BLS International Services Limited Q2 FY26 Concall Decoded: ₹737 Cr revenue, 42% visa margins & a ₹2,000 Cr Aadhaar jackpot

1. Opening Hook

When travel bounced back, BLS didn’t just reopen counters — it opened the cash register.
While airlines argued about fares and hotels debated occupancy, BLS quietly processed visas, Aadhaar enrollments, and digital transactions like a government-approved money-printing machine.

Q2 FY26 came with blockbuster growth, fat margins, and one very polite controversy called an “MEA ban” that management insists is just a temporary timeout. Add a ₹2,000 crore Aadhaar contract, triple-digit digital growth, and cash piles spread generously across continents, and you’ve got a call packed with confidence.

Of course, analysts weren’t buying everything without questions — organic growth, digital margins, hotels, buybacks — nothing escaped scrutiny.

Read on. The margins are thick, the cash is global, and management is feeling very comfortable.

2. At a Glance

Revenue ₹737 Cr (+49% YoY) – Acquisitions showed up with luggage and numbers.
EBITDA ₹213 Cr (+30% YoY) – Margins stayed smug at ~29%.
Visa EBITDA Margin 42% – Government paperwork never paid this well.
PAT ₹186 Cr (+27% YoY) – Clean growth, no accounting gymnastics.
Digital Revenue +259% YoY – Aadifidelis doing the heavy lifting.
Net Cash ₹1,306 Cr – Enough to spark dividend and buyback debates.

3. Management’s Key Commentary

“Revenue grew 49% year-on-year.”
(When acquisitions actually work 😏)

“Visa EBITDA margins improved to 42%.”
(Peak efficiency unlocked, further flexing discouraged)

“MEA ban is temporary and has no financial impact.”
(Classic ‘don’t worry, it’s fine’ energy)

“₹2,000 crore Aadhaar contract over six years.”
(Slow burn, but government-grade sticky revenue 🔥)

“Digital services revenue grew 259%.”
(Low margin, high volume — accountants adjusting expectations)

“We aim to stabilize margins at current levels.”
(Translation: don’t expect miracles from here 😌)

4. Numbers Decoded

Source table

Metric	Q2 FY26	Decode
Revenue	₹737 Cr	Growth juiced by acquisitions
EBITDA	₹213 Cr	Operating machine humming
EBITDA Margin	28.9%	New normal
PAT	₹186 Cr	Solid, repeatable
Visa Applications	11.3 lakh	Volume-led growth
Net Cash	₹1,306 Cr	Capital allocation headache

Decode: Visa prints margins, digital prints revenue, cash prints questions.

5. Analyst Questions – Decoded

Digital margin fall? – Aadifidelis is high-revenue, low-margin. Deal with it.
Organic visa growth only

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