1. Approval of Financial Results

The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half-year ended September 30, 2026, along with the Limited Review Report from the Statutory Auditors, Deloitte Haskins & Sells LLP.

Consolidated Financial Highlights (INR in millions, except per share data):

Quarter Ended September 30, 2026 (Q2 FY27):

  • Total Income: ₹43,985.12
  • Revenue from Operations: ₹43,964.85
  • Profit Before Tax (PBT): ₹646.39
  • Total Tax Expense/(Credit): (₹100.22)
  • Profit for the Period (Net Profit): ₹746.61
  • Earnings Per Share (EPS) - Basic: ₹5.05; Diluted: ₹4.96

Half-Year Ended September 30, 2026 (H1 FY27):

  • Total Income: ₹86,057.44
  • Revenue from Operations: ₹85,781.70
  • Profit Before Tax (PBT): ₹1,505.22
  • Total Tax Expense/(Credit): (₹62.63)
  • Profit for the Period (Net Profit): ₹1,567.85
  • Earnings Per Share (EPS) - Basic: ₹10.55; Diluted: ₹10.38

Comparative Figures (Consolidated):

  • Q2 FY26 (Sep 30, 2025) Net Profit: ₹517.72
  • H1 FY26 Net Profit: ₹1,027.58
  • FY26 (Mar 31, 2026) Net Profit: ₹2,222.01

Segment-wise Revenue (Q2 FY27):

  • General Staffing: ₹38,227.15
  • Professional Staffing: ₹2,540.68
  • Overseas Business: ₹3,180.58
  • Digital Platforms: ₹16.44

2. Declaration of Interim Dividend

The Board declared an interim dividend of ₹5 per equity share (50%) on shares of face value ₹10 each for the Financial Year 2026-27.

The interim dividend will be paid to eligible shareholders on or before November 20, 2026.

The total dividend payout aggregates to ₹746.93 million.

3. Update on Registrar to an Issue and Share Transfer Agent (RTA)

The Board approved continuing with the existing RTA, MUFG Intime India Private Limited, and will not proceed with the proposed change of RTA intimated earlier on May 4, 2026. This decision was taken in view of recent enhancements in the service standards of MUFG and to ensure continuity and uninterrupted servicing of shareholders. The earlier intimation dated May 4, 2026, stands superseded by this disclosure.

4. Auditor's Review Report - Key Qualifications & Emphasis of Matter

The Statutory Auditors, Deloitte Haskins & Sells LLP, issued a qualified conclusion on the financial results.

Basis for Qualified Conclusion:

The qualification relates to uncertainty over the outcome of income tax deductions claimed under section 80JJAA of the Income Tax Act for fiscal years 2017 to 2023, which have been disallowed by the Income Tax Authority. The disallowance, challenged by the Company in judicial forums, primarily concerns the deduction for additional employees and depreciation on goodwill. The Company, based on external legal and tax opinions, believes it is probable that these deductions will be accepted upon ultimate resolution.

In January 2024, the National Financial Reporting Authority (NFRA) made certain observations on the applicability of these deductions in an order (subsequently stayed by the Delhi High Court). The Company continues to maintain its stance.

Due to this uncertainty, the auditors are unable to comment on whether any adjustments are necessary. This matter was also qualified in previous review reports for the quarters ended June 2026, September 2025, and the year ended March 2026.

The Company has assessed ₹3,879.94 million as contingent liabilities towards these tax demands, including interest.

For Q2 FY27, the Company claimed a section 80JJAA deduction of ₹1,447.00 million. For H1 FY27, the deduction claimed was ₹2,152.63 million. For fiscal 2024, 2025, and 2026, deductions aggregating ₹10,030.50 million have been claimed, for which assessment is yet to be completed.

Emphasis of Matter:

The auditors drew attention to Note 4 of the financial results regarding demands received by the Company in respect of provident fund contributions and contingencies related to pending litigation. A demand of ₹716.56 million was issued by the Regional PF Commissioner for the period April 2018 to March 2019. The Company has filed an appeal, and the matter is next scheduled for hearing on November 10, 2026. Based on external legal advice, the Company believes the order is erroneous and will not be sustained.

5. Impact of New Labour Codes

Effective November 21, 2025, the Government of India notified the four new Labour Codes. The Company has assessed and accounted for the incremental impact on employee benefit liabilities arising from these changes. For billable employees, the incremental cost is recognized as an employee benefit expense with a corresponding credit to revenue, as these costs are contractually recoverable from customers and therefore do not impact the profit for the period. The Company will evaluate any differential impact upon notification of remaining state rules and further clarifications.

6. Subsidiaries Information

The consolidated results include the financials of 23 subsidiaries listed in Annexure 1. The review report relies on the reports of other auditors for 6 subsidiaries and on management-certified financials for 16 subsidiaries considered not material to the Group.