NIIT Learning Systems Limited — Interim / Quarterly Report 2026

Jan 28, 2026

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January 28, 2026

The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

The Manager

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051

Subject: Presentation to be made to the Analysts and / or Institutional Investors

Scrip Code: BSE - 543952; NSE - NIITMTS

Dear Sir,

Pursuant to the requirement of Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the presentation to be made to the Analysts and/or Institutional Investors on the Unaudited Financial Results of the Company for the quarter ended December 31, 2025.

The same shall be available on our website i.e. www.niitmts.com.

This is for your information and records.

Thanking you,

Yours sincerely,

For NIIT Learning Systems Limited

Deepak Digitally signed by Deepak Bansal Bansal Date: 2026.01.28 13:31:21 +05'30' Deepak Bansal Company Secretary & Compliance Officer

Encls.: a/a

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Financial Results
Q3 FY26
January 28, 2026
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Environment
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Global growth is projected to remain resilient at 3.3 percent in 2026 and at 3.2 percent in 2027. Headwinds from shifting trade policies are offset by tailwinds from surging investment related to technology, including artificial intelligence (AI). Reevaluation of productivity expectations from AI and escalation of geopolitical tensions remain as key risks

AI budgets are scaling fast—Gartner forecasts $644B GenAI spend in 2025 (+76%) and $2.52T total AI spend in 2026 (+44% YoY)—but buyers are tightening outcome expectations. CEO sentiment underscores this “prove it” phase: PwC’s global CEO survey indicates 56% report no financial gain from AI, while 33% report cost or revenue improvements. Recovery in consumption in discretionary areas remains patchy

Persistent cost pressure is sustaining outsourcing momentum and vendor consolidation. NIIT is well positioned to increase share of wallet by deepening strategic relationships and expanding outcomebased learning programs. Near term, macro caution is driving decision delays and shifting demand toward smaller, phased rollouts versus large, upfront transformations.

AI adoption is moving from pilots to scaled deployment. NIIT differentiates through AI-enabled learning and skills intelligence that shortens timeto-proficiency, improves learning effectiveness, and enables measurable outcomes at scale. Buyers are increasingly prioritizing partners that can operationalize AI with governance, content quality, and impact measurement.

Uncertainty Persists and Cost Remains King; AI continues to see investment; Opportunity to convert Project customers to MTS

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Q3 FY26 : In Perspective
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• Revenue at INR 4,997 Mn; up 19% YoY and up 5% QoQ; In CC, Revenue up 11% YoY and up 3% QoQ

• EBITDA at INR 1,038 Mn, up 10% YoY and up 7% QoQ; OM at 21%, down 180 bps YoY and up 46 bps QoQ

• PAT at INR 743 Mn; EPS of INR 5.4 Vs 3.4 last quarter; Includes net exceptional gain of INR 104 Mn comprising of fair value adjustment in Future Acquisition Liability for StC of INR 298 Mn, one time provision of INR 135 Mn due to the new Wage code and transaction expenses of INR 54 Mn

• Net Cash at INR 6,927 Mn; up by INR 1,010 Mn QoQ

• 4 new MTS contracts added during the quarter; 4 contract renewals and 1 contract expansion

• Number of MTS customers at 107; Revenue Visibility at USD 415 Mn vs USD 409 Mn LQ

• AI enabled offerings contributed ~ 11% to total revenue

• Acquired San Francisco based SweetRush, Inc. in Jan’26; a leader in human-centered, AI-enabled custom learning experience design and strategic training interventions for Fortune 1000 enterprises, professional associations and not-for-profit organizations.

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Key Financials
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INR Mn	**Q3 FY26 **	Q2 FY26	QoQ	Q3 FY25	YoY
Net Revenue	4,997	4,757	5%	4,189	19%
Operating expenses	3,959	3,791	4%	3,243	22%
EBITDA	1,038	966	7%	946	10%
EBITDA%	21%	**20% **	46 bps	**23% **	-180 bps
Depreciation & Amortisation	194	184	5%	159	21%
EBIT	845	782	8%	786	7%
Net Other Income/ (Expense)	104	(89)	216%	26	291%
Operational PBT	948	693	37%	813	17%
Tax	205	223	-8%	195	5%
PAT	743	470	58%	617	20%
EPS (INR)	5.4	3.4	58%	4.5	19%

• Net Other Income / (Expense) includes :-

• Treasury Income of INR 87 million

• Net Exceptional gain of INR 109 million, comprising of

  • Gain of INR 298 million due to fair value adjustment in future acquisition liability

  • One-time impact of increased provisions of INR 135 million due to the New Wage Code

  • Transaction related expenses of INR 54 Mn

• Net other expenses of INR 92 million including Forex loss of INR 61 Mn, Interest cost of INR 23 million, Interest charge on lease liabilities of INR 10 million and Bank Charges of Rs. 13 million, net of Other income of INR 14 million

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Revenue Mix: By Sector
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10.3%
Others 17.0% 16.1% 15.7% 13.6%
11.9%
12.0%
BFSI 13.3% 12.2% 11.3%
14.9%
14.2%
13.6% 14.1%
Life Sciences & Healthcare 14.1%
Industrials * 19.7% 19.0% 20.7% 22.8%
20.4%
9.5% 9.2%
Management Consulting & 12.8% 12.9%
10.1%
Professional Services
30.0% 30.9%
25.1% 25.6% 27.0%
Technology & Telecom
Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
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*Industrials includes Aerospace, Automotive and Energy & Commodities

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People
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2471
2433
2410
2390
2356
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Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26

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* Includes mst group, excludes project retainers

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Shareholding Pattern
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26.4% 26.1% 26.0% 24.6% 24.4%
21.5% 21.9% 22.2% 23.7% 24.3%
17.6% 17.6% 17.5% 17.4% 17.1%

34.5% 34.4% 34.4% 34.2% 34.2%
Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
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Promoters FPIs DIIs Individuals and Corporates

• Institutional holding (FPI + DIIs) reached new all-time high of 41.4%, up 24 bps QoQ and 224 bps YoY.

• On YoY basis, Domestic Institutional Investors (DIIs) have increased holdings by 274 bps

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*Includes impact of exercise of ESOPs on holding percentages

ATLANTA | BERGEN | DEBRECEN | DUBLIN | GURUGRAM | LEIPZIG | LONDON | MUNICH | ROCHESTER | SAN JOSE | SHANGHAI | SHEFFIELD | TOULOUSE | VANCOUVER 8

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