BLS International Services Limited

BLS.NS

Specialty Business Services · Industrials

Price

₹233.60

+3.30 (+1.43%)

Market Cap

₹96.18B

Exchange

National Stock Exchange of India

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

BLS International Services Limited specializes in providing outsourced administrative and support functions for visa, passport, and consular services to diplomatic missions across the globe. Its extensive service portfolio includes direct citizen engagement, front-office operations, electronic visa processing, biometric and identity management, alongside document attestation and verification. The company also delivers various convenience-oriented solutions, encompassing a range of general passport and governmental services. With a significant international presence, BLS International operates across Asia, Africa, Europe, North America, South America, and the Middle East. Established in 1983, the firm maintains its headquarters in New Delhi, India.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+31.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$17.0B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

BLS International Services Limited is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 410.3M (2022) → 412.7M (2026)

Score breakdown

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Quality

Gross Margin

33.5%

Modest — 33.5% gross margin

Operating Margin

22.0%

Excellent — 22.0% operating margin

ROCE

6.5%

Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+36.7%

Fast-growing sales (36.7% YoY)

EPS YoY

+35.2%

Earnings growing fast (35.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

75%

Modest — 75% of profit becomes cash

FCF Margin

15.9%

Converts sales into free cash efficiently (15.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.11

Conservative — low debt load (0.11)

Interest Cover

35.60x

Comfortably covers interest (35.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.28%

Small dividend — 1.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+100.0%

Dividend growing fast (100.0% YoY)

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