We initiate coverage with a BUY, and a TP of Rs 271, based on 25x FY19E EPS. BLS International (BLS) is globally the second largest visa processing player (after VFS Global). It has operations in 48 countries, and processes visas for countries like Spain, UAE, Russia and China. The company has processed ~18mn applications over the last twelve years. BLS reported healthy revenue growth of 25.7% (Rs 6.35bn) with EBITDA margin expansion of 570bps (13.0%) in FY17.