Ministry of External Affairs (MEA) has banned the company from participating in future tenders of the ministry and India Mission abroad for two years.
- The order has been issued on the account of allegations including court cases and complaints of various applicants.
- The order will not affect the existing contracts, which will continue as per terms.
- In Q1FY26, Indian Missions contributed ~12% to the consolidated revenue and ~8% of EBITDA of the company.
The company views this as a procedural development within the visa outsourcing industry and remains confident of a constructive resolution in due course.
Now in a surprise announcement, within days of the ban, BLS has been awarded 3 year contract by MEA to operate Visa Application Centers in China (Beijing, Shanghai, and Guangzhou).
https://www.bseindia.com/xml-data/corpfiling/AttachLive/673ada20-2c5d-48c4-a955-71db7269b3c6.pdf
There seems to be too much going on with this Company. Wait and watch.