BLS International Services Limited Q2 Revenue Reaches ₹973 Crore

BLS International Services Limited reported record consolidated revenue of ₹973 crore in the quarter ended September 30, 2026, up 32% year-on-year from ₹737 crore, while EBITDA rose 17% to ₹248 crore. The performance was supported by growth in both Visa and Consular Services and digital services.

What did BLS International report for Q2 FY27?

BLS International reported its highest quarterly consolidated revenue of ₹973 crore for Q2 FY27. Revenue increased from ₹737 crore in the corresponding quarter of the previous year, while EBITDA grew to ₹248 crore from ₹213 crore.

The company reported an EBITDA margin of 25.5%, compared with 28.9% a year earlier. Management attributed the decline to a changing revenue mix, with digital services becoming a larger part of consolidated revenue and carrying a lower margin than Visa and Consular Services.

During the quarter, Visa and Consular Services accounted for about 52% of revenue, while digital services contributed about 48%. The near-even split indicates that the digital business has become a material contributor to the company’s overall operations.

BLS International said it crossed approximately 500 million applications processed globally during the quarter. The milestone reflects the scale of its visa, consular and related service delivery operations across its international network.

How did the Q2 FY27 earnings call unfold?

BLS International held its Q2 and H1 FY27 earnings conference call on November 4, 2026, at 4:00 p.m. IST. The company subsequently disclosed that the audio recording of the call was available on its website under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The call included Nikhil Gupta, Managing Director, Shikhar Aggarwal, Joint Managing Director, and Amit Sudhakar, Chief Financial Officer. Deepali Kumari of Arihant Capital introduced the management team and the session covered the company’s operational and financial performance for the quarter and six months ended September 30, 2026.

In his opening remarks, Aggarwal said both businesses contributed to growth during the first half. He cited record quarterly revenue and noted that the expansion of digital services following the consolidation of Atyati had changed the company’s consolidated revenue composition.

Sudhakar said the margin movement reflected that mix change rather than a stated deterioration in segment operations. Visa and Consular Services remained the larger revenue contributor in Q2, but the 48% share of digital services showed the importance of the business after Atyati’s consolidation.

Why did BLS International's margin change despite higher revenue?

BLS International’s EBITDA margin declined because digital services grew faster than Visa and Consular Services. Management stated that digital services have lower margins than the Visa and Consular Services business, and their growing share reduced the consolidated margin percentage.

Digital services revenue increased 66% year-on-year to ₹463 crore in Q2 FY27, while segment EBITDA rose 67% to ₹34 crore. This growth rate was higher than the company’s overall 32% revenue growth, explaining why the digital segment’s contribution to consolidated revenue rose meaningfully.

The revenue mix also differs from the preceding quarter. In Q1 FY27, BLS International had reported revenue of ₹891 crore, EBITDA of ₹252 crore and an EBITDA margin of 28.3%. Q2 revenue therefore rose by ₹82 crore sequentially, while reported EBITDA was ₹4 crore lower than in Q1.

For the first half of FY27, management said revenue grew 29% and EBITDA increased 20%. Profit after tax for the six-month period was ₹403 crore, compared with ₹367 crore in the prior-year half, an increase of about 10%.

What does the Q2 performance mean for investors and operations?

BLS International’s Q2 results show that growth was generated by both principal operating businesses rather than by a single segment. The company’s revenue reached a record level, digital services expanded strongly, and the Visa and Consular Services business retained a 52% share of quarterly revenue.

For investors, the principal reported trade-off was between faster revenue growth and a lower consolidated EBITDA margin. Revenue rose 32%, but EBITDA rose 17%, resulting in a 25.5% margin. The disclosed figures indicate that the business mix, particularly the larger contribution from digital services, was the stated factor behind this difference.

The processing milestone of around 500 million global applications is also relevant to operational scale. However, the earnings call disclosure did not provide a forecast for future application volumes, revenue, margins, or profit.

The company had reported record revenue of ₹891 crore in Q1 FY27, up 25% year-on-year, with EBITDA of ₹252 crore and profit after tax of ₹202 crore. The Q2 result extended the revenue growth trend, although the reported margin was lower than both Q1 FY27 and the corresponding Q2 of the previous year.

Conclusion

BLS International Services Limited delivered record Q2 FY27 revenue of ₹973 crore, driven by contributions from Visa and Consular Services and rapidly growing digital services. EBITDA rose to ₹248 crore, but the margin declined to 25.5% as the lower-margin digital segment became a larger share of the revenue base.

Investors will watch the company’s future disclosures for the performance of its two business segments, the impact of the Atyati consolidation on revenue mix and margins, and updates on application-processing volumes. The company has made the November 4, 2026 earnings-call recording available on its website.