Financial Performance Summary

Consolidated Performance (Q1 FY27)

  • Revenue: ₹891 crores, up 25% YoY from ₹711 crores (highest quarterly revenue in company history)
  • EBITDA: ₹252 crores, up 24% YoY from ₹204 crores
  • EBITDA Margin: 28.3% (broadly stable YoY)
  • PAT: ₹202 crores, up 12% YoY from ₹181 crores
  • Net Cash Position: ₹1,617 crores as of June 30, 2026

Segment Performance

Visa & Consular Services (63% of revenue)

  • Revenue: ₹560 crores, up 22% YoY from ₹461 crores
  • EBITDA: ₹226 crores, up 22% YoY
  • EBITDA Margin: 40.3% (steady YoY)
  • Applications Processed: 11.3 lakh (broadly stable YoY)
  • Net Revenue Per Application: ₹3,521, up 11% YoY from ₹3,167
  • Contribution: ~90% of consolidated EBITDA

Digital Services (37% of revenue)

  • Revenue: ₹330 crores, up 32% YoY from ₹250 crores
  • EBITDA: ₹27 crores, up 46% YoY from ₹18 crores
  • EBITDA Margin: 8.2% (improved from 7.2% YoY)
  • Gross Transaction Value (GTV): Over ₹29,500 crores vs ₹26,200 crores YoY

Operational Highlights

Visa & Consular Business Initiatives

  • Commenced Belarus Visa applications in Mumbai
  • Launched #VisaReadywithBLSInternational awareness campaign
  • Introduced AI-powered bot for missions enabling 24/7 virtual assistance
  • Growth driven by strong traction in Visa business and increasing momentum in citizen service business

Digital Business Developments

  • Secured contract from Government of West Bengal for beneficiary verification and card approval services under Ayushman Bharat PM-JAY and Ayushman Vay Vandana schemes
  • Fresh mandate from Tamil Nadu Grama Bank
  • Partnership with Coverfox Insurance to provide services through network of 1.58 lakh BLS touchpoints

Acquisition Details

Atyati Technologies Acquisition

  • Acquisition completed for ₹138 crores
  • Bangalore-based company with two verticals: BC business and technology solutions for banks/NBFCs
  • FY26 Revenue: ₹275 crores
  • FY26 EBITDA: ₹20-21 crores
  • Synergy with existing BC business (majority from State Bank of India vs Atyati's non-SBI focus)

Other Acquisition Contributions (Q1 FY27)

  • iDATA: ₹72.5 crores revenue
  • Aadifidelis: ₹225 crores revenue
  • Citizenship Invest: ₹17.5 crores revenue (vs ₹11 crores YoY)
  • UK Hotel: ₹16 crores revenue (vs ₹2.5 crores YoY)

Aadhaar Project Update

  • Revenue Contribution (Q1): ₹17.5 crores
  • Capex Investment: ₹75 crores done so far, total project investment ₹125 crores
  • Three-phase investment with completion expected next quarter
  • Full revenue expected from Q4 FY27/Q1 FY28
  • Six-year contract expected to generate ₹2,500 crores total revenue
  • Expected EBITDA Margin: 10-15%

Capital Allocation & Guidance

Growth Guidance

  • Organic growth target: 15-20% for next 5 years
  • Q1 performance exceeded guidance with 25% revenue growth and 24% EBITDA growth
  • Visa business expected revenue growth: 12-15% (7-8% industry growth + 5% improvement)

Capital Allocation Policy

  • Priority 1: Organic expansion of existing businesses
  • Priority 2: M&A activities with ROI >17-20%
  • Priority 3: Return capital to shareholders via dividends
  • Last year M&A investment: ~₹1,100 crores
  • Buyback consideration may be discussed at next Board meeting

Financial Metrics

  • Effective Tax Rate: 14% in Q1 (expected to normalize to ~12% for FY)
  • Depreciation & Amortization: ₹32 crores (up from ₹25 crores last quarter and ₹23 crores YoY)
  • Increased D&A due to Aadhaar project investments under lease accounting standards
  • D&A expected to increase slightly next quarter before stabilizing

Management Participants

  • Mr. Nikhil Gupta, Managing Director
  • Mr. Shikhar Aggarwal, Joint Managing Director
  • Mr. Amit Sudhakar, Chief Financial Officer
  • Mr. Lokanath Panda, Chief Operating Officer - BLS E-Services Ltd

Analyst Participants

  • Ms. Deepali Kumari - Arihant Capital Markets (Moderator)
  • Kanishk Gupta - SS Family Office
  • Shikha Mehta - Time & Tide Advisors
  • Shrenik Mehta - IndoAlps
  • Ankush Agrawal - Surge Capital
  • Saurabh - Fyers Assets
  • Aryan - AV Investments
  • Vansh Solanki - RSPN Ventures

Disclaimer

This is a transcription and may contain errors. The Company takes no responsibility for such errors. Some minor editing may have been done for better readability. In case of discrepancy, the audio recordings uploaded on the stock exchange on August 11, 2026, will prevail.