BLS International Services Limited (BLS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+898.7%

₹2,174.12

vs ₹217.69 price

Levered DCF

₹3,897.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.13×	31.82×	43.14×	33.89×	21.71×	18.89×	5.7×	12.07×
P/B	3.94×	9.35×	11.17×	8.47×	4.24×	2.05×	0.7×	3.42×
P/S	3.24×	7.38×	8.05×	4.49×	2.84×	1.95×	0.38×	1.57×
EV / EBITDA	9.79×	25.08×	37.66×	29.54×	22.01×	20.18×	3.06×	10.83×
Gross margin	35.3%	39.9%	29.9%	22.8%	23.3%	21.2%	21.9%	24.8%
Operating margin	24.2%	38.9%	28.1%	21.5%	19.9%	18.6%	18.8%	22.4%
Net margin	22.9%	23.2%	18.7%	13.2%	13.1%	10.4%	6.6%	13.0%
Current ratio	2.91×	2.34×	7.7×	5.68×	7.38×	11.84×	10.18×	3.87×
Debt / equity	0.17×	0.21×	0.03×	0.01×	0.02×	0×	0×	0.1×
Interest coverage	31.21×	18.23×	62.37×	126.37×	92.88×	52.42×	41.46×	13.97×
Dividend yield	1.3%	0.1%	0.2%	0.4%	0.5%	0.8%	5.1%	0.4%
Payout ratio	18.9%	4.2%	9.9%	12.8%	11.5%	15.3%	29.3%	4.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.9%	29.4%	25.9%	25.0%	19.5%	10.9%	12.2%	28.3%
Return on invested capital	20.3%	31.8%	29.5%	35.7%	28.3%	19.4%	33.0%	37.9%
Return on assets	18.2%	18.1%	19.4%	21.2%	17.6%	10.1%	11.2%	22.0%
Free cash flow yield	8.3%	4.1%	2.1%	2.8%	4.3%	4.3%	33.8%	7.6%
Earnings yield	7.1%	3.1%	2.3%	3.0%	4.6%	5.3%	17.5%	8.3%
Enterprise value	₹89.5B	₹158B	₹131.1B	₹67.4B	₹23.9B	₹9.1B	₹2.8B	₹12.4B
Net debt / EBITDA	-0.82×	-0.61×	-1.1×	-0.26×	-0.24×	-0.76×	-0.22×	-0.26×
Cash conversion cycle (days)	-8	-7	-0	7	181	106	71	97