cash flow covered a large portion of net income, indicating durable cash conversion. This supports reinvestment, contract fulfilment and balance-sheet flexibility over the medium term despite some year-to-year swings.
Read all positive factors
BLS International Services Ltd. (BLS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹98.47B
Dividend Yield1.26%
Average Volume (3M)518.27K
Price to Earnings (P/E)14.4
Beta (1Y)1.44
Revenue Growth36.70%
EPS Growth35.14%
CountryIN
Employees357
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)16.68
Shares Outstanding411,740,900
10 Day Avg. Volume1,401,115
30 Day Avg. Volume518,274
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)3.94
Price to Sales (P/S)3.24
P/FCF Ratio12.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.8
Revenue Forecast (FY)₹35.91B
BLS International Services Ltd. Business Overview & Revenue Model
Company Description
BLS International Services Limited specializes in providing outsourced administrative and support functions for visa, passport, and consular services to diplomatic missions across the globe. Its extensive service portfolio includes direct citizen ...
How the Company Makes Money
BLS makes money mainly by operating under service contracts with client governments and diplomatic missions to run application-processing support infrastructure (visa/consular/passport facilitation and related citizen services). Revenue is typical...
BLS International Services Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
88
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 29.98B | 21.93B | 16.77B | 15.16B | 8.50B |
| Gross Profit | 10.57B | 8.75B | 5.01B | 3.46B | 1.98B |
| EBITDA | 9.14B | 5.89B | 3.42B | 2.25B | 1.07B |
| Net Income | 6.87B | 5.08B | 3.13B | 2.01B | 1.11B |
Balance Sheet | |||||
| Total Assets | 37.70B | 28.06B | 16.16B | 9.45B | 6.33B |
| Cash, Cash Equivalents and Short-Term Investments | 15.13B | 9.04B | 9.72B | 4.39B | 3.06B |
| Total Debt | 4.31B | 3.59B | 305.96M | 65.31M | 111.58M |
| Total Liabilities | 9.86B | 7.87B | 1.75B | 1.08B | 635.06M |
| Stockholders Equity | 24.63B | 17.31B | 12.08B | 8.03B | 5.70B |
Cash Flow | |||||
| Free Cash Flow | 8.07B | 6.68B | 2.86B | 1.92B | 1.03B |
| Operating Cash Flow | 9.44B | 8.29B | 3.50B | 2.61B | 1.85B |
| Investing Cash Flow | -4.92B | -11.19B | -2.60B | -2.38B | -1.72B |
| Financing Cash Flow | -2.40B | 1.58B | 2.57B | 72.31M | -120.50M |
BLS International Services Ltd. Technical Analysis
Positive
233.65
Price Trends
250.66
Positive
260.20
Negative
280.37
Negative
Market Momentum
0.87
Negative
59.37
Neutral
74.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BLS, the sentiment is Positive. The current price of 233.65 is below the 20-day moving average (MA) of 240.24, below the 50-day MA of 250.66, and below the 200-day MA of 280.37, indicating a neutral trend. The MACD of 0.87 indicates Negative momentum. The RSI at 59.37 is Neutral, neither overbought nor oversold. The STOCH value of 74.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BLS.
BLS International Services Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹98.47B | 14.35 | ― | 1.29% | 36.70% | 35.14% | |
67 Neutral | ₹42.22B | 14.29 | ― | 3.57% | 2.58% | -18.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹19.79B | 61.11 | ― | ― | -2.20% | -72.57% | |
42 Neutral | ₹5.41B | -16.27 | ― | ― | 6.02% | -1558.53% |
* General Sector Average
IN:BLS
BLS International Services Ltd.
254.30
-132.75
-34.30%
IN:AGSTRA
AGS Transact Technologies Ltd.
2.02
-3.26
-61.74%
IN:CMSINFO
CMS Info Systems Ltd.
272.95
-159.94
-36.95%
IN:HGS
Hinduja Global Solutions Limited
429.05
-99.25
-18.79%
IN:REPRO
Repro India Limited
370.35
-142.50
-27.79%
IN:SECURCRED
SecUR Credentials Ltd.
1.63
0.00
0.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.