In a post-market exchange filing on Thursday, the company said it had successfully challenged the debarment by filing a writ petition before the Delhi High Court.
“The Company has received an order from the Hon’ble High Court of Delhi setting aside the debarment order passed by the MEA. Consequently, the debarment imposed on the Company pursuant to the said order stands quashed,” BLS International said.
The ruling overturns an order issued earlier by the Ministry of External Affairs that had barred the company from participating in its tenders for two years.
Why was the ban imposed?
BLS International had first disclosed the debarment in an exchange filing on October 11, saying the order stemmed from allegations that included court cases and complaints by applicants. At the time, the company said the move would not disrupt its existing contracts or materially affect its financial outlook.
“The order was issued on the account of allegations including court cases and complaints of applicants. This debarment shall not affect the financial performance of existing operations of the company, and it is evaluating the appropriate legal action against it,” the company had said.
During the first quarter of FY26, Indian missions contributed about 12% to consolidated revenue and nearly 8% of earnings before interest, taxes, depreciation and amortisation. “The company is working to resolve the matter. The company views this as a procedural development within the visa outsourcing industry and remains confident of a constructive resolution in due course,” it added.
Stock performance and valuation
Shares are up about 3% over the past month but down nearly 7% over six months. The stock has fallen around 32% so far in 2025, after gaining nearly 66% over the past three years.
BLS International currently trades at a price-to-earnings ratio of about 22 and has a market capitalisation of more than Rs 13,616 crore.
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