BLS International Q2 revenue rises 32%, profit gains 9%

BLS International Services Limited reported consolidated revenue from operations of Rs 972.68 crore for the quarter ended September 30, 2026, up 32% from Rs 736.63 crore a year earlier, while net profit rose 9% to Rs 201.74 crore. Higher service, employee and depreciation costs limited profit growth relative to sales.

How did BLS International perform in the September 2026 quarter?

BLS International recorded total income of Rs 995.59 crore in the September 2026 quarter, compared with Rs 755.35 crore in the September 2025 quarter. Revenue from operations contributed Rs 972.68 crore, while other income was Rs 22.91 crore, against Rs 18.73 crore a year earlier. Total income therefore increased by Rs 240.24 crore year on year.

Profit before tax was Rs 222.81 crore, up from Rs 202.83 crore in the prior-year quarter, but down from Rs 235.64 crore in the June 2026 quarter. Net profit was broadly flat sequentially at Rs 201.74 crore versus Rs 201.62 crore in June 2026, while basic earnings per share were Rs 4.52, compared with Rs 4.26 in September 2025 and Rs 4.62 in June 2026.

Why did BLS International profit rise more slowly than revenue?

BLS International’s total expenses increased 40% year on year to Rs 772.78 crore in the September 2026 quarter, exceeding the 32% rise in revenue. Cost of services rose to Rs 447.66 crore from Rs 332.29 crore, employee-benefit expense increased to Rs 170.16 crore from Rs 100.43 crore, and depreciation and amortisation grew to Rs 40.45 crore from Rs 22.52 crore.

Other expenses rose to Rs 104.06 crore from Rs 78.29 crore, while finance costs increased to Rs 7.71 crore from Rs 6.14 crore. Tax expense rose to Rs 21.07 crore from Rs 17.13 crore. These expense movements meant that profit before tax grew by Rs 19.98 crore, whereas revenue from operations grew by Rs 236.05 crore during the same comparison.

Which BLS International segment drove quarterly revenue growth?

BLS International’s Digital Services segment was the faster-growing business in the September 2026 quarter, with revenue of Rs 462.84 crore, up 66% from Rs 278.03 crore a year earlier. Visa and Consular Services remained the larger segment by revenue at Rs 509.84 crore, up 11% from Rs 458.60 crore in the September 2025 quarter.

Visa and Consular Services generated segment profit before interest and tax of Rs 206.86 crore, compared with Rs 183.81 crore a year earlier. Digital Services generated Rs 23.66 crore, down from Rs 25.16 crore despite its revenue increase. Visa and Consular Services accounted for the majority of combined segment profit before interest and tax of Rs 230.52 crore.

What acquisitions affect comparison of BLS International’s results?

BLS International stated that its September 2026 consolidated results include Atyati Technologies Private Limited from July 2, 2026, making the current period not comparable with the previous period. The group acquired 100% of Atyati Technologies Private Limited for Rs 145.83 crore, net of contingent consideration, and said the provisional allocation of the purchase price resulted in goodwill.

The results also include Trefeddian Hotel (Aberdovey) Limited, acquired on October 2, 2025 through BLS UK Hotels Limited. The September 2026 quarter’s comparison with September 2025 is therefore affected by both acquisitions. BLS International expects to complete the Atyati purchase-price allocation within one year, with potential measurement-period adjustments possible during its continuing review.

What do BLS International’s half-year cash flow and balance sheet show?

BLS International generated net cash from operating activities of Rs 544.67 crore in the half year ended September 30, 2026, compared with Rs 514.94 crore in the corresponding prior-year half. Net cash used in investing activities was Rs 261.23 crore, versus Rs 384.93 crore a year earlier, including Rs 109.27 crore paid for acquisition of a subsidiary, net of cash acquired.

Cash and cash equivalents ended the half year at Rs 659.30 crore, compared with Rs 494.16 crore at March 31, 2026. Total assets rose to Rs 4,299.44 crore from Rs 3,770.10 crore, while total equity increased to Rs 2,825.38 crore from Rs 2,463.46 crore. Digital Services assets increased to Rs 1,134.71 crore at September 30, 2026 from Rs 641.42 crore at March 31, 2026.

Conclusion

BLS International delivered a 32% increase in September-quarter consolidated revenue, led by a 66% rise in Digital Services revenue, while Visa and Consular Services remained the principal contributor to segment profit. Net profit increased 9% because total expenses rose 40%, with notable increases in service costs, employee benefits and depreciation.

The next issue to watch is the integration and accounting of Atyati Technologies Private Limited, acquired on July 2, 2026 for Rs 145.83 crore. BLS International said the purchase-price allocation remains provisional and should be completed within one year; separately, Atyati’s proposed sale of its Joint Liability Group-Financial Lending Business remains subject to lender, regulatory and other required approvals.