BLS INTERNATIONAL LTD (NSE: BLS) Q1 2026 Earnings Call dated Aug. 06, 2025
Corporate Participants:
Unidentified Speaker
Gaurav Chugh — Head of Investor Relations
Shikhar Aggarwal — Joint Managing Director
Amit Sudhakar — Chief Financial Officer
Analysts:
Unidentified Participant
Moez Chandani — Analyst
Arpit Shah — Analyst
Ravi Naredi — Analyst
Vansh Solanki — Analyst
Amit Chandra — Analyst
Gopalakrishnan — Analyst
Dinesh Kulkarni — Analyst
Vivek Gautam — Analyst
Presentation:
operator
SA. Ladies and gentlemen, please stay connected. The Conference call for BLS International will begin in next few minutes. Thank you. It. Ladies and gentlemen, good day and welcome to BLS International Services Limited Q1FY26 earnings call hosted by Ambit Capital Pvt LTD. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Moesh Chandani from Ambit Capital. Thank you. And over to you.
Moez Chandani — Analyst
Thank you. Yashif Shri. Good afternoon and on behalf of Ambit Capital I thank the management of CLS International Services Limited for the opportunity to host your Q1 FY26 earnings conference call. We have the following members of management with us today. Mr. Nikhil Gupta, Managing Director, Mr. Shikhar Agarwal, Joint Managing Director. Mr. Amit Sudhakar, Chief Financial Officer, Mr. Lokhnath Panda, COO Digital Business and Mr. Gaurav Jug, Head of Investor Relations. I will now hand over the call to Mr. Gaurav Chuk to walk us through the initial comments. Thank you all. And over to you sir.
Gaurav Chugh — Head of Investor Relations
Thank you. Moyes. Good afternoon everyone. Thank you for taking time out to join this call today. This is to remind you that this discussion may contain forward looking statements that may involve known or unknown risks, uncertainties and other factors. It may be viewed in conjunction with our businesses that could cause future results, performance or achievements to differ significantly from from what is expressed or implied by such forward looking statements. I would like to hand over the call to Mr. Shikhar Agarwal for his opening remarks post which Mr. Amit Suzakar will discuss the financial performance of the company and will then open the floor for an interactive qa, Q and A session.
Thank you. And over to you, Shekhar.
Shikhar Aggarwal — Joint Managing Director
Good evening everyone. Thank you for joining us for the Q1 FY26 earnings call of Vegas International Services Limited this year holds special significance for us as we mark our 20th anniversary. A remarkable milestone that speaks of our journey of resilience, innovation, unwavering commitment to excellence over the last two decades. Before we dive into our performance, I want to take a moment to sincerely thank our stakeholders, partners and team members. Your trust and support have been central to shaping Villas into a globally trusted brand. It is today. Our journey has been defined by sustainable growth, adaptability to changing markets and a deep rooted customer centric approach. I am delighted to share that we have commenced FY26 on a strong note. This quarter’s performance reflects the strength of our operating model and the impact of our strategic execution. We have yet again achieved highest ever quarterly financials. Our Consolidated revenue reached INR 310 crores marking an impressive year on year growth of 44% over the last year’s corresponding quarterly revenue of 496 crores. The growth was led by the existing business as well as the consolidation of our acquired business Irata Citizenship Invest and RDFLA Solutions.
During the previous financial year our EBITDA grew by 53% to 204 crore from 133 crores in QYFY25. EBITDA margin also expanded by 171 basis points to 28.7% are packed to that 181 crores witnessing a growth of 50% over Q1FY25. Our visa and consular business continue to drive our company’s long term growth ambitions. This quarter saw strong traction aided by surge in global travel and increased integration of digital and tech led solutions. The segment delivered a revenue growth of 11% year on year to 461 crores and net revenue growth of 60% year on year to 60 crores.
The growth was primarily driven by change in our business model from partner and to self manage across many locations as well as due to consolidation of IDATA. We recorded an EBITDA margin of 40.4% in the segment as compared to 29.3% in QY FY25 supported by the company’s strong focus on cost efficiencies. We have continued to deliver robust growth in a number of applications as we process 11.4 applications during the quarter representing a year on year growth of 33.6%. The global visa outsourcing market continues to present a significant opportunity, projected to grow at 14% CAGR and expected to reach USD 8.2 billion by 2028.
At 10 we are well positioned to capitalize on now moving forward to the digital service business. The revenue in the Segment surged to 218% year on year to 250 crores with EBITDA at 18 crores. Growth here was primarily driven by the consolidation of RDPolys as well as growth. In our BC business. During the quarter our shutdown subsidiary Zeromark also signed definitive agreement to acquire CSPs of SBA and HDFC bank from SABKE Impact Solutions. This strategic acquisition will mark a significant step in the company’s commitment to expand financial inclusion and enhanced large mile banking delivery across India. Our BC and BF business continue to drive financial inclusion. We have onboarded over 10,000 retailers, entered into strategic partnership with Bajaj Finserv HDFC bank along with Micro ATM CSP rollout in Odisha and furthermore, beyond banking, we have also expanded our digital footprint with a new project in Satyagar for digitizing sub registrar offices, streamlined land record registrations and launching Aadhaar Enrollment centers in Rajasthan and partnering with delhivery for national wide coded services.
We continue to benefit from successful integration of DC acquisitions such as iData, CI and ARIFILIS. These integrations have expanded our service capabilities, improved operational efficiency and extended our presence and market share in high growth markets. As we look forward, Bridge International remains well positioned to build on this momentum. We are expanding through Creek governed partnership and diversifying our offerings into areas such as citizenship, residency and entry services. With a strong leadership team, a healthy pipeline of opportunities and increasing adoption of innovation technologies, we are confident in our ability to create sustainable long term value. I Now invite our CFO Mr.
Amit Sudhakar to walk you through the financial highlights.
Amit Sudhakar — Chief Financial Officer
Thank you Shigraph and a warm welcome to all the participants. I’m pleased to present the consolidated financial results for the first quarter of financial year 2026 and ended 30 June 2025. We have started the year on a strong footing. Consolidated revenue for the quarter stood at rupees seven hundred ten crores reflecting a robust 44% year on year growth compared to rupees 493 crore in Q1FY25. This growth was driven by continued strength in our core operation as well as full quarter impact of our recent acquisitions of Idata Citizenship Invest, Adi Fitness Solutions which were consolidated during FY25.
EBITDA for the quarter grew by 53% y o y to Rs 204 crore with the EBITDA margin expanding by 171 basis points to 28.7%. This margin improvement is a result of our operation leverage, continuous focus on cost optimization, the transition of self managed centers. And higher. Transaction realization. Profit after tax rose by 50% to rupees 181 crore reflecting improved performance across both our four business segments. Now moving to Visa and Consular services, the Visa Council segment continued to deliver strong results with revenue increased by 11% y to Rs 461 crore. The EBITDA margin in this segment improved significantly to 53.4% up from 23.3% in Q1FY25. The strong performance was primarily driven by enhanced cost efficiencies, a higher proportion of self managed centers and consolidation of IDATA high margin operations. Application volumes grew by 34% reached 11,000 4000 while net revenue per applications grew by 19% to rupees 3167 per application.
Digital segment recorded an exceptional growth with revenue increased by 218%. Y O Y to Rs. 250 crores largely due to integration of our Adi Fitness Solutions Private Limited. From November 2024, EBITDA in the digital business rose by 54% worldwide to rupees 18 crores, highlighting the growing momentum of our digital service portfolio and the operational progress made during the quarter. Balance sheet and outlook. Our balance sheet remain quite strong. Despite investment over 1000 crore in various strategic acquisitions during the previous financial year. We continue to maintain a net cash position of 1,126 crores as on 30 June 2025 compared to 928 crores of net cash as of 31 March 2025.
Our Q1 performance reflects the disciplined execution of our growth strategy with a clear focus on scalability, margin expansion and diversification across geographic and service line. We remain confident in our trajectory and committed to deliver substantial value to all our stakeholders. With that now, I invite the moderator to open the floor for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take our first question from the line of Arpit Shah from Stallion Asset. Please go ahead.
Arpit Shah
Hello.
operator
Yes, Arpit, please go ahead.
Arpit Shah
Yeah, I just wanted to congratulate the management. This quarter is just nothing short of exceptional execution. 40% EBITDA margin in a weak quarter for the visa business. It’s just like you’re playing in a league of your own. If I have to just highlight the Q1 EBITDA this year in Q1 aside or anything, it almost. If you are into the full year EBITDA FY23, that is just phenomenal execution in terms of acquisition, in terms of increasing margins, in terms of moving towards your own channels of business.
operator
Please. Yeah, the management line is disconnected. Let me reconnect then. Yeah, please stay connected. Sam. It. Ladies and gentlemen, we have the management team back on the call. Sorry about this. Arpit. Can you please repeat your question?
Arpit Shah
Sure. Am I audible now?
operator
Yes.
Moez Chandani
Yes.
Arpit Shah
Yeah. I just wanted to congratulate the management for this quarter’s performance. 40% EBITDA margins, you know in a quarter where it was faced with a lot of macro headwinds and is almost done. Like this quarter’s EBITDA is almost equivalent FY23 full year EBITDA. So just glad to see such kind of execution, such kind of process in terms of execution that the management has shown us. I had a question regarding the VFS IPO which is probably on cards which is going to be coming in the next couple of quarters or so. I just want to understand how do you stack up against bfs it’s which are running around the street.
It’s about a multi billion dollar, something about eight to $10 billion kind of an IPO. And how do we stack up against something like a vfs? And just wanted to understand like we have seen phenomenal growth in the last couple of years. Even this quarter it was 11 lakh applications, more than 36% growth. Y O Y in a tough macro environment. So now how do we go ahead from here do it first thing you kind of growth rates going ahead or do we now step up beyond Visa outsourcing? We now start into better things with better margins, higher knowledge.
What is the roadmap? How do we become a thousand crore pat company, let’s say from current levels. How much time do you envisage seeing currently? And this just congratulations on a phenomenal performance. Thank you so much.
Shikhar Aggarwal
Thank you. Thank you Arpit. First of all I think better margins. So we have already achieved if you see in the visa business around 40% EBITDA margins and on an overall basis 28.7% consolidated basis. So I think our immediate and long term objective is to maintain. We have reached from 35% in last quarter and last year we were at 30% 29% so we have now reached 40%. So our immediate target is to maintain that. You know we don’t know about this competition but definitely more companies getting listed in the market will be good for us.
There will be more coverage. You know right now a lot of investors say that we are the only listed company in this space globally. It will be very good for the analyst community to benchmark. What we know is that globally I think we have achieved around 16 to 17% global market share wherever the other competition. I feel that we are the second largest company globally in this Business. And as you have seen now if you Compare the numbers five years back, our EBITDA, our revenue has grown 5x. Our EBITDA has grown 15x. You know we as a company, you know, we know execution and that is what, you know, we are focused on keeping our heads down, we are focused on execution.
So definitely we feel that whatever numbers we have achieved, we can maintain. And what guidance or what is telling people is that now with the increased base also, you know, next three, four years we have continued to grow 20 to 25% in terms of profitability, revenue, etc. And there are multiple opportunities in terms of new tenders coming out in the visa field itself. And only as we spoke, only 50% of the global market is outsourced. So right now in the outsourced market only there are multiple tenders that are coming out. Some we have won, some we have deployed, some are different stages.
So as and when, as you see we have done 11.36 lakh applications with 33% increase compared to similar quarter last year. So definitely there is a big leeway for growth going forward. So definitely whatever we have achieved, we will maintain and we look forward to consolidate the market.
Arpit Shah
Got it. And if I could just speak about the seasonality typically if I whatever I see in terms of EBITDA or the PAT numbers for quarter one, if you go by for the full year, it’s typically four and a half to five times our quarter one ebitda. Should we see a similar kind of seasonality going higher than for this year? Or do you think the seasonalities have changed post acquisitions? And where you have different kinds of app, different kinds of countries now participating two weeks is humanity or you think that the render that used to see from quarter one to let’s say the full year, that number still maintains this year.
Shikhar Aggarwal
Correct. See post Covid. Post Covid. A lot of things have changed. Trend has changed. As you see the global travel trend has changed. So definitely there are different timelines that we see. But typically quarter one is, you know, as you know a lot of outbound travel from India also happens during this time. So definitely there’s more so, so I Think Quarterly Quarter 4 Probably, I don’t remember exactly is little lesser. But yeah, as you have seen in the last few years, the numbers have received acquisition, etc. So globally we are operating in multiple geographies. So definitely there is some high season somewhere else.
But quarter one definitely has been good for us.
Arpit Shah
This quarter 11 lakh applications. Congratulations on that. We have seen a new high and number of applications. I thought we’ll saturate around a million a quarter. But I think surpassed that by another 1 lakh applications. So congratulations. Thank you so much.
operator
Thank you. We’ll take our next questions from the line of Ravi Nareri from Nareri Investment. Please go ahead.
Ravi Naredi
Thank you very much. To give me opportunity, sir, what is our Plan to use 1100 cash immediately any acquisition on card or any new contract you find with any country which you like to tell today.
Shikhar Aggarwal
As you know that last year itself we did upwards of 1200 crore acquisition. You know we deployed our money in that and that is getting consolidated. Now if you see this again, this is a cash flowing company. We are 1100 crore plus net cash position. So definitely we’re looking at different opportunities right now. It’s consolidating our previous opportunity opportunities, acquisitions. So as and when something get materialized, will definitely let you know.
Ravi Naredi
But immediately no such acquisition known card. Right.
Shikhar Aggarwal
We have a MNA team that keeps on looking.
Ravi Naredi
Okay, sir, you tell you acquire 100% stake in citizenship Invest which offer leading player in Reggie. Then see and citizenship in actual. What is business model of that company?
Shikhar Aggarwal
I think we have already explained this multiple times in the past also in the last quarter results also. But I can tell you again that this is a company that is into long term visas. We are currently into short term and business visas. This company facilitates residency and you know, passports for different countries around the world.
Ravi Naredi
Okay. Okay. And now in now you see more growth in digital service business or visa services. We see in next time next some quarters.
Shikhar Aggarwal
I do not understand your question.
Ravi Naredi
From where. Where we got more growth in digital service or media service? Well, you.
Shikhar Aggarwal
You have seen the numbers that on a console level, you know, a revenue basis we did 200% plus growth on the digital service business. But Ebita, if you see combined we did 55% growth in EBITDA. So both the business we have seen green growth.
Ravi Naredi
Okay. Okay. And any more margin expansion. Okay. Okay. Okay. Okay. Okay.
operator
Thank you. We take our next question from the line of Vanj Solanki from RSPN Ventures. Please go ahead.
Vansh Solanki
Hello sir, I am audible.
operator
Yes, please go ahead.
Vansh Solanki
Okay. My questions are on a margin side. If we see the margins of the. Visa and concealer segment and digital services segment separately on a QRQ basis, then visa services are around 500bps plus margin. So I want to understand that in Q1 the management converted more partnership model into cell phone model. During the Q1 and also digital services, the margin data margin is declined. Even ASPL is still a lower margin subsidiary but it has full impact on quarter four. So why the margin is decline?
Amit Sudhakar
So you are correct. In the visa business we have converted few more businesses where the partnership model are chained to self managed business which helps us in improvement of EBITDA margin. Whereas in the digital business the major portion of the turnover has come from the acquisition we did of Adi Fidlis where the margins are about 4% EBITDA. So the average has come down because of that growth has increased. But the average has come down of the digital business.
Vansh Solanki
But digital businesses already ASPL is already. Considered the fully on a quarter four, I guess.
Amit Sudhakar
Yes. Margin is decreasing Q1. Yes. Because in the quarter four they get the incentives. If you understand the business of Adi Fiddlis, they are into loan distribution and for the whole year their performance on the basis of that they get incentives. So the margins were higher during the Q4.
Vansh Solanki
Okay. And I just want to understand that how many percent of percent of percent of scores the connection points are in a partnership model as of now. And model, can you just give you a bifurcation of both?
Shikhar Aggarwal
So mostly all have now been converted into our own self managed businesses. The last major one was China which was done in the Q1.
Vansh Solanki
So if I understand correctly then data margin will be the same in the Q1. Yeah. It will not rise more?
Shikhar Aggarwal
No. Yes, that is what our expectation.
Vansh Solanki
Okay. And just one last bookkeeping question. Can you just give me the revenue. Contribution for the ASTL I data and citizenship business for Q1 and also E margin if possible.
Amit Sudhakar
So approximately around R Fitness is about 150 Cors I data is about 70 to or so. Second shift was about 11 crores in this.
Vansh Solanki
Okay. And EBITDA margin, ASPL you told the 4% approximate about others.
Amit Sudhakar
Yes, right. That’s right.
Vansh Solanki
Others for citizenship and idata they are. More or less as per our visa business, around 30 plus 40%. Okay. Okay. Thank you sir and congratulations for a future. All the best.
operator
Thank you. We’ll take our next question from the line of Amit Chandra from HDFC Securities. Please go ahead.
Amit Chandra
Yeah, thanks for the opportunity. So my first question is on the strong YY growth that we have seen. If you can break down that into what would be organic and what would be inorganic in that? So 44% yui. If you can break that down into organic and inorganic. And also secondly the margin expansion, the margin expansion that we have seen is also a function of we acquiring the higher margin. So the EBITDA margin also if you can break down and also if you can explain the fundamental reason behind what led to the margin expansion since physically by shifting into the cell phone model versus the partnership model.
And what are the advantages of cell phone versus partnership. And but in terms of the cell phone model, what kind of assets that you own, how many offices we have across which are owned and which are rented. If you can get some clarification.
Amit Sudhakar
So Amit, if you see from yoy basis quarter to quarter Q1 versus Q1, the growth from new acquisitions have been in revenue about 35% which has contributed and that has also contributed to about 30% in our EBITDA margins EBT if you look at that and as you said the advantage of moving from partnership to self managed, the biggest advantage on the same was the margin which was kept by the partner has now been coming in our own books. And for that we have either taken over the existing establishment of the partner or we have opened our own offices in those countries and nothing has been on a fixed.
We have not purchased any assets in the property, but it is all the furniture and the office interiors and everything those have been acquired.
Amit Chandra
Okay, so how many offices you must have acquired or taken over in that process? And what so if you just can explain the commercials how it worked versus now because the margin expansion because of that has been pretty. And we are not able to understand exactly how the commercials have been working there. So I know we have done a very like good job here. But just for clarification if you can understand that.
Amit Sudhakar
So earlier what when it was a partnership model we the revenue, the direct cost of the logistics as well as maintaining the offices another was paid to the partner which was going in our direct cost of services. Wherein now that has come out and the maintenance of the renters of the place and the employee cost is getting directly debited to our respective heads of expense now. So if you see over the last year or so the cost of services are coming down as a percentage of the revenue and you will see the the cost has gone up in the employee cost at the other expenses that is the administrator.
Amit Chandra
Okay, so we are saying most of the office running cost is now like more like OPEX model, right? Okay. And how many offices we have in rental or own model if you can explain across countries.
Amit Sudhakar
So practically 99% of our all offices are 100% are basically on rental on a rental basis only.
Amit Chandra
Okay, understood. And also in terms of the contracts that we have currently, both Indian and global, what would be the pipeline in terms of the renewable pipeline, what are the major contracts which are coming up for renewal. If you can have, if you can have some data on that.
Shikhar Aggarwal
Yeah. Amit Amrit, I think you’ve explained in the past in the last one year 90% of our contracts have been renewed. Next two, three years some of those will come up. But there are clear visibility on the next four, five years, six, seven years of revenue even we explained even some contracts with US government also last year. There are for 10 years. So we have given visibility. We have a very strong position of the company as of now. And you mentioned that 50% of the total contracts are now outsourced. I know, I think this number was very less three, four years back. So this outsourcing trend has been on a rise. So globally who are the other players who have got benefited from that apart from you or there it still remains to a very market which is dominated by few peers. Sorry, so what is your question?
Amit Chandra
So because, because the trend has been outsourcing has been done because I think this number was 10, 20% a few years back which has gone up to 50% in terms of sourcing. So we are the major beneficiaries of that or because the market has expanded. So some other players or the competition also come up or it continues to be only BSS and BLS kind of.
Shikhar Aggarwal
Yeah, for us only. Honestly it’s been 15 years. It took us so long time to come here. New players, I welcome them to enter the industry. You know first of all, first of all I think the qualification as you know the qualification criteria and all is pretty strict and we are dealing with monopolistic players, you know and see both. The things have happened. We have won. Most of the growth that has come in is also is mostly from the contract that we have won from the competition. But also market has expanded a bit. Newer client government have also outsourced, newer services have been outsourced, newer geographies have been outsourced. So it is a mix, you know. And every year the business is also growing 14% as you know year on year there is a cogre in terms of travel. So a lot of factors have led to this growth where we are and as I’ve explained you, we are working on 10 different factors at any given point of time to achieve growth and profitability of the company.
And Sukhar in this engine area, how.
Amit Chandra
Many contracts we have on in terms of the in terms of the global contracts and how many we are getting as of now. Thank you so much.
Amit Sudhakar
We are working currently with more than 40 client governments in more than 70 countries and there are multiple channel government. I need to count how many exact number we have. But we are as we are looking for Italy, Germany, Spain, Czech, Portugal, Poland, Hungary. So we are working for multiple, many more governments. I can’t recall right now but we have in the last few years managed to penetrate a lot of the Schengen government for the US government, Indian government, Philippine government, Brazil government. That is how you see we have achieved all this growth has come from all these factors.
So next few years many, many countries are coming out their tenders. You know, new governments are coming out with contracts. So we are bidding for it actively. And we feel now we have a presence globally, good team on the ground. And we think that, you know, if.
Amit Chandra
We can maintain our execution then definitely we can win more business.
operator
Okay, can I join back the queue please? As we have other participants waiting for their turn.
Amit Chandra
I have just one last question if you can ask that and then I will be back.
operator
Can you join back the queue please? Thank you. We’ll take our next question from the line of Gopalakrishnan from Uttaranush Investments. Please go ahead.
Gopalakrishnan
Thanks for the opportunity and congratulations to the entire DLS team for this stellar performance. Really really happy. Now I just have one question regarding this. Profit growth versus sales growth. It has been a phenomenal run for the company. For example trailing 12 months your sales growth is 35% and profit growth is 58%. And for three years also it is 37% and 66%. So sales growth is around the 35 to 37% range and profit growth is in the range of 58 to 66%. Now my question is now that you have you know done the partner to ownership model transition.
Have you reached the saturation point or are there any plans to improve this know profit margin? If so, what are those plans? That is one thing and second thing is about this other income. I saw the in the annual report. Other income comprises of interest from deposits and sale of securities and all that. Does it continue the same way or is there any other addition to the other income? Thank you.
Amit Sudhakar
Thank you Gopal Krishna. See for your first question on the growth. As we discussed that we have changed our business model and practically we have covered all the partner. All the. We have converted all the partners into our self managed offices. We see now these will. This margins will now get stabilized over the period now and growth will still be there. Because we are aggressively looking at new contracts. We are looking at new M and A options for growth. So we see that we should be able to maintain a decent growth over the next couple of years and somewhere maintain our profit margins on these levels.
And as for your second question about the other income. Yes. Because as you know we have a healthy cash balance on our books which is more than 1100 crores as of today. That all has been kept in debt or fixed deposits and whatever we earn on that is being part of our other income.
Gopalakrishnan
Okay. Actually you know, my question was like regarding this profit growth, you what you are saying is you almost reached a saturation level and beyond this, I mean the same margin will be maintained going forward. Is my understanding correct?
Amit Sudhakar
No, no. I am saying that margins have been stable, will get stabilized at this level, but growth will still be there.
Gopalakrishnan
Okay, okay, understood, understood. And then UK fta, any impact. I know last time you told it is a very small minuscule portion of the business, but now that the FDA has been signed and I mean are there any tailings from that?
Amit Sudhakar
No, it doesn’t impact us in any way.
Gopalakrishnan
Okay, thank you. That’s all. Thank you. Thank you.
Shikhar Aggarwal
Thank you.
operator
Thank you. We’ll take our next question from the line of Dinesh Kulkarni from Finsight. Please go ahead.
Dinesh Kulkarni
Hello sir. Am I audible?
Shikhar Aggarwal
Yes, we can hear you.
Dinesh Kulkarni
Yeah, thank you sir. And really great set of numbers. Congratulations on that. So two specific questions. One is if we see Idata was included became part of, you know, the BLS in July last year. So it was not part in the first quarter. So if you could just tell me. It was a Visa business. How the, you know, if you do apples for apples comparison, how the organic growth look like? I know the consolidated number seems very high because we have acquired other businesses in digital. But if I just see for Visa, how does that compare?
Shikhar Aggarwal
So see the, if you look at only on the organic basis, our EBITDA has grown at 31%. More in depth revenue. Revenue has been around the same level, but the margins have improved.
Dinesh Kulkarni
Okay, so are you seeing any additional growth in the acquired businesses over the last one year or in the standalone alone business? You know, entities like where is the growth coming from?
Amit Sudhakar
So we are anticipating going forward the growth will come from, if you look at the visa business will come from one from the tourism growth globally, which we anticipate should be in the range of 8 to 10% CAGR. And the balance will come through selling of our value added services to the travelers. So we look at that as the growth parameter for us. On the existing business. On the existing businesses.
Dinesh Kulkarni
On the existing businesses. It sounds great, sir. And I’m Sure. You’re looking for more acquisitions with the. Cash reserves we have. Definitely. Just trying to understand, sir. Say we are operating in so many countries and I would like to understand where is the niche here? Is it the technology which we are operating or is it the processes we employ or is it the like how you are handling the manpower and you. Know the work load. Like why should BLS get, you know an opportunity even to. When there are other. As you mentioned, other players are also getting into this. Why should we win, you know, versus others? Like where is the niche? There. Some. Some investor had on this call asked this question. So as I’ve said, three people are qualified for this bid. And obviously you know, technology is something. We are an Indian company that is something that you know which we are quite edge on globally and the delivery that we are doing globally. So that is the reason.
Amit Sudhakar
Yeah, but like as a client, what. Is the first preference? Is it. I’m sure an Indian tech company may not be the only preference they would have. Right. Like you understand what my question is like in terms of why should you win versus others or is it okay anyone sets up another technology company and gives this kind of services like how fair chances they also have. We are in this industry for last 15, 20 years. So our experience, our delivery, our reference from client governments, our platform that we are doing multiple factors.
Dinesh Kulkarni
Okay, sounds good. And it seems you are winning. Great. And hope you can. Thank you very much. Thank you so much, sir.
operator
Thank you. We’ll take our next question from the line of Vivek Gautam from GS Investment. Please go ahead.
Vivek Gautam
Yeah. Congratulations sir on consistent good performance. My question is if margin for our company especially in view of the fact that many nations have become very sort of xenophobic and not encouraging the tourism or not tourism, but they are the migration to their countries for jobs and for students visa also becoming difficult. So. And what impact it is having on our case. And second thing is about the. What could be the impact of our E visas and visa on arrival services for our company, Sir. And last question is about how do we stand with VFS and our differentiator. They are the bigger player and sort of better image they have on the social media also. Thank you.
Amit Sudhakar
So as you said, countries are getting sticker in their processing. On the other hand they are talking about E visa. So there’s a contradiction on both sides. The countries who are looking are strict. Their visa rules are the one where we work on and they are controlling. Today we have a bottleneck more on the number of applications which embassies can process and once their bottleneck they debug bottle their processing. Our volumes will by default will continue going up. So we don’t see any at the moment concern on the volumes per se. And as far as E Visa is concerned they are for some limited countries which are working on E visas and that is a different market altogether.
Vivek Gautam
Do we get impacted because of that, sir?
Amit Sudhakar
Not really because the if you look at the developed nations and developing nations they are still goes through the proper process of scrutinizing the visa applications and and then providing the visas.
Vivek Gautam
The question about the comparison with our major competition and the social media presence. Which is there production see we compete with VFS and other competitors in all the bidding because this is a tender process and that we are as strong as anybody else. Lastly, there is not much institution interest in our company in spite of our. We are coming out with great numbers. So would you like your IR or your company’s PR head to sort of participate more of in the analyst conferences and invite more institutional investors with you and because the numbers are consistently good but unfortunately except for lic not much of an interest of late, sir.
Amit Sudhakar
So frankly speaking we have not been focusing on the investment side. About a year back we have had a IR person on board and now he’s going for all the investment calls and the other. And hopefully they will also look at our company now.
Vivek Gautam
Yeah, but I believe if you can participate in the analyst conferences and meet the research houses so it will be better for us and you are being the majority shareholder sir, if you can think of that fact and ask yourself to be more proactive in that regard.
Amit Sudhakar
That’s right. That’s what we have started doing over the last I would say a year or so. So let’s see. But we have started attending those conferences.
Vivek Gautam
We need to sort of pay attention to our social media presence also specifically in our line of business so that how somehow gets negative things get propagated out of the way but positive things are not that much. You have to focus on that.
Amit Sudhakar
Our industrial relation person is here only. I think we will take your input.
Vivek Gautam
Yeah. Thank you sir. Keep up the good work. Thank you.
operator
Thank you. We’ll take our next question from the line of Sachin, an individual investor. Please go ahead.
Unidentified Participant
Hi. Am I audible?
operator
Yes, please go ahead.
Unidentified Participant
Hi. Many congratulations. I’m a long term shareholder in the company for over eight years and it’s you know the best performing in terms of revenues, profitability as well as governance as well. So many congratulations for all things that you guys have achieved. So just in terms of is there any restriction for us like forward integration and get into the travel industry, probably become like a travel agent and then you know, route visas and all of that. Do client governments actually restrict us from getting into that sort of thing or has the company thought about something of that?
Shikhar Aggarwal
Sort of. We are actually focused on the government like our business which is into government outsourcing of services and that exclusive contracts. So this is what we are focused on and this is what.
Unidentified Participant
But there’s no restriction from client government. They don’t.
Shikhar Aggarwal
We are not explored. We have not explored checklist because our objective is to remain in the line of business. We are here.
Unidentified Participant
Okay, okay, okay. All right. And also in terms of China, we saw news that the Chinese. So travel visas for Chinese folks traveling into India has restarted. Can you tell us how that trend is at the moment?
Shikhar Aggarwal
I cannot comment on the trend, but I can tell you that we are the authorized rider for the Indian embassy in China. And definitely any positive sweat in that we need to increase the numbers for us.
Unidentified Participant
Right. Okay. And one last question is on the dividend policy. So we’re seeing the profits go up, but I’m not sure if you know, investors know about the dividend policy. Can you tell us, last time I. Asked this question you said the board generally takes an appropriate decision. But is, is there like a percentage or something that is set aside for share?
Shikhar Aggarwal
I think first of all, first of all we are utilizing, as you know, we’ve done 1200 crore worth of acquisitions last year.
Unidentified Participant
Right.
Shikhar Aggarwal
And also from the day company got listed, we have been paying dividend. Our policy is already there on the website as well, which is 30% of the profits up to that we are paying as dividend. So we are continuing to pay dividends, you know, from the, from the day first day company got listed and we are continuing to invest the money of the company in the growth of the company, which is acquisition, technology, etc.
Unidentified Participant
Right. Okay. No complaints. Just in terms of, you know what it was. Thank you for that. I think others have already asked the questions and also I commend your patience in repeating the same answers again and again. If participants just listen to the entire call then I mean you don’t have to ask the same questions again and again. But commend your patient and congratulations once again. Thank you so much. Thank you.
operator
Thank you. Next question is from the line of Dilip, an individual investor. Please go ahead.
Unidentified Participant
Yeah, it’s congratulations for a good number this quarter, even the previous quarters and years Also I have just couple of questions. One is that investor presentation you have mentioned that outsourcing and your in house that services are 50, 50 will become in 2029. Right now is there a chance that the city will become in house will become say 30, 10 or maybe finally they would not like to do it because the cost for the government is increasing much more than the one question. And second question that I don’t find whether you have a presence in France because that is a destination where all inbound traffic is very high for that country.
So I guess there was a query whether you also have a presence there and do those kind of offer those kind of services.
Shikhar Aggarwal
Definitely. See if you see from the last few years outsourcing has increased. Before there was zero outsourcing. Now it has come up to 50% level. And you know, definitely going forward outsourcing will be more regarding different countries. You know, including the name that you mentioned, we are continuing to try bid for contracts globally. And as in when we win contracts with different governments, we let you know.
Unidentified Participant
And the last question is that you have a share of about 10% as volume. So probably when your 50, you know gets reduced further then I can presume that your share will automatically increase.
Shikhar Aggarwal
Definitely outsourcing market increases, we will also get better share.
Unidentified Participant
Or can I presume that you are taking effort to increase from 10% to further 12, 13, 15, whatever it is and whoever is your nearest competitor or who are globally.
Shikhar Aggarwal
Yeah. Yes, we are making efforts to increase our market share. Definitely.
Unidentified Participant
Yeah. Thank you.
Shikhar Aggarwal
Thank you.
operator
Thank you. Next question is from the line of Van Solanki from RSP and Ventures. Please go ahead.
Vansh Solanki
Hello sir, just a follow up questions that 11.4 million applications are on a console basis. But you just mentioned in a call that citizenship are a long term visas like standalone is a short term visas.
Shikhar Aggarwal
So can you just give the bifurcation. Of the both that how is the standalone and how how Much is from. The 99 of the applications are from tourists and business visas. The citizenship invest volume is very less and revenue is very high. There’s a very different category of applications. So out of this 11.9 lakh 99 is of our core business.
Vansh Solanki
Okay, okay. Thank you sir. That’s from my side.
Shikhar Aggarwal
Thank you. Thank you so much.
operator
Thank you ladies and gentlemen. Due to time constraints that was the last speaker shareholder for today. I now hand the conference over to management for closing comments. Over to you sir.
Shikhar Aggarwal
Thank you all for joining. Our earnings call for Q1FY26. Thank you so much. Have a Good day.
operator
Thank you. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.