Bls E-services Limited · NSE:BLSE
Bls E-services — Q2 FY27 Earnings Presentation
39 slides from Bls E-services's earnings presentation, Nov 2, 2026
Slide 1: Exchange filing cover letter
BLS E-SER VICES ww w.bl seservicesxojn November 2, 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: 5441
Slide 2: BLS E-Services Limited Investor Presentation Q2 & H1 FY27
BLS E-SERVICES LIMITED Investor Presentation Q2 & H1 FY27 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
CONTENTS 1 Q2 & HI FY27 Highlights 2 Company Overview 3 Key Strengths 4 Key Investment Highlights 5 Historical Financial Highlights 6 Annexures
Slide 5: Q2 & H1 FY27 Highlights
Q2 & H1 FY27 Highlights
Slide 6: Result Snapshot – Q2 & H1 FY27
Result Snapshot – Q2 & H1 FY27 Q2FY27 vs Q2FY26 H1FY27 vs H1FY26 FINANCIAL SNAPSHOT FINANCIAL SNAPSHOT Rs. 424 Crores Rs. 32 Crores Rs. 21 Crores Rs. 729 Crores Rs. 59 Crores Rs. 39 Crores Revenue EBITDA^ PAT Revenue EBITDA^ PAT +57.3% YoY +23.4% YoY +12.4% YoY +41.8% YoY +15.9% YoY +9.4% YoY EBITDA
Slide 7: Consolidated Financial Highlights – Q2FY27 vs Q2FY26
Consolidated Financial Highlights – Q2FY27 vs Q2FY26 BLS E-SERVICES in Rs. Crores Total Income & YoY Growth (%) EBITDA* & YoY Growth (%) PAT & YoY Growth (%) +55.1% 428.1 c+23.4% +12.4% 32.4 20.5 276.0 26.3 18.3 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 During the quarter, the Company completed the
Slide 8: Consolidated Financial Highlights – H1FY27 vs H1FY26
Consolidated Financial Highlights –H1FY27 vs H1FY26 in Rs. Crores Total Income & YoY Growth (%) EBITDA* & YoY Growth (%) PAT & YoY Growth (%) +40.0% +15.9% 737.9 +9.4% 59.3 527.2 51.2 39.2 35.8 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 The Company completed the acquisition of Atyati Technologies eff
Slide 9: Consolidated P&L Statement – Q2 & H1 FY27
Consolidated P&L Statement – Q2 & H1 FY27 BLS E-SERVICES in Rs. Crores Particulars Q2FY27 Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 424.4 269.8 57.3% 728.5 513.7 41.8% Other Income 3.7 6.3 9.3 13.5 Total Income 428.1 276.0 55.1% 737.9 527.2 40.0% Cost of Services 350.6 234.9 617.3 446.8 E
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet BLS E-SERVICES in Rs. Crores Consolidated (in Rs. Crores) Mar-26 Sep-26 ASSETS Non-current assets Property, Plant and Equipment 7.2 8.6 Goodwill 167.0 204.3 Other Non-Current Assets 54.1 166.8 Current Assets Inventories 0.2 0.3 Trade Receivables 119.2 160.7 Other Current A
Slide 11: Key Business Updates – Q2 & H1 FY27
Key Business Updates – Q2 & H1 FY27 BLS E-SERVICES c N Received empanelment from Punjab & Sind Bank and Integration of Atyati Technologies further strengthens our Chhattisgarh Gramin Bank, further strengthening our capabilities and provides additional scale to our financial institutional relationshi
Slide 12: Acquisition of Atyati Technologies
Acquisition of Atyati Technologies BLS E-SERVICES Deal snapshot Rs. 157 Crores 100% 2nd July 2026 Deal Value, All-cash Stake acquired by BLS E-Services Date of Acquisition About Atyati Strategic Rationale Bengaluru-based, AI-powered banking technology and financial Wider Rural Reach inclusion platfo
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 BLS E-SERVICES Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services BLS E-Services Business Correspondent Loan Disbursement E-Governance Services Assisted E-Services Enables the pr
Slide 18: 1a. Business Correspondent Services
1a. Business Correspondent Services BLS E-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
Slide 19: 1a. Loan Disbursement Business
1a. Loan Disbursement Business BLS E-SERVICES BLS E-Services significantly enhanced the Loan Disbursement 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 Sol
Slide 20: 1b. E-Governance Services
1b. E – Governance Services BLS E-SERVICES A trusted partner for government initiatives the platform simplifies citizen access to over 700+ services across Departments through over 24,000+ BLS Touchpoints in Uttar Pradesh, Karnataka, Gujarat, West Bengal and Rajasthan One stop shop platform to off
Slide 21: 1c. Assisted E-Services
1c. Assisted E-Services BLS E-SERVICES Access to Services including: Impact & Value Addition: BLSe offers a wide array of Bill payments Empowers BLS Touchpoints and local assisted digital services, Insurance retailers with additional income streams delivered through BLS Recharges by cross-sell
Slide 22: 2. Multi Modal Revenue Stream
2. Multi Modal Revenue Stream BLS E-SERVICES Multi-Modal Revenue Business Correspondents Loan Disbursement Assisted E-Services E-Governance Services Retailers ¥ Digital Stores Revenue Models I I Transaction based Fees charged to retailers Registration fee BOOT or related Commission (like on: DMT
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. Major Strategic Acquisitions: A Track Record of Value Creation
4. Major Strategic Acquisitions: A Track Record of Value Creation Portfolio at a Glance Rs. 224 Crores Rs. 1,005 Crores 19.4% Total Capital Deployed towards Acquisitions FY26 Revenue of Acquisitions Blended FY26 ROI* Performance by Acquisition: At the time of Acquisition → FY26 Zero Mass Aadifidelis
Slide 25: 5. Expansive Network Reach
5. Expansive Network Reach BLS E-SERVICES Business Correspondents (BC) Services (including Loan Disbursement) 74,400+ 54,700+ 19,600+ 300+ 192 Rs. 1,11,000 + 130+ Business Rural / Semi-Urban Bank/NBFC Tie-ups Million Transactions Correspondents Codes Urban Codes Services Offered (as on September 30,
Slide 26: 6. Cross-selling and Up-selling under Digital Services
6. Cross-selling and Up-selling under Digital Services BLS E-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
Slide 27: 7a. Tailwinds in BC Industry
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
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 Disbursement Markets
7c. Tailwinds in Loan Disbursement Markets India’s loan disbursement 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 BLS E-SERVICES 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
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 processes Inorganic Opportunities Disbursement, E-Gov & Assisted E- services Actively scouting for strategic Strengthen our technology infras
Slide 33: Historical Financial Highlights
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Slide 34: Consolidated Key Financial Highlights
Consolidated Key Financial Highlights BLS E-SERVICES 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%
Slide 35: Consolidated Historical P&L Statement
Consolidated Historical P&L Statement BLS E-SERVICES 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
Slide 36: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet BLS E-SERVICES 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 Curr
Slide 37: Annexures
Annexures
Slide 38: Corporate Structure
Corporate Structure Public & Others 27.49% Promoter & Promoter Group BLS 72.51% (Including BLS International Services Limited) E-Services Limited Aadifidelis Solutions Pvt Ltd Atyati Technologies Pvt Ltd Starfin India Pvt Ltd Zero Mass Pvt Ltd (BC Business) (Loan Disbursement (BC Business) (BC Busin
Slide 39: Thank You
Thank You Mr. Rahul Sharma Executive Director & CFO E-SERVICE5 cs@blseservices.com Rohit Anand / Riddhant Kapur / Kritvi Rastogi rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com / kritvi.Rastogi@in.ey.com