BLS Internat. Q4 FY26 Results (NSE: BLS)
Signal: Growth decelerated
The read
The key trajectory is a sharp deceleration in consolidated revenue growth to +17.6% YoY in Q4FY26 from +43.5% in Q3FY26, while operating margin held near 25.0% and owner PAT still grew 31.6% to ₹17,779.56 lakh; FY26 growth was boosted by acquisitions, including Trefeddian Hotel, so organic momentum and margin progression need confirmation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹814.56 Cr | +17.6% | +10.6% |
| EBIT | ₹178.45 Cr | +22.4% | |
| Net profit | ₹177.8 Cr | +31.6% | |
| EPS | ₹4.32 | +31.7% | |
| EBIT margin | 25.0% |
P&L walk
Q4 revenue increased 17.6% YoY to ₹81,456.42 lakh, while EBITDA margin was broadly stable at 25.0%; lower finance costs and stronger other income helped owner PAT grow 31.6% to ₹17,779.56 lakh.
Key positives
- FY26 revenue reached ₹2,99,821.51 lakh, up 36.7% YoY, and FY26 owner PAT reached ₹68,669.78 lakh, up 35.1% YoY.
- The consolidated gross margin improved 122bps YoY to 51.9% in Q4FY26 as cost of services declined to 48.1% of revenue from 50.9%.
Key concerns
- The filing does not provide a segment-results table in the supplied text, limiting visibility into Visa and Consular Services versus Digital Services momentum.
Research and educational content only. Not investment advice.