BLS International Services Limited (BLSIL) is an India-based company, which offers tech-enabled, visa, consular and citizen services to states and provincial governments of Asia, Africa, Europe, South America, North America, and Middle East. The company ranks under top 2 player in visa outsourcing services and has a presence in 66 countries with a network of 50,000 application centers globally. It has processed ~78 million applications as of December’2023. BLSIL’s business is broadly categorized in two segments, i.e. i) Visa processing & consular business and ii) Digital services business through which it generates ~83% and ~17% revenue respectively.


Recommendation PRICE RANGE Target Price Time Horizon
Accumulate Rs. 320.00 – 350.00 Rs. 450 12 Months

Stock Details

Market Cap. (Cr.) 14,219
Equity (Cr.) 923
Face Value 1
52 Wk. high/low 430 / 150
BSE Code 540073
Book Value (Rs) 23.1
Industry IT-Visa Services
P/E 46.8

Share Holding Pattern %


FIIs 7.56
Institutions 0.89
Public 19.93
Others 0.11
Total 100.00


Key Investment Rationale:

  • Growing Demand: The demand for work and travel visas is rising as a result of the world’s growing interconnectedness. The sector for visa services is expanding rapidly due to the increase in worldwide mobility, with a projected 13.2% compound annual growth rate (CAGR) by 2031.

  • Government agreements: In order to provide services for processing visas, visa outsourcing BLSIS is frequently forming agreements with various governments. These alliances can boost the company’s reputation while also bringing in a consistent flow of revenue.

  • Scalability and Global Reach: BLSIS has a wide network of 50,000 application centers across 66 countries including Spain, Italy, Portugal, Germany, Thailand, India, Vietnam, Malaysia, Slovakia etc. And the company is planning to expand this reach further to other nations. This scalability lessens reliance on any one market and increases revenue potential.

  • Focus on Inorganic Growth Strategy: The Company is focusing on the acquisitions & has recently inked definitive agreement to acquire 100% ownership in iDATA for an enterprise valuation of EURO 50 Mn (~ Rs.450 Cr.). Additionally, it has allocated excess funds to its subsidiary Zero Mass Private Limited (ZMPL) in order to optimize surplus cash and improve the company’s total return ratios.

  • Scaling in Value-Added Services: BLSIS provides applicants with a range of convenience services; there has been a notable increase in demand for these value-added services, which is a major factor in margin expansion and could serve as a differentiator in contract negotiations.

BLS International Business Model:


Visa Processing: The company service portfolio ensures the processing of visa applications and the issuing of residency permits, e-visas, and visas. It offers outsourced passport services, e-visa solutions, document verification and attestation, visa application centers outfitted with customer-facing digital technology and related services.

Value-added services: In several nations, the company provides value-added services that are customized to the mission’s needs. Visitors to the visa application centers can utilize the services, which can be tailored to their needs. The company provides a distinctive, first-rate, and hassle-free experience, with VAC personnel helping candidates with other application procedures and form completing. Additionally, applicants can receive tailored assistance from our platinum services, which do away with the requirement to physically attend visa application locations.

Consular Services: Serving as a responsible middleman for its client governments, BLS provides consular services such as accepting applications for passports, replacing passports and travel documents, obtaining national identity cards, scheduling consular appointments, renunciating citizenship, notarial services, and witnessing and authenticating documents.

Citizen and front-end services: BLS provides a wide range of services, including as systems, technology, people, infrastructure, and service integration, to effectively provide residents with government services. With an emphasis on efficiency and controls in the processing of applications and documents, the organization offers personalized and secure citizen services.

E-visas: Prospective visa holders can apply online by entering their information into the database management system of the company’s visa application center with the aid of the e-visa solution provided by the company. This allows governments to issue electronic visas, accept payments online using credit or debit cards, and provide an e-verification letter that can be printed or emailed.

E-governance: The business operates citizen service centers (CSCs) that provide a range of essential services, including data entry, birth and death certificates, and property registration. These services are provided in an accountable and transparent manner, using state-of-the-art technology to safeguard private and sensitive citizen data. Running, maintaining, and supervising these centers is the responsibility of the Company in order to ensure timely and efficient service delivery while minimizing the need for client engagement or middlemen.

Biometric and identity management: Through a special integration of systems, solutions, and services, the company offers identity management solutions all over the world. Its services include document management, video conferencing, biometric identity assurance solutions, aided applications, registration, authentication, and reporting. The services boost decision-making efficacy, efficient risk management, and customer service while lowering identity fraud and enhancing national security.

Verification and attestation services: Several governments in India and around the world have chosen the company to provide apostille and attestation services, helping them with administrative tasks. The services include accepting documents from people and government agents in addition to providing quick, reliable Ministry attestation and apostille services.

Industry Overview:

Globalization and International Travel: The need for visa services is predicted to rise as globalization continues to spur an increase in cross-border travel for business, tourism, education, and employment. By providing streamlined and effective solutions for visa processing, visa outsourcing companies are well-positioned to profit from this trend.

     Complexity of Visa Regulations: various countries have various needs and procedures, making visa regulations more and more complicated. Due to this intricacy, there are chances for visa outsourcing organizations to offer their knowledge and support to people and companies who are navigating the visa application process.

Technological breakthroughs: Visa outsourcing firms may now improve the security, convenience, and efficiency of visa processing services thanks to ongoing technological breakthroughs like digital application platforms, biometric identification, and secure data transfer protocols. These businesses’ competitiveness and value proposition can be further enhanced by investing in cutting-edge technological solutions.

Value-added Services: In addition to processing visas, visa outsourcing businesses may expand the range of services they offer to include value-added services like language interpretation, travel insurance, concierge services, and cultural orientation. These businesses can increase client satisfaction and create new revenue sources by diversifying their services.

Government Partnerships and Regulations: Visa outsourcing firms can get a competitive advantage and access to exclusive contracts by collaborating with governments and diplomatic missions through public-private partnerships. To guarantee adherence to legal and regulatory frameworks, it is necessary to stay up to date with evolving rules and compliance needs.

     Emerging Markets: The demand for international travel and study abroad possibilities is rising due to the expansion of the middle class in emerging markets, especially in Asia, Latin America, and Africa. Visa outsourcing businesses can get into these new markets by making an appearance, providing services that are tailored to the area, and collaborating with regional players.


Management Commentary on the business & its future prospects:

We recently met with the management of the company and discussed about the company’s current business scenario, recent acquisitions and its future prospects. Below are the details of the discussion:

  • Competitive Position: BLSIS currently has ~12-15% market share in the global visa outsourcing market and faces major competition from the VFS Global, market leader in the visa outsourcing industry. However, due to the niche nature of the industry, there are high entry barriers with only a few key players in the market translates into a huge opportunity for BLSIS.
  • Latest Acquisition: The 100% acquisition of iData (Turkey-based Visa & Consular services provider) is about to complete in the upcoming quarter. This acquisition for an enterprise valuation of Euro 50 Mn (~ Rs.450 Crores) would be funded primarily through internal accruals. But in order to extend the visa outsourcing agreement between iData and the governments of Germany and Italy for an additional year or two, BLSIS might have to pay an additional Euro ~12–24 Mn. In order to cover this additional payment, the business intends to incur debt.

iData is a niche player working in certain geographies operating only for Germany, Italy, Czech Republic for a long period; due to which it boasts strong EBITDA margins. Thus, this acquisition would help BLSIS to use economies of scale, widening its presence in key geographies, improvement in efficiencies and increase in margins.

  • Digital Services Business: ~ 17% revenue of BLSIS is generated through Digital services business, which is a high growth tech-enabled services segment. Company has recently won key contracts from Ayushman Bharat, UP for handling Ayushman Cards and from UIDAI to conduct a comprehensive data quality check for Aadhaar information. This asset light business is likely to see margin improvement going forward on account of the growing citizen services facilitated by Centers across states and traction in Business Correspondent business.
  • Investment in New Age Technology: The Company is integrating Tech like Artificial Intelligence, block chain, facial recognition, chat bots etc. in the business to build robust system and enhance service experience.

Consolidated Financial Statement of BLS International Limited:

Profit and Loss Statement:                                             

Particulars (In Rs. Cr.) FY21 FY22 FY23
Revenue From Operations 478.37 849.89 1516.19
Other Income 18.66 14.95 21.25
Total Revenue 497.03 864.84 1537.44
Employee Benefits Expenses 43.70 75.80 139.64
Finance Costs 0.54 0.67 0.67
Depreciation and Amortization Expenses 9.45 7.25 18.49
Other Expenses 394.97 667.17 1155.54
Profit before Exceptional Items and Tax 48.37 113.96 223.09
Exceptional Items 0.00 0.00 -2.60
Profit before Tax (PBT) 48.37 113.96 220.49
Tax Expenses -1.97 2.76 16.22
Profit after Tax (PAT) 50.34 111.20 204.27

Balance Sheet:   

Particulars (In Rs. Cr.) FY21 FY22 FY23
Share Capital 10.25 10.25 41.08
Total Reserves 449.57 559.54 761.77
Total Shareholders’ Funds 459.82 569.79 802.85
Minority Interest 0.11 0.04 34.28
Secured Loans 0 3.12 0
Unsecured Loans 0.73 8.04 6.53
Total Debt 0.73 11.16 6.53
Other Liabilities 2.99 2.91 3.6
Total Equity & Liabilities 463.65 583.9 847.26
Gross Block 92.06 175.8 313.9
Less: Accumulated Depreciation 54.43 63.55 80.19
Net Block 37.63 112.25 233.71
Investments 24.15 70.1 88.35
Current Assets, Loans & Advances
Inventories 0 0 0.56
Sundry Debtors 100.2 22.26 32.65
Cash and Bank 277.37 324.23 475.93
Loans and Advances 35.31 48.96 60.28
Total Current Assets 412.88 395.45 569.42
Less : Current Liabilities and Provisions
Current Liabilities 34.3 49.32 97.92
Provisions 0.16 0.11 0.19
Total Current Liabilities 34.46 49.44 98.11
Net Current Assets 378.42 346.01 471.31
Deferred Tax Assets 6.72 8.67 7.71
Other Assets 16.73 46.86 46.19
Total Assets 463.65 583.89 847.27

Cash Flow Statement:

Particulars (In Rs. Cr.) FY21 FY22 FY23
Cash and Cash Equivalents at Beginning of the year 22.00 35.15 36.92
Net Cash from Operating Activities 45.01 185.33 260.53
Net Cash Used in Investing Activities -22.38 -171.51 -237.75
Net Cash Used in Financing Activities -9.48 -12.05 7.23
Net Inc/(Dec) in Cash and Cash Equivalent 13.15 1.77 30.02
Cash and Cash Equivalents at End of the year 35.15 36.92 66.94



BLSIS is a key and the only listed player in the global visa outsourcing market having presence across 66 countries. Company’s asset light business model is generating strong & growing EBITDA margins which is expected to sustain at the base level of 20% going forward. The current volume growth of visa processing segment is at ~15% YoY and is expected to increase on the back of increased traction in the international travel and global mobility. The increased focus on the Value added services would further improve company’s margins. The company stands to capitalize on a substantial growth opportunity driven by its competitive position, recent key acquisitions, securing new contracts, and expansion into new geographies. With strong business model, favorable market share & increasing margins, we are positive on the BLSIS and recommend to accumulate the stock between 320-350 for the target price of 450 with the time horizon of 12 months.

 Source: Company website, EWL Research

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