BLS International Q3 FY26: PAT up 33%, revenue +44%

Key takeaway from the Q3 FY26 update

BLS International Services Ltd. reported a strong set of numbers for Q3 FY26 and the nine months ended December 31, 2025, with growth led by its visa and consular services business and a sharp expansion in digital services. The company said it nearly matched its full-year FY25 performance within nine months, supported by higher application volumes, contract wins across geographies, service diversification, and consolidation of acquired businesses.

For the quarter, revenue and profit rose sharply year-on-year, while margins were mixed at the consolidated level. Alongside the results, the board declared an interim dividend of ₹2 per equity share, described as a 200% payout.

Q3 FY26 headline numbers: revenue at ₹736.5 crore

For the quarter ended December 31, 2025 (Q3 FY26), consolidated revenue from operations rose 43.6% year-on-year to ₹736.5 crore from ₹512.8 crore. EBITDA increased 25.3% to ₹198.0 crore from ₹158.0 crore.

Profit before tax (PBT) rose to ₹190.6 crore from ₹140.2 crore, while profit after tax (PAT) increased 33.1% to ₹170.2 crore from ₹127.9 crore. The company linked performance to steady growth across both its Visa and Consular Services segment and the Digital Services segment, along with operational efficiencies.

Nine-month FY26: revenue at ₹2,183.7 crore, PAT at ₹536.9 crore

For 9M FY26, revenue from operations grew 45.5% year-on-year to ₹2,183.7 crore from ₹1,500.5 crore. EBITDA rose 35.1% to ₹615.0 crore from ₹455.2 crore, while PAT increased 36.1% to ₹536.9 crore from ₹394.4 crore.

The company stated that it came close to its last full-year performance within nine months, helped by higher visa application volumes and improved operating efficiency.

Consolidated financial snapshot

Visa and consular services: higher volumes, stronger margins

In Q3 FY26, the Visa and Consular Services segment reported revenue of ₹449 crore, up from ₹376 crore a year earlier, supported by higher volumes. The company processed 10.7 lakh applications in the quarter versus 9.1 lakh in the same quarter last year, a rise of about 18%.

Segment EBITDA rose 28% year-on-year to ₹180 crore. The EBITDA margin for the segment improved to 40.1%, expanding by 275 basis points from the prior-year quarter’s margin.

On unit economics, the company reported that net revenue per application improved 19% to ₹3,383 in Q3 FY26 compared with ₹2,841 in the corresponding quarter.

Digital services: revenue more than doubles

The Digital Services segment continued to grow rapidly. In Q3 FY26, digital services revenue more than doubled to ₹287 crore from ₹137 crore in Q3 FY25, reflecting 109% year-on-year growth.

For 9M FY26, Digital Services segment revenue rose to ₹815 crore from ₹293 crore in 9M FY25. The company also reported digital segment EBITDA of ₹57 crore for 9M FY26 versus ₹42 crore in the comparable period last year, and EBITDA of ₹18 crore for Q3 FY26.

Segment highlights at a glance

Dividend and balance sheet notes

Along with the quarterly results, the board declared an interim dividend of ₹2 per equity share, stated as a 200% dividend payout.

In earlier FY26 updates included in the same information set, the company reported a net cash balance of ₹1,306 crore as of September 30, 2025, compared with ₹928 crore as of March 31, 2025. It also reported a net cash balance of ₹1,126 crore as of June 30, 2025.

Hospitality exposure: UK hotel acquisition

As part of its stated diversification, the company disclosed that it entered the hospitality sector through the acquisition of the Trefeddian Hotel in the United Kingdom for ₹78.3 crore. The disclosure was made alongside its FY26 updates.

Why the numbers matter for investors tracking travel services

BLS International’s results show that its growth is not only volume-led in the visa business but also supported by a rapidly scaling digital segment. The Q3 FY26 application volumes (10.7 lakh) and the 9M FY26 total (33.3 lakh) indicate sustained demand in its core processing business.

At the same time, the improvement in net revenue per application to ₹3,383 in Q3 FY26 and the visa segment margin expansion to 40.1% point to better monetisation and operating efficiency within that segment. Digital services growth, with Q3 revenue at ₹287 crore, is a key contributor to the consolidated top line.

Conclusion

BLS International reported Q3 FY26 revenue of ₹736.5 crore and PAT of ₹170.2 crore, while 9M FY26 revenue reached ₹2,183.7 crore with PAT at ₹536.9 crore. The company attributed performance to higher visa volumes, contract wins, portfolio diversification, and consolidation of acquired businesses, and it declared an interim dividend of ₹2 per share. The next set of updates will likely be tracked for segment profitability trends, particularly the digital EBITDA trajectory and consolidated margin movement.