BLS International Share Price Down Over 10%; Expects ₹2,500 Crore Revenue from Aadhaar Project Over 5 Years

BLS International has estimated revenue of around ₹2,500 crore from its Aadhaar project over 5 years, as per The CNBC TV18 news report. The project is expected to reach an annual revenue run rate of nearly ₹500 crore after completion.  

As per the report, Joint Managing Director Shikhar Aggarwal said most Aadhaar offices have already been deployed. The remaining locations are expected to become operational in the next few months. The company expects the project to have an EBITDA margin of 15-18%.  

Revenue and Profit Rise in April-June  

In the April-June 2026 quarter, BLS International reported revenue of ₹890 crore and a net profit of ₹202 crore, with both numbers growing by roughly 25% from the same period last year.  

For FY26, the company reported ₹2,998 crore in revenue and a net profit of ₹724 crore. It expects net profit to grow by 15-20% over the medium term, without including any potential contribution from future acquisitions.  

West Asia Closures Hit Visa Volumes  

Temporary closures at visa application centres in the UAE and nearby countries affected operations during the quarter, with some centres shut for a few days and others for as long as a week.  

The closures affected visa volumes during the quarter. BLS International said the overall financial impact was limited as business from other markets offset part of the disruption. 

Digital Margins Remain Below Visa Business  

The company's digital services business is growing faster than its visa operations but operates at lower margins. EBITDA margin in the visa business was around 40% during the quarter, compared with about 8% for digital services.  

The digital margin improved after the impact of the Aadifidelis acquisition. The company plans to increase revenue per application, expand allied services and improve operating efficiency to support margins.  

Cash Balance Available for Deals  

BLS International has a cash balance of around ₹1,500-1,600 crore and is evaluating acquisition opportunities. The company has completed acquisitions worth around ₹2,000 crore over the past few years, largely using internal accruals.  

Separately, BLS International said on August 24 that it categorically rejected any involvement in alleged irregularities referred to in media reports concerning a visa fraud network linked to Spain's consulate in Algiers.  

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BLS International Share Price Performance 

As of August 24, 2026, 3:30 pm, BLS International Services Ltd share price was trading at ₹242.17, a 10.73% decrease from the previous closing price. 

Conclusion  

The Aadhaar project is expected to generate about ₹2,500 crore in revenue over five years, with most of its offices already deployed and the remaining locations due to begin operations shortly. 

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