BSECompany Update3d ago · 5 Aug 2026, 05:26 pm
Dear Sir/ Ma'am, Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, please ....
BLS International Services Ltd · 540073
✦ AI Summary▲ PositiveRating Change
BLS International Services Ltd has received a long-term rating of ICRA AA-(Stable) and a short-term rating of ICRA A1+ from ICRA Limited, marking an important milestone for the company. The ratings are one notch above the company's existing CRISIL ratings on both the long-term and short-term scales, reflecting the strength of its diversified global platform, disciplined financial management, and consistent execution.
Analysis Scores
Earnings Impact8/10
Growth Catalyst9/10
Governance Concern1/10
Regulatory Risk2/10
Balance Sheet Risk6/10
Liquidity Impact9/10
Market Sentiment9/10
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Full Announcement
BLS International Services Ltd - 540073 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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August 05, 2026
National Stock Exchange of India Ltd., BSE Ltd.,
Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street, Fort,
Bandra [E], Mumbai – 400051 Mumbai - 400 001
NSE Scrip Symbol: BLS BSE Scrip Code: 540073
SUBJECT: Press Release
Dear Sir/ Ma’am,
Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations 2015, please find enclosed a Press Release dated
August 05, 2026 with respect to credit rating received from ICRA Limited.
You are requested to take the same on your records.
For BLS International Services Limited
Dharak A. Mehta
Company Secretary & Compliance Officer
ICSI M. No.: FCS12878
Encl: As above
BLS International Services Limited Assigned ICRA AA-(Stable) / ICRA A1+ —
Ratings a Notch Above Its Existing Long-Term and Short-Term Grades
New Delhi, 05 August, 2026: BLS International Services Limited (BSE: 540073 | NSE: BLS) ("BLS" or "the
Company"), a leading global AI-driven technology and trusted digital services partner for governments
and citizens, today announced that ICRA Limited has assigned a long-term rating of ICRA AA- with a
Stable outlook and a short-term rating of ICRA A1+ to the Company's rated instruments aggregating Rs.
300 crore.
This marks ICRA's first credit assessment of the Company. Notably, the assigned grades are one notch
above BLS International's existing CRISIL ratings on both the long-term and short-term scales. The long-
term rating of ICRA AA-(Stable) is one notch above the Company's current CRISIL A+ (Stable), while the
short-term rating of ICRA A1+ (the highest short-term credit rating on the scale) is one notch above its
current CRISIL A1. The higher initial assessment from a one of the leading credit rating agency further
reinforces the strength and consistency of the Company's credit profile.
The assigned ratings cover a proposed long-term- Term Loan and fund-based limits totalling Rs. 44 crore,
rated ICRA AA-(Stable), along with non-fund-based limits of Rs. 256 crore, rated ICRA A1+.
Key Drivers Recognised by ICRA
In its rating rationale, ICRA highlighted several factors underpinning the assigned ratings, including:
Strong competitive position in a high-entry-barrier global industry — A presence across more
than 100 countries, long-standing relationships with over 46 government clients, and a proven
execution track record in the outsourced government services sector.
Robust growth trajectory — Operating income increased from Rs. 850 crore in FY2022 to Rs.
2,998 crore in FY2026, representing a CAGR of approximately 37%. Growth was driven by rising
visa application volumes, increased monetisation through value-added services, expansion of
the digital services segment, and contributions from strategic acquisitions
Healthy profitability and cash generation — Segment EBITDA margins of around 40% in the core
visa and consular services business, operating cash flow of Rs. 749 crore in FY26, and profit after
tax of Rs. 723.8 crore.
Strong liquidity and a conservative balance sheet — Cash and liquid investments of Rs. 1,667
crore and a net cash position of approximately Rs. 1,218 crore as of March 31, 2026. With Total
Debt/OPBDIT of 0.5x, the Company maintains significant financial flexibility to fund future
growth while comfortably meeting its obligations.
Mr. Amit Sudhakar, Chief Financial Officer, BLS International, said, “ICRA's assignment of a long-term
rating of ICRA AA-(Stable) and a short-term rating of ICRA A1+ marks an important milestone for BLS
International. As ICRA's first credit assessment of the Company, with ratings one notch above our existing
CRISIL ratings on both the long-term and short-term scales, it reinforces the strength of our diversified
global platform, disciplined financial management and consistent execution. The rating reflects our
strong balance sheet, healthy cash generation and prudent capital allocation, while strengthening the
confidence of our stakeholders as we continue to expand across geographies and service lines.”
About BLS International Services Limited:
BLS International Services Ltd. is a trusted global tech-enabled services partner for governments and
citizens, having an impeccable reputation for setting benchmarks in the domain of visa, passports,
consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005.
The company is recognized as “India’s Most Valuable Companies” by Business Today Magazine, “Best
under a Billion’ Company” by Forbes Asia and ranked among “Fortune India’s Next 500 companies”. The
company works with over 46 client governments, including Diplomatic Missions, Embassies, and
consulates, and leverages technology and processes that ensure data security. The Company now has
an extensive network of more than 50,000+ centres globally, with a robust strength of over 60,000+
employees and associates that provide consular, biometrics, and citizen services.
BLS International is certified with CMMI DEV ML5 V3.0, SVC ML5 V3.0, ISO 9001:2015 for Quality
Management Systems, ISO 27001:2013 for Information Security Management Systems, ISO 14001:2015
for Environmental Management Systems, and more.
BLS International is the only listed company in this domain with operations in over 100 countries.
For more information, please visit www.blsinternational.com.
For any further queries, please contact:
Saurabh Saggi, saurabh.saggi@blsinternational.com
Sandeep Kumar, sandeep.k@blsinternational.com
This release references the credit rating rationale published by ICRA Limited dated August 5, 2026, and
publicly available CRISIL Ratings rating actions. Credit ratings are the opinions of the respective rating
agencies and are subject to periodic surveillance and revision. This release may contain forward-looking
statements based on current expectations; actual results may differ materially. This document is for
information purposes and does not constitute an offer or solicitation for the purchase or sale of any
securities.