Detailed Narrative
Strong Financial Performance in FY26
BLS International delivered its highest-ever performance in FY26, with revenue growing 37% YoY to INR 2,998 crores, EBITDA increasing 30% to INR 819 crores, and PAT rising 34% to INR 724 crores. This robust growth was driven by higher application volumes, new contract wins across various geographies, and diversification of service portfolios. The company also demonstrated exceptional performance over the last three years, achieving a CAGR of 34% for Revenue, 54% for EBITDA, and 49% for PAT.
Visa & Consular Business Traction and Profitability
The Visa & Consular business continued its strong profitability, with FY26 EBITDA growing 30% YoY and margins improving to 40.1% from 34.5% in FY25. The company processed over 44.1 lakh applications during the year, an increase from 37.5 lakh, and net revenue per application grew 14% to INR 3,302. Technology enhancements included partnerships for trade document attestation services and AI-powered solutions for visa processes.
Digital Services Segment Momentum and Growth Drivers
The Digital Services business witnessed significant momentum, with revenues more than doubling to INR 1,158 crores in FY26, a remarkable 114% YoY growth. This was primarily attributed to the BC (Business Correspondent) business, including loan distribution, and increased scale in assisted digital and citizen service offerings. The segment's EBITDA for FY26 was INR 81 crores, up from INR 60 crores in FY25, though its margins are lower at 7-8% due to the business mix.
Significant UIDAI Aadhaar Project Win
BLS International secured a significant UIDAI Aadhaar project, valued at over INR 2,500 crores, with a 6-year duration. The project involves setting up more than 200 offices across India for Aadhaar amendment and new card services, operating on a user-pay model with expected EBITDA margins of 15-20%. Phase I, covering 40-50 offices, has been rolled out, with full revenue ramp-up anticipated within 1-1.5 years.
Asset-Light Model, Capital Allocation, and Shareholder Returns
The company maintains an asset-light and scalable operating model, supported by a network of over 155,000 touch points. It continues to reward shareholders, recommending a final dividend of INR 0.5 per equity share, in addition to an interim dividend of INR 2.0 per share, totaling over INR 100 crores for the year. The company also holds a strong net cash balance of INR 1,434 crores as of March 31, 2026, which will be utilized for both organic expansion and inorganic growth.
Outlook and Geopolitical Impact
Management acknowledged a temporary impact from the geopolitical situation in the Middle East on travel, but emphasized that the diversified global presence across 80+ countries helps balance these effects annually. For FY27, the company targets a 20-25% growth on an increased base, driven by new contract wins and ongoing expansion in both Visa & Consular and Digital Services segments, while aiming to maintain current blended margins of approximately 25%.