Caspian Corporate Services Ltd Management Discussions

KEY ECONOMIC AND INDUSTRY TRENDS

The Staffing and Recruitment Market is poised for significant growth, projected to reach a remarkable US $2031.34 billion by 2031, up from US $757.56 billion in 2023, reflecting a robust CAGR of 13.1% from 2023 to 2031. This expansion is driven by the increasing job opportunities in the BFSI and IT Sectors, alongside a rising growing youth population eager to enter the workforce. Key trends shaping the market include the integration of automation and AI- driven recruitment processes, which enhances efficiency and candidate matching. As businesses increasingly adopt remote working and hybrid models, the staffing and Recruitment Market is expected to adapt by offering innovative solutions to meet evolving demands.

While Oon the one hand, employers are beginning to show their increasedincreasingly relying reliance on flexible staffing solutions to meet their business imperatives. On the other hand, the regulatory environment in India is also beginning to ease, making it easier for the both employers and the staffing players companies to operate. The future of the staffing industry is also closely linked to the employment scenario job scene in the country.

The industry offers various staffing models, including temporary staffing, permanent staffing, contract staffing, and gig or freelance staffing. Temporary staffing remains the most common model, but however other models are gaining popularity as businesses seek greater flexibility in managing their workforce. There are five distinctive trends that will have a bearing on the industry and will drive the next phase of growth:

I. Skill and talent gap issues in India

India Inc. needs an industry- ready and job- ready workforce but is facing an acute shortage of talent and skill crunch. More than60%60%of the 8 lakh engineers graduating from technical institutions across the country every year remain unemployed, according to the advisory body, the All India Council for Technical Education (AICTE).

Up to39%39%of the employers state that attracting and finding quality talent is one of the most challenging aspects of their operations. Remember it is worth noting that,90%90%of jobs are skill- based, and while only2%2%of the population (in the 15- 25 age group) is currently enrolled for in vocational training, compared with60-80%60-80%worldwide globally. This apart in addition, talent attraction, engagement, and retention remain significant a big challenges for most employers.

Against this grim backdrop, employers are looking at increasingly turning to contingent staffing solutions in a big way. This represents a huge business opportunity for the staffing industry. The industry also has an important role to play its part as well in addressing the skill and talent issue gap and contributing to the overall growth of the economy for the economy as a whole.

II. Rise of the Gig Economy in India

While the gig economy is still in its infancy in India, it is expected to grow significantly in the near future, much like as it has grown in the US and other developed markets. A recent study by McKinsey has estimated that up to20-30%20-30%of the workforce in developed markets is engaged in independent work. A recent survey by Flexing it, a platform for independent consultants, indicates that more than a one third of the 500- plus organisations surveyed in India expect to rely up to50%50%on flexible talent for up to50%50%of their workforce in over the next five years. This will have a significant bearing on the talent strategies of organisations, and should therefore should be an important area of focus for the staffing companies in India.

11. The rise of digital staffing platforms

Given the increasing demand for rise in need for contingent staffing, several digital staffing platforms, such as Upwork, Shiftgig, and Catalan have emerged overseas. These companies effectively match the talent needs requirement of enterprises and with the job requirements of individuals in a cost- effective manner. They Such Platforms are also expected to be gain present traction in India, presenting both a risk and an opportunity for traditional staffing companies. This represents a risk and an opportunity for traditional staffing companies. While they represent increased competition, it can also force thethey may also encourage traditional players to go adopt digital solutions and look at diversifying their offerings and building or acquiring digital platform capabilities. This trend is also expected to drive will also lead to M&A s and consolidation, as the staffing players companies will lookseek to acquire digital platforms to build scale, expand their reach, and enhance access to talent.

IV. Technology as an enabler and differentiator

Technology will become an important enabler and differentiator for staffing companies. They Companies would will need to increase their investments in automation for to improving operational efficiencies and leverage technology for improving the hiring and recruitment processes. For example, Al can help automate up to 75 percent of the a significant portion of recruitment process. Of all Among the various staffing industry trends, Al is ready to significantly transform shake up the marketplace in terms of by increasing efficiency and effectiveness.

Al has the ability to focus on candidates skill levels while reducing the impact of unconscious bias. over unconscious biases. It will can also help reduce the time for sourcing time, keep you improve organisnganization, ed, and help analyse big dataworkflow management and facilitate the analysis of large volumes of data. Clients are increasingly likely to would also expect staffing firms to provide productive employees, not just rather than merely t employees which will require investment in technology- enabled productivity improvement solutions, and this would mean investment in technology- enabled productivity improvement solutions.

Staffing firms will also need to invest in automation solutions for time, attendance, and expense management to increase operational ng efficiency and improve accuracy for in compliance and approval processes. The growth of contingent labor, the transition from on- premise systems to software- as- a- service- (SaaS) based solutions, and the heightened increased awareness of the need to track the for tracking the hourly workforce will create demand for technology- aided enabled solutions. These solutions are expected to become an important source of revenue for staffing companies in the future.

It will become an important source of revenue for staffing companies in the future.

V. Candidate experience and employee engagement

Given that recruitment is represent a significant cost element, staffing companies need to improve their talent sourcing capabilities to improve targeting while reducing cost. While investment in recruitment technology will be one aspect of this, they companies also need to focus on improving the a candidates hiring experience. Today, social and digital technologies, coupled with newer forms of engagement and assessment through such as gamification, provide companies with newer innovative avenues to engage effectively with their candidates. Once candidates are hired, companies will need to focus on talent from an employee engagement perspective. Millennials have different aspirations, and they have expectations from their own requirements from any employers making. So it is important for organisations to understand and manage these expectations effectively, to manage them effectively. Candidate experience and employee engagement are critical to building a strong word- of- mouth for the brand, improve the companys attractiveness as an employer, and driving referrals.

Referrals have emerged as one of the cost effective channels for continent hiring, and it will become critical for staffing companies to tap into this segment.

In the words of Dwight D Eisenhower, "In preparing for battle, I have always found that plans are useless, but planning is indispensable." While we can never predict the future, showing up unprepared shall be inexcusable.

The Company is offering offers integrated service delivery model including as a wide range of services such as mentioned below:

FMS, Housekeeping Services Security Services, Property Management Services, Office Support Services M&E Services Pest Control Services Disinfection Services and Customer Support Health, Safety and Environment Management Services MIS Reporting Electro Mechanical Services and Management BMS/Fire Alarms and Security Management Vendor Management Workplace Facilities Management General Repairs and Maintenance Business Continuity Planning Management

We add value to our customers organization by letting them concentrate on their core business competencies while we manage and deliver a top- notch integrated services across India, creating a win- win situation! With over12+12+years of domain expertise and in- depth understanding of industry standards and practices, we provide a complete solution to cater to the growing needs of organization. As a globally recognized workforce management services provider, we offer end- to- end HRO services that are aimed at solving complex HR challenges. From customized staffing services, expert talent acquisition, search and recruitment, payroll compliance, training and skill development, to managed workforce solutions, Caspian Services provides all the tools necessary to drive your any business growth.

WORKFORCE MANAGEMENT

As a globally recognized workforce management services provider, we offer end- to- end HRO services that are aimed at solving complex HR challenges. From customized staffing services, expert talent acquisition, search and recruitment, payroll compliance, training and skill development, to managed workforce solutions, Caspian Services provides all the tools necessary to drive your business growth.

STAFFING SOLUTIONS

Caspian Services Staffing, caters to some of the biggest brands in the country. Our proven track record of delivering world- class staffing solutions enables us to oversee the entire recruitment process from assessing candidates to recruitment while reducing the cost of staffing. Our skilled workforce, efficient operations, and commitment to excellence have made us the go- to company for staffing solutions in India - be it for customized retail requirements or temporary staffing solutions.

IT STAFFING

Our approach towards hiring the best IT talent enables us to find prospective employees who share the vision of the companys overarching goals and objectives—making us one of the most sought after and largest staffing firms in the country. With our up- skilling services, we train the organizations workforce to effectively meet industry challenges.

We influence and enhance the talent- hiring of the healthcare industry by providing premium staffing services to organizations seeking quality talents. In collaboration with the Association of Healthcare Providers India (AHPI), we formalise training and staffing services for healthcare professionals and create a marketplace for both public and private institutions to source competitive talents meeting their organizational goals quickly and on- demand.

Leveraging our extensive experience of our Hire- Train- Deploy model, we help institutions create a pipeline of trained paramedical and healthcare professionals in addition to developing a digital talent pool of skilled, experienced doctors across India who are ready to be hired. Our process involves a deep understanding of the institution and its culture to find the right match of skills and expertise needed for its success.

FACILITY MANAGEMENT

Our Facility Management services team uses a combination of technology, engineered processes, and skilled human resources to efficiently manage for our clients. We have built a technology platform to streamline our service delivery and operations across India with 4700+ employees.

Housekeeping and Janitorial Services Horticulture Waste Management Services Facade Cleaning Guest House Management Pantry Management

PAYROLL MANAGEMENT

Payroll management by the company is much of a time consuming if there are fewer resources. Therefore the majority of the companies consider outsourcing for their payroll- related task.

Caspian Corporate Services ensures an error- free payroll process. All the payroll related job is handled by our professionals. We help you our client in eliminating the burden of payroll management. We also ensure you to re- deploy resources and to focus on other critical business activities that can boost client your companys growth and build competitive advantage.

FRONT OFFICE MANAGEMENT

Front office management has been defined as the managing the major departments of an organization like sales staff, customer service staff etc. who generally come in contact with the customers. We swear by and our professionals will do everything to set a good first impression to visitors.

The first point of contact leaves an excellent, lasting impression and reflects the culture of our clients organization.

Welcome the customers/guests Giving the required and crisp information Handling the arrival and departure register. Handling complaints and also resolving them Taking care of payment collection (if required) Coordination with various linked departments Keeping a record of guests (profile) for future use

SKILL DEVELOPMENT

As a Category A a Implementation Agency, we believe in going the extra mile towards Empowering youth with focused attention to Women Empowerment through our interventions.

Cspian Corporate Services has entered into providing services related to handling Airport Grounds Handling. We are providing quality services at all airports of India. Timely and efficient ground handling services reduce delay and enhance on time performance.

We take pride in an extensive network of Women- centric Training Centers spread across the country. The majority of our enrolled beneficiaries comprises of female candidates and we put in our best efforts into making the journey of Financial Freedom and Self- reliance for Women a bright and shining example for many othersto follow.

We offer a complete range of services for all type of aircrafts.

? Passenger Handling- Cargo Handling- Ramp Handling- Loading and unloading of aircraft- Pushback and towing- Marshaling- Crew support- Flight documentation and planning

STRENGTHANDWEAKNESSES:

STRENGTH:

? One-stop-shop for multiple services- Comprehensive expertise- Strong team of experts- Industry-specific knowledge- Strong technical team- Enhanced problem-solving

WEAKNESSES:

? Competition- Resistance to change High cost- Time-consuming engagements

Few Local players at times disturb regular business flow through by offering of notional benefits to the customers at reduced cost.

Staffing Services:

HR leaders are realizing the advantage of hiring a contract workforce as this gives them the flexibility to scale their workforce as per project requirements. Thus, shedding the conventional form of hiring practices and relying on Staffing Companies to meet their manpower demands.

Now, the IT workforce is changing, especially considering the pandemic. A contingent work force is the solution to todays workplace problems. The IT staffing industry is constantly evolving and changing to meet todays work requirements and standards.

STRATEGIC RESPONSES TO OPPORTUNITIES AND THREATS

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COMPANYS APPROACH

RISKSAND CONCERNS:

There are a set of risk factors which have been evaluated. This includes competition, pricing and margins, investment rationale on products, country of export as all of these contribute to key decision making. A balance in contribution from countries, products and key accounts has thereby been assessed, with proper adherence to ever changing regulatory and environment, health and safety norms.

INTERNALCONTROLSYSTEMSANDTHEIRADEQUACY:

The Company has adequate systems of Internal Controls commensurate with its size and operations to ensure orderly and efficient conduct of business. These controls ensure safeguarding of assets, reduction and detection of fraud and error, adequacy and completeness of the accounting records and timely preparation of reliable financial information.

FINANCIAL PERFORMANCE:

The discussions in this section relate to the Rupee- denominated financial results pertaining to the year that ended March 31, 2026. The Standalone and Consolidated financial statements of CASPIAN CORPORATE SERVICES LIMITED (Formerly known as Intelligent Capital Advisors Limited) are prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the Standalone and consolidated financial statements. The following table data gives an overview of the financial results of the company:

Financial Highlights Standalone Basis:

During the year under review, the company has achieved revenue from operations of Rs. 7,12,82,000/- as compared to Rs. 1,93,85,000/- in the previous Financial Year 2024- 2025 and incurred profit amounting to Rs. 98,000/- as compared to Rs. 75,62,000/- in the previous Financial Year 2024- 2025. The operating profit before tax stood at Rs. 11,97,000/- as compared to Rs. 81,84,000/- in the previous Financial Year 2024- 2025.

where the Revenue from Operations was Rs. 1,86,63,000/- and Profit after tax was Rs. 64,46,000/-. The Basic and Diluted Earnings per share of the company as on 31st March, 2026 stands at Rs. 0.00/-.

Consolidated Basis:

During the year under review, Companys revenue from operations on consolidated basis stood at Rs. 1,02,08,11,000/- during the year under review. The operating profit before tax on consolidated basis stood at Rs. 66,38,000/- during the year under review. The net profit for the year on a consolidated basis stood at Rs. 4,40,000/- during the year under review. The Basic and Diluted Earnings per share of the company as on 31st March, 2026 stands at Rs. 0.00/-.

Or below charts

(1)Total Income

(On Standalone Basis)

[Image: Bar chart showing Total Income on Standalone Basis (In Rs.) for 2023-2024, 2024-2025, 2025-2026]

(On Consolidated Basis)

[Image: Bar chart showing Total Income on Consolidated Basis (In Rs.) for 2023-2024, 2024-2025, 2025-2026]

1)Profit before Tax (PBT) (On Standalone Basis)

[Image: Bar chart showing Profit Before Tax On Standalone Basis (In Rs.)]

(On Consolidated Basis)

[Image: Bar chart showing Profit Before Tax On Consolidated Basis (In Rs.)]

(Il) Profit for the year

(On Standalone Basis)

[Image: Bar chart showing Profit for the year on Standalone basis (In Rs.)]

(On Consolidated Basis)

[Image: Bar chart showing Profit for the year on Consolidated basis (In Rs.)]

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Your Company has undertaken certain employees development initiatives, which have very positive impact on the morale and team spirit of the employees. The Company has continued to give special attention to Human Resources/Industrial Relations development. Industrial relations remained cordial throughout the year. We are also concentrating on building up of our Human Resource Capital especially in our Sales Team by undertaking various R&D activities. We are also creating adequate support systems at our HO which will provide requisite knowledge and data to our sales team. These activities will lead to a more informed and motivated sales team.

CAUTIONARY STATEMENT

Statement in this Management Discussion and Analysis Report, describing the Companys objectives, estimates and expectations may constitute Forward Looking Statements within the meaning of applicable laws or regulations. Actual results might differ materially from those either expressed or implied.