Edvenswa Enterprises Ltd Management Discussions

MANAGEMENT OUTLOOK Financial Year 2026 27

Chairman and Managing Director s Perspective

Our ambition is high, but our method is grounded. We deepen customer trust, improve the value created by every engagement, build reusable intellectual property, strengthen leadership, and remain disciplined about execution, cash and governance.USS UPPULURI ? CHAIRMAN AND MANAGING DIRECTOR

01 THE YEAR IN PERSPECTIVE

Financial year 2025 26 gave Edvenswa an operating foundation. Financial year 2026 27 is about the quality of what we build on it.

The Group reported consolidated revenue from operations of Rs 133.29 crore and profit after tax of Rs 8.32 crore for the year ended March 31, 2026. I present these figures to you not as an achievement to be celebrated, but as a base to be improved upon. They tell you the scale at which we currently operate. They do not yet tell you the kind of company we intend to become.

Reported basis	Year ended March 31, 2026	Management commentary
Revenue from operations	Rs 133.29 crore	Consolidated; the operating base from which the next phase begins
Profit after tax	Rs 8.32 crore	Profitable growth remains a condition of expansion, not a trade-off against it
Profit after tax margin	Approximately 6.2 percent	Derived from reported figures; margin quality is a stated priority for the year ahead
Revenue character	Predominantly services-led	Our intent is to add product licence and subscription revenue alongside services over time

Three transitions will define how we judge ourselves in the year ahead. First, a shift from effort-led delivery towards outcome-led services. Second, a shift from bespoke project work towards reusable intellectual property and configurable products. Third, a shift from headcount growth towards capability density in terms of value created per person, per engagement and per rupee invested. Each of these is a change in operating model, not a change in messaging.

02 CHAIRMAN AND MANAGING DIRECTOR S PERSPECTIVE

Dear Shareholders,

The technology industry is entering a once-in-a-generation reset. The internet changed how businesses reached customers, distributed information and created digital markets. Artificial Intelligence (AI) is now changing something more fundamental. It is changing how knowledge work itself is performed, how ideas are converted into products, how software is engineered, how operations are supported, and how decisions are made.

For Edvenswa, this is not a distant theme or a technology experiment. It is a change in our operating model and in the value our customers expect from us. Our ambition is high, but our method is grounded. We intend to deepen the relationships we have earned, improve the value created by every engagement, build reusable intellectual property, strengthen leadership, and remain disciplined about execution, cash, governance and customer outcomes.

I want to be candid with you about what this transition demands. It requires us to invest in capability before revenue follows. It requires us to say no to work that adds volume without adding value. It requires us to hold ourselves to measures quality, reusability, predictability and outcomes measured by our customers in terms of various other parameters that are harder to report than headcount. And it requires patience from those of us who own this business, because the compounding effects of intellectual property and capability density arrive later than the costs of building them. I believe the return on that patience will be worth it.

What gives me confidence is not the size of the opportunity, which is visible to everyone, but the specificity of our position within it. We are small enough to move quickly and to change direction without institutional friction. We have a technical heritage that lets us evaluate new technologies with depth rather than treating them as labels. And we have global exposure and experience in top-tier technology-services environments, which gives us a practical understanding of delivery, product development and customer expectations. These are advantages only if they are converted into execution. That conversion is the work of the year ahead.

03 A STRUCTURAL SHIFT IN TECHNOLOGY SERVICES

Enterprise technology spending is being redirected. Customers continue to invest in modernization, cloud, data, digital products and operational resilience, but they are increasingly unwilling to pay merely for additional engineering capacity. They expect partners to compress time to value, improve quality, reduce operating friction and take greater responsibility for business outcomes.

Artificial intelligence is accelerating this shift. Code generation is only the most visible layer. The larger opportunity is to apply intelligence across the complete software and operations lifecycle for understanding requirements, designing solutions, generating and reviewing code, testing, securing, deploying, monitoring, supporting and continuously improving digital systems.

In certain client contexts within our addressable market, we have observed that demand for undifferentiated, effort-based core engineering roles is already more than 90 percent below prior baselines. The demand is still there, but its shape has changed. Demand is moving towards highly capable AI-enabled engineers who can combine engineering judgment with modern tools to produce better outcomes in substantially shorter cycles. A services company that reads this as a temporary softening in demand will be planning for a market that is not coming back.

At the same time, domain experts and business-aware consultants are becoming more valuable, not less. A technology gap can often be closed quickly with the right tools and structured learning. Deep domain understanding, commercial awareness and the ability to translate an operating problem into a workable solution take far longer to build and cannot be automated as readily. This asymmetry is the single most important planning assumption in this document. It is why the most effective teams will be multidisciplinary AI-enabled engineers working alongside domain specialists, functional consultants and customer-facing leaders.

The scarce resource in our industry is no longer engineering capacity. It is the judgment which is the ability to decide what should be built, for whom, and at what standard. We intend to organize the company around that scarcity.

04 OUR STRATEGIC PRIORITIES

Our strategy for the year ahead rests on five growth engines. They are deliberately few, deliberately connected, and deliberately chosen so that progress in one strengthens the others. Each is described in the sections that follow.

Growth engine	What we are changing	Management outcome sought
AI-native product engineering	Embed AI across every stage of the software development lifecycle while preserving engineering accountability	Faster releases, improved quality, lower rework and greater value created per engineering team
Intelligent support operations	Combine AI-led triage and knowledge retrieval with accumulated industry- domain experience	Faster resolution, improved service levels, a better end-user experience and higher operating leverage
Productization and intellectual property	Convert repeatable solutions into configurable products, accelerators and platforms, now consolidated into a focused three-product portfolio	A growing contribution from licence and subscription revenues, subject to commercialization and adoption
Expansion with strategic US clients	Align delivery with the speed, transparency and value-creation agenda of private-equity-backed businesses	Deeper relationships, broader mandates and participation in customer growth
Leadership and execution	Empower the Chief Executive Officer to integrate go-to-market, delivery, customer success and product commercialization	Stronger accountability, a scalable operating cadence and sustainable long-term growth

05 AI ACROSS THE SOFTWARE DEVELOPMENT LIFE CYCLE

Several of Edvenswa s prominent customers are product-led companies. Their competitiveness depends on how rapidly they can convert customer insight into reliable product releases, how effectively they manage technical debt, and how consistently they protect quality, security and performance. This creates a natural opportunity for us to contribute well beyond conventional development capacity.

We are progressively embedding AI into every stage of the software development life cycle. At the discovery and requirements stage, AI helps structure information, identify ambiguity and improve traceability. In architecture and design, it assists teams in evaluating options, identifying dependencies and documenting decisions. During development, AI-assisted engineering accelerates prototyping, code generation, code review and refactoring. In quality engineering, it expands test coverage, generates test cases and identifies regression risks. In deployment and operations, it improves observability, incident analysis and release readiness. In maintenance, it accelerates comprehension of legacy code and supports modernization.

The objective is not simply to generate more code. It is to improve the economics and reliability of product engineering. We will judge success by outcomes such as shorter release cycles, better defect containment, improved test coverage, faster onboarding of engineers onto unfamiliar codebases, reduced rework and stronger delivery predictability.

Human accountability remains essential and non-negotiable. AI-generated outputs must operate within secure development environments, approved access controls, customer-specific governance and disciplined review. Our engineers remain responsible for architecture, correctness, security and business fitness. We believe this combination of machine speed and human judgment can create a meaningful and durable advantage for our product-company customers and for Edvenswa.

Over time, this capability can also support a change in commercial models. Where scope and measurement are sufficiently clear, we will seek to move from billing primarily for effort towards pricing linked more closely to milestones, productivity and outcomes. This transition will be undertaken selectively, with appropriate risk controls, contractual clarity and a shared understanding of delivery responsibility. We will not accept outcome-linked commercial terms where we do not control the levers that determine the outcome.

06 INTELLIGENT SUPPORT BUILT ON DOMAIN KNOWLEDGE

We are also creating greater value for customers who use our Level 1 support services. Traditional Level 1 models depend heavily on manual classification, repetitive knowledge searches, routine responses and escalation. AI changes this operating model by assisting with ticket summarization, intent classification, knowledge retrieval, suggested remediation, duplicate detection, intelligent routing and user self-service.

Technology alone, however, is not the only differentiator. Over the past several years, Edvenswa has invested deliberately in learning the operating context of selected customer domains. That accumulated knowledge includes recurring incident patterns, business priorities, seasonal sensitivities, system dependencies, user behavior and the practical consequences of service disruption. This is the asset. When it is organized into governed knowledge assets and combined with AI, Level 1 support evolves from a low-value response layer into an intelligent front line for service assurance.

Our intended outcomes include faster first response, improved first-contact resolution, better-quality escalation, lower avoidable ticket volumes, stronger service-level adherence and a more consistent end-user experience. Human specialists will continue to handle exceptions, sensitive actions and complex root-cause analysis. The role of AI is to give those specialists better context and to remove repetitive work and not to weaken control.

As these capabilities mature, we see an opportunity to expand from reactive support into proactive operations. Patterns in incidents, usage and system telemetry can help identify emerging issues before they affect customers. This will require disciplined data access, privacy safeguards, auditability and explicit customer approval. We will scale this only where the operating and governance model is sound. Where it is not, we will wait.

07 FROM SERVICES EXPERIENCE TO SCALABLE PRODUCTS

Our services engagements expose us repeatedly to similar problems across customers. Productization is the process of converting that accumulated learning into reusable software, accelerators, components and platforms that can be configured for multiple customers without rebuilding from the beginning each time.

Edvenswa has accelerated this effort. We are focusing on high-scalability domains where a repeatable problem, a clear buyer, measurable value and a viable route to market come together. The clearest of these, and the one that increasingly frames how we describe our long-term ambition, sits at the intersection of enterprise operations and workforce intelligence.

We re building a framework that will become the nervous system of businesses (medium to large enterprises) and help them cope up with the dynamic demands of the markets, investors and their customers and also their own work force by constantly staying on top of the talent management and become uber efficient in their talent management, allocation and utilization aspects which is the most critical part of any enterprise. - OUR STATED AMBITION

I want to explain why we have chosen this ground, because it is a deliberate choice rather than an opportunistic one. Every medium and large enterprise is now managed against four sets of expectations that move at different speeds such as markets, investors, customers and its own workforce. Of these, the workforce is the one most enterprises understand least well in real time. They know their revenue position weekly, their cash position daily and their customer sentiment continuously but their view of skills, capacity, allocation and utilization is typically periodic, fragmented across systems and out of date by the time it is acted upon. The consequence is expensive and familiar such as the wrong people on the wrong work, capability that exists somewhere in the organization but cannot be located, and hiring decisions taken to solve problems that better allocation would have solved.

A nervous system is the right metaphor for what is missing. It senses continuously, carries signal to where decisions are made, and enables the organization to respond before a problem becomes a crisis. Applied to talent management, allocation and utilization, that capability becomes the connective layer between an enterprise s strategy and its ability to execute. We believe this is among the most valuable and least well-served problems in enterprise software, and our services heritage gives us something a pure product company would struggle to acquire due to lack of direct, repeated exposure to how this problem actually manifests inside operating businesses.

We will pursue productization with commercial discipline. Every product initiative must pass practical gates such as evidence of customer need, a differentiated proposition, secure and supportable architecture, a repeatable implementation model, clear internal ownership, customer-success readiness and an economic path to scale. Customer co-creation and design-partner engagements will help us validate product-market fit before we commit disproportionate capital. Initiatives that do not clear these gates will be stopped, and stopping them promptly is itself a discipline we intend to demonstrate.

Services and products will reinforce each other. Services provide domain insight, implementation capability and customer proximity. Products create repeatability, intellectual-property value and non-linear revenue potential. Our goal is not to become product-led by declaration; it is to earn product revenue by solving repeatable customer problems well.

08 OUR PRODUCT PORTFOLIO, REORGANIZED

On earlier occasions we have told you that Edvenswa was investing in a set of products, namely EmPortal, Think Ayurveda First , Seekvens, QHire, ZSecurity and our Assessment Engine. Each of these began as a genuine response to a customer need, and each taught us something that services work alone could not have taught us. Taken together, however, the portfolio had grown wider than it needed to be. Capabilities overlapped, engineering effort was duplicated across separate code bases, and the story we could tell a customer or an investor was harder to follow than it should have been.

We have therefore reorganized the portfolio. From this year we will invest behind three products rather than six. The purpose is to reduce complexity, eliminate overlap, improve maintainability and give each product a clear position in the market it serves. No capability has been discarded in this exercise. Capability has been consolidated where it does the most good.

Previously communicated	Now part of	What the consolidation achieves
EmPortal	EmPortal	Remains the platform and now carries the complete arc of workforce intelligence rather than one part of it
QHire	EmPortal	Talent acquisition becomes a module of the workforce platform instead of a separate product with its own roadmap
Assessment Engine	EmPortal	Skills and capability assessment now feeds allocation decisions directly rather than sitting outside them
Seekvens	EmPortal	AI matching and discovery capability is applied to the workforce problem within a single code base
Think Ayurveda First	Think Ayurveda First	Becomes our single platform for the Ayurvedic and wellness ecosystem, absorbing the healthcare initiative that previously ran alongside it
ZSecurity	ZSecurity	Retained as a distinct product with a sharpened focus on the Indian market

EmPortal

EmPortal is the product that carries the ambition described in the previous section. With QHire, the Assessment Engine and Seekvens now consolidated into it, EmPortal spans the full arc from sourcing and assessment through deployment, allocation and utilization, within one platform and one data model. This matters more than it may appear. The reason enterprises cannot see their workforce clearly is precisely that hiring, assessment, allocation and utilization live in different systems that were never designed to speak to one another. A platform that carries all four is able to answer questions that a collection of point tools cannot.

Think Ayurveda First

Think Ayurveda First is now our single platform for the Ayurvedic and traditional wellness ecosystem. More than 500 doctors and practitioners have been onboarded, and more than 500 products are listed on the e-commerce platform. We expect both numbers to grow considerably once the pilot implementation is complete.

The platform is currently being tested by a small group of Ayurvedic practitioners. Following that testing it will be launched more broadly as a SaaS product built to improve the ease of running an Ayurvedic practice. Its scope includes digitized prescriptions, inventory management, patient relationship management, treatment effectiveness tracking, learning modules that help patients build knowledge about healthy living, remote doctor consultations, tracking of health parameters, remote patient monitoring, and support for managing chronic conditions through sustained lifestyle change.

We believe this is an underserved and largely undigitized part of healthcare. Ayurvedic practice in India is highly fragmented, deeply trusted by its patients, and served by very little purpose-built software. A platform that improves the day-to-day operations of a practice, and at the same time gives practitioners a way to follow patient outcomes over time, addresses both sides of that gap. Consolidating our healthcare work into a single platform gives this product the focus it needs to reach that market properly.

ZSecurity

ZSecurity remains a distinct product, now directed specifically at the Indian market. India employs one of the largest private security workforces of any major country, and the operating reality of that industry is instructive. Large numbers of people must be verified, deployed across many sites, rostered across shifts, supervised and paid, while the sites themselves require disciplined visitor management and access control. ZSecurity addresses that combination. It is a security product and a workforce product at the same time.

For shareholders, the practical effect of this reorganization is straightforward. Our product investment is now concentrated rather than spread. Three products can be funded properly, maintained by teams that know them well, positioned clearly in their markets and held to the investment gates described in the previous section. Six products competing for the same engineering attention could not. We would rather report meaningful progress on three products than activity across six.

09 GROWING WITH STRATEGIC CLIENTS IN THE UNITED STATES

Some of our customers are portfolio companies backed by sponsors counted among the world s leading private-equity firms. These environments demand speed, accountability and measurable value creation. Portfolio companies are often required to modernize platforms, integrate acquisitions, improve operating leverage, strengthen reporting and accelerate product roadmaps within compressed timeframes.

Edvenswa has been able to grow with these customers by adapting to their evolving requirements and by remaining close to the business problem rather than to the specification. Our opportunity is to become more valuable as the customer grows by taking responsibility for broader workstreams, bringing reusable engineering and support capabilities, improving transparency, and helping management teams move faster without compromising operational resilience. Sponsor-backed environments also carry a useful discipline for us as they are accustomed to measuring value creation, and a partner that can demonstrate it is treated differently from one that cannot.

This client segment also requires discipline of our own. We will protect service quality while scaling, maintain clear governance, build continuity beyond individual relationships, and monitor concentration risk actively rather than retrospectively. We will seek to deepen strategic accounts while continuing to diversify our client portfolio and strengthen our market presence across geographies and industries.

10 LEADERSHIP FOR THE NEXT PHASE

The appointment of Mr Krishna Mohan Adalath as Chief Executive Officer with effect from August 4, 2026 is an important step in preparing Edvenswa for its next phase. He brings more than two decades of experience across enterprise technology, ERP, cloud platforms, global delivery, customer success and the building of high-performing teams. His background also includes exposure to leading Indian IT-services environments and broad experience across technical, functional, implementation, component development, marketing, customer-facing and delivery responsibilities.

This breadth matters more than it might appear. The next phase of Edvenswa requires services excellence and product commercialization to operate as one system rather than as two organizations sharing a balance sheet. Technology decisions must connect to market need; sales commitments must connect to delivery capability; implementation experience must inform product roadmaps; and customer success must lead to referenceability, renewal and expansion. Companies that fail at this transition usually fail at the joins, not at the parts.

The Chief Executive Officer will focus on building this operating cadence across go-to-market, delivery, customer success, talent and product execution. As Chairman and Managing Director, my focus will remain on long-term direction, strategic relationships, governance, capital allocation and ensuring that ambition is matched by institutional capability. Together with the Board and the leadership team, we intend to create clear accountability, faster and evidence-based decision-making, and a leadership bench that is deeper than any individual role.

11 BUILDING THE WORKFORCE THE NEW MARKET REQUIRES

The transition to AI-enabled delivery changes how we hire, train, organize and evaluate talent. Broad-based expansion of conventional roles will give way to selective investment in capability. We will increasingly value professionals who can use AI tools safely and effectively, understand the customer s domain, communicate with business stakeholders and take ownership of outcomes.

Our talent agenda will therefore focus on four priorities. First, we will reskill existing engineers in AI-assisted software development, testing, modernization and operations. Second, we will strengthen domain and functional capability in the industries we serve. Third, we will develop business-aware consultants who can bridge customer objectives and technical execution. Fourth, we will build delivery leaders who can manage multidisciplinary teams, new commercial models and responsible AI controls.

There is a logic to this that connects directly to our product ambition. The capability we intend to build for our customers is continuous visibility into skills, allocation and utilization, so that the right people reach the right work at the right time. It is precisely the capability a company of our size and trajectory needs for itself. We intend to be our own first and most demanding customer. A platform that cannot make Edvenswa measurably better at deploying its own talent has not earned the right to be sold to anyone else.

Performance will be judged less by activity and more by impact such as quality, speed, reuse, customer outcomes, learning agility and responsible execution. Our objective is to increase capability density, not simply headcount. Bench management, utilization discipline and skills visibility will be treated as first-order operating metrics rather than administrative reporting. This approach should help Edvenswa remain competitive precisely because the market is placing a premium on smaller, more capable teams.

12 CAPITAL ALLOCATION AND FINANCIAL DISCIPLINE

A strategy of this kind can only be funded by an operating business that generates cash and protects it. My commitment to you is that ambition will not be permitted to outrun financial discipline.

Our capital allocation priorities for the year ahead, in order, are to fund working capital for profitable growth in the services business; to invest in capability, reskilling, domain depth and delivery leadership because this is the input to every other engine; to fund product development in staged tranches against validated demand rather than in a single commitment; and to preserve balance-sheet strength and liquidity so that we retain the freedom to act when opportunities appear.

Working capital and receivables. Extended receivable cycles are among the most common ways a growing services company converts profit into stress. Collection discipline, billing hygiene and contract terms will receive management attention proportionate to that risk.

Staged product investment. Product spending will be released against evidence of validated need and implementation repeatability rather than against conviction alone. The consolidation of our portfolio into three products is the first practical expression of this discipline.

Engagement economics. We will monitor value created per engagement and per team, not only revenue.

Growth that dilutes engagement economics is growth we do not want.

Prudence on inorganic activity. Where partnerships or acquisitions can accelerate capability or market access, they will be assessed against strategic fit, integration capacity and returns alone.

Profitability is not a constraint we tolerate; it is evidence that the work we do is valued. We intend to grow while remaining profitable, and to treat any sustained divergence between the two as a signal that something in the operating model requires correction.

13 GOVERNANCE, RISK AND RESPONSIBLE EXECUTION

We are open to new opportunities because the landscape is transforming faster than at any point in our recent history. The opportunity set includes AI-native product engineering, application modernization, intelligent operations, enterprise automation, domain-led consulting and scalable software products. Our technical foundation, global exposure and experience in research and product development position us to participate meaningfully.

At the same time, transformation creates new risks, and I would rather set them out plainly than have them discovered later. AI can introduce errors, bias, security exposure, intellectual-property concerns and uncertainty over data use. Product investment can consume capital before demand is proven. Rapid changes in tools can make skills and platforms obsolete. Client concentration, currency movements, cybersecurity threats, pricing pressure and extended receivable cycles can each affect performance.

Principal risk	How we intend to manage it
AI quality, security and IP exposure	Approved technology environments, mandatory human review, contractual clarity on data and output ownership, data governance and auditability
Product investment risk	Staged funding against validated demand, a consolidated three-product portfolio, design-partner engagements, defined stop criteria and clear internal ownership
Client concentration	Deliberate account diversification, continuity beyond individual relationships and active monitoring at Board level
Skills and technology obsolescence	Continuous reskilling, capability-density measurement and selective rather than broad-based hiring
Working capital and cash	Collection discipline, billing hygiene, contract terms and conservative
	liquidity management
Cybersecurity and data privacy	Access controls, customer-specific governance, privacy safeguards and
	periodic independent review

Governance is not separate from strategy; it is what makes strategy credible to those who fund it. The Board and its committees will continue to provide independent oversight of performance, risk, related-party matters, internal controls and disclosure. As a listed company, we take our obligations of transparency and timely communication seriously, and we intend for our reporting to become more informative about operating quality and not only about outcomes as our transition progresses.

Our fundamentals remain winning work where we can create distinctive value; delivering what we commit; earning the right to expand; protecting cash and the balance sheet; investing behind validated opportunities; and maintaining transparency with all stakeholders. Artificial intelligence changes the speed and method of execution. It does not change these fundamentals, and we will not allow the excitement around the former to erode our discipline on the latter.

14 OUR PEOPLE AND OUR RESPONSIBILITIES

Everything described in this outlook depends on people who choose to build their careers with us. A company in transition asks a great deal of its employees to learn continuously, to work in unfamiliar configurations, and to be measured on outcomes rather than effort. We owe them clarity about where we are going, honest feedback about how they are progressing, and genuine investment in their capability.

We intend to be an organization where merit is visible and rewarded, where learning is structured rather than incidental, and where safety, dignity and fair treatment at work are non-negotiable. We remain committed to a workplace free from discrimination and harassment, to responsible employment practices across the geographies in which we operate, and to building teams whose composition reflects the markets we serve.

We are equally conscious of our wider responsibilities to use technology in ways that respect privacy and human judgment, to manage our environmental footprint sensibly as we grow, and to contribute to the communities and educational ecosystems from which our talent comes. These are not adjacent to the business; over a long enough horizon, they are what make the business durable.

15 WHAT WE WILL HOLD OURSELVES TO

Strategy documents are easy to write and difficult to be held to. The table below sets out the dimensions on which management expects to be judged in the year ahead. We have deliberately expressed these as directions of travel rather than as numeric targets, and we intend to report progress against them as the transition matures.

Dimension	What good looks like	Why it matters to shareholders
Delivery quality and predictability	Shorter release cycles, better defect containment, improved test coverage and reduced rework	Quality is the foundation of renewal, expansion and pricing power
Value per engagement	Higher value created per team and per engagement, supported by AI-enabled delivery	Growth that improves economics compounds; growth that dilutes them does not
Reuse and intellectual property	A growing library of accelerators, components and configurable assets deployed across customers	Reuse converts one-time learning into repeatable margin
Product commercialization	Design partners engaged, implementations made repeatable, early licence and subscription revenue established across the consolidated portfolio	The route to non-linear revenue and higher enterprise value
Customer depth and diversification	Broader mandates within strategic accounts alongside a widening client base	Deeper relationships raise the ceiling; diversification lowers the risk
Dimension	What good looks like	Why it matters to shareholders
Capability density	Improved skills coverage, utilization and allocation; Value per person rather than headcount	The core operating leverage of an AI- enabled services business
Cash and balance-sheet discipline	Healthy collections, controlled receivable cycles and staged investment	Freedom of action, and resilience when conditions turn

16 OUTLOOK

We believe the next phase of the technology industry will reward companies that can combine engineering depth, domain understanding, business context and AI-enabled execution. Edvenswa is positioning itself deliberately at that intersection.

Our near-term priorities are to institutionalize AI across delivery; to demonstrate measurable productivity and quality outcomes; to deepen selected strategic accounts while broadening our client base; to strengthen intelligent support; to take our consolidated portfolio of EmPortal, Think Ayurveda First and ZSecurity from pilot and early adoption towards commercial scale, with workforce intelligence as our anchor thesis; and to establish a disciplined execution rhythm under the new Chief Executive Officer. We will pursue growth with selectivity, recognizing that durable value is created through repeat business, healthy engagement economics, disciplined working capital and trust.

Our aspiration is to build a significantly larger and more valuable Edvenswa. A company whose value rests on intellectual property, capability and customer trust rather than on scale alone. We will do so by remaining close to our customers, curious about technology and rigorous about business fundamentals. The opportunity before us is substantial. We intend to approach it with confidence, urgency and humility, and to report to you honestly on both progress and setbacks along the way.

17 IN APPRECIATION

I place on record my sincere gratitude to our customers, whose trust is the reason this company exists and whose expectations continue to raise our standards. To our employees, whose commitment and willingness to learn make this transition possible, I offer my thanks and my respect. To my colleagues on the Board, for their counsel, independence and stewardship. To our bankers, business partners, regulators and the exchanges, for their continued support. And to you, our shareholders, for the confidence you place in this management team and for the patience that building something durable requires.