Slide 1: Filing cover letter to stock exchanges
May 18, 2026 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 Sir
Slide 2: BLS E-Services Limited Investor Presentation Q4FY26 & FY26
BLS E-SERVICES LIMITED Investor Presentation Q4FY26 & FY26 BSE : 544107 | NSE : BLSE
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: Contents
Q4FY26 & FY26 Performance Highlights 2 Company Overview 3 Key Strengths “Key Investment Highlights s_ Historical Financial Highlights © Annexures
Slide 5: Q4FY26 & FY26 Performance Highlights
Q4FY26 & FY26 Performance Highlights
Slide 6: Results Snapshot – FY26
Results Snapshot – FY26 FY26 EBITDA* at FY26 Total Income at FY26 PAT at Rs. 100 Crores Rs. 1,143 Crores Rs. 69 Crores (8.7% Margin) Up 109.7% Up 17.8% Up 16.0% Gross Transaction Value ^ at Distributed Loans worth Net Cash at Rs. 1,11,000+ Crores Rs. 36,800+ Crores Rs. 400+ Crores Up 27.3% Up 213.8%
Slide 7: Results Snapshot – Q4FY26
Results Snapshot – Q4FY26 Total Income at EBITDA* at PAT at Rs. 329 Crores Rs. 26 Crores Rs. 18 Crores Up 34.1% (7.9% Margin) (5.6% Margin) Gross Transaction Value ^ at Distributed Loans worth Total BCs / CSPs Rs. 31,000+ Crores Rs. 12,000+ Crores 45,800+ Up 13.1% Up 45.8% 6 ^ Gross Transaction Valu
Slide 8: Key Business Updates – FY26
Key Business Updates – FY26 No. of touchpoints increased to 1,55,000+ in FY26 as compared Business Correspondents CSPs increased to 45,800+ as on 31st to 1,42,000+ in FY25 March 2026 as compared to 44,800+ as on 31st March 2025. Gross Transaction Value^ for FY26 stood at Rs. 1,11,000+ Crores Facilit
Slide 9: Consolidated Financial Highlights – FY26 vs FY25
Consolidated Financial Highlights – FY26 vs FY25 in Rs. Crores Total Income & YoY Growth (%) EBITDA* & YoY Growth (%) PAT & YoY Growth (%) +109.7% +16.0% +17.8% 1,142.8 99.9 86.1 69.3 58.8 545.0 FY25 FY26 FY25 FY26 FY25 FY26 Total Income stood at Rs. 1,142.8 Crores in FY26, as compared to Rs. 545.
Slide 10: Consolidated Financial Highlights – Q4FY26 vs Q4FY25
Consolidated Financial Highlights – Q4FY26 vs Q4FY25 in Rs. Crores Total Income & YoY Growth (%) EBITDA* & YoY Growth (%) PAT & YoY Growth (%) +34.1% +2.2% 328.9 25.4 26.0 +5.4% 245.2 18.2 17.3 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Total Income stood at Rs. 328.9 Crores in Q4FY26, as compared
Slide 11: Consolidated Financial Highlights
Consolidated Financial Highlights in Rs. Crores Total Income EBITDA* & Margin (%) Total Income EBITDA* & Margin (%) 9.9% 9.5% 7.9% 7.9% 15.8% 8.7% 400.00 Consolidated 140.00 350.00 120.00 300.00 328.9 100.00 250.00 276.0 286.7 1,142.8 99.9 251.2 80.00 86.1 26.3 200.00 24.9 26.0 150.00 22.7 60.00 100
Slide 12: Consolidated P&L Statement – Q4FY26 & FY26
Consolidated P&L Statement – Q4FY26 & FY26 in Rs. Crores Particulars Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from Operations 323.4 239.2 35.2% 1,117.8 519.4 115.2% Other Income 5.5 6.0 25.0 25.7 Total Income 328.9 245.2 34.1% 1,142.8 545.0 109.7% Cost of Services 286.3 202.2 980.8 401.3 Employee Ben
Slide 13: Company Overview
Company Overview
Slide 14: BLS E-Services at a Glance
BLS E-Services at a Glance BLS E-Services Limited (BLSe) is a leading digital service provider to governments and Rs. 1,143 Crores financial institutions in the G2C, B2C, B2B categories, through its tech-enabled FY26 Total Income integrated business model 67% BLSe is not just a service provider, but
Slide 15: Key Strengths
Key Strengths
Slide 16: Key Strengths
Key Strengths 1 2 3 Diversified Multi Modal Asset-Light Business Model Revenue Streams Model 7 4 5 6 Strong Tailwinds In-House through Govt’s Value-Accretive Expansive Acumen in Financial Inclusion Acquisitions Network Reach Technology Initiatives 15
Slide 17: 1. Diversified Business Model
1. Diversified Business Model Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services BLS E-Services Business Correspondent Loan Distribution E-Governance Services Assisted E-Services Enables the provision of citi
Slide 18: 1a. Business Correspondent Services
1a. 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 H
Slide 19: 1a. Loan Distribution Business
1a. Loan Distribution Business BLS E-Services significantly enhanced the loan distribution business through the acquisition of 57% controlling stake in Aadifidelis Solutions Pvt. Ltd., having a strong network and proven partnerships across leading banks and NBFCs About Aadifidelis Solutions Loan Lea
Slide 20: 1b. E-Governance Services
1b. E – Governance Services A trusted partner for government initiatives the platform simplifies citizen access to over 700+ services across Departments through Jan Seva Kendras and over 22,000+ Common Service Centres in Uttar Pradesh, Karnataka, Gujarat, West Bengal and Rajasthan One stop shop pl
Slide 21: 1c. Assisted E-Services
1c. Assisted E-Services Access to Services including: Impact & Value Addition: BLSe offers a wide array of Bill payments Empowers village-level entrepreneurs assisted digital services, Insurance (VLEs) and local retailers with additional delivered through BLS Recharges income streams by cross-
Slide 22: 2. Multi Modal Revenue Stream
2. Multi Modal Revenue Stream Multi-Modal Revenue Business Correspondents Loan Distribution Assisted E-Services E-Governance Services Retailers Digital Stores Revenue Models Transaction based Fees charged to retailers Registration fee BOOT or related Commission (like on: DMT, based on: Transac
Slide 23: 3. Asset Light Model
3. Asset Light Model Merchant-Led Model Technology-driven Platform BLS E-Services operates on a proven Technology acts as the backbone, with asset-light and merchant-led business proprietary platforms simplifying model that ensures scalability with merchant onboarding, operations and minimal capital
Slide 24: 4. Value Accretive Acquisitions
4. Value Accretive Acquisitions Starfin India Zero Mass Aadifidelis Solutions Private Limited Private Limited Private Limited Acquired in 2018 Acquired in 2022 Acquired in 2024 100.0% stake 90.9% stake 57.0% stake Business Correspondent business Business Correspondent business Loan
Slide 25: 5. Expansive Network Reach
5. Expansive Network Reach Business Correspondents (BC) Services (including Loan Distribution) 45,800+ 30,000+ 130+ 15,800+ 162 Rs. 1,11,000 + 300+ Business Rural / Semi-Urban Million Transactions Urban Codes Bank/NBFC Tie-ups^ Services Offered Correspondents ^ Codes in FY26 (as on March 31, 2026) C
Slide 26: 6. Cross-selling and Up-selling under Digital Services
6. 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 & serv
Slide 27: 7a. Tailwinds in BC Industry – Driving Financial Inclusion
7a. Tailwinds in BC Industry – Driving 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 Transaction in BSBDA through BCs by Value (INR Bn) Transaction in BSBDA through BCs by Volume (Mn) 300 0 70
Slide 28: 7b. India's E-Governance – Enhancing Service Delivery
7b. India’s E-Governance– Enhancing Service Delivery Through Technology & Transparency Transaction in BSBDA through BCs by Value (INR Bn) Transaction in BSBDA through BCs by Volume (Mn) Particulars EGDI OSI Particulars EGDI OSI China 0.8119 0.8876 Russia 0.8162 0.7368 EGDI Composite Score 0.3834 0.5
Slide 29: 7c. Tailwinds in Loan Distribution Markets
7c. Tailwinds in Loan Distribution Markets India’s loan distribution market, including banking and non-banking financial companies (NBFCs), plays a pivotal role in fuelling economic growth through credit disbursement across retail, MSME, housing, and other segments India Systemic Credit Market (USD
Slide 30: Key Investment Highlights
Key Investment Highlights
Slide 31: 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 32: Way Forward
Way Forward Organic Growth Invest in technology to further Focus on volume led growth across the build robust systems and various verticals of BCs, Loan Inorganic Opportunities Distribution, E-Gov & Assisted E-services processes Actively scouting for strategic Follow an aggressive strategy to
Slide 33: Historical Financial Highlights
Historical Financial Highlights
Slide 34: Consolidated Key Financial Highlights
Consolidated Key Financial Highlights in Rs. Crores Total Income EBITDA* & EBITDA Margin* +85% CAGR 8.7% 14.7% 16.1% 15.8% 8.7% 1,142.8 +85% CAGR 545.0 86.1 99.9 246.3 309.6 36.3 49.9 98.4 8.6 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 PAT & PAT Margin Net Worth 5.5% 8.3% 10.8% 10.8% 6.1% 522
Slide 35: Consolidated Historical P&L Statement
Consolidated Historical P&L Statement in Rs. Crores Particulars (in Rs. Crores) FY22 FY23 FY24 FY25 FY26 Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8 Other Income 1.7 3.2 8.1 25.7 25.0 Total Income 98.4 246.3 309.6 545.0 1,142.8 Cost of Services 63.5 161.7 207.6 401.3 980.8 Employee Benefi
Slide 36: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet in Rs. Crores Consolidated (in Rs. Crores) Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 ASSETS Non-current assets Property, Plant and Equipment 0.2 1.1 4.7 5.5 7.2 Goodwill 8.0 81.5 81.5 167.0 * 167.0 Other Non-Current Assets 20.9 26.7 115.0 225.2 54.1 Current Assets Inve
Slide 37: Annexures
Annexures
Slide 38: Corporate Structure
Corporate Structure Public 30.19% BLS International Services BLS 69.81% Limited & BLS Promoters E-Services Limited Starfin India Pvt Ltd Zero Mass Pvt Ltd BLS Kendras Pvt Ltd Aadifidelis Solutions Pvt Ltd (BC Business) (BC Business) (E-Governance Business) (BC Business) 100.0% 90.9% 100.0% 57.0% Onl
Slide 39: Thank You
Thank You Mr. Rahul Sharma Executive Director & CFO cs@blseservices.com Vikash Verma / Rohit Anand / Riddhant Kapur vikash.verma1@in.ey.com / rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com