Analysts/Institutional Investor Meet/Con. Call Updates

November 10, 2026 National Stock Exchange of India Ltd., BSE Ltd., Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra [E], Mumbai – 400051 Mumbai - 400 001 NSE Scrip Symbol: BLS BSE Scrip Code: 540073 SUBJECT: Transcript of Earnings Call held on November 04, 2026 Dear Sir/ Ma’am, In continuation to our intimation dated November 04, 2026, please find enclosed a transcript of the Earnings Call held on Wednesday, November 04, 2026 to discuss the operational and financial performance of the Company for the second quarter ended on September 30, 2026. The transcript is also available on the Company’s website at https://www.blsinternational.com/transcript You are requested to take the same on your records. For BLS International Services Limited Dharak A. Mehta Company Secretary & Compliance Officer ICSI M. No.: FCS12878 Encl: As above “BLS International Services Limited Q2 & H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. NIKHIL GUPTA – MANAGING DIRECTOR MR. SHIKHAR AGGARWAL – JOINT MANAGING DIRECTOR MR. AMIT SUDHAKAR – CHIEF FINANCIAL OFFICER MODERATOR: MS. DEEPALI KUMARI – ARIHANT CAPITAL MARKETS LIMITED Page 1 of 10 BLS International Services Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to BLS International Services Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant clients will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Deepali Kumari from Arihant Capital. Thank you, and over to you, ma'am. Deepali Kumari: Thank you. Good evening, everyone. Thank you all for joining the Q2 & H1 FY27 Earnings Call of BLS International Services Limited. Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with the company's business risks that could cause future results, performance, or achievements to differ significantly from what may be expressed or implied by such forward-looking statements. From the management today, we have Mr. Nikhil Gupta, Managing Director; Mr. Shikhar Aggarwal, Joint Managing Director; and Mr. Amit Sudhakar, Chief Financial Officer. I would like to hand over the call to Mr. Shikhar Aggarwal for his opening remarks, post which Mr. Amit Sudhakar will discuss the financial performance of the company, and then we will open the floor for an interactive Q&A session. Thank you, and over to you, sir. Shikhar Aggarwal: Good afternoon, everyone, and thank you for joining us for BLS International's Q2 and H1 FY27 Earnings Call. I hope you've had a chance to go through our results and investor presentation. We have had a good first half with both businesses contributing to growth. In Q2, revenue reached a record INR 973 crores, an increase of 32% over last year. EBITDA grew 17% and PAT by around 10% for H1. For H1, revenue was up 29% and EBITDA grew by 20%. The margins in both businesses remain healthy. The movement in the consolidated margin is mainly because Digital business now makes up a large share of our revenue following the consolidation of Atyati. I will leave the Digital financial explanation to Amit. We also crossed around 500 million applications processed globally during the quarter. It is a significant milestone for our team and reflects the scale of the platform we have built over the years with operations now spanning more than 100 countries. In Visa & Consular Services business, we continue to perform steadily. Q2 revenue and EBITDA both grew by 11% year-on-year with EBITDA margin of about 42%. For the first half, segment revenue was around INR 1,070 crores. We processed around 11 lakh applications in Q2. Net revenue Page 2 of 10 BLS International Services Limited November 04, 2026 per application increased by 10% to INR 3,553. This was supported by better pricing on new contracts and higher contribution from value-added services. It is encouraging to see revenue per application improving even as volumes vary across markets. We remain focused on improving operational efficiency, growing self-managed operations and maintaining service quality. We are actively participating in tenders across Europe, North America and other markets. We will share update on new contracts once they are finalized. In Digital Services, the company continues to grow strong. Q2 revenue increased by 66% to INR 463 crores and EBITDA grew by 67% to INR 34 crores. The growth came from our BC business and loan distribution business as well as full quarter contribution from Atyati. Our BC business recorded GTV of around INR 41,400 crores in Q2 and over INR 70,900 crores in H1. Loan disbursements were over INR 9,500 crores during the quarter. At the end of September, our network has more than 1,88,200 touch points. We also continue to expand our Citizen Services work. This includes operating Aadhaar Seva Kendra under the UIDAI contract and supporting more than 1,000 government citizen services through our technology and last-mile network. Atyati adds banking technology, financial inclusion and micro-lending capabilities to this business. Our focus now is on integrating the platform and using our wider network to create further opportunities. Alongside business growth, we have continued to invest in capabilities and systems needed to support our expansion. During the quarter, we achieved CMMI Maturity Level 5 certification and continued to maintain our ISO certification for quality and information security. We are also investing in AI, automation and secure technology to make our services more efficient and reliable. We strengthened our Global Advisory Board with the appointment of former Estonian President as our Global Strategic Advisor. This follows the earlier appointment of different strategic advisers. We are also certified A Great Place to Work in India in September. Alongside this, we are investing in AI-focused training and upskilling so that our people are ready for the changes in our business. I now hand over the call to Mr. Amit Sudhakar our Chief Financial Officer, to take care of the financials. Amit Sudhakar: Thank you, Shikhar. Good afternoon, everyone. I will take you through the consolidated financial performance for the quarter and the six months ended 30 September 2026. For Q2, consolidated revenue was INR 973 crores, up 32% from INR 737 crores in the corresponding quarter last year. This is the highest quarterly revenue we have recorded. EBITDA increased by 17% to INR 248 crores compared to INR 213 crores in corresponding quarter. The EBITDA margin was 25.5% compared to 28.9% last year. This is mainly due to the changing revenue mix. Page 3 of 10 BLS International Services Limited November 04, 2026 Digital Services is growing faster and now contributes a large share of revenue, but its margin is lower than the Visa & Consular business. Both businesses continue to maintain healthy segment margins. For H1 FY27, revenue was INR 1,863 crores, up 29%. EBITDA grew by 20% to INR 500 crores, with a margin of 26.9%. PAT was INR 403 crores compared to INR 367 crores in the first half last year, an increase of 10%. Visa & Consular contributed about 52% of the revenue in Q2, while Digital Services contributed about 48%. A year ago, the mix was 62% and 38%, respectively. In terms of EBITDA, Visa & Consular contributed about 86% with Digital Services contributing the remaining 14%. This shows how quickly the Digital Services is scaling up. Visa & Consular continues to contribute the larger share of the profit, while Digital is expanding our reach and adding new growth opportunities. V [Showing first 8,000 characters — download PDF for full document]