BLS International Services Limited ($BLS)

Ladies and gentlemen, good day, and welcome to the BLS International Services Limited Q4 and FY '26 Earnings Conference Call. [Operator Instructions] Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors that must be viewed in conjunction with our business risks that could cause future results, performance or achievements to differ significantly from what may be expressed or implied by such forward-looking statements. I now hand the conference over to Mr. Gaurav Chugh from BLS International Services Limited. Thank you, and over to you, Mr. Chugh.

Good afternoon, everyone. Thank you for taking out time to join this call today. From the management, we have Mr. Shikhar Aggarwal, Joint Managing Director; Mr. Amit Sudhakar, Chief Financial Officer; Mr. Lokanath Panda, Chief Operating Officer from BLS E-Services. I would like to hand over the call to Mr. Shikhar Aggarwal for his opening remarks, post which Mr. Amit Sudhakar will discuss the financial performance of the company, and then we will open the floor for an interactive Q&A session. Thank you, and over to you, Shikhar.

Good evening, everyone, and thank you for joining us on BLS International's Q4 and FY '26 Earnings Call. We hope you have had the opportunity to review the results, press release and investor presentation uploaded on the stock exchanges as well as our website. We are pleased to share that the company delivered a remarkable performance in the financial year FY '26 with the highest ever performance across all key parameters and metrics. Revenue, EBITDA and PAT grew by 37%, 30% and 34% year-on-year, respectively. The performance was driven by higher application volumes, multiple contract wins across various geographies, diversification of service portfolios and increase in net revenue per application in the Visa business. I would also like to highlight that the company has demonstrated exceptional performance over the last 3 years, reporting growth in all parameters like revenue, EBITDA and PAT at a CAGR level of more than 50%. This is a noteworthy achievement by the company, further validating the robust business model as well as the effectiveness of the company's strategies. Q4 FY '26 was also a strong quarter for the company, driven by healthy momentum across both our businesses. EBITDA and PAT for the quarter grew 17% and 30%, respectively, year-on-year. Our Visa & Consular business continues to witness strong traction for the quarter as well as for the full year. The business continues to witness strong profitability with FY '26 EBITDA growing by an impressive 30% year-on-year and EBITDA margins grew to 40% from 34% in FY '25. This growth highlights BLS strong execution capabilities, operational efficiencies and the positive impact of successful transition of our business model from partner-run to self-managed model. BLS International has processed more than 44.1 lakh applications during the year, which grew from 37.5 lakh applications. Net revenue per application also witnessed a growth of 14% to INR 3,302 per application as compared to INR 2,903 per application. BLS International has also taken several strides in terms of technology enhancement. During the quarter, the company partnered with a body to offer trade document attestation services across 17 centers. We also partnered with Sypha AI to modernize Visa & Consular business through AI-powered solutions. We also introduced AI VoiceBot for related issues, et cetera. Our Digital business also continued significant momentum, crossing INR 1,000 crores in revenues. Revenue from Digital business more than doubled to INR 1,200 crores, registering a remarkable year-on-year growth of 100%. This is primarily on the account of the BC business, including loan distribution, along with increased scale in assisted digital and service offerings. The company's asset-light and scalable operating model remain a key enabler of growth, supported by a network of 150,000 touch points with around 45,000 channel partners. The BC business is witnessing significant transaction with GTV at more than INR 1.1 lakh crores during the year compared to INR 87,000 crores in FY '25. The company also witnessed strong traction due to acquisition of Aadifidelis. The company generated leads worth around INR 36,000 crores during the year. We are continuing strengthening our technology by enhancing and leveraging AI, advanced analytics and cloud performance. While the company is consistently growing, it has also followed the policy of rewarding its shareholders throughout the years by way of dividends. In line with this, the Board has recommended a final dividend of 50% of face value, that is INR 0.5 per equity share in addition to the interim dividend of INR 2 per equity share. This leads to 250% of dividend of face value of more than INR 100 crores for the entire year. Before I conclude, I would also like to address the impact of travel industry due to the ongoing geopolitical situation. What we are witnessing today is a temporary scenario, but a shift in which people to do travel due to the ongoing tension in Middle East, revenue is intact at the same time. Thank you so much. I would now like to hand over the call to CFO, Mr. Amit Sudhakar.

Thank you. Good evening, everyone. I'm pleased to share the consolidated audited financials highlights for the fourth quarter and full year ended 31st March 2026. Revenue for FY '26 increased, INR 2,998 crores, as compared to INR 2,193 crores last year, up by 37% Y-o-Y. This growth is on account of increased momentum in both our businesses. FY '26 EBITDA rose by INR 819 crores from INR 629 crores in FY '25, registering a growth of 30%. EBITDA margin stood at 27.3% for FY '26. Profit after tax for the full year was INR 724 crores compared to INR 540 crores last year, showing a 34% increase. Now looking at the Q4 FY '26 consolidated performance. For Q4 FY '26, we recorded a strong growth of 18% year-on-year in consolidated revenue. The increased to INR 815 crores in Q4 FY '26 from INR 693 crores in Q4 FY '25. The growth was driven by steady growth in both in Visa and Digital businesses. EBITDA for the quarter increased by 17% year-on-year to INR 204 crores as compared to INR 174 crores in the same quarter last year. Profit after tax increased by 29% to INR 187 crores compared to INR 145 crores in Q4 FY '25. Coming to segment highlights. In FY '26, Visa & Consular services grew by 11% to INR 1,840 crores compared to INR 1,653 crores in FY '25. EBITDA for the segment rose sharply by 30% to INR 738 crores, with the margin improving to 40% from 34% last year, reflecting our focus on efficiency and profitability. In Q4 FY '26, the Visa & Consular Services segment recorded a revenue of INR 472 crores, a 7% growth over INR 441 crores last year. The growth in revenue was mainly driven by the increase in visa application volume, which grew by 10% year-on-year to rupees -- sorry, to 10.8 lakh application in Q4 FY '26 from 9.8 lakh application in Q4 FY '25. EBITDA for the segment rose by 19% to INR 180 crores with a margin of 38%, an improvement of 400 basis points from 34% margin last year. In FY '26, the Digital segment revenue was doubled to INR 1,158 crores compared to INR 440 crores (sic) [ INR 540 crores ] in FY '25. The EBITDA for FY '26 was INR 81 crores compared to INR 60 crores in the previous financial year. In Q4 FY '26, the revenue increased to INR 343 crores in Q4 FY '26, up from INR 252 crores in Q4 FY '25. EBITDA for the quarter was at INR 24 crores. The company continued to maintain a strong cash flow and a healthy balance sheet. During the year, the business generated a cash of over INR 900 crores. As on 31st March '26, the company maintained a strong net cash balance of INR 1,434 crores. With that, I will now hand over to the moderator to open the floor for questions. Thank you.

[Operator Instructions] Your first question comes from the line of [ Mehul Panjwani with 40 Cents. ]

Hello. Sir, am I audible?

Yes, sir, you are audible.

Okay. Sir, congratulations on a great set of numbers. Sir, I have one question about the current situation in West Asia. So because of this, have you seen any setbacks in the last quarter?

See, if you see our numbers, we have actually grown. Our EBITDA has grown in the last quarter by more than -- on an annual basis, our EBITDA has grown by 35%. And even if you see our EBITDA in the last quarter comparing to Q4 of last year, has still grown by more than 30%, 35%. So for us, there has been no impact. As we have said before, since the company has been operating from year 2007, 2008, there are multiple things, geopolitical things happening in the world from back then. And every year, something or the other happens. So temporary, definitely, some things get affected. But on an annual or a quarterly basis, everything gets balanced. Today, we are in 70-plus countries working in more than 40 client governments. So definitely, some impact is there on a short-term level, but on an ongoing or annual level, everything gets balanced.

Right, sir. So thanks for clarification. But let's say, if this situation, if the war wasn't there, then you would have reported better numbers?

In the last quarter? I don't know exactly if we had reported any better numbers. I need to check. But definitely, there could be some impact. Definitely, I don't know. We have still grown a lot, if you see on an annual and quarterly basis, but I don't know. Maybe, yes, definitely some volume temporary that happened could have come back to us.

We take the next question from the line of Vansh Solanki with Rspn Ventures.

Shikhar, am I audible?

Yes, you are.

Yes. So also just on the war side, so you just told that the Q4 would be better if the war wasn't there. So in Q1, are we seeing any impact of the war still? Because still the war is not closed or it is not -- all the negotiations are made. So maybe Q1 or maybe Q2 also, we can see the impact? So how you are seeing Q1 and full year FY '27 in terms of volume growth, Visa volume growth?

See, it's only April, May. Right now, we cannot tell you exactly what will be the impact of the war. As of now, we are going strong, and we will continue to maintain our numbers from last year, growth from last year. I don't know exactly what will be the scenario in the future, et cetera. But as of now, things are steady.

Okay. And also the last -- from many quarters, management has said that many contracts of the governments are pending for renewal. So is there any visibility for that?

No, we have also announced that -- many results we have announced. We have won Slovakia, Cyprus, Indian government tender last year. We won a lot of tenders for Italy, Portugal and Poland. So all of them are part of that. We won a big UIDAI INR 2,500 crores tender last year. Still, there are many more tenders...

My question is majorly the forward-looking, in the FY '27, are we tracking any government, which is, contract pending for renewal.

Maybe as -- constant tender business. Many new governments are coming out with tenders. We're actually bidding at different stages. Many governments are outsourcing for the first time. So definitely, we have a big potential for growth in terms of different tenders that are coming up for renewal.

Okay. And the second set of questions is about the UIDAI work order, which we have received. So how much revenue we have actually booked in the Q4? And how much -- for how much month like from the...

No. It has only been 1 or 2 months since we have started the rollout. Right now, Phase 1 in which we have to roll out 40, 50 offices we have done. Eventually, we have to roll out more than 200 offices. So I think it will take at least 1 year for the full revenue to start coming in 1, 1.5 years for the ramp-up and the full revenue start coming in.

Okay. So is there also...

Vansh, sir. May we request you return to the queue for any follow-up questions, please, as several participants are waiting for the turn. We take our next question from the line of Shikha Mehta with Time & Tide Advisors.

Hello. Am I audible?

Yes. Ma'am, you are audible now.

Yes, I just had a few questions. One, of course, I wanted to understand the situation on the war and the geopolitical situation in the sense, I'd assume March for us would be close to a washout because I don't think a lot of travel was happening, but maybe this quarter could see slightly better movement. So I would want some guidance on that from a visa point of view. And secondly, seeing our Visa & Consular business for Q4 and for the whole year, the number of applications, that is the volume has grown at a much faster pace than the actual revenue from operations. So can you help me understand that a bit as well? Because from what I can see in your presentation, the net revenue per application has also increased at a very fast pace. So where is this -- what is the gap between both?

Yes. So on your first question, I can take that. See, we have already answered the question of the geopolitical situation. It's not in our control. Still, if you see in the last quarter, March was not a washout for us. We have grown from similar quarter last year. So we've had a major growth of more than 30%. So definitely, as someone asked, it could have been further growth. We had also won new tenders that you've deployed because of also which the volume has grown. So I think that is a situation. And this quarter, we'll see. We'll get to know once the quarter ends. But we are going strong. Obviously, there is some impact because they are not fully in back numbers, but still, we are growing from last -- same quarter last year.

Q1 is usually our strongest quarter of the year. So...

Yes. So I've said no, that definitely we are going steady.

Okay. Yes. And on the second question, the volume, the number of applications versus the revenue?

Yes, so number of applications have grown because also we have won some contracts, we've deployed them, Cypress, Slovakia, et cetera, some volume has started to come in. So definitely, volume has gone up. And net revenue, maybe Amit can explain that it has gone up, right?

Yes. Yes. The net revenue improvement, Shikha, is account of mainly two reasons. One, the value-added services per application goes up, the net revenue per application increase as well as the new contracts which we have won at a better pricing, that also have an impact on the net revenue improvement.

But sir, if that is the case, how has the number of applications for the year increased by 10% and our revenue from operations just increased by 7% for Q4?

That's what I said that as your numbers -- if the value-added services in the quarter has gone lower, then the per application revenue will come down.

But sir, per application, we've still shown...

So Shikha, let me just explain Shikha, what's happening with that. There is a factor of value-added services conversion. So if you look at the conversion, if you look at our net revenue, net revenue has grown by 20%, whereas our application count has grown by 10%. This is for the quarter. So this ultimately translates that the conversion in the value-added services and our share of value-added services has gone up. Though it is not being reflected in the revenue, but it is reflected in the net revenue as well as our EBITDA. So our EBITDA margins and absolute EBITDA is going up. So there is a revenue sharing between the third-party vendors from we take some certain services. So the true picture is that you should take net revenue growth, which is at 20%, whereas application count growth is around 10%.

Or we can take it offline if you have -- you want further details, we can share that.

The next question comes from the line of Deeya with Sapphire Capital.

So you said that March has been quite good for you. Can you describe how the month of April has been for us?

We cannot give any forward-looking statements, but we have explained in the previous question also that we are growing steady.

So you're seeing demand picking up?

Yes. But if you see our fourth quarter also, we have grown by more than 30% compared to same quarter last year. So yes, for us, we are a global company now. We are operating in 70-plus countries. But definitely, for us, if demand goes down to somewhere, sometimes it picks up from somewhere else. Yes, we are going steady.

Okay, sir. And any guidance on how our FY '27 revenue number is going to look like?

I think this year also, we said that we will grow by 20%, 25% on an increased base last year, we've been seeing. But I think growth was much larger than that. We grew at 34% on an EBITDA level. So I think this -- our target is on an increased base to grow the company at 20%, 25%. So that is what our internal targets are.

The next question comes from the line of Shreya Kejriwal with Moneyvesta Capital Private Limited.

So congratulations, sir, on the results. So my question was regarding the net cash balance. It's like it's around INR 1,400 crores. So what are your key capital allocation priorities going forward? And my second question also regarding can you share the split between the organic and inorganic contribution to the overall revenue growth in this quarter?

Amit, you can answer, please. Thank you.

So first, as far as the organic and inorganic, technically in the current year, we have not done any new major acquisition. So the numbers are very, I would say, previous year and current year could be looked at on a same basis, except Aadifidelis, which has contributed about, I would say, in the overall around 25% of the revenue, which has come from Aadifidelis. Otherwise, all the other numbers are comparable compared to the last year.

And sir, regarding the first question, regarding the net cash balance, what are your key priorities regarding capital allocation?

So I think we have announced one acquisition, which is in the pipeline. And we are working on a few more. And as and when they get crystallized, we will be using funds for that. And as Shikhar said, we are bidding for some contracts currently. And if they come, we will be deploying and opening those new projects which can come in. So major utilization of the cash will be for the expansion of the existing business as well as for inorganic growth, which we plan to do.

The next question comes from the line of Valuequest.

Can you hear? Am I audible?

Yes, we can hear you.

No, firstly, congratulations on a good set of numbers. I had a couple of questions. In the previous answer, Amit, you mentioned that you were working on a few acquisitions. And there was also an interview where Shikhar had mentioned about -- allocating about INR 2,000 crores towards acquisition over the next 4, 5 years. Could we get some more color in what segment are we looking? Will this be more on the Digital side or in our core Visa & Consular Services business? That's question one. And I'll follow up with the other question.

Sure. So see, this plan which we have, we are looking at businesses in both the segments. But what happens that sometimes you are working on a couple of them, some get crystallized and some get finalized much earlier than the other. But the intent is to grow in both the businesses, and both have their own growth trajectory, and we see a tremendous growth in both of them. Yes, Digital currently looks much more domestic driven, whereas Visa & Consular business, we are looking at much more, say, targets outside India in that business. But we are open to businesses which have synergy with our existing business or we can add value in those businesses.

Understood. And my second question was on the Aadhaar contract. So we've started to sort of set up those centers. So over the next 6 months, we will start seeing full revenue starting to flow. Could you sort of walk us through what sort of revenues do we expect over FY '27 and '28 through this contract? And on economics, how do the margins look like?

See, this is too soon to right now tell you a firm picture on that because we have rolled out Phase 1, for 40, 50 centers have to roll out 300 centers and numbers start coming in from fully -- full implementation takes at least a year. This was, I think, upwards of INR 2,000 crore contract that we had won and the revenues to be accrued over the next 5, 6 years to us from the time the contract is fully deployed. And we were expecting a typical margin of, I think, 15% to 20% EBITDA margins in this contract.

Understood. And so this contract sort of expires. So after 5, 6 years, this goes back to the government?

Normally, in any -- no, no, that's not the case. Normally, in any tenders, normally, they are for different durations, 6 years, 7 years, 8 years, 10 years. This contract is for 6 years. So maybe it will come for re-tender, it will get extended, et cetera. We'll see. We don't know what will happen after 6 years. But yes, we will...

And this is one under BLS International or the E-Services subsidiary?

BLS International. Because see, this is like a passport services project wherein you will have to deploy offices across India. People will come to you and you will get per application payment, et cetera. And so that is why we felt that this is onshore delivery within India, Tier 1 cities. So this is under BLS International.

Your next question comes from the line of [ Darshil Jhaveri with Crown Capital. ]

Firstly, congratulations on a great set of results, sir. Sir, just wanted to understand in terms of our EBITDA margins, we performed really well, but the Digital business at a higher scale, I think our margins have suffered a bit. So how do you look at it like going forward, sir?

I think Amit can also add. But Amit, maybe you can add about this.

So see, as I said, we have acquired this Aadifidelis, which is a loan distribution company, where the margins -- our EBITDA margins are ranging around 4% to 5%. So as the mix has changed in the Digital revenue, the margins are showing lower, but there is a growth in the margins, and that is about more than 30% plus growth in the margin. But the business model is -- it's worked on a commission of 2%, 2.5% on the loan which get distributed and which is also passed through to the DSAs and the other. So margins are thin, but volumes are very high.

Okay. Okay. So it's a commission business. So Fair enough, sir. So on an overall basis, like what is the margin that we can expect because the Visa business also, we are hitting really good margins. So in terms of capping, like I think 40% margins are really great, but can we sustain them? Like what do we look at like in terms of sustainable long-term margins, overall for the business or the Visa business, whatever you would be comfortable commenting, sir?

So if you see that this year, the Aadifidelis sale has been there in the whole year, for the whole financial year. So this -- currently, the 7% to 8% EBITDA margin of Digital has got stabilized. We are now looking at how to improve it going forward. And whereas the Visa business is around -- currently touching around 40%, we are looking at now maintaining those. So the current margins are what we are going to now look at going forward.

The next question comes from the line of Varun from Ascent Capital.

Great set of numbers. Just wanted to check this impact of the war, right? Have you seen -- now that you've been through so many cycles, have you sort of seen that the seasonality impact shifts because obviously, we have that seasonality with regards to maybe the holiday quarters or whatever. Historically, because you've been through COVID and other events in the past, have you seen that impact sort of getting shifted where there's a pent-up demand and it comes back later, at least in specific geographies?

I think definitely, if you -- as you've said, 20 years we've been operating, there are different geopolitical scenarios happening time and again. Every year, there's something or the other happening in different part of the world. We are in 70 countries now. So definitely, there is a little bit of impact on us. But yes, there could be, we are not sure what will happen in the future. But yes, we have seen a little bit drop in numbers in some countries, but still we have grown on an annual basis. On a quarter basis, we are still growing. So we don't know exactly. After COVID, obviously, travel was 0 in COVID. So numbers obviously came back after COVID. It's not 0. There's a little bit of impact. Could be that it comes back. But yes, we cannot comment on that fully.

Got it. And second thing, I just wanted to check on the U.K. hotel. What is the sort of update on that? And secondly, is that a space in which you're going to continue to make acquisitions? Or is that still a one-off as of now?

No. We announced -- I think we have already said it in the last few quarters that this was not -- we will not do any acquisition in the hotel space. This is going strong. And as we have said that we are looking at the model where it's an asset-light model, and that is what we are focused on.

The next question comes from the line of Sameer Deshpande with Fair Deal Investments.

Congratulations on the good results, and the consistency over the last 2, 3 years in growth has been quite good. So I think with the catching base effect, the growth rates are seeing some tapering off maybe quarterly. But now as you mentioned, I wanted to know about the effective tax rate. Our tax rate is, I think, in early 10%, 12%. So what is likely to be the tax rate going forward?

So see, just to give you a rough position that in Dubai, we have a free trade zone where we -- our company is, which is practically still the tax-free zone. So the effective rate of the whole group comes currently around 10% to 12%. This may go a little higher in the future because in Dubai, they may change the tax rate from 9% to 12%, and that will have maybe a minor impact on our net tax position by about 1 percentage. But end of the day, boils down on the sale and the profit in the respective countries and the tax rate in those respective countries.

Except Dubai, we are not expecting any change. So maybe it is 10%, 12%, it may be 13%? It will not be substantially higher?

No, that's correct. Unless until -- again, theoretically, if your profit goes very high in a few countries as a percentage stages and the taxes are higher in those places, like currently, India is growing faster, and therefore, the mix is changing slowly.

And after our China operations, which we started, I think, 6 months back after receiving it from the Ministry of External Affairs, how is the business on that front?

Started, numbers are going steady, and still there's a lot of potential for numbers to grow.

So overall, our blended margins are about 25%, considering the lower margins in the Digital Services or UIDAI, but very high good margins of about 40% in our Visa & Consular services, our main core area. So the core area growth suppose continues in double digits, about 10% to 15%, then that will be good and the Digital Services will grow substantially higher. So the blended margin is expected to continue about 25%?

As of now, it is going to contain the margins. Digital business, we are seeing as and when the business grows, we get more services implemented there, definitely, our expectation is in the future margins will go up in the Digital business.

Okay. They will continue to be -- so current margins are expected to hold going forward?

Yes, subject to the ratio remaining the same.

Okay. That is true. But our Visa & Consular continues to be around 40%. So that is a key area.

Yes. See, both the businesses will maintain their current margins.

And the cash reserves are quite good. So...

We have our next question coming from the line of [ Gopalakrishnan from Uttranush Investments. ]

Congratulations to the team on a great set of numbers. So my question is about this other income. This quarter, the other income is the highest. I just wanted to know whether it is -- I know it is through the investment that we make and the FD and all of that, the interest and all. Is it sustainable? That is my first question.

This quarter, it is a little higher, about INR 5 crores to INR 6 crores is because of the foreign exchange gain. That is a one-off. It won't come every year, but the balance is the continuous on the -- mainly on account of interest on the FDs, which we have and the mutual fund debt, which we have debt mutual funds income.

And also, another thing is about the intangible assets of around INR 1,200 crores that you are showing. I just want to know whether -- what it is? And whether -- I mean, it is going to be there sustainable?

So see, they are being tested for impairment by the valuers in all the respective countries. And currently, there is no impairment on that as per the valuations report, which we have received. So it will depend on how the valuation will be done. Every year, we get it done. And on the basis of that, we book the increase.

Okay. And then update on MEA ban on our company on new tenders and also our Prime Minister's call not to travel for 1 year, any impact on our business?

We are a global company in 70-plus countries. And definitely, increase in travel, both outbound and within India increases appetite for customers to travel. So definitely, we see ourselves going steady.

And then MEA travel ban? MEA's ban on new tender, any update, sir?

We have already given the update. There is no ban.

The next question comes from the line of [ Amit Maheshwari with Maheshwari Family Office. ]

Am I audible?

Yes, we can hear you.

Yes. So first of all, congratulations on a good set of numbers. I actually wanted to get a little more color on the -- while we -- on the geographical split between our revenues. So while I understand that it's not possible to share it at a country level basis, but if you could just throw some color on which are the key geographies and their broad contribution to our revenue? So that's my first question. And my second question would be on -- in terms of the presentation mentions that there's a potential opportunity of about $1 billion to $2 billion of worth of contracts expected to come up for bidding in the next couple of years. If you can throw some color on the different -- what is -- if we were to say, split our pipeline in various stages in terms of early evaluation, active bidding and sort of early stages of exploratory bidding. If you could just split it into those 3 categories at a broad level. I understand you may not have the specific numbers readily available. But if you could just give that, that would help us sort of improve our understanding of the business.

If I can give you some understanding of the business, we've been growing for the last 3 years at 50% CAGR in terms of revenue and bottom line. And if you've seen in the last 10 years growth of the company, that is on back of existing contracts, new contracts. Last year itself, we won 5, 7, 8 contracts that we've already won and deployed. That is why you've seen an increase in volume. And as we said, we'll continue to bid for new tenders. This is the business we are in. multiple tenders that keep on expiring of our competitors every year, new governments come out for tenders, and we are at different stages of different tenders in Europe, North America, et cetera. As and when the win comes, we'll definitely announce it, but we'll continue to maintain our growth trajectory of 20% to 25% every year.

Let me -- maybe I can rephrase my question. I'm not trying to understand which we are winning. I just want to understand of, let's say, a potential $1 billion worth of contracts coming in, how much do we expect to potentially come up for a tender, say this year and how much, say, would be next year? Would it be possible to give a broad indication?

I think in the next 1 or 2 years only, most of them are going to come out.

Okay. And in terms of geographical split, how much of our revenues would be, say, from Europe, Asia, Middle East? Is it possible to give that broad indication?

I don't think -- Amit, I don't really understand the question actually.

Amit, if you're asking the current business or you're asking for the expected tender...

No, no, for the current business.

So last year, if you ask me the major -- I don't have the percentage, but I can tell you the big region which we have been catering to is basically, say, UAE and then you have Saudi, you have Morocco, Algeria, U.K., U.S.A., Canada and Singapore. If you ask me, these are the major and now China, which has picked up well.

Okay. And just as a follow on...

Sorry to interrupt, Amit, sir, we request to...

It's just a follow-on question because sir mentioned UAE, and obvious...

Sir, there are several participants waiting for their turn. Really sorry, sir.

Yes. No, I am not doing a fresh question. I'm just doing a follow-on question because...

Sir, for any further follow-up questions, we request you to rejoin the queue. The next question comes from the line of Vikram Hirawat with C.R.Polymers.

Sorry, most of my questions are answered. I was unable to get off the queue. Anyways, great set of numbers. Thank you so much.

We have a next question coming -- sorry, a next follow-up question coming from the line of [ Mehul Panjwani with 40 Cents. ]

Sir, my question is regarding the INR 2,500 crores project or tender you alluded to in one of the responses. Can you throw some light and elaborate on it? Hello?

Which project?

Sir, you mentioned in one of the responses about INR 2,500 crores project or tender. So I missed that one. If you can please elaborate a little.

UID, Aadhaar project.

Okay. So that did we win it in FY '26 or it is ongoing?

We have won the contract. We are deploying. It is -- the whole project has to be done in 3 phases. We have completed the first phase and second phase is under process. And the third one will get completed in the current financial year. And this project is for 6 years.

Right. Sir, what are we supposed to -- what kind of services are you providing as part of this project?

We are basically opening offices for Aadhaar, wherein people can come, or get their Aadhaar amended. They can have a new Aadhaar card, and it will be directly under the Aadhaar department of central government.

So we are just building the physical infrastructure here, and we are also having a...

We are opening more than...

It is also a user pay model. It's also the same user base model that we are doing in the Visa outsourcing industry where we get money per application.

Ladies and gentlemen, we will take this as our last question for the day. I now hand the conference over to Mr. Gaurav Chugh for closing comments.

Thank you, everyone, for joining this call. If you have any questions, you can reach out to EY team or myself. We are available for the calls. Thank you so much, and have a good evening.

Thank you. On behalf of BLS International Services Limited, that concludes this conference. Thank you, everyone, for joining us, and you may now disconnect your lines.