BLS International Services Ltd.
NSE: BLSBLS International Services Ltd.: A 30-second snapshot
BLS International reported record FY26 revenue of ₹2,998 crore and net profit of ₹724 crore (+34% YoY), with trailing PE at 15.73 and forward PE at 12.18 — among the lowest in its sector peer group. The stock is priced at ₹261.90, down 36.5% over 12 months, sitting 14.7% below its 200-DMA, against the backdrop of a recently reported UAE contract transition that introduces revenue-stream uncertainty.
P/E
15.7
Forward P/E
12.2
ROE
+30.1%
Debt / Equity
15.47
Profit Margin
+22.9%
Div. Yield
+1.1%
5Y ROE > 15%
4/5
5Y FCF > 0
4/5
Quality
71/100
News
8 headlines · 4 positive · 1 negative
Indian expats in UAE to get passport renewal at home as new service provider replaces BLS International - The Indian Express
The Indian Express
BLS International posts record ₹2,998 crore revenue in FY26, profit rises 34% - BusinessLine
BusinessLine
BLS International posts net profit of Rs 724 crore in FY26 - The Economic Times
The Economic Times
BLS International shares soar 9% as Q4 PAT jumps 29% YoY to Rs 187 crore - The Economic Times
The Economic Times
BLS International Begins Belarus Visa Services in Mumbai - Passionate In Marketing
Passionate In Marketing
Recent context
- ·BLS International reported FY26 net profit of ₹724 crore (+34% YoY) and Q4 PAT of ₹187 crore (+29% YoY), with total FY26 revenue reaching a record ₹2,998 crore, per BusinessLine and The Economic Times (May 21, 2026).
- ·The Indian Express (May 21, 2026) reported that Indian expats in the UAE will now get passport renewal services through a new provider replacing BLS International, effective from a forthcoming date — signalling the loss of a key government-outsourced contract.
- ·BLS International launched Belarus visa services in Mumbai (May 2026), representing a new geographic contract addition; this partially offsets headline concentration risk but does not quantify revenue contribution relative to the UAE exposure.
Strengths
- +ROE of 30.14% ranks second among 6 sector peers and has stayed above 15% in 4 of the last 5 years, indicating sustained return on capital over the medium term.
- +Quality score of 79 ranks first of 6 peers in the Consumer Goods sector grouping, driven by a consistency score of 83 and FCF-positive performance in 4 of the last 5 years.
- +Trailing PE of 15.73 and forward PE of 12.18 are the lowest in the peer group, where Asian Paints trades at 58x, Titan at 70x, Trent at 85x, and DMart at 88x — a significant valuation gap relative to the group.
- +Five-year revenue CAGR of 17.6% and earnings CAGR of 31.4% demonstrate consistent top- and bottom-line growth over the measurement period.
Weaknesses
- −Debt-to-equity ratio of 15.468 is a high-severity concern for a non-banking consumer-services company; the trend is rising, and sector peers operate at a fraction of this leverage level.
- −Loss of the UAE passport/consular services contract to a new provider (reported May 2026) introduces material near-term revenue risk to a core operational line; the financial impact has not yet been disclosed or quantified.
- −Price has declined 36.5% over 12 months and 37.94% from its 52-week high; the stock has remained below its 200-DMA (₹307.10) with no sustained recovery, indicating persistent negative price momentum.
- −With only 1 analyst tracked and a peer group drawn from structurally unrelated consumer businesses, independent cross-validation of the valuation and competitive positioning is limited.
Open questions
- ?How large is the UAE passport/consular contract as a proportion of total FY26 revenue, and what is management's disclosed timeline and mitigation plan for the transition?
- ?Does the D/E of 15.468 reflect operating lease capitalisation or acquisition-related debt, and at what interest coverage ratio does the company currently operate?
- ?Has the 31.4% five-year earnings CAGR been driven by contract wins that are now cycling off, or does it reflect organic volume growth across a diversified client base?
- ?If the forward PE of 12.18 is validated by consensus estimates, what assumptions about UAE contract replacement or new contract wins are embedded in those earnings forecasts?
Peer comparison: Consumer Goods
Ranks 1 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| BLS | BLS International Services Ltd.You're viewing | 15.7 | +30.1% | 79 |
| Industry avg | across 5 peers | 75.8 | +19.9% | 44 |
| ASIANPAINT | Asian Paints Ltd. | 58.3 | +20.9% | 58 |
| TRENT | Trent Ltd. | 85.6 | +27.1% | 49 |
| ETERNAL | Eternal Ltd. | — | +1.2% | 41 |
| DMART | Avenue Supermarts Ltd. | 88.9 | +12.9% | 37 |
| TITAN | Titan Company Ltd. | 70.5 | +37.1% | 34 |
Technical state
Current price
₹261.90
SMA 50
₹270.17
SMA 200
₹307.10
RSI (14)
42.7 (neutral)
From 52w high
-37.9%
1Y return
-36.5%
3M return
-8.5%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highA May 2026 report indicates BLS International is being replaced as the service provider for Indian passport renewals in the UAE, with a new provider taking over. UAE consular and visa operations represent a core revenue stream in the business model; loss of this contract introduces material near-term revenue risk that is not yet quantified in available financial data.
- highDebt-to-equity ratio of 15.468 is exceptionally elevated for a non-banking consumer-services company; sector peers (Asian Paints, Titan, DMart, Trent) operate at D/E well below 1. The debt trend is flagged as rising. With D/E this high and rising, any slowdown in earnings or revenue could amplify financial pressure.
- mediumPrice at ₹261.90 is 3.1% below the 50-DMA (₹270.17) and 14.7% below the 200-DMA (₹307.10). Stock is down 36.5% over 12 months and 8.47% over the last 3 months. Drawdown from the 52-week high stands at -37.94%. RSI at 42.73 is in neutral-to-weak territory. Nearest resistance clusters are at ₹267, ₹276.80, and ₹286.95.
- lowAnalyst coverage is sparse: only 1 analyst tracked (rating 1 on a 1–5 scale, lower = more constructive) — too thin for meaningful consensus. Sector peer group (Asian Paints, Titan, DMart, Trent, Eternal) operates in structurally dissimilar businesses to visa and document services, reducing the validity of PE and quality-score peer rankings.
Cross-section contradictions
- FY26 reported record revenue of ₹2,998 crore and net profit of ₹724 crore (+34% YoY), with Q4 PAT up 29% YoY — strong earnings outcomes — yet the stock is down 36.5% over 12 months and 37.94% from its 52-week high, a divergence that points to forward-looking concerns (such as the UAE contract loss) outweighing reported historical results.
- News sentiment is positive overall (4 positive, 3 neutral, 1 negative across 8 articles), yet the single negative headline concerns the loss of a UAE contract — a potentially material revenue event whose significance is not captured by the 8:1 positive-to-negative headline ratio.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days