Good day, ladies and gentlemen. Participants, you are connected to BLS International Services Limited, Q2 FY2026 earnings conference call. The conference will begin shortly. Please stay connected. I repeat, participants, you are connected to BLS International Services Limited, Q2 FY2026 earnings conference call. The conference will begin shortly. Please stay connected. Thank you. Ladies and gentlemen, good day and welcome to the BLS International Services Limited Q2 FY2026 earnings conference call hosted by Ambit Capital. 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. Moez Chandani from Ambit Capital. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the Q2FY2026 earnings call for BLS International Services Limited. Joining us from the management today, we have Mr. Nikhil Gupta, Managing Director; Mr. Shikhar Agarwal, Joint Managing Director; Mr. Amit Sudhakar, Chief Financial Officer; Mr. Loknath Panda, COO, Digital Business; Mr. Gaurav Chugh, Head Investor Relations. I thank the management for the opportunity to host the earnings call. We will now begin with opening remarks from Mr. Gaurav Chugh, post which the forum will be open for an interactive question-and-answer session. Thank you, and over to you, Gaurav. Thank you, Moez. Good afternoon, everyone. Thank you for taking time out to join this call. This is to remind you that this discussion may contain forward-looking statements that may involve known or unknown risk, uncertainties, and other factors. It may be viewed in conjunction with our businesses that would 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 Agarwal for his opening remarks, post which Mr. Amit Sudhakar will discuss the financial performance of the company, and we will then open the floor for a Q&A session. Over to you, Shikhar. Good afternoon, everyone, and thank you for joining us for the BLS Q2 and H1 FY2026 earnings call. We trust that you have had an opportunity to review the results, press release, and investor presentation uploaded on the stock exchanges as well as on our website. We are pleased to share that the company has delivered a strong performance during the quarter, reflecting robust operational momentum across our key business verticals. On a consolidated basis, revenue for the second quarter increased 49% year-on-year, while EBITDA grew by 30%. On a sequential basis, we have maintained our EBITDA margins at around 29% in the second quarter, and we feel the margins have now stabilized at these levels. Profits after tax for the quarter rose by 27%. The results provided a solid platform for the sustained growth in the remainder of the fiscal year. Our visa and consular service business continued to strengthen its global footprint and reinforce our leadership in the outsourced visa processing industry. During the quarter, we secured a three-year mandate from the MEA, Government of India, to operate India visa application centers across key cities in China, including Beijing, Shanghai, and Guangzhou. With improving dynamic relationships between India and China, we anticipate a meaningful increase in visa volumes going forward. In addition, we were awarded a contract by the Government of Cyprus to establish a visa application center in Kazakhstan, further enhancing our international presence. Visa application volumes increased by 12% during Q2 FY2026, rising to 1.13 million applications compared to 1.01 million applications in Q2 FY2025. Net revenue per application improved by 12% from INR 2,883 in Q2 FY2025 to INR 3,223 in Q2 FY2026, supported by enhanced service offering and favorable business rates. Our subsidiary iData continued its strong growth momentum, assessing around 180,000 applications during the quarter, demonstrating sustained demand and operational efficiency. The successful integration of iData and new contracts positioned us well for the enhanced expansion. In a major milestone, we also won a prestigious and large-scale contract valued around INR 2,000 crore from the Aadhaar Authority of India to establish district-level Aadhaar Seva Kendras. The long-term engagement reinforces our proven capability in executing large-scale e-governance and public service delivery projects, while strengthening our role in India's digital anti-ecosystem. This contract will be executed over the period of six years. Now, moving on to digital service business, revenue from digital services increased significantly from INR 77 crore in Q2 FY2025 to INR 278 crore in Q2 FY2026, registering a remarkable growth of around 60% year-on-year. This is primarily due to the consolidation of RDFS, which was acquired in November 2024. During the quarter, our digital service business continued to strengthen its partner ecosystem through strategic collaboration aimed at expanding service offerings and enhanced customer reach. We entered into key partnerships with Aditya Birla Capital and Piramal Finance in July 2025, followed by many other companies. In the same month, we also partnered with Grameen Foundation for Social Impact. The partnership collectively reinforced our position as an integral and diversified digital service platform. We continue to expand our digital service network, which now exceeds around 147,000 touchpoints, underscoring our commitment to enabling financial inclusion and improving access to citizen services across India. In our BC business, we possess around 3.5 crore transactions during the quarter, with gross transactional value crossing INR 27,300 crore. We further strengthened our distribution network by adding more than 15,000 channel service partners, taking the total to over 45,400 BCs as of September 30. Our partners generated loan leads approximately INR 8,600 crore for financial institutions during the quarter, composed of INR 1,400 crore in Q2 FY2025, reflecting deeper market penetration and enhanced service delivery. I will now turn over the call to Mr. Amit Sudhakar, our CFO, for further updates on our financial performance. Thank you. Thank you, Shikhar. Good afternoon, everyone. I'm pleased to share our consolidated financial results for the second quarter and first half ended September 30th, 2025. For Q2 FY2026, our revenue reached INR 737 crore, representing a strong 49% year-on-year growth from INR 495 crore in Q2 FY2025. This growth was driven by a steady increase in application volumes and the consolidation of Citizenship by Investment and RDFS, which added further momentum. Our EBITDA for the quarter rose to INR 213 crore compared to INR 164 crore last year, recording a growth of almost 30%. The EBITDA margin stood at 28.9%. Margins have now largely stabilized at this level, as the key benefits from shifting to self-operated center models and integrating our acquisition businesses have been realized. Profit before tax for the quarter stood at INR 203 crore, up 24% from INR 164 crore in the same quarter last year. Profit after tax increased by 27% to INR 186 crore compared to INR 146 crore a year ago. It's worth noting that this strong growth came despite lower other income during the Q2 FY2026. The earnings per share for the quarter were INR 4.25 compared to INR 3.36 per share in Q2 FY2025. Now, looking at the half-year performance, the revenue for H1 FY2026 stood at INR 1,447 crore versus INR 988 crore last year, up by 46%. EBITDA rose to INR 417 crore from INR 297 crore, a growth of 40%, with the margin steady at 29%. Profit after tax for the half-year was INR 367 crore compared to INR 267 crore last year, showing a 38% increase. Coming to segmental highlights, in Q2 FY2026, the visa and consular services segment recorded a revenue of INR 457 crore, a 10% growth over INR 418 crore last year. EBITDA for the segment rose by 26% to INR 192 crore, with a margin of 42% and improvement of 549 basis points from 36.4% margin last year. Visa application volumes also grew 12% from 10.1 lakh- 11.3 lakh applications. This improvement in profitability was driven by higher volume, cost optimization, and the strategic shift to a self-run model across key geographies. The first-half visa counselor services revenue grew by 11% to INR 919 crore compared to INR 832 crore last year. EBITDA for the segment rose sharply by 38% to INR 378 crore, with the margin improving to 41% from 33% last year, reflecting our focus on efficiency and profitability. In the digital business segment, revenue reached INR 278 crore in Q2 FY2026, up from INR 77 crore a year ago. EBITDA for the quarter was INR 21 crore, a 72% rise, with a margin at 7.4%. This growth was primarily driven by the consolidation of RDFS. For the first half, the digital business segment revenue reached INR 528 crore compared to INR 156 crore in H1 FY2025. The EBITDA for H1 FY2026 was INR 39 crore as compared to INR 24 crore in the corresponding period of previous financial year. The company continued to maintain a strong cash flow and a healthy balance sheet, with net cash of INR 1,306 crore as of September 30, 2025, compared to INR 928 crore as of March 31st, 2025. With that, I will now hand over to the moderator to open the floor for questions. Thank you. 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 the touch-tone form. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handpads while asking a question. We will wait for a moment while the question queue assembles. The first question comes from the line of Sainik Mehta from IndoAppSec. Please go ahead. Hi, can you hear me? Yes, sir. Please go ahead. I have two questions. One on the digital service. We have seen a sharp drop in terms of the EBITDA. What is the vision for the EBITDA over the next few quarters? How do you see that evolving? If you see the digital service business, our EBITDA margin has dropped primarily because of the acquisition of new company RDFS that we acquired in November 2024. The margin is 3% on the revenue, on the increased revenue. If you see on an overall basis, our EBITDA has grown to INR 20 crore from INR 12 crore in the previous year, last quarter. Basically, our margin percentage has gone down, as we said, explained also at the time of acquisition of RDFS, since it is a high-revenue, less EBITDA margin company. Our immediate objective is to maintain the EBITDA margin. Overall, if you see, both our revenue and profitability has gone up. You believe the margin would remain at 7% going forward as well? No, I mean, in all of our business, our objective is to grow the margin. Right now, as the base has really increased of the company, our objective is to stabilize the margin. Going forward, as we introduce more value-added services, definitely there is scope for improvement. Okay. My second question was about the hotel acquisition. I really can't see how a visa company or a digital service company can say that this is strategic or this is something which is a part of the diversification. What was the real trigger behind the acquisition, and what do you see the hospitality segment evolving as far as the BLS International is concerned? See, our, first of all, long-term objective is to be an asset-like player. As you know, we want to be a brand-name owner. As we are in the industry wherein we are in touch with all of travel agents across the world, where there are people who are applying for tourist visa, etc., they continue to demand for different kinds of services, which is airline, hotels, etc., booking from us. We thought that this could—we did a very small investment, if you see, from our cash reserves that we have to understand this, which itself gives us a 10%-12% return on our investment. Our objective is that once we learn, we can—our objective is not to invest, but to acquire the expertise so we can run from our own brand name. Our objective is to run an asset-like model as in the visa business. That was the strategy because our customers are the same. We are globally in touch with all the travel agent community customers who are demanding different kinds of services. That was the reasoning behind getting into that. Okay. So tomorrow, if the customers are thinking about airline, we could also do something in the airline sector? See, that obviously is a multi-billion-dollar business, and we do not have the bandwidth to invest in that. As I said, this was one investment to understand how the businesses are, and then going forward, our objective is to be in the asset-like business. Okay. All right. Thank you. Thank you. Thank you. The next question comes from the line of Krishnam Saraf from Samriddhi Finserve Family Office. Please go ahead. Hi. I just have one question on the top line. So this INR 736 crore as of Q2, what would be that number if we exclude the acquisition, Citizenship by Investment, and RDFS? Amit, so these two businesses had contributed around INR 200 crore in the revenue, which is about on the top line, around INR 20-INR 25 crore. Got it. So excluding that, it's around INR 536 crore versus INR 495 crore of Q2 of last year. That's right. On the EBITDA, it is about 5%-6% only because other businesses, as Shikhar said, the margins are about 2%-2.5%-3% only. Got it. The second question was on the MEA ban that was issued. I'm a bit confused around that. A few days after the ban was issued, the company also made a filing on winning a new contract from the MEA. If you could just give us some color on, is the ban still effective? That is one. Second is, what was the actual cause of the ban? If you can provide some color on that, that's it. Yes. As we have been—as when we had released in the exchanges, we had already announced in the interviews that we had received a notification from the MEA saying that there were some customer complaints. Because of that, they are temporarily putting a ban on applying for new tenders. This tender we had already won. We are currently operating all the government contracts for the Indian government as well across the world. There is no issue on that. As we said, we are working to resolve soon, and we are hopeful of resolving the matter soon. There should be no issue or any impact on our financials, etc. Got it. The ban is still effective, if I understand correctly. Can you also elaborate on what are the—what was the customer complaints? That would be helpful. No, there were some SLA-driven complaints regarding waiting time, etc. That is normal when you're presenting millions of applications. We had already announced that. We are working to resolve the matter. We are hopeful to resolve it soon. There is no impact on our financials or revenue. Okay. Thank you. Thank you. The next question comes from the line of Vansh Solanki from RSPN Ventures. Please go ahead. Hello. Good evening, Management. My question is on organic growth on a visa segment. If I see a visa and consular segment, the revenue, it is approximately 10% only, while the management is always telling that the industry is already growing at the 14%-15%. And our Y-o-Y growth is very slowed down in the last two quarters. Last quarter also is around 11%, and this quarter is also Y-o-Y around 10% only. Even my number of applications are growing. Net revenue is also growing. Why my revenue is not shooting up? Amit, if you can explain to him, our EBITDA has grown up by 30%. You can also explain to him. Yeah. So see, the growth depends on the volume of business. And if you see, in the last two quarters, the revenue, the volumes have grown up by 10%. And our revenue has also matched with that. Whereas if you look at the margins, they have improved over the—if you look at from the last year versus now, the margins have grown up by more than 500 basis points. So improvement has been done on the rationalization and the cost. Yeah. I already understood about the EBITDA and all, but that is because of the partner acquisition which we have done. Our EBITDA and gross margin also suit up very nicely. I am just concerned about the organic growth in the visa segment. Why is it very stable? Even last three quarters, I see, in March also, it is INR 440. June also is INR 460. And in September also, it is INR 460 only. Yeah. That depends on the volume, basically. See, the travel volume is growing at 10%. The revenue will go according to that. Okay. My other question on the revenue, can you just give me the split of revenue of Citizenship by Investment, AFPL, and iData for this quarter? Yeah. As I said, Citizenship by Investment was about INR 14.5 crore. iData was about INR 17.5 crore-INR 71.5 crore. Okay. The last question is on the guidance of a number of applications for a full year 2026. As you said, we have done 1.13 million applications this quarter. This first quarter is high season for us. Second quarter is also high. Our objective is to achieve more numbers than we did last year. Right now, in terms of volume, we do not know how much volume is expected in the third quarter and fourth quarter. Definitely, whatever we have achieved in the last few years, we wish to surpass that. Okay. Yeah. Thank you. That's from my side. All the best. Thank you. The next question comes from the line of Viren Sameer Deshpande from Alphapeak Investments. Please go ahead. Hello, sir. It was nice to see the growth in all our businesses continue very well. We are growing this digital services business in a big way. We secured a contract from the government with respect to this Aadhaar center establishment, etc., which is, I think, more than INR 2,000 crore. I think you had mentioned that this revenue will be received over a period of six years. Is it correct? Correct. That is correct. We have recently won this landmark project from central government, wherein we will be establishing around 250-300 centers within India. It will be starting from December. Gradually, we expect the revenue to ramp up. This is the minimum level that we will achieve. If we can do more transactions, the revenue can be even higher. Ajay, now to understand this, now you mentioned that, suppose this work starts from January onwards. In a quarter, suppose we establish about 10 centers. After establishment, for per center, we are going to get some revenue? See, it is according to the volume that we generate. Once the project is full force started, all the centers are started, and all the volumes start coming in, it takes some months for the volumes to come to the normal level. Then we will get the full revenue. It will take some months to ramp up. As I said, from next year, the revenue will start coming. Ajay. Annually, we expect any ballpark figure? Any idea? Annual revenue? You can divide by six. About INR 350 crore. Correct. When the project is fully ramped up, we expect that revenue to come. Secondly, you clarified about this Ministry of External Affairs thing and the complaints and all those things. It is good you hope to get it resolved sooner. After that, only we secured the new business from the Ministry of External Affairs. I just explained this. Yes. I think same question I clarified, sir, in the previous question also. For China, we got that. That was a good thing. Correct. Regarding this hotel, as you mentioned, since our business is not to be investing in big, and we want to be a satellite, pursue this model because our margins, etc., will be significantly dampened if we invest in these types of businesses. It will be good we restrict our investment in this line and keep on making good margins as we are making currently. No, no. As we have explained, our objective is to be the asset-light business. We want to offer full topography of services. As we said, we were getting a lot of customer demand for different kinds of services, hotels, etc. We thought it is a good model that we can get into asset-light managed hotel business. From that, we bought one small investment we did. With learnings of that, then we can replicate across the world. This was the objective. How we started the digital services in 2016. I think this will really add to our revenue and profitability in the coming years as well. We don't propose to buy any properties for them, no? No, no. As I've explained to you already. Yeah. Our margins currently are about 28%. Do we expect to hold on to about this 28%-29% level? Correct. These are the consolidated margins. As you know, more than 40% EBITDA margins we are doing in the visa business. Our immediate and long-term objective is to sustain the margins that we have achieved. Yes. Because visa gives us a good business margin of 40% or. And these digital services will dilute it to some extent. But we will be getting good revenues also. Together, blended margins should be in the range of 29%-30%, which is our goal. Correct. Correct. Thank you and all the best. Thank you. Thank you. The next question comes from the line of Arpit Shah from Stallion Assets. Please go ahead. Hello. Hello. You're audible. Please go ahead with your question. Yeah. I just wanted to understand what kind of cash we're holding right now on the Indian books? Amit? You're talking on the Indian books, it will be around INR 350. About INR 1,000 crore would be then on the international books, right? Yeah. It will be all over the globe. Together, it will be around INR 1,000. Any plans to get back the cash from overseas subsidiaries to India? Because what's typically happening right now is that we have been seeing a phenomenal performance in terms of the revenues, EBITDA, visa applications, and everything. All of that is not getting reflected in our valuations today in terms of the market cap that we should be having. We are broadly a two-player market globally, BLS and VFS. The kind of valuations markets are giving us today is because of probably the cash which is staying outside of India. If we can probably get that cash to India by paying all kinds of taxes, whichever are necessary, that will probably push up the valuations for our company, which is doing phenomenally well in terms of their execution. Given the cash is outside, the valuation stays as a cap to its number. How are you thinking about it? See, the last year if you look at, we did about INR 900 crore of investment in new acquisitions outside India. It all happened from the cash there. Current year also, we are looking at more acquisitions. As and when they get crystallized, we will need cash outside India rather than in India for those. Secondly, I just understand about 70% of our cash gets generated outside India only. As and when required, there is a dividend and other we are paying, we are getting the money from there only to pay those. Depending on where we do investments, we will accordingly move the money in those respective regions. Is it possible to actually formulate a policy for dividends? Because we are a very high cash-generating company. I do not think we will require that kind of cash almost every year. Those kinds of opportunities are not available in the market currently. There are limited players which are doing visa processing. We can actually formulate a formal dividend policy and start giving out the cash to shareholders. I think that would be a great strategy to have. You are right. We have a dividend policy. Earlier, it was 15% of our consolidated cash-generated amount. Now we have raised it to 30% of our surplus cash after taking into account any funding requirements, the net cash. We have increased that. The board can have the flexibility of increasing the dividend going forward. Got it. Any plans to have a buyback given where the valuations are for the company and what kind of numbers you are going to be producing at least for the next couple of years? It's probably very much attractive valuations for the company that you all are in and the kind of opportunities which is out there. Do you think buyback is a great opportunity to go ahead with? Personally, I don't see any major tax benefit to the investor, the dividend or buyback. Again, it's a board decision. Both the options are open for the board to take a call. Got it. Because minority investors, what is happening is typically the market cap creation, which should shall happen with this kind of performance, is not happening. Probably the cash is one of the reasons which is staying outside India and one of the reasons where investors are not getting that kind of confidence to be actually part of this journey. That is my only feedback. I understand. Just from the steady guidelines for a buyback, the free reserve, they look at only at the standalone balance sheet point of view only. There is the free reserve, and the amount of buyback amount becomes very small. Dividend becomes, I would say, a better option of rewarding the shareholders. Yes, these all can be discussed by the board. I will certainly put those options. I think you all should look at very, very strongly in this kind of a process because that will really help everyone out there. Sure. Sure. Thank you so much. Congratulations on good performance. Thank you. Thank you. Thank you. In order to ensure that management can address questions from all the participants, participants are requested to limit their questions to two questions per participant. The next question comes from the line of Shreya from Moneyvesta Wealth Management. Please go ahead. Yes. Am I audible? Yes, ma'am, you are. Please go ahead. Yes. Yes, sir. Congratulations on the result. I had a question on your key government contract. As I saw in the official MEA records, the Kuwait contract has already expired in September 2025, and the Canada contract will also be due for renewal in December. Could you update us on whether this has been renewed or if there is an interim arrangement in place or any renewal discussion to begin? All our contracts are ongoing, and we have got extensions in all our contracts. We need to see the exact timelines that you are mentioning. Right now, all our contracts are intact. Okay. The next question I want to ask is regarding the MEA ban. As you mentioned, that is a temporary ban. Are you focusing on going beyond visa application? What is your broader strategic priority for the next few years in terms of government partnership and geographical diversification? No, no. As we said, when we started, we were working with only one government from 2007, 2008 when we started. Now our revenue from Indian government is only 12% of our revenue. We have continued to grow and gotten many new government clients. Our strategy is to get more government contracts that are coming up for renewal for our competition. That is what we are focused on. Outside India, you're talking about not only in Indian government, but outside. You are focusing more on the outside India, different governments for the contracts. Correct. Globally. Thank you. We are focusing on India as well and globally. Yeah. Okay. Thank you, sir. Thank you. The next question comes from the line of Divyanshu Mahawar from Invexa Capital. Please go ahead. Pretty and congrats for the good set of numbers. My first question is regarding the visa application globally. What is the number of the total visa application that has been handled and out of which is how much is in-house and how much is outsourced? What I wanted to understand is that for the next two to three years, what could be the potential of that outsourcing out of the total visa application that has been handled? See, what we handled, we can tell you that we handled around 1.13 million applications this quarter. What we feel is that we have currently 15%-17% global market share, and 50% of the market is outsourced. 50% is yet to be outsourced, which numbers we had, there is no proper study that is out there, but this is what our assumption is. There is opportunity for tenders which are coming in the outsourced market as well. As well, there are new governments which have never outsourced, but also there is a prospective opportunity to even get contracts from them. Understood. Understood. Secondly, on the visa business, if you look at the EBITDA margin, I think it is all-time high EBITDA margins, roughly around 42% EBITDA margins. I just wanted to understand how much percentage of your whole visa business has been converted to a self-centered model, which we used to manage by a partnered model. Is it 100% self-owned model or 10%, 5% is remaining on the partnered model? Because if it is remaining, then I think margin expansion could also be a big change in visa business. What are your thoughts around that? No, no. Our objective is to increase pace just to maintain the margins. We have had a very increased pace. We do not expect the margins to go up. Our objective is to stabilize the margins. We are operating in multiple countries still with partners because of different reasons. Exact numbers, we need to check how many we operate. Majority obviously are operated by us independently. This is the objective right now. Is there a chance that the remaining countries that we are operating in have a partnered model? Going forward, they can move towards a self-centered model? Yes. We have to see the feasibility. There is a possibility some countries could move, but I do not expect any further change in margins since we have really reached a very high level already. Understood. Understood. Thank you so much and all the best, sir. Thank you. Thank you. The next question is from the line of Abhijit from Pye Asset Managers. Please go ahead. Thanks for the opportunity. Just two questions. How do you see the revenue mix between visa segment and digital services two years down the line? See, revenue mix has changed primarily because of acquisitions of RDFS, which is at a high revenue and less EBITDA. Around INR 200 crore of revenue has come from RDFS. That is why if you see revenue mix has a little bit changed in the visa and digital business. Going forward, we feel that revenue definitely in the visa business will also go up. Revenue in the digital business will also go up. There could be some small change wherein visa business could contribute more, but digital service business is also going forward at the same speed. I do not expect any downward change in revenue mix from the visa business, but it could change in the future as we win new contracts both in the visa and digital business. You'll likely expect the mix to remain the same, right? Amit, what do you think? It's very difficult to answer at this point. I feel this is the bare minimum. It could only be better. Better from here. I think it should somewhere get onto that 70-30 range over the period. Again, it is subject to how the new business comes in as well as the acquisition, both. Correct. Okay. The other question was regarding the ban from MEA. What are you taking to avoid getting banned from other governments because? Boss, this is a very weird question. We work with governments every day. Every day, we are in talks with the governments. We are monitoring their SLA, etc. Our steps are always to fulfill all the contractual obligations. That is what we are focused on. Got it. Thank you. Thank you. The next question is from the line of Shikha Mehta from Time & Tide Advisors. Please go ahead. Hello, sir. I just have a few questions. I'm sorry if they're repetitive in nature. One, I wanted to understand what our acquisition pipeline is going forward. If we have anything currently in the pipeline or we have any target of acquisitions for the next, say, 12- 18 months? Shikha, we have a couple of targets we are working on, and we hope to increase our pipeline of companies which may be in the, to which we can review and take them forward. We are quite, I would say, aggressively looking at recent acquisitions over the next couple of years. Sir, do we have a certain valuation target that we look at, like a range, say, two-time sale or certain times EBITDA that we look to acquire? Yes. See, our main focus is on that those companies should be having an EBITDA multiple that we look at. We never look at revenue multiple. The whole objective is to look at from the ROI point of view and the return and then what synergy we have. When you say ROI, do we mean ROI for us as in an acquiring company? What kind of ROI it generates to us or as an entity as a whole? Yes, from our point of view. What are the return on our investment we are going to generate? We look at a lot of parameters. This call will take us a couple of hours to discuss, but more or less, the bottom line is that we are serious on the acquisition and expanding our existing businesses. Understood. Sir, secondly, can you tell me how much percentage our standalone business has grown, that is, without any of the new acquisitions? In this quarter, because of the RDFS, our acquisition business has given us about 20%-25% of the revenue and about 6%-7% in the EBITDA. Okay. So how much has our visa business grown at without counting any of the other MESC assets? This quarter is practically all organic growth which has come in the Q2. Okay. So broadly, broadly organic growth only. So 27% year-on-year broadly or 25% if you remove a bit of the acquisition. So say 25% is something we can consider year-on-year organic growth? See, organic growth, you see, visa business, we have done about 10% this quarter. That is all in visa business. And similar, 15% or so we have done in the digital business. Okay. Okay. Got it. Got it. All right, sir. Thank you so much. I'll come back next time. Thank you. The next question comes from the line of Athar Syed from Smart Sync Services. Please go ahead. Mr. Athar Syed, you are on talk mode. Please go ahead with your question. Hello. Am I audible? Yes, sir, you are. Please go ahead. Yeah. Sir, I have one question. What is your vision in the next three to five years? Where are you seeing your visa business and digital business? Currently, our visa business is around 75% and digital business is around 25%. What could we assume in the future? Amit, can you answer that? We just answered this question, right? 70% is our objective. 70-30 is what we are looking for, but again, this all will depend on how the new contract comes in and how the acquisition happens over the future. What kind of companies are we looking for for acquisition? Last time we did in hotels and etc. Any new sector? See, we are looking at businesses which have some synergy with our existing business, or we can grow those businesses because of our reach and our clients that we can somehow expand those businesses in the future. Okay, sir. Thank you so much. Thank you. In the interest of time, this was the last question for today's conference call. I now hand the conference over to the management for closing comments. Over to you, sir. Thank you, everyone, for joining this call. If you have any further questions, you can get in touch with EY team or Gaurav Chugh. Thank you so much. Thank you, sir. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.