1. Aadhaar Seva Kendra ramp-up - The UIDAI contract (₹2,055 crore, 6 years) is in Phase 2 of 3, with 200+ offices planned and full revenue expected from Q4 FY27-Q1 FY28. At full ramp-up this adds \~₹350 crore annual revenue at 10-15% EBITDA margins - roughly 11% of current revenue, with ₹75 crore of the ₹125 crore investment already spent.
2. Atyati Technologies acquisition - BLS E-Services completed the ₹138 crore acquisition of Atyati on July 2, 2026, adding a BC business with ₹275 crore FY26 revenue and \~₹20 crore EBITDA. Atyati's non-SBI bank relationships complement BLS's SBI-heavy BC book, consolidating India's largest BC network under one roof.
3. iDATA Turkey consolidation - The step-down subsidiary BLS International Vize Hizmetleri merged into iDATA effective August 17, 2026, combining ₹168 crore and ₹1,878 crore revenue entities. This simplifies the Turkey structure and aligns the 40-45% EBITDA margin visa business under one entity.
4. Citizenship Invest growth - Revenue grew to ₹17.5 crore in Q1 FY27 from ₹11 crore a year earlier, driven by Middle East demand for residency programs. At 45% EBITDA margins, this high-margin business scales without incremental capex.
5. China visa operations - The 3-year MEA contract for IVACs in Beijing, Shanghai, and Guangzhou started October 14, 2025, with volumes "picked up well". China is a major visa source market, and BLS operates exclusively from the Indian side.
6. Slovakia global contract - The 5-year contract to run visa centres in 80+ countries was won in Q3 FY26 and reiterated in Q4 FY26. It uses existing centres, so incremental revenue comes with minimal new cost.
7. Aadifidelis loan distribution - Loan leads reached ₹36,800 crore in FY26, with Q1 FY27 revenue of ₹225 crore. The 57%-owned subsidiary has 8,600+ channel partners and is scaling disbursement volumes.
8. BC network expansion - GTV crossed ₹29,500 crore in Q1 FY27, up from ₹26,200 crore a year ago, with 45,800+ channel partners. The government's PMJDY expansion to 3 crore new accounts adds to the addressable base.
9. New contract wins - Belarus, Portugal, Italy, Cyprus - Belarus commenced in Q1 FY27; Portugal, Italy, and Slovakia contracts won in the same quarter. These add to the 46+ governments served, each contract bringing recurring processing volumes.
10. Aadhaar Seva Kendra ramp - Aadhaar generated ₹17.5 crore revenue in Q1 FY27, with full ramp-up expected in 1-1.5 years. The ₹2,500 crore total contract value over six years is the single largest domestic contract in the company's history.