Slide 1: Exchange filing cover letter
August 04, 2025 To, To, National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Dalal Street, Complex Bandra [E], Mumbai – 400051 Fort, Mumbai -400 001 NSE Scrip Symbol: BLSE BSE Scrip Code: 544107 Subject: Investor Presentation Dear S
Slide 2: BLS E-Services Limited Investor Presentation Q1FY26
BLS E-Services Limited Investor Presentation Q1FY26 NSE : BLSE | BSE : 544107
Slide 3: Safe Harbor
Safe Harbor This Presentation and the accompanying slides (the “presentation”), have been prepared by BLS E-Services Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form
Slide 4: Table of Contents
Table of Contents Q1FY26 Performance Highlights Company Overview Key Investment Highlights Historical Performance Highlights Industry Overview
Slide 5: Q1FY26 Performance Highlights
Q1FY26 Performance Highlights
Slide 6: Key Business Updates - Q1FY26
Key Business Updates - Q1FY26 Emphasis on Business Facilitator (BF) model with Private Bank & NBFC New products in Business Correspondent (BC) model with PSU Banks • 10,000+ Retailers onboarded till Q1FY26 cumulatively • ReKYC of Inoperative accounts started • Q1FY26 GTV stood at Rs. 26,200+ Crores
Slide 7: Consolidated Key Financial Highlights – Q1FY26
Consolidated Key Financial Highlights – Q1FY26 Total Income 70.00 EBITDA* & EBITDA Margin* (%) 60.0 0 PAT & PAT Margin (%) 60.00 50.0 0 300.00 50.00 22.7% 9.9% 15.4% 7.0% 40.0 0 250.00 40.00 +205% 251.2 30.0 0 200.00 30.00 150.00 +33% 20.0 0 20.00 24.9 +39% 17.5 100.00 18.7 10.0 0 50.00 82.3 10.00 1
Slide 8: Consolidated Profit & Loss Statement – Q1FY26
Consolidated Profit & Loss Statement – Q1FY26 Particulars (₹ in Crore) Q1FY26 Q1FY25 YoY FY25 FY24 YoY Revenue from Operations 244.0 75.4 223.8% 519.4 301.5 72.3% Other Income 7.2 6.9 25.7 8.1 Total Income 251.2 82.3 205.3% 545.0 309.6 76.0% Cost of Services 211.8 50.8 401.3 207.6 Employee Benefit E
Slide 9: Company Overview
Company Overview
Slide 10: BLS E-Services at a Glance
BLS E-Services at a Glance BLS E-Services Limited (BLSe), through its tech-enabled integrated business model, provides digital and physical products and services in the G2C, B2C, 1,44,000 + 1,000+ 45,000 + Touchpoints^ BLS Stores Business Correspondents^ B2B categories in semi-urban, rural and (as o
Slide 11: Key Milestones
Key Milestones Listing on NSE and BSE; Acquisition of shareholding in Acquisition of Starfin India Acquisition of 57% stake in ASPL*, one BLS Kendras Private Limited by Private Limited of the largest players engaged in loan way of equity swap distribution & processing in India 2016 2018 2022 2022 20
Slide 12: Robust & Diversified Business Model
Robust & Diversified Business Model Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services Digital Services Business Business Correspondent E-Governance Services Assisted E-Services Delivers last mile banking ser
Slide 13: Business Correspondent Services
Business Correspondent Services Delivering last mile banking services to unserved and underserved rural and remote population as a part of the Financial Inclusion Program of Govt. of India Comprehensive range of solutions Advantage gained by our clients Channels and distribution strategies Highl
Slide 14: E – Governance & Assisted E-Services
E – Governance & Assisted E-Services Efficient and cost-effective methods of service delivery Enhance transparency and responsiveness of the Government to citizen needs One stop shop platform Convenience to citizens by reducing the travel time to avail services from haphazardly located service
Slide 15: Comprehensive Service Portfolio
Comprehensive Service Portfolio Opening of Basic Savings Accounts Loan Deposits (Term Loans, Collection and Renewal of Kisan Credit Card Loans, Agri SME Loans) Domestic Remittances (cash-to- account, account-to-account, Intra Micro-Insurance (PMJJBY – Life, Bank and Inter-Bank) PMSBY – General), Mic
Slide 16: Cross-selling and Up-selling under Digital Services
Cross-selling and Up-selling under Digital Services We intend to become the “Go to Market Platform” for various business verticals including fintech and digital platforms. The assisted digital convenience stores (BLS Touchpoints) act as the “One-stop solution” for availing various products & service
Slide 17: Digital Business – Strategic Roadmap
Digital Business – Strategic Roadmap Enhancing Technology Infrastructure Expansion of merchant and BLS Stores network Leverage technology to reduce resource costs Expand merchant network nationwide Improve service execution through the use of validated Offer a wider range of services at exis
Slide 18: Key Investment Highlights
Key Investment _ Highlights
Slide 19: Investment Rationale
Investment Rationale Diverse sources of Asset Light Model Cross-selling & Up- Proven track record of Network with Pan India revenue and negligible selling opportunities successfully integrating presence customer acquisition and acquisitions retention costs 01 02 03 04 05 Merchant led business BLSe’s
Slide 20: Way forward
Way forward Organic growth Focus on volume led growth across the three verticals of BCs, E-Gov & Assisted E-services Follow an aggressive strategy to win new government tenders for E-governance business New tieups with financial institutions viz Banks, Insurance companies, NBFC,etc Continue
Slide 21: Historical Financial Highlights
Historical Financial Highlights
Slide 22: Consolidated Key Financial Highlights
Consolidated Key Financial Highlights Total Income EBITDA* & EBITDA Margin* +77% CAGR 8.7% 14.7% 16.1% 15.8% 545.0 +116% CAGR 86.1 246.3 309.6 49.9 36.3 98.4 8.6 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 PAT & PAT Margin Net Worth 5.5% 8.3% 10.8% 10.8% 482.7 431.1 +122% CAGR 58.8 33.5 20.3 106.9 5.4 1
Slide 23: Consolidated Historical P&L Statement
Consolidated Historical P&L Statement Particulars (in Rs. Crores) FY22 FY23 FY24 FY25 Revenue from Operations 96.7 243.1 301.5 519.4 Other Income 1.7 3.2 8.1 25.7 Total Income 98.4 246.3 309.6 545.0 Cost of Services 63.5 161.7 207.6 401.3 Employee Benefit Expenses 6.4 23.2 29.7 37.1 Other Expenses 1
Slide 24: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Consolidated (in Rs. Crores) Mar-22 Mar-23 Mar-24 Mar-25 ASSETS Non-current assets Property, Plant and Equipment 0.2 1.1 4.7 5.5 Goodwill 8.0 81.5 81.5 135.7 Other Non-Current Assets 20.9 26.7 115.0 225.3 Current Assets Inventories - 0.6 1.6 0.5 Trade Receivable
Slide 25: Industry Overview
Industry Overview
Slide 26: Industry Overview
Industry Overview Business Correspondent Industry Business Correspondent (BCs) work on a commission-based model. The commission is paid as a certain percentage of the value transacted or E-Governance a fixed fee per transaction depending on the Assisted E-Services Services Industry agreement. Indu
Slide 27: Industry Dynamics & Key Growth Drivers
Industry Dynamics & Key Growth Drivers India’s population surpassed China in January 2023 and has become the most populous country. Additionally, India is expected to be the fastest growing economy. This would lead to significant demand for E-services, Banking Correspondent Services as well as assis
Slide 28: India’s Digital Assistance Market– Rapid Growth Driven by Technology (1)
India’s Digital Assistance Market– Rapid Growth Driven by Technology (1) PMJDY Drives 0.55 B Beneficiaries Surge in Authentication Transactions 4,000 & INR 2,452 B in Deposits by FY25 1.00 3,500 0.90 22.9 0.80 17.7 3,000 0.70 0.52 0.55 2,500 0.45 0.49 0.60 14.1 0.38 0.42 2,000 0.35 0.50 10.8 11.1 0.
Slide 29: India’s Digital Assistance Market– Rapid Growth Driven by Technology (2)
India’s Digital Assistance Market– Rapid Growth Driven by Technology (2) Remarkable Growth in India’s Digital Payments Method: UPI Soars with 79.9% CAGR from FY20 to FY24 Trend in Volume of Payments (Bn) Trend in Value of payments (INR Tn) 131.1 79.9% 14.4% 83.7 391 337 75.7% 23.2% 46.0 229 251 287
Slide 30: Business Correspondent – Drive Financial Inclusion in Remote Areas
Business Correspondent – Drive Financial Inclusion in Remote Areas BC’s Handle 60.5% of BSDA Transactions in CY24, up from 55.6% in CY19, highlighting their role in Financial Inclusion 3000 Transaction in BSBDA through BCs by Value (INR Bn) 70.0% Transaction in BSBDA through BCs by Volume (Mn) 700 7
Slide 31: India’s E-Governance– Enhancing Service Delivery Through Technology & Transparency
India’s E-Governance– Enhancing Service Delivery Through Technology & Transparency India’s scores are low compared to other countries India’s rank in e-Governance is improving, as per UN Survey providing government services online Particulars EGDI OSI Particulars 2014 2022 China 0.8119 0.8876 Russia
Slide 32: Advantages of E-Governance
Advantages of E-Governance Enhance delivery and efficiency of Convenience to Citizens and government services 01 10 Businesses Significant reduction in Cost with Efficient government management 02 09 simultaneous growth in revenues Increased legitimacy of Empower Citizens through access to informati
Slide 33: Annexures
Annexures
Slide 34: Corporate Structure
Corporate Structure BLS International Services Public Limited & BLS Promoters 68.9% 31.1% BLS E-Services Limited Starfin India Pvt Ltd BLS Kendras Pvt Ltd (BC Business) (E-Governance Business) 100.0% 100.0% Zero Mass Pvt Ltd Aadifidelis Solutions Pvt Ltd (BC Business) (BC Business) 90.9% 57.0% 33 On
Slide 35: Thank You
Thank You Mr. Rahul Sharma, Executive Director & CFO Vikash Verma / Rohit Anand / Riddhant Kapur cs@blseservices.com vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com