Slides
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Q1 FY26 BLS INTERNATIONAL SERVICES LIMITED Investor Presentation
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Safe Harbor This presentation and the accompanying slides (the “Presentation”) have been prepared by BLS International Services Limited (the “Company”) solely for informational purposes. They do not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities, and shall not form the basis of or be relied upon in connection with any contract or binding commitment whatsoever. No offering of securities by the Company will be made except through a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data it considers reliable. However, the Company makes no representation or warranty, express or implied, and no reliance should be placed on the truth, accuracy, completeness, fairness, or reasonableness of its contents. The Presentation may not be all-inclusive and may not contain all the information you may consider material. Any liability arising from the contents of, or any omission in, this Presentation is expressly disclaimed. This Presentation contains certain forward-looking statements regarding the Company’s future business prospects and profitability. These are subject to a number of risks and uncertainties, and actual results could materially differ from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, fluctuations in earnings, the ability to manage growth, domestic and international competition, economic conditions in India and abroad, the ability to attract and retain skilled professionals, time and cost overruns on contracts, management of international operations, government policies and regulatory actions, interest rates, and other fiscal factors prevailing in the economy. The Company does not undertake to announce any changes to forward-looking statements should they become materially incorrect in the future, nor to update any forward-looking statements made from time to time by or on behalf of the Company.
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Table of Contents 1. About BLS 2. Q1FY26 Key Financial Highlights 3. Annual Key Financial Highlights 4. Industry Overview 5. Annexures
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20 Years Strong and Growing Faster 4 From humble beginnings in 2005 to becoming one of the top two global leaders in visa and consular services, BLS International’s 20-year journey has been defined by visionary leadership, operational rigour, and an unrelenting commitment to service excellence. Built on the bedrock of trust and guided by innovation, BLS International has transformed from a regional player into a trusted global partner to over 46 governments across more than 70 countries.
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About BLS International
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BLS International at a Glance BLS International is one of the Top 2 global providers of visa, passport, consular and citizen services; addressing the needs of governments and citizens across the world. The company operates its business under two segments: Visa & Consular Services BLS delivers outsourced visa, passport and other Government-to-Citizen (G2C) services and has built trusted partnerships with governments worldwide Digital Services BLS offers front-end citizen services like Business Correspondent, E-Governance and Assisted E- Services to many State governments in India FY25 Revenue Mix 20 Years of Global Experience 360 Mn+ Applications Processed * 70+ Countries of Operations 46 Client Governments * 1,44,000+ Touchpoints for E-Services * ^ 45,000 + Business Correspondents * ^ 1,000 + E-Stores across India * ^ A Trusted Global Partner for Governments and Citizens 6^ Including 8,600+ touchpoints and BCs of ASPL* Including Digital Services Business which is housed under the subsidiary BLS E-Services Limited Rs. 2,193 Crores Revenue from Operations Rs. 629 Crores EBITDA Rs. 540 Crores PAT 80.6% FY22-25 EBITDA CAGR 28.7% EBITDA Margin 24.6% PAT Margin FY25 Financials 75% 25% Visa & Consular Digital
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Investment Rationale Robust Financial Performance Established Market Player One of the Top 2 global providers of Visa, Passport, Consular, and Citizen services Expertise built over 2 decades of being a trusted global partner for governments and citizens Operations in 70+ countries with 46+ Client governments Operational Excellence Transitioning from Partner-run model to Self-managed model Enhanced focus on Cost Efficiencies Technology-driven solutions Focus on Expansion through Diversification and Inorganic Route Diversifying Business Model – through Digital Services Business Inorganic Expansion – Acquisitions of iDATA and Citizenship Invest under Visa Business and Aadifidelis Solutions under Digital Business Strong Industry Tailwinds * Global Travel & Tourism Industry expected to grow at 8% CAGR from 2024-29P Outsourcing Visa Market (except USA) expected to grow at a 14% CAGR from 2024-29P Global Consular Services Market expected to grow at 32% CAGR from 2024-29P Achieved 37% Revenue CAGR (FY22-25) Focus on Profitable growth - 81% EBITDA CAGR (FY22- 25) Cash generating business – Rs. 829 Crores Cash Generated from Operations in FY25 High Return Ratios - 22.0% ROCE and 31.3% ROE in FY25 7Consolidated Financials* Source: Industry Reports, Research & News Articles Leading player in a fast-growing industry enabling unprecedented potential for value creation
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Established Market Player
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(Rs. Crores) Revenue from Operations 756 1,653 30% Net Revenue ^ 246 1,089 64% EBITDA 110 570 73% EBITDA Margin (%) 14.6% 34.5% No. of Applications (Lakhs) 15.0 37.5 36% Net Revenue per Application (Rs.) 1,638 2,903 21% Established Market Player Visa & Consular Business’ Superior Service Proposition Entered into the visa processing business in 2005 with it’s first contract for the Portuguese Embassy in New Delhi, now regarded as a valued partner to 46 client governments globally with operations in 70+ countries BLS has set global standards in outsourced visa and passport services, managing administrative and non-judgemental tasks for governments and diplomatic missions, allowing them to focus entirely on visa application assessment BLS holds 17% Market Share by Value and 10% by Volumes in the Global Visa Outsourcing Market (except USA) in 2024* Rich Expertise & Excellence through Streamlined Processes Technology-driven solutions enhancing visa processing for improved accuracy and security Facilitating convenient access to services through a global service network Maintaining Data Security & Confidentiality and ensuring Regulatory Compliance Customer-centric Approach Visa & Consular Business’ Journey in Key Numbers FY22 FY25 Transformed to become One of Top 2 Global Players within just 2 Decades 9* Source: Industry Reports, Research & News Articles Consolidated Financials CAGR ^ Net Revenue per Application = (Revenue less Cost of Services) for Visa Business / No. of applications
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Offering End-to-End Visa & Consular Services BLS offers a comprehensive range of service solutions encompassing outsourced visa processing, document verification, attestation, passport services, e-visa solutions and associated services BLS addresses critical needs of governments for cost moderation, liberating manpower bandwidth, and providing specialised services Consular & Other Services Core Services: Outsourced visa processing Verification of documents Attestation of documents Biometrics E-Visa Value Added Services: Photocopy, courier & internet facility Premium lounge Form Filling Insurance SMS alert Translation services Mobile biometrics Citizen Services: Passport Renewal Authentication of Travel Documents Legalization of Documents Renunciation of Citizenship Notary Services Visa & Allied Services (including Value-Added Services) Other Services: Citizenship Programs Residency Programs 10 Providing a One-Stop Service solution with Infrastructure of Global Standards
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Expanding Horizons
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Expanding Horizons Through Diversification of Business Model Through Inorganic Avenues Drawing upon its capabilities and expertise in the G2C sector, BLS has expanded its business and operations to offer front-end citizen services to Central Government and many State Governments in India, through its subsidiary BLS E-Services Limited (BLSe) In July 2024, BLS acquired a 100% stake in iDATA, a regional player in the visa processing services, enhancing BLS International’s global presence and market share In October 2024, BLS acquired a 100% stake in Citizenship Invest, a leading player in Residency and Citizenship programmes In November 2024, BLSe acquired a 57% controlling stake in Aadifidelis Solutions, one of the leading loan distribution & processing players in India Digital Business iDATA C i t i ze n s h i p Invest Aadifidelis Solutions In line with our commitment to being global, strengthening our revenues and sustainable value creation 12
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xxx Revenue from Operations (Rs. Crores) 256 315 540 EBITDA (Rs. Crores) 34 45 60 EBITDA Margin 13.4% 14.3% 11.0% No. of Touchpoints 92,000+ 1,00,000+ 1,42,000+ FY23 FY25 Diversification into Digital Services Business Delivers last mile banking services through a robust network of centers in rural and remote areas Part of Financial Inclusion Program of Govt. Of India Services Provided: – Enrolment of customers – Opening bank accounts – Balance enquiry – Money transfer / Doorstep Services / Govt. Benefits – Passbook updation and other basic banking services Enables the provision of citizen-centric and front- end services through BLS Touchpoints Services Provided: – Birth and Death certificates – PAN and Aadhar registrations – Property registrations and Land record management – Ayushman Bharat Quality Checks – 700+ Citizen centric services Provides a variety of services & products through retailers and digital stores also known as BLS E- stores Services Provided: – PoS services – Ticketing services – Assisted e-commerce services, – Other services & products Revenue is generated through registration fees; transaction-based commission on goods & services supplied; and support service charge Digital Services Business Business Correspondent Assisted E-ServicesE-Governance Services Digital Business’ Journey in Key Nos Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services 13Consolidated Financials FY24
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37 Visa Application Centres 100% stake acquired for Rs. 720 Crores in Jul’24 Market Share Expansion Expansion through the Inorganic Avenues Founded in 2005 Visa processing & consular service provider Germany, Italy, and Czech Republic consulates in 11 countries Founded in 2009 Investor programs for residency & citizenship to HNWI 15+ countries with 99% application success rate Served 1,800+ HNWIs clients with 85 nationalities 20 Investment programs 100% stake acquired for Rs. 260 Crores in Oct’24 Diversification into Rapidly Growing Sectors Founded in 2018 Distribution and processing of loans for corporates and individuals 8,600+ channel partners across 17 states and union territories Average monthly loan disbursement of Rs 1500+ Crores 57% stake acquired for ~Rs. 123 Crores in Nov’24^ Diversification iDATA Citizenship Invest Aadifidelis Solutions 14^ Out of total consideration of Rs. 123 Crores, the company has made an upfront investment of ~Rs. 78 Crores which includes Rs. 25 Crores of primary infusion into ASPL. Additional payments would be made on achievement of certain EBITDA milestones
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Operational Excellence
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Focus on Operational Excellence Focusing on capital efficiency which was evident in significant strengthening of EBITDA margin from 8.3% in FY21 to 28.7% in FY25, reflecting improved revenues, higher scale, and strategic cost management Leverage scientific knowledge, IT systems, and data centers to enhance process efficiency and optimize resource utilization Established a robust training mechanism, enabling efficient activity monitoring and transparent information dissemination to enhance overall effectiveness Evolved from traditional outsourcing to a combined model of outsourcing and specialization, enhancing cost-efficiency while elevating service standards to meet global benchmarks Invest in technology solutions to streamline visa processing and enhance operational efficiency, enabling the company to offer innovative services and maintain a competitive edge Transitioned from a partner-run model to a self-managed model, aimed at reducing reliance on partners and gaining more control over our operations, resulting in better margins 8.3% 12.6% 14.6% 20.6% 28.7% FY21 FY22 FY23 FY24 FY25 EBITDA Margin (%) 16Consolidated Financials
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Harnessing the Power of Technology to Climb into the Next Orbit BLS harnesses advanced technologies to reinforce its brand equity, elevate its competitive edge, and drive scalable growth across markets Identity Management Data Security Connected User Experience Electronic Visa Processing AI-Driven Platform Language Processing Advanced biometric and fingerprint scanners with multiple levels of security measures are used in real-time, in both controlled and uncontrolled environments, using Blockchains The organizational data management approach cover the entire data lifecycle with clear guidelines for data classification, privacy, protection, retention, and disposal Our chatbot engage with travelers to provide real- time updates on their travel documents, ensuring a seamless and hassle-free experience We harness OCR technology processing at the comfort of one’s home/office We utilize AI-Driven Processes across our centers to authenticate travel documents Interactive measures like Chatbot, Natural Language Processing (NLP), and conversational & voice-based assistants are used Technical expertise is a key determinant for eligibility in financial bidding processes. BLS’s ongoing investment in upgrading its technological capabilities positions it competitively, ensuring a distinct advantage when vying for tenders. Delivering Tech-Enabled Services Globally 17
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BLS: A Unique Value Proposition
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BLS - A Unique Value Proposition Achieved 37% Revenue CAGR (FY22-25) 81% EBITDA CAGR (FY22-25) 28.7% EBITDA margin in FY25, margin expanded significantly from 12.6% in FY22 22.0% ROCE and 31.3% ROE in FY25 Most contracts are exclusive, ensuring no overlap in regions or countries between vendors Contract duration ranging from 5 to 10 years - ensuring long term visibility of Revenue and Profitability BLS is a Cash-generating business with Negative Working Capital as processing fees is collected upfront, even before services are rendered Zero Receivables from Missions/Embassies High Asset Turnover Ratio of approximately 9.7x (in FY25); all the visa application centers across the world are on lease Many major contracts are up for renewal in the next 2 years - opportunity in the range of USD 1 – 2 Billion Interesting M&A opportunities in the Visa & Consular space Given strong cash generation, BLS’ balance sheet is quite healthy with Net Cash Balance of Rs. 928 Crores as of 31 March 2025 This is despite investment of approx. Rs. 1,000 Crores during FY25 on various acquisitions Focus on Profitable Growth Exclusive & Long-term Contracts Negative Working Capital Asset-Light Model Strong Future Visibility Healthy Balance Sheet 19Consolidated Financials
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Committed to Exploring Avenues for Future Growth Aggressive Bidding Expanding Service Offerings Provide Customised Solutions Geographic Expansion Maintain Strong Govt. Partnerships Focus on Brand Building Explore Inorganic Expansion Follow an aggressive bidding strategy for new upcoming tenders Recruit experienced resources and train them around AI and technology to strengthen our bidding Explore opportunities to diversify services beyond traditional visa processing and in digital space Specific Citizen services & other new value-added services Provide tailor-made services on the back of our strong IT platform, to meet the specific needs of different clients & customer segments Actively developing customized solutions tailored to the diverse needs of banks and financial institutions Identify and enter new markets where demand for visa outsourcing services is growing or untapped Continue to assess the regulatory landscape, market dynamics, and competitive landscape in potential target regions before entering new markets Strategic partnerships with government agencies, diplomatic missions, and consulates to secure long-term contracts for visa outsourcing and other services. Collaborate closely with authorities to stay updated on regulatory changes and compliance requirements to quickly adapt to any changes Invest in marketing initiatives to raise brand awareness and promote the company's expertise, reliability, and customer-centric approach Actively scouting for strategic inorganic opportunities, which would provide synergy to existing businesses, with an objective to maximise shareholder values 20
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Q1FY26 Financial Highlights
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120.8 181.0 - 50.00 100.00 150.00 200.00 250.00 300.00 350.00 400.00 Q1FY25 Q1FY26 492.7 710.6 Q1FY25 Q1FY26 Q1 FY26 Consolidated Performance Revenue from Operations PAT & PAT Margin (%)EBITDA & EBITDA Margin (%) 27.0% 28.7% +53% +44% 24.5% 25.5% +50% 22 Consolidated FinancialsIn Rs. Crores 133.2 204.2 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q1FY25 Q1FY26 • Revenue growth driven by organic growth as well as consolidation of acquired businesses viz. iDATA, Citizenship Invest and Aadifidelis • EBITDA growth and margin expansion led by shift from partner-run model to self-managed model, increased operational efficiencies and also due to consolidation of acquired businesses
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Q1FY26 Consolidated P&L Particulars (₹ in Crores) Q1FY26 Q1FY25 YoY FY25 FY24 YoY Revenue from Operations 710.6 492.7 44.2% 2,193.3 1,676.8 30.8% Cost of Services 318.1 242.4 986.0 964.4 Employee Benefit Expenses 109.0 71.2 323.5 208.1 Other Expenses 79.3 45.9 254.5 158.7 EBITDA 204.2 133.2 53.4% 629.3 345.7 82.1% EBITDA Margin (%) 28.7% 27.0% 171 bps 28.7% 20.6% 808 bps Finance Costs 6.3 1.8 27.8 2.6 Depreciation 22.8 14.1 76.5 30.9 Other Income 25.1 17.5 80.5 39.9 PBT before Exceptional Items 200.2 134.7 48.6% 605.5 352.1 72.0% PBT Margin (%) 28.2% 27.3% 83 bps 27.6% 21.0% 661 bps Tax Expenses 19.2 13.9 65.9 26.5 PAT 181.0 120.8 49.8% 539.6 325.6 65.7% PAT Margin (%) 25.5% 24.5% 95 bps 24.6% 19.4% 519 bps 23 Consolidated FinancialsIn Rs. Crores
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121.3 186.0 (40.00) 10.00 60.00 110.00 160.00 210.00 Q1FY25 Q1FY26 8.5 11.4 Q1FY25 Q1FY26 2,653 3,167 1,500 2,000 2,500 3,000 3,500 Q1FY25 Q1FY26 11.9 18.3 - 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00 Q1FY25 Q1FY26 Q1FY26 – Segment Highlights No. of Applications Net Revenue per Application * (Rs.) EBITDA & EBITDA Margin (%) Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations 414.1 460.7 Q1FY25 Q1FY26 +11% 78.5 249.9 0.00 50.00 100.00 150.00 200.00 250.00 300.00 Q1FY25 Q1FY26 +53% +218% +34% +19% +53% 15.2% 7.3% 29.3% 40.4% Visa & Consular Services Digital Services 24 Consolidated Financials * Net Revenue per Application = (Revenue less Cost of Services) for Visa Business / No. of applicationsIn Rs. Crores
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Historical Key Financial Highlights
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Historical Key Financial Highlights Revenue from Operations PAT & PAT Margin (%)EBITDA & EBITDA Margin (%) 50.3 111.2 204.3 325.6 539.6 FY21 FY22 FY23 FY24 FY25 478.4 849.9 1,516.2 1,676.8 2,193.3 FY21 FY22 FY23 FY24 FY25 39.7 106.9 221.1 345.7 629.3 FY21 FY22 FY23 FY24 FY25 46% CAGR 12.6% 14.6% 20.6% 28.7%8.3% 13.1% 13.5% 19.4% 24.6%10.5% 26 100% CAGR 81% CAGR Consolidated FinancialsIn Rs. Crores
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Historical Key Ratios Return on Capital Employed Net WorthNet Cash Balance 11.0% 22.4% 28.1% 28.1% 22.0% FY21 FY22 FY23 FY24 FY25 285 407 556 1,135 928 - 200 400 600 800 1,000 1,200 FY21 FY22 FY23 FY24 FY25 460 570 803 1,208 1,731 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 FY21 FY22 FY23 FY24 FY25 27 Consolidated FinancialsIn Rs. Crores
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Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 FY25 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 Cost of Services 573.9 1,028.6 964.7 986.0 Employee Benefit Expenses 75.8 139.6 208.1 323.5 Other Expenses 93.3 126.9 158.3 254.5 EBITDA 106.9 221.1 345.7 629.3 EBITDA Margin (%) 12.6% 14.6% 20.6% 28.7% Finance Costs 0.7 0.7 2.6 27.8 Depreciation and Amortization Expenses 7.3 18.5 30.9 76.5 Other Income 14.9 21.3 39.9 80.5 PBT before Exceptional Items 114.0 223.1 352.1 605.5 PBT Margin (%) 13.4% 14.7% 21.0% 27.6% Tax Expenses 2.8 16.2 26.5 65.9 PAT* 111.2 204.3 325.6 539.6 PAT Margin (%) 13.1% 13.5% 19.4% 24.6% * Including Exceptional Items 28 Consolidated FinancialsIn Rs. Crores
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Historical Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’24 Mar’25 Share Capital 41.2 41.2 Shareholders' Funds 1,207.6 1,730.8 Non Controlling Interest 234.0 287.9 Provisions 5.0 11.7 Borrowings 0.0 179.6 Other non-current Liabilities 25.1 106.9 Total Non-Current Liabilities 30.1 298.2 Borrowings 0.0 24.9 Trade Payables 31.4 98.3 Other Current Liabilities 41.0 133.9 Current Tax Liabilities - - Other Financial Liabilities 71.6 231.1 Provisions 0.7 0.7 Total Current Liabilities 144.7 488.8 Total Liabilities 1,616.4 2,805.8 Particulars (Rs. in Crores) Mar’24 Mar’25 Fixed Assets incl. CWIP 168.3 331.6 Intangible Assets 45.8 48.1 Goodwill 81.4 994.5 Deferred Tax (Net) 2.4 10.7 Investments 90.9 56.6 Other Financial Assets 103.7 210.1 Income Tax & Other Non-Current Assets 9.7 12.1 Total Non-Current Assets 502.2 1,663.6 Trade Receivables 40.5 121.7 Cash and Cash Equivalents 414.1 282.9 Bank Balance 548.0 457.9 Other Financial Assets 92.9 255.1 Other Current Assets 18.7 24.6 Current Tax (Net) - - Total Current Assets 1,114.2 1,142.2 Total Assets 1,616.4 2,805.8 29 Consolidated FinancialsIn Rs. Crores
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Rs. Crores March FY24 March FY25 C/F from Operating activities Operating Profit before WC changes 371 350 702 829Changes in Working Capital (2) 202 Direct Taxes (20) (75) C/F from Investing activities Purchase of Property, Plant and Equipment and Intangibles (64) (260) (161) (1,119)Proceeds from Sale / Purchase of Investment (26) (103) Payment made towards acquisition of Subsidiary - (899) Investments in Term Deposits (205) (6) Interest Income 34 51 C/F from Financing activities Proceeds from Issue of Share Capital by Subsidiaries 296 257 - 158 Repayments of Non-current Borrowings - - Proceeds from Current Borrowings - 205 Repayment of Current Borrowing (Net) - - Repayment of Lease Liabilities (7) (12) Dividend Paid (including Dividend Distribution Tax) (31) (21) (13)Interest Paid 0 Net Increase /(Decrease) in Cash & Cash Equivalents 347 (131) Cash & Cash Equivalents at beginning of the year 67 414 Cash & Cash Equivalent acquired during the acquisition new subsidiary - - Cash & Cash Equivalent at the end of the year 414 283 Historical Consolidated Cash Flow Statement 30 Consolidated FinancialsIn Rs. Crores
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15.0 25.1 28.7 37.5 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 FY22 FY23 FY24 FY25 756.3 1,259.9 1,361.8 1,653.3 FY22 FY23 FY24 FY25 110.1 186.6 300.5 569.7 FY22 FY23 FY24 FY25 1,638 1,613 2,146 2,903 - 500 1,000 1,500 2,000 2,500 3,000 FY22 FY23 FY24 FY25 93.6 256.3 315.0 540.0 FY22 FY23 FY24 FY25 -3.2 34.4 45.1 59.7 FY22 FY23 FY24 FY25 Key Segment Highlights No. of Applications (Lakhs) Net Revenue per Application * (Rs.) EBITDA & EBITDA Margin (%) Revenue from Operations EBITDA & EBITDA Margin (%) Revenue from Operations Visa & Consular Services Digital Services +30% 14.6% 14.8% 22.1% 34.5% +73% +79% -3.4% 13.4% 14.3% 11.0% 31 Consolidated FinancialsIn Rs. Crores
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Strong Industry Tailwinds
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Growing Global Travel Industry 1.6 1.9 2.3 3.4 2022 2023 2024 2029P 3.4 4.4 4.8 5.6 2022 2023 2024 2029P 63% 54% 52% 10% 18% 22% 16% 15% 15%11% 13% 11% 2022 2023 2024 Europe Asia & Pacific Americas Middle East & Africa Rising disposable incomes and improved travel demand, especially in emerging markets, is driving expansion in leisure, business and experiential travel Visa liberalization and visa-free travel arrangements, like ASEAN Visa, increase accessibility and drive international travel growth Govt. initiatives drive travel growth by improving infrastructure, promoting tourism, creating smoother, safer and more responsible travel experiences The growing trends like workcations and wellness tourism, fuel tourism industry’s long-term prospects Growth Drivers of the Global Travel & Tourism Industry Global Travel & Tourism Industry ($ Tn) In-bound Tourism by Region of Origin (% of Total)Global Airline Passengers (Bn) Global Travel & Tourism industry is expected to continue its growth trajectory, driven by multiple factors 8% CAGR 3% CAGR 33 Source: Industry Reports, Research & News Articles
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38.6 35.5 52.1 2019 2024 2029P 133.1 121.0 140.3 2019 2024 2029P Global Visa Market offers significant opportunity for Outsourcing Total Visa Market Outsourcing Visa Market & % of Total Visa Market Outsourcing Visa Market (except USA) Total Visa Market Outsourcing Visa Market & % of Total Visa Market Outsourcing Visa Market (except USA) 4.7 5.4 7.7 2019 2024 2029P 0.9 1.1 2.2 2019 2024 2029P 1.2 1.7 3.2 2019 2024 2029P 46.6 46.0 70.2 2019 2024 2029P BLS holds 17% by value and 10% by volume of the Global Visa Outsourcing Market (except USA) in 2024 Global Visa Market by Value ( $ Bn) - Huge Opportunity for Outsourced Partners Global Visa Market by Volumes (Mn) - Outsourcing Volume anticipated to Increase 7% CAGR 26% 31% 42% 14% CAGR 35% 38% 50% 9% CAGR 3% CAGR 8% CAGR 14% CAGR 34 Source: Industry Reports, Research & News Articles
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Visa Outsourcing : Scaling Efficiency in Global Visa Solutions Governments are outsourcing Visa & Consular services to improve efficiency and effectiveness of their immigration processes Global Visa Applications Volumes Split Market Segmentation by Type of Visa 65% 62% 50% 35% 38% 50% 2019 2024 2029P Outsourced In-house 70% 65% 70% 12% 15% 13% 9% 10% 10%7% 9% 6% 2% 1% 1% 2019 2024 2029P Others Work Business Study Tourist Total Visa Outsourced market is expected to grow at a 8.8% CAGR between 2024-29, outgrowing the growth of total visa applications As governments look to reduce operational costs and streamline application companies, they are increasingly relying on visa services outsourcing companies Outsourcing players provide efficiency, reduce govt. costs, enable higher volumes, and enhance customer experience; thereby benefitting the governments Visa outsourcing is also witnessing a rise due to advancements in automation, AI-powered verification and biometric authentication, which reduce processing time while enhancing security Value Added Services like form filling, travel insurance, SMS facility, courier services, lounge services, home biometrics, etc. provided by visa outsourcing players provide applicants a premium, personalised and hassle-free experience BLS is aptly positioned to ride on the growing demand of Visa outsourcing opportunity 35 Source: Industry Reports, Research & News Articles
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Trends in Global Visa & Outsourced Consular Services Industry Strategic Pathways for Success in Global Visa & Outsourced Consular Services Consular Services : Another G2C Segment with Enormous Opportunity Global Consular Services Outsourced Market ($ Mn) Growth Drivers of the Global Consular Services Market 62.0 156.0 634.0 2019 2024 2029P 20% CAGR 32% CAGR Beyond visas, consular services now also encompass national ID applications, renunciation of citizenship and notarial services Rise in no. of passport applications to 209 Mn in 2024, a 2% CAGR from 2019; which is expected to grow at a 4% CAGR to 254 Mn by 2029P. Beyond first- time issuances, demand for replacements and emergency travel documents has also grown Increasing complexity of situations is leading to growing need of consular services from legal requirements to navigating emergencies Consular service provides offer a wide range of services to its citizens abroad, including issuance of replacement passports, emergency certificates, and financial assistance in distress Shift towards Digital Visa Applications Integration of Biometric Technology Use of Artificial Intelligence and Automation Personalised Service Offerings Rise of subscription-based Travel Services Explore diversifying into emerging markets with increasing travel demands Expanding service portfolios to include related and value-added-services Digital advancements will enhance customer experience and efficiencies Data Security enhancements will be essential to maintain trust & compliance Collaborating with tech firms can enhance service delivery 36 Source: Industry Reports, Research & News Articles
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Residency and Immigration Services - Witnessing Increasing Global Mobility Investment Migration Services Market by Value ($ Bn) Investment Migration Services Market by Volumes (Thousand) 0.6 0.9 1.5 2019 2024 2029P 10% CAGR 11% CAGR 115.0 134.0 175.0 2019 2024 2029P HNIs prefer economically stable countries providing them financial security; while citizenship in tax-efficient countries allow them to expand their business Political instabilities, economic downturn, and conflicts have encourage HNIs to seek citizenship in politically stable and well-governed countries Investment-friendly countries like UAE attract HNIs with low corporate taxes, high GDP growth, and favourable business regulations Many CBI programs provide visa-free or visa-on-arrival access to key financial hubs, which allows business leaders and investors to travel seamlessly for work and investments HNIs prioritise developed countries with world-class healthcare systems, strong education opportunities and a high standard of living Growth Drivers of the Residency and Immigration Services / Citizenship by Investment (CBI) BLS, through its 100% subsidiary Citizenship Invest, would expand the residency and citizenship programs to customers across various geographies 37 Source: Industry Reports, Research & News Articles
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Annexures
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Leadership Team 39 Diwakar Aggarwal Chairman Shikhar Aggarwal Jt. Managing Director Nikhil Gupta Managing Director Amit Sudhakar Chief Financial Officer Charu Khosla COO – Strategic Markets, Govt. & Inst. Jitendra Sahu COO - Operations Gaurav Aggarwal Director Prashant Khullar Chief Human Resources Officer Bhavya Suri Head – Corporate Communications Prem Anand President – Global Operations Rahul Tandon President –Operations Golok Kumar Simli President –Technology & Innovation
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Corporate Structure * Only the operational companies have been mentioned above 40 BLS International FZE 100% Visa & Consular Business in other countries Key International Subsidiaries* UAE USA UK Singapore Malaysia Hong Kong Canada Algeria Turkey Morocco Russia Ecuador China Saudi Arabia BLS Kendra Pvt Ltd (e-Governance biz) Starfin India Pvt Ltd (BC Business) Zero Mass Pvt Ltd (BC Business) 100%100% 90.9% Aadifidelis Solutions (Loan Distribution) 57% iDATA DANISMANLIK VE HIZMET DIS TIC. A.S., Turkey CITIZENSHIP INVEST DMCC, Dubai 100% BLS E-Services Limited Digital Business 51% 100%
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Top Few Shareholders Shareholding Information Shareholder Information as on 30th June 2025 BSE Ticker: 540073 NSE Symbol: BLS MSE Symbol: BLS Market Cap (in Rs. Crores): 15,205 % Free- float: 29.6% FF Market Cap (in Rs. Crores): 4,501 Shares Outstanding (Crores): 41.2 3M ADTV (Shares): 35,40,361 3M ADTV (in Rs. Crores): 135.1 Life Insurance Corporation of India Samco Mutual Fund Sixteenth Street Capital Vanguard Axis Max Life Insurance Company Maybank Securities Pte Ltd Navi Mutual Fund Bajaj Allianz Life Insurance Company 16.12% 2.09% 8.53% 2.87% 70.39% Promoters DIIs FIIs Bodies Corporates Others Shareholding Pattern 41
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Vikash Verma / Rohit Anand / Riddhant Kapur vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com Mr. Amit Sudhakar, CFO amit.sudhakar@blsinternational.com Mr. Gaurav Chugh, Head – Investor Relations gaurav.chugh@blsinternational.com Thank You