BLS International Services Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

BLS International Services Ltd. reported revenue of ₹973 cr for July to September 2026, +32.0% on the year and +9.2% on the quarter. That is slower than this quarter has grown in recent years (+35.1% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹3,414 cr, +28.7% on the four before.

Operating profit (EBITDA) was ₹248 cr, a margin of 25.5%, −338 bps on the year and −284 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.0% to 30.8%, averaging 27.4%. Operating costs grew +38.3%, faster than revenue at +32.0%, so operating profit grew less than sales.

Net profit was ₹202 cr, +8.6% on the year and +0.1% on the quarter, with earnings per share of ₹4.52. Profit before other income, one-offs and tax grew 8.6%, so the profit growth came from the business itself. The tax rate of 9% is in line with its recent average. Profit over the last four quarters totals ₹760 cr, +18.9% on the four before.

Of the 6 companies in Consumer Services that have reported Q2 FY27 so far, BLS International Services Ltd. ranks 2nd on revenue growth; the sector median is +17.8%. Its margin moved −338 bps on the year against a sector median of +252 bps.

On earnings per share of ₹17.41 over the last four quarters, the stock at ₹226.84 trades at 13.0 times trailing earnings.

Questions to askeach one with its numbers and source

Also worth knowing

Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was 1.35× profit. Receivables at 23 days of sales (+3 days against the last year end). Inventory at 0 days of sales (+0 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Interest income (6M consolidated): 30.88 crore (recurring)consolidated cash flow statement p.8
• Dividend income (6M consolidated): 4.00 crore (recurring)consolidated cash flow statement p.8
• Realized gain on sale of investment (6M consolidated): 2.61 crore (recurring)consolidated cash flow statement p.8
• Unrealized gain on mutual fund (6M consolidated): 3.52 crore (recurring)consolidated cash flow statement p.8

Tax: Consolidated tax expense of ₹21.07 crore (current tax ₹22.56 crore, deferred tax credit ₹1.49 crore) on Profit before tax of ₹222.81 crore

Sector vitalsthe numbers this business is run on

Worked out from filed numbers. Visa and Consular Services Revenue: Consolidated segment revenue from Visa and Consular Services (₹50,984.25 lakhs converted to ₹ crore) · Digital Services Revenue: Consolidated segment revenue from Digital Services (₹46,283.57 lakhs converted to ₹ crore) · Visa and Consular Services Segment Result: Consolidated segment profit before interest and tax for Visa and Consular Services (₹20,685.76 lakhs converted to ₹ crore) · Digital Services Segment Result: Consolidated segment profit before interest and tax for Digital Services (₹2,366.38 lakhs converted to ₹ crore)

What management saidquoted, with source

• The Un-audited Standalone and Consolidated Financial Results along with Limited Review Report of the Statutory Auditors thereon for the second quarter and half year ended September 30, 2026 have been considered and approved.press release, outcome letter p.1
• The subsidiary BLS E-Services Limited received an amount of Rs 30,929.29 lakhs being gross proceeds from fresh issue of equity shares.press release, consolidated note 4
• During the quarter ended September 30, 2026, the group has acquired 100% equity share of Atyati Technologies Private Limited for a consideration of Rs. 14,582.69 lakhs net of contingent consideration.press release, consolidated note 5

Segments

Every quartersame rules, every quarter