Accedere Ltd Management Discussions

1. Industry Overview and Business Environment

The cybersecurity and technology landscape continued to evolve rapidly during the financial year 2025–26, driven by increasing digitalisation, cloud adoption, artificial intelligence, regulatory requirements and the growing cyber attacks and data breaches.

Organisations across sectors are increasingly focusing on cybersecurity governance, risk management, regulatory compliance, data protection and technology resilience. Regulatory developments and increasing awareness among enterprises have further strengthened the demand for specialised cybersecurity, audit and compliance solutions.

In this environment, the Company continues to focus on providing specialised cybersecurity audit, governance, risk and compliance solutions and technology-enabled compliance services. The Companys strategy is aimed at combining its domain expertise with technology and AI automation to provide scalable and efficient solutions to its customers.

2. Business Performance

During the financial year under review, the Company continued to strengthen its position in the cybersecurity, compliance and technology services space. The Company witnessed growth in its operating revenues along with a significant improvement in operating profitability.

The Company continued to develop and expand its technology-led offerings, including its AI-powered Governance, Risk and Compliance (GRC) platform, Controllo, which is designed to assist organisations in managing cybersecurity governance, risk assessment and compliance requirements in an integrated and efficient manner.

The Company also continued to strengthen its capabilities in cybersecurity audits, compliance assessments and technology-enabled risk management solutions, thereby enabling it to address the evolving requirements of enterprises and regulated entities.

3. Financial Performance

The financial performance of the Company for the year ended March 31, 2026, as compared with the previous financial year, is summarised below:

Particulars	FY 2025-26 (? in Lakhs)	FY 2024-25 (? in Lakhs)	Growth
Revenue from Operations	414.40	364.18	13.79%
EBITDA	121.11	61.55	96.77%
Profit After Tax	80.43	25.40	216.65%

The Company recorded revenue from operations of ?414.40 lakh during FY 2025–26 as against ?364.18 lakh in the previous financial year, representing a growth of approximately 13.79%.

Operating profitability improved substantially during the year. EBITDA increased to ?121.11 lakh, compared with ?61.55 lakh in FY 2024–25, registering a growth of approximately 96.77%. The significant improvement reflects better operating leverage, improved business mix and continued focus on operational efficiency.

Profit After Tax increased substantially to ?80.43 lakh as against ?25.40 lakh in the previous year, representing a growth of approximately 216.65%. The improvement in profitability reflects the Companys continued focus on profitable growth, cost discipline and efficient utilisation of resources.

4. Operational Review

The Company continued to focus on strengthening its core capabilities in cybersecurity auditing, information security, governance, risk and compliance. During the year, the Company enhanced its technology-oriented offerings with the objective of improving scalability, automation and customer experience.

The increasing adoption of digital technologies and the growing requirement for organisations to comply with cybersecurity and data protection regulations provide a favourable environment for the Companys business.

The Company intends to continue investing in its services, technology, product development, hiring talents and market expansion to enhance its capabilities and address emerging customer requirements.

5. Significant Corporate Developments

A. Issue of Bonus Shares

During the financial year under review, the Company undertook a significant corporate action by issuing bonus equity shares to its eligible non-promoter shareholders.

The Company approved the issue of 1 (One) bonus equity share of ?10/- each for every 10 (Ten) existing fully paid-up equity shares of ?10/- each held by the eligible non-promoter shareholders, subject to the applicable regulatory and shareholder approvals. The bonus issue was made out of the free reserves of the Company and the bonus shares rank pari passu in all respects with the existing equity shares of the Company. Pursuant to the bonus issue, 83,220 equity shares were allotted to non-promoter shareholders.

The bonus issue reflects the Companys objective of broadening its public shareholding base, enhancing the liquidity of the Companys equity shares and aligning its capital structure with the applicable regulatory requirements.

B. Achievement of Minimum Public Shareholding

During the year, the Company also took significant steps towards ensuring compliance with the Minimum Public Shareholding (MPS) requirements applicable to listed companies.

The Company implemented appropriate measures to increase the proportion of shares held by public shareholders. The issue of bonus shares to eligible non-promoter shareholders, together with the proposed/undertaken divestment of promoter shareholding, formed part of the Companys overall strategy to achieve the statutory minimum public shareholding requirement. The Companys disclosures to the Stock Exchange also referred to the proposed divestment of promoter shareholding for achieving MPS compliance.

The Company is pleased to have achieved the prescribed Minimum Public Shareholding requirement, thereby strengthening its compliance framework and ensuring alignment with the applicable provisions of the Securities Contracts (Regulation) Rules, 1957 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Achievement of MPS represents an important milestone for the Company and is expected to contribute towards a broader shareholder base and improved liquidity and participation in the Companys equity shares.

6. Opportunities and Outlook

The cybersecurity and technology challenges continues to present significant opportunities to the Company that are supported by increasing digitalisation, growing cyber threats, regulatory developments and increasing adoption of cloud, artificial intelligence and technology-enabled business processes.

The Company intends to leverage these opportunities by strengthening its cybersecurity audit, governance, risk and compliance capabilities and by expanding its technology-led offerings. The Companys focus will remain on developing scalable services and solutions, expanding its customer base and strengthening its presence in domestic as well as international markets.

The Company will also continue to focus on strengthening its corporate governance and regulatory compliance framework while creating sustainable value for all stakeholders.

7. Strategic Priorities for FY 2026–27

Going forward, the Companys key strategic priorities will include:

- Expanding its cybersecurity audit, advisory and compliance services;

- Strengthening and scaling its technology-led GRC platform, Controllo;

- Increasing the adoption of AI and automation in cybersecurity and compliance solutions;

- Expanding the Companys presence in domestic and international markets;

- Broadening and strengthening the Companys customer base;

- Maintaining operational efficiency and disciplined cost management;

- Continuing to strengthen corporate governance and regulatory compliance; and

- Creating sustainable long-term value for shareholders and other stakeholders.

- Expanding the activities of the subsidiary Freebird Aerospace.

Management remains optimistic about the Companys future prospects and believes that the Companys technology capabilities, cybersecurity expertise and growing market opportunities provide a strong foundation for sustainable and profitable growth.

8. Risks and Concerns

The Companys business is subject to risks associated with rapid technological changes, increasing competition, cybersecurity threats, availability and retention of skilled professionals, regulatory changes and changing customer requirements.

As a cybersecurity-focused service organisation, maintaining the highest standards of information security and data protection is critical. Retaining clients and team members, expanding clients and reaching new markets worldwide can be expensive and expectation of return on investments may not be immediate.

The Company seeks to mitigate these risks through continuous monitoring of the efforts in respect to the responses, strengthening internal processes and controls, investing in employee capabilities and adopting appropriate risk management practices.

9. Internal Control Systems and Their Adequacy

The Company has established internal control systems commensurate with the size, scale and complexity of its operations. The internal control framework is designed to safeguard the Companys assets, ensure proper accounting and financial reporting, promote operational efficiency and ensure compliance with applicable laws and regulations.

The management periodically reviews the adequacy and effectiveness of internal controls and takes appropriate corrective measures wherever required.

10. Human Resources

The Companys business is knowledge- and technology-intensive and its continued growth depends significantly on the availability and retention of skilled professionals.

The Company continues to focus on developing technical and professional capabilities of its employees through appropriate training, exposure to emerging technologies and opportunities for professional development. The Company believes that a capable and motivated workforce remains an important contributor to its long-term growth.

11. Financial Condition and Liquidity

The Company continues to maintain a prudent approach towards financial management and resource utilisation. The improvement in operating performance during FY 2025–26 has strengthened the Companys financial position.

Management remains focused on maintaining adequate liquidity, efficient working capital management and disciplined allocation of financial resources while supporting investments required for future business growth.

12. Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, market dynamics, regulatory environment, competition, technological developments, customer demand and other risks and uncertainties. The Company assumes no obligation to publicly update or revise any forward-looking statements based on subsequent events or developments.