Slides
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BLS INTERNATIONAL SERVICES LIMITED A Leading Global Travel & Mobility Service Provider Investor Presentation Q2 & H1 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 ( BLSI INTERNATIONAL
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Table of Contents 1. Q2 & H1 FY27 Highlights 2. About BLS 3. Annual Financial Highlights 4. Industry Overview 5. Annexures BLS INTERNATIONAL
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Q2 & H1 FY27 Highlights BLS BLS BLS
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Key Developments – Q2 & H1 FY27 5 SPAIN MATTER In August 2026, media reports linked BLS to a Spanish court probe into alleged visa irregularities at the Algiers Consulate. BLS International clarified non-involvement in the alleged irregularities referred to in media reports as confirmed in the stock exchange intimation dated 24th August, 2026 Spain Lawyer’s (registered with the Madrid Bar Association) Statement dated 19th September 2026, confirmed that – “Following our review of the court records currently available, there is, of the date hereof, no court order directing or requiring any investigation or enquiry into BLS” Spain Operations Remain Sound – No unethical or illegal practice, Spain operations continue unaffected Q2 FY27 KEY UPDATES 500 Mn Applications Landmark milestone for number of applications processed till date across 100+ countries AI-led Technology Automation and secure infra driving efficiency, strengthening data security and enhancing the applicant experience, while addressing the evolving needs of government partners and applicants worldwide Global leadership Ex-Estonia President Toomas H. Ilves joins as Global Strategic Advisor, further strengthening the Global Advisory Board of BLS International Great Place To Work® Certified as Great Place to Work in India; continues to invest in AI upskilling to prepare employees for technology-driven future Governance & trust CMMI Level 5 and ISO certified for quality and data security, reflect the company’s commitment to quality, data security and reliable service delivery at scale Strong Financial Credibility ICRA assigned AA- (Stable) / A1+ credit rating, reflecting financial strength and credit worthiness BLS International has no role in or influence over visa decisions, approvals or rejections ( BLSI INTERNATIONAL r
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Result Snapshot – Q2 & H1 FY27 6 Q2FY27 vs Q2FY26 CONSOLIDATED Rs. 973 Crores Revenue +32.0% YoY Rs. 248 Crores EBITDA +16.6% YoY Rs. 202 Crores PAT +8.6% YoY EBITDA Margin 25.5% PAT Margin 20.7% VISA & CONSULAR Rs. 510 Crores Revenue +11.2% YoY Rs. 214 Crores EBITDA +11.2% YoY Rs. 3,553 Net Rev. / App. +10.2% YoY H1FY27 vs H1FY26 CONSOLIDATED Revenue +28.7% YoY EBITDA +20.0% YoY PAT +10.0% YoY EBITDA Margin 26.9% PAT Margin 21.6% VISA & CONSULAR Revenue +16.4% YoY EBITDA +16.2% YoY Net Rev. / App. +10.7% YoY Rs. 1,863 Crores Rs. 500 Crores Rs. 403 Crores Rs. 1,070 Crores Rs. 440 Crores Rs. 3,537 EBITDA Margin 41.9% EBITDA Margin 41.1% ( • - BLSI INTERNATIONAL
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Performance Highlights – Q2FY27 vs Q2FY26 7 Consolidated FinancialsIn Rs. Crores * Net Revenue = Revenue less Cost of Services for Visa Business (excl. Citizenship Invest & Hotels Business) Consolidated Visa & Consular 10.9 Lakh No. of Applications in Q2FY27 Including Citizenship Invest & Hotels Business Revenue 458.6 509.9 Q2FY26 Q2FY27 EBITDA 192.2 213.7 Q2FY26 Q2FY27 Excluding Citizenship Invest & Hotels Business Net Revenue* 364.0 387.9 Q2FY26 Q2FY27 Net Rev. / App.* (Rs.) 3,223 3,553 Q2FY26 Q2FY27 Revenue ▲ 32.0% YoY 736.6 972.7 Q2FY26 Q2FY27 EBITDA 212.8 248.1 Q2FY26 Q2FY27 PAT 185.7 201.7 Q2FY26 Q2FY27 ▲ 16.6% YoY ▲ 8.6% YoY ▲ 11.2% YoY ▲ 11.2% YoY ▲ 6.5% YoY ▲ 10.2% YoY 28.9% 25.5% 25.2% 20.7% 41.9% 41.9% ( BLSI INTERNATIONAL ( ____ ) ( ____ ) - - ( __ ) ( ____ ) - - \. ) ----------------------------------------- ( _________ ) - - ( ) -- ( ) -- \... ( _____ ~)
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Performance Highlights – H1FY27 vs H1FY26 8 Consolidated FinancialsIn Rs. Crores * Net Revenue = Revenue less Cost of Services for Visa Business (excl. Citizenship Invest & Hotels Business) Consolidated Visa & Consular Including Citizenship Invest & Hotels Business Revenue 919.3 1,070.0 H1FY26 H1FY27 EBITDA 378.1 439.5 H1FY26 H1FY27 Excluding Citizenship Invest & Hotels Business Net Revenue* 723.9 786.2 H1FY26 H1FY27 Net Rev. / App.* (Rs.) 3,195 3,537 H1FY26 H1FY27 Revenue ▲ 28.7% YoY 1,447.2 1,863.2 H1FY26 H1FY27 EBITDA 417.0 500.5 H1FY26 H1FY27 PAT 366.7 403.4 H1FY26 H1FY27 ▲ 20.0% YoY ▲ 10.0% YoY ▲ 16.4% YoY ▲ 16.2% YoY ▲ 8.6% YoY ▲ 10.7% YoY 22.2 Lakh No. of Applications in H1FY27 28.8% 26.9% 25.3% 21.6% 41.1% 41.1% ( ( ____ ) ( ____ ) - - ( _________ ) - - l ) ( ) -- ( __ ) BLSI INTERNATIONAL ( __ ) - - ( ) -- ( ______ )
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Segment Mix – Q2FY27 vs Q2FY26 & H1FY27 vs H1FY26 9 Consolidated FinancialsIn Rs. Crores Revenue Mix Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 EBITDA Mix Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 62% 38% 52% 48% Visa & Consular Digital 90% 10% 86% 14% 64% 36% 57% 43% 91% 9% 88% 12% ( BLSI INTERNATIONAL
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Consolidated P&L – Q2 & H1 FY27 Particulars (₹ in Crores) Q2FY27 Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 972.7 736.6 32.0% 1,863.2 1,447.2 28.7% Cost of Services 450.4 337.1 854.7 655.2 Employee Benefit Expenses 170.2 108.4 307.4 217.4 Other Expenses 104.0 78.3 200.7 157.6 EBITDA 248.1 212.8 16.6% 500.5 417.0 20.0% EBITDA Margin (%) 25.5% 28.9% 26.9% 28.8% Finance Costs 7.7 6.1 15.5 12.5 Depreciation 40.5 22.5 72.2 45.3 Other Income 22.9 18.7 45.6 43.8 PBT before Exceptional Items 222.8 202.8 9.8% 458.5 403.0 13.8% PBT Margin (%) 22.9% 27.5% 24.6% 27.8% Tax Expenses 21.1 17.1 55.1 36.4 PAT 201.7 185.7 8.6% 403.4 366.7 10.0% PAT Margin (%) 20.7% 25.2% 21.6% 25.3% 10 Consolidated FinancialsIn Rs. Crores • Revenue from Operations increased by 32.0% YoY to Rs. 972.7 Crores in Q2FY27, compared with Rs. 736.6 Crores in Q2FY26, supported by growth across the Visa & Consular and Digital Services businesses. • While EBITDA Margins expanded across both business segments, a shift in the segment mix resulted in a slight moderation in the consolidated EBITDA margin to 25.5% as compared to 28.9% in Q2FY26 • PAT Margin was 20.7% compared with 25.2% in Q2FY26, on account of change in revenue mix and higher amortisation of intangible assets related to recent acquisitions. ( BLSI INTERNATIONAL + +
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Our Vision for FY30 & Key Growth Drivers 11 Targeting Profitable Growth through FY30, Powered by Eight Growth Levers FY30 TARGETS Rs. 63 - 65 Bn FY30 Revenue (Rs. 6,300 - 6,500 Crores) 20 - 25% Revenue Growth Every Year 28 - 30% EBITDA Margin (27.3% in FY26) 2,998 6,300 - 6,500 FY26 (Actual) FY30 (Target) Revenue from Operations (Rs. Crores) Strengthen the Core Visa Business Renewals, better pricing, deeper VAS penetration and tech-led productivity Win New Tenders Convert the tender pipeline and mobilise new mandates quickly Scale Adjacent Global Businesses Grow iDATA and Citizenship Invest through new geographies, programmes and cross-sell Expand G2C Services Scale Aadhaar Seva Kendras and citizen services into wider e-governance Accelerate Digital Services Scale financial inclusion, BC services, loan distribution and G2C Cross-sell Across the Network Insurance, payments, pension and wealth through existing touchpoints Technology & Platform-led Growth SaaS, APIs, AI and automation for higher-margin recurring revenue Selective and Focused M&A Capability-led acquisitions, embedded finance and new business opportunities 20-25% p.a. ( BLSI INTERNATIONAL ,I ;_ ________ --..., ;_ ________ --..., •
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Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’26 Sep’26 Share Capital 41.2 41.2 Shareholders' Funds 2,422.3 2,784.2 Non-Controlling Interest 320.2 334.0 Provisions 14.8 48.2 Borrowings 178.0 143.9 Other Non-current Liabilities 165.9 197.0 Total Non-Current Liabilities 358.7 389.2 Borrowings 52.5 52.9 Trade Payables 152.7 153.2 Lease Liabilities 50.7 49.0 Other Financial Liabilities 207.0 283.6 Provisions 1.9 4.1 Other Current Liabilities 162.9 208.1 Total Current Liabilities 627.7 750.8 Total Liabilities 3,770.1 4,299.4 Particulars (Rs. in Crores) Mar’26 Sep’26 Fixed Assets incl. CWIP 454.4 617.3 Intangible Assets 55.3 148.9 Goodwill 1,212.8 1,211.4 Deferred Tax (Net) 8.3 8.6 Investments incl. Investments in Associates 20.8 20.8 Other Financial Assets 169.4 313.4 Income Tax & Other Non-Current Assets 23.2 33.1 Total Non-Current Assets 1,944.3 2,353.7 Trade Receivables 170.6 239.4 Cash and Cash Equivalents 494.2 659.3 Bank Balance 687.6 425.9 Other Financial Assets 415.8 561.5 Other Current Assets 57.6 59.7 Total Current Assets 1,825.8 1,945.8 Total Assets 3,770.1 4,299.4 12 Consolidated FinancialsIn Rs. Crores ( BLSI INTERNATIONAL + +
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Consolidated Cash Flow Statement 13 Consolidated FinancialsIn Rs. Crores Rs. Crores Mar FY26 Sep FY26 Sep FY27 C/F from Operating activities 992 903 Operating Profit before WC changes 518 515 554 545(7) Changes in Working Capital 30 8 (82) Direct Taxes (33) (17) C/F from Investing activities (137) (435) Purchase of Property, Plant and Equipment and Intangibles (40) (385) (168) (261) - Acquisition of treasury share by trust - - (127) Proceeds from Sale /( Purchase of Investment) (46) (144) (31) Payment made towards acquisition of Subsidiary (34) (109) (187) Proceeds from Sale/(Investments in Term Deposits) (286) 118 - Loan Given (1)- 0 4- Dividend Received 46 Interest Income 20 39 C/F from Financing activities (257) (91) (118) - Repayments of Non-current Borrowings - - (39) Repayment of Current Borrowings (15) (33) (16) Purchase of Shares in Subsidiary - (43) (55) Repayment of Lease Liabilities (27) (36) (130) Dividend Paid (including Dividend Distribution Tax) (46) (2) (5) Interest Paid (3) (5) (1) Transaction Cost on Issue of Equity Shares - - (11) Acquistion of treasury shares by trust - 1 211 Net Increase /(Decrease) in Cash & Cash Equivalents 39 165 283 Cash & Cash Equivalents at beginning of the period 283 494 494 Cash & Cash Equivalent at the end of the period 322 659 ( BLSI INTERNATIONAL
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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 15 490 Mn + Applications processed till FY26 * ^ 46 Client Governments *
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BLS’ Journey in Numbers 16 CONSOLIDATED VISA & CONSULAR BUSINESS FY26 FY22 - FY26 FY26 FY22 - FY26 Revenue Rs. 2,998 Crores 37% CAGR Rs. 1,840 Crores 25% CAGR EBITDA Rs. 819 Crores 66% CAGR Rs. 738 Crores 61% CAGR EBITDA Margin 27.3% from 12.6% 40.1% from 14.6% PAT Rs. 724 Crores 60% CAGR Rs. 3,302 19% CAGR CAGR calculated over FY22 - FY26 Net Rev. / Application
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A Differentiated Platform with a Durable Moat A Differentiated, Technology-led Platform for Global Travel & Mobility Services 6 MOATS 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 17
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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 18 M&A ➢ Synergistic acquisitions across the global mobility & travel value chain ➢ Integration track record with iDATA and Citizenship Invest Rs. 1,665 Crores Net Cash balance as of 30th September 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 19
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Established Market Player Visa & Consular Services Business is the Credibility Engine for Broader Mobility Services 20 * Source: Industry Reports, Research & News Articles Consolidated Financials^ Net Revenue = Revenue less Cost of Services for Visa Business SCALE & POSITION In 2005, entered the Visa Processing business with first contract win from the Portuguese Embassy, New Delhi, now a Top 2 Global Visa & Consular Player 46 Client governments 100+ Countries of operation ~17% Market share by value* ~10% Market share by volume* 5–10 Yrs Typical contract duration Exclusive Regional / global contracts FINANCIAL TRACK RECORD (FY22 – 26) 25% Revenue CAGR 56% Net Revenue^ CAGR 61% EBITDA CAGR 31% Applications CAGR 19% Net Revenue^ / application CAGR 40% FY26 EBITDA margin (vs 15% in FY22) SUPERIOR SERVICE PROPOSITION Government Outsourcing Partner Handles administrative, non- judgemental tasks so missions focus solely on assessment Service Standard at Scale Streamlined, accurate, secure and compliant customer-centric delivery Platform Adjacency Every application is a launch point for consular, value-added, residency and other services
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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) 21
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Focus on Operational Excellence Focusing on capital efficiency which was evident in significant strengthening 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 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 14.6% 14.8% 22.1% 34.5% 40.1% FY22 FY23 FY24 FY25 FY26 Visa & Consular Services EBITDA Margin (%) 22Consolidated Financials
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Technology : Our Strategic Moat and Margin Driver 23 Technology reduces manual dependency, strengthens government trust and creates high entry barriers through deep integration with sovereign workflows WHAT WE DEPLOY WHY IT IS A MOAT VALUE WE CREATE AI-Driven Platform Identity Management Language Processing Data Security Connected User Experience Electronic Visa Processing 01 AI-Led Identity & Fraud Prevention Facial recognition, liveness checks and biometrics, with ISO/IEC 30107-aligned protection against spoofing and deepfakes 02 End-to-End Workflow Automation AI agents verify documents instantly; automated appointments, waitlists and OCR-based e-visa processing 03 Secure & Scalable Architecture GDPR-aligned protection across the full data lifecycle, built for national and multi-country peak loads 04 Purpose-Built Digital Platforms Government-grade compliance, with chatbots, NLP and real-time updates for applicants Operational Leverage Lower processing costs and higher throughput per application through automation Revenue Quality Tech-enabled VAS and high switching costs support long-term contracts and predictable cash flows Government Trust AI-powered KPI dashboards improve transparency, decision-making and contract stickiness Applicant Experience Fair, bot-resistant waitlists and accessible, WCAG- compliant interfaces Technical expertise is a key criterion in government tenders, giving BLS a distinct edge when bidding for new contracts
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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 24
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Major Acquisitions : A Track Record of Value Creation 25 PORTFOLIO AT A GLANCE Rs. 1,102 Crores Total Capital Deployed for Acquisitions Rs. 1,337 Crores FY26 Revenue from acquisitions 14.2% Blended FY26 ROI PERFORMANCE BY ACQUISITION (FY26) Zero Mass Acquired 2022 · Rs. 110 Crores Net Consideration for 90.9% stake Revenue (Rs. Crores) 202 EBITDA (Rs. Crores) 38 ROI^ 27.9% iData Acquired 2024 · Rs. 717 Crores Net Consideration for 100% stake Revenue (Rs. Crores) 282 EBITDA (Rs. Crores) 127 ROI^ 16.8% Citizenship Invest Acquired 2024 · Rs. 242 Crores Net Consideration for 100% stake Revenue (Rs. Crores) 50 EBITDA (Rs. Crores) 5 ROI^* 1.3% Aadifidelis Solutions Acquired 2024 · Rs. 114 Crores Net Consideration for 57% stake Revenue (Rs. Crores) 803 EBITDA (Rs. Crores) 30 ROI^ 11.2% EBITDA Margin (%) 18.8% EBITDA Margin (%) 45.0% EBITDA Margin (%) 9.1% EBITDA Margin (%) 3.7% *ROI for Citizenship Invest remained subdued due to local restrictions; however, with these constraints now easing, ROI is expected to improve to approximately 10% ^ ROI calculated based on Net Profit attributable to BLS International’s ownership stake in the company
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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% 27 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 28 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% 29 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 Particulars (₹ in Crore) FY22 FY23 FY24 FY25 FY26 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 2,998.2 Cost of Services 573.9 1,028.6 964.7 986.0 1,381.7 Employee Benefit Expenses 75.8 139.6 208.1 323.5 465.6 Other Expenses 93.3 126.9 158.3 254.5 332.1 EBITDA 106.9 221.1 345.7 629.3 818.9 EBITDA Margin (%) 12.6% 14.6% 20.6% 28.7% 27.3% Finance Costs 0.7 0.7 2.6 27.8 23.2 Depreciation and Amortization Expenses 7.3 18.5 30.9 76.5 93.7 Other Income 14.9 21.3 39.9 80.5 95.2 PBT before Exceptional Items 114.0 223.1 352.1 605.5 797.1 PBT Margin (%) 13.4% 14.7% 21.0% 27.6% 26.6% Tax Expenses 2.8 16.2 26.5 65.9 73.3 PAT* 111.2 204.3 325.6 539.6 723.8 PAT Margin (%) 13.1% 13.5% 19.4% 24.6% 24.1% * Including Exceptional Items 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
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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 Shareholding Pattern Sept’26 BLS & Promoters 72.5% Public & Others 27.5% Total 100.0% Corporate Structure 100% 38 Atyati Technologies Pvt Ltd (BC Business) 100% 54.53%
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Environmental Focus on Sustainability 39 Scope 1 emissions: 29.68 tCO₂e Scope 2 emissions: 1,100.89 tCO₂e Energy Intensity (FY26): – 35.60 GJ / ₹ crore revenue – 4.14 GJ / employee (↓ from 5.17) – 100% offices moving towards paper-light / digital processes Social 32% female workforce 100% health & accident insurance coverage CSR spend: Rs. 0.7 Crores 720 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 September 2026 BSE Ticker: 540073 NSE Symbol: BLS Market Cap (in Rs. Crores): 8,986.7 % Free- float: 29.6% FF Market Cap (in Rs. Crores): 2,659.2 Shares Outstanding (Crores): 41.2 3M ADTV (Shares): 21,59,239 3M ADTV (in Rs. Crores): 53.1 Life Insurance Corporation of India EVLI Gem Fund State Street Investment Management VANGUARD Axis Max Life Insurance CompanyiSHARES Core Emerging Markets Government Pension Fund Global Abu Dhabi Investment Authority 19.80% 2.84% 3.88% 3.06% 70.42% 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