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Shikhar Aggarwal, Joint Managing Director of BLS International Services, said the global tech-enabled services company expects to maintain 20-25% growth in the coming years, supported by increasing adoption of visa and citizen service outsourcing by governments across the world.
Aggarwal said BLS International continues to see strong volume growth and expects further expansion through new government tenders and contract renewals. The company processed around 45 lakh visa applications during FY26, while quarterly application volumes crossed 11 lakhs.
The company said margins in its visa business improved to around 40%, compared with nearly 34% last year, while consolidated margins remained stable at around 25% because of the lower-margin digital business acquired through RD Phillips. Aggarwal said the company expects margins in the visa business to remain stable going forward.
Also Read | BLS International shares gain nearly 10%; Co continues to target up to 25% growth
According to Aggarwal, BLS International has secured multiple new contracts during the year, including projects with the governments of China, Cyprus, Slovakia, Italy, Poland and Portugal, along with a contract from Unique Identification Authority of India.
He said the UIDAI project has already entered phase one deployment, with over 50 offices operational across India, while full revenue contribution is expected over the next six to seven months.
He said demand for travel to Europe continues to remain higher than last year despite policy changes and geopolitical uncertainties.
Aggarwal said geopolitical conflicts in West Asia and Europe have only created temporary disruptions for the business, while long-term demand trends remain intact. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) and profit after tax also grew more than 35% to over ₹800 crore in the financial year 2025-26 (FY26).
For the full interview, watch the accompanying video
The company also expects further market share gains in the global visa outsourcing industry. Aggarwal said BLS International’s market share has increased from around 5-7% nearly a decade ago to about 15-18% currently.
He added that fresh outsourcing opportunities from governments in Latin America and Africa, along with newer services such as passport renewal outsourcing, could drive further growth.
BLS International currently has a market capitalisation of ₹11,084.07 crore. Shares of the company have declined more than 31% over the last one year.
Catch all the latest updates from the stock market here
Aggarwal said BLS International continues to see strong volume growth and expects further expansion through new government tenders and contract renewals. The company processed around 45 lakh visa applications during FY26, while quarterly application volumes crossed 11 lakhs.
The company said margins in its visa business improved to around 40%, compared with nearly 34% last year, while consolidated margins remained stable at around 25% because of the lower-margin digital business acquired through RD Phillips. Aggarwal said the company expects margins in the visa business to remain stable going forward.
Also Read | BLS International shares gain nearly 10%; Co continues to target up to 25% growth
According to Aggarwal, BLS International has secured multiple new contracts during the year, including projects with the governments of China, Cyprus, Slovakia, Italy, Poland and Portugal, along with a contract from Unique Identification Authority of India.
He said the UIDAI project has already entered phase one deployment, with over 50 offices operational across India, while full revenue contribution is expected over the next six to seven months.
He said demand for travel to Europe continues to remain higher than last year despite policy changes and geopolitical uncertainties.
Aggarwal said geopolitical conflicts in West Asia and Europe have only created temporary disruptions for the business, while long-term demand trends remain intact. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) and profit after tax also grew more than 35% to over ₹800 crore in the financial year 2025-26 (FY26).
For the full interview, watch the accompanying video
The company also expects further market share gains in the global visa outsourcing industry. Aggarwal said BLS International’s market share has increased from around 5-7% nearly a decade ago to about 15-18% currently.
He added that fresh outsourcing opportunities from governments in Latin America and Africa, along with newer services such as passport renewal outsourcing, could drive further growth.
BLS International currently has a market capitalisation of ₹11,084.07 crore. Shares of the company have declined more than 31% over the last one year.
Catch all the latest updates from the stock market here
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