NIIT Learning Systems Limited has informed the exchange about Earnings Call Transcript for Q1 FY27.

July 30, 2026 The Manager The Manager BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Subject: Transcript of Investors/analysts Call - Unaudited Financial Results for the quarter ended June 30, 2026 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 Transcript of Investors/analysts Call organized on July 23, 2026, post declaration of Unaudited Financial Results of the Company (Consolidated & Standalone) for the quarter ended June 30, 2026. The same is also 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 Bansal Company Secretary & Compliance Officer Encls.: a/a “NIIT Learning Systems Limited Q1 FY27 Earnings Conference Call” July 23, 2026 MANAGEMENT: MR. VIJAY THADANI – VICE CHAIRMAN AND MANAGING DIRECTOR MR. SAPNESH LALLA – CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR MR. SANJAY MAL – CHIEF FINANCIAL OFFICER MR. KAPIL SAURABH – VICE PRESIDENT, M&A AND Page 1 of 15 NIIT Learning Systems Limited July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the NIIT Learning Systems Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Vijay Thadani, Vice Chairman and Managing Director of the company. Thank you, and over to you, sir. Vijay Thadani: Thank you. Good evening, everyone. Thank you very much for joining the NIIT Learning Systems Limited's Quarter 1 FY27 Earnings Call. I want to start by thanking you for your continued interest in the company and making yourself available at this time of the day in a busy results season where there will be multiple meetings happening at the same time. So truly appreciate your presence and truly take that as a sign of your commitment to help us grow NIIT as well. Our agenda today is to discuss the quarter 1 FY27 financial and operating performance. Most importantly, we are very excited on our AI-first strategy and AI-enabled revenues and we would like to talk a lot about that. We have been fairly busy with inorganic activity in the last 12 months. And in that process, we acquired two companies, MST Group in Germany and SweetRush, Inc. in Costa Rica and West Coast. And both these companies are becoming part of the NIIT family, and we are excited about how they are contributing, how we are contributing to their future. And then, of course, we have had some new customer wins, which we would love to talk to you about as well as in this very new world, discuss the path forward that the company is taking. This, of course, will be done by Sapnesh Lalla, who is the CEO and Executive Director, after which we'll open it for question and answers. Before we begin, I just do want to say that some comments in this discussion may be forward- looking and subject to risks and uncertainties, and actual results may differ materially, and this should be taken note of. With that, I hand you over to Sapnesh Lalla. Sapnesh Lalla: Thank you, Vijay, and thanks, everyone, for joining. Like Vijay pointed out, we know the fact that it's a busy season for you and appreciate the fact that you've joined us as we discuss our performance from the last quarter. I will review our performance and share our view on the path ahead, as Vijay pointed out. Revenue came in at INR5,651 million. It grew at 25% year-on-year. Excluding the contribution from MST and SweetRush, the two acquisitions we made in FY26, the revenue growth was 11% year-on-year. Revenue growth in constant currency was 11.4% year-on-year and 2.9% quarter- Page 2 of 15 NIIT Learning Systems Limited July 23, 2026 on-quarter. As a reminder, our Q1 FY26 base figure had a significant revenue contribution from the North American real estate training contract that we concluded in FY26. Normalizing for that, our overall constant currency growth for Q1 FY27 came in at 18% and the organic constant currency growth is 5% year-on-year. I did want to spend a few minutes on how we have performed across different market segments that we service. And I'll take you through our performance in each of these market segments in the next couple of minutes. This is not something that we have done or had a discussion about in the past. So, this is net new for those of us who have looked at our commentary in the past. Our industrial sector, which contributes about 20% of our revenue, grew 35% year-on-year in Q1, partly driven by MST joining the NIIT family. As you might be aware, MST has significant strength in industrials and energy sectors, and we found both of them in industrials. The BFSI sector, which makes up 12% of our revenue, grew 33% year-on-year. Life Sciences and Healthcare, which contributes 15%, grew 29% year-on- year. The growth in our largest sector, that's technology and telecom, which contributes 23% of our revenue was slightly muted at 8% year-on-year. The management consulting and professional services sector, which contributes 9% of our revenue degrew 16% year-on-year. These two sectors, technology and telecom as well as management consulting and professional services sectors were affected by two large clients who had pulled back L&D budgets sharply in the previous quarter in response to business uncertainties. We had called that out in our earnings discussion last quarter as well. The good news is that both clients grew well sequentially in Q1, but are yet to get back to last year's run rate. And we expect that over time, they will get back to that run rate. I did want to also provide a quick update on MST and SweetRush, who became part of the NIIT family in FY26. As you are aware, MST Group joined the family in July of 2025. MST is a leading managed learning services provider in the DACH region, specifically based in Germany with deep long- standing client relationships across automotive, industrial and energy sectors. As you are aware, these sectors are undergoing some of the most consequential workforce transformations in Europe today as Germany and countries in the DACH region transform their economies from predominantly industrial-focused to technology-focused economies. It helped us establish our presence in Germany, Europe's largest economy and is a meaningful step in helping us build our European platform. MST contributed approximately INR231 million to our quarter 1 revenue. SweetRush, who joined the NIIT family in January of 2026 is an award-winning provider of human-centered AI- enabled learning experiences to Fortune 1000 corporations and professional associations. Their offerings span strategic training interventions, certifications, AR, VR and XR immersive forms Page 3 of 15 NIIT Learning Systems Limited July 23, 2026 of training. SweetRush helped us move our revenue mix up the value chain to become more outcome-led, performance critical and inclusive of strategic learning interventions. SweetRush contributed approximately INR431 million to the Q1 revenue. Both SweetRush and MST are delivering early synergy benefits. Previous quarter, a leading European automotive OEM and their battery gigafactory became a new client for MST and long-term annuity client overall. This quarter, one of SweetRush's long-standing clients, a major global hospitality group has since converted into a long-term managed services engagement, directly validating the project to [Showing first 8,000 characters — download PDF for full document]