BLS International Reports Strong Q1 FY26 Growth

• BLS International’s Revenue multiplied 4.6x in the last 5 years from Rs. 478 Crores in FY21 to Rs. 2,193 Crores in FY25 while its Operating Profit multiplied 15.3x in the same period from Rs. 41 Crores in FY21 to Rs. 629 Crores in FY25. The significant improvement in operating margins from 8.5% in FY21 to 28.7% in FY25 underscores the company’s prudent financial management and successful execution of growth strategies.
• Strategic expansion through marquee contracts with client governments such as India, Spain, Germany, Italy, Slovakia, US, Brazil, Portugal, Hungary, among others.
• Strengthening and diversification of service portfolio, moving beyond traditional visa and consular services to include value-added services, citizenship & residency services, and citizen services through its subsidiary, BLS E-Services Ltd.
• Active focus on emerging technologies—including AI-powered chatbots, facial biometrics, digital call centre transformation, and intelligent automation for visa processing—strengthening service efficiency and customer experience.
• Successful acquisitions that enhanced capabilities and market access across Europe, the Middle East, and Asia-Pacific – through iDATA, Citizenship Invest, Aadifidelis Solutions, Zero Mass and Starfin India.

Speaking on the strong growth in Q1FY26, Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd. said:  “As we step into Fiscal Year 2026, completing two decades of purposeful growth, I am immensely proud of the impact we have created across borders. From a single-country presence to becoming a trusted partner for over 46 client governments, we have stayed rooted in our mission to simplify, scale, and secure citizen services worldwide. The next five years are about building on this legacy, with a sharp focus on AI & technological transformation, and deepening our role in the global visa and citizen services market. We aim to be the first Indian-origin company to lead at scale in this space—redefining what global service delivery means.

Our robust performance in Q1FY26 reflects the strength of our diversified business model, supported by continued momentum across key markets and services. With Revenue increasing by 44% YoY and EBITDA by 53% YoY, we have yet again delivered highest ever quarterly financials while maintaining a sharp focus on operational efficiencies and margin expansion, as EBITDA Margin expanded by 171 bps YoY to 28.7% in Q1FY26. This performance underscores the strength of our asset-light model, disciplined execution, and expanding global footprint. Our endeavour is to continue to focus on our strategic priorities— focusing on technology-led global expansion to deliver sustainable value for all stakeholders.”

• • Revenue from Operations stood at Rs. 710.6 Crores, marking an increase of 44.2% YoY, compared to Rs. 492.7 Crores in Q1FY25. The growth was led by the existing business as well as due to consolidation of acquired businesses viz iDATA, Citizenship Invest and Aadifidelis Solutions during FY25.
  • EBITDA grew 53.4% YoY to Rs. 204.2 Crores, supported by improved operational efficiencies and the impact of recent acquisitions. EBITDA Margin expanded by 171 bps to 28.7% in Q1FY26, compared to 27.0% in Q1FY25.
  • PAT increased by 49.8% YoY to Rs. 181.0 Crores in Q1FY26, with PAT margins expanding by 95 bps to 25.5% during the quarter.
  • Following acquisitions completed in FY25, the company’s net cash balance stood at Rs. 1,126 Crores as of 30th June 2025.

• Revenue from the Visa & Consular segment rose by 11.2% YoY in Q1FY26 to Rs. 460.7 Crores, compared to Rs. 414.1 Crores in Q1FY25.
• Net Revenue (Revenue of visa business post deducting the cost of services of visa business) grew by 59.5% to Rs. 360 Crores in Q1FY26 from Rs. 226 Crores in Q1FY25. The growth in net revenue was due to change in business model from partner run centers to self-managed centers across many locations and due to consolidation of iDATA from July 2024 onwards.
• EBITDA of the Visa business grew by 53.4% YoY to Rs. 186.0 Crores in Q1FY26, up from Rs. 121.3 Crores in Q1FY25.
• EBITDA Margin improved to 40.4% in Q1FY26 from 29.3% in Q1FY25. Margin expansion is due to strong focus on cost efficiencies, moving away from partner run model to self-managed model and due to consolidation of iDATA.
• Net Revenue per Application stood at Rs. 3,167 in Q1FY26, up from Rs. 2,653 in Q1FY25, reflecting a YoY growth of 19.4%. The segment processed 11.4 lakh applications during the quarter compared to 8.5 lakh applications in Q1FY25, indicating a sharp YoY growth of 33.6%.

1. Digital Business 

• Revenue from the Digital Business increased by 218.2% YoY to Rs. 249.9 Crores in Q1FY26, compared to Rs. 78.5 Crores in Q1FY25. The growth is primarily driven by consolidation of Aadifidelis Solutions Pvt Ltd (ASPL) from November 2024 onwards.
• EBITDA for the Digital segment grew to Rs. 18.3 Crores, marking a YoY increase of 53.4%.
• Under the BC business, the Gross Transaction Value (GTV) stood at Rs. 26,200+ Crores which includes loan distribution of approximately Rs. 7,200 Crores. This is compared to GTV of approximately Rs. 20,000 Crores in Q1FY25 which included loan distribution of approximately Rs 780 Crores.
• During the quarter, the business witnessed following achievements
  1. In Q1FY26, the digital business strengthened its Business Facilitator (BF) model, onboarding 10,000+ retailers cumulatively, demonstrating robust growth in its retail network.
  2. The company expanded its partnerships by signing up with Bajaj Finserv for EMI Cards and rolling out new loan types with HDFC Bank, enhancing financial accessibility for customers.
  3. Additionally, BLS successfully leveraged lead generation synergies between BLS and Aadifidelis, driving efficiency and scalability.
  4. During Q1FY26, the company initiated a new project in Chhattisgarh for digitizing Sub-Registrar offices, streamlining land record registrations for enhanced transparency.
  5. Additionally, the company activated Aadhaar enrolment services under the Rajasthan eMitra project, expanding its digital identity solutions to more citizens.
  6. The company launched nationwide courier pickup and delivery services in partnership with Delhivery, offering added convenience to customers.