Cash UR Drive Marketing Limited Management Discussions

OVERVIEW

CASHurDRIVE Marketing Limited ("CUDML" or "the Company") is one of Indias established out-of-home ("OOH") advertising companies engaged in providing integrated media and branding solutions across multiple formats. The Company has developed expertise in delivering innovative advertising campaigns through outdoor media, transit media, airport advertising, retail branding, experiential marketing, digital media and allied advertising solutions. Through its associate entities and strategic investments, the Company has also expanded its presence into mobility and EV charging infrastructure, enabling it to participate in emerging business opportunities beyond conventional outdoor advertising.

The Companys business model is centred on creating value through long-term client relationships, strategic media locations, operational excellence and technology-driven advertising solutions. Revenue is primarily generated through the sale of advertising inventory, execution of branding campaigns, media planning, display services and allied marketing solutions.

During the financial year ended 31 March 2026, the Company continued to strengthen its market position by expanding its client base, enhancing operational efficiencies and focusing on profitable growth. On a consolidated basis, the Company recorded Revenue from Operations of ^18,666.90 lakhs, Total Income of ^19,237.94 lakhs, Profit Before Tax of ^3,895.70 lakhs and Profit After Tax of ^2,939.83 lakhs, reflecting the resilience of its diversified business model despite a competitive operating environment.

The Companys growth continues to be supported by increasing demand for organised outdoor advertising, higher infrastructure spending, rapid urbanisation, expansion of airports and metro rail projects, growing adoption of digital out- of-home (DOOH) media and increasing investments by corporates in integrated brand communication.

A. INDUSTRY STRUCTURE AND DEVELOPMENTS

Indias advertising industry continued to demonstrate healthy growth during FY 2025-26, supported by strong domestic consumption, expanding infrastructure, increasing digital adoption and sustained marketing expenditure by businesses across sectors. The Indian media and entertainment industry remains one of the fastest growing globally, driven by favourable demographics, rising disposable incomes and rapid urbanisation.

Out-of-home advertising has emerged as one of the fastest recovering advertising segments owing to increasing mobility, growing passenger traffic across airports and metro stations, expansion of highways and commercial developments, and greater acceptance of outdoor media as an integral component of integrated marketing campaigns.

The organised OOH industry is undergoing a structural transformation with increasing adoption of:

• Digital Out-of-Home (DOOH) advertising;

• Programmatic media buying;

• Data-driven audience analytics;

• Al-enabled campaign optimisation;

• Smart digital displays; and

• Interactive advertising platforms.

Government initiatives such as Smart Cities Mission, Bharatmala Pariyojana, expansion of metro rail networks, modernisation of airports, expressway development and urban infrastructure projects are creating significant opportunities for outdoor media operators. These projects not only improve connectivity but also create premium advertising inventory capable of attracting national and multinational advertisers.

Simultaneously, Indias rapidly expanding start-up ecosystem, retail sector, e-commerce industry, automobile market, fintech companies, FMCG businesses, telecom operators and real estate developers continue to increase advertising expenditure to strengthen brand visibility. This has positively influenced demand across outdoor, transit and experiential media.

Digital transformation is also reshaping the advertising ecosystem. Clients increasingly prefer integrated campaigns combining physical outdoor media with digital, social media and technology-enabled consumer engagement. Companies capable of delivering end-to-end branding solutions are expected to benefit significantly from this evolving market landscape.

CASHurDRIVE Marketing Limited continues to position itself as an integrated advertising solutions provider by leveraging its extensive industry experience, diversified service offerings and strategic partnerships. The Companys investments in associate entities engaged in advertising and mobility-related businesses further strengthen its long-term growth strategy.

B. OPPORTUNITIES AND THREATS Opportunities

The Company believes that the Indian advertising industry offers substantial long-term growth opportunities supported by favourable macroeconomic and demographic trends.

Infrastructure-led Growth

India continues to witness unprecedented investments in airports, metro rail projects, highways, commercial complexes, smart cities and urban infrastructure. Every new infrastructure project creates premium advertising locations, enabling the Company to expand its inventory and strengthen its market presence.

Growth in Digital Out-of-Home (DOOH)

Advertisers are increasingly shifting towards technology-enabled digital displays capable of delivering dynamic and measurable advertising campaigns. DOOH offers greater flexibility, real-time content management and targeted communication, creating significant opportunities for companies with digital capabilities.

Expansion of Airport and Transit Advertising

Passenger traffic across airports, metro stations and public transport networks continues to increase. Transit advertising provides advertisers access to high-footfall premium audiences and offers long-term revenue potential for organised media operators.

Rising Corporate Advertising Expenditure

Growing competition across sectors has resulted in increased marketing budgets. Brands are investing in integrated advertising campaigns to improve customer engagement and brand visibility, thereby creating additional demand for outdoor and experiential media.

Urbanisation and Smart Cities

Rapid urbanisation, commercial development and smart city initiatives are generating new advertising locations across Tier-I, Tier-II and Tier-III cities. These developments present opportunities for the Company to diversify geographically and broaden its customer base.

Technology Integration

Artificial Intelligence, data analytics, automation and programmatic advertising are transforming the outdoor advertising industry. The Company continues to evaluate technology-driven solutions that improve operational efficiency, campaign effectiveness and customer experience.

EV Charging and Mobility Solutions

Through strategic investments and associate companies, the Company has entered the mobility ecosystem. As Indias electric vehicle adoption accelerates, integrated advertising opportunities around charging infrastructure and mobility platforms are expected to create new revenue streams.

Threats

While the industry outlook remains positive, the Company operates in a competitive environment and remains exposed to certain business risks.

Competitive Market

The outdoor advertising industry remains highly competitive with participation from organised national players as well as regional operators. Intense competition may exert pressure on pricing and margins.

Regulatory Environment

Outdoor advertising is regulated by municipal corporations, development authorities, airport operators and other government agencies. Changes in regulatory policies, licensing norms or concession agreements may affect business operations.

Economic Cycles

Advertising expenditure is closely linked to overall economic activity. Any slowdown in economic growth, reduction in consumer spending or decline in corporate profitability could impact marketing budgets and demand for advertising services.

Technological Disruption

Rapid technological advancements require continuous investments in digital infrastructure and innovation. Companies unable to adapt to evolving technologies may face competitive disadvantages.

Client Concentration

The Company services clients across diverse industries; however, changes in spending patterns within key sectors may temporarily affect business performance.

Working Capital Management

The outdoor advertising industry generally involves extended credit cycles. Effective receivable management and disciplined working capital controls remain critical for maintaining healthy cash flows.

Inflationary Pressures

Rising operating costs, including rentals, media maintenance expenses, employee costs and administrative expenses, may impact profitability if not adequately managed through operational efficiencies.

The Company continuously evaluates emerging opportunities while maintaining prudent risk management practices. Management remains confident that its diversified business model, experienced leadership team, strong customer relationships and disciplined financial management will support sustainable long-term growth and enhance shareholder value.

B. BUSINESS PERFORMANCE

Overview

The Financial Statements of CASHurDRIVE Marketing Limited for the financial year ended 31 March 2026 have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

During FY 2025-26, the Company continued its strategic focus on strengthening its core outdoor advertising business, expanding its customer portfolio, improving operational efficiencies and pursuing disciplined financial management. The Companys diversified service offerings, long-standing client relationships and integrated advertising solutions enabled it to maintain healthy profitability despite a competitive market environment.

The Company also strengthened its strategic investments in associate entities, thereby enhancing its long-term growth prospects and diversifying its business opportunities.

Revenue

Revenue from Operations stood at ^18,666.90 lakhs during FY 2025-26.

Including Other Income of f571.05 lakhs, the Company reported a Total Income of ^19,237.94 lakhs.

Revenue was primarily generated from:

• Outdoor advertising services;

• Transit and airport media;

• Display and branding services;

• Digital advertising solutions;

• Media planning and execution;

• Rental and allied services.

The Companys diversified customer base across sectors such as FMCG, automobiles, banking, telecom, real estate, retail, hospitality and government agencies continued to support stable business performance.

Management continues to focus on increasing occupancy of media assets, improving yield per advertising location, expanding premium inventory and strengthening long-term client relationships.

Cost of Services

Cost of Services amounted to ^13,557.03 lakhs during FY 2025-26.

The cost primarily comprises:

• Media site rentals and licence fees;

• Display fabrication and installation costs;

• Media maintenance expenses;

• Printing and consumables;

• Vendor payments;

• Project execution costs.

The increase in operational expenditure corresponds with the higher scale of business operations and execution of advertising campaigns during the year.

The Company continues to monitor vendor productivity, negotiate competitive procurement terms and optimise project execution costs to improve operating margins.

Employee Benefit Expenses

Employee Benefit Expenses amounted to ^1,058.12 lakhs during FY 2025-26.

The Company believes that human capital remains one of its most valuable assets. During the year, emphasis continued on strengthening operational teams, improving productivity, retaining experienced professionals and attracting skilled talent across sales, operations, finance and project management functions.

Employee costs remained well aligned with business expansion and operational requirements.

Finance Costs

Finance Costs remained modest at f11.75 lakhs during FY 2025-26.

The low finance cost demonstrates the Companys prudent financial management and conservative leverage position. The Company continues to maintain an optimal capital structure while ensuring adequate liquidity for operational requirements and future growth initiatives.

Depreciation and Amortisation

Depreciation and Amortisation Expense amounted to f21.41 lakhs during FY 2025-26.

The depreciation primarily relates to property, plant and equipment, office infrastructure and other depreciable assets used in the Companys business operations.

The Company continues to invest selectively in infrastructure, technology and operational assets to improve service delivery and long-term operational efficiency.

Other Expenses

Other Expenses stood at f693.94 lakhs during FY 2025-26.

These expenses primarily comprise:

• Administrative expenses;

• Office and establishment expenses;

• Professional and legal fees;

• Travelling and conveyance;

• Communication expenses;

• Repairs and maintenance;

• Business promotion expenses;

• Miscellaneous operating expenses.

Management continues to exercise effective cost controls without compromising operational efficiency or service quality. Profitability

The Companys disciplined operational approach resulted in healthy profitability during FY 2025-26.

Particulars	f in Lakhs
Revenue from Operations	18,666.90
Other Income	571.05
Total Income	19,237.94
Total Expenses	15,342.25
Profit Before Tax	3,895.70
Profit After Tax	2,939.83

The Company achieved a Profit Before Tax of ^3,895.70 lakhs and a Profit After Tax of ^2,939.83 lakhs during the year.

The healthy profitability reflects:

• Strong operational execution;

• Effective cost optimisation;

• Stable business volumes;

• Diversified revenue streams;

• Improved operating efficiencies.

Management remains focused on sustaining profitability while continuing investments for long-term growth.

Asset Management

The Company continues to maintain a balanced asset portfolio comprising media assets, receivables, investments, cash and bank balances and other operating assets.

Strategic investments in associate entities are expected to strengthen the Companys long-term business ecosystem and generate future value.

The management continues to focus on:

• Improving asset utilisation;

• Efficient working capital management;

• Timely collection of receivables;

• Disciplined capital expenditure.

Working Capital Management

Efficient working capital management continues to remain a key priority.

During FY 2025-26, the Company maintained close monitoring of:

• Trade receivables;

• Vendor payments;

• Advances;

• Inventory wherever applicable;

• Cash flow management.

The finance team regularly reviews receivable ageing and follows structured collection mechanisms to minimise credit risk and improve liquidity.

Investments in Associate Companies

During the year, the Company continued to strengthen its strategic investments.

The Companys associate entities support long-term business expansion by creating opportunities in:

• Advertising services;

• Integrated branding solutions;

• Mobility solutions;

• Electric vehicle infrastructure;

• Technology-enabled business platforms.

Management believes these investments will contribute positively towards future business growth and diversification. Capital Structure

The Company continues to maintain a healthy capital structure with adequate net worth and a prudent debt profile. Management follows a conservative financing policy with emphasis on:

• Maintaining financial flexibility;

• Efficient deployment of capital;

• Controlled borrowing levels;

• Sustainable long-term shareholder value creation.

Operational Efficiency

Operational excellence remains one of the Companys strategic priorities.

During FY 2025-26, the Company continued initiatives relating to:

• Digitalisation of business processes;

• Improved vendor management;

• Cost optimisation;

• Technology adoption;

• Enhanced customer servicing;

• Better utilisation of advertising inventory.

These initiatives are expected to improve productivity, strengthen margins and enhance customer satisfaction over the long term.

Overall, the Companys financial performance during FY 2025-26 reflects stable business fundamentals, disciplined execution, effective cost management and continued focus on sustainable growth. The management remains confident that the Companys diversified business model, strong industry relationships and strategic investments will support continued value creation for all stakeholders.

C. OUTLOOK

The outlook for the Indian advertising industry continues to remain positive, supported by increasing urbanisation, expanding infrastructure, rising consumer spending and the growing importance of integrated marketing communication. The continued development of airports, metro rail projects, highways, commercial hubs and smart cities is expected to create significant opportunities for the outdoor advertising industry.

The Company intends to leverage its established market presence, diversified service offerings and strong customer relationships to capitalize on these emerging opportunities. Management remains focused on expanding premium media inventory, strengthening digital capabilities, enhancing operational efficiencies and maintaining long-term relationships with customers across multiple industry segments.

The Company also continues to evaluate opportunities in technology-enabled advertising, transit media and strategic investments that complement its core business. With a healthy balance sheet, negligible debt and strong liquidity, the Company is well positioned to pursue sustainable growth while maintaining financial discipline.

D. RISKS AND CONCERNS

The Company operates in a dynamic and competitive business environment and has established an effective risk management framework to identify, assess and mitigate key business risks.

Economic Risk

Advertising expenditure is closely linked with economic growth and business confidence. Any slowdown in economic activity may temporarily impact corporate advertising budgets and demand for outdoor media services.

Regulatory Risk

The outdoor advertising business is governed by permissions and regulations issued by municipal corporations, development authorities, airport operators and other government agencies. Any changes in applicable regulations or concession agreements may affect business operations.

Competition Risk

The Company operates in a competitive market comprising national, regional and local media operators. Continuous innovation, superior service quality and strategic media locations remain key differentiators in sustaining market leadership.

Credit Risk

As the Company extends credit to customers in the ordinary course of business, timely recovery of receivables remains an important area of focus. Management continuously monitors customer creditworthiness, receivable ageing and collection efficiency to minimise credit risk.

Operational Risk

The successful execution of advertising campaigns depends upon efficient coordination with clients, media owners, vendors and regulatory authorities. The Company continues to strengthen its project management capabilities to minimise execution risks.

Technology Risk

The increasing adoption of Digital Out-of-Home (DOOH), automation and data analytics requires continuous technological upgradation. The Company remains committed to investing in innovative advertising solutions to enhance customer experience and operational efficiency.

Financial Risk

The Company follows a conservative financial policy with minimal borrowings and strong liquidity. Regular monitoring of cash flows, treasury operations and working capital ensures adequate financial flexibility and supports future business expansion.

E. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established an adequate system of internal financial controls commensurate with the nature, size and complexity of its operations. The internal control framework is designed to ensure:

• safeguarding of the Companys assets;

• accuracy and completeness of accounting records;

• compliance with applicable laws, regulations and internal policies;

• efficient utilisation of resources;

• prevention and detection of frauds and errors; and

• timely and reliable financial reporting.

The Internal Auditors conduct periodic reviews based on a risk-based internal audit plan approved by the Audit Committee. Their findings and recommendations are reviewed periodically by the Audit Committee and the management to ensure timely implementation of corrective actions.

The Statutory Auditors have also evaluated the adequacy of Internal Financial Controls over Financial Reporting as part of the statutory audit process.

The Board believes that the Companys internal control systems are adequate and operating effectively.

F. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company firmly believes that its employees are its most valuable asset and a key driver of sustainable growth. The Company continues to focus on attracting, developing and retaining talented professionals while fostering a culture of integrity, collaboration, innovation and performance excellence.

During the year, the Company continued to invest in employee development through training programmes, leadership initiatives and skill enhancement activities. Performance management systems are designed to recognise merit, encourage innovation and align individual objectives with organisational goals.

The Company is committed to providing a safe, healthy, inclusive and professional work environment that promotes equal opportunities, employee well-being and continuous learning.

Industrial relations remained cordial throughout the financial year, and there were no significant labour disputes or disruptions affecting business operations.

G. KEY FINANCIAL RATIOS

The key financial ratios of the Company for the financial year ended 31 March 2026 are summarised below:

Particulars	FY 2025-26
Current Ratio	2.39
Debt-Equity Ratio	0.01
Debt Service Coverage Ratio (DSCR)	21.72
Return on Equity (ROE)	30.78%
Net Profit Ratio	15.75%
Return on Capital Employed (ROCE)	28.31%

Analysis of Key Financial Ratios Current Ratio - 2.39

The Company maintained a healthy liquidity position during the financial year, with current assets being more than twice its current liabilities. The ratio reflects efficient working capital management and demonstrates the Companys ability to comfortably meet its short-term financial obligations.

Debt-Equity Ratio - 0.01

The Company continued to maintain a virtually debt-free capital structure during the year. The negligible debt-equity ratio indicates minimal dependence on external borrowings, reflecting prudent financial management, a strong equity base and enhanced long-term financial stability.

Debt Service Coverage Ratio (DSCR) - 21.72

The Company maintained a strong debt servicing capacity during the year. The healthy DSCR reflects robust operating profitability and relatively low debt obligations, demonstrating the Companys ability to comfortably service its debt commitments from its operating earnings.

Return on Equity (ROE) - 30.78%

The Company generated a strong return on shareholders equity during the financial year, reflecting efficient utilisation of shareholders funds and sustained profitability. The ratio demonstrates the Companys ability to create value for its shareholders through effective deployment of equity capital.

Net Profit Ratio - 15.75%

The Company maintained a healthy net profit margin during the year, reflecting effective cost management, operational efficiencies and strong execution of its business activities. The ratio indicates the Companys ability to convert revenue into sustainable profits.

Return on Capital Employed (ROCE) - 28.31%

The Company achieved a healthy return on capital employed during the financial year, demonstrating efficient utilisation of long-term funds invested in the business. The ratio reflects effective capital allocation and the Companys ability to generate satisfactory operating returns from the capital employed in its operations.

H. DISCLOSURE OF ACCOUNTING TREATMENT

The Standalone Financial Statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

The accounting policies adopted by the Company are applied consistently and are in conformity with the applicable statutory requirements. There has been no material departure from the prescribed Accounting Standards in the preparation of the Standalone Financial Statements.

I. CAUTIONARY STATEMENT

Statements contained in this Management Discussion and Analysis Report describing the Companys objectives, estimates, expectations, projections or forecasts 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, government policies, competition, customer demand, taxation, technological developments, regulatory changes and other factors beyond the Companys control.

The Company undertakes no obligation to publicly update or revise any forward-looking statements except as may be required under applicable laws.