Aptech Ltd Management Discussions

Global Economy Overview

The global economy demonstrated resilience during 2025, despite geopolitical tensions, elevated interest rates, evolving trade policies and uneven regional growth. However, growth momentum was supported by strong services-sector activity, stable consumer spending and improving economic conditions, with global GDP expanding by 3.4% in both 2024 and 2025. Advanced economies recorded steady growth of 1.8% in 2024 and 1.9% in 2025, supported by moderating inflation and resilient consumption, although tighter financial conditions and subdued manufacturing activity limited the pace of recovery. Emerging Markets and Developing Economies (EMDEs) remained key contributors to global growth, expanding by 4.5% in 2024 and 4.4% in 2025, driven by strong domestic demand, infrastructure investments and improving economic fundamentals.

Among major economies, growth in the United States moderated due to softer consumer demand and tighter financial conditions, while China maintained resilience supported by exports and manufacturing activity. Rising tariffs and protectionist measures across countries also created uncertainties for global trade and investment decisions. Across emerging Asian economies, economic activity remained affected by external headwinds, including geopolitical tensions in West Asia, trade-route disruptions, the blockage of the Strait of Hormuz and heightened volatility in global energy markets. However, continued investments, improving financial conditions and strong domestic demand are expected to support global economic stability and long-term growth.

The global economic outlook remains cautiously positive, with growth estimated at 3.1% in 2026 and 3.2% in 2027, supported by easing inflation, improving financial conditions and steady consumer demand. EMDEs are expected to continue driving global expansion, backed by domestic consumption, infrastructure development and structural reforms, while advanced economies are likely to maintain stable but moderate growth. Although geopolitical tensions and trade uncertainties are expected to persist, the global economy is projected to sustain resilient growth, supported by stable demand and improving economic conditions. The global economy is therefore expected to navigate ongoing uncertainties with resilience, supported by steady demand, moderating inflation and improving financial conditions.

Source: https://www.imf.org/-/media/files/publications/weo/ 2026/april/english/text.pdf

Indian Economy Overview

India continued to emerge as one of the worlds fastest-growing major economies, supported by a large consumer base, a young workforce, structural reforms and sustained investments across sectors. According to the Provisional Estimates, the Indian economy expanded by 7.7% in FY 2025–26, compared with 7.1% in the previous year, reflecting resilient domestic consumption, robust growth in the services sector and sustained industrial activity. Reflecting the resilience of the economys fundamentals, Gross National Income (GNI) increased by 8.9% to 342.05 lakh crore in FY 2025–26, up from 313.98 lakh crore in FY 2024–25, driven by rising employment, improving income levels and continued public and private sector investments. Against this backdrop of strengthening economic activity, the Reserve Bank of India (RBI) maintained the repo rate at 5.25% in April 2026 while retaining a neutral policy stance, balancing growth objectives with inflation management.

India continued to strengthen its economic momentum through robust domestic demand, policy reforms and increasing integration with the global economy. Strategic trade partnerships with the UK and the European Union, together with ongoing trade negotiations with the US, are expected to create new trade opportunities, enhance investment flows and support long-term economic growth. The countrys strong macroeconomic fundamentals, expanding infrastructure base and growing digital ecosystem are further supporting its transition towards a more competitive and sustainable growth trajectory.

Indias economic outlook remains positive, supported by rising consumption,infrastructuredevelopment,capitalinvestments and continued progress in manufacturing, technology and digital transformation. Policy initiatives focused on skill development, innovation and entrepreneurship are expected to further strengthen Indias workforce capabilities and support sustainable economic expansion.

Indias Orange Economy is emerging as a key driver of knowledge-based growth, supported by digital adoption, the expanding creator ecosystem, OTT growth and advancements in Artificial Intelligence (AI). The sector, encompassing Media & Entertainment, Animation, Visual Effects, Gaming and Comics (AVGC), Extended Reality (XR), digital content and design, is creating opportunities in employment, entrepreneurship, exports and intellectual property creation. Government initiatives such as the Indian Institute of Creative Technologies (IICT), World Audio Visual & Entertainment Summit (WAVES), WaveX, National Education Policy (NEP) 2020, NIPUN Bharat Mission and Samagra Shiksha are strengthening the ecosystem by promoting skill development, innovation and access to emerging opportunities.

Source:https://www.mospi.gov.in/uploads/latestReleases/latest _release_1780655857536_5ac01869-ca4a-422d-b7a7-57b81da60932_Press_Note_on_GDP_Estimates_for_Q4_2025-26_and_PE_FY_2025-26_F.pdf https://www.pib.gov.in/PressReleasePage.aspx?PRID= 2258645&reg=1&lang=1. https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/ PR36179ED854C2504530A4E69A95E76CF144.PDF

Industry Overview

Indian Education Industry

Indias education sector continued to evolve, supported by policy reforms, increased government investment and a growing focus on improving access, quality and employability. Rising enrolment, expanding institutional capacity and greater emphasis on skill development are strengthening the education ecosystem. These trends are creating new opportunities for education and training providers.

As of January 2026, India has one of the worlds largest education systems, with approximately 24.69 crore students enrolled across 14.71 lakh schools and supported by more than 1.01 crore teachers, according to Unified District Information System for Education (UDISE+ 2024–25). Student participation continues to improve, with the Gross Enrolment Ratio (GER) reaching 95.4% at the preparatory stage, 90.3% at the middle stage and 68.5% at the secondary stage. Government initiatives such as PM SHRI, Samagra Shiksha, PM e-Vidya, NIPUN Bharat and continued investment in Early Childhood Care and Education (ECCE) are strengthening school infrastructure, digital learning and foundational education.

The number of higher education institutions also increased from 51,534 in FY 2014–15 to 70,018 by June 2025. Continued reforms are making higher education more flexible, multidisciplinary and industry-aligned, with increased public investment. The growing adoption of technology-enabled learning, Artificial Intelligence (AI)-based solutions and government-led skill development initiatives is expected to accelerate demand for scalable training and assessment solutions. The Government enhanced the allocation for higher education from 45,577 crore in FY 2024–25 to 55,727 crore in the FY 2026–27 Budget Estimates, reinforcing its commitment to expanding capacity, enhancing quality and encouraging research and innovation. This increased focus on strengthening higher education, coupled with greater integration of education and skill development, is expected to improve employability, bridge the skills gap and build a future-ready workforce to support Indias long-term economic growth.

Source: https://prsindia.org/files/budget/budget_parliament/ 2026/DfG_Analysis_2026-27-Education.pdf https://www.pib.gov.in/PressReleasePage.aspx?PRID= 2219936&reg=3&lang=1

Indian Test Preparation Market Industry

Indias test preparation market is expanding steadily, driven by a growing student population, rising competition for higher-education admissions and government recruitment examinations and increasing acceptance of digital learning solutions. According to Technavio, the market was valued at USD 11.60 billion in 2025 and is projected to grow at a CAGR of 8.7% between 2026 and 2030, creating an opportunity of USD 6.04 billion during the forecast period. The increasing participation of students in competitive examinations and the need for structured preparation programmes continue to support market growth.

Indian Test Preparation Market Size 2020-2030 (in USD Billion)

Indias organised test-preparation market would continue to grow,supportedbyrisingdemandforcompetitiveexaminations due to limited seats at leading educational institutions and increasing preference for government and professional career opportunities. The sector is being transformed by higher internet penetration, improved digital infrastructure and the adoption of AI, analytics and personalised learning solutions, enabling better student engagement and outcome-driven learning. Providers are expanding their offerings beyond traditional examinations to include skill-based and professional certification programmes, while strengthening their capabilities through quality faculty, personalised mentoring, hybrid learning models and technology-enabled platforms. These trends, along with the broader growth of the education and skilling ecosystem, are expected to create sustained opportunities for training and assessment providers.

Source: https://www.technavio.com/report/test-preparation-marketin-india-industry-size-analysis

Indian Media & Entertainment Sector

Indias Media and Entertainment (M&E) industry continued its strong growth trajectory in 2025, supported by rapid digital adoption, expanding internet connectivity and evolving consumer preferences. According to the FICCI-

EY India report, "Stories, Scale and Impact: Unlocking Indias Media and Entertainment Economy," the industry grew from approximately 2,553 billion in 2024 to 2,785 billion in 2025, registering a 9% year-on-year (YoY) growth. Increasing smartphone penetration, affordable broadband access and rising demand for digital content continue to position India as one of the worlds fastest-growing media markets.

Digital media remained the primary growth engine, crossing the 1 trillion revenue milestone for the first time in 2025. Growth was driven by strong consumption of Over-the-Top (OTT) content, higher engagement across social media platforms, increasing adoption of connected TVs and robust digital advertising. With more than 584 million smartphone users and over 1 billion broadband subscriptions, Indias digital ecosystem continued to accelerate online content consumption. Digital advertising revenue grew by 26% to 947 billion, accounting for nearly 63% of the industrys total advertising expenditure, while digital subscription revenue increased by 60% to 163 billion. Growth was broad-based, with the organised live entertainment market expanding by 44% and the film industry generating 205 billion in revenue from more than 1,900 film releases.

Indian M&E Industry Size and Projections (in billion)

	2022	2023	2024	2025	2026E	2028E	CAGR
						2025- 2028
Digital media	571	686	851	1,110	1,301	1,640	14%
Television	726	711	679	617	587	535	-5%
Print	250	259	257	259	264	264	1%
Filmed entertainment	172	197	187	205	224	253	7%
Online gaming and video games	222	236	236	195	74	92	-22%
Live events	73	88	101	145	140	196	10%
Animation and	107	114	103	105	113	138	10%
VFX
Out-of-home media	48	54	59	67	74	85	8%
Music	46	54	53	59	64	75	9%
Radio	21	23	25	23	23	22	-2%
Total	2,237	2,422	2,553	2,785	2,862	3,301	6%
Growth	23.3%	8.3%	5.4%	9.1%	2.8%

Source: E&Y FICCI April 2026 report

The expanding content ecosystem continued to support the Animation, Visual Effects (VFX) and Post-Production industry, which plays a critical role across films, television, OTT platforms, gaming, advertising and digital media. The Animation, Visual Effects (VFX) and Post-Production industry grew by 2% to 105 billion, following a slowdown the previous year. The Hollywood writers strike and profitability pressures at international studios affected global content production, but domestic demand remained resilient, supported by the growing use of VFX in mid-budget films and increasing demand for post-production services across advertising films, micro-dramas, adult animation and anime.

The sectors growth will be driven by rising demand for AI-enabled content creation, short-form digital content, immersive technologies, localisation services and experiential media, supported by continued government initiatives such as "Create in India" aimed at strengthening talent development and the creative ecosystem. These evolving trends are expected to create sustained demand for skilled professionals across the AVGC value chain.

The AVGC industry has witnessed a meaningful improvement in recent months, with demand strengthening across key segments. The revival in digital content production, supported by rising OTT consumption, expanding content creation and renewed hiring activity, has improved opportunities across animation, visual effects and digital media.

Animation and VFX Revenues and Projections (in billion)

	2023	2024	2025	2026E	2028E
Animation	36	29	27	29	34
VFX	54	47	48	52	65
Post-production	23	27	29	32	39
Total	114	103	105	113	138

Source: E&Y FICCI April 2026 report

Within the industry, the animation segment experienced relatively softer market conditions, with revenue declining by 6% to 27 billion due to lower global content commissioning, reduced advertising expenditure on childrens programming and slower commissioning by OTT platforms. Despite these short-term challenges, studios continued to invest in original intellectual property and diversified revenue models, enhancing content creation, commerce and distribution. At the same time, demand remained healthy for anime, young-adult animation and culturally rooted storytelling, reflecting changing audience preferences.

The VFX segment remained the largest contributor to the Animation and VFX industry, growing from 48 billion in 2025 to 52 billion in 2026. The rising adoption of visual effects and advanced post-production services across film and digital content, coupled with growing global demand for high-quality visual content, continues to create new opportunities for Indian studios in international markets.

India further strengthened its position as a global content production hub by producing nearly 200,000 hours of television, film and OTT content during the year. This boosted demand for editing, localisation, dubbing and subtitling services, while multilingual and short-form content accelerated industry growth.

AI is becoming a key driver of transformation across the M&E, Animation and VFX industries. Media companies are adopting

AI across content creation, editing, localisation, subtitling, metadata generation, audience analytics and workflow management to enhance efficiency and optimise production costs. In Animation and VFX, AI-enabled workflows across rotoscoping, paint and clean-up, asset variation, tagging, quality control and pipeline orchestration. AI-powered rotoscoping has improved efficiency by around 20% in action films, 40% in period films and 55%–65% in VFX-intensive genres such as science fiction, fantasy and horror. As adoption increases, AI is expected to transform content creation, production processes, distribution and audience engagement across the media value chain.

The long-term outlook for Indias M&E industry remains strong, supported by rising digital consumption, increasing disposable incomes and growing demand for premium content across formats and languages. The Indian M&E industry is projected to grow at a CAGR of over 7% between 2025 and 2028, reaching approximately 3,301 billion by 2028. The filmed entertainment segment is expected to reach around 253 billion by 2028, driven by stronger theatrical revenues, greater adoption of VFX, expanding cinema infrastructure and increasing global demand for Indian content.

The Animation, Visual Effects (VFX) and Post-Production industry is expected to witness sustained growth, reaching approximately 138 billion by 2038 at a CAGR of around 10%, driven by rising OTT consumption, gaming, advertising, short-form content and global outsourcing opportunities. The sector is benefiting from the normalisation of global content production, the expansion of Indias VFX and post-production capabilities, the growing demand for Indian animation and the increasing preference among global studios for Indias skilled talent pool and cost competitiveness.

Government initiatives, including the National Film Development Corporations (NFDC) World Audio Visual and Entertainment Summit (WAVES), Film Bazaar and support for international collaborations, are expected to further enhance Indias position as a global media and entertainment hub. The Union Budget 2026–27 further strengthened the creative ecosystem by supporting the Indian Institute of Creative Technologies (IICT), Mumbai, in establishing AVGC Content Creator Labs across 15,000 secondary schools and 500 colleges to develop future-ready talent for the sector, which is projected to require nearly 2 million professionals by 2030.

Source: https://www.ey.com/content/dam/ey-unified-site/ ey-com/en-in/insights/media-entertainment/2026/03/ey-stories-scale-and-impact-un-locking-indias-media-and-entertainment-economy.pdf https://www.pib.gov.in/PressReleasePage.aspx?PRID= 2248271&reg=48&lang=2

Beauty & Wellness

Indias beauty and personal care industry is entering a phase of rapid expansion, creating significant opportunities for professionally trained talent across salons, wellness centres, retail, e-commerce and entrepreneurship. The beauty and wellness industry is being reshaped by changing consumer preferences, particularly among Gen Z, as well as the growth of e-commerce, quick commerce and new-age beauty brands, which is creating higher demand for professionals with modern technical expertise, personalised service capabilities and digital proficiency. As the sector continues to evolve, beauty training academies are playing an important role in preparing industry-ready professionals through practical training, recognised certifications and future-focused learning that supports long-term career growth.

According to IMARC Group, the Indian beauty and personal care market was valued at USD 31.19 billion in 2025 and is projected to reach USD 48.72 billion by 2034, growing at a CAGR of 5.08% during 2026–2034. Organic products accounted for the largest share of the market at 42% in 2025, reflecting consumers preference for natural and chemical-free products. Skincare and sun care remained the leading category with a 35% market share, while online stores accounted for 30% of total sales in 2025, underscoring the growing importance of digital and convenience-led shopping.

The shift towards premiumisation, innovation and advanced beauty treatments is raising service standards across salons, wellness centres, aesthetic clinics, hospitality, retail and direct-to-consumer brands, encouraging employers to recruit certified professionals with specialised technical expertise to meet evolving customer expectations.

AI is further transforming the beauty and wellness ecosystem through AI-powered skin and hair diagnostics, virtual consultations, personalised treatment recommendations, smart appointment management and data-driven customer insights. These technological advancements are encouraging beauty and wellness education providers to integrate AI awareness, digital tools and technology-enabled learning into their curricula alongside core technical training, enabling graduates to succeed in increasingly technology-driven workplaces.

Source:https://www.imarcgroup.com/india-beauty-personal- care-market https://redseer.com/wp-content/uploads/2026/02/India-BPC-2030_Growth-Shifts-and-Opportunities_ExecReport_ Redseer-2.pdf

Information Technology (IT)

The Indian Information Technology (IT) industry continues to play a pivotal role in the global digital economy, driven by its large pool of skilled talent, strong innovation capabilities and the increasing adoption of emerging technologies such as AI, cloud computing, data analytics and digital platforms. As businesses worldwide accelerate their digital transformation initiatives, India remains a preferred technology partner, supported by its expertise across IT services, engineering research and development (ER&D), business process management (BPM) and software products.

The industry is expected to grow from USD 297.2 billion in FY 2024–25 to USD 315.4 billion in FY 2025–26, registering a YoY growth of 6.1%. Exports continue to be the primary growth engine, with IT exports projected to exceed USD 246 billion in FY 2025–26, reflecting a growth of 5.6%. Growth is being supported by rising demand for digital engineering, cloud migration, AI-enabled solutions, cybersecurity and enterprise technology modernisation. Among the key industry segments, ER&D is expected to record the highest growth at 7.7%, followed by BPM at 7%, while IT services and software products are projected to grow by 4.1% and 4.0%, respectively.

The domestic IT market is also witnessing robust growth, with revenues expected to increase from USD 63.9 billion in FY 2024–25 to USD 69.0 billion in FY 2025–26, representing a YoY growth of 8.1%. This growth is driven by increased technology investments across industries as enterprises accelerate digital transformation, modernise legacy systems and adopt AI, cloud and data-driven technologies to improve operational efficiency and the customer experience.

Indian technology companies are strengthening partnerships with global technology leaders to develop advanced cloud, AI and digital solutions, reinforcing Indias position as a global innovation hub. At the same time, the increasing adoption of AI, automation and platform-led delivery models is improving productivity, enhancing service delivery and supporting scalable, value-driven growth.

Looking ahead, the Indian IT industry is well-positioned for sustained long-term growth, supported by strong global demand for digital technologies, continued expansion of the domestic market and increasing investments in next-generation technologies. With its strong talent base, innovation ecosystem and growing focus on high-value digital services, India is expected to further strengthen its position as a leading global technology hub.

Source: https://nasscom.in/knowledge-center/publications/ technology-sector-india-strategic-review-2026

Company Overview

Aptech Limited (hereafter referred to as "Aptech" or "the Company") is a leading provider of vocational and non-formal education, with nearly four decades of experience in skill development and training. Since its establishment in 1986, the Company has built a strong presence across more than 173+ cities through a network of over 570+ learning centres. Over the years, it has empowered millions of students and professionals with industry-relevant skills. Aptech offers a diverse portfolio of career-oriented programmes across Information Technology, Artificial Intelligence, Machine Learning, Data Science, Media & Entertainment, Animation, Visual Effects (VFX), Gaming, Digital Content Creation, Beauty & Wellness, Aviation, Hospitality, Retail, Banking & Finance, Hardware & Networking, English Language Training, Preschool Education, Virtual Production and Assessment

& Corporate Training. The Company combines industry-aligned curriculum, experienced faculty, practical learning and technology-enabled learning to prepare students for careers in high-growth industries while supporting the Government of Indias Skill India initiative.

Aptech has established a strong international presence with 177+ operational centres across 16 countries outside India as of 31 March 2026. The Company operates across Africa, Asia, the Middle East and the South Asian Association for Regional Cooperation (SAARC) region (excluding India), with a particularly strong presence in Nigeria, Egypt, Kenya, Uganda and Zambia. Through brands such as Aptech Learning, Arena Multimedia, Aptech English, Aptech Networking and Maya Academy of Advanced Creativity (MAAC), the Company continues to deliver industry-relevant vocational education and skill development programmes across diverse international markets.

The Company provides specialised training that equips students with practical skills and supports their career aspirations through employment opportunities, freelance work, or entrepreneurship. Aptech further strengthens learners employability through its dedicated Industry Connect and Alliances team, which facilitates industry engagement and job opportunities. The Company also delivers customised training and assessment solutions for corporates, educational institutions and government organisations, helping them build a skilled, future-ready workforce.

Business Portfolio

Aptech offers industry-relevant skill development programmes that combine classroom learning with practical training, while providing students with real-world exposure through events, competitions and industry interactions to enhance career outcomes. The Company operates through two key business segments: Retail Business and Institutional Business (Enterprise Business Group - EBG).

A Retail

The Company aims to be a leading global provider of non-formal skilling and vocational training in the retail segment through its branded Omni-Channel Job-Enablement Platform, which is built on four core pillars.

• Branded: The Company operates a portfolio of specialised brands, each catering to the skill development needs of specific industry sectors.

• Omni-Channel: The Company delivers training through an integrated mix of physical learning centres and digital platforms, combining instructor-led teaching with technology-enabled learning experiences.

• Job-Enablement: The Companys programmes are designed to enhance employability by equipping learners with industry-relevant skills that address current and emerging workforce requirements.

• Platform: The Company operates a scalable, asset-light business model that delivers consistent value to learners, business partners and other stakeholders.

The Company further enhances the learning experience through expert faculty, advanced infrastructure, innovative teaching methodologies and AI-enabled courseware, ensuring consistent learning outcomes across its network. Aptech delivers specialised, career-oriented programmes through a global network of Business Partners that operate learning centres offering classroom and hybrid learning. The Company focuses on equipping learners with industry-relevant, job-ready skills to enhance their employability. The Companys asset-light model supports the efficient and scalable expansion of its skill development ecosystem.

Brands

Aptech has established a strong presence in domestic and international markets, providing learning solutions in Information Technology, Media & Entertainment, Virtual Production, Beauty & Wellness, Aviation, Retail and Preschool Education. The Company combines experienced faculty, an industry-aligned curriculum, AI-enabled courseware, modern infrastructure and hands-on learning across classroom, online and hybrid formats to equip learners with practical, industry-relevant skills and improve their employability, while delivering high-quality training and assessment solutions that address the evolving talent needs of organisations.

Brand	Skill Areas	Founded	Overseas Presence
Arena Animation	Animation, Visual Effects (VFX), Multimedia, Gaming, Digital	1996	Yes
	Content Creation, AVGC-XR, IP Development & Storytelling
MAAC	3D Animation, VFX, Gaming, Digital Design, Filmmaking,	2010	Yes
	Broadcast, Virtual Reality (VR), Augmented Reality (AR), Digital Content Creation
Aptech Learning	Information Technology, Artificial Intelligence, Machine	1986	Yes
	Learning, Data Science, Cybersecurity, Cloud Computing, Java,
	Mobile App Development, Hardware & Networking, English
	Language & Communication
Aptech International	Early Childhood Education, Play-Based Learning, Multiple	2016	No
Preschool	Intelligences, Reggio Emilia Approach, Holistic Child Development
Avalon Academy	Aviation, Cabin Crew Training, Ground Operations, Airport	2006	No
	Management, Hospitality, Travel, Tourism, Retail & Customer Service	td>
The Virtual Production	Virtual Production, Real-Time Rendering, In-Camera VFX,	2023	No
Academy (TheVPA)	Virtual Cinematography, Motion Capture, Digital Set Design,
	Unreal Engine Technologies
Lakm? Academy	Beauty & Wellness, Hair Styling, Makeup Artistry, Skin Care,	2015	No
Powered by Aptech (In Alliance with Lakm? Lever Private Limited)	Nails, Cosmetology, Salon Management

B. Institutional - Enterprise Business Group (EBG) - Aptechs Institutional Business focuses on delivering large-scale examination and assessment solutions for government institutions, autonomous bodies and enterprises. With over two decades of experience in the assessment domain, Aptech has established capabilities in designing, managing and executing recruitment examinations, entrance tests and other high-stakes assessments. Leveraging its technology-enabled platforms, robust processes and nationwide delivery network, the Company supports institutions in conducting secure, efficient and reliable assessments while ensuring seamless candidate experiences. Through its institutional offerings, Aptech continues to contribute to skill development, talent identification and workforce readiness across diverse sectors.

Business Strengths And Strategies

Aptech continues to strengthen its position in the career education and skill development space by focusing on industry-aligned learning solutions, technology-driven curriculum, scalable expansion and enhanced learner outcomes. The Companys strategy is centred on addressing evolving workforce requirements and creating opportunities in high-growth sectors through innovation and accessibility.

Business Strengths

• Diversified Multi-brand Portfolio

Aptech has built a portfolio of specialised education brands that cater to different learner segments. Its presence across M&E, Beauty & Wellness, Aviation, Preschool Education and Enterprise Learning enables the Company to serve a broad customer base while reducing dependence on any single business segment. This diversified portfolio also allows Aptech to respond quickly to changing market opportunities.

• Strong Franchise-led Distribution Network

Over the past four decades, Aptech has established an extensive franchise network across India and international markets. This asset-light model enables the Company to expand efficiently while maintaining consistent academic standards and operational processes. The widespread network also improves market reach and strengthens access to learners across metropolitan and emerging cities.

• Industry-focused Learning Ecosystem

Aptech designs its programmes around evolving industry requirements, combining classroom instruction with practical projects, internships, workshops and live assignments. Continuous interaction with employers and industry professionals helps bridge the gap between education and employment, enabling learners to acquire skills that are relevant to todays workplace.

• Trusted Brand with Proven Expertise

With more than 40 years of experience in vocational education, Aptech has built a strong reputation for delivering quality learning solutions. Its long-standing industry relationships, experienced faculty and focus on learner outcomes have helped train millions of students across India and overseas, reflecting stakeholder confidence in the brand.

Business Strategies

• Expanding into Future-ready Skill Segments

Aptech maintained its leadership position in the Animation, Visual Effects (VFX), Gaming and Comics (AVGC) segment, supported by the revival in digital content production and growing demand from Over-the-Top (OTT) platforms and the media & entertainment industry. The Company continued to strengthen its portfolio by introducing industry-relevant programmes in emerging fields such as Artificial Intelligence (AI), Digital Content Creation, Virtual Production, the Creator Economy and advanced manufacturing technologies to address evolving workforce requirements. It also maintained its presence in the Banking, Financial Services and Insurance (BFSI) training segment while continuing to focus on high-growth business verticals.

• Strengthening Industry Collaboration

The Company works closely with technology companies, creative studios and sector specialists to ensure that learners gain exposure to contemporary tools, technologies and industry practices. These partnerships help improve curriculum relevance and prepare students for evolving career opportunities. During FY 2025-26, the

Company introduced several future-focused programmes across Artificial Intelligence, Digital Content Creation, Virtual Production and 3D Printing, while launching specialised learning pathways such as Creator X and Career X to prepare learners for emerging career opportunities.

• Accelerating Digital Transformation

Aptech has been investing in digital platforms and Artificial Intelligence to improve the learning experience and enhance operational efficiency. The Company has integrated Artificial Intelligence (AI) across the curriculum to equip learners with AI-enabled creative skills aligned with evolving industry and employer requirements. Aptech continues to strengthen its digital ecosystem to provide connected learning, personalised support and better student engagement throughout the learning journey.

• Enhancing Student Success

The Company continued to strengthen learner outcomes by enhancing the overall student experience through practical, application-oriented learning, portfolio development, career guidance, placement support and industry exposure. Aptech increased the use of video-first learning and digital content delivery to align with changing learning preferences and enhance student engagement. The Company introduced a structured Customer Satisfaction (CSAT) framework across its centres to monitor learner experience, improve service quality and strengthen student retention. These initiatives are designed to improve employability, encourage entrepreneurial aspirations and build long-term engagement with learners.

Operational Highlights

Aptech continued to expand its presence in the rapidly growing creator economy by introducing specialised programmes in Digital Content Creation, Intellectual Property Development, Creator X and Career X Virtual Production and AI-enabled creative tools. Supported by collaborations with Adobe, WOL3D and leading industry professionals, these initiatives equip learners with the creative, technical and entrepreneurial capabilities needed for emerging careers in digital media. Aptech has established a presence across 70+ international cities and more than 177 cities in India through over 747 operational training centres worldwide. The Company has trained more than 7.5 million students globally, conducted over 2 crore assessments across India. Aptech continues to strengthen its learning ecosystem through innovation, industry collaboration and globally recognised certifications offered in partnership with international qualification boards and universities. Aptech was honoured with the prestigious Golden Peacock HR Excellence Award 2025 in recognition of its excellence in human resource practices.

1. Retail

• Domestic Retail: Within the domestic retail segment, the Company achieved the following key milestones during the year: o Expanded Centre Network

The Company added 61 net training centres during FY 2025-26, strengthening its presence across high-potential domestic markets and extending the reach of its education brands. o Rolled Out ProConnect Platform

Aptech expanded its ProConnect platform, onboarding more than approx. 83,000 students during the year. The platform strengthened student engagement through digital learning, social collaboration and improved access to academic resources. Through ProConnect, the Company is creating a unified platform that enables students to access learning resources, collaborate with peers and engage with academic activities throughout their learning journey. The platform also provides the foundation for future AI-enabled student services, placements and learner engagement initiatives. o Strengthened Technology Partnerships

During FY 2025-26, the Company strengthened its ecosystem through strategic collaborations with Adobe and WOL3D, providing learners access to globally recognised creative tools and introducing Indias first industry-ready

3D Printing and Product Design programme. These partnerships enhance practical learning and improve industry readiness. o Expanded Learning Portfolio

Across its brands, Aptech introduced new programmes covering AI, Digital Content Creation, Virtual Production, Creator Economy, Beauty & Wellness and advanced manufacturing, enabling learners to build skills aligned with emerging career opportunities. The Virtual Production Academy introduced Virtual Production Pathways, allowing animation, VFX and gaming students to acquire specialised virtual production skills alongside their core programmes. o Enhanced Brand-led Learning Initiatives

MAAC launched Creator X and Career X, while Arena Animation introduced an Intellectual Property Creation Programme. Lakme Academy Powered by Aptech expanded live industry exposure through leading fashion and beauty events and The Virtual Production Academy earned international recognition for student projects at global competitions. ‘Virtual Date secured a place among the Top Five entries globally at the VIVE MARS Best Shot – Student Edition Film Competition, while ‘Echoes of Fire won the Best Cinematography Award at the VIVE MARS Best Shot Horror Competition, demonstrating the Academys strength in virtual production education. o Increased Student Engagement

The Company organised large-scale festivals, competitions, seminars, masterclasses, alumni meets and live projects across its brands, creating opportunities for learners to showcase their skills and interact with industry professionals. MAAC reimagined its flagship 24 Frames Per Second (FPS) event as the 24 FPS Creators Fest, attracting over 7,000 students and aspirants through workshops, industry interactions and panel discussions. Lakme Academy Powered by Aptech enabled over 600 students to gain backstage experience at leading beauty and fashion events, including Miss Universe India, Lakme Fashion Week, Bombay Times Fashion Week and Global India Couture Week.

• International Retail o Expanded International Presence

Aptech strengthened its global footprint by opening new centres across Nigeria, Uganda, Zambia, Sri Lanka, the UAE and Vietnam, while continuing to expand in existing international markets. o Enhanced Global Student Experience

International centres organised competitions, graduation ceremonies, workshops, seminars and knowledge-sharing sessions to provide students with practical exposure and strengthen engagement across the network. o Maintained Healthy Enrolment Growth

The international business recorded approximately 30% annual enrolment growth across Qatar, Nigeria and Egypt for the second consecutive year, reflecting sustained demand across key overseas markets. o Supporting International Partners

Aptech strengthened its global partner ecosystem by providing marketing support, branding initiatives, promotional campaigns, seminars and business development assistance, enabling franchise partners to improve learner acquisition and market visibility.

2. Institutional Business - EBG

The Company successfully conducted examinations for nearly 51 lakh candidates during the year, while ensuring smooth and efficient project execution across multiple engagements. The business also expanded its customer base by onboarding 18 new institutional clients and achieved 100% client retention, reflecting the strength of its service delivery and long-standing customer relationships.

The training business recorded a significant improvement during the year, generating nearly 8 crore in revenue and emerging as an important alternate revenue stream. The Company further strengthened its presence in government-led skilling initiatives by securing new training assignments including empanelment with National Informatics Centre Services Inc. (NICSI) and, in partnership with (NICSI), to deliver digital and technology-focused programmes.

The Company continued to strengthen its technology capabilities by enhancing digital frameworks that improved governance, operational efficiency and transparency across examination management processes, while maintaining a strong focus on security. During the year, the Enterprise Business Group also achieved Capability Maturity Model Integration (CMMI) Level 5 certification, demonstrating the maturity of its processes and commitment to delivering high-quality, secure and predictable services.

Customer engagement remained a key priority. During the year, the Company expanded its structured Client Satisfaction Survey across all major institutional and training engagements and achieved a 94% Client Satisfaction Index, reflecting high levels of customer satisfaction. The Company also strengthened its financial position by resolving legacy Expected Credit Loss (ECL) provisions, resulting in a cleaner balance sheet. Improved collections and disciplined project selection further enhanced the businesss quality and sustainability during the year.

Financial Review

Segment–wise Financial Performance (In Lakhs)

Segment	FY 2025-26	FY 2024-25	YoY (%)
Revenues
Retail	38,923	42,492	(8%)
Institutional	11,419	3,518	225%
Total Revenues	50,343	46,010	9%
Functional PBT
Retail	5,793	7,096	(18%)
Institutional	280	(1,457)	0%
Exceptional Items	(260)	(76)	242
Unallocable Expense	3,444	3,402	1%
Unallocable Income (Interest	1,172	1,312	(11%)
& Other Income)
PBT	3,541	3,474	2%
Income Tax Expenses	1,189	1,567	(24%)
(including MAT Expenses)
PAT	2,352	1,908	23%
Basic EPS	4.06	3.29	23%
Cash and Cash Equivalents including short term investments	19,844	19,541	2%

Aptech reported consolidated operating revenue of 50,343 lakhs for the year ended March 31, 2026. The Company recorded 9% year-on-year growth, compared with revenue of 46,010 lakhs in FY 2024–25.

Retail business continued to remain a key contributor to Aptechs overall operations, while the Company strategically diversified its revenue mix by scaling up institutional and international business opportunities. During FY 2025-26, Retail segment revenue stood at 38,923 lakh, compared with 42,492 lakh in FY 2024-25, resulting in a shift in the segments contribution to consolidated revenue from 92% to 77%. The change reflects the expanding role of institutional contracts within the overall business portfolio.

The EBG delivered a strong performance during FY 2025-26, driven by disciplined execution, improved operational stability and a greater focus on long-term value creation. During the year, the business strengthened its operating model, enhanced execution capabilities and supported customer confidence, laying a strong foundation for sustainable growth. Aptechs Institutional segment reported operating revenue of 11,419 lakhs in FY 2025–26, compared with 3,518 lakhs in FY 2024–25. The Company also secured several contracts during the year, which will be implemented in phases. Aptech reported a Profit Before Tax of 3,541 lakhs in FY 2025–26, compared with 3,474 lakhs in FY 2024–25. The Companys effective tax rate declined to 33.57% in FY 2025-26, compared to 45.09% in FY 2024-25, reflecting a favourable change in the overall tax incidence during the year after utilisation of Minimum Alternate Tax (MAT) credit. Aptech reported a Profit After Tax (PAT) of 2,352 lakhs, compared with 1,908 lakhs in the previous year, while Basic Earnings Per Share (EPS) stood at 4.06 against 3.29 in FY 2024–25. The Company maintained a debt-free balance sheet, with cash and cash equivalents including short term investments of 19,844 lakhs, reflecting its strong liquidity position.

Significant Change in Key Financial Ratios:

The Company is required to disclose significant changes in key sector-specific financial ratios in accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018. Aptech reports any change of 25% or more in these ratios compared with the immediately preceding financial year.

The Company has identified the following as its key financial ratios

Key Financial Ratios	FY 2025-26	FY 2024-25	Differences (%)	Explanation (for >25%)
Interest Service coverage Ratio (in times)	26.39	46.42	-43%	The decrease in the Interest Service Coverage Ratio is mainly attributable to higher finance costs arising from interest on lease liabilities recognized in accordance with Ind AS 116.
Current Ratio (in times)	1.69	2.39	-29%	The Ratio has declined during the year primarily due to the reclassification of certain bank deposits from current assets to non-current assets and Increase in provision for student services liabilities and provision for Institutional business in proportion to the revenue.
Trade Receivables turnover (in times)	9.78	11.04	-11%
Inventory turnover (in times)	1.82	1.34	36%	The improvement in Inventory Turnover Ratio is attributable to efficient inventory utilization during the year.
Trade Payable turnover ratio (in times)	7.38	8.52	-13%
Net Capital turnover ratio (in times)	2.02	1.83	11%
Net profit margin (%)	4.67%	4.15%	13%
Return on Equity ratio (%)	9.41%	7.46%	26%	The improvement in Return on Equity Ratio reflects enhanced profitability and higher net earnings during the year.
Return on Capital Employed (%)	9.77%	8.87%	10%
Return on Investment (%)	Nil	3.30%	-100%	The decrease in ratio is due to redemption of Preference shares on maturity in FY 2024-25.

Opportunities and Threats Opportunities

The Company operates in a growing skill development and vocational education sector, supported by rising demand for job-ready skills and industry-aligned training. Aptech is well-positioned to capitalise on emerging opportunities across high-growth areas such as Information Technology, Artificial Intelligence, Data Science, Cybersecurity, Animation, Gaming, Virtual Production, Beauty & Wellness, Aviation and

Hospitality, where demand for skilled professionals continues to grow. The Company leverages its diversified brand portfolio, PHYGITAL delivery model and pan-India and global presence to deliver relevant and future-ready learning solutions. Its asset-light, franchise-led expansion model, strengthened institutional business and continuous curriculum innovation in areas such as Generative Artificial Intelligence (GenAI), virtual production and the creator economy enhance scalability and operational efficiency. Through industry partnerships, digital learning solutions and a strong training ecosystem, Aptech continues to address evolving workforce requirements across government, corporate and international markets.

Threats

The Company operates in a highly competitive skills development and education industry, facing challenges arising from evolving learner expectations, technological advancements, competition from digital-first education providers and the need to continuously upgrade programmes and capabilities._ The Institutional Business is also exposed to evolving examination-related Acts, laws, regulations and government guidelines, which may increase compliance, operational and contractual requirements._ Aptech remains focused on enhancing course offerings, strengthening faculty capabilities, maintaining quality across its network, ensuring regulatory compliance and adopting an integrated physical and digital learning approach. The business also remains exposed to risks related to enrolment fluctuations, franchise economics, data security, institutional client concentration, currency movements and changing compliance requirements, which are actively managed through continuous improvement initiatives.

Business Outlook

Aptechs business outlook remains positive, supported by increasing demand for quality education, employability-focused training, digital assessments and government-led skilling initiatives. The Companys diversified presence across retail, institutional, enterprise and international markets, combined with Indias favourable demographic profile and growing focus on workforce development, provides a strong foundation for sustained growth.

The Company continues to strengthen its franchise-led retail business by enhancing the learner experience, expanding its industry-aligned programme portfolio and introducing new-age courses in high-growth areas such as Artificial Intelligence (AI), Animation, Visual Effects (VFX), Gaming and digital content creation. Its institutional and enterprise businesses are expected to benefit from growing opportunities in government and corporate skilling programmes, computer-based examinations and technology-enabled assessment solutions.

Aptechs PHYGITAL learning model, which integrates the reach of physical centres with the scalability of digital platforms, enables efficient expansion across Tier II, Tier III and emerging markets while supporting an asset-light growth approach. The Company will continue to leverage its established global franchise network to pursue selective international opportunities.

Backed by years of extensive experience, strong brand equity, an established certification ecosystem, a debt-free balance sheet and a healthy cash position, Aptech is well-positioned to capitalise on emerging opportunities across the education, skilling and assessment ecosystem. Continued investments in curriculum innovation, including Generative Artificial Intelligence (GenAI), virtual production and creative technologies, along with a strengthened institutional portfolio, are expected to enhance revenue visibility, operational efficiency and long-term value creation while maintaining financial discipline and governance standards.

Human Capital Management (HR)

The Company considers its human resources function a strategic driver of business growth, organisational capability and long-term competitiveness in the evolving education and skilling industry. Aptech continued to align its people strategy with business priorities through focused talent acquisition, workforce planning, leadership development, succession planning and capability-building initiatives. The Company strengthened its high-performance and collaborative work culture by enhancing performance management, employee engagement and learning and development programmes. Aptech accelerated the digital transformation of HR by automating key employee lifecycle processes, leveraging workforce analytics for data-driven talent decisions and introducing AI-powered microlearning and employee service solutions to improve learning, operational efficiency, governance and the employee experience. The Company maintained a strong employer brand with a Glassdoor rating of 4.2 as of March 31, 2026, and had 454 employees on its rolls. Aptech reported an employee attrition rate of 28.1% in FY 2025–26, down from 28.5% in FY 2024–25.

The Companys people-centric initiatives received significant external recognition during the year, including the Golden Peacock HR Excellence Award 2025 from the Institute of Directors, India, for excellence in human resource practices. Aptech was also honoured with the HR Team of the Year 2025 award by UBS Forums Pvt. Ltd., reflecting its commitment to building a future-ready, technology-enabled and inclusive workplace. The Company remains focused on investing in its people, strengthening organisational capabilities and promoting a culture of innovation and continuous learning to sustain growth and strengthen its leadership in the education and skilling industry.

Aptech launched SHEvolution, its Womens Collective, on Womens Day 2026 to promote a more inclusive and supportive workplace for women. The Company promoted holistic well-being through expert-led sessions on health, emotional wellness, confidence and career development, encouraging open dialogue and empowering women to thrive both personally and professionally. Aptech further supported its commitment to employee well-being by nurturing a culture of belonging, inclusion and empowerment across the organisation.

Risks, Challenges and Concerns

The Company operates in a dynamic business environment and remains focused on proactively identifying and managing risks that may impact its operations. Aptech has implemented robust risk management practices to address key risks, including credit risk, foreign exchange fluctuations and industry-specific challenges. The Company promotes a strong culture of quality and process excellence, enabling it to effectively manage operational disruptions arising from both internal and external factors. Aptech has established comprehensive operational procedures and disaster recovery systems, supported by regular employee training and periodic audits, to ensure business continuity and a timely response during unforeseen situations.

Strategic Initiatives and Workforce Strengthening

The Company continuously updates and expands its course offerings in response to evolving market needs, supported by in-depth market research and strong industry partnerships. Aptech maintains high-quality standards and leverages its trusted brand to strengthen its position in the vocational training sector. The Company encourages a positive work environment by offering competitive compensation, providing career development opportunities and supporting employee growth. Aptech regularly upgrades its IT infrastructure and invests in continuous training to help employees keep pace with evolving technologies and industry requirements. The Company carefully aligns its financial and operational planning to effectively manage seasonal fluctuations in the education business and maintain consistent performance throughout the year. Aptech remains committed to upholding high standards of compliance, quality and sustainable long-term growth.

Commitment to Compliance, Quality and Long-Term Sustainability

The Company remains committed to complying with the evolving regulatory landscape by closely monitoring regulatory developments and maintaining active engagement with the relevant authorities. Aptech continuously enhances the quality of its services through regular curriculum updates, robust quality control processes and ongoing faculty training to ensure learners receive relevant, industry-aligned education. The Company remains focused on strengthening its risk management framework, enhancing organisational resilience and creating sustainable long-term value for all its stakeholders.

Internal Controls and Their Adequacies

The Company has established a comprehensive internal control framework to ensure efficient operations, compliance with policies, accurate financial reporting and effective risk management. Aptech has designed this framework to align with the scale and complexity of its domestic and international operations and reviews it periodically to ensure it remains effective in a dynamic business environment. The Company continuously strengthens its internal control systems to promote transparency, safeguard assets and support operational excellence.

The Companys internal control framework comprises the following key components:

• The Company has established a well-defined organisational structure with clearly assigned roles and responsibilities.

• Aptech has implemented documented and standardised policies and procedures to ensure consistency, accountability and operational efficiency.

• The Company regularly monitors operational and financial performance through periodic management reviews to ensure effective oversight and continuous improvement.

• Aptech conducts regular internal and statutory audits to ensure compliance with applicable laws, regulations and internal policies.

• The Company maintains strong governance through active oversight and strategic guidance from its Board of Directors.

• The Company remains committed to continuously strengthening its internal control systems to enhance corporate governance, promote transparency and support sustainable business performance.

Cautionary Statement

This document contains certain forward-looking statements based on the Companys current expectations, assumptions and projections about future events. These statements are not historical facts and may include words such as

"expects," "believes," "plans," "anticipates," "intends," "strategy," "opportunity" and similar expressions. As these statements relate to the future, they are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These factors include changes in regulatory requirements, fluctuations in earnings, the Companys ability to manage growth, disruption in AVGC industry, rising employee costs, customer acceptance of the Companys services and pricing, the ability to attract and retain skilled professionals, successful integration of acquisitions, project execution risks, dependence on key clients, restrictions on immigration, challenges in managing international operations, changes in demand for technology services, disruptions in telecommunication networks, government policy changes, political and economic conditions and other business and industry-related risks.

While the Company believes that these forward-looking statements are based on reasonable assumptions, there can be no assurance that they will prove to be accurate or that the Companys plans, objectives or expectations will be achieved. These statements are based on information available to the Companys management as of the date of this document and should not be regarded as a guarantee of future performance. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.