Canarys Automations Ltd Management Discussions

1. Economic Overview

1.1 Global Economy

Global economic growth moderated during

CY2025 amid geopolitical tensions, evolving trade policies, financial market volatility and cautious business sentiment. According to the International Monetary Fund (IMF), global GDP growth is projected to moderate from 3.4% in CY2025 to 3.1% in CY2026, before improving marginally to 3.2% in CY2027. While advanced economies are expected to witness modest growth, Emerging Market and Developing Economies (EMDEs) are expected to remain key contributors to global expansion, supported by resilient domestic demand, infrastructure investments and favourable demographics.

Outlook

The global economy is expected to maintain moderate growth over the medium term, supported by resilient domestic demand, easing inflation and improving financial conditions.

Investments in infrastructure, digitalisation, artificial intelligence and supply-chain resilience are expected to support productivity and economic activity. However, geopolitical tensions, trade policy shifts, commodity price volatility and elevated public debt remain key downside risks, underscoring the importance of policy stability and international cooperation.

1.2 Indian Economy

Indias economy maintained strong growth momentum during FY2025-26 despite global trade uncertainties, geopolitical tensions and volatile capital flows. According to the Ministry of Statistics and Programme Implementation (MoSPI), real GDP is estimated to have grown by 7.7%, supported by resilient domestic demand, sustained investment and policy support. Household consumption remained a key growth driver, while easing inflation, improved liquidity and continued public investment in infrastructure supported business confidence. Headline inflation moderated to 2.1% during the year, creating a favourable environment for economic activity and monetary easing.

Fiscal consolidation progressed steadily, while the banking sector remained well-capitalised, supported by healthy credit growth, improving asset quality and robust profitability. Sustained investments in infrastructure, renewable energy and digital technologies, coupled with continued expansion in manufacturing and services, further strengthened Indias long-term growth prospects.

Indian Economy GDP Growth Rate (in %)

Year	FY 2021-22	FY 2022-23	FY 2023-24	FY 2024-25	FY 2025-26
GDP	8.7	7.0	8.2	6.5	7.7
Growth
Rate

( S o u r c e : h t t p s : / / w w w . p i b . g o v . i n / PressReleasePage.aspxRsPRID=2132688 https://indianexpress.com/article/business/ i n d i a -g d p -g ro w t h -2 0 2 5 -2 6 -m o s p i -r b i -forecast-10725705

Outlook

Indias economic outlook remains favourable, supported by resilient domestic demand, moderating inflation and sustained investments in infrastructure, manufacturing and exports. Policy reforms, expanding trade partnerships and rising integration with global value chains are expected to strengthen industrial competitiveness and diversif y expor t opportunities. While geopolitical developments and global trade uncertainties remain key external risks, Indias strong macroeconomic fundamentals and reform-oriented policy framework position the economy for continued growth over the medium term.

2. Industry Review

2.1 Global IT Industry

Global IT spending is projected to reach US$6.37 trillion in 2026, representing a 14.2% increase over 2025, according to Gartner. Growth is expected to be led by data centre systems and Infrastructure-as-a-Service (IaaS), driven by accelerating investments in AI infrastructure, cloud platforms and intelligent applications.

The rapid expansion of AI workloads is prompting hyperscalers and enterprises to significantly scale next-generation data centre and computing capacity. AI infrastructure, AI-enabled cloud platforms and advanced software ecosystems are therefore emerging as key areas of growth within the global technology market. The latest projections also reflect stronger expectations for AI-led technology spending, with organisations increasing investments in AI-optimised servers, cloud services and AI-ready software. However, growth remains uneven, with technology budgets facing pressure from inflation, supply constraints, rising hardware and memory costs, and shifting investment priorities.

Overall, AI infrastructure, cloud services and

AI-enabled software are expected to remain among the fastest-growing segments as enterprises accelerate the adoption and scaling of AI capabilities.

Worldwide IT Spending Forecast

(Billions of US Dollars)

	2025 Spending	2025 Growth (%)	2026 Spending	2026 Growth (%)
Data Center Systems	506	51.6	822	62.5
Devices	790	9.7	868	9.8
Software	1,271	13.9	1,468	15.5
Services	1,492	3.8	1,570	5.3
Infrastructure as a Service (IaaS)	222	25.3	287	29.3
Communications Services	1,296	3.3	1,354	4.4
Overall IT	5,577	10.7	6,369	14.2

Source: Gartner (July 2026)

Key Market Drivers

- AI & Agentic AI: Rapid enterprise adoption of AI and agentic systems is accelerating demand for AI engineering, intelligent automation and AI-ready applications.

- Cloud & Infrastructure Modernisation:

Increasing cloud adoption, application modernisation and IaaS investments are driving technology spending and transformation programmes.

- Data & Analytics: Enterprises are investing in data engineering, analytics and AI-ready data environments to improve decision-making and operational efficiency.

- Cybersecurity & Digital Trust: Growing cyber threats, data privacy requirements and sovereign-cloud considerations are increasing demand for cybersecurity and resilient technology environments.

- Enterprise Automation: Hyper-automation and intelligent workflows are gaining traction as businesses seek productivity gains, cost optimisation and improved customer experiences.

- Industry-Specific Digitalisation: BFSI, healthcare, manufacturing, retail and other sectors are increasingly adopting vertical-specific digital and AI solutions.

- Shift Towards Outcome-Based Models: Technology providers are moving beyond traditional FTE-led delivery towards outcome-based solutions, platforms and IP-led offerings.

Outlook

The global technology market is entering a strong

AI-led growth cycle, data centre systems, IaaS, software and AI-enabled solutions are expected to remain key growth areas.

India is similarly positioned for sustained technology expansion, with IT spending forecast at US$176.3 billion in 2026, up 10.6%. Growth is expected to be supported by AI infrastructure, cloud adoption, cybersecurity, data analytics, application modernisation and hyper-automation.

For technology service providers, the opportunity is increasingly shifting from AI experimentation to enterprise-scale implementation. NASSCOM expects FY27 to mark further maturation of AI spending, with greater emphasis on enterprise re-engineering, domain-led solutions, talent transformation and outcome-based delivery.

Overall, the outlook remains positive, with AI, cloud, data, cybersecurity and digital engineering emerging as the principal growth engines. Companies with differentiated capabilities, strong technology partnerships, domain expertise and the ability to translate AI into measurable business outcomes are well positioned to capture this opportunity.

2.2 Indian IT Industry

Indias IT services industry is entering a new phase of growth, driven by accelerated digital transformation, cloud adoption and the integration of AI and automation across enterprise operations. The India IT services market was valued at US$42.74 billion in 2025 and is projected to reach US$78.14 billion by 2034, registering a CAGR of 6.94% during 2026-2034.

The industry continued to expand its talent base, with headcount increasing by 2.3%, supported by large-scale digital and AI-focused skilling initiatives. Indian IT exports are projected to grow 5.6% YoY to US$246 billion in FY26, compared with US$233 billion in FY25. As AI becomes increasingly embedded across business functions, it is reshaping operating models, workforce requirements and approaches to innovation.

Key Growth Drivers

- Platform Engineering & DevOps: Rising adoption of platform engineering,

DevOps automation and SRE practices is improving software delivery, scalability and application reliability.

- Digital Transformation & Cloud: Investments in digital transformation, cloud-native architectures, hybrid and multi-cloud environments and data analy tics continue to drive demand for advanced technology services.

- AI & Intelligent Automation: Growing adoption of AI, machine learning and RPA is creating opportunities across consulting, implementation and managed services.

- Cybersecurity & Resilience: Increasing digitalisation and evolving cyber threats are strengthening demand for secure, resilient and compliant technology environments.

- Specialised Talent: Demand is shifting towards specialised AI, cloud, data, cybersecurity and digital engineering capabilities, creating opportunities for technology providers with strong domain expertise.

Outlook

According to NASSCOM, FY27 is expected to mark the next phase of enterprise AI adoption, with organisations moving from rapid experimentation and deployment towards large-scale transformation and long-term enterprise re-engineering. Technology spending is expected to maintain 5 7% year-on-year growth, while AI investments continue to increase despite challenges related to data readiness, integration and organisational change.

The industrys talent model is also evolving from workforce expansion towards capability depth and productivity. Organisations are increasingly prioritising specialised digital and AI skills as automation enhances productivity and enables technology teams to deliver greater business value with greater efficiency.

S o u rc e: ht tp://ti m e s of i n d i a . i n d i a ti m e s . c o m /a r t i c l e s h o w/ 1 2 8 7 6 2 6 4 1 . c m s Rs u t m _ source=contentofinterest&utm_ medium=text&utm_campaign=cppst, https:// w w w. imarcgroup.com/india-it-ser vices-market https://nasscom.in/knowledge-center/ publications/technology-sector-india-strategic-review-2026

2.3 Agentic AI

Indian enterprises are moving from AI experimentation to value-driven, scaled implementation, strengthening Indias position as a leading enterprise AI market. India ranks second globally in strategic AI investment, with organisations planning AI investments of US$25.9 million. AI spending is expected to increase by 45% over the next two years, while AI ROI is projected to rise from 22% to 39%, reflecting growing focus on measurable business outcomes.

The next frontier is Agentic AI, which enables systems to reason, orchestrate workflows and execute actions with limited human intervention. More than 80% of Indian organisations are exploring autonomous AI agents, while 67% are piloting agentic use cases. Further, 85% view Agentic AI as having moderate to very high potential to transform business operations. This signals a shift from AI-assisted processes towards increasingly autonomous execution.

Key Growth Drivers

- Intelligent Automation: Growing demand for

AI systems that can reason, make decisions and execute complex, multi-step workflows.

- Productivity & Efficiency: Automation of front-, middle- and back-office processes across customer engagement, finance, operations and product development.

- Digitalisation & Data Growth: Indias extensive digital ecosystem, including UPI, UIDAI and digital commerce, is generating large and increasingly complex data environments.

- S o f t w a r e E n g i n e e ri n g & D i g i t a l Transformation: Strong applicability across software development, DevOps, application modernisation and enterprise technology transformation.

- Enterprise AI Adoption: Increasing transition from AI pilots to scaled deployments is creating demand for AI engineering, integration, governance and managed services.

Outlook

Agentic AI is emerging as a new frontier of enterprise transformation, enabling organisations to move beyond AI-assisted applications towards systems capable of reasoning, workflow orchestration and autonomous execution. Adoption is expected to deepen across software engineering, customer engagement, finance, operations and other complex business processes.

As the market matures, the focus is likely to shift from individual AI agents towards interconnected multi-agent ecosystems, supported by cloud infrastructure, enterprise data, APIs and robust governance frameworks. This evolution is expected to create significant opportunities for technology providers with strong AI engineering, domain expertise and enterprise integration capabilities.

Sources: https://w w w.deloitte.com/in/en/ about/press-room/indian-enterprises-lead-global-peers-in-at-scale-ai-adoption-across-most-functions.html, https://news.sap.com/ india/2026/06/agentic-ai-returns-in-india-projected-to-grow-fivefold-to-us14-4-million-sap-study

2.4 India Smart Water Management Market

Indias smart water management market was valued at US$837.1 million in 2025 and is projected to reach US$2,264.6 million by 2034, growing at a CAGR of 11.34% during 2026-2034. Growth is being driven by rapid urbanisation, rising water conservation needs, advancements in ICT and increasing focus on environmental sustainability.

Smart Water Management (SWM) combines flood management, canal modernisation and automation, digital metering, sensors, SCADA, GIS and real-time analytics to enhance water-network monitoring and efficiency. These technologies enable leak detection, optimise water and energy use, predict equipment failures and strengthen regulatory compliance.

Th e G ove r n m e nt of I n d i a a p p rove d Modernisation of Command Area Development and Water Management (M-CADWM) under PMKSY for 2025 26, with an initial outlay of 1,600 crore. The scheme aims for modernisation of the irrigation water supply network to supply of irrigation water from existing canals or other sources in a designated cluster. The scheme aims to modernise irrigation networks and leverage SCADA and IoT for water accounting and management, improving water-use efficiency, agricultural productivity and farmer incomes. Rapid urbanisation and climate change are intensifying flood risks and driving demand for smart, resilient and efficient water infrastructure. Compared with rural areas, urban catchments can increase flood peaks by 1.8-8x and flood volumes by up to 6x, underscoring the need for integrated water management systems that enable cities to better monitor, manage and mitigate flooding.

Source: https://www.pib.gov.in/PressReleasePage. aspxRsPRID=2120360&lang=2®=48&utm, https://smartcities.ieee.org/about/technical-tracks/ieee-smart-water-management

Key Market Drivers

- Water Conservation: Growing water stress is accelerating demand for efficient, technology-enabled water management.

- Digitalisation of Water Infrastructure: Smart meters, sensors, SCADA, GIS and analytics are enabling real-time monitoring and data-driven decision-making.

- Leak Detection & Network Efficiency: I n te l l i g e n t s y s te m s h e l p i d e n t i f y losses, optimise pressure and improve network performance.

- Urban Flood Management: Rapid urban growth is increasing the need for reliable, scalable and efficient water infrastructure.

- Sustainability Focus: Increasing emphasis on resource conservation and environmental sustainability is supporting SWM adoption.

- Smart Irrigation & Residential Efficiency:

Integration with intelligent irrigation, meter data management and water-efficiency solutions is expanding the application landscape.

- Canal Modernisation: Modernising ageing canal networks with SCADA, IoT and automated controls can reduce water losses, improve distribution and enhance irrigation efficiency.

Outlook

Indias smart water management sector is poised for strong and sustained growth as utilities and municipalities modernise water infrastructure and adopt data-driven solutions. The convergence of IoT, real-time monitoring, analytics, automation and intelligent infrastructure is expected to enhance operational efficiency, reduce water losses and flood risk, and support sustainable resource management. As India advances towards a more water-resilient and digitally enabled infrastructure ecosystem, smart water management is expected to play an increasingly important role across urban and rural applications.

3. Company Overview

Canarys is a boutique Agentic AI engineering firm backed by three decades of proven technology delivery expertise. We combine established technology partnerships with deep engineering capabilities, agility and a consultative approach to address complex enterprise requirements. Our capabilities span technology-led transformation and specialised infrastructure solutions, supported by the Canarys Automation Resilience (CAR) framework. Built on three decades of delivery experience, CAR integrates AI across the technology lifecycle to enhance execution speed, productivity, quality and operational resilience.

By combining our engineering heritage with Agentic AI, we are helping enterprises build intelligent, resilient and scalable technology environments. Our global client base, 100% client retention and recognition as a GitHub 2025 Growth Services and Channel Partner of the Year demonstrate the strength of our capabilities and customer relationships.

AI-Powered Products & Platforms

Our AI-native platforms are led by AURYIS, our flagship product, alongside Scholaris and ClubAce, together addressing specialised needs across life sciences and pharma, higher education and research, and clubs, hospitality and membership organisations.

AURYIS

An AI-powered regulatory compliance and safety intelligence ecosystem for pharma and life sciences, combining Auryis Quality Intelligence (covering CAPA, deviations, change control, complaints, training, document control and validation) with Auryis Safety Intelligence, a pharmacovigilance solution that monitors safety reporting and flags regulatory risk early - turning complex, unstructured regulatory content into clear, audit-ready, defensible insights.

Scholaris

An AI-native doctoral lifecycle management platform for universities, digitalising the PhD and DBA journey from admissions and coursework through milestones, thesis completion and post-doc workflows.

ClubAce

A purpose-built ERP platform for sports and lifestyle clubs worldwide, unifying membership, bookings, facilities, finance, events, F&B, procurement, HR and analytics on a single system to reduce revenue leakage and optimise operations.

Through intelligent automation, agentic workflows, compliance monitoring and actionable insights, all three platforms enable greater productivity, governance and engagement with AURYIS, in particular, marking

Canarys shift from a services-led organisation to a product-led company. Their scalable SaaS model also supports recurring revenue and long-term growth.

CAR Framework: Engineering with AI, End to End

The Canarys Automation Resilience (CAR) framework embeds AI across the technology lifecycle to help organisations adopt AI without ripping and replacing what they already run. Rather than forcing a wholesale swap of existing systems, CAR smartifies them layering intelligence onto current investments so they become more self-healing, disciplined, and long-lived, and so those investments compound in value instead of expiring. Its four integrated capabilities CAR-D for AI-assisted design, CAR-E for AI-powered engineering, CAR-T for AI-driven testing, and CAR-S for intelligent support work together in a continuous learning loop that accelerates delivery and strengthens reliability from within the organisations current technology stack. Rather than centering on resolving issues after they surface, CAR-S focuses upstream: detecting anomalies, predicting failures, and deploying fixes before they ever reach the customer, so resilience is built into the system rather than bolted on after something breaks.

Partnering with Global Technology Leaders

Our strategic technology ecosystem strengthens our ability to deliver secure, scalable and future-ready enterprise solutions. Partnerships with

Microsoft, GitHub, SAP, Atlassian and JFrog, supported by specialised capabilities across

DevOps, cloud, cybersecurity and software engineering, provide access to advanced technologies, expertise and best practices. Our certifications and partner competencies further reinforce our enterprise delivery capabilities.

Strengthening Revenue Visibility Through a Robust Order Book

Our order book reached 4,409 Million in FY26, reflecting strong business momentum and enhanced revenue visibility. The portfolio remains well diversified across IT Solutions, Fortira and WRM, with 3,674 Million of recurring orders providing greater predictability. Exposure across technology, WRM, BFSI, manufacturing and other sectors further strengthens business resilience.

Accelerating AI-Led Growth Through Strategic Expansion

The acquisition of Fortira Inc., USA, has strengthened Canarys presence in the North American market by adding an established enterprise customer base and experienced delivery capabilities. Fortira brings 20+ enterprise customers and enhances the Companys capabilities across AI, cloud, cybersecurity and digital engineering. Going forward, Canarys intends to leverage the combined customer base to drive cross-selling opportunities and deepen customer relationships, while progressively integrating Fortiras capabilities with its AI-led solutions and proprietary CAR framework. The Company also plans to leverage its India-based delivery capabilities to improve operational efficiency and support margin expansion. Over the medium term, the integration of Fortira with Canarys technology platforms, delivery capabilities, and AI-led offerings is expected to create greater operating leverage and strengthen the companys global growth platform.

SWOT Analysis

Strength

- Proven Expertise: 30+ years of experience in IT and digital transformation.

- End-to-End Capabilities: Integrated expertise across digitalisation, modernisation, automation and AI.

- Skilled Talent: 450+ professionals with diverse technology expertise.

- Strong Ecosystem: Trusted relationships with customers, alliance partners and OEMs.

- Industry Diversification: Pre s e n c e across BFSI, retail, healthcare, pharma, manufacturing and insurance.

Weaknesses

- Pricing Pressure: Competitive intensity can impact pricing and margins.

- Cybersecurity Exposure: Continued focus required on data privacy and cybersecurity.

Opportunities

- Digital Transformation: Rising global demand for enterprise digitalisation.

- AI & Automation: Accelerating adoption of AI, cloud, analytics, automation and cybersecurity.

- Sector Expansion: Opportunities across fintech, healthtech and Industry 4.0.

- Global Client Base: Growing demand from digital-first enterprises.

- S m a r t I n f r a s t r u c t u r e : E m e r g i n g opportunities in intelligent automation and smart infrastructure.

Threats

- Technology Disruption: Rapid technological evolution may impact competitive relevance.

- Competitive Intensity: I n c re a s i n g competition from global and domestic IT players.

- Economic Volatility: Currency fluctuations and global macroeconomic uncertainties.

- Regulatory Changes: Evolving data protection and compliance requirements.

- Cybersecurity Risks: Rising cyber threats and operational vulnerabilities.

4. Financial Review

FY26 marked a strong step-up in business scale and profitability, driven by robust execution and healthy business momentum. Revenue from operations more than doubled to 1,981 Mn, while EBITDA, PBT and PAT grew by 73.8%, 71.3% and 78.3%, respectively. Although EBITDA margin moderated to 12.3%, the overall improvement in earnings reflects stronger operating scale and profitability. Reported EPS increased 51.8% to 2.11, reinforcing the Companys improving earnings profile.

( in Mn)

Particulars	FY26	FY25	Change (%)
Revenue From Operations	1,981	891	122.3
EBITDA	245	141	73.8
EBITDA margin (%)	12.3%	15.5%	-3.2
PBT	197	115	71.3
PAT	148	83	78.3

Key Operational Metrics

FY26 witnessed a significant expansion in scale, customer reach and revenue productivity. The order book increased nearly fourfold to 4,132 million, providing strong visibility for future growth. Despite a broadly stable project count, the client base expanded to 212, while average revenue per project more than doubled to 8.2 million. Revenue per employee also increased sharply to 4.4 million, reflecting improved productivity and execution capacity.

	FY26	FY25
Order Book ( Mn)	4,132	1,050
Number of Projects (#)	241	248
Number of Clients (#)	212	115
Avg. Revenue/Projects ( Mn)	8.2	3.6
Number of Resources (#)	455	436
Avg. Revenue/Employees ( Mn)	4.4	1.6

Key Ratios

Particulars	FY25	FY26	Change (%)
Debtors Turnover (x)	1.34	2.67	99%
Current Ratio (x)	3.40	2.87	-16%
EBITDA Margin (%)	14%	12%	-14%
Net Profit Margin (%)	9%	7%	-22%
Return on Equity (%)	11%	13%	18%
Return on Capital Employed (%)	13%	19%	46%

5. People

People remain central to Canarys ability to deliver technology-led transformation and execute its AI-first growth strategy. During FY26, the Company continued to strengthen its talent base while focusing on capability development, employee engagement and continuous learning.

The Company had 450+ resources as of FY26, with average revenue per employee increasing to 4.4 million, reflecting improved productivity and execution capabilities. Employee attrition improved to 11% from 14% in FY25, reflecting the Companys continued focus on employee engagement and retention.

As Canarys accelerates its transition towards

AI-led engineering and solutions, the Company is investing in AI upskilling and capability development across its engineering practices. Employees are being enabled to work with AI across design, engineering, testing, automation and support, helping build future-ready capabilities aligned with the Companys evolving technology strategy.

The Company will continue to focus on attracting and retaining skilled talent, strengthening technical capabilities, encouraging continuous learning and building an organisation that can support its long-term growth ambitions.

6. Risk Management

Risk	Impact	Mitigation
Rapid technology changes	Evolving AI, cloud, automation and cybersecurity technologies could affect competitiveness and client acquisition.	Continuous investment in R&D, AI-led solutions, technology partnerships and employee upskilling.
Talent acquisition and retention	Shortages of skilled technology professionals could constrain project delivery, innovation and growth.	Strengthening talent development, certifications, employee engagement and retention programmes.
Intense industry competition	Competition from established IT players could increase pricing pressure and affect market share.	Focusing on niche capabilities, domain expertise, strategic partnerships and differentiated AI-led solutions.
Macroeconomic and IT spending slowdown	Global economic uncertainty could lead clients to defer or reduce technology spending.	Expanding into resilient sectors, strengthening managed services and maintaining a diversified industry portfolio.
Regulatory and compliance risk	Evolving data protection, ESG and industry regulations could increase compliance requirements and costs.	Proactive regulatory monitoring and robust governance, risk and compliance frameworks.

7. Outlook

Canarys enters FY27 with a stronger and more diversified business platform, supported by a robust order book, expanded global presence, AI-led capabilities, and the strategic integration of Fortira. The Company remains focused on executing its order book, deepening customer relationships, expanding cross-selling opportunities, and increasing the contribution of higher-value technology and AI-led offerings. The Company expects its growth strategy to be supported by the continued adoption of the CAR framework, the gradual scaling of its proprietary platforms, and the development of recurring and subscription-based revenue streams. At the same time, the Company will focus on improving operational efficiency and realising synergies from its expanded delivery and technology capabilities, supporting margin improvement as the business scales.

Going forward, Canarys will remain focused on strengthening its global platform, enhancing its AI and engineering capabilities and building a more scalable and differentiated business model. With AI at the core of its strategy, the Company is focused on advancing its Vision 2028 and creating sustainable long-term value for its stakeholders.

8. Internal Control System

The Company has established a robust Internal Control and Audit framework to ensure the accurate and fair presentation of its financial results. This system is designed to safeguard assets, ensure regulatory compliance, and address operational issues in a timely manner. Internal audit processes are continuously monitored and upgraded in line with evolving business needs. The Audit Committee reviews reports submitted by internal auditors on a regular basis, notes key observations, and ensures that corrective measures are implemented where required. The Committee also maintains close engagement with both statutory and internal auditors to ensure the effectiveness and reliability of the internal control system.

9. Cautionary Statement

Certain statements in the Management Discussion and Analysis describing the Companys objectives, and predictions may be forward-looking statements within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Companys business as well as its ability to implement the strategy. The Company does not undertake to update these statements.

For and on behalf of the Board of Directors
CANARYS AUTOMATIONS LIMITED

Sheshadri Y S
Executive Director & CEO
DIN: 03367545

Raghu Chandrashekhariah
Whole time Director & CFO
DIN: 01065269

Raman Subbarao M R
Managing Director
DIN: 00176920

Date: 26 th August 2026
Place: Bengaluru