Please find enclosed Annual Report for F.Y. 2025-26

August 29, 2026 National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Bandra [E], Mumbai – 400051 Towers, Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: BLS BSE Scrip Code: 540073 SUBJECT: Submission of Annual Report for the Financial Year 2025-26 We are pleased to inform you that Notice convening 42nd Annual General Meeting (“AGM”) and the Annual Report of the Company, for the financial year 2025-26, have been sent through electronic mode to all the members whose e-mail address is registered with the Company / Company's Registrar and Transfer Agent / Depository Participants as at the end of the business hours on August 21, 2026. AGM of the Company is scheduled to be held on Wednesday, September 23, 2026 at 3:00 P.M. (IST) through Video Conferencing (VC)/Other Audio Visual Means (OAVM) facility to transact the Ordinary and Special business(es) as set out in the Notice of 42ndAGM in compliance with the applicable provisions of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other relevant circulars issued by the MCA and the SEBI, from time to time. The Company is providing remote e-Voting and e-Voting facility at 42nd AGM to the members through electronic voting platform of KFIN Technologies Limited (“KFIN”). Members holding shares either in physical form or dematerialized form as on cut-off date i.e. Wednesday, September 16, 2026 may cast their votes electronically on the resolutions included in the Notice of 42nd AGM. The remote e-Voting shall commence from 09:00 A.M. (IST) on Saturday, September 19, 2026 and shall end at 05:00 P.M. (IST) on Tuesday, September 22, 2026. The instructions on the process of e-voting, including the manner in which the members holding shares in physical form or who have not registered their e-mail address can cast their vote through e-voting, has been provided as part of Notice of 42nd AGM. Pursuant to Regulation 30 read with para A of part A of Schedule III and Regulation 34 (1) of the SEBI (LODR) Regulations, 2015, please find enclosed Annual Report of the Company for the Financial Year 2025-26. The Notice and Annual Report are also available on the website of the Company at www.blsinternational.com Kindly take the same on record. For BLS International Services Limited Dharak A. Mehta Company Secretary & Compliance Officer ICSI Membership No.: FCS12878 Encl.: As above BORDERLESS SERVICES BOUNDLESS GROWTH BLS International Services Limited Annual Report FY 2025-26 02-73 74-225 Corporate Overview Statutory Reports 02 Theme Introduction 74 Management Discussion and Analysis 03 Corporate Information 112 Director’s Report 04 About Us Business Responsibility and Sustainability 06 Corporate Structure Reporting WHAT’S 08 Key Numbers Defining Our Potential 195 Corporate Governance Report 10 Our Core Competencies 12 Our Corporate Journey INSIDE 14 Global Presence 16 Our Offerings 22 Value Creation Model 26 Investment Case 28 MD’s Message INVESTOR INFORMATION 32 Joint MD’s Perspective Market Capitalisation as at 36 CFO’s Insights March 31st, 2026: ₹ 9,702.67 Crore 40 Market Opportunity CIN: L51909DL1983PLC016907 44 Strategic Imperatives BSE Code: 540073 46 Financial Performance Overview 50 Technological Imperatives NSE Code: BLS 55 Empowering People Dividend Recommended: ₹ 0.50/Share 58 Creating Impact for Customers AGM Date: 23rd September 2026 60 Our Stakeholders 62 Risk Management & Mitigation AGM Venue: Through Video conferencing/ other audio visual means(“VC/OAVM”) 66 Uplifting Communities facility 68 Governance 70 Board of Directors 226-338 Financial Statements 226 Independent Auditor’s Report (Standalone) Scan the QR code 237 Standalone Financial Statements to view our Annual Report 288 Independent Auditor’s Report (Consolidated) Please find our online version at: 296 Consolidated Financial Statements https://www.blsinternational.com/ 376 Notice shareholder-general-meeting DISCLAIMER In this annual report, BLS International Services Limited (‘The Company’ or ‘ BLS I’ or ‘It’) has disclosed forward-looking information to enable investors to comprehend its prospects and take informed investment decisions. This report and other statements – written and oral – that the Company periodically makes, contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. The Company has tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion on future performance. BLS International cannot guarantee that these forward-looking statements will be realised, although it believes to have been prudent in its assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary mate- rially from those anticipated, estimated or projected. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Theme Introduction CORPORATE BORDERLESS SERVICES, INFORMATION BOUNDLESS GROWTH Board of Directors Internal Auditor Diwakar Aggarwal M/s. Nangia & Co. LLP Chairman - Executive Director Consultants (DIN: 00144645) Ernst & Young LLP We live in an era defined by movement. Citizens cross borders for work, for family, for education, for aspiration. Nikhil Gupta PricewaterhouseCoopers Services LLP Managing Director Yet the systems governments built to serve them were designed for a different world — one where most people stayed. PwC Yönetim Danışmanlışı A.ş. (DIN: 00195694) The gap between what citizens now expect and what legacy government infrastructure can deliver is no longer a passing Dentons Link Legal, India Shikhar Aggarwal inefficiency. It is a structural reality, growing wider with every passing year. Joint Managing Director Balaoşlu Selçuk Ardiyok Keki (DIN: 06975729) Avukatlık Ortaklışı, Turkey In response, governments across the world are drawing a new line — between sovereign decision-making, which must Karan Aggarwal Dua Associates remain with the state, and service delivery, which can be done with greater reach, speed, and care by partners who have Non-Executive Director Makarand M. Joshi & Co. made it their entire purpose. This is not privatisation. It is precision — a recognition that governments serve citizens best (DIN: 02030873) when they trust the right things to the right hands. Sarthak Behuria Secretarial Auditor Independent Director M/s P.K. Mishra & Associates “The best services do not stop at a border. (DIN: 03290288) Ram Sharan Prasad Sinha Listing And the best partners do not either.” Independent Director BSE Limited (DIN: 00300530) National Stock Exchange of India Ltd Shivani Mishra Metropolitan Stock Exchange of India Limited Technology has deepened this shift. Artificial intelligence, biometrics, and digital platforms now make (Upto June 30, 2025) (delisted from 8 April 2025) Independent Director it possible to bring a government service to anyone, anywhere — without sacrificing the sovereignty, (DIN: 07221507) security, or trust that define the relationship between a state and its people. Governments are no longer Registrar and Share Transfer Agent Atul Seksaria outsourcing only for cost. They are outsourcing for capability — for partners who understand that every Kfin Technologies Limited Independent Director interaction is, ultimately, an act of governance. (DIN: 00028099) Selenium Tower B, Plot No.31-32, Gachibowli, Financial District, Nanakramguda, Dr. Savita (w.e.f May 16, 2025) This is that gave rise to this year’s theme. “Borderless Services, Boundless Growth” is not a celebration Independent Director Hyderaba [Showing first 8,000 characters — download PDF for full document]