NIIT Learning Systems FY26: 110 Long-Term Clients, USD 459M Revenue Visibility; Q4 Revenue at Rs. 5,252.19M

NIIT Learning Systems Limited's Board of Directors, at its meeting held on May 12, 2026, approved the audited financial statements and financial results for the quarter and financial year ended March 31, 2026, both on a consolidated and standalone basis. In Q4, the company expanded two contracts and renewed two contracts, maintaining its top industry renewal rate. The company concluded the year with 110 long-term clients and strong revenue visibility of USD 459 Million. Q4 FY26 consolidated revenue from operations stood at Rs. 5,252.19M compared to Rs. 4,297.10M in Q4 FY25, reflecting a strong year-on-year improvement. The board also recommended a final dividend of Rs. 3.25 per equity share of face value Rs. 2 each for FY2025-26, subject to shareholder approval at the Annual General Meeting. The results were audited by S. R. Batliboi & Associates LLP, who issued audit reports with an unmodified opinion. The filing was made with BSE Limited and the National Stock Exchange of India Limited by Deepak Bansal, Company Secretary and Compliance Officer.

Consolidated Financial Performance

On a consolidated basis, NIIT Learning Systems reported strong revenue growth for the full year. For Q4 FY26, consolidated net profit stood at Rs. 771M compared to Rs. 487M in Q4 FY25, reflecting a significant year-on-year improvement. Q4 EBITDA came in at Rs. 875M versus Rs. 801M in the same period last year, while the EBITDA margin stood at 16.70% compared to 18.64% YoY. Notably, the company recorded an exceptional item of Rs. 286M in Q4 FY26, while profit before exceptional items stood at Rs. 654M versus Rs. 700M in Q4 FY25. The following table presents the key consolidated financial metrics (Rs. in Millions):

Metric: Q4 FY26 (Audited) Q3 FY26 (Unaudited) Q4 FY25 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations: 5,252.19 4,996.95 4,297.10 19,519.84 16,532.64 Other Income: 41.33 104.23 126.28 359.55 449.12 Total Income: 5,293.52 5,101.18 4,423.38 19,879.39 16,981.76 Total Expenses: 4,639.50 4,261.99 3,723.03 16,839.81 13,807.10 Profit Before Exceptional Items & Tax: 654.02 839.19 700.35 3,039.58 3,174.66 Exceptional Items (net): 286.32 109.01 (7.48) 272.21 (111.09) Profit Before Tax: 940.34 948.20 692.87 3,311.79 3,063.57 Total Tax Expense: 169.21 204.77 205.72 834.56 788.57 Profit After Tax: 771.13 743.43 487.15 2,477.23 2,275.00 Total Comprehensive Income: 1,027.70 859.77 588.25 3,338.86 2,411.92 Basic EPS (Rs.): 5.61 5.42 3.58 18.09 16.75 Diluted EPS (Rs.): 5.48 5.28 3.45 17.66 16.15

Key Q4 FY26 consolidated operating metrics are summarised below:

Metric: Q4 FY26 Q4 FY25 Change (YoY) Revenue from Operations (Rs. Mn): 5,252.19 4,297.10 YoY improvement Net Profit (Rs. Mn): 771 487 YoY improvement EBITDA (Rs. Mn): 875 801 YoY improvement EBITDA Margin (%): 16.70 18.64 Contraction Profit Before Exceptional Items (Rs. Mn): 654 700 YoY decline Exceptional Items (Rs. Mn): 286 (7.48) —

Client Base and Revenue Visibility

NIIT Learning Systems closed FY26 with a strong client franchise, ending the year with 110 long-term clients. During Q4, the company expanded two existing contracts and renewed two contracts, sustaining its top industry renewal rate. These developments underscore the company's ability to deepen relationships with existing clients while maintaining a robust pipeline. Revenue visibility at year-end stood at USD 459 Million, reflecting the durability of its managed learning services model.

Parameter: Details Long-Term Clients (Year-End): 110 Revenue Visibility: USD 459 Million Q4 Contract Expansions: 2 Q4 Contract Renewals: 2

Standalone Financial Performance

On a standalone basis, the company reported the following results for the quarter and year ended March 31, 2026 (Rs. in Millions):

Metric: Q4 FY26 (Audited) Q3 FY26 (Unaudited) Q4 FY25 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations: 1,238.84 1,430.38 1,299.58 5,319.13 4,834.82 Other Income: 177.19 195.14 208.46 1,216.90 1,122.88 Total Income: 1,416.03 1,625.52 1,508.04 6,536.03 5,957.70 Total Expenses: 1,234.62 1,326.35 1,215.62 5,152.86 4,409.86 Profit Before Exceptional Items & Tax: 181.41 299.17 292.42 1,383.17 1,547.84 Exceptional Items (net): — (135.28) — (135.28) — Profit Before Tax: 181.41 163.89 292.42 1,247.89 1,547.84 Total Tax Expense: 45.08 36.00 66.18 201.62 260.54 Profit After Tax: 136.33 127.89 226.24 1,046.27 1,287.30 Total Comprehensive Income: 99.92 139.68 231.55 992.83 1,276.43 Basic EPS (Rs.): 0.99 0.93 1.66 7.64 9.48 Diluted EPS (Rs.): 0.97 0.91 1.60 7.46 9.14

Consolidated Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects significant expansion, driven by acquisitions during the year. Key figures are presented below (Rs. in Millions):

Parameter: March 31, 2026 March 31, 2025 Total Non-Current Assets: 11,906.81 7,084.69 Total Current Assets: 18,697.15 14,796.07 Total Assets: 30,603.96 21,880.76 Total Equity: 15,428.87 12,099.60 Total Non-Current Liabilities: 4,343.24 1,901.87 Total Current Liabilities: 10,831.85 7,879.29 Total Liabilities: 15,175.09 9,781.16 Goodwill: 8,427.74 4,519.19 Cash and Cash Equivalents: 3,943.15 3,372.55 Reserves (excl. revaluation): 15,153.48 11,827.01

Standalone Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 is presented below (Rs. in Millions):

Parameter: March 31, 2026 March 31, 2025 Total Non-Current Assets: 2,532.45 2,319.99 Total Current Assets: 7,079.60 6,197.97 Total Assets: 9,612.05 8,517.96 Total Equity: 7,993.60 7,010.36 Total Non-Current Liabilities: 176.42 233.96 Total Current Liabilities: 1,442.03 1,273.64 Total Liabilities: 1,618.45 1,507.60 Cash and Cash Equivalents: 8.14 4.39 Reserves (excl. revaluation): 7,718.21 6,737.77

Cash Flow Summary

On a consolidated basis, net cash flows from operating activities for the year ended March 31, 2026 stood at Rs. 2,884.42M compared to Rs. 2,471.04M in the previous year. Net cash used in investing activities was Rs. 4,141.95M, primarily reflecting payments towards acquisition of businesses (net of cash acquired) of Rs. 2,994.26M. Net cash from financing activities was Rs. 1,302.49M, supported by proceeds from long-term borrowings of Rs. 2,162.67M, partially offset by dividend paid of Rs. 410.05M. Cash and cash equivalents at the end of the year stood at Rs. 3,943.15M versus Rs. 3,372.55M at the beginning. On a standalone basis, net cash flows from operating activities were Rs. 1,043.34M versus Rs. 840.27M in the previous year, while cash and cash equivalents at year-end stood at Rs. 8.14M.

Cash Flow Parameter: FY26 Consolidated FY25 Consolidated FY26 Standalone FY25 Standalone Net Cash from Operating Activities (Rs. Mn): 2,884.42 2,471.04 1,043.34 840.27 Net Cash used in Investing Activities (Rs. Mn): (4,141.95) (1,292.20) (703.01) (566.59) Net Cash from/(used in) Financing Activities (Rs. Mn): 1,302.49 (725.81) (336.58) (365.47) Closing Cash & Cash Equivalents (Rs. Mn): 3,943.15 3,372.55 8.14 4.39

Key Acquisitions and Exceptional Items

The financial results for FY26 were materially impacted by two significant acquisitions. On July 9, 2025, NIIT (Ireland) Limited, a wholly owned overseas subsidiary, acquired a 100% equity stake in MST Investment Holding GmbH and its subsidiaries for a total consideration of up to EUR 22.37 Million (comprising EUR 15.35 Million for 100% equity and EUR 7.02 Million for takeover of existing loans). The consolidated results for FY26 include the performance of the MST Group from July 10, 2025 to March 31, 2026. Acquisition-related expenses for the year amounting to Rs. 146.91 Million were disclosed as exceptional items.

Subsequently, on January 9, 2026, NIIT (USA), Inc., another wholly owned overseas subsidiary, acquired a 100% equity stake in SweetRush Inc. and its subsidiary for an aggregate purchase price of up to USD 26.80 Million, including earnout amounts payable over the next five years based on performance. The consolidated results include the performance of the SweetRush Group from January 10, 2026 to March 31, 2026. Acquisition-related expenses for the year amounting to Rs. 106.58 Million were disclosed as exceptional items. Additionally, the Group reversed Rs. 752.57 Million (USD 8.33 Million) of contingent consideration related to the St. Charles Consulting Group acquisition as an exceptional item for the year, and took a provision of Rs. 91.59 Million (USD 1.0 Million) for impairment in the carrying value of a minority strategic investment.

In November 2025, the Government of India notified provisions of the Labour Codes (Code on Wages 2019, Industrial Relations Code 2020, Code on Social Security 2020, and Occupational Safety, Health and Working Conditions Code 2020). The resulting increase in gratuity liability attributable to past service costs of Rs. 135.28 Million was disclosed as an exceptional item in the standalone results for the preceding quarter and year ended March 31, 2026.

ESOP and Dividend

During the quarter, under the NLSL Employee Stock Option Plans (NLSL ESOP 2023-0 and ESOP 2024), 353,000 equity shares were issued, 25,000 options lapsed, and 10,275,592 options remained outstanding as on March 31, 2026. The board recommended a final dividend of Rs. 3.25 per equity share (face value Rs. 2 each) for FY2025-26, subject to shareholder approval at the Annual General Meeting. The trading window for dealing in the securities of the company shall open for all Designated Persons and their immediate relatives with effect from May 15, 2026.

NIIT Learning Systems Limited, formerly known as MindChampion Learning Systems Limited, is headquartered at Plot No. 85, Sector 32, Institutional Area, Gurugram 122 001, Haryana, India, and is engaged in providing Education & Training Services.

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