BLS International: ₹2,500 crore push to double by 2030

Expansion plan and the 2030 revenue target

BLS International, which provides visa, passport and consular outsourcing services to Indian and overseas governments, is planning a large investment cycle to widen its footprint. Joint Managing Director Shikhar Aggarwal said the company is looking to invest ₹2,500 crore for expansion into new markets, acquisitions, and upgrades to its technology infrastructure. The company’s stated aim is to double its revenues by 2030. Alongside international government contracts, BLS also operates Aadhaar Seva Kendras across India.

Management’s near-term strategy is centred on scaling volumes within existing contracts and improving revenue per application. The company said it plans to bid for more tenders to drive organic growth. Aggarwal also highlighted that “over $1-2 billion worth of contracts are being renewed in the next one to two years,” pointing to a busy renewal cycle in the outsourcing market.

Q3FY26 performance: revenue, EBITDA and profit

BLS reported strong operating numbers for the quarter ended December 31, 2025 (Q3FY26). Consolidated revenue from operations rose 43.6% year-on-year to ₹736.5 crore, while EBITDA increased 25.3% to ₹198.0 crore. Net profit grew 33.1% year-on-year to ₹170.2 crore.

The company said the quarter’s performance was supported by growth across visa, consular and digital services. It also noted that within the first nine months of FY26, it had nearly reached its full-year FY25 results. In visa and consular services, BLS processed 10.7 lakh visa applications in Q3FY26, up 17.7% year-on-year. The visa and consular segment’s EBITDA margin expanded to 40.1%, supported by a continued shift toward a self-managed operating model.

Nine-month FY26 numbers show strong run-rate

For the nine-month period (9MFY26), consolidated revenue grew 45.5% year-on-year to ₹2,183.7 crore. Profit after tax for the same period rose 36.1% to ₹536.9 crore. In the visa and consular services segment, BLS processed 33.3 lakh applications versus 27.7 lakh in 9MFY25, a 20.4% increase.

The company also disclosed a rise in net revenue per application. For 9MFY26, net revenue per application increased to ₹3,255 from ₹2,799 in the previous period. In Q2FY26, it reported net revenue per application of ₹3,223, alongside an 11.7% year-on-year increase in the number of visa applications processed to 11.3 lakh.

Contract wins broaden the global footprint

BLS said it secured a five-year global contract from the Slovak Republic to establish and operate visa application centres in more than 80 countries across major regions. It also won a visa outsourcing contract from the High Commission of the Republic of Cyprus, extending services across South Africa, Lesotho, Eswatini, Mauritius, Botswana, Zimbabwe, Zambia, Namibia, Madagascar, Malawi and Mozambique. The company added that it also secured Cyprus-related contracts for other countries including China, Mongolia, Cambodia, Laos and Kazakhstan.

Separately, BLS renewed its long-standing contract with India’s Ministry of External Affairs (MEA) to provide attestation and apostille services across 17 centres. It also secured a three-year contract to operate Indian visa application centres across key locations in China.

Digital services and Aadhaar-related mandates

On the domestic side, BLS received a ₹100 crore project from the Bihar government to set up permanent Aadhaar enrolment centres. The company also cited an Aadhaar services mandate from UIDAI to establish and operate District-Level Aadhaar Seva Kendras, reported as a ₹2,055.35 crore contract in one disclosure. In management commentary elsewhere, Aggarwal referred to a “₹2,000 crore” Aadhaar contract win to manage Aadhaar application processing.

The company also described BLS E-Services, its separately listed digital services arm, as a key growth driver. While visa outsourcing still contributes around 60-70% of BLS International’s revenue, the company positioned digital services as a faster-scaling vertical supported by government digitisation programmes.

Q2FY26 record quarter and segment metrics

BLS reported a record Q2FY26, with consolidated revenue rising 48.8% year-on-year to ₹736.6 crore. EBITDA increased 29.7% to ₹212.8 crore and net profit rose 27.4% to ₹185.7 crore. For the Visa and Consular Business, which contributed about 62% of total revenue in that quarter, segment revenue was ₹458.6 crore, up 9.8% year-on-year.

Visa and consular segment EBITDA in Q2FY26 rose 26.4% to ₹192.2 crore, with margins improving to 41.9% from 36.4% a year earlier. The company attributed the margin improvement to a transition to self-managed centres and cost optimisation. For H1FY26, revenue increased 46.5% year-on-year to ₹1,447.2 crore, EBITDA rose 40.3% to ₹417.0 crore, and profit after tax grew 37.6% to ₹366.7 crore.

Legal relief on MEA tenders and why it matters

Aggarwal confirmed that the Delhi High Court rescinded a previous MEA order that had barred BLS from participating in future tenders. The company said this ruling allows it to compete for MEA tenders that account for about 12% of its current revenue. It also stated that it expects existing business relationships and services to continue without interruption.

For an outsourcing business dependent on government contracts, eligibility for tenders can influence the addressable pipeline. The company’s emphasis on renewals also reflects the importance of retaining multi-year mandates and expanding volumes within existing programmes.

Market context: outsourcing, pricing and travel trends

Management guided for steady organic growth of 20-25% year-on-year over the next five years, with Aggarwal stating that this forecast is expected to come primarily from existing contracts and does not include contributions from new contracts or acquisitions. He also cited a market growth rate of more than 14% per year.

The company expects pricing improvements and increased outsourcing by governments to support growth. It also flagged travel-linked upside, noting that a resumption of direct flights between India and China could boost visa volumes. Aggarwal pointed to historical inbound travel, saying about 4,00,000 Chinese tourists visited India annually prior to 2019.

Key figures snapshot

Contracts and investments in focus

Analysis: what the numbers indicate

BLS International’s FY26 numbers point to strong growth across both core visa outsourcing and domestic digital services, with margins in the visa and consular segment reported above 40% in Q2FY26 and Q3FY26. The company’s focus on increasing revenue per application is consistent with disclosures on net revenue per application rising to ₹3,255 in 9MFY26.

The contract pipeline and renewals cycle is central to the company’s plan, especially as it aims to expand within existing mandates and bid for new tenders. The legal relief enabling participation in MEA tenders is relevant because the company said those tenders represent about 12% of current revenue. Meanwhile, the Aadhaar-related mandates provide multi-year visibility in India’s digitisation and service delivery ecosystem.

Conclusion

BLS International is combining a ₹2,500 crore investment plan with an explicit target to double revenues by 2030, supported by contract renewals, new international wins, and expansion of Aadhaar-linked digital services. The company’s recent quarters show sharp year-on-year growth in revenue, EBITDA and profit, alongside higher application volumes and improved segment margins. Next milestones to track include outcomes from upcoming tender renewals mentioned by management and the execution of recently secured multi-year contracts in India and overseas.