BLS International Services Ltd. is one of the largest tech-enabled outsourcing partners globally focused on visa, passport, consular, and citizen services with operations across 70+ countries. The company benefits from long-term multi-year government contracts, anchoring predictable, quasi-annuity revenue with a diversified client base. Recent contract wins like the three-year Ministry of External Affairs India deal and the INR 20.55bn UIDAI Aadhaar Seva Kendra engagement exemplify strong revenue visibility. The business is pivoting towards higher gross margin digital services such as digital identity, and e-governance platforms, which...