Slides
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BLS INTERNATIONAL BLS INTERNATIONAL SERVICES LIMITED A Leading Global Travel & Mobility Service Provider Investor Presentation Q1 FY27
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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. 2
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Table of Contents 1. About BLS 2. Q1FY27 Highlights 3. Annual Financial Highlights 4. Industry Overview 5. Annexures
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About BLS International
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BLS at a Glance : A Tech-Enabled Global Travel & Mobility Service Provider Business Overview BLS International Services Limited “BLS” is a Technology-enabled Global Travel and Mobility Service Provider to governments and citizens The Company operates under two business segments: Visa & Consular Services – Among the Top 2 players in visa, passport, consular, & citizen services globally Digital Services – This business is housed under BLS E-Services Limited (a publicly listed company) , a 51% subsidiary of BLS International Services (For further details of Digital Business, Click Here) BLS is positioned at the intersection between governments, travellers, citizens, and regulated digital workflows through its comprehensive service stack 20 Years of Global Experience 100 + Countries of Operations ^ Including 8,600+ touchpoints and BCs of ASPL* Including Digital Services Business which is housed under the subsidiary BLS E-Services Limited 5 490 Mn + Applications processed till FY26 * ^ 46 Client Governments *
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BLS’ Journey in Numbers Consolidated $ 6 Visa & Consular Business Rs. 2,998 Crores FY26 Revenue FY22–26 CAGR : 37% Rs. 819 Crores FY26 EBITDA FY22–26 CAGR : 66% 27.3% FY26 EBITDA Margin vs 12.6% in FY22 Rs. 724 Crores FY26 PAT FY22–26 CAGR : 60% Rs. 1,840 Crores FY26 Revenue FY22–26 CAGR : 25% Rs. 738 Crores FY26 EBITDA FY22–26 CAGR : 61% 40.1% FY26 EBITDA Margin vs 14.6% in FY22 Rs. 3,302 FY26 Net Revenue Per Application FY22–26 CAGR : 19%
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A Differentiated Platform with a Durable Moat A Differentiated, Technology-led Platform for Global Travel & Mobility Services 6 PILLARS 01 Unique Value Proposition Differentiated financial positioning and service model 02 One-stop Service Stack Comprehensive portfolio around cross- border movement expands addressable wallet 03 20+ Year Track Record Two decades of execution create credibility with governments, missions and customers 04 Established Market Player Scaled presence reinforces competitive position and access to new mandates 05 Customer Lifecycle Ownership Presence across the visa journey improves control, relevance and repeat engagement 06 Operational Excellence + Technology Moat Process discipline and technology strengthen scalability, productivity and service quality Scale. Breadth. Execution. Built to compound through mandates, asset- light operations and technology-led delivery 7
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Exclusive Long-term Contracts 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 Asset-Light Model All visa application centers across the world are on lease Proven asset-light and merchant-led business model that ensures scalability with minimal capital outlay Technology-Backed Platform AI, biometrics and secure digital platforms Automation-led leverage supports margin expansion Negative Working Capital Processing fees collected upfront, ahead of service Zero receivables keeps growth largely self-funded Balance Sheet Strength Net cash retained for strategic flexibility Growth funded without recourse to leverage BLS - A Unique Value Proposition 8 M&A Synergistic acquisitions across the global mobility & travel value chain Integration track record with iDATA and Citizenship Invest Rs. 1,617 Crores Net Cash balance as of 30th June 2026 Rs. 903 Crores Cash Generated from Operations in FY26 29.4% Return on Equity in FY26 Redeployed across six levers of growth
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A One-Stop Service Stack Around Cross-Border Movement Core Authorization Visa Processing Document Verification Attestation of Documents Biometrics E-visa Consular Identity Passport Renewal Authentication of Travel Documents Legalization of Documents Renunciation of Citizenship Notary Services Travel Convenience (Value-Added Services) Premium Lounges Courier & Internet Facility Form Filling Assistance Insurance Translation Services SMS Alert Facility Mobile Biometrics Migration Pathways Citizenship programs Residency programs Hospitality Hotels (Treffedian Hotel and Marston Farm Hotel in UK ) A comprehensive service architecture that begins with visas and extends across travel, settlement, citizen access, and hospitality Global Mobility Services 9
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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, is now one of the Top 2 Global Visa & Consular services player Government Outsourcing Partner Administrative & Non-Judgemental tasks are managed by BLS, enabling embassies and missions to focus solely on assessment Service Standard at Scale Streamlined processes, improved accuracy, data security, regulatory compliance and customer-centric delivery Platform Adjacency Every application interaction is a launch point for consular, value-added, residency and other services Visa & Consular Services Business is the Credibility Engine for providing Broader Mobility Services 10 * Source: Industry Reports, Research & News Articles Consolidated Financials^ Net Revenue = Revenue less Cost of Services for Visa Business 46 Client Governments 100+ Countries of Operations ~17% Market Share by Value* ~10% Market Share by Volume* 5 – 10 Years Typical Contract Duration Exclusive Multiple regional / global contracts 25% Revenue CAGR 56% Net Revenue^ CAGR 61% EBITDA CAGR 40% FY26 EBITDA Margin (vs 15% in FY22) 31% No. of Applications CAGR 19% Net Revenue^ per Application CAGR CAGR calculated from FY22-26
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Providing Comprehensive Service Solutions At BLS, we have established a respect for providing a one-stop service solution Information enquiry at the reception 01 Submission of documents by the applicant 02 03 04 05 06 07 08 09 10 11 Securing the applicant’s data on the world’s most secure servers Biometric data collection, if applicable Cash management Quality check consolidation of the reports Transmission of data to the embassy/ consulate via the world’s most secure servers Data processing at the ambassy/consulate Retrieval and consolidation of all processed applications Collection/courier of the application as opted by the applicant at the time of submission at the visa applications center(VAC) Day end consolidation at the visa application center(VAC) 11
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Focus on Operational Excellence Focusing on capital efficiency which was evident in significantstrengthening of EBITDA margin from 14.6% in FY22 to 40.6% in FY26, reflecting improved revenues, higher scale, and strategic cost management Leverage scientific knowledge, IT systems, and data centers toenhance 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 14.6% 14.8% 22.1% 34.5% 40.1% FY22 FY23 FY24 FY25 FY26 Visa & Consular Services EBITDA Margin (%) 12Consolidated 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 travellers 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 13
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Technology as a Strategic Moat Advanced facial recognition and liveness verification embedded across web portals ISO/IEC 30107 aligned security to prevent spoofing, deepfakes, and identity fraud GDPR-aligned data protection and secure document handling Designed to operate at national and multi-country scale with peak-load resilience Built for government-grade security, data protection, and regulatory compliance Automated workflows enabling quicker processing and seamless applicant journeys AI agents for instant visa document verification Automated appointment, waitlist, and application management systems AI-Led Identity & Fraud Prevention Secure, Compliant & Scalable Architecture Purpose- Built Digital Platforms End-to-End Digital Workflow Automation 0201 0403 Strategic Intent For BLS International, technology reduces dependency on manual processes, strengthens government trust, and creates high entry barriers through deep integration with sovereign workflow 14
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Technology Driving Efficiency, Trust & Margin Expansion Operational Leverage Revenue Quality Enhancement Superior Applicant ExperienceAI-Powered KPI Dashboards for Governments Real-time performance monitoring, compliance tracking, and workload optimization Improves transparency, faster decision-making, and contract stickiness Lower processing costs through automation and centralized dashboards Reduced manpower intensity and improved throughput per visa application Fair and bot-resistant waitlist platforms Accessible, WCAG-compliant digital interfaces expanding user reach Technology-enabled Value-Added Services (VAS) High switching costs underpin long-term contracts and predictable cash flows Technology is a material enabler of margin expansion, scalable growth, and durable returns, reinforcing BLS International’s position as a mission-critical partner to governments 15
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Journey to being the Leading Global Travel & Mobility Service Provider Key Event Timelines 2005 - 2015 First visa application processing contract from the Portuguese Embassy in New Delhi, India Commenced visa processing operations for the embassies of Austria, Belgium, Greece, Romania and Tunisia across India Began service operations for Indian Embassies in Saudi Arabia & Singapore Commenced operations for the Consulate General of India in Hong Kong. 2016 - 2018 Listed on NSE and BSE Won global visa outsourcing contract for Spain Secured a citizen services contract from the Embassy of Afghanistan Commenced visa application processing for Italy in Singapore Partnered with Sopra Steria and UK Visas & Immigration (UKVI) to facilitate visa renewals within the United Kingdom 2019- 2020 Commenced operations for Vietnam Embassy in India. Authorized to process Portugal visa applications across Russia. Commenced acceptance of visa applications for the Embassy of Brazil in China and Lebanon Began accepting visa applications for the Embassy of Lebanon across India, Nepal, Thailand and Bangladesh 2021-2022 Got authorized by Federal Foreign Office - Germany, for the processing of Visas in North America and Mexico Got authorized to provide Visa applications for The Royal Thai Embassy in Kenya & India Got authorized to provide visa Services for Germany in USA Visa Services for Thailand in India, Kenya and South Africa 2023 Renewed the global visa processing contract for Spain Renewed visa processing services for India in Canada Won global visa outsourcing contract for Slovakia 2024 - Present Expanded visa service operations to Hungary in Jordan, Canada, Algeria and Oman Acquired iDATA, Citizenship Invest Received order from MEA, India to establish VACs across China Won Global contract from Slovakia; to open Visa offices in 80+ countries Won additional contracts from Cyprus for 15+ countries 16
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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 17
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Q1FY27 Highlights
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Result Snapshot – Q1FY27 vs Q1FY26 19 Rs. 891 Crores Revenue | + 25.3% YoY Rs. 560 Crores Visa & Consular Revenue | + 21.6% YoY Rs. 252 Crores EBITDA | + 23.6% YoY Rs. 226 Crores Visa & Consular EBITDA | + 21.5% YoY Rs. 202 Crores PAT | + 11.4% YoY Rs. 3,521 Net Revenue per Application | + 11.2% YoY 28.3% EBITDA Margin 22.6% PAT Margin Consolidated Highlights Visa & Consular Services Highlights
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Business Highlights – Q1FY27 20 Consolidated FinancialsIn Rs. Crores Deployed AI-Powered VoiceBot in the United Kingdom to Support Visa Applicants Secured West Bengal contract for Ayushman Bharat, PM-JAY , and Ayushman Vay Vandana card approvals Commenced Belarus Visa operations in Mumbai, India, facilitating visa for all categories Launched #VisaReadyWithBLSInternational awareness campaign for visa applicants
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Consolidated Performance – Q1FY27 vs Q1FY26 Revenue from Operations 21 Consolidated FinancialsIn Rs. Crores 710.6 890.5 Q1FY26 Q1FY27 +25.3% EBITDA & EBITDA Margin (%) 28.7% 28.3% +23.6% 181.0 201.6 100.00 120.00 140.00 160.00 180.00 200.00 220.00 240.00 Q1FY26 Q1FY27 PAT & PAT Margin (%) 25.5% 22.6% +11.4% 204.2 252.4 100. 0 120. 0 140. 0 160. 0 180. 0 200. 0 220. 0 240. 0 260. 0 280. 0 300. 0 Q1FY26 Q1FY27 Highest ever revenue on account of strong growth across Visa & Consular Services and Digital Services businesses Highest ever EBITDA supported by revenue growth and operational efficiencies
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359.8 398.3 Q1FY26 Q1FY27 3,167 3,521 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q1FY26 Q1FY27 186.0 225.9 Q1FY26 Q1FY27 460.7 560.1 Q1FY26 Q1FY27 Visa & Consular Services Highlights – Q1FY27 vs Q1FY26 Net Revenue per Application * (Rs.) Revenue from Operations EBITDA & EBITDA Margin (%) 22 Consolidated Financials * Net Revenue = Revenue less Cost of Services for Visa Business (Excluding Citizenship Invest & Hotels Business)In Rs. Crores +11.2%40.4% 40.3% +21.5% +21.6% Net Revenue * +10.7% The Company processed 11.3 lakh applications in Q1FY27 Visa & Consular (Including Citizenship Invest & Hotels Business) Visa & Consular (Excluding Citizenship Invest & Hotels Business)
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Consolidated P&L – Q1FY27 YoYFY25FY26YoYQ1FY26Q1FY27Particulars (₹ in Crores) 36.7%2,193.32,998.225.3%710.6890.5Revenue from Operations 986.01,381.7318.1404.3Cost of Services 323.5465.6109.0137.2Employee Benefit Expenses 254.5332.179.396.6Other Expenses 30.1%629.3818.923.6%204.2252.4EBITDA 28.7%27.3%28.7%28.3%EBITDA Margin (%) 27.823.26.37.7Finance Costs 76.593.722.831.7Depreciation 80.595.225.122.7Other Income 31.6%605.5797.117.7%200.2235.6PBT before Exceptional Items 27.6%26.6%28.2%26.5%PBT Margin (%) 65.973.319.234.0Tax Expenses 34.1%539.6723.811.4%181.0201.6PAT 24.6%24.1%25.5%22.6%PAT Margin (%) 23 Consolidated FinancialsIn Rs. Crores
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Historical Financial Highlights
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Historical Key Financial Highlights Revenue from Operations PAT & PAT Margin (%)EBITDA & EBITDA Margin (%) 111.2 204.3 325.6 539.6 723.8 FY22 FY23 FY24 FY25 FY26 849.9 1,516.2 1,676.8 2,193.3 2,998.2 FY22 FY23 FY24 FY25 FY26 106.9 221.1 345.7 629.3 818.9 FY22 FY23 FY24 FY25 FY26 37% CAGR 12.6% 14.6% 20.6% 27.3% 13.1% 13.5% 19.4% 24.1% 25 66% CAGR 60% CAGR Consolidated FinancialsIn Rs. Crores 28.7% 24.6%
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Historical Key Ratios Return on Equity Net WorthNet Cash Balance 19.5% 25.4% 27.0% 31.2% 29.4% FY22 FY23 FY24 FY25 FY26 407 556 1,135 928 1,434 - 200 400 600 800 1,000 1,200 1,400 1,600 FY22 FY23 FY24 FY25 FY26 570 803 1,208 1,731 2,463 FY22 FY23 FY24 FY25 FY26 26 Consolidated FinancialsIn Rs. Crores
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25.1 28.7 37.5 44.1 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 FY23 FY24 FY25 FY26 1,259.9 1,361.8 1,653.3 1,840.3 FY23 FY24 FY25 FY26 186.6 300.5 569.7 737.8 FY23 FY24 FY25 FY26 1,613 2,146 2,903 3,302 - 500 1,000 1,500 2,000 2,500 3,000 3,500 FY23 FY24 FY25 FY26 Historical Visa & Consular Services Highlights No. of Applications (Lakhs) Net Revenue per Application * (Rs.) Revenue from Operations EBITDA & EBITDA Margin (%) +13% 14.8% 22.1% 34.5% 40.1% +58% 27 Consolidated FinancialsIn Rs. Crores ^ Net Revenue per Application = (Revenue less Cost of Services) for Visa Business / No. of applications +21% +27%
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Historical Consolidated P&L Statement FY26FY25FY24FY23FY22Particulars (₹ in Crore) 2,998.22,193.31,676.81,516.2849.9Revenue from Operations 1,381.7986.0964.71,028.6573.9Cost of Services 465.6323.5208.1139.675.8Employee Benefit Expenses 332.1254.5158.3126.993.3Other Expenses 818.9629.3345.7221.1106.9EBITDA 27.3%28.7%20.6%14.6%12.6%EBITDA Margin (%) 23.227.82.60.70.7Finance Costs 93.776.530.918.57.3Depreciation and Amortization Expenses 95.280.539.921.314.9Other Income 797.1605.5352.1223.1114.0PBT before Exceptional Items 26.6%27.6%21.0%14.7%13.4%PBT Margin (%) 73.365.926.516.22.8Tax Expenses 723.8539.6325.6204.3111.2PAT* 24.1%24.6%19.4%13.5%13.1%PAT Margin (%) * Including Exceptional Items 28 Consolidated FinancialsIn Rs. Crores
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Consolidated Balance Sheet Mar’26Mar’25Particulars (Rs. in Crores) 41.241.2Share Capital 2,422.31,689.7Shareholders' Funds 320.2287.9Non-Controlling Interest 14.811.7Provisions 178.0204.5Borrowings 165.9106.9Other non-current Liabilities 358.7323.1Total Non-Current Liabilities 52.524.9Borrowings 152.798.3Trade Payables 50.749.9Lease Liabilities 207.0187.6Other Financial Liabilities 1.90.7Provisions 162.9133.9Other Current Liabilities 627.7495.2Total Current Liabilities 3,770.12,837.0Total Liabilities Mar’26Mar’25Particulars (Rs. in Crores) 454.4320.8Fixed Assets incl. CWIP 55.358.8Intangible Assets 1,212.81,025.8Goodwill 8.310.7Deferred Tax (Net) 20.856.6Investments incl. Investments in Associates 169.4210.1Other Financial Assets 19.912.1Income Tax & Other Non-Current Assets 1,941.11,694.9Total Non-Current Assets 170.6121.7Trade Receivables 494.2282.9Cash and Cash Equivalents 687.6457.9Bank Balance 415.8255.1Other Financial Assets 60.924.6Other Current Assets 1,829.01,142.2Total Current Assets 3,770.12,837.0Total Assets 29 Consolidated FinancialsIn Rs. Crores
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March FY26March FY25March FY24Rs. Crores 903 992 829 702Operating Profit before WC changes 350 371C/F from Operating activities (7)202Changes in Working Capital(2) (82)(75)Direct Taxes(20) (446) (137) (1,119) (161)Purchase of Property, Plant and Equipment and Intangibles (260) (64) C/F from Investing activities (11)-Acquisition of treasury share by trust- (127)(103)Proceeds from Sale / Purchase of Investment(26) (31)(899)Payment made towards acquisition of Subsidiary- (187)(6)Investments in Term Deposits(205) 51Interest Income34 46 (246) - 158 -Proceeds from Issue of Share Capital by Subsidiaries 257 296 C/F from Financing activities --Repayments of Non-current Borrowings- 205Proceeds from Current Borrowings- (39) -Purchase of Shares in Subsidiary- (16) (55)(12)Repayment of Lease Liabilities(7) (130)(21)Dividend Paid (including Dividend Distribution Tax)(31) 0-Dividend Income- (5)(13)Interest Paid0 (1)-Transaction Cost on Issue of Equity Shares- 211(131)Net Increase /(Decrease) in Cash & Cash Equivalents347 283414Cash & Cash Equivalents at beginning of the year67 494283Cash & Cash Equivalent at the end of the year414 Consolidated Cash Flow Statement 30 Consolidated FinancialsIn Rs. Crores
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Strong Industry Tailwinds
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Growing Global Travel Industry & Accelerating International Arrivals 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 International tourist arrivals to rise from 1.58 Bn in FY26 to 1.80 Bn by FY30P (3% CAGR), led by Asia-Pacific recovery and 39% growth in the Middle East over pre- pandemic levels Govt. initiatives drive travel growth by improving infrastructure, promoting tourism, creating smoother, safer and more responsible travel experiences Digital visas, visa-free arrangements like ASEAN Visa, expanded air connectivity and trends such as workcations and wellness tourism sustain long-term demand 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 32Source: 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 33Source: 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 Outsourced share of visa applications is set to rise from 38% in 2024 to 50% by 2029P, as governments turn to partners to cut operating costs, handle higher volumes and improve applicant experience Industry direction is shifting towards digital visa applications, personalised service offerings and subscription-based travel services, widening the addressable opportunity 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 34Source: Industry Reports, Research & News Articles
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Consular, Residency & Immigration - Adjacent G2C Growth Engines Investment Migration Services Market by Value ($ Bn) Global Consular Services Outsourced Market ($ Mn) 0.6 0.9 1.5 2019 2024 2029P 9% 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 Consular demand widens beyond visas to national IDs, notarial services and passports (209 Mn in 2024, growing to 254 Mn by 2029P), with rising emergency and replacement needs Growth Drivers of Consular Services and Citizenship by Investment (CBI) Outsourced consular services market to grow at 32% CAGR to $634 Mn by 2029P; BLS, via its 100% subsidiary Citizenship Invest, would expand residency and citizenship programs across various geographies 35Source: Industry Reports, Research & News Articles 3% CAGR 6% CAGR
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Annexures
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Leadership Team 37 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 Saurabh Saggi Head – Corporate Communications Prem Anand President – Global Operations Rahul Tandon President – Operations Golok Kumar Simli President – Technology & Innovation
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BLS International Services Limited BLS International FZE - UAE (Visa and Consular business in other countries) BLS E-Services Limited (Digital Business) Key international subsidiaries UK Malaysia Morocco USA Singapore Algeria UAE Hong Kong Canada Turkey Saudi Arabia South Africa Kazakhastan Egypt Citizenship Invest DMCC, (UAE) iData Danismanlik Ve Hizmet Dis Tic. A.S. (Turkey) & its subsidiaries 100% 100% Starfin India Pvt Ltd (BC Business) 100% Zero Mass Pvt Ltd (BC Business) 90.9% Aadifidelis Solutions Pvt. Ltd. (Loan Distribution) 57% BLS Kendras Pvt. Ltd. (e-Governance biz) 100% Legend: key acquisitions entities listed on BSE and NSE Note : The above structure represents key operating subsidiaries Dec’26Shareholding Pattern 69.8%BLS & Promoters 30.2%Public & Others 100.0%Total Corporate Structure 51%100% 38
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Environmental Focus on Sustainability 39 13% reduction in Scope 2 emissions (YoY) Scope 1 emissions: 19.84 tCO₂e Scope 2 emissions: 322.80 tCO₂e Energy intensity (FY25): – 13.59 GJ / ₹ crore revenue – 2.55 GJ / employee (↓ from 5.17) – 100% offices moving towards paper-light / digital processes Social 46% female workforce 100% health & accident insurance coverage CSR spend: ₹1.3 crore 780 beneficiaries through women empowerment programs ~2 lakh Citizen Service Centres enabling local employment 100% employees trained on Health & Safety, Human Rights & Skill upgradation Governance Board-level ESG oversight Independent audits & internal controls ISO Certifications: – ISO 27001 (Information Security) – ISO 14001 (Environment) – ISO 45001 (OHS) – ISO 9001 (Quality) Zero cases of: – Financial fraud – Bribery or corruption – Major stakeholder grievances Alignment With UN SDGsAlignment With UN SDGs Alignment With UN SDGs
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Top Shareholders Shareholding Information Shareholder Information as on 30th June 2026 540073BSE Ticker: BLSNSE Symbol: 10,318.2Market Cap (in Rs. Crores): 29.6%% Free- float: 3,055.2FF Market Cap (in Rs. Crores): 41.2Shares Outstanding (Crores): 29,78,2403M ADTV (Shares): 83.13M ADTV (in Rs. Crores): Life Insurance Corporation of India Dovetail India Fund Sixteenth Street Capital VANGUARD Axis Max Life Insurance CompanyiSHARES Core Emerging Markets Government Pension Fund Global Abu Dhabi Investment Authority 19.32% 3.05% 4.14% 3.10% 70.39% Promoters DIIs FIIs Bodies Corporates Others Shareholding Pattern 40
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Thank You! Mr. Amit Sudhakar,CFO amit.sudhakar@blsinternational.com Vikash Verma / Rohit Anand / Riddhant Kapur vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com