Credit Rating

August 05, 2026 National Stock Exchange of India Ltd., BSE Ltd., Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Bandra [E], Mumbai – 400051 Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: BLS BSE Scrip Code: 540073 Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Intimation of Credit Rating given by ICRA Limited Dear Sir / Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the ICRA credit rating rationale letter dated August 05, 2026 received by the Company from ICRA Limited. As per the letter received from ICRA, the rating confirmation are as under: Instrument Current rated amount (Rs. Rating action crore) Long-term - Proposed term loan 39.00 [ICRA] AA- (Stable); Long-term – Fund-based limits 05.00 [ICRA] AA- (Stable); Short-term – Non-fund based – Bank guarantee 256.00 [ICRA] A1+; TOTAL 300.00 The aforementioned letter are also available on website of the Company and website of the ICRA Rating Agency. You are requested to take the same on your records. For BLS International Services Limited Dharak A. Mehta Company Secretary and Compliance Officer ICSI Membership No.: FCS12878 Encl: as above Aug 05, 2026 BLS International Services Limited: [ICRA] AA-(Stable)/[ICRA]A1+; assigned Summary of rating action Current rated Instrument* amount Rating action Financial Sector Regulator# (Rs. crore) Long-term - Proposed term loan 39.00 [ICRA] AA- (Stable); assigned RBI Long-term – Fund-based limits 5.00 [ICRA] AA- (Stable); assigned RBI Short-term – Non-fund based – Bank 256.00 [ICRA] A1+; assigned RBI guarantee Total 300.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale The ratings assigned to BLS International Services Limited (BLS) factor in its strong competitive position in the global visa, consular and citizen services industry, supported by its presence across more than 70 countries, relationships with over 46 Government clients, diversified geographic footprint and an established execution track record. The company's position has been further strengthened through strategic acquisitions such as iData Danismanlik Ve Hizmet Dis Tic. A.S (Turkey), Citizenship Invest DMCC (UAE), Aadifidelis Solutions Private Limited and Atyati technologies private limited, which have expanded its service offerings across visa outsourcing, citizenship and residency advisory, financial inclusion and digital citizen services. The rating draws comfort from the company’s strong market position in a high-entry-barrier industry, which, coupled with long- tenure contracts and its diversified revenue streams, provides comfort regarding its ability to secure new tenders and contract renewals, and aid healthy cash accrual generation. The ratings positively factor in the company's strong growth trajectory, with its operating income increasing to Rs. 2,998 crore in FY2026 from Rs. 850 crore in FY2022 (CAGR of 37%), supported by growth in visa application volumes, increasing monetisation through value-added services, expansion of the digital services segment and contribution from strategic acquisitions. The company's ability to leverage its strong market position to secure new mandates and expand into adjacent service offerings is expected to support healthy revenue growth over the medium term. The ratings also consider BLS's strong financial risk profile, characterised by healthy profitability, robust cash flow generation and a sizeable net cash position. The company benefits from favourable operating economics in the visa & consular services business, increasing value-added service penetration, a structurally negative working capital cycle and strong liquidity. As on March 31, 2026, the company maintained a total cash and liquid investments of Rs. 1,667 crore and a net cash position of approximately Rs. 1,218 crore, leading to comfortable leverage and debt protection metrics despite continued investments towards acquisitions and business expansion. The ratings remain constrained by the company's dependence on Government contracts and tender-based business acquisition, exposing it to contract renewal risks, regulatory actions and procurement decisions by sovereign counterparties. Further, while acquisitions have significantly contributed to scale, diversification and profitability, the company's acquisition- led growth strategy exposes it to integration, execution and capital allocation risks. The core visa & consular services business also remains linked to global travel and mobility trends, making application volumes susceptible to geopolitical developments, economic slowdowns and travel-related disruptions. www.icra.in Sensitivity Label : Public Page The Stable outlook reflects ICRA's expectations that BLS will continue to benefit from its strong market position, diversified business profile and healthy cash generation, helping it maintain strong credit metrics despite its frequent organic and inorganic growth initiatives. Key rating drivers and their description Credit strengths Established market position in a niche, high-entry-barrier global industry - BLS is among the leading global visa outsourcing service providers, operating across more than 70 countries and serving over 46 Government clients. The industry is characterised by high entry barriers arising from stringent technical qualification requirements, established execution track records, technology capabilities, cybersecurity standards and extensive global infrastructure requirements. The high entry barriers provide comfort regarding the company’s ability to win future outsourcing tenders, thereby providing healthy revenue visibility. Strong profitability, cash flow generation and liquidity profile – The core visa & consular services business (which forms 61% of revenues and constitutes 90% of operating profits) benefits from healthy operating metrics, reflected in segment EBITDA margins of around 40% in FY2026. In addition, the business entails favourable cash flow characteristics due to its negative working capital nature, wherein fees are collected upfront from applicants. Consequently, the company generated operating cash flows of Rs. 749 crore in FY2026 while maintaining free cash and liquid investments of Rs. 1,648 crore and a net cash position of Rs. 1,218 crore as on March 31, 2026. The strong liquidity profile provides substantial flexibility to the company to fund its growth initiatives and withstand business volatility. Diversified business profile across geographies, clients and service offerings – Over the years, BLS has diversified beyond traditional visa outsourcing through expansion into citizen services, financial inclusion, loan distribution and residency and citizenship advisory services. The company also benefits from a geographically diversified contract portfolio, with no single region accounting for more than 10% of application volumes. The diversification across geographies, Government clients and service lines improves business resilience and reduces dependence on any individual contract, country or revenue stream. Credit challenges Exposure to contract renewals/tender outcomes and changes in regulations – The business remains inherently dependent on Government contracts, which are periodically awarded and renewed through competitive tendering processes. While the industry benefits from long-tenure contracts and high entry barriers, contract renewals remain a key monitorable. Further, the business is exposed to regulatory actions, procurement decisions and policy changes by Governments, as demonstrated by the temporary MEA ban imposed on the compa [Showing first 8,000 characters — download PDF for full document]