BLS Share Analysis: The Journey Continues as BLS Keeps Delivering Amid the Travel Boom

 If you haven’t read my last post about BLS International Services read it here, go check it out first.

Because what came next? Even more growth.

BLS: The Growth Engine That Won’t Slow Down

Back then, I talked about how BLS had delivered a 150% return. Since then, the company has kept compounding, reporting another stellar quarter.

Let’s cut to the chase:

  • Q4 FY25 Revenue: ₹692 crore (↑54% YoY)
  • EBITDA: ₹198 crore (↑88% YoY)
  • PAT: ₹145 crore (↑69% YoY)

And that’s not even the full picture. In just 9 months of FY25, BLS has already surpassed its entire FY24 EBITDA and profit.

Riding the Global Travel Wave

Why is this happening?

Travel is booming. Post-COVID wanderlust is real, and visa processing demand has surged. BLS is positioned right at the heart of this trend. From Spain to Canada, Poland to Italy, the company keeps winning new contracts and expanding its global footprint.

This isn’t just growth. This is systematic market capture.

Only 50% of global visa processing is currently outsourced—and BLS is bidding for the remaining pie. That’s a long growth runway.

Smart Acquisitions, Solid Execution

They’ve also executed several smart acquisitions this year:

  • iDATA (Visa processing in Turkey and Europe): ₹59 crore revenue in Q3 alone
  • Citizenship Invest (Residency-by-investment for HNIs): ₹13 crore revenue
  • Aadifidelis (Digital Lending Platform): ₹49 crore revenue in just over a month

These aren’t bolt-on fluff deals. Each adds strategic value and is already contributing to profits.

What’s even better? All of this was funded through internal accruals. The company still holds a net cash position of ₹690 crore.

BLS E-Services: The New Chapter

BLS E-Services (recently listed) is another chapter in this story.

Focused on assisted e-commerce, banking correspondents, and e-governance, it’s growing fast. It clocked an 87% YoY revenue growth this quarter. Sure, margins are thinner than the core visa business—but the sheer scale potential across Bharat is massive.

This segment is still early, and as more high-margin services are layered in, profitability should expand over time.

What’s Next?

The management has been clear: they’re playing the long game.

They’ve renewed over 90% of their contracts, are chasing multi-billion-dollar tenders globally, and continue to explore more value-accretive acquisitions. And even though they don’t give explicit PAT guidance, they’ve hinted that this year’s profit (~₹520–550 crore expected) is just a new base.

The best part? They're growing in both top-line and operating margins—unlike many growth stocks that trade profitability for expansion.

Investment Summary & Technical View:

I began accumulating BLS International from April 2023, initiating my position around ₹180 per share on a breakout above ₹174—a key resistance level at the time. The stock had consolidated in the ₹150–₹196 range for about six months before breaking out, triggering a sharp uptrend. Post-breakout, it surged to ₹302, corrected through September, and presented a fresh opportunity with a shooting star pattern around ₹256. That marked the next leg of the rally, with the stock hitting ₹425, and eventually peaking at ₹521.8 in December 2024. A two-month correction followed, bottoming at ₹308 in February 2025, aligning with support from the 100-DMA (₹326) and RSI oversold levels. A bullish setup re-emerged from the ₹350 zone, supported by strong technical confirmation. Currently, the stock is in an accumulation phase between ₹340–₹410. A weekly close above ₹410 could open the path toward the next resistance levels at ₹485, ₹552, and even ₹702. I've continued to average up during technical confirmations, and my conviction remains intact, supported by both chart structure and solid business fundamentals.

Final Thoughts

If you thought the BLS story peaked at 150% returns… think again.

The travel industry is thriving. BLS is growing organically and through smart M&As. And its E-Services arm could quietly become a multi-bagger of its own.

This isn’t just a stock anymore. It's a business I want to own through the cycle.

Let’s see where this journey takes us next.

Disclosure: Invested. Not SEBI registered. Do your own research.

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