BLS International at a 52-week low, trading at 16x

BLS International Services Limited (NSE: BLS) posted record Q1 FY27 revenue of ₹890.5 crore, up 25.3%. The stock sits near ₹229, close to its 52-week low of ₹218.45. What happened EBITDA rose 23.6% to ₹252.4 crore, a 28.3% margin. Profit before tax grew 17.7% to ₹235.6 crore. Net profit rose 11.4% to ₹201.6 crore. The visa and consular business grew 21.6% to ₹560.1 crore, at close to 40% margin. It processed 11.3 lakh applications, and net revenue per application rose 11.2% to ₹3,521. The digital business grew 32.2%. Why it matters BLS runs visa application centres for foreign governments. It collects a fee per application, needs little capital, and earns over 30% on equity. The stock is still down about 35% in a year. My view Follow the profit down the page. Revenue grew 25.3%, EBITDA 23.6%, pre tax profit 17.7%, net profit 11.4%. Profit attributable to shareholders grew only about 5%, because minority partners in subsidiaries take a share. That is part of the de-rating. Growth is not reaching the ordinary shareholder as fast as the headline suggests. Higher tax and minority interest eat the difference. Even so, look at the price. About 16 times earnings for a business growing revenue 25%, with 28% margins and almost no debt. The market is pricing in the risk of losing a government contract. That risk is real, but it arrives one contract at a time. What I am watching Q2 FY27 results in November, new contract wins or renewals, and profit growth catching up with EBITDA. On the chart, ₹218 is the 52-week low and ₹260 is the first resistance. My stance: Accumulate near ₹220, in small size. The fall looks overdone, but it needs a trigger. Disclosure: I do not hold a position in BLS International Services Limited at the time of writing. This is not investment advice.