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.
Yeah, thank you, Alrik. Good day, everyone. On behalf of Nuvama Wealth Management, I appreciate you all joining us for the Q4 and full-year FY 2025 earnings call of BLS International Services Ltd. 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 Aggarwal, Joint Managing Director; Amit Sudhakar, CFO; Lokanath Panda, COO, Digital Business; Gaurav Chugh, Head of Investor Relations. With that, now I hand over the call to Gaurav. Thank you, and over to you.
Thank you, Nikhil. Good afternoon, everyone. Thank you for taking out 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 what is expressed or implied by such forward-looking statements. 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 subsequently, we'll open the floor for Q&A. Thank you, and over to you, Shikhar.
Yes, thank you. Thank you, good evening, everyone, and thank you for joining us on BLS International's Q4 and FY 2025 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 FY 2025 has been an exceptional year for us, with record-breaking performance across all key metrics. Our consolidated revenue reached INR 2,193 crore, making an impressive 31% year-on-year growth. Our EBITDA strengthened to INR 629 crore, with an enhanced margin to 28.7%, while net profit surged to INR 540 crore, 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 consular 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 iDATA, Citizenship Invest and Aadifidelis in India. Our visa and consular 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 industries, we achieved a record-high visa volume reaching INR 3.751 lakh in FY 2025 from INR 2.865 lakh in FY 2024, with the net revenue per application increasing to INR 2,903 from INR 2,146 in FY 2024, a growth of 35%.
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, in China, we have transitioned to enhance our operational efficiency further. Ecuador also saw 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 Aadifidelis Solutions, which have strengthened our position within the broader ecosystem and enhanced our market presence in the BC network. The digital service segment reported revenues of INR 540 crore, growing 71%, and EBITDA of INR 60 crore, reflecting a solid growth of 32%. At the end of 2025, the digital ecosystem had expanded to 44,800 CSPs and INR 1,442,000 lakh touchpoints, enhancing both accessibility and service delivery across the underserved area.
The vertical also enabled loan disbursement of around INR 12,000 crore, including INR 67 crore through Aadifidelis Solutions, supporting our financial inclusion initiative. The comprehensive growth strategy not only reinforces our commitment to serve diverse communities but also positions 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 with many key institutions and service providers, including Canara Bank, Central Bank, SBI, and Bajaj FinServ. These collaborations have significantly enhanced our outreach. Additionally, our partnership with insurance providers like SBI General Insurance and Aditya Birla Insurance has allowed us to tailor our offers to meet the diverse needs of our clients. By leveraging advanced technology and analytical skills, we continue to scale our business. In FY 2025, we invested more than INR 1,000 crore across strategic acquisitions.
Despite this, we ended the year with a healthy cash balance of INR 928 crore. As we move forward, we remain deeply committed to delivering sustainable and profitable growth. Our strategy remains twofold: aggressively pursuing organic growth by winning new contracts and deepening client engagement, and also exploring value generation in organic opportunities and 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 discipline execution and customer-centric approach position 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.
Thank you, Shikhar. Good afternoon, everyone. I am pleased to present the audited consolidated financial performance for the fourth quarter and full year ended March 31st, 2025. In the Q4 FY 2025, the revenue stood at INR 693 crore, a year-on-year growth of 55% from INR 448 crore in Q4 FY 2024. EBITDA for the quarter came in at INR 174 crore, registering a growth of 93% YoY from INR 90 crore in Q4 FY 2024, with EBITDA margin improving by 496 basis points YoY to 25.1% from 20.2% in Q4 FY 2024, reflecting a transition to a self-managed model and contribution from higher margin contracts. Profit after tax for the quarter was INR 145 crore, up 70% YoY from INR 85 crore in Q4 FY 2024, supported by enhanced profitability across both our business segments.
During this quarter, we witnessed a remarkable performance in our visa and consular service segment, which demonstrated robust growth. Revenue surged to INR 441 crore, reflecting a significant increase of 19% YoY from INR 370 crore in Q4 FY 2024. Notably, our EBITDA margin expanded by an impressive 1,347 basis points YoY, reaching 34.2% compared to 20.8% in previous year Q4 FY 2024. The growth was fueled by a 38% YoY increase in application volume from INR 7.1 lakh in Q4 FY 2024 to INR 9.8 lakh in Q4 FY 2025, with net revenue per application standing strong at INR 3,149, a growth of 26% YoY from INR 2,500 in Q4 FY 2024. In addition, our digital business segment also showed positive results, reporting a revenue of INR 252 crore, marking a remarkable 226% YoY growth from INR 77 crore in Q4 FY 2024. The growth was largely driven by successful integration of Aadifidelis acquisitions and strong traction in our BC network.
The EBITDA for this segment reached INR 23 crore from exceptional growth of 74% YoY from INR 13 crore in Q4 FY 2024, with the margin stabilizing at 9.2%. Coming to the full-year FY 2025 performance, we closed the year with a consolidated revenue of INR 2,193 crore, a growth of 31% YoY from INR 1,677 crore in FY 2024. This is the highest-ever annual revenue for the company. EBITDA grew by 82% YoY to INR 629 crore from INR 346 crore in FY 2024, with EBITDA margin improving from 808 basis points YoY to 28.7% compared to 20.6% in FY 2024. 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 INR 540 crore compared to INR 326 crore in FY 2024.
The visa and consular segment posted a robust growth, with revenue rising to INR 1,653 crore compared to INR 1,362 crore in FY 2024, a growth of 21% YoY. EBITDA margin expanded by 1,293 basis points YoY to 34.5%, up from 22.1% in the previous year. Application volume increased by 31% to INR 37.5 lakh in FY 2025 from INR 28.7 lakh in FY 2024, while net revenue per application stood at INR 2,903 in FY 2025, up 35% from INR 2,146 in FY 2024. The digital segment reported revenue of INR 540 crore, up 71% YoY from INR 315 crore in FY 2024, driven by Aadifidelis acquisition and traction in the corresponding business. EBITDA for the segment stood at INR 60 crore, up 32% YoY from INR 45 crore in FY 2024, with the margin stabilizing at 11% in FY 2025.
On the balance sheet front, we continue to maintain a robust financial position, with net cash of INR 928 crore as of March 21st, 2025, even after deploying over INR 1,000 crore in strategic acquisitions during the year. The return ratios remain strong, with ROE at 31% and ROCE of 22% for FY 2025. The board of directors of the company have recommended a dividend of INR 1 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 both our core as well as digital verticals. With that, I will request the moderator to open the floor for questions. Thank you.
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 Naredi from Naredi Investments. Please go ahead.
Thank you very much. Shikhar ji, you and your team under Nikhil Gupta ji, you are doing excellent work. Our company profit was in March 2020, INR 50 crore, so it rises to INR 540 crore. First, congratulations to the entire your team. Sir, my first question, how many visa permissions 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?
All right. As you know, in this quarter, we have done around 9.8 lakh applications. We have already said compared to 7.14 lakh, it is an increase of 38% compared to last year. We continue applying for multiple tenders across the world. None of it is in sanctioned countries, so we do not apply for tenders there. There is no tender that comes out to us in those countries anyway. I mean, we continue to apply for different tenders. You see the result of the business, the numbers we have achieved, a lot of it is organic, and we have also won new tenders. Some of this is deployed this year, some are in deployment states. At the same time, we are bidding for new contracts in different geographies.
Yeah.
Right. Second, sir, in quarter four, it is INR 3,149 our fees for visa. Now our base is increasing. What is the target for financial year 2026?
Yeah, our target is to first maintain the numbers that we have achieved. We need to maintain the target regarding we are always striving at more cost efficiency, etc., increasing the profits. I mean, right now, we are healthy growth of 15%-20% minimum level. That is the target we want to achieve. We have been targeting that only every year, but we have been delivering better. That is what we are again targeting as an achievement.
Which growth of 20%? You say 20%, right?
See, internal targets are very different, but to the market, I don't want to give any forward-looking number or statement. We are not giving any target. Okay. Yeah.
Sir, last year, due to Turkey involved with Pak in war, we see any problem in our business?
No, no. Let me answer. We are working in 70 countries with multiple European governments in different parts of the world, with delivery of services in different parts of the world. We are a global company now, so there is no issue anywhere in the world.
Okay. Thank you very much, sir. Keep it up.
Thank you.
Thank you. The next question comes from the line of Yogesh from Moneyv esta Capital Services. Please go ahead.
Sir, just I want to know, in the visa and consular segment, there is an improvement of more than 10% of EBITDA . Is this level sustainable in the future, and can you throw some light on this?
Yeah. This level will be sustainable in the future in the visa consular business.
Does that answer your question, Yogesh?
Sir, can you explain some light on how the reason of improvement of this 10% dividend margin?
As we have explained in the past quarters also, because we have done a lot of efforts. In some countries, there is transition from partner-led model. Where we had some partners, operational partners, we are now completely operating on our own. Service fee was increased. Conversion of different services have improved. Increase in prices have come. A lot of factors have led to this growth.
Okay, sir. Thank you, sir.
Thank you. The next question comes from the line of Gaurav Srivastava from Abundita Capital. Please go ahead.
Hello. Am I audible?
Yes.
Yes, we can. Yeah.
Yeah. Once to all of the team members, very congratulations for the splendid result given by your team. I think it's a team effort which gives us a decent return. Now, my one query is regarding looking at the P&L account. I found there is another cost increase significantly. The accounting is 57%. Just wanted to know what is the other cost? Why is it so increased such a, I mean, last three, four years?
You mean cost of service?
Yeah. I just wanted the expenses breakup. So other costs contributed 57% of your cost. Earlier, it was 10%. But this year, it has gone very high.
Yeah. Gaurav, that is because, as we have been talking in our earlier investor calls also, we have changed our model. Wherein earlier, we had a, now it is a self, that we have taken the offices of our own, and we have our own people rather than a partnership model. Where the commission used to be paid and the cost of services, now we have our own employees and the rentals and the location administration costs all are being paid by us. Therefore, there is an increase in the other expenses, whereas if you see the cost of services are coming down. Overall, the margins are improving.
Okay. Thank you.
Thank you. The next question comes from the line of Varun Subramanian from Ascent Capital. Please go ahead.
Yeah. Hi guys. Just a couple of quick bookkeeping questions. On revenue, the net revenue seems to be essentially your net revenue per application into a number of applications. Is the delta between revenue on the visa and consular services business, so the delta between revenue and net revenue, is that also partially what is being passed on to the embassy and secondly consular services? Is that correct?
See, our revenues are mainly, yeah, to some extent, the cost of services get adjusted because in certain places, we have the embassy fees being part of the cost of services and all the direct expenses.
Essentially, the cost of services is being counted as revenue in the consolidated revenue, right? Top line. Net revenue will exclude that.
Therefore, for representation, we show it net of revenue. Net revenue.
Got it. Got it. Of the INR 130-odd crores, which is basically revenue minus net revenue, how much would be roughly the counselor services?
I won't have the direct figure, but.
Can I assume around $25 into whatever INR 9.8 lakh applications would be the cost of services?
See, that has not been in all the countries. There are only one or two countries where the billing happens along with the embassy fees. It is not in all the countries.
Oh, okay. Understood. Understood. Okay. Second thing is on EBITDA margins between visa and consular services. Assuming, let's say, INR 50 crore-INR 60 crore coming from consular services, what would be the at least margin percentage indicatively across these two businesses? What kind of growth are you seeing in the consular services business?
See, the margins are practically same in both the businesses. 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.
Got it. 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 where do you see this sort of capping out because they're already at INR 3,000 per application?
Yeah. Therefore, I want to,
Amit, let me just get to him on this one. Second question. I think, first of all, we've got an increase in our service fee also in many countries. As you see, as a lot of tenders are QCBS bids, we are getting higher technical marks. Our service fee per application is also increasing. Definitely, there is a mix of factors for increase. Right now, our target is to maintain that. How much further we can go, we cannot give you exact number, but definitely, we strive to improve it every year.
If I understood this correctly, it's also a combination of the pass-on that the embassy is giving you, not just increase in value-added services?
Correct. Correct.
That's right.
Got it. Okay. Helpful. Thanks a lot, guys. Good luck.
Thank you. The next question comes from the line of Anuj Jain from Globe Capital. Please go ahead.
Hi. Good evening and congratulations on the wonderful set of numbers. I just want to understand, I mean, we are holding some INR 900 crore of cash in our balance sheet, and we have done pretty decent acquisitions in this, I mean, FY 2025. What are our plans of utilizing this cash going forward? How are we planning for that?
See, if you see, last year, we've done INR 1,000 crore plus acquisition. And we've also a dividend-paying company this year also. We've done 100% dividend on the face value we've announced. So I mean, we're a cash-generating company. It's a negative capital business. And as we grow, we generate more amount of cash. We are seeing effective ways of utilization. Acquisition was one. Dividends we've been paying. We are investing on different resources, growth of the company, getting good quality people, spending some on technology, capping, etc. Going forward, I think the growth that we foresee in terms of new contracts coming in, etc., some cash would be utilized in that. We are reinvesting in improving our offices, technology, etc. We are again open once the acquisitions that we have done, the synergies properly kick in, we are open to more acquisitions in the future as well.
Okay. Just want to understand one more thing. I mean, any new, I mean, agreement with any new country in pipeline? I mean, do we expect any new business or it's a routine business, routine thing?
No. No. It's a growing company. Every year, if you see, we add new contracts, start new volume. So whenever we sign a contract and whenever we will announce it.
Okay. Okay. Thank you. That's from my side.
Thank you. The next question comes from the line of Sachin, an individual investor. Please go ahead.
Hi. Am I audible?
Yes. We can hear you well.
Hi. Congratulations on a great set of results, sir. I have been a long-term investor in the company, and you have never failed to disappoint us. A big thank you from all the investors. My question is with regards to China. Can you please tell us what is happening with China in terms of post-COVID volumes? Have we come back to how it was before? 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 are all getting self-managed by us? That is the question.
Correct. China, the volume is almost not 100%, but it's almost back to pre-COVID levels. We have seen a good growth in terms of revenue from China. We have also transitioned to our own model there. That is why you must have seen an entity incorporation or something. I do not know what it was, Amit can explain. Yeah. We have a strong footing.
Can you also tell us in terms of we started this cost optimization of self-managing? What percentage of cost optimization still remains due in terms of what we targeted versus where we are, and how much more can we actually look at self-managed offices for ourselves?
Understand the question you're saying about the cost optimization.
Yeah. So yeah, surely we'll have a ballpark, right? So where are we in terms of how much more can we do?
See, there was no set target. First of all, since we are a growing company, there was no target to do cost optimization. As in COVID, we learned a new way of doing business. We kind of learned that. The acquisitions that we have done, where we can do sharing of offices, economies of scale can help us. We are in the process of doing that. We have done this in many countries, and some more countries are in the pipeline. That is there for sure.
Okay. Everybody's question is in terms of the cash balances and what we'll do. We know that you'll keep looking at acquisitions. Are there companies out there like iDATA with that sort of an EBITDA profile still there which can improve our company as well? Or is it all competitive, less EBITDA sort of companies in the future? The concern is around EBITDA numbers getting diluted with the BLS E-services numbers getting added, right? Whenever there is an acquisition, we've seen that. Yeah.
No. If you see the visa business, the EBITDA numbers are 34%, and they continue to remain that. Going forward also, there are still one or two companies in the business which have high EBITDA numbers. We'll continue to remain on that trajectory.
Okay. Great. Okay. Thank you. All the best.
Thank you.
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 Samir Palod from AUM Fund Advisors LLP. Please go ahead.
Yeah. Hi. Thanks for the opportunity. Excellent set of results. So many congratulations. Kikkar, I wanted your views on sort of what do you expect in FY 2026, the sustainability of the 30%+ EBITDA margin. If you can sort of throw some light on expected sales growth from this high base that you have created of almost INR 2,200 crore and on the margins as well. Very helpful that would be.
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. It took a lot of time, and it started showing results one and a half, two years back, every quarter. We've seen an increase in EBITDA numbers. We are quite comfortable with what we have achieved. 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. I mean, all the initiatives that we take every day, it might lead to an increase. Right now, our plan is to sustain whatever EBITDA margins we have achieved. We are at a healthy number in regards to growth in revenue, etc. I mean, if you see in the past, last year, we did a 30%.
I mean, this financial year, we've done a 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- 2021. So definitely, our target is to grow. There is no set target that we're giving to the market. But you can take growth in visa volume, etc. So at least 15%-20% normal growth that we've been doing on top of that. There are multiple other things that we are focusing on. So I mean, there's 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.
Fair enough. You had made an acquisition in Turkey, right, or one of the companies which had a Turkish contract?
No, no, no. Actually, please, I suggest that you please see and read. We are working with the European government. So we acquired a company called iDATA, which has contracts with Germany, Italy, and Czech Republic government in 15 countries. Turkey is one of the countries where they operate. That is the scenario where people from Turkey who go to Germany, Italy, they apply for visa in our offices. There is no contract. The contracts are only with German government and Italy government. As we operate, as we have been operating for the Spanish government there from 2016 as well. Yeah. Globally, we operate in 70 countries with multiple governments. That is the scenario.
No likely impact of anything to do with India-Turkey tensions, right?
I mean, you've answered this 10 times. I mean, you are an analyst. You know better. I've told you that we are working with all these European governments globally. There is no issue.
Right. Sorry, I don't have the balance sheet data in front of me, but what was the operating cash flow in the current year?
See, the net we have talked about is 938. 900 and? 928 is the net cash.
This is cash flow during the year?
You're talking about the.
I'm not asking for the cash balance. I'm asking for the operating cash flow during the year.
Operating cash is INR 903.64.
Sorry, I'm missing that. Can you repeat that?
903 crore is the operating cash.
Okay. Lovely. Thank you. Thank you for answering the questions. Good luck.
Thank you.
The next question comes from the line of Manish Choragi from KJMC Capital. Please go ahead.
Hi. Good afternoon, sir. Congratulations on great set of numbers. I just wanted to know, would you be able to give any specific numbers on iDATA and Aadifidelis Solutions?
I think there's no specific numbers, but what we can tell you is that we have achieved EBITDA growth of 80% from last year. 20% of that growth has come from our acquisition, but more than 60% has come from organic. It is only 20% growth that has come because the full year numbers have not come in of these acquisitions.
Okay. Any further acquisitions by then?
I mean, we're always looking at different opportunities. As and when anything is finalized, we'll definitely let you know.
All right. That's it from my side. Thank you.
Thank you.
Thank you.
The next question comes from the line of Anupama from RatnaT raya Capital. Please go ahead.
Yeah. I had a question on the same question, actually, on the acquisitions. Can we have the revenue numbers for the Aadifidelis acquisition and maybe the profitability also?
If you look at Aadifidelis, we have a total of about INR 200 crore of revenue in the current financial year.
What kind of EBITDA or PAT would be from Aadifidelis ?
Aadifidelis has an EBITDA of around 4%-5%.
4%-5%. Okay. And do we have the application number from iDATA?
I think we have the total volume. We have done around INR 9.83 lakh applications versus INR 7.14 lakh which is a growth of 38%. This has, I think, numbers include organic growth as well as the growth from acquisition.
Right. Right. Right. Can I just have guidance or a commentary on what is the seasonality with the applications? Last June, I can see a good jump, but then it has sort of stabilized on that. The last year also, it has been at around INR 7 lakh, so.
I mean, if you see how last few years, that is how the business is, how we have seen the numbers in the last few years, every quarter. That is how it operates on an ongoing basis.
There's no seasonality between the quarters?
No, there is. I'm saying as you actually see the seasonality between different quarters last few years, it's the same thing this year also. Definitely, there is seasonality.
Okay. Okay. Yeah. Thank you.
The next question comes from the line of Veeranna Savadi, an individual investor. Please go ahead.
Yeah. Hi. Hi, Shikhar. Hi, everyone. See, I'm an individual investor in BLS E-services because I have invested thinking the way you have grown BLS International. Okay? I have invested since the IPO stage till I'm a long-term investor. My question is, what is your future view for BLS E-services? The second question is, is there anything you are going to expand BLS e-services outside India? These are my two questions. Thank you.
I think if I heard you right, see, BLS E-services, if you see, our EBITDA has grown 32%, which is INR 60 crore now compared to INR 45 crore last year. We are seeing a phenomenal momentum in BLS E-services. Our network has grown to more than 120,000 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 in the past years, the B2C segment, like insurance services, etc., that have started to increase our profitability. The loan distribution business that we've gotten into, we have just, I think, Aadifidelis is working in some codes now. With our presence, we can really take that forward. In the next few years, we expect businesses.
We are looking at multiple tenders with different banks to grow our BC business, as well as e-governance contractors. We've been operating in, I mean, Gujarat, West Bengal. We are looking at multiple tenders in other states as well. I feel this is a good business that has great potential to grow.
Yeah. My second question, Shikhar, anything you would like to expand this business outside India as well, like maybe neighboring countries, Sri Lanka, Bangladesh? There might be some opportunity to grow. Yeah.
Yes. Definitely. Right now, the market is very big in India. We are kind of first achieving a good volume revenue there. In the future, definitely, we are open since we can take the support of the parent company, BLS International, which has operated in 70 countries. Definitely, in the future, if the opportunity arises, definitely, we will be looking at it.
Yeah. Thank you, Shikhar. I appreciate your leadership.
Thank you.
A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Nikhil Shetty from Nuvama Wealth Management. Please go ahead.
Hi, Shikhar. Could you please share which countries are yet to transition from partner-led to own model? If you do not want to name them, fine, but at least the potential, I mean, the revenue percentage, that would be helpful. This shift could be a meaningful trigger for the margin expansion. You had mentioned about China. Could you elaborate on the potential financial benefit that could materialize from this particular market, perhaps with some indicative numbers? Thank you.
See, I think already, if you see, we have transitioned most of the countries. There is, in my knowledge, maybe one or two, but probably, I do not know if that will be the significant change in revenue or not. From China, we started in January. I mean, the numbers of China have already been incorporated in the financials of this quarter. Maybe some more growth is expected. Going forward, this growth is multiple factors. That is just one element, the transition. That will continue to be there. If you talk about the, if we have analyzed what revenues 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.
Okay. Also, while FY 2026 appears well positioned with the steady-based business and full integration of the acquired entities, 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 and retirement?
See, I always like to take conservative numbers for the market. I feel if you see, last five years, we have done exceptionally well. As we understand, the pace has increased of the company. It is not easy as a big company to grow. If you see the opportunity size in this market, it's multiplying there. 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. They're reawarding tenders to us. New governments want to reduce the monopoly, give work to multiple players which are qualified, which only are three in the world. We think that there is a big opportunity in terms of getting good market share organically. There is an opportunity in growth in our existing business. These are 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. There is a good amount of organic growth that we continue to focus on. On top of that, these tenders that we are bidding for. If there is an acquisition opportunity that comes also in the future. We expect healthy growth at bare minimum 15%-20% is something that we wish to maintain. We do not want to give aggressive numbers to the market, but definitely, our target is to achieve more.
Just to get a more sense on the tender side, if you give us a sense in next, say, 12-1 8 months, what is the opportunity size we are bidding for? The conversation possibility from that and any big in near term, big geography, which is an up for renewal in near term?
Yeah. First of all, as we have explained in the past, our strategy as a company has been to bid for all tenders. We have been bidding. That is how we have grown the company. We have been bidding for all tenders in our industry from day one when the company got established. There is billion-dollar worth of contracts that are coming up for renewal that we are a player, that we have been in touch with those governments. Definitely, we'll be bidding for that. In the future, more tenders will come up again. Yeah.
Okay. Shikhar, and lastly, just on the iDATA and Citizenship Invest, how much is contributed for the entire 2025?
I mean, from the growth, I know that it's only 20% of the growth of EBITDA that has come from the business. Other than 82% growth in EBITDA, only 20% has come this year from.
In terms of top line?
In terms of EBITDA. I don't know. In terms of top line, I think Amit can speak.
Yeah. I just want revenue numbers here. I'm fine. That's fine.
If you have it now, otherwise, yeah, you can take it off. Yeah.
Sure. Thank you so much.
Thank you.
The next question comes from the line of Sanket from GEPL Capital. Please go ahead.
I hope I'm audible.
We can hear you.
Hello. Yeah. I just want to congratulate you on the congratulations to you guys. I just had one question that we had acquired SLW Media, right, in this system. I just wanted to know what's the outlook for that company and how are they moving forward with that acquisition?
Sorry, I didn't understand. Which company are you talking about?
SLW Media. We acquired, right, SLW Media?
No, no. We have explained in the past that we have not acquired any. This was an INR 70 lakh investment that we did to enhance our brand. That is doing very strong. That is profitable. We have no further investment that we are making in that company.
Understood. Thank you.
Thank you. The next question comes from the line of Harish Shehad, an individual investor. Please go ahead.
Hello.
Please go ahead, Harish.
Hi. My question has been answered. Thank you. Thank you all.
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.
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 Chugh or the EY team that we have. We look forward to interacting with you again next quarter. Thank you and goodbye.
Thank you, sir.
Thank you.
Thank you, sir. Ladies and gentlemen, on behalf of Nuvama Wealth Management, that concludes this conference. You may now disconnect your lines.
Thank you.
Thank you.