Slides
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1 The World’s Leading Managed Learning Services Company AI-Enabled L&D Enterprise 1 Q2 FY27 Financial Results October 2026
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2 Environment IMF Oct 2026 WEO: global growth of 3.1% in 2026 (up from 3.0% in July), rebounding to 3.4% in 2027. Inflation rises to 4.7% on war-driven energy costs. Growth is uneven across NLSL's core markets: US steady at 2.3%; Euro area 1.1%, Germany 1.3%. Gartner (Sep 2026): AI spend of $2.7T in 2026 (+49.5% YoY), rising to $3.6T in 2027. AI software +60%; AI agents and assistants +77%. Vendors are embedding agentic AI into existing software. ROI proof remains the gating factor for enterprise scale. Volatility drives restructuring: AI cited in 120K+ US job cuts YTD, 21% of the total and the top reason (Challenger). DACH: German auto jobs down 5.8% YoY to 691K, lowest since 2005. Headcount pressure favours managed services; 73% of L&D leaders are rethinking their operating model (ATD). AI transforms work: 83% of L&D leaders prioritise AI skills, but only 26% are confident L&D can deliver (2U). Value now means capability and KPI impact, not completions. NLSL's AI signal engine, simulations and coaching deliver this at scale. Fosway 9-Grid 'Strategic Leader' (2026). AI and Economic Volatility Reshape Work. AI-Enabled Capability Defines the L&D Agenda
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3 Q2 FY27: In Perspective From ‘Operate’ to ‘Transform & Operate’ • AI-enabled offerings contributed 17% to total revenue in Q2 vs 13% LQ; up 22% QoQ • Added 4 new Annuity clients in Q2 including a large Annuity contract with a global enterprise software company. In addition, renewed 3 contracts and expanded scope with 2 clients • Engaged in consulting assignments for L&D Transformation with multiple global corporations, helping them build AI-enabled learning enterprises. Each is a potential entry point to a larger Transform & Operate relationship • 116 Annuity clients; Revenue Visibility at USD 510 million vs USD 462 million LQ and USD 409 million LY • Margins include impact of operating leverage and planned capability investments • Cash & Equivalents at INR 9,343 million, Net Cash at INR 6,943 million, up INR 1,026 million YoY • Acquired Bluewater Learning in USA to strengthen capability in HCM Learning Technology market 4,757 5,286 Q2FY26 Q2FY27 Revenue: +11% 966 874 Q2FY26 Q2FY27 EBITDA: (10%) 409 510 Q2FY26 Q2FY27 Rev. Visibility: +25% 20.3% 16.5% Q2FY26 Q2FY27 EBITDA: (378) bps 5,917 6,943 Q2FY26 Q2FY27 Net Cash 8,079 9,343 Q2FY26 Q2FY27 Cash & Equivalents
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4 Q2 FY27: Customer Metrics 104 116 Q2FY26 Q2FY27 Annuity Clients 33% 48% 65% 35% 52% 74% Top 5 Top 10 Top 20 Customer Concentration 4 3 2 New Annuity Clients Scope Expansion Contract Renewals 409 510 Q2FY26 Q2FY27 Revenue Visibility Clients By Revenue Contribution* 4 10 > USD 10 million > USD 5 million USD million *Cumulative, based on LTM Revenue
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5 Revenue Mix: By Sector Technology & Telecom Industrials Life Sciences & Healthcare BFSI Others Management Consulting & Professional Services 13.6% 10.3% 19.5% 21.1% 18.4% 9.5% 9.2% 8.3% 8.6% 6.3% 12.0% 11.9% 14.1% 12.0% 12.3% 14.2% 14.9% 15.1% 14.5% 16.2% 20.7% 22.8% 19.8% 20.4% 20.0% 30.0% 30.9% 23.2% 23.3% 26.8% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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6 Key Financials Net Other Income / (Expense) includes • Other Income of INR 58 Mn includes Treasury Income of INR 54 Mn (lower due to MTM loss on rising interest yields) & Other Misc. Income of INR 4 Mn • Net Finance cost of INR 86 Mn includes INR 42 Mn due to fair value adjustment in Future Acquisition Liability for acquisitions, INR 32 Mn due to Interest on acquisition loans, INR 8 Mn due to Interest charge on lease liabilities, Other borrowing costs INR 4 Mn • Forex Impact of INR 52 Mn • Bank charges of INR 15 Mn and demerger-related transition expenses of INR 3 Mn • Exceptional expenses of INR 34 Mn for legal and professional services related to inorganic investments • Other misc expenses of INR 9 Mn INR Mn Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY Net Revenue 5,286 5,651 (6%) 4,757 11% Operating expenses 4,412 4,619 (4%) 3,791 16% EBITDA 874 1,032 (15%) 966 (10%) EBITDA% 17% 18% (173) bps 20% (378) bps Depreciation & Amortisation 224 215 4% 184 22% Net Other Income/ (Expense) (139) (37) (103) mn (89) (50) mn Operational PBT 510 781 (35%) 693 (26%) Tax 137 207 (34%) 223 (39%) PAT 373 574 (35%) 470 (21%) EPS (INR) 2.7 4.2 (35%) 3.4 (22%)
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7 People * Includes Inorganic, excludes project retainers Headcount down 14 QoQ and up 11 YoY 2,471 2,433 2,546 2,496 2,482 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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8 Shareholding Pattern * *Includes impact of exercise of ESOPs on holding percentages 34.2% 34.2% 34.1% 34.3% 34.2% 17.4% 17.1% 16.8% 14.4% 13.6% 23.7% 24.3% 24.5% 25.4% 24.4% 24.6% 24.4% 24.7% 25.9% 27.9% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Promoters FPIs DIIs Individuals and Corporates *
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9 Company Overview 9
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10 What We Do * Content & Curriculum Learning Administration Learning Delivery Learning Technology Strategic Sourcing Consulting & Advisory MANAGED TRAINING SERVICES Trusted by the World’s Best Companies to Provide Managed Training Services Our experienced teams act as extensions of our clients’ L&D organisations, helping create and curate company-specific learning content, plan and administer those training sessions. Our consulting arm partners with L&D leaders to solve their most complex challenges in learning, talent, skills, and workforce transformation. We are helping clients thrive in an AI-first world with our AI-powered learning solutions, reskilling employees at scale through intelligent coaching and dynamic simulations embedded directly into the workflow. AI Coach Simulation Manager Signal Engine Other point solutions
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11 NLSL At A Glance * 3 2.5K 700+ 40M 21K 150K+ 18M+ 2.5K+ 5.5K+ Top 3 Global Learning Outsourcing Companies Strong global trainer network Annual learner transactions Global Customers Learners touched globally Hours of custom content developed annually World-class learning professionals Industry Awards for Innovation & Impact Network of L&D suppliers worldwide Annual Training Days 45 40+ Years of pure play learning experience Global presence in 40+ countries 116+ 11
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12 We Have Spread Our Wings 4 0 + C O U N T R I E S | 4 0 + M I L L I O N L E A R N E R S | 1 1 6 + A N N U I T Y C L I E N T S BERGEN LEIPZIG SHEFFIELD GURUGRAM ATLANTA TOULOUSE MUNICH SHANGHAI DEBRECEN MALAGALONDON DUBLIN VANCOUVER ROCHESTER DALLAS ST. CHARLES
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13 …to transform learning across a wide range of industries. GLOBAL CONSULTING AND PROFESSIONAL SERVICES LIFE SCIENCES AND HEALTHCARE CONSUMER PRODUCTS AND RETAIL HUMANITARIAN AND NGO INSURANCE MANUFACTURING AND INDUSTRIAL ENERGY AND COMMODITIES TECHNOLOGY & TELECOM AEROSPACE AND AVIATION Most of our customers are in the Global Top 10 in their respective industries. AUTOMOTIVE BANKING AND FINANCIAL SERVICES REAL ESTATE
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14 Don’t take our word for it. Here’s what our customers say… Dependable and Reliable Deep Customer Service Ethos Desire to Exceed Expectations Responsive and Customer Focused Receptive to Feedback Partnership Mindset N I I T V O I C E O F C U S T O M E R S U R V E Y 0 9.65 NET PROMOTER SCORE CUSTOMER SATISFACTION 4.73 VALUE- ADD SCORE 4.47 -10 10 0 5 5
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15 … And Recognised by Industry Experts 726 BRANDON HALL HCM AND TECH AWARDS 32 CLO LEARNING IN PRACTICE AWARDS 10 LEARNING TECHNOLOGIES AWARDS 2 ATD EXCELLENCE IN PRACTICE AWARDS ACCREDITED GOLD STANDARD BY LPI FOR 11 CONSECUTIVE YEARS STRATEGIC LEADER IN FOSWAY 9- Grid FOR DIGITAL LEARNING 2026 AND AI MARKET ASSESSMENT TOP 20 COMPANIES IN AI CONTENT CREATION AND AUTHORING TOOLS, 2026 TOP 20 COMPANIES IN LEARNING SERVICES 2008-2026 TOP 20 COMPANIES IN CONTENT DEVELOPMENT 2011-2026 TOP 20 COMPANIES IN EXPERIENTIAL LEARNING, 2021- 2026 TOP 20 COMPANIES IN IT & TECH TRAINING 2008-2010, 2013-2025 TOP 20 COMPANIES IN AI COACHING AND LEARNER SUPPORT TOOLS, 2026 DATABRICKS APJ TRAINING PARTNER OF THE YEAR, 2025 HIGHLY COMMENDED IN TRAINING INITIATIVE OF THE YEAR BY BRITISH TRAINING AWARDS, 2025 TOP 20 COMPANIES IN LEADERSHIP TRAINING, 2026 LEADER IN NELSONHALL NEAT LEARNING SERVICES, 2025 TOP 20 COMPANIES IN STAFFING AND TEMPORARY RESOURCES, 2026 NAMED AMONG THE TOP 10 MARKETING TEAMS AT THE ONCON ICON AWARDS 2025 NAMED AMONG THE TOP 10 OPERATIONS TEAMS AT THE ONCON ICON AWARDS 2025 VISIER EMEA PARTNER OF THE YEAR, 2026
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16 Consistent Growth Track Record REVENUE VISIBILITY* USD 510 million from Existing Clients, 116 Annuity Clients CAPITAL EFFICIENCY High ROCE, ROE and Free Cash Flow Generation UNIQUELY POSITIONED to benefit from increased outsourcing. Growth to accelerate on recovery in spending STRONG CUSTOMER ADDS 21 new Annuity Clients added in FY26; 6 new in H1FY27 58 66 80 87 93 110 FY21 FY22 FY23 FY24 FY25 FY26 # of Annuity Clients 8,254 11,323 13,618 15,535 16,533 19,520 FY21 FY22 FY23 FY24 FY25 FY26 Revenue in Rs. Million *as of Sep 30, 2026 19% CAGR
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17 Large Market Opportunity Source: Trainingindustry.com Internal, $ 244 Bn Learning Services (Outsourced), $ 11 Bn Cust. Edu., $ 6 Bn Learning Tech., $ 5 Bn Courses, $ 85 Bn Tuition, $ 48 BnRED OCEAN BLUE OCEAN Training Delivery 31% Content Dev. 30% Training Admin. 15% Learning Tech. Mgmt. 10% Others 14% LEARNING SERVICES Global Corporate Training Annual Spend* USD 400 Bn • Most of the external spending is currently on Standardised Courses (Technology, Sales, Leadership, Health & Safety etc.), Learning Tech. and Tuition Reimbursements • The majority of Internal spending can be outsourced and presents a large untapped opportunity
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18 Strong Right To Win PROPRIETARY LEARNING METHODOLOGIES WITH PROVEN OUTCOMES END-END SERVICES DELIVERY CAPABILITY GLOBAL REACH CUSTOMER CENTRICITY RESULTING IN STRONG RENEWAL TRACK RECORD POLE POSITION IN AI IN LEARNING STRONG BALANCE SHEET WITH MANDATE TO INVEST IN GROWTH
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19 …And Investing In Growth INORGANIC EXPANSION NEW MARKET SEGMENTS AND GEOGRAPHIES INVESTMENTS IN S&M AND NEW CAPABILITIES L&D OPERATING MODEL INTELLIGENT OPERATIONS AI-NATIVE LEARNING ARCHITECTURE
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20 The market is at an inflexion point AI is transforming work as well as how organisations need to prepare for work Work is Changing AI is accelerating transformation of work itself. L&D is Changing AI is transforming L&D from purveyor of courses to builder of capability. • Many of today’s jobs will disappear, and half the jobs of the future do not exist today • Companies will have to reskill unprecedented numbers of employees to fill those roles • With automation of routine tasks, how do junior employees, who performed those tasks, develop the judgment required to become supervisors in the future? • Enables training tailored to an individual, available on demand • AI simulations are the best kind of training – i.e. learning by doing • Every learner can now have their own dedicated coach • Training outcomes can now be measured; ROI is readily visible • Focus shifts from courses completed to capabilities acquired
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21 NLSL has built a strong AI portfolio LEAD Everyday FDE training and Praxis: AI Fluency for Organisations Product Launch AcademyAI Driven Compliance Monitoring & Assurance Synthetic Work for onboarding HCM Learning Tech AI - E n a b l e d P o i n t S o l u t i o n s * Simulation Manager Creates and runs hyper-realistic simulations that the learner can practise with as often as needed. AI Coach Personalised, expert guidance readily available when needed. Signal Engine Uses enterprise systems to identify opportunities for training interventions and track outcomes. NLSL’s AI Learning Platform *selected
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22 … and is the Market Leader in AI-Enabled Training “A few vendors have a clear eye on future direction and have maintained a leadership position in roadmap development and live deployment with customers. NIIT is one of those leading the market in our data.” Myles Runham, Senior Analyst, Digital Learning Fosway Group Market Leader, Fosway AI Market Assessment 2026. 17% Revenue Contribution from AI- Enabled Learning in Q2 FY27 Global 1000 enterprises are transforming their learning function with us
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23 ATLANTA | BERGEN | DEBRECEN | DUBLIN | GURUGRAM | LEIPZIG | LONDON | MUNICH | ROCHESTER | SAN JOSE | SHANGHAI | SHEFFIELD | TOULOUSE | VANCOUVER 23