BLS E-Services Limited — Investor Presentation 2026

May 18, 2026

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May 18, 2026

To, National Stock Exchange of India Ltd., Exchange Plaza, C-1 Block G, Bandra Kurla Complex Bandra [E], Mumbai – 400051	To, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai -400 001
NSE Scrip Symbol: BLSE	BSE Scrip Code: 544107

Subject: Investor Presentation

Dear Sir / Madam,

Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed an Investor Presentation with respect to Audited financial results of the Company for the fourth quarter and year ended March 31, 2026.

You are requested to take the same on your records.

For BLS E-Services Limited

Digitally signed by Neha Baid Neha Baid Date: 2026.05.18 ……………………… 21:09:48 +05'30'

Neha Baid Company Secretary and Compliance Officer ICSI Membership No.-A33753

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BLS E-SERVICES LIMITED Investor Presentation

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Q4FY26 & FY26 BSE : 544107 | NSE : BLSE

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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 the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this presentation. This presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from this Presentation is expressly excluded.

This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forwardlooking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

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CONTENTS

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2

3 4 5

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Q4FY26 & FY26 Performance Highlights

Results Snapshot – FY26

FY26 EBITDA at FY26 Total Income at Rs. 100 Crores Rs. 1,143 Crores (8.7% Margin) Up 109.7% Up 16.0% Gross Transaction Value ^ at Distributed Loans worth Rs. 1,11,000+ Crores Rs. 36,800+ Crores* Up 27.3% Up 213.8%

FY26 PAT at Rs. 69 Crores Up 17.8%

Net Cash at Rs. 400+ Crores As on 31st March, 2026

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^ Gross Transaction Value includes value of loans distributed

* EBITDA includes Other Income

Results Snapshot – Q4FY26

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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%
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^ Gross Transaction Value includes value of loans distributed

* EBITDA includes Other Income

Key Business Updates – FY26

No. of touchpoints increased to 1,55,000+ in FY26 as compared to 1,42,000+ in FY25

Business Correspondents CSPs increased to 45,800+ as on 31st March 2026 as compared to 44,800+ as on 31st March 2025.

Gross Transaction Value^ for FY26 stood at Rs. 1,11,000+ Crores compared to Rs. 87,000+ Crores in FY25

Facilitated loan distribution of Rs. 36,800+ Crores in FY26 as compared to Rs. 11,700+ Crores in FY25

• During the year, achieved over Rs. 10,000 Crores in aggregate balances across Financial Inclusion accounts

• Deployed over 10,000 GPS devices to enhance tracking and security

• Executed Phase III of CSP Plus project in partnership with SBI & Govt. of Odisha

• Aadhar enrolment service in eMitra project in Rajasthan

• Project in Chhattisgarh for Digitisation of Sub-Registrar offices for Land Record Registrations

• Worked with UPPCL for bill collection under OTS scheme

• During Q4FY26, BLSe signed a binding term sheet to acquire 100% stake in Atyati Technologies Private Limited (“Atyati”), one of the largest companies operating over 25,900 CSPs and provides technology platforms for financial inclusion, focusing on rural banking, last-mile

• agent banking, and doorstep banking services; the said acquisition is expected to be consummated by 31 July 2026, subject to certain regulatory /lender approvals, as applicable and completion of Conditions Precedents.

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^ Gross Transaction Value includes value of loans distributed

Consolidated Financial Highlights – FY26 vs FY25

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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
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• Total Income stood at Rs. 1,142.8 Crores in FY26, as compared to Rs. 545.0 Crores in FY25 registering a growth of 109.7% YoY. This significant growth was primarily driven by the expanded scale of the Business Correspondent segment and consolidation of Aadifidelis Solutions

• EBITDA* increased to Rs. 99.9 Crores in FY26 from Rs. 86.1 Crores in FY25

• PAT stood at Rs. 69.3 Crores in FY26 as compared to Rs. 58.8 Crores in FY25

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* EBITDA includes Other Income

in Rs. Crores

Consolidated Financial Highlights – Q4FY26 vs Q4FY25

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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
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 Total Income stood at Rs. 328.9 Crores in Q4FY26, as compared to Rs. 245.2 Crores in Q4FY25 registering a growth of 34.1% YoY. This significant growth was primarily driven by the expanded scale of the Business Correspondent segment and consolidation of Aadifidelis Solutions

• EBITDA* increased to Rs. 26.0 Crores in Q4FY26 from Rs. 25.4 Crores in Q4FY25

• PAT stood at Rs. 18.2 Crores in Q4FY26 as compared to Rs. 17.3 Crores in Q4FY25

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* EBITDA includes Other Income

in Rs. Crores

Consolidated Financial Highlights

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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
140.00
350.00
120.00
300.00 328.9
100.00
250.00 286.7
200.00 251.2 276.0 1,142.8 80.00 86.1 99.9
26.3 26.0
24.9 60.00
150.00 22.7
100.00 545.0 40.00
50.00 20.00
0.00 0.00
Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 FY25 FY26
Consolidated
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• Total Income grew by 109.7% YoY in FY26 to Rs. 1,142.8 Crores, as compared to Rs. 545.0 Crores in FY25. This significant growth was primarily driven by the expanded scale of the Business Correspondent segment and consolidation of Aadifidelis Solutions

• In FY26, EBITDA Margin contracted on account of change in business mix, entry into loan distribution business with acquisition of Aadifidelis, and High-Revenue & Low-Margin Business Model

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* EBITDA includes Other Income

Consolidated P&L Statement – Q4FY26 & FY26

in Rs. Crores

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Particulars Q4FY26 Q4FY25 YoY FY26 FY25 YoY
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FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars YoY	FY25 FY26 YoY Q4FY25 Q4FY26 Particulars 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 Benefit Expenses	11.0	10.4		42.7	37.1
Other Expenses	5.7	7.3		19.4	20.5
EBITDA*	26.0	25.4	2.2%	99.9	86.1	16.0%
EBITDA Margin* (%)	7.9%	10.4%		8.7%	15.8%
Operating EBITDA	20.5	19.4	5.4%	74.9	60.5	23.8%
Operating EBITDA Margin (%)	6.3%	8.1%		6.7%	11.6%
Finance Costs	0.1	0.2		0.7	0.8
Depreciation	1.8	1.9		6.3	6.2
PBT before Exceptional Items	24.0	23.3	3.0%	92.9	79.1	17.4%
PBT Margin (%)	7.3%	9.5%		8.1%	14.5%
Tax Expenses	5.8	6.0		23.7	20.3
PAT	18.2	17.3	5.4%	69.3	58.8	17.8%
PAT Margin (%)	5.5%	7.1%		6.1%	10.8%

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* EBITDA includes Other Income

Consolidated Financials

Company Overview

BLS E-Services at a Glance

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BLS E-Services Limited (BLSe) is a leading digital service provider to governments and financial institutions in the G2C, B2C, B2B categories, through its tech-enabled integrated business model

BLSe is not just a service provider, but also an enabler of equitable access and empowered citizenship, extending the reach of its services from cities to the country’s farthest corners

Rs. 1,143 Crores FY26 Total Income

67% FY23-26 Total Income CAGR

Rs. 100 Crores FY26 EBITDA*

BLSe operates under four Business Segments

Business Correspondent Loan (BC) Services Distribution

Provides essential banking products and services including savings and recurring deposit accounts, cash deposits, withdrawals, remittances, transfers, bill collection solutions, and others

Significantly enhanced the loan distribution business through the acquisition of Aadifidelis Solutions, which facilitates personal loans, business loans, and credit products

E-Governance Services

Provides citizen-centric services for state and central government such as birth and death certificates, PAN and Aadhaar enrolments and property registrations

Assisted E-Services Provides services including PoS solutions, ticketing and assisted e- commerce, promoting financial inclusion and digital adoption

8.7% FY26 EBITDA Margin*

Rs. 69 Crores FY26 PAT 6.1% FY26 PAT Margin

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* EBITDA includes Other Income

Key Strengths

Key Strengths

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1 2 3
Diversified Multi Modal Asset-Light
Business Model Revenue Streams Model
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4 5 6
Strong Tailwinds
In-House
Value-Accretive through Govt’s
Expansive
Acumen in
Financial Inclusion
Acquisitions Network Reach
Technology Initiatives
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1. Diversified Business Model

Supporting state governments in empowering citizens, the Company facilitates access to more than 750 digitally delivered government services

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BLS E-Services
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Business Correspondent
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Assisted E-Services
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Loan Distribution
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E-Governance Services
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• Delivers last mile banking services through a robust network of centers in rural and remote areas

• Part of Financial Inclusion Program of Govt. Of India

• Services Provided:

• Enrolment of customers

• Opening bank accounts

• Balance enquiry

• Money transfer

• Passbook updation and other basic banking services

• Significantly enhanced the loan distribution business through acquisition of Aadifidelis Solutions Pvt. Ltd.

• Services Provided:

• Personal Loans

• Business Loans

• Credit Products

• tailored to the needs of growing rural and semi-urban customer base

• Enables the provision of citizen-centric and front-end services through BLS Touchpoints

• Services Provided:

• Birth and Death certificates

• PAN and Aadhar registrations

• Property registrations and Land record management

• Ayushman Bharat Quality Checks

• 700+ Citizen centric services

• Provides a variety of services & products through retailers and digital stores also known as BLS E-stores

• Services Provided:

• PoS services

• Ticketing services

• Assisted e-commerce services,

• Other services & products

• Revenue is generated through registration fees; transaction-based commission on goods & services supplied; and support service charge

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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

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Comprehensive range of solutions

• Channels and distribution strategies

• Sales force recruitment and tracking

• Customer database maintenance

• Business and market intelligence

• Back-end sales support services

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Advantage gained by our clients

• Highly motivated workforce

• Cutting edge processes – higher productivity and efficiency & RoI

• Improve businesses competitiveness in their markets

• Huge network of partners and channels

• Clear understanding of how the services offered will impact their sales

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SBI - Reaching further Uttarakhand
Existing Customers Business Correspondent Coverage
Gramin Bank - Expanding footprints
No. of Services Offered^ 300+
Total network of
Rural / Semi rural codes (#)^ 30,000+
45,800+ BCs^
spread across
India
Urban Code (#)^ 15,800+
Transaction Volumes (in Mn)
~ 130+
(for FY26)
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^Including services offered, rural/semi-rural codes, urban codes and BCs of ASPL

*as on March 31, 2026

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

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About Aadifidelis Solutions
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Loan Leads Generated (Rs. Crores)
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• One of the leading loan distribution companies in India

• Facilitates personal loans, business loans, and credit products tailored

• to the needs of its growing rural and semi-urban customer base

• Pan-India Presence in 24+ States & UTs

• Empanelled with 100+ Financial Institutions

• 9,400+ Channel partners

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Aadifidelis’ Partners
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12,100
9,700
8,600
7,200
6,900
2,900
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26
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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 platform to offer citizen centric services of all the Government Departments. Majorly: Identity enrolment & updation, certificates, etc.

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• Efficient and cost-effective methods of service delivery

• Enhance transparency and responsiveness of the Government to citizen needs

• Convenience to citizens by reducing the travel time to avail services from haphazardly located service delivery centres.

• Jan Seva Kendra (CSC) on behalf of Uttar Pradesh Government in India

• Services of all UP-Government Departments through 22,000+ CSCs

• 330+ G2C & B2C services provided through CSCs

• Bring uniformity across states and reducing the need for intermediaries

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1c. Assisted E-Services

BLSe offers a wide array of assisted digital services, delivered through BLS Touchpoints, designed as one-stop solutions for daily needs. Focus on crossselling and up-selling a broad portfolio of services via a tech-enabled platform, BLS Sewa

Access to Services including:

• Bill payments

• Insurance

• Recharges

• Credit Cards

• Ayushman Bharat registrations

• E-commerce facilitation

• IRCTC train bookings

• Telemedicine consultations

• E-learning

• Passport and visa processing

• Micro-loans

• Others

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Impact & Value Addition:

Empowers village-level entrepreneurs (VLEs) and local retailers with additional income streams by cross-selling 330+ value added services

Enhances digital and financial inclusion by making essential services accessible at the grassroots level

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2. Multi Modal Revenue Stream

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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:  Transaction-based combinations with:
AEPS, MATM, Fund Transfer,  Number of services commission on goods and  Revenue sharing, or
Account opening, Social activated on their UI services supplied  Fixed billing, etc.
 Transaction fee
Security schemes, etc.)  Support service charge
Types of charges:
IT-enabled Access point with
 Registration fee
revenue flow from:
 Service activation fee
 Registration fees
 Renewal fee
 Renewal fees
 Hardware and POS charges,
 Transaction fee
rentals, etc.
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3. Asset Light Model

Merchant-Led Model

BLS E-Services operates on a proven asset-light and merchant-led business model that ensures scalability with minimal capital outlay

Operational Flexibility & Scalability

The model reduces fixed costs and supports rapid expansion, even in remote and underserved areas

Cross-Selling & Customer Loyalty

Merchants build community trust, enabling cross-selling of multiple services and increasing revenue per customer

Technology-driven Platform

Technology acts as the backbone, with proprietary platforms simplifying merchant onboarding, operations and training all while keeping capital and operational costs low

Low Capex Intensity

The model relies on merchants who own or lease BLS touchpoints and stores, enabling rapid expansion without significant capex on physical infrastructure

Scalable Revenue Growth

Growth achieved without proportional increase in assets or branches, with capital-light expansion driving strong returns

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4. Value Accretive Acquisitions

Starfin India Private Limited

• Acquired in 2018

• 100.0% stake

• Business Correspondent business

• Delivers national business

correspondent services for multiple banks, while also engaging in insurance partnerships, e-Governance projects, e- commerce facilitation, courier collaborations, utility payments and other citizen-focused services

100.0% Stake acquired for Rs 12.4 Crores

Strategic Entry into BC Business

Zero Mass Private Limited

• Acquired in 2022

• 90.9% stake

• Business Correspondent business

• ZMPL focuses on banking

• correspondent operations through a wide network of service points for various banks, supporting core customer services

90.9% Stake acquired for Rs. 110.1 Crores

Significant expansion of the BC Business

Aadifidelis Solutions Private Limited

• Acquired in 2024

• 57.0% stake

• Loan Distribution business

 ASPL is one of the leading loan distribution companies in India engaged in distribution and processing of loans for corporates and individuals in India

57.0% Stake acquired for Rs. 123 Crores

Strategic entry into Loan Distribution

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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^ Crores Services Offered Correspondents ^ Codes in FY26 (as on March 31, 2026) Gross Transaction Value in (as on March 31, 2026) FY26

E-Governance Services 700+ 22,000+ G2C & B2C Services CSCs in UP & Other States

Punjab Rajasthan West Bengal Uttar Pradesh Gujarat

Assisted E-services

1,55,000+ Touchpoints^ (as on March 31, 2026) IRCTC bookings, e-commerce, insurance, telemedicine, education and others services

Birth and death registrations, PAN issuance, property registrations, Identity Enrolment, etc.

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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 & services on the digital platform called BLS Sewa app

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Future BLS Center – One Stop Solution
DMT Health Consultancy Services
Skill Courses
Finance Related Services
DMAT
E-Commerce Services
NPS Services Banking Services
Mobile & DTH Services Agro Products
AEPS Micro AIM
E-Sign PAN
Train Ticket Services Bill Payment Services
Insurance Services Path LAB Services
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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

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Transaction in BSBDA through BCs by Value (INR Bn)
3000 70.0%
2500 47.1% 48.6% 50.1% 60.0%
43.1% 42.5% 50.0%
2000 37.7%
1,36540.0%
1500 1,184 1,205 1,237 1,356
878 958 876 1,074 1,168 30.0%
1000 532 726 20.0%
500 10.0%
0 0.0%
CY19 CY20 CY21 CY22 CY23 CY24
Through Branches Through BCs Share of BCs
Rising BC-ICT Transactions at Village Banking Outlets (‘000s)
3,500 95.0% 98.0% 97.0% 97.0% 110.0%
90.6% 90.0%
3,000 90.0%
2,500 2,218 2,274 1,735 70.0%
2,000 1,679 1,592 1,648 50.0%
1,500 1,248
1,190
30.0%
1,000 500 541 597 541 599 10.0%
- -10.0%
CY19 CY20 CY21 CY22 CY23 CY24
Total Banking Outlets through BCs Total Banking Outlets Share of BCs
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Transaction in BSBDA through BCs by Volume (Mn)
700 70.0%
600 58.8% 60.1% 60.2% 60.5% 65.0%
55.6% 56.4% 60.0%
500 427
380 402 408 55.0%
400 320 339
300 255 262 266 266 270 278 50.0%
45.0%
200
40.0%
100 35.0%
0 30.0%
CY19 CY20 CY21 CY22 CY23 CY24
Through Branches Through BCs Share of BCs
BC- ICT Transactions in villages reached 2,729 Mn in
CY24 indicating digital banking growth
3,900 9,862 12,000
3,400 8,706 8,498 9,053 8,156 10,000
2,900
8,000
2,400 5,913
1,900 6,000
1,400 900 2,102 3,232 3,055 2,853 2,543 2,729 4,000
2,000
400
-100 -
CY19 CY20 CY21 CY22 CY23 CY24
Number of transactions (Mn) Value of transactions (INR Mn)
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Source: Industry Report, Research & News Articles

7b. India’s E-Governance– Enhancing Service Delivery Through Technology & Transparency

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Transaction in BSBDA through BCs by Value (INR Bn)
Particulars EGDI OSI
China 0.8119 0.8876
Russia 0.8162 0.7368
Brazil 0.7910 0.8964
South Africa 0.7357 0.7487
India 0.5883 0.7934
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Transaction in BSBDA through BCs by Volume (Mn)
Particulars EGDI OSI
EGDI Composite Score 0.3834 0.5883
Rank 118 105
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The E-Government Development Index (EGDI) is the weighted average of normalised scores on the three most important dimensions of e-Government:

The Scope and quality of online services as online Service Index (OSI)

The Status of the development of telecommunication infrastructure or the Telecommunication Infrastructure Index (TII)

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E-services across state/UTs in India (CY24)
6,173
4,472
2,630
2,189
1,785
1,199
Governance Social Finance Employment Education Tourism
& Utility Welfare^
Services
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Top 10 states/UTs and their status of e-services provided to citizen

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2,025
1,164 1,128 1,016 938 904 900 894 855 768
KA J&K TN MP KL UP UK GJ HR TG
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Source: Industry Report, Research & News Articles

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

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India Systemic Credit Market (USD Tn.)
4.5
~17% CAGR
2.8
FY25 FY28
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Segments Market Size (FY25, USD Bn) Share of Total Retail Credit
MSME Loans ~510 52%
Housing Loans ~459 46%
Auto Loans ~145 15%
Personal Loans ~176 18%
Gold Loans ~149 15%
Microfinance ~46 5%
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Key Growth Drivers

Economic Expansion and Rising Incomes:

India’s GDP growth at 6.3 6.4% for FY 2025-27 boosts disposable incomes and consumerism, driving demand for personal and housing loans

Financial Inclusion Initiatives:

Programmes like Pradhan Mantri Jan Dhan Yojana (PMJDY) have opened 541 Million accounts, facilitating credit access in rural/semi-urban areas (67% of accounts)

Digitalisation and Fintech Boom:

The fintech market, valued at USD 111 Billion, is projected to reach USD 421 Billion by 2029, with digital lending improving efficiency and inclusion via UPI

Urbanisation and Sector-Specific Demand:

Increasing urbanisation fuels housing and auto loans, while gold loans surge due to cultural affinity and economic volatility

28

Source: Industry Report, Research & News Articles

Key Investment Highlights

Investment Rationale

Diverse sources of Proven track record of Asset Light Model Cross-selling & UpNetwork with Pan India revenue and negligible successfully integrating selling opportunities presence customer acquisition and acquisitions retention costs 01 02 03 04 05 Merchant led business BLSe’s ability to bring BLSe charge consumers BLSe have a history of BLSe has Pan India model wherein all the BLS together the advantages with a service fee and acquiring complementary presence through its touch points & BLS E-stores of G2C, B2B and B2C transactional commission. businesses, that widespread network of are either owned or leased models within a single Further charge merchants complement existing 155,000+ BLS Touchpoints by merchants. platform, provides a a registration fee, renewal capabilities, revenue and 45,800+ CSPs. significant opportunity to fee, new service activation streams and marketing BLSe provide them with cross sell and up-sell fee, etc other than the presence. Past acquisitions necessary technology and wide range of products & transaction fee for use of include Starfin and Zero other infrastructure (as services to the citizens services available on their Mass (ZMPL). applicable) enabling them through its vast network. portal. Acquired 57% of Aadifidelis to extend services to the Solutions Pvt. Ltd., a loan end consumers distribution and processing company in India.

30

Way Forward

Organic Growth

• Focus on volume led growth across the various verticals of BCs, Loan Distribution, E-Gov & Assisted E-services

• Follow an aggressive strategy to win new government tenders for E-governance business

• New tie-ups with financial institutions viz Banks, Insurance companies, NBFC, etc.

• Continue to engage with new vendors for expanding B2B2C service offerings of BLSe

Invest in technology to further build robust systems and processes

• Strengthen our technology infrastructure to develop new capabilities and consolidate our existing platforms

• Invest in technologies, infrastructure & manpower to tap exciting possibilities related to digitalization, last mile penetration & enhanced service experience

Inorganic Opportunities

 Actively scouting for strategic inorganic opportunities, which would provide synergy to the existing businesses, with an objective to maximize shareholder’s value

• Enhance the quality of services thereby enhancing customer experience

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Historical Financial Highlights

Consolidated Key Financial Highlights

in Rs. Crores

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Total Income
+85% CAGR
1,142.8
545.0
309.6
246.3
98.4
FY22 FY23 FY24 FY25 FY26
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PAT & PAT Margin
5.5% 8.3% 10.8% 10.8% 6.1%
+89% CAGR
69.3
58.8
33.5
20.3
5.4
FY22 FY23 FY24 FY25 FY26
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EBITDA & EBITDA Margin
8.7% 14.7% 16.1% 15.8% 8.7%
+85% CAGR
99.9
86.1
49.9
36.3
8.6
FY22 FY23 FY24 FY25 FY26
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Net Worth
522.5
482.7
431.1
106.9
15.1
FY22 FY23 FY24 FY25 FY26
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Consolidated Historical P&L Statement

in Rs. Crores

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Particulars (in Rs. Crores) FY22 FY23 FY24 FY25 FY26
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Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8	Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8	Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8	Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8	Revenue from Operations 96.7 243.1 301.5 519.4 1,117.8	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 Benefit Expenses	6.4	23.2	29.7	37.1	42.7
Other Expenses	19.9	25.1	22.3	20.5	19.4
EBITDA*	8.6	36.3	49.9	86.1	99.9
EBITDA Margin* (%)	8.7%	14.7%	16.1%	15.8%	8.7%
Operating EBITDA	6.9	33.1	41.8	60.5	74.9
Operating EBITDA Margin (%)	7.1%	13.6%	13.9%	11.6%	6.7%
Finance Costs	1.0	3.9	0.9	0.8	0.7
Depreciation	0.8	2.8	3.4	6.2	6.3
PBT before Exceptional Items	6.8	29.6	45.7	79.1	92.9
PBT Margin (%)	6.9%	12.0%	14.8%	14.5%	8.1%
Tax Expenses	1.4	6.6	12.2	20.3	23.7
PAT	5.4	20.3	33.5	58.8	69.3
PAT Margin (%)	5.5%	8.3%	10.8%	10.8%	6.1%

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Consolidated Financials * EBITDA includes Other Income

Consolidated Historical Balance Sheet

in Rs. Crores

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Consolidated (in Rs. Crores) Mar-22 Mar-23 Mar-24 Mar-25 Mar-26
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ASSETS	ASSETS	ASSETS	ASSETS	ASSETS	ASSETS
Non-current assets
Property,Plant andEquipment	0.2	1.1	4.7	5.5	7.2
Goodwill	8.0	81.5	81.5	167.0 *	167.0
Other Non-CurrentAssets	20.9	26.7	115.0	225.2	54.1
Current Assets
Inventories	-	0.6	1.6	0.5	0.2
TradeReceivables	8.5	18.2	25.2	93.4	119.2
OtherCurrentAssets	18.3	51.5	281.7	212.0	414.3
Total Assets	55.9	179.5	509.7	703.6	761.9
EQUITY & LIABILITIES
Equity Share Capital	0.0	66.7	90.9	90.9	90.9
Other Equity	6.8	40.2	340.3	391.9	431.6
Share Capitalpending allotment	8.3	-	-	-	-
Non-ControllingInterest	-	4.5	6.6	35.6	47.3
Total Equity	**15.1 **	111.5	437.8	518.4	569.8
Long-termBorrowings	7.3	-	-	-	-
Other Non-CurrentLiabilities	5.8	4.1	6.1	5.3	5.0
Short-termBorrowings	1.5	-	-	-	-
Trade Payables	7.9	2.5	3.2	56.0	82.1
Other FinancialLiabilities	15.2	53.4	53.8	110.6*	88.7
Other CurrentLiabilities	3.2	8.0	8.8	13.4	16.3
Total Equity & Liabilities	55.9	179.5	509.7	703.6	761.9

*Restated Financials: The comparative figures have been restated in accordance with IND AS 103 'Business Combinations'

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Annexures

Corporate Structure

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Public 30.19%
BLS
BLS International Services
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)
90.9%
100.0% 100.0% 57.0%
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Only key operational subsidiaries have been included

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Thank You

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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