STYL

July 23, 2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Services The Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai – 400 001 Mumbai - 400051 Scrip Code: 544533 Symbol: STYL Dear Sirs, Sub: Q1FY27 Earnings Conference Call Dear Sirs, Further to our letter dated July 20, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the document titled ‘Investor Presentation Q1FY27’. Thanking you, Yours Sincerely, For Seshaasai Technologies Limited (formerly known as Seshaasai Business Forms Limited) Manali Siddharth Shah Company Secretary and Compliance Officer Encl – as above Seshaasai Technologies Limited (Formerly known as Seshaasai Business Forms Limited) Registered Office: 9, Lalwani Industrial Estate, 14, Katrak Road Wadala, Mumbai – 400031 Tel,: +91 22 66270919/99 E mail: info@seshaasai.com I Website: www.seshaasai.com I CIN No.: L21017MH1993PLC074023 PAYMENT SOLUTIONS Investor COMMUNICATION Presentation Q1FY27 & FULFILMENT SOLUTIONS (CFS) July 23, 2026 IoT SOLUTIONS Seshaasai Technologies Limited Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Seshaasai Technologies Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. KEY 1 HIGHLIGHTS COMPANY 2 BACKGROUND TABLE OF FINANCIAL 3 OVERVIEW CONTENTS INVESTMENT 4 RATIONALE IPO FUNDS 5 UTILISATION Key Financial Highlights – Q1FY27 Q1FY27 vs Q1FY26 - YoY ₹ 3,764.7 mn 41.7% 25.1% REVENUE ↑ 21.1% YoY GROSS ↓ 286 bps YoY EBITDA ↑ 135 bps YoY FROM MARGIN MARGIN OPERATIONS ₹ 3,108.7 mn for Q1FY26 44.5% for Q1FY26 23.7% for Q1FY26 ₹ 944.1 mn ₹ 873.1 mn | 23.2% ₹ 603.4 mn | 16.0% OPERTATING ↑ 28.0% YoY ↑ 22.3% YoY | ↑ 22 bps YoY ↑ 63.8% YoY | ↑ 418 bps YoY EBITDA EBITDA PAT MARGINS ₹ 737.6 mn for Q1FY26 ₹ 714.2 mn | 23.0% for Q1FY26 ₹ 368.4 mn | 11.9% for Q1FY26 Q1FY27 vs Q4FY26 - QoQ ₹ 3,764.7 mn 41.7% 25.1% REVENUE ↓ 6.9% QoQ GROSS ↓ 527 bps QoQ EBITDA ↓ 573 bps QoQ FROM MARGIN MARGIN OPERATIONS ₹ 4,041.8 mn for Q4FY26 46.9% for Q4FY26 30.8% for Q4FY26 ₹ 944.1 mn ₹ 873.13 mn | 23.2% ₹ 603.4 mn | 16.0% OPERTATING ↓ 24.2% QoQ ↓ 26.3% QoQ | ↓ 611 bps QoQ ↓ 26.2% QoQ | ↓ 421 bps QoQ EBITDA EBITDA PAT MARGINS ₹ 1245.2 mn for Q4FY26 ₹ 1184.5 mn | 29.3% for Q4FY26 ₹ 817.9 mn | 20.2% for Q4FY26 5 A Partner Through Life’s Evolution National ID Cards Pension Statements Savings Account Early Stages Retirement Passbook Bank Statement A steady Partner Health Policy Through Life’s Evolution Learning Growth Wealth Certificate Career Management Kit Smart ID Payment RFID Solar Panel Card Travel Card Gift Card Cheque Book RFID Powered Educational Books Shopping Metal Credit Card Insurance Policy QR Payment Debit/Credit Card FASTag 7 Seshaasai at a Glance (1/2) Payment Solutions Communication & Fulfilment Solutions IoT Solutions End-to-End powered by Safe, Secure and Proprietary Platforms 8 WIDE RANGE OF OFFERINGS Metal Cards Biometric Cards D a t a L o g g e r s Indian Banks Global Payment Payment Card Industry International Organization Certifications / Licenses / Approvals NPCI Rupay Association Schemes Data Security Standard for Standardization Seshaasai at a Glance (2/2) Client Base Manufacturing Facilities 24 7 6 2 Manufacturing Units Locations States R&D Labs Pan India Financial Performance Revenue from Operations (₹ Mn) EBITDA Margin (%) PAT Margin % 15,583 17% 15% 27% 25% 11% 14,632 19% 14,411 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 9 Business Performance Q1FY27-Payment Solutions REVENUES (₹ in mn) • Retained our wallet share with our top 10 customers. 1,984 • Top 10 customers contributed 73% of the revenue for Q1 FY27 against 81.35% for Q1FY26. 1,919 1,793 1,582 1,498 • Added 3 new accounts in Q1FY27 in Payment cards across Banks and FinTechs. • Won 1 tender (Multi-year) in Q1FY27. • Commenced payment card exports to Europe & Africa. Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Key Growth Drivers o Metal cards are witnessing growing interest across our PSU & o Post-covid issuance surge to have corresponding renewal volumes Private bank customers across both debit and credit portfolios. moving in tandem. o Traction observed in FinTechs focused on GenZ & Wealth o More co-branded premium cards (airlines, travel, lifestyle, FinTech) with Customers to augment metal card demand differentiating unboxing experience. o Clarity in regulatory landscape enabling FinTechs design o Growth of inter-operable mass transit cards across metros & buses. compliant products which can spur growth o Banks focusing on differentiated card experience for customers (LED cards, o High entry barriers with significant capacity gives Seshaasai a wooden cards, biometric cards etc.) strong moat. 11 Business Performance Q1FY27-Communication & Fulfilment Solutions(CFS) REVENUES (₹ in mn) • Continued increasing wallet share with our existing customers. 1,607 1,488 • Top 10 customers contributed 77.16% of the revenue for Q1FY27 against 81.60% for Q1FY26. 1,318 1,327 1,362 • Added 4 new enterprise accounts in Q1FY27. • Won 2 tenders (Multi-year) from PSU banks during Q1FY27. Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Key Growth Drivers o Customers seeking to consolidate their requirements with high degree of security & service levels along with end-to-end offerings including logistics and traceability. o Deep entrenched relationships allowing us to increase wallet share with customers. o Our scalable infrastructure and operational expertise makes us uniquely positioned to undertake large volumes and bespoke projects. 12 Business Performance Q1FY27-IoT Solutions (Figures in INR Million) 674 Revenues (₹ in mn) • Business volumes for one of the largest Indian retailer has ramped up and stabilized. 499 • 13 new accounts added in Q1FY27 across industries. 379 384 • Increased capacity across existing locations for RFID tag offerings. 276 • SIM card volumes continue to build up their contribution to the overall revenue. Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Key Growth Drivers o RFID tags & hardware infrastructure becoming more affordable with expanding scale. o Successful project rollouts, with demonstrated benefits, are catalyzing broader adoption. o In the Indian telecom sector, the prepaid SIM card market is ~90% as compared to ~10% post paid subscribers. The prepaid market has a large soft churn leading to demand for physical SIMs from operators. o eSIM has cross-industry potential spanning Telecom, Automotive, Industrial Automation, Utilities, and many other connected tech applications. o The need to achieve more from less through process automation. o The need for agile and localised supply chains for domestic manufacturing as India becomes the factory of the world. o Global rollouts and pilot projects in large volume industries like pharma, logistics & grocery showing encouraging results indicating huge potential. o AI led computing will empower real-time visibility and data analytics from sensors & IoT devices. 13 Financial Performance – Q1FY27 (1/2) (Figures in INR Million) Operating Revenue Gross Margin (%) EBITDA Margin (%) PAT Margin (%) YOY + 21.1% YOY +13.3% YOY +28.0% YOY +63.8% 818 4,042 1,897 1,245 603 3,765 1,568 3,109 944 1,384 368 738 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 14 Financial Performance – Q1FY27 (2/2) (Figures in INR Million) Operating Revenue (In ₹ Million) 16 85 539 77 50 14 674 1062 1538 276 4435 4345 1488 5611 1318 10524 9147 7196 1498 1582 FY24 FY25 FY26 Q1FY26 Q1FY27 Revenue breakup across BFSI & Non-BFSI Customers (%) Client Concentration (%) 17% 17% 15% 15% 13% 16% 17% 25% 49% 49% 48% 42% 87% 84% 83% 75% 69% 66% 63% 56% FY24 FY25 FY26 Q1FY27 FY24 FY25 FY26 Q1FY27 BFSI Non BFSI Top 10 Customers Top 5 Customers Top 1 Customer Note: * Others includes miscellaneous software sales, scrap sales, other rebates. Other operating revenue comprises export duty drawback, rebate income and others 15 Consolidated Financial Summary – Q1FY27 - YoY (1/2) (Figures in INR Million) Q1FY27 Q1FY26 Δ (YoY) % Particulars REMARKS ₹ Mn ₹ Mn ₹ Mn Change Revenue from Operations 3,764.7 3,108.7 656.0 +21.1% • Revenue from operations grew by 21.1% YoY and Total Income grew by 22.5%, supported by healthy execution and normalisation of business Other Income 71.0 23.4 47.6 +203.0% activity from the relatively subdued Q1FY26 base. • Gross margin moderated to 41.7% in Q1FY27 from 44.5% in Q1FY26, impacted Total Income 3,835.7 3,132.2 703.5 +22.5% by higher raw material prices, currency depreciation, and elevated logistics Cost of Materials 2,196.4 1,724.7 471.7 +27.3% costs arising from the West Asia conflict. Consumed • Management continues to focus on enhancing supply-chain agility Employee Cost 175.4 149.8 25.6 +17.1% through diversified sourcing and strategic inventory management. • Employee cost increased by 17.1% YoY due to higher headcount and annual Other Expenses 519.8 520.1 (0.3) -0.1% increments. • Other expenses remained broadly stable at ₹519.8 Mn and as a percentage Depreciation 107.8 110.2 (2.4) -2.2% of revenue from operations, reduced to 13.8% from16.7% in Q1FY26, reflecting Finance Cost 18.4 77.6 (59.2) -76.2% improved operating leverage and expense optimisation initiatives. • Finance costs declined by 76.2% following debt repayment post-IPO, PBT 817.9 549.7 268.1 +48.8% coupled with higher other income, drove 48.8% YoY growth in PBT. • PAT increased by 63.8% YoY, with PAT margin improving to 16.0% from 11.9% Tax 215.0 181.4 33.7 +18.6% in Q1FY26. The lower margin in Q1FY26 was primarily due to higher tax PAT attributable to 603.4 368.4 235.0 +63.8% provisioning compared with the FY26 full-year average margin of 16.7%. Equity Shareholders 16 Consolidated Financial Summary – Q1FY27 - QoQ (2/2) (Figures in INR Million) Q1FY27 Q4FY26 Δ (QoQ) % Particulars REMARKS ₹ Mn ₹ Mn ₹ Mn Change Revenue from Operations 3,764.7 4,041.8 (277.1) -6.9% • Sequentially, revenue from operations stood at ₹3,764.7 Mn in Q1FY27 compared with ₹4,041.8 Mn in Q4FY26, reflecting a moderation of 6.9% QoQ. Other Income 71.0 60.7 10.3 +17.0% Q4 has historically been the Company’s strongest quarter in terms of revenue. Total Income 3,835.7 4,102.4 (266.7) -6.5% • Gross margin moderated to 41.7% in Q1FY27 from 46.9% in Q4FY26 due to the Cost of Materials 2,196.4 2,145.2 51.17 +2.4% impact of the West Asia conflict and the higher operating leverage Consumed achieved in Q4FY26, which was the highest-revenue quarter of FY26. Employee Cost 175.4 193.4 (18.1) -9.4% • Management continues to focus on enhancing supply-chain agility through diversified sourcing and strategic inventory management. Other Expenses 519.8 518.8 1.0 +0.2% • Employee cost declined by 9.4% QoQ, primarily due to year-end employee Depreciation 107.8 97.5 10.3 +10.6% benefit provisions in Q4FY26, while other expenses remained broadly stable. • EBITDA stood at ₹944.1 Mn, with EBITDA margin at 25.1% compared to 30.8% Finance Cost 18.4 29.1 (10.7) -36.6% in Q4FY26. • Finance cost declined by 36.6% following debt repayment post-IPO, while PBT 817.9 1,118.6 (300.8) -26.9% higher other income also contributed to profitability. • PBT stood at ₹817.9 Mn and PAT at ₹603.4 Mn, compared with ₹1,118.6 Mn and Tax 215.0 299.9 (84.8) -28.3% ₹817.9 Mn, respectively, in Q4FY26. PAT attributable to 603.4 817.9 (214.5) -26.2% Equity Shareholders 17 Investment Rationale 31.9% Market Share Established Leadership Position in the Large and Regulated Payment Solutions Industry with for credit and debit cards issuance in 1 High Barriers to Entry India in FY25 1057 (New 263) Total customers Long Standing Relationships with a Large Customer Base 2 As of June 30, 2026 24 Comprehensive Portfolio of Customizable and Scalable Solutions 3 Self sustaining Manufacturing Units 25.1% Proprietary Technology Stack Enabling Bespoke Solutions EBITDA Margin 4 As of June 30, 2026 Over 10 Years 5 Pan-India Advanced Manufacturing Capabilities Avg. customer relationship with 8 of our top 10 customers as of Q1FY27 33+ years 6 Experienced Promoters and Senior Management Team backed by Committed Employee Base Experience of the Promoters 19 Established Leadership Position in the Large and Regulated Payment Solutions Industry with High 1 Barriers to Entry Established Leadership High Barriers to Entry Capital-Intensive Equipment and 31.9% Market Share in FY25# 80+ No of Banks & Fintechs served 1 Technology 10 of 12 PSU Banks served 15 of 21 Private Banks served Stringent Regulatory and Security 2 Standards Life Insurance Companies General Insurance Companies 10 of 26 7 of 28 served served Established Industry Players and Brand 3 One of the Payments card manufacturers One of the Manufacturers of cheque leaves Loyalty Top Two in India in FY25 Largest in FY25 Best Tech Brand in the BFSI sector by Economic Times consistently since for 4 Technological Expertise the past five consecutive years from 2021 to 2025 5 High Certification Costs The Seshaasai Edge 6 Supply Chain Management Domain Portfolio of Business Geographical Scalable Three Decades Expertise Offerings Resilience Spread Infrastructure Experience 7 Data Security and Privacy Regulations #Source: F&S Report; all figures are as of March 31, 2025 unless specifically highlighted 20 Long Standing Relationships with a Large Customer Base 2 8 of Customers have a New Customers Total Customers as 1057 Partnership Vintage 263 added during of Q1FY27 top 10 over 10 years Q1FY27 Revenue from Revenue from Top 5 Revenue from Top 10 14.6% Largest Customer 42.1% Customers during 56.0% Customers during during Q1FY27 Q1FY27 Q1FY27 % of Revenues from 95.7% existing customers during Q1FY27 21 Payment Solutions-Comprehensive Card Offerings 3A Hybrid Metal Card Metal Edge Card Metal Insert Cards Biometric Cards Payment Wearables Payment Stickers 22 Communication & Fulfilment Solutions 3B Driving Efficiency in Communications and Fulfilment for BFSI Clients s g n i r e f f O Insurance Personalized Passbooks Digital Courseware Integrated Citizen and Health r policies and letters communication and office Logistics tax identity cards u statements (SMS/Email) stationery management cards O Delivery format Customized Omni-channel agnostic communication Backed by Our End-to-End Inventory and Order Management System Stock Order Intake Manufacturing Query Handling Delivery Management 23 IoT Solutions 3C Integrating Technologies with the Automation Needs of the Industry Passive Tags Active Tags Empowering Digital Automation Transformation Hardware Platforms 24 Proprietary Technology Stack Enabling Bespoke Solutions 4 izeIoT is Seshaasai’s proprietary IoT platform that connects devices, collects secure data, and powers traceability and analytics across industries. It integrates with RFID systems and uses communication technologies like GPS, GSM, Wi-Fi, BLE, HF, and UHF. Offered as a PaaS solution, izeIoT combines data security and RFID innovation to boost efficiency and ensure compliance. RUBIC is a data processing engine that applies business rules to transform encrypted input into personalized outputs. Initially built for the BFSI sector, it now serves multiple industries by integrating with ERP, CRM, inventory, and warehouse systems. RUBIC supports secure, layout-based communications and has been extended for IoT applications like generating RFID tags, labels, and delivery documents. eTaTrak is an AI-powered logistics and deliverables management platform that unifies enterprises, logistics partners, production teams, and customers on a single system. It offers real-time traceability of physical and digital communications, helping businesses cut costs, improve efficiency, and enhance customer satisfaction. By integrating supply chains with enterprise systems, it ensures end-to-end shipment visibility and on-time deliveries, serving as the operational backbone for e-commerce and financial institutions. IOMS (Integrated Output Management System) is a centralized platform that manages the design, generation, and distribution of high-volume communications across physical and digital channels. It ensures consistency, compliance, and speed by integrating with core enterprise systems and supporting personalized outputs at scale. Ideal for banks, insurers, and large enterprises, IOMS streamlines complex document workflows with efficiency and accuracy. 25 Pan-India Advanced Manufacturing Capabilities 5 26 Experienced Promoters and Senior Management Team 6A Backed by Committed Employee Base Pragnyat Pravin Lalwani Gautam Sampatraj Jain Chairman & Managing Director Whole-time Director Experience: 33+ years Experience: 33+ years • He holds a bachelor’s degree in Science from Sri • He holds a bachelor’s degree in Science from Sri Sathya Sai Institute of Higher Learning and a Sathya Sai Institute of Higher Learning and a bachelor of law from the University of Mumbai. bachelor of law from the University of Mumbai. • He plays a key role in our Company's strategy, which • Responsible for day-to-day operational and focuses on using technology and innovation to financial planning. maintain industry leadership. • He also guides the in-house innovation lab for indigenous technology upgradation. 27 Experienced Promoters and Senior Management Team 6B Backed by Committed Employee Base Senior Management Team backed by Committed Employee Base Venkat Sandhi Pawan Kumar Bosco Mascarenhas Satyanarayana Sandeep Khurana Pillalamarri Tangella Head, Business Development Head, Information Technology Chief Financial Officer, & Growth Experience: 20+ years Head, Operations – Payment Experience: 13+ years Experience: 27+ years Solutions Experience: 29 years Sairam Raghavan Ganesh Srinivasan K. Krishnan Kutty Nandkumar B. L Head, Operations Head, Corporate Accounts & Regional Head, North and East Regional Head, South IoT Solutions Taxation Experience: 18+ years Experience: 16+ years Experience: 19 years Experience: 27+ years Board of Directors Jayeshkumar Abbhijet Ghag Sowmya Vencatesan Mehul Suresh Shah Chandrakant Shah 28 IPO Funds Utilisation Update (Q1FY27) Amount as per offer As at beginning of As at end of the Unutilized During the quarter document the quarter quarter amount # Objects (₹ Mn) (₹ Mn) (₹ Mn) (₹ Mn) (₹ Mn) (C) (A) (B) (B+C) (A-B-C) 1 Capex 1,979.1 550.6 67.7 618.2 1,361.0 2 Repayment of Borrowings 3,000.0 3,000.0 - 3,000.0 - 3 Issue Expenses 350.6 293.0 39.1 332.1 18.5 General corporate 4 670.3 211.6 137.3 348.9 321.3 purposes Total 6,000.0 4,055.2 244.0 4,299.2 1,700.8 On the balance sheet and cash flow front, we remain well capitalised. As of 30th June 2026, we had cash and cash equivalents of approximately ₹ 3690 Mn, including unutilized IPO funds of approximately ₹ 1700 Mn 30 Thank you For Further Information, Please Contact: Asha Gupta - asha.gupta@in.ey.com Pratik Jagtap – pratik.jagtap@in.ey.com Manali Shah - companysecretary@seshaasai.com