Ladies and gentlemen, good day and welcome to the BLS International Services Limited Q4 and FY 2026 earnings conference call. 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 and then zero on your touchtone phone. Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risk that could cause future results, performance or achievements to differ significantly from what is expressed or implied by such forward-looking statements. I now hand the conference over to Mr. Gaurav Chugh from BLS International Services Limited. Thank you, over to you, Mr. Chugh. Good afternoon, everyone. Thank you for taking out time to join this call today. From the management, we have Mr. Shikhar Aggarwal, Joint Managing Director, Mr. Amit Sudhakar, Chief Financial Officer, Mr. Lokanath Panda, Chief Operating Officer from BLS E-Services. 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 then we will open the floor for an interactive Q&A session. Thank you, and over to you, Shikhar. Good evening, everyone, and thank you for joining us on BLS International's Q4 and FY 2026 earnings call. We hope you've had the opportunity to review the results, press releases and investor presentation uploaded on the stock exchanges as well as our website. We are pleased to share that the company delivered a remarkably well performance in the financial year FY 2026. It's the highest ever performance across all key parameters and metrics. Revenue, EBITDA and PAT grew by 37%, 30% and 34% year-on-year respectively. The performance was driven by higher application volumes, multiple contract wins across various geographies, diversification of service portfolios, and increase in net revenue per application in the visa business. I would also like to highlight that the company has demonstrated exceptional performance over the last three years, reporting a growth in all parameters like revenue, EBITDA, and PAT at a CAGR level of more than 50%. This is a noteworthy achievement by the company, further validating the robust business model as well as the effectiveness of the company's strategies. Q4 FY 2026 was also a strong quarter for the company, driven by healthy momentum across both our businesses. EBITDA and PAT for the quarter grew 17% and 30% respectively year-over-year. Our visa and consular business continues to witness strong traction for the quarter as well as for the full year. The business continues to witness strong profitability, with FY 2026 EBITDA growing by an impressive 30% year-over-year, and EBITDA margins grew to 40% from 34% in FY 2025. This growth highlights BLS' strong execution capabilities, operational efficiencies, and the positive impact of successful transition of our business model from partner-run to self-managed model. BLS International has processed more than 44.1 lakh applications during the year, which grew from 37.5 lakh applications. Net revenue per application also witnessed a growth of 14% to INR 3,302 per application as compared to INR 2,903 per application. BLS International has also taken several strides in terms of technology enhancement during the quarter. The company partnered with a body to offer trade and document attestation services across 17 centers. We also partnered with Sypha AI to modernize visa and consular business through AI-powered solutions. We also introduced AI voice bots for related issues, et cetera. Our digital business also continued significant momentum, crossing INR 1,000 crores in revenues. Revenue from digital business more than doubled to INR 1,200 crores, witnessing a remarkable year-on-year growth of 100%. This is primarily on the count of the BC business, including loan distribution along with increased scale in assisted digital and service offerings. The company's asset-light and scalable operating model remain a key enabler of growth, supported by a network of 150,000 touchpoints with around 45,000 channel partners. The BC business is witnessing significant transactions, with GTV at more than INR 1.1 lakh crores during the year, compared to INR 87,000 crores in FY 2025. The company also witnessed strong traction due to acquisition of Aadifidelis. The company generated leads worth around INR 36,000 crores during the year. We are continually strengthening our technology by enhancing and leveraging AI, advanced analytics and cloud performance. While the company is consistently growing, it has also followed the policy of rewarding its shareholders throughout the years by way of dividends. In line with this, the board has recommended a final dividend of 50% of face value, that is INR 0.5 per equity share, in addition to the interim dividend of INR 2 per equity share. This leads to 250% of dividend of face value of more than INR 100 crores for the entire year. Before I conclude, I would also like to address the impact of travel industry due to the ongoing geopolitical situation. What we are witnessing today is a temporary scenario, but a shift in which people do travel due to the ongoing tension in the Middle East. Revenue is intact at the same time. Thank you so much. I would now like to hand over the call to CFO, Amit Sudhakar. Thank you. Good evening, everyone. I'm pleased to share the consolidated audited financials highlights for the quarter, fourth quarter and full year ended 31st March 2026. Revenue for FY 2026 increased to INR 2,998 crores as compared to INR 2,193 crores last year, up by 37% YoY. This growth is on account of increased momentum and in both our businesses. FY 2026 EBITDA rose by INR 819 crores from INR 629 crores in FY 2025, registering a growth of 30%. EBITDA margin stood at 27.3% for FY 2026. Profit after tax for the full year was INR 724 crores compared to INR 540 crores last year, showing a 34% increase. Now looking at the Q4 FY 2026 consolidated performance. For Q4 FY 2026, we recorded a strong growth of 18% year-on-year in consolidated revenue. An increase to INR 815 crores in Q4 FY 2026 from INR 693 crores in Q4 FY 2025. The growth was driven by steady growth in both visa and digital businesses. EBITDA for the quarter increased by 17% year-on-year to INR 204 crores as compared to INR 174 crores in the same quarter last year. Profit after tax increased by 29% to INR 187 crores compared to INR 145 crores in Q4 FY 2025. Coming to segment highlights. In FY 2026, visa and consular services grew by 11% to INR 1,840 crores compared to INR 1,653 crores in FY 2025. EBITDA for the segment rose sharply by 30% to INR 738 crores, with the margin improving to 40% from 34% last year, reflecting our focus on efficiency and profitability. In Q4 FY 2026, the visa consular services segment recorded a revenue of INR 472 crores, a 7% growth over INR 441 crores last year. The growth in revenue was mainly driven by the increase in visa application volume, which grew by 10% year-on-year to 10.8 lakh applications in Q4 FY 2026 from 9.8 lakh applications in Q4 FY 2025. EBITDA for the segment rose by 19% to INR 180 crores with a margin of 38%, an improvement of 400 basis points from 34% margin last year. In FY 2026, the digital segment revenue was doubled to INR 1,158 crores compared to INR 440 crores in FY 2025. The EBITDA for FY 2026 was INR 81 crores compared to INR 60 crores in the previous financial year. In Q4 FY 2026, the revenue increased to INR 343 crores in Q4 FY 2026, up from INR 252 crores in Q4 FY 2025. EBITDA for the quarter was at INR 24 crores. The company continued to maintain a strong cash flow and a healthy balance sheet. During the year, the business generated a cash of over INR 900 crores. As on 31st March 2026, the company maintained a strong net cash balance of INR 1,434 crores. 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 be taking the question and answer session. Anyone who wishes to ask a question, press star and then one on the touchtone phone. If you wish to remove your question from the queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait a moment while the questions are assembled. Your first question comes from the line of Mehul Panjwani with 40 Cents. Please go Please go ahead. Hello, sir. Am I audible? Yes, sir, you're audible. Please go ahead. Okay, sir. Congratulations on a great set of numbers. I have one question about the current situation in West Asia. Because of this, have you seen any setbacks in the last quarter? If you see our numbers, we have actually grown. Our EBITDA has grown in last quarter. On an annual basis, our EBITDA has grown by 35%. Even if you see our EBITDA in the last quarter comparing to Q4 of last year, has still grown by more than 30%, 35%. For us, there has been no impact. As we have said before, since the company has been operating from the year 2007, 2008, there are multiple geopolitical things happening in the world from back then and every year something or the other happens. Temporary, definitely, some things get affected, but on an annual or a quarterly basis, everything gets balanced. Today, we are in 70+ countries working with more than 40 client governments. Definitely, some impact is there on a short-term level, but on an ongoing annual level, everything gets balanced. Right. Thanks for your clarification. Let's say if this situation wasn't there, then you would have reported better numbers? In the last quarter, I don't know exactly. Yeah. If we had reported any better numbers. I need to check. Definitely there could be some impact. Definitely, I don't know. We have still grown a lot. If you see on an annual and quarterly basis, I don't know. Maybe, yeah, definitely some volume temporarily that happened could have come back to us. Thank you. We take the next question from the line of Vansh Solanki with RSPN Ventures. Please go ahead. Hi, sir. Am I audible? Yes, you are. Yeah. Also, just on the war side, you just told that the Q4 would be better if the war wasn't there. In Q1, are we seeing any impact of the war still? Because still the war is not closed, or all the negotiations are made. Maybe Q1 or maybe Q2 also, we can see the impact. How you are seeing Q1 and full year FY 2027 in terms of volume growth? It's only April, May. Right now, I cannot tell you exactly what will be the impact of the war. As of now, we are going strong, and we will continue to maintain our numbers from last year, growth from last year. I don't know exactly what will be the scenario in the future, et cetera. As of now, things are steady. Okay. Also the last so many quarters, management has said that many contracts of the governments are pending for a renewal. Is there any definitive amends? We have also announced, no, that many results we have announced. We have won Slovakia, Cyprus, Indian government tender last year. We won a lot of tenders for Italy, Portugal, Poland. All of them are part of that. We won a big UIDAI INR 2,500 crore tender last year. Still there are many more tenders that are pending. My question is majorly the forward looking in the FY 2027. Are we tracking any government which has contracted re new? Many tenders are coming up. This is a up. This is a constant tender business. Many new governments are coming out with tenders. They're actually bidding at different stages. Many governments are out looking for the first time. Definitely we have a big potential for growth in terms of different tenders that are coming up for renewal. Okay. The second set of questions is about the UIDAI work order which we have received. How much revenue we have actually booked in the Q4 and for how much months? It is only been one or two months since we have started the rollout. This is one in which we have to roll out 40, 50 offices. We have done. Eventually, we have to roll out more than 200 offices, will take at least one year for the full revenue to start coming in. One and a half years for the ramp-up and the full revenue to start coming in. Okay. Vansh, sir, may we request you to return to the queue for any follow-up questions, please, as several participants are waiting for their turn. Oh, yes. Thank you, sir. We take our next question from the line of Shikha Mehta with Time & Tide Advisors. Please go ahead. Shikha, ma'am, your line is unmuted. Please proceed with your question. Hello, am I audible? Yes, ma'am, you're audible now. Please go ahead. Yeah. I just had a few questions. One, of course, I wanted to understand the situation on the war, the geopolitical situation in the sense, I'd assume March for us would be close to a washout because I don't think a lot of travel was happening, but maybe this quarter could see slightly better movement. Would want some guidance on that from a visa point of view. Secondly, seeing our visa and consular business for Q4 and for the whole year, the number of applications, that is, the volume, has grown at a much faster pace than the actual revenue from operations. Can you help me understand that a bit as well? From what I can see in your presentation, the net revenue per application has also increased at a very fast pace. Where is what is the gap between both? Yeah. On your first question, I can take that. Actually, we have already answered the question of a geopolitical situation. It's not in our control. If you see the last quarter, March was not a washout for us. We have grown from similar quarter last year. We've had a major growth of more than 30%. Definitely, as someone asked, it could have been further growth. We had also one new tender that we've deployed because of also which the volume has grown. I think that is the situation, and this quarter, we'll see. We'll get to know once the quarter ends. We are going strong. Obviously, there is some impact because they are not fully back, numbers, but still we are growing from same quarter last year. Q1 is usually our strongest quarter of the year. Yeah. As I said, that definitely we are going steady. Okay. Hello? Yeah. Yeah. On the second question of the volume, as in the number of applications versus the revenue. Yeah. Number of applications have gone because also we have won some contracts. We've deployed them, Cyprus, Slovakia, et cetera. Some volume has started to come in. Definitely, volume has to went up. Net revenue, maybe Amit can explain that it has gone up. Right? Yeah. The net revenue improvement, Shikha, is account of mainly two reasons. One, the value-added services per application goes up, the net revenue per application increase as well as the new contracts, if we have won at a better pricing, that also have an impact on the net revenue improvement. Sir, if that is the case, how has the number of applications for the year increased by 10% and the revenue from operations just increased by 7% for Q4? That's what I said, that as your numbers, if there is a value-added services in the quarter has gone lower, then the per application revenue will come down. Sir, per application we still showed. Shikha, let me just explain. Shikha, what's happening is that, there is a factor of value-added services conversion. If you look at the conversion, if you look at our net revenue, net revenue has grown by 20%, whereas our application count has grown by 10%. This is for the quarter. This ultimately translates that the conversion in the value-added services and our share of value-added services has gone up. Though it has not been reflected in the revenue, but it is reflected in the net revenue as well as our EBITDA. Our EBITDA margins and absolute EBITDA is going up. There is a revenue sharing between the third-party vendors. We take some certain services. The truth is that if you take net revenue growth, this is at 20%, whereas application count growth is around 10%. We can take this offline if you want further details, we can share that. Thank you. The next question comes from the line of Diya with Sapphire Capital. Please go ahead. Hi sir, thank you for taking our question. You said that March has been quite good for you. Can you describe how the month of April has been for us? We cannot give any forward-looking statements, but we have said in the previous question also that we are growing steady. You're seeing demand ticking up? Yeah. Okay. If you see our fourth quarter also, we have grown by more than 30% compared to same quarter last year. Yeah. We are a global company now. We are operating in 70+ countries. Definitely, for us, if demand goes down from somewhere, sometimes it picks up from somewhere else. Yeah, we are growing steady. Okay, sir. Any guidance on how our FY 2027 revenue numbers is going to look like? I think this year also we said that we will grow by 20%-25% on an increase base. Last year we've been seeing. I think growth was much larger than that. We grew at 34% on EBITDA level. I think our target is on increase base to grow the company at 20%-25%. That is what our internal targets are. Okay, sir. Thank you, and all the best. Thank you. The next question comes from the line of Shreya Kejriwal with Moneyvesta Capital Private Limited. Please go ahead. Congratulations on the results. My question was regarding the net cash balance. It's like it's around INR 1,400 crore. What are your key capital allocation strategies going forward? My second question also regarding, can you share the split between the organic and inorganic contribution to the overall revenue growth in this quarter? Amit, you can answer, please. Thank you. As per the organic and inorganic, technically in the current year we have not done any new major acquisition. The numbers are very, I would say previous year and current year could be looked at on a same basis except Aadifidelis, which has contributed about, I would say in the overall, around 25% of the revenue which has come from Aadifidelis. Otherwise, all the other numbers are comparable compared to the last year. Sir, regarding the first question, like regarding the net cash balance, what are your key priorities regarding capital? I think we have announced one acquisition which is in the pipeline, and we are working on few more. As and when they get crystallized, we will be using fund for that. As Shikhar said, we are bidding for some contracts currently and if they come we will be deploying and opening those new projects which may come in. Major utilization of the cash will be for the expansion of the existing business as well as for inorganic growth which we plan to do. Okay sir. Thank you so much. Thank you. Thank you. The next question comes from the line of ValueQuest. Please go ahead. Yeah, hi. Keyur here. Am I audible? Yes, we can hear you. Yeah. Hi. Firstly, congratulations on a good set of numbers. I had a couple of questions. In the previous answer, Amit, you mentioned that you are working on a few acquisitions and there was also an interview where Shikhar had mentioned about allocating about INR 2,000 crores towards acquisition over the next four, five years. Could we get some more color in what segment are we looking? Will this be more on the digital side or in our core Visa and Consular Services business? That is question one. I will follow up with the other question. Sure. This plan which we have, we are looking at businesses in both the segments. What happens is that sometimes you are working on a couple of them, some get crystallized, and some get finalized much earlier than the others. The intent is to grow in both the businesses. Both have their own growth trajectory, and we see a tremendous growth in both of them. Yes, digital currently looks much more domestic-driven, whereas visa and consular business, we are looking at much more targets outside India in that business. We are open to businesses which have synergies with our existing business, or we can add value in those businesses. Understood. My second question was on the Aadhaar contract. We've started to set up those centers. Over the next six months, we start seeing full revenue starting to flow. Could you walk us through what sort of revenue do we expect over FY 2027 and FY 2028 through this contract? On economics, how do the margins look like? This is too soon to right now tell you a firm picture on that, because we have rolled out phase I. 40 or 50 centers have to roll out to 300 centers, and numbers start coming in. From full implementation takes at least one year. This was, I think, a 2004 contract that we had won, and the revenue is to be accrued over the next five to six years to us, from the time the contract is fully deployed. We are expecting a typical margin of, I think, 15%-20% EBITDA margins in this contract. Understood. This contract sort of expires so after five to six years, this goes back to the government? No, that's not the case. Normally, in any tender, normally they are for different durations, six years, seven years, eight years, 10 years. This contract is for six years. Maybe it will come for re-tender, it will get extended, et cetera. We'll see. We don't know what will happen after six years. Yeah. We will be interested. This is run under BLS International or the E-Services subsidiary? BLS International, this is like a passport service project where you will have to deploy offices across India. People will come to you will get per application payment, et cetera. That is why we felt that this is onshore delivery within India, entire one city. This is under BLS International. Got it. Perfect. All the best for the coming year. Thank you. Thank you so much. Thank you. The next question comes from the line of Darshil Jhaveri with Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my question. Firstly, congratulations on a great set of results, sir. Just wanted to understand in terms of our EBITDA margins, we performed really well. The digital business at a higher scale, I think our margins have suffered a bit. How do you look at it going forward, sir? I think Amit can also add. Amit, maybe you can add about this. As I said, we have acquired this Aadifidelis, which is a loan distribution company, where the EBITDA margins are ranging around 4%-5%. As the mix is changed in the digital revenue, the margins are showing lower. There's a growth in the margins, and that is about more than 30%+ growth in the margin. The business model works on a commission of 2.5% on the loans which get distributed and which is also passed through to the DSAs and the others. Margins are thin, but volumes are very high. Okay. It's a commission business. Fair enough, sir. On an overall basis, what is the margins that we can expect? Because the visa business also you are hitting really good margins. In terms of capping, I think 40% margins are really great, but can we sustain them? What do we look at in terms of sustainable long-term margins, sir? Overall for the business, or the visa business, whatever you would be comfortable commenting, sir. If you see, that is this year, the Aadifidelis sale has been there in the whole year, the whole financial year. Currently, that 7%-8% EBITDA margin of digital has got stabilized. We are now looking at how to improve it going forward. Whereas visa business sales are currently touching around 40%. We are looking at now maintaining those. The current margins are what we are going to now look at going forward. Okay. Fair enough, sir. That's it from my side. Thank you so much, sir. Thank you. Thank you. The next question comes from the line of Varun from Ascent Capital. Please go ahead. Hey, guys. Great set of numbers. Thanks. Just wanted to check this impact of the war. Now that you've been through so many cycles, have you seen that the seasonality impact shifts? Obviously we have that seasonality with regards to maybe the holiday quarters or whatever. Historically, we've been through COVID and other events in the past, have you seen that impact sort of getting shifted where there's a pent-up demand and it comes back later to specific geographies? I think definitely, as you said, 20 years we've been operating, there are different geopolitical scenarios happening time and again. Every year there's something or the other happening in different parts of the world. We are in 70 countries now, so definitely, there is a little bit of impact on us. Yeah, there could be. We are not sure what will happen in the future. Yeah, we have seen a little bit drop in numbers in some countries, but still we have grown on an annual basis, on a quarter basis, we are still growing. We don't know exactly. After COVID, obviously, travel was zero in COVID. Numbers obviously came back after COVID. It's not zero. There's a little bit of an impact. Could be that it comes back, but yeah, we cannot comment on that fully. Got it. Second thing, just wanted to check on the U.K. hotel, what is the update on that? Secondly, is that a space in which you're going to continue to make acquisitions or is that still a one-off as of now? No. I think we've already said it in the last few quarters, that we will not do any acquisition in the hotel space. It's going strong, as we have said that we are looking at the model where it's the asset-light model, and that is what we are focused on. Understood. Thank you. Thank you. The next question comes from the line of Sameer Deshpande with Fairdeal Investments. Please go ahead. Hello, sir. Congratulations on the good results and the consistency over the last two, three years. Growth has been quite good. I think with the catching base effect, the growth rates are seeing some tapering off, maybe quarterly. Now as you mentioned, I wanted to know about the effective tax rate. Our tax rate is, I think, nearly 10%-12%. What is likely to be the tax rate moving forward? Just to give you a rough idea, position that in Dubai, we have a free trade zone where our company is, which is practically still the tax-free zone. The effective rate of the group comes currently around 10%-12%. This may go a little higher in the future because in Dubai they may change the tax rate from 9%-12%. That will have maybe a minor impact on our net tax position by about a percentage. End of the day, it boils down on the sales and the profit in respective countries and the tax rate in those respective countries. Except Dubai, we are not expecting any change. Maybe it is 10%, 12%, maybe 13%, it will not be substantial area. No. Unless until, again, theoretically, if your profit goes very high in few countries, as a percentage it changes and the taxes are higher in those cases. Like currently India is growing faster and therefore the mix is changing slowly. After our China operation, which we started, I think six months back after receiving it from the Minister of External Affairs. How is the business on that front? It started. Numbers are going steady and still there's a lot of potential for numbers to grow. Okay. Overall, our blended margins are above 25%, considering the lower margins in the delivery services or UIDAI, it's a very high, good margin of over 40% in our visa and consular services, our main core area. The core area growth, suppose continues in double digits, above 10%- 15%, then that will be good and the delivery services will grow substantially higher. The blended margin is expected to continue above 25%? As of now, we are going to maintain the margins. Digital business, we are seeing as and when the business grows, we get more services implemented there. Definitely our expectation is in the future margins will go up in the digital business. They will continue. Current margins are expected to hold for about. Yeah. Subject to the ratio remaining the same. Okay. That is true. Our design consular continues to be around 40%. That is a clean area. Yeah. See, both the businesses will maintain their current margins. Okay. Thank you. The tax results are quite good. Correct. Okay. Thank you. Thank you and all the best. Thank you. Thank you. We have our next question coming from the line of Gopalakrishnan with [Utanesh] Investments. Please go ahead. Excellent evening, all of you. Thank you for the opportunity and congratulations to the team on a great set of numbers. My question is about this other income. This quarter, the other income is the highest. I just wanted to know, I know it is through the investment that we make and the FD and all of that, the interest and all, is it sustainable? That is my first question. This quarter, it is little higher, about INR 5 crore-INR 6 crore is because of the foreign exchange gain. That is a one-off. It won't come every year, the balance will be continuous. Mainly on account of interest on the FD's that we have and the mutual fund debt which we have, that mutual fund income. Also, another thing is about the intangible assets of around INR 1,200 crore that you are showing. I just want to know what it is and whether it is going to be there sustainable? See, they are being tested for impairment by the valuers in all the respective countries. Currently, there is no impairment on that as per the valuations report which we have received. It will depend on how the valuation is being done. Every year we get it done, and on the basis of that, we book the entry. Okay. Update on MEA ban on our company on some new tenders and also our prime minister's call not to travel for one year, any impact on our business? We are a global company in 70+ countries. Definitely, increasing travel both outbound and within India increases appetite for customers to travel. Definitely, we see ourselves going steady. MEA travel ban. MEA's ban on new tender, any updates, sir? We have already given the update. There is no ban. Okay. Thank you. That's all. Thank you, sir. Thank you. The next question comes from the line of Amit Maheshwari with Maheshwari Family Office. Please go ahead. Hi. Am I audible? Yes, we can hear. Yeah. First of all, thank you and congratulations on a good set of numbers. I actually wanted to get a little more color on the geographical split between our revenues. While I understand that it's not possible to share it at a country-level basis, but if you could just throw some color on which are the key geographies and their broad contribution to our revenue. That's my first question. My second question would be, in terms of the presentation mentions that there's a potential opportunity of about $1 billion-$2 billion of sort of contracts expected to come up for bidding in the next couple of years. If you can throw some color, if you were to, say, split our pipeline in various stages in terms of early evaluation, active bidding, and early stages of exploratory bidding? If you could just split it into those three categories at a broad level. I understand you may not have the specific numbers readily available, but if you could just give that would help us improve our understanding of the business. Thank you. If I can give you some understanding of the business, we've been growing for the last three years at 50% CAGR in terms of revenue and bottom line. If you have seen in the last 10 years, growth of the company, that is on the back of existing contracts, new contracts. Last year itself, we won 578 contracts that we've already won and deployed. That is why you've seen an increase in volume. As we said, we'll continue to bid for new tenders. This is a business we are in. The multiple tenders that keep on expiring of our competitors. Every year, new governments come out for tenders, and we are at different stages of different tenders in Europe, North America, etc. As and when the win comes, we'll definitely announce it, but we'll continue to maintain our growth trajectory of 20%-25% of the year. Let me rephrase my question. I'm not trying to understand which we are winning. I just want to understand of, let's say, a potential $1 billion worth of contracts coming in, how much do we expect to potentially come up for tender, say, this year and how much, say, would be next year? Would it be possible to give a broad indication? I think in the next one or two years only, most of them are going to come out. Okay. In terms of geographical split, how much of our revenues would be, say, from Europe, Asia, Middle East? Is it possible to give that broad indication? Amit, I don't really understand the question, actually. Amit, basically, if you are asking the current business or you are asking for the expected tender? For the current business. Last year, if you're asking the major, I don't have the percentage, but I can tell you a big region which we have been catering to is basically U.A.E., and then you have Saudi, you have Morocco, Algeria, U.K., U.S.A., Canada, and Singapore. If you're asking, these are the major. Now China, which has picked up well. Okay. just as a follow-on. Sorry to interrupt, Amit. It's just a follow-on question because sir mentioned U.A.E. and Saudi. Sir, there are several participants waiting for their turn. Really sorry, sir. Yeah. No, I'm not doing a fresh question. I'm just doing a follow-on question because you were involved. Sir, for any further follow-up questions, we request you to rejoin the queue. Okay, fair enough. Thank you. The next question comes from the line of Vikram Hirawat with C.R. Polymerss. Please go ahead. Hi. Sorry, most of my questions are answered. I was unable to get off the queue. Anyway, great selling numbers. Thank you so much. Thank you. Thank you. We have a next follow-up question coming from the line of Mehul Panjuani with 40 Cents. Please go ahead. Sir, my question is regarding the INR 2,500 crore project or tender you alluded to in one of the responses. Can you throw some light and elaborate on it? Hello? Which project? Sir, you mentioned in one of the responses about INR 2,500 crore project or tender. I missed that one. If you can please elaborate on it. UID is Aadhaar project. Okay. Did we win it in 2026 or it is ongoing? We have won the contract. We are deploying. The whole project has to be done in three phases. We have completed the first phase, and the second phase is under process, and the third one will get completed in the current financial year. This project is for six years. Right. Sir, what kind of services are you providing as part of this project? We are basically opening offices for Aadhaar, wherein people can come, get their Aadhaar amended. They can have a new Aadhaar card, and it will be directly under the Aadhaar Department of Central Government. We are just building the physical infrastructure. Yes? We are opening more and more user pay model. It's also the same user pay model like we are doing in the visa outsourcing industry, where we get money per application. All right. Okay. Thank you, sir. Thank you so much, and all the best. Thank you. Ladies and gentlemen, we will take this as our last question for the day. I now hand the conference over to Mr. Gaurav Chugh for closing comments. Thank you everyone for joining this call. If you have any questions, you can reach out to EY team or myself. We are available for the calls. Thank you so much and have a good evening. Thank you. On behalf of BLS International Services Limited, that concludes this conference. Thank you everyone for joining us, and you may now disconnect your lines.