BLS INTERNATIONAL LTD (NSE: BLS) Q4 2025 Earnings Call dated May. 16, 2025
Corporate Participants:
Gaurav Chugh — Head of Investor Relations
Shikhar Aggarwal — Joint Managing Director
Amit Sudhakar — Chief Financial Officer
Analysts:
Nikhil Shetty — Call Moderator
Ravi Naredi — Analyst
Yogesh Anand — Analyst
Gaurav Srivastava — Analyst
Varun Subramanian — Analyst
Anuj Jain — Analyst
Sachin — Analyst
Samir Palod — Analyst
Manish Choraghe — Analyst
Anupama — Analyst
Veeranna Savadi — Analyst
Sanket — Analyst
Harish Shad — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4 and FY25 conference call of BLS International Limited. 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 the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Nikhil Shetty from Nuvama Wealth Management. Thank you. And over to you sir.
Nikhil Shetty — Call Moderator
Thank you Elric. Good day everyone. On behalf of Nuama Wealth Management, I appreciate you all. Joining us for the Q4 and full year FY25 earnings call of DLS International Services Limited today we have with us the leadership team to discuss the company’s operational and financial performance. So we have with us Mr. Nikhil Gupta, Managing Director Shikhar Agarwal, a joint Managing Director Amit Sudhakar, CFO Lognath Pandla, CEO Digital Business Gaurav Shug, Head of Investor Relations.
With that now I hand over the call to Gaurav. Thank you. And over to you.
Gaurav Chugh — Head of Investor Relations
Thank you, Nikhil. Good afternoon everyone. Thank you for taking our time to join this call today. Just 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. Shikar Agarwal for his opening remarks post which Mr. Amit Sudhakar will discuss the financial performance of the company. And subsequently we’ll open the floor for Q and A. Thank you. And over to you, Shikhar.
Shikhar Aggarwal — Joint Managing Director
Yeah. Thank you. Thank you. Good evening everyone and thank you for joining us on DLS International’s Q4 and FY25 earnings call today. We trust you had the chance to review our results, press release and investor presentation which are available on both the stock exchanges and our company’s website. I’m delighted to announce that FY25 has been an exceptional year for us with record breaking performance across all key metrics. Our consolidated revenue reached INR2193 crores making an impressive 31% year on year growth.
Our EBITDA strengthened to 629 crores with an enhanced margin to 28.7% while net profit surged to 540 crores representing about a 66% increase over the previous financial year. The exceptional performance is driven by several key factors. Robust growth in both our visa counselor and digital business. The ongoing transition to self managed model and the strategic integration of various acquisitions we did during the financial year 2025 namely ID citizenship invest and Arifilics.
In India, our Visa and Council of business have emerged as strong contributors experiencing robust growth fueled by sustained growth in the global travel positively impacting the visa application volume, the successful execution of new contracts, the integration of new acquisitions and the ongoing transition to self managed model.
Across various geographies we achieved a record high visa volumes reaching 37.51 lakh in FY25 from 28.65 lakhs in FY24, with the net revenue per application increasing to INR2903 from INR2146 in FY24, a growth of 30. In line with the growing trajectory during the financial year, we have successfully opened new centers across various countries including Colombia, Peru, Gambia, Sri Lanka, Philippines, Egypt, uae, Vietnam and others.
Additionally, we have in China we have transitioned to operate to enhance our operational efficiency. Further, it could also solve significant transition this year, further solidifying our commitment to expanding our digital footprint. On the digital service front, we witnessed strong traction especially after the integration of RDP Solutions which has strengthened our position within the broader ecosystem and enhanced our market presence in BC network.
The digital service segment reported revenues of INR540 crore growing 71% and EBITDA of 60 crore reflecting a solid growth of 32%. At the end of FY25, the digital ecosystem had expanded to 44,800 CSPs and 1 lakh 442000 touch points, enhancing both accessibility and service delivery across the underserved area. The vertical also enabled loan disbursement of around 12,000 crores including 67 crores through RBCLS Solutions supporting our Financial Inclusion Initiative. The Comprehensive Growth strategy not only reinforces our commitment to serve diverse community, but also position us as a key player in driving sustainable economic development through innovative digital solutions.
Moreover, in our pursuit of enhancing digital services, we have forged strategic partnerships many key institutions and service providers including Canada Bank, Central Bank, SBI and Bazaar Film Service. These collaborations have significantly enhanced our outreach. Additionally, our partnership with insurance providers like sbi, General Insurance and Altabilla Insurance has allowed us to tailor our offerings to meet the diverse need of our clients. By leveraging advanced technology analytical skills, we continue to scale our business. In FY25 we invested more than 1000 crores across strategic acquisition. Despite this, we ended the year with a healthy cash balance of 928crores.
As we move forward, we remain deeply committed to deliver sustainable and profitable growth. Our strategy remains twofold. Aggressively pursue organic growth by winning new contracts and deepen client engagement and also exploring value generation inorganic opportunities in tech enabled outsourcing and digital services globally. In conclusion, this performance reflects our continued focus on operational excellence, strategic expansion and business transformation as we move forward. Our strong fundamental disciplined execution and customer centering approach positions us well to sustain momentum and create long term shareholder value.
Thank you once again for your continued trust and support. I will now hand over the call to our CFO Mr. Amit Sudhakar to take you through the financial highlights in more detail.
Amit Sudhakar — Chief Financial Officer
Thank you. Sugar. Good afternoon everyone. I am pleased to present the audited consolidated financial performance for the fourth quarter and full year ended March 31, 2025. In the Q4FY25 the revenue stood at rupees 693 crore a year on year growth of 55% from rupees 448 crores in Q4FY24. EBITDA for the quarter came in at rupees 174 crore registering a growth of 93% YoY from rupees 90 crore in Q4FY24 with EBITDA margin improving by 496 basis points YoY to 25.1% from 20.2% in Q4FY24 reflecting a transition of to a self managed model and contribution from higher margin.
Contract profit after tax for the quarter was rupees 145 crore up 70% YoY from rupees 85 crore in Q4FY24 supported by enhanced profitability across both our business segments. During this quarter we witnessed a remarkable performance in our Visa and Counselor service segment which demonstrated robust growth revenue surge to Rupees 441 crore reflecting a significant increase of 19% YoY from 370 crores in Q4FY24.
Notably, our EBITDA margin expanded by an impressive 1,347 basis points reaching to 34.2% compared to 20.8% in previous year Q4FY24. The growth was fueled by a 38% YoY increase in application volume from 7.1 lakh in Q4FY24 to 9.8 lakh in Q4FY25 with net revenue per application standing strong at Rupees 3,149 rupees, a growth of 26% via wire from 2,500 rupees in Q4FY24. In addition, our digital business segment also showed positive results reporting a revenue of rupees 252crore marking a remarkable 226% YoY growth from R77 corrode in Q4FY24. The growth was largely driven by successful integration of Adifatlist acquisition and strong traction in our BC network.
The EBITDA for this segment reached 23 crore from exceptional growth of 74% PYY from rupees 13 crore in Q4FY24 with the margin stabilizing at 9.2%. Coming to the full year FY25 performance, we closed the year with a consolidated revenue of Rupees 2,193 crore, a growth of 31% YoY from Rupees16.77 crore in FY24. This is the highest ever annual revenue for the company. EBITDA grew by 82% YoY to 629 crore from Rupees 346 crore in FY24 with EBITDA margin improving from 808 basis points ROI to to 28.7% compared to 20.6% in FY24. This margin expansion was driven by scale transition to self managed centers, higher realization per application and integration of the new acquisition businesses.
Our profit after tax for the year rose by 66% YoY to to 540 crore compared to rupees 326 crore in FY24. The visa and consular segment posted a robust growth with a revenue rising to 16. 53 crore compared to rupees 1,362 crore in FY24, a growth of 21% y o y and EBITDA margin expanded by 1,293 basis points to 34.5% up from 22.1% in the previous year. Application volume increased by 31% to 37.5 lakhs in FY25 from 28.7 lakhs in FY24 while net revenue per application stood at rupees 2,903 in FY25 after up 35% from rupees 2146 in FY24.
The digital segment reported revenue of rupees 540 crore up 71% yoy from rupees 315 crores in FY24 driven by Adifliss acquisition and traction in the business. Corresponding business EBITDA for the Segment stood at Rupees 60 crores up 32% Y from 45 crores in FY24 with the margin stabilizing at 11. 11% in FY.
On the balance sheet front, we continue to maintain our robust financial position. With net cash of 928 crore as on 3-21-2025. Even after deploying over 1000 crore in strategic acquisitions during the year the return ratios remain strong with ROE at 31% and ROCE of 22% for FY25. The board of directors of the company have recommended a dividend of rupees one per share.
Looking forward, we remain optimistic about our growth prospects. Our healthy cash reserve, improved margin profile and expanding global footprint position us well to capture emerging opportunities in our core as well as digital vertical.
With that, I will request the moderator to open the floor for question. Thank you.
Questions and Answers:
Operator
Thank you, sir. We will now begin with 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, please 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. The first question comes from the line of Ravi Naraydi from Naridi Investments. Please go ahead.
Ravi Naredi
Thank you very much. Shikarji, you and your team under Nikhil Gupta ji, you are doing excellent work. Our company profit was in March 202050 crore. So it rises to 540 crore. First congratulation to entire your team. Sir, my first question. How many visa permission we have applied for which we are awaiting sanctions from countries. And what is our success ratio means if we apply? 10. How many we get?
Shikhar Aggarwal
All right. So as you know in this quarter we have done around 9.8 lakh applications. You know we have already said from compared to 7.14 lakh. It is an increase of 38% compared to last year. And we continue applying for multiple tenders. You know across the world. None of it is in sanctioned country. So we don’t apply for tender there. There is no tender that comes out west countries anyway.
So I mean we continue to apply for different tenders. You see the result of the business that the numbers we have achieved, lot of it is organic. And we also won new tenders. Some of this is deployed this year. Some are in deployment stage. But at the same time we are bidding for new contracts in different jobs. Rupees.
Ravi Naredi
Yeah. Right. And second sir, in quarter four it is 3,149. Our fees for a visa. So now our base is increases. So what is target for financial year 26?
Shikhar Aggarwal
See our target is to first maintain the numbers that you achieved. You know, we need to maintain the target regarding. You know, we are always striving at more cost efficiency etc, increasing the profits. So I mean right now we are healthy growth of 15, 20 minimum level. You know, that is the target we want to achieve. We have been targeting that only every year. But we have been delivering better. So that is what we are again Targeting, you know, 20%.
Ravi Naredi
You say 20%. Right.
Shikhar Aggarwal
See we internal targets are very different but to the market I don’t want to give any forward looking number or statement. We have not given any target. Okay.
Ravi Naredi
Yeah. And sir, lasted due to Turkey involved with park in work. We see any problem in our business?
Shikhar Aggarwal
No, no. Let me answer. We are working in 70 countries with multiple European governments in different parts of the world. The delivery of services in different parts of the world. We are a global company now. So there is no issue anywhere in the world.
Ravi Naredi
Okay, thank you very much sir. Keep it up.
Operator
Thank you. The next question comes from the line of Yogesh from Manevesta Capital Services. Please go ahead.
Yogesh Anand
I want to know. In the recent council segment there is improvement of more than 10% of the beta. Is this level sustainable in the future? And can you throw some light on this?
Shikhar Aggarwal
Yeah, this, this, this level will be sustainable in the future in the visa council.
Operator
Does that answer your question? Yogesh,
Yogesh Anand
Can you explain some light on the how the reason of improvement of these 10% EBITDA margin?
Shikhar Aggarwal
No, we have as we have explained in the past quarters also because this is the. You know we had done a lot of efforts in some countries transition from partner led model. You know, so where we had some partners, operational partners, we are now completely operating on our own. Service fee was increased. You know, conversion of different services have improved. Increase in prices have come. So a lot of factors, you know led to this growth.
Yogesh Anand
Okay, sir. Thank you sir.
Operator
Thank you. The next question comes from the line of Gaurav Srivastava from Abundita Capital. Please go ahead.
Gaurav Srivastava
Hello. Am I audible?
Shikhar Aggarwal
Yes, yes we can.
Gaurav Srivastava
Yeah. So once of. Once to all of your team members. Very congratulations for the sprint result given by your team. I think it’s a team efforts which gives us a decent return. Now my work very is regarding looking at the P account. I found there the other cost increase significantly accounting for the 10%. Just wanted to know what is the other cost? Why so increase such a last four years?
Amit Sudhakar
You mean cost of service?
Gaurav Srivastava
Yeah, I just gone to the expenses breakup. So other costs contributed 57% of your cost. Earlier it was between 10% but this is. It is gone very high.
Amit Sudhakar
Yeah. So Gaurav, that is because as we have been talking in our earlier investor calls also that we have changed our model. Wherein earlier we had a. Now it is a sell that we have taken the offices of our own and we have our own people rather than a partnership model. So where the commission used to be paid in the cost of services. Now we have our own employees. The rentals and the locations administration cost all are being paid by us. Therefore there’s an increase in the other expenses. Whereas if you see the cost of services are coming down overall the margins are improving.
Gaurav Srivastava
Okay, thank you.
Operator
Thank you. The next question comes from the line of Varun Subramaniam from Ascent Capital. Please go ahead.
Varun Subramanian
Hi guys. Just a couple of quick bookkeeping questions. So on revenue, the net revenue seems to be essentially your net revenue for application into a number of applications is the delta between revenue on the visa and counselor services business. So the delta between revenue net revenue, is that also partially what is being passed on to the embassy and secondly consular services, Is that correct?
Amit Sudhakar
See, our revenues are mainly to some extent is right that it the cost of services get adjusted because certain in certain places we have the MSC fees being part of the cost of services and all the direct expenses.
Varun Subramanian
So essentially the cost of services being counted as revenue in the consolidated revenue. Right. Top line net revenue will exclude that.
Amit Sudhakar
So therefore we for representation we show it net of revenue net revenue.
Varun Subramanian
Got it? Got it. So of the 130 odd crores which is basically revenue minus net revenue, how much would be roughly the consular services?
Amit Sudhakar
I won’t have the direct figure,
Varun Subramanian
But can I assume around $25 into whatever 9.8 lakh applications would be the cost of services.
Amit Sudhakar
See, that has not been in all the countries. Only one or two couple of countries where the billing happens along with the embassy fees. So it’s not in all the countries.
Varun Subramanian
Okay, understood. Okay. And second thing is on, on EBITDA margins between Visa and Consular Services. Assuming, let’s say 50, 60 crores coming from Consular Services, what would be the at least margin percentage indicatively across these two businesses? And what kind of growth are you seeing in the Consular Services business?
Amit Sudhakar
So see the margins are practically same in both the businesses. So this 35% EBITDA margin which we have shown, we are, as we have been saying in the earlier conference calls also that we want this to be above 30 and we want to maintain it now.
Varun Subramanian
Got it. And one final question, I think you’ve been able to sort of increase the net revenue per application quite significantly over the last, let’s say five, six quarters. I’m assuming that Value Added Services is largely driving this. Just wanted to understand, you know, where do you see this sort of capping out? Because they’re already 3,000 rupees per application.
Shikhar Aggarwal
Yeah, so there Amit, let me just get to him on this one second question. So I think first of all you know that we’ve got an increase in our service fee also in many countries and as you see as a lot of tenders are QCPS based, you know we are getting higher technical marks. So our service fee for application is also increasing. So definitely there is a mix of factors, you know for increase and right now target is to maintain that. Now how much further we can go? You know we cannot give you exact number but definitely, you know we strive to improve it every year.
Varun Subramanian
So if I understood this correctly, it’s also a combination of the path on that MBC giving you not just increase in value add services,
Shikhar Aggarwal
Correct? That’s right.
Varun Subramanian
Got it. Okay, helpful. Thanks a lot guys. Good luck.
Operator
Thank you. The next question comes from the line of Anuj Jain from Global Capital. Please go ahead.
Anuj Jain
Hi, good evening and congratulations on the wonderful set of numbers. So I just want to understand, I mean like we are holding some 900 odd crore of cash in our balance sheet and we have done pretty decent acquisitions in this, I mean FY25. So what are our plans of you know, utilizing this cash going forward? How we are planning for that?
Shikhar Aggarwal
See if you see last year we’ve done thousand crore plus acquisition and we’ve also a dividend paying company. This year also we’ve done 100, we have paid 100% dividend, you know, on the face value we’ve announced. So I mean this is a cash generating company. It’s a negative working capital business and as we grow, we generate more amount of cash.
We are seeing a. Effective ways of utilization. You know, acquisition was one dividends we’ve been paying. You know we are investing on different resources, you know, growth of the company, getting good quality people, you know, spending some on technology, capex etc. So going forward I think the growth that we foresee in terms of new contracts coming in etc. Some cash will be utilized in that. You know we are in reinvesting in, you know, improving our offices, technology, etc.
And also we are again open, you know, once the acquisitions that we have done, you know, the synergies properly kick in. We are open to more acquisitions in the future as well.
Anuj Jain
Okay. And just want to understand one more thing. I mean like any new, I mean agreement with any new country is in pipeline. I mean do we expect any new business or. It’s a routine business, routine thing.
Shikhar Aggarwal
So no, it’s a growing company. You know every year if you see we add new contracts, start new volume. So whenever we sign a contract and whenever you know we will, we will announce it.
Anuj Jain
Okay. Okay, thank you, that’s so much.
Operator
Thank you. The next question comes from the line of Sachin, an individual investor. Please go ahead.
Sachin
Hi, am I audible?
Shikhar Aggarwal
Yes, we can hear you.
Sachin
Well congratulations on a great set of results sir. I’ve been a long term investor in the company and you never fail to disappoint us. So big thank you from all the investors. So my question is with regards to China. Can you please tell us what’s happening with China in terms of post Covid volumes? Have we come back to how it was before? And also we saw an acquisition as part of an exchange notification. Was that the Indian embassy work in Beijing that was taken over. Are we seeing all of this because they’re all getting self managed by us? That’s the question.
Shikhar Aggarwal
Correct. So China, you know the volume is almost not 100% but it’s almost back to pre Covid level. We’ve seen a good growth in terms of revenue from China and we’ve also transitioned to our own model there. So that is why you must have seen an entity incorporation or something. I don’t know what it was but yeah. So we are, we are, we have a.
Sachin
Can you also tell us in terms of, you know we did, we started this cost optimization of self managing. What percentage of cost optimization still remains due in terms of like if what we targeted versus where we are and how much more can we actually look at self managed offices for ourselves?
Shikhar Aggarwal
Understand the question you’re saying about the cost optimization.
Sachin
Yeah, surely we’ll have like a ballpark. Right. So where. Where are we in terms of how much more can we do?
Shikhar Aggarwal
See, there was no set target, first of all, you know, since we are a growing company, there was no target to do cost optimization. But as in Covid, we learned new way of doing business. So definitely, you know, we kind of learned that. But the acquisitions that we have done, you know, where we can do sharing of offices, economies of scale, can help us that we are in the process of doing and we’ve done in many countries and some more countries are on the pipeline. So that is there for sure.
Sachin
Okay. And everybody’s question is on in terms of the cash balances and what we do. So we know that you’ll keep looking at acquisitions, but are there companies out there like Idata with that sort of EBITDA profile still there, which can improve our company as well, or is it all competitive, less EBITDA sort of companies in the future? Because the concern is around EBITDA numbers getting diluted with the BLS E Services numbers getting added. Right. So whenever there is an acquisition, they’ve seen that.
Shikhar Aggarwal
Yeah, no, but if you see the Visa business, the ebitda numbers are 34% and they continue to remain that. And going forward also, there are still one or two companies in the business, you know, which are high. EBITDA numbers continue to remain on that.
Sachin
Okay, great. Okay. Thank you. All the best. Thank you.
Operator
Thank you. A reminder to all participants, you may press Star and one to ask a question. The next question comes from the line of Sameer Palod from AUM Fund Advisors llp. Please go ahead.
Samir Palod
Yeah, thanks for the opportunity. Excellent set of results for many. Congratulations. Tikar, I wanted your views on sort of what you expect in FY26, the sustainability of these 30 plus percent EBITDA margin. So if you can, you know, sort of throw some light on expected sales growth from this high base that you’ve created of almost 2200 crores and. And on the margins as well. Very helpful. That would be.
Shikhar Aggarwal
So see, this is a factor. The EBITDA percentage numbers that we’ve achieved is a factor of efforts that we started doing five years back. So it took us a lot of time, you know, and it started showing results one and a half, two years back. Every quarter we’ve seen an increase in EBITDA numbers and we are quite comfortable with what we have achieved. So in the Visa business, I think our immediate target is just to maintain whatever we have achieved. There’s no plan to grow that in the future, but, I mean, all the initiatives that we take every day, so it might lead to an increase. But right now, our plan is to sustain whatever EBITDA margins we have achieved. And we are at a healthy number.
In regards to growth in revenue, etc. I mean if you see in the past, you know, last year we did a 30% this, I mean this financial year we’ve done 30% revenue growth and 82% EBITDA growth. If you see last five years we’ve been growing at more than 90% CAGR in terms of profit if you start from 2001 to 2021. So definitely a target is to grow. You know, there’s no set target that we’re giving to the market but you know, you can take, you know, growth in visa volume, etc. So at least 15, 20% normal growth that we’ve been doing on top of that and multiple other things that we are focusing on. So I mean there is no exact percentage that we can tell, but we wish to maintain the growth momentum that we have been maintaining for the last five years.
Samir Palod
Fair enough. And you know you had made an acquisition in Turkey, right? Or one of the companies which had a Turkish contract.
Shikhar Aggarwal
No, no, no. Actually, please, I, I suggest that you see and read. You know, we are, we are working with European government. So yeah, we were acquired a company called Idata which has contracts with Germany, Italy and Czech Republic government in 15 countries. So Turkey is one of the countries where they operate. So that is, that is the scenario where people from Turkey who go to Germany, Italy, they apply for visa and our offices. So there is no contract. The contracts are only with German government and Italy government. You know, as we operate, as we have been operating for the Spanish government there from 2016 as well. So, so let’s. Yeah, globally we operate in 70 countries with multiple governments. That is the scenario.
Samir Palod
So, so no likely impact of anything to do with India, Turkey tensions. Right?
Shikhar Aggarwal
I mean you’ve answered this 10 times, you know, so, I mean you’re an analyst, you know better. I’ve told you that we are working with all these European governments globally there is no issue.
Samir Palod
Right. And sorry, I don’t have the balance sheet data in front of me, but what was the operating cash flow in the current year?
Amit Sudhakar
See, the net we have talked about is 9, 938, 900, 928 is a net net cash.
Samir Palod
This is cash flow during the year.
Amit Sudhakar
You are talking about the option.
Samir Palod
I’m not asking for the cash balance, I’m asking for the operating cash flow during the year.
Amit Sudhakar
So operating cash, operating cash is 999-9003 3.661.
Samir Palod
Sorry, I’m missing that. Can you repeat that?
Amit Sudhakar
903 crores is the operating cash.
Samir Palod
Okay, lovely. Thank you. Thank you for answering the questions. Good luck.
Amit Sudhakar
Thank you.
Operator
The next question comes from the line of Manish Chorage from KJMC Capital. Please go ahead.
Manish Choraghe
Hi, good afternoon, sir. Congregations on great set of numbers. I just wanted to know, would you be able to give any specific numbers on I data and addictive solutions?
Shikhar Aggarwal
I think there’s no special numbers. But what we can tell you is that we have achieved ebitda growth of 80% from last year. And 20% of that growth has come from an acquisition. But more than 60% has come from organic. So it’s only 20% growth that has come because the full year numbers have not come in, you know, these acquisitions.
Manish Choraghe
Okay. And any further acquisitions pipeline,
Shikhar Aggarwal
We are always looking at different opportunities. So as and when anything is finalized, we’ll definitely let you know.
Manish Choraghe
All right. That’s it. From myself. Thank you.
Shikhar Aggarwal
Thank you.
Operator
The next question comes from the line of Anupama from Ratna Traya Capital. Please go ahead.
Anupama
Yeah, I had a question on the same question actually on the acquisitions. Can again like can we have the revenue numbers for the Adephillus acquisition and maybe the profitability also?
Amit Sudhakar
So in the if you look at ADI fit list, we have total about 200 crores of revenue in the current furniture.
Anupama
And what kind of EBITDA or PAT would be from Adequately.
Amit Sudhakar
Adequately has a ebitda of around 4 to 5%.
Anupama
4 to 5%. Okay. And do we have like the application number from Idata?
Shikhar Aggarwal
I think we have the total volume. So we have done around 9.83 lakh applications versus 7.14 lakh which is a growth of 38%. So this has a, I think numbers include organic growth as well as the growth from acquisition.
Anupama
Right, right. And can I just have like a like guidance or a commentary on what is the seasonality with the applications? Like last June I can see a good jump. But then it has sort of stabilized on that. So and then the last year or so it is, it’s been at around 7, 7 lakhs.
Shikhar Aggarwal
So I mean if you see how last few years, you know, that is how the business is. However, you have seen the numbers in the last few years, every quarter. That is how it operates on ongoing basis.
Anupama
So there’s no seasonality between the quarters.
Shikhar Aggarwal
No, there is. I’m saying as you have seen seasonality. Between different quarters last few years is the same thing.
Anupama
Okay. Okay. Yeah. Thank you.
Operator
The next question comes from the line of Verana Sawadi, an individual investor. Please go ahead.
Veeranna Savadi
Hi Supr. Hi everyone. See I’m. I’m. I’m an individual investor in BNF E Services. Because I have invested thinking the way you have grown. BLS International I have invested in since the IPO stage. Still I’m long term investor. My question is what is your future view for BLS E services?
And the second question is, is there anything you are going to expand BLS E service outside India? So these are my two questions. Thank you.
Shikhar Aggarwal
So I think if I heard you right, see BLS E Services. If you see our EBITDA has grown 32% such 60 crores now compared to 45 crores last year. And we are seeing a phenomenal momentum in DLS E services. Our network has grown to more than 1 lakh 20 thousand centers. We have enrolled multiple new public sector private sector banks. We have started different adjacent businesses, higher margin businesses. I’ve been talking about, you know in the past years the B2C segment, you know like insurance services sector that have started to increase, you know our profitability.
And the loan distribution business that we’ve gotten into, you know we have just. I think Adi Kundish is working in some codes now with our presence. We can really take that forward in the next few years. We expect this is. And you know we are looking at multiple tenders with different banks to grow our BC business as well as E governance contracts. As we’ve been operating in, I mean Gujarat, West Bengal. We are looking at multiple tenders in other states as well. So I feel this is a good business that has a good great potential to grow.
Veeranna Savadi
Yeah. My second question, anything you would like to expand this business outside India as well? Like maybe neighbor countries should run carbon damage. There might be some opportunity to grow.
Shikhar Aggarwal
Yes, definitely. You know right now the market is very big in India. We are kind of first achieving a good volume revenue there. And then in the future definitely we are open. You know since we can take the support of the parent company International which has offices in 70 countries. So definitely in the future the opportunity arises, definitely we will be looking at it.
Veeranna Savadi
Thank you Shita. I appreciate your leadership.
Shikhar Aggarwal
Thank you.
Operator
A reminder to all participants. Please press star and one to ask a question. The next question comes from the line of Nick. Shetty from Nuvama Wealth Management, please go ahead.
Nikhil Shetty
Hi Shikhar, could you please share which countries are yet to transition from partner led to own model? If you don’t want to name them, fine. But at least the potential, I mean the revenue percentage that would be helpful. So this should, could this shift could be a meaningful trigger for the margin expansion. And you had mentioned about China and could you elaborate on the potential financial benefit that could materialize from this particular market perhaps with some indicative numbers.
Shikhar Aggarwal
Thank you. See, I think already if you see we have transitioned most of the countries there is I in my knowledge maybe one or two, but probably, I don’t know that will be the significant change in revenue or not. But from China we already started in January. So I mean the numbers of China have already been incorporated in the financials of this quarter. Maybe some more growth is expected. So going forward this growth is, you know, multiple factors. That, that is just one element, you know, the transition. So, so that will continue to be there. But if you talk about, if we have analyzed what revenue will get increased from change in the future, we have not done any of those studies. I mean majority of the work has already been done. There are some one or two more countries left that we will be doing
Nikhil Shetty
Okay. And also while FY26 appears well positioned with the steady based business and full integration of the acquired entity. So it would be helpful if you could share your thoughts on the medium to long term outlook specifically for three to five years. What kind of revenue growth trajectory is the management?
Shikhar Aggarwal
So you always like to take conservative numbers for the market. And I feel if you see last five years we have done exceptionally well. We understand the base has increased of the company and it is not easy, you know, as a big company to grow. But if you see the opportunity size in this market is multi billionaire. You know, it’s humongous. There are a lot of contracts that are in the pipeline. Governments, as we grow as a company, governments are building trust on us. You know, they’re rewarding to invest to us. New governments want to reduce the monopoly, give work to multiple players, you know, which are qualified, which only are three in the world.
So we think that there is a big opportunity in terms of getting good market share organically. You know, there is an opportunity in growth in our existing business. You know, visa volumes will grow, revenue per application service fees have been growing, value added services have been growing, conversions have increased. We are trying to do economies of scale combining our multiple offices. So there is a good amount of organic growth that we continue to focus on.
And then on top of that, These tenders that we are bidding for and if there’s an acquisition opportunity that comes also in the future. So we expect healthy growth at bare minimum 15, 20% is something that we wish to maintain. We don’t want to give aggressive numbers to the market but definitely our target is to achieve more
Nikhil Shetty
And just to get a more sense on the tender side. If you give us a sense in next say 12 to 18 months, what is the opportunity size we are bidding for and the, you know, the conversation possibility from that and any big in near term, big geography, which is an upward renewal. Near term.
Shikhar Aggarwal
Yeah. First of all, as we have explained in the past, our strategy has as a company has been to bid for all tenders. You know, so we have been bidding. That is how we have grown the company. You know, we have been bidding for all tender in our industry for, from day one when we, when the company got established. So there is, there is billion dollar worth of contracts that are coming up for renewal that we are clear that we have been touched with those governments. So definitely we’ll be bidding for that. And then in the future more tenders will come up again.
Nikhil Shetty
Okay. And lastly, just you know, on the IDATA and Citizen Invest, how much is contributed for the entire 25?
Shikhar Aggarwal
I mean from the growth. I know that it’s only 20% of the growth of EBITDA that’s come from the business. Out of the 82% growth in EBITDA, only 20% has come this year.
Nikhil Shetty
In terms of top line
Shikhar Aggarwal
In terms of ebitda. In terms of ebitda, I don’t know.
Nikhil Shetty
Yeah, I just want revenue numbers here. I’m fine now
Shikhar Aggarwal
Otherwise. Otherwise. Yeah, you can take it up with that.
Nikhil Shetty
Yeah, sure, sure. Thank you so much.
Shikhar Aggarwal
Thank you.
Operator
The next question comes from the line of Sanket from GEPL Capital. Please go ahead.
Sanket
So I hope I’m audible.
Shikhar Aggarwal
We can hear you.
Sanket
Hello? Yeah, so I guess first of all my congratulations to you guys. And I just had one question that we had acquired SLW in this. So I just wanted to know what’s the outlook for that company and how are we moving forward with that?
Shikhar Aggarwal
Sorry, I didn’t understand which company are you talking about? No, no, we have explained in the past that we have not acquired any. This was a 70 lakh rupees investment that we did to enhance our brand and you know that is doing very strong and that is profitable. We have no further investment that we are making in that company.
Sanket
Okay.
Operator
Thank you. The next question comes from the line of Harish Shad, an individual investor. Please go ahead.
Harish Shad
Hello.
Operator
Please go ahead, Harish.
Harish Shad
My question has been answered. Thank you. Thank you.
Operator
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing comments.
Gaurav Chugh
Thank you, everyone, for joining this call today. We hope all your queries have been answered. In case you have any further queries, please do reach out to Gaurav Chuk or the EY team that we have. We look forward to interacting with you again next quarter. Thank you and goodbye.
Operator
Thank you, sir.
Shikhar Aggarwal
Thank you,
Operator
Thank you, sir. Ladies and gentlemen, on behalf of Nuama Wealth Management, that concludes this conference. You may now disconnect your lines. Thank you. Thank you.