Compucom Software Ltd Management Discussions

Pursuant to Regulation 34 (2)(e) of The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

OVERVIEW

The Company continues to operate in diverse areas such as e-governance projects, ICT education initiatives, software design and development, electronic media, IT and media training, learning solutions, and wind power generation. The hospitality venture of the company has also taken off well and is fully operational with the name Hotel Ranavilas Palace. In addition, the pipeline projects are progressing positively in emerging sectors including food processing, cold-chain solutions, and commodity trading.

Our strategic objective is to build a sustainable and resilient organization that consistently remains aligned with the evolving priorities of our clients, while simultaneously creating meaningful growth and development opportunities for our employees and delivering profitable and long-term value to our investors.

The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 ("the Act") and guidelines issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, and relevant amendment rules issued thereafter for preparing Financial Statements.

I. INDUSTRY STRUCTURE AND DEVELOPMENTS:

Almost every industry in the world is being led by software and computing technology to revolutionize their business in a fundamental way, as we all know about the ubiquitous and even indispensable usage of software all around us. The IT and ITES industries are assisting in the digitalization of corporate processes, and it is cascading across industries, enabling IT-based market offerings and business models. This is due to the continuous decrease in hardware and bandwidth costs and exponentially increasing efficiencies of the same. Building next-generation software applications and platforms, as well as enhancing information and data security, are all results of the renewed digitization era. Apart from these developments, there has been leaps-and-bounds advancement of AI based applications while Big Data has become easier to collect, store and process to generate valuable insights for both legacy organizations and fast growing new-age organizations.

According to NASSCOMs Annual Strategic Review 2026, the Indian technology industry (comprising IT services, BPM, engineering R&D, software products, hardware and emerging digital technologies) recorded revenues of approximately US$297 billion in FY 2024-25. The industry is projected to grow by 6.1% to reach around US$315 billion in FY 2025-26, reflecting sustained demand for digital transformation, cloud computing, artificial intelligence (AI), engineering services and Global Capability Centres (GCCs).

Indias technology sector continues to remain one of the countrys largest employment generators. During FY 2025-26, the industry is expected to add around 135,000 net new jobs, taking total direct employment to approximately 5.95 million professionals. The sector has also made significant progress in AI capability development, with over 2 million professionals having been upskilled in AI technologies, including an estimated 200,000-300,000 professionals trained in advanced AI skills.

Artificial intelligence is emerging as a key driver of future growth for the Indian technology industry. According to NASSCOM, AI-related revenues generated by technology services companies are expected to reach approximately US$10-12 billion during FY 2025-26, supported by increasing enterprise adoption of generative AI, automation, cloud-native platforms and digital engineering solutions. These trends are expected to further strengthen Indias position as a global technology and innovation hub while supporting sustained export growth and higher-value technology services. The sector continues to strategically deepen its global footprint through investments in Global Capability Centres (GCCs) and innovation-rich engineering R&D services, with a rapid shift toward AI-led delivery, cloud-native models, and cybersecurity offerings as key growth drivers (NASSCOM).

Government investment in digital governance and ICT infrastructure has continued to strengthen through sustained initiatives of the Ministry of Electronics & Information Technology (MeitY) and the Government of Rajasthan aimed at expanding citizen-centric digital services, e-Governance platforms and public digital infrastructure. These developments are well aligned with Compucom Software Limiteds longstanding expertise in delivering ICT and e-Governance solutions, and with the Companys continued participation in technology projects for various Government departments in Rajasthan.

In order to take advantage of the companys land bank already in place and to sustain the steady rate of diversification it has been doing over the years, your company is always focusing on new consumer segments and industry verticals. Along with the above, the company had installed Wind Power generation plants comprising two windmills at Jaisalmer, Rajasthan, each with a capacity of 0.6 MW, two windmills at Sikar, Rajasthan, each with a capacity of 0.6 MW, & One wind power at Krishna District, Andhra Pradesh with a capacity of 0.8 MW.

The Company had disposed of the two wind power plants at Jaisalmer and the two wind power plants at Sikar in earlier years, as they had reached the end of their useful life. The wind power plant located in Krishna District, Andhra Pradesh, continues to remain fully operational and is generating revenue for the Company.

Another key strategic initiative of the Company, Hotel Ranavilas Palace, Jaipur, has commenced full-fledged operations during the year and is actively welcoming domestic and international guests, while also hosting weddings, social events and corporate gatherings. The hotel has been developed with a focus on heritage-inspired hospitality, operational excellence and guest experience. The Company continues to strengthen its integrated and self-sustaining supply chain, to the extent feasible, including planned backward integration with the nearby cold chain and food processing project, with the objective of enhancing quality, operational efficiency and long-term sustainability.

Indias hospitality industry has continued to demonstrate strong post-pandemic resilience, supported by domestic travel, weddings, corporate travel, MICE activity, religious tourism, live events and improving connectivity. According to HVS ANAROCKs *India Hospitality Industry Overview 2025*, Indias hotel sector closed calendar year 2025 with nationwide occupancy in the range of 63%-65%, Average Room Rate of approximately ? 8,500-? 8,700, and RevPAR of around ? 5,400-? 5,600, reflecting growth over both the previous year and pre-pandemic benchmarks.

Horwath HTLs *India Hotel Market Review 2025 also confirms the sectors continued strength, reporting 64% occupancy, ? 8,624 ADR and ? 5,522 RevPAR for 2025. The report further states that hotel demand grew to approximately 133,000 rooms per day, a 9.1% increase, while supply expanded to around 216,000 rooms per day, a 7.8% increase. Openings and conversions exceeded 19,000 rooms, although net growth was moderated by deflagging, resulting in approximately 15,500 net new rooms.

Tourism demand has remained broad-based, with domestic tourism continuing to be the principal demand anchor for the sector. HVS ANAROCK estimates domestic tourist visits in India at approximately 4,548 million in 2025, supported by rising incomes, improving mobility, religious tourism, weddings and live entertainment-led travel.

On the inbound tourism side, recovery has been meaningful but not yet complete. As per the Ministry of Tourism, Foreign Tourist Arrivals to India stood at 9.95 million in 2024, reflecting a 4.52% recovery over 2023, but still 8.95% below 2019 levels.

Rajasthan continues to remain one of Indias leading tourism states, with Jaipur, Udaipur, Jodhpur, Jaisalmer and Ajmer among its key tourism centres. As per IBEFs Rajasthan profile, the State welcomed 254.44 million visitors in CY2025, including 19.45 lakh foreign tourists.

In this improving industry environment, Ranavilas Palace, Jaipur has commenced operations and is positioned to benefit from the continued growth in domestic tourism, destination weddings, heritage travel, social events and corporate hospitality demand. The Company is focused on operating the hotel with emphasis on guest experience, cleanliness, safety, service quality and operational efficiency, while also seeking to build a more integrated and sustainable supply chain, including planned backward linkages with its nearby cold chain and food processing initiatives, to the extent feasible.

II. OPPORTUNITIES AND THREATS: Opportunities: a. India continues to present significant long-term opportunities in the education technology and digital transformation sectors. With one of the worlds largest student populations, the country is witnessing sustained public investment in technology-enabled education, digital infrastructure and skill development. The implementation of the National Education Policy (NEP) 2020, coupled with initiatives such as PM SHRI Schools, Digital India, DIKSHA, SWAYAM, PM eVIDYA and the National Digital Education Architecture (NDEAR), is accelerating the adoption of digital learning, smart classrooms, AI-enabled education, teacher capacity building and technology-driven governance across the education ecosystem.

Compucom Software Limited is well positioned to capitalize on these opportunities by leveraging its decades of experience in executing large-scale ICT and e-Governance projects for Government departments. The Company possesses proven capabilities in end-to-end implementation of technology projects, including design and establishment of ICT infrastructure, supply and maintenance of hardware and software, networking, digital learning solutions, managed services, training and long-term project support. These capabilities position the Company favourably to participate in future Government and institutional initiatives aimed at strengthening digital education and public digital infrastructure.

The growing emphasis on digital skilling, artificial intelligence, cybersecurity, cloud computing and emerging technologies is also expected to create increasing demand for technology-enabled training and workforce development. Government programmes focused on skill development, together with rising investments by enterprises in employee upskilling and reskilling, continue to expand opportunities for specialized IT training and digital learning service providers. The Company intends to leverage its domain expertise and execution capabilities to pursue opportunities in these high-growth segments.

In addition to the education sector, increasing Government expenditure on digital public infrastructure, citizen-centric e-Governance, smart governance platforms and enterprise digitization is expected to generate further opportunities for experienced technology solution providers. With its established track record in delivering complex ICT projects and digital transformation initiatives, the Company remains well positioned to support Government agencies, educational institutions and enterprises in their ongoing technology modernization programmes while continuing to create long-term value for its stakeholders. b. Software & E-governance Services: Traditionally, the Company has maintained a strong focus on software exports and IT services for international clients. However, with Indias rapid digital transformation and increasing public investment in technology-led governance, significant opportunities have emerged in the domestic market across sectors such as e-Governance, education, power utilities, healthcare, rural development and digital public infrastructure. Leveraging its extensive experience in executing large-scale ICT and digital transformation projects, the Company continues to strengthen its presence in these high-growth segments.

The Company also serves overseas clients by providing software development, application maintenance, testing, technical support and other technology-enabled services. While international demand experienced moderation in recent periods due to global macroeconomic conditions, the Company continues to actively pursue new business opportunities and remains focused on strengthening its international presence as global technology spending gradually recovers.

In addition, the Companys digital media initiatives have enhanced its brand visibility and created avenues for new business opportunities by expanding its reach across diverse stakeholder groups. c. Media Services: Your Companys subsidiary, CSL Infomedia Private Limited, continues to operate its television broadcasting business through JAN TV and JAN TV Plus, offering a diverse range of programming encompassing education, news and current affairs, employment, skill development, agriculture, tourism, healthcare, social awareness, religion, sports and entertainment.

JAN TV is available on Tata Play (Channel No. 1185) and Airtel Digital TV (Channel No. 355), besides being accessible through leading OTT and digital platforms such as JioTV, MX Player, Dailyhunt and YouTube Live, as well as on major cable television networks across the country. The channel is also available through internet streaming and mobile applications on Android and iOS platforms, enabling wider audience reach across multiple digital mediums.

JAN TV Plus complements the networks offerings with programming focused on news and current affairs, education, entertainment, agriculture and social empowerment. While JAN TV operates as a Free-to-Air (FTA) channel, JAN TV Plus is offered as a pay television channel.

Both JAN TV and JAN TV Plus are empanelled with the Department of Information and Public Relations (DIPR), Government of Rajasthan for Government advertising. In addition, JAN TV is empanelled with the Central Bureau of Communication (CBC), Government of India (formerly DAVP), enabling it to receive Central Government advertising assignments. The channel also subscribes to BARC India television audience measurement services for audience measurement and industry analytics.

As part of its growth strategy, the network continues to strengthen its regional presence, including through its bureau office in Uttar Pradesh, while pursuing opportunities to expand its government and commercial outreach across additional States. d. Hospitality Sector: Recognising the strong long-term growth potential of Indias tourism and hospitality sector, particularly in Jaipur-one of the countrys leading destinations for domestic as well as international travellers-the Company diversified into the hospitality business through the development of Ranavilas Palace, Jaipur. The hotel

59 has been developed on the Companys land situated at IT-12 & 13, EPIP, RIICO Industrial Area, Sitapura, Jaipur, with a cumulative investment of over ? 25 crore.

Ranavilas Palace has commenced operations and is actively catering to leisure travellers, destination weddings, social events, corporate gatherings and other hospitality requirements. The Company continues to focus on enhancing guest experience, strengthening operational efficiencies and exploring strategic collaborations with reputed hospitality brands and service partners to further augment the hotels market presence and long-term value creation. e. Wind Power: The power sector continues to be one of the most critical pillars of Indias infrastructure and economic development. Reliable and sustainable electricity is essential for industrial growth, digital transformation and overall socio-economic progress. India has emerged as one of the worlds largest power markets, with a diversified energy mix comprising conventional sources such as coal, natural gas, hydro and nuclear power, alongside rapidly expanding renewable energy sources including solar, wind, biomass and small hydro. Growing urbanisation, industrialisation and increasing electrification continue to drive a steady rise in electricity demand, necessitating sustained investments in generation, transmission and distribution infrastructure.

India is the worlds third-largest producer and consumer of electricity. As on 31 March 2026, the countrys total installed power generation capacity stood at approximately 532.74 GW, of which 283.47 GW comprised non-fossil fuel-based capacity, including renewable energy, large hydro and nuclear power. Wind power accounted for approximately 56.09 GW of the installed capacity, reflecting the Governments continued emphasis on clean energy transition and energy security.

The Company currently owns and operates a 0.8 MW wind power project located in Krishna District, Andhra Pradesh, contributing to its renewable energy portfolio. The Companys wind power projects at Sikar and Jaisalmer, Rajasthan, have been divested after reaching the end of their useful economic life. f. Cold Storage: The cold chain sector continues to play a vital role in strengthening Indias agricultural value chain by reducing post-harvest losses, improving food quality and safety, enhancing supply chain efficiency and enabling better price realization for farmers. With increasing demand for fresh produce, processed foods, pharmaceuticals and temperature-sensitive products, coupled with the rapid growth of organised retail, food processing and e-commerce, the need for modern cold storage and integrated logistics infrastructure is expected to grow steadily.

The Government of India also continues to encourage investment in cold chain infrastructure through various policy initiatives and financial assistance programmes aimed at improving agricultural marketing and food security. The Company is developing a cold storage facility as part of its long-term diversification strategy and integrated supply chain initiatives. The project is expected to complement the Companys hospitality business by strengthening procurement efficiencies while also catering to the broader cold chain requirements of the region. The Company will continue to evaluate opportunities to avail itself of eligible incentives and financial assistance under the applicable schemes of the Government of India and other statutory authorities, subject to eligibility and approvals.

Threats: a. Competitive pressures: The technology industry continues to witness intense competition from domestic as well as global players across software services, digital transformation, e-Governance, cloud computing, artificial intelligence and managed services. The Company operates in a highly competitive environment where sustained innovation, service quality, execution capability, customer relationships and cost efficiency remain critical to maintaining market position and long-term growth. b. Talent Acquisition and Retention: The technology sector continues to experience strong demand for skilled professionals in emerging areas such as artificial intelligence, cloud computing, cybersecurity, data analytics and digital engineering. The availability and retention of qualified talent remain key business challenges, which may exert upward pressure on employee costs. The Company seeks to mitigate this risk by providing a conducive work environment, continuous learning opportunities, career development and competitive compensation practices c. Rapid Technological Change: The pace of technological advancement continues to accelerate, increasing the risk of technology obsolescence. The Companys competitiveness depends upon its ability to continuously upgrade its technology capabilities, adopt emerging technologies and align its service offerings with evolving customer requirements and industry trends. d. Foreign Exchange Risk: The Company derives a part of its revenue from overseas operations and international clients. Accordingly, fluctuations in foreign exchange rates, particularly the Indian Rupee against major global currencies, may impact revenues, margins and competitiveness. The Company continuously monitors its foreign exchange exposure and adopts appropriate risk management measures, wherever considered necessary. e. Regulatory and Policy Changes: The Companys business is influenced by Government policies relating to information technology, digital governance, education, taxation, public procurement and other regulatory matters.

Changes in applicable laws, regulations, Government spending priorities or policy frameworks at the Central or State level could impact the Companys business operations, financial performance or future growth opportunities. The Company continuously monitors regulatory developments and adapts its business strategies accordingly

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE: Detailed information about segment-wise performance of the company is as follows:

Information about reportable segments

A. Information about primary segments (in Lakhs)

Particulars	Year ended March 31, 2026			Year ended March 31, 2025
Business Segment	Allocated	Unallocated	Total	Allocated	Unallocated	Total
Revenue
Software	82.95	-	82.95	114.66	-	114.66
Learning	2780.87	-	2780.87	2716.67	-	2716.67
Wind Power	38.11	-	38.11	80.24	-	80.24
Hotel	69.62	-	69.62	9.32	-	9.32
Segment revenue	2971.55	-	2971.55	2920.89	-	2920.89
Expenses
Software	106.70	-	106.70	141.09	-	141.09
Learning	2618.14	-	2618.14	2812.79	-	2812.79
Wind Power	50.07	-	50.07	114.69	-	114.69
Hotel	234.06	-	234.06	14.59	-	14.59
Segment Expense	3008.97	-	3008.97	3083.16	-	3083.16
Segment Results
Software	(22.60)		(22.60)	(26.43)	-	(26.43)
Learning	(231.63)		(231.63)	(96.12)	-	(96.12)
Wind Power	(11.43)		(11.43)	(34.45)	-	(34.45)
Hotel	(163.47)		(163.47)	(5.27)		(5.27)
Segment Results	(429.14)	-	(429.14)	(162.27)	-	(162.27)
Less: expenses		27.35	27.35	-	33.34	33.34
Add: Interest income		-	-	-	-	-
Add: Other un allocable income		509.55	509.55	-	523.77	523.77
Profit before tax and exceptional items	-	-	53.05	-	-	328.16
Less: Exceptional item	-	-	391.73	-	-	-
Profit before tax	-	-	444.78		-	328.16
Tax expenses	-	-	150.86	-	-	99.28
Other Comprehensive income	-	-	(1.59)	-	-	3.18
Profit for the year	-	-	292.33	-	-	232.06

B. Information Based on Geography

Particulars	Year ended	Year ended
	March 31, 2026	March 31, 2025
Revenue by geographical segment
India	3468.04	3431.07
USA	13.05	13.59
Total	3481.09	3444.66

C. Reconciliation between segment revenue and enterprise revenue

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Segment Revenue
Software	82.94	114.66
Learning	2780.87	2716.67
Wind Power	38.11	80.24
Hotel	69.62	9.32
Total Segment Revenue	2971.54	2920.89
Enterprise Revenue
Total Income	3481.09	3444.66
Less: Other income	(509.55)	(523.77)
Add: Export Incentives
Total Segment Revenue	2971.54	2920.89

III. OUTLOOK:

The Company has a positive outlook for the coming year and endeavors to achieve a steady business performance in the coming year. This is, however, subject to the risks and uncertainties given below.

IV. RISKS AND CONCERNS:

The Board of Directors and Senior Management continuously and carefully monitor key risks and concerns related to the Companys business for example:, risks and uncertainties regarding fluctuating earnings, interest rates, exchange rates, the Companys ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increase, earnings and exchange rate fluctuations, intense IT competition, Government policies, ability to attract and retain skilled professionals, time- cost over-runs on fixed price contracts, client concentration, ability to manage the international marketing and sales operations as well as the local operations, alterations of the government fiscal incentives, political instability, legal framework and above all general economic conditions affecting the industry.

V. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Companys internal financial control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company.

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and Directors of the Company and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the financial statements.

The Company has a robust internal audit program, where the internal auditor conducts a risk-based audit with a view to not only test adherence to policies and procedures but also to suggest improvements in processes and systems. Their audit program was agreed upon by the Audit Committee. Internal audit observations and recommendations are reported to the Audit Committee, which monitors the implementation of such recommendations. The findings were satisfactory and suggestions for improvement have been taken up for implementation.

VI. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

- Financial Performance:

Income: The Company derives its income from Software& E-Governance services, sale of software products, learning solutions including skilling and placement activities, IT education and training, Wind Power Generation, treasury and hotel income. Treasury income mainly includes interest on fixed deposits.

		(Rs. in Lakhs)
Particulars	31.03.2026	31.03.2025
Software & E-Governance Services - Overseas	11.95	9.91
Domestic	71.00	104.76
Learning Solution	2780.87	2716.67
Wind Power Generation	38.11	80.24
Hotel	69.62	9.31
Other Income	509.55	523.77
Total	3481.09	3444.66

a. Software Services: Revenue from Software & E-Governance Services decreased by Rs. 31.72 lakhs primarily due to lower work orders. E-Governance projects at domestic level have also shown significant reduction due to completion of one project of Rs. 6.18 crores for supply of manpower on contract basis for operation and maintenance of Labour Department Management System Project for Department of Labour, Government of Rajasthan. The Company continues to bid for new projects aggressively in the current financial year also. b. Learning Solution: Learning Solution comprises imparting computer education in Govt. Schools, skilling and placement activities. During the financial year revenue from this segment increased by Rs. 64.20 crores mainly due to one new skill project of Rajasthan Skill and Livelihoods Development Corporation for Rs. 2.71 crores of DDUGKY which started in January 25 and completed in December. 25. However, one ICT project of 53 schools has completed in February 26. The company indulges in providing skill development training to engineering & other curriculum batches, as well as government & other employees for passing on benefits of schemes like DDUGKY and RSLDC to the youth of Rajasthan.

Wind Power Generation:

Historically, the Company had five wind power generation plants comprising two plants at Jaisalmer, Rajasthan (0.6 MW each), two plants at Sikar, Rajasthan (0.6 MW each), and one plant at Krishna District, Andhra Pradesh (0.8 MW).

The two wind power plants at Jaisalmer had been disposed of in earlier years upon reaching the end of their useful life. During the financial year 2025-26, the Company also disposed of its two wind power plants located at Sikar, Rajasthan, for a total consideration of Rs. 53.57 lakhs, resulting in a loss of Rs. 1.43 lakhs. The decision to dispose of these plants was taken as the Power Purchase Agreements (PPAs) for the Sikar wind power plants expired in December 2024, and the revised tariff offered by the power distribution company was not commercially remunerative. Accordingly, the Company presently operates one wind power plant with a capacity of 0.8 MW located at Krishna District, Andhra Pradesh, which continues to be fully operational and is generating revenue.

The operation and maintenance of the Companys wind power projects are managed by Wind World India Limited, which also liaises with the relevant regulatory authorities on behalf of the Company.

Consequent to the disposal of the Sikar wind power plants, revenue from the wind power segment decreased by Rs. 42.13 lakhs during the financial year 2025-26 as compared to the previous financial year 2024-25. c. Foreign Exchange Risks/ Exposures: The Company operates from India with execution facilities in USA. A significant portion of revenue, expenses related to Software business is carried out in US foreign exchange exposure for the last two years is mentioned below: (Rs. in Lakhs)

Particulars	31.03.2026	31.03.2025
Revenue in Foreign Currency	13.05	13.59
Revenue Expenses in Foreign Currency	-	-
Capital Expenses in Foreign Currency	-	-
Net Exchange Earning	13.05	13.59

The reason for the fall in revenue in foreign currency is due to lower overseas workorders.

Expenditure:				(Rs. in Lakhs)
Particulars	31.03.2026	% of Total Revenue	31.03.2025	% of Total Revenue
Total Income	3481.09	100	3444.66	100
Expenses
Purchase of stock in trade	-		-
Changes in inventories	-		17.78	0.52
Manpower Expenses	482.28	13.85	452.88	13.15
Learning Solution Execution Charges	1500.35	43.10	1330.94	38.64
Administrative & Other Expenses	565.30	16.24	343.40	9.97
Finance Cost	295.20	8.48	379.55	11.02
Depreciation	584.91	16.80	591.95	17.18
Profit Before Tax Before Exceptional Items	53.05	1.52	326.16	9.47
Exceptional Items	391.73	(11.25)	-
Profit Before Tax After Exceptional Items	444.78	12.78	326.16	9.47
Provisions for Income Tax	150.86	4.33	99.28	2.88
Profit After Tax	293.92	8.44	228.88	6.64
Other comprehensive income	(1.59)	(0.05)	3.18	0.09
Total Comprehensive Income	292.33	8.40	232.06	6.74

Manpower Expenses: These expenses have increased from Rs. 452.88 lakhs to Rs. 482.28 mainly due to commencement of hotel segment.

Learning Solution Execution Charges: These expenses have increased from Rs. 1330.94 lakhs to Rs. 1500.35 lakhs mainly due to new project of DDUGKY as mentioned above in point (b) of Income.

Administrative & Other Expenses: These have increased by Rs. 221.90 lakhs mainly due to launch of new hotel segment, namely Ranavilas Palace.

Finance Cost: It has reduced from 379.55 lakhs in previous year to Rs. 295.20 lakhs in current year 2025-26. It has been due to substantial recovery from debtors.

Depreciation has reduced by Rs. 7.04 lakhs due to completion of 53 school project in Feb. 26 and June 23 respectively. We also sold Windmill plants at Sikar location on April 25. However, we started our hotel segment in November 25 and therefore, had some depreciation of the hotel segment.

- Operational Performance:

Share capital: The Company has only one class of shares, namely equity shares. The face value of the shares is Rs. 2/- per share. The paid- up capital of the company is Rs. 15,82,50,376/-

Reserves & Surplus Fixed Assets : (Rs. in Lakhs)

Particulars	31.03.2026	31.03.2025	Particulars	31.03.2026	31.03.2025
Profit & Loss Account	9336.67	9201.00	Gross Block	10145.25	8449.49
General Reserves	1484.79	1484.79	Accumulated depreciation	(4294.05)	(4255.25)
Securities Premium	1352.96	1352.96	Net Fixed Assets	5851.20	4194.24
Capital Reserve	209.22	209.22	Total Income/Net Block	0.59	0.82
Other Comprehensive Income	174.11	175.69	Acc. Dep. as % of Gross Block	42.33	50.36
Total	12557.75	12423.66

Investments: The details of investment made by the company are as under: (Rs. in Lakhs)

Particulars	31.03.2026	31.03.2025
Equity Investments in CSL Infomedia Pvt Ltd.	2561.45	2561.45
Equity Shares	0.08	3.96
Investments in Mutual Funds	0.43	0.78
Other Investments	-	-
Total	2561.96	2566.19

 

Non-Current & Current Liabilities:		(Rs. in Lakhs)
Particulars	31.03.2026	31.03.2025
Long-Term Borrowings	2164.72	1502.63
Deferred Tax Liabilities (Net)	0.00	0.00
Other Long-Term Liabilities	235.97	776.48
Long-Term Provisions	174.05	92.91
Short-Term Borrowings	2691.60	1458.45
Trade Payables	39.72	64.89
Other Current Liabilities	343.20	559.83
Short-Term Provisions	267.34	313.67
Total	5916.60	4768.86
Long Term Loans and Advances & Other Non-Current Assets:		(Rs. in Lakhs)
Particulars	31.03.2026	31.03.2025
Long Term Loans and Advances	1209.12	1103.31
Other Non-Current Assets	149.42	182.30
Deferred Tax Assets (Net)	149.05	113.48
Other Financial Assets	3182.23	1343.41
Total	4689.82	2742.50
Current Assets:		(Rs. in Lakhs)
Particulars	31.03.2026	31.03.2025
Trade Receivable	2859.88	3909.40
Cash and Bank Balances	3442.56	4382.08
Short Term Loans and Advances	648.31	980.61
Stock in trade	3.12	0.00
Total	6953.87	9272.09

Trade receivables are mainly related to Govt. Schools of Rajasthan. These debtors are considered good and are realizable.

VIII. MATERIAL DEVELOPMENT IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS, INCLUDING NUMBER OF PEOPLE

EMPLOYED:

Human resource development remains essential to the Companys growth and sustainability. The management continues to place a high priority on recognizing and developing talent within the business with the goal of keeping them as long-term assets and providing additional training to those qualified to handle more responsibility. By presenting workers with new challenges, this improves employee happiness inside the company. The Company places a great premium on developing its workforce and utilizing their efforts and ideas.

The Companys employee count stood at 996 as of March 31, 2026.

IX. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

In accordance with Schedule V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the Company is required to give details of significant changes (change of 25% or more as compared to immediately previous financial year) in key sector-specific financial ratios. During the year the Company maintains the specific ratios as follows:

Particulars	2025-26	2024-25
Debtors Turnover Ratio	0.88	0.54
Inventory Turnover Ratio	1904.83	328.56
Debt Service Coverage Ratio	4.19	3.52
Interest Service Coverage Ratio	2.73	1.90
Current Ratio	2.08	3.87
Debt Equity Ratio	0.34	0.21
Return on Equity (%)	2.09%	1.63%
Trade Payable Turnover Ratio	7.35	2.15
Net Capital Turnover Ratio	0.82	0.42
Particulars	2025-26	2024-25
Return on Capital Employed (%)	4.31%	4.47%
Return on unquoted investment (%)	0%	0%
Return on quoted investment (%)	(160.70) %	21.46%
Net Profit Margin (%)	9.89%	7.84%
Basic EPS (Rs.)	0.37	0.29
Return on net worth (%)	2.09%	1.63%
Operating Profit Margin	9.69%	11.43%

Debtors turnover ratio has increased from 0.54 to 0.88 due to reduction in average receivables. Inventory turnover ratio has increased from 328.56 to 1904.83 due to reduction in average inventory. Current ratio has decreased from 3.87 to 2.08 due to increase in current liabilities. Interest Service Coverage Ratio has increased due to higher EBIT and lower Interest Expenses during the current year. Debt equity ratio has increased from 0.21 to 0.34 due to increase in debts. However, it is well within standard benchmark range. Return on equity has increased from 1.63% to 2.09% due to increase in net profit. Trade payable turnover ratio has increased from 2.15 to 7.35 due to increase in purchase during the current financial year. Net capital turnover ratio has increase from 0.42 to 0.82 due to reduction in working capital. Return on quoted investment decreased sharply from 21.46% to -160.70%. This reversal was caused by a shift from investment profits in the prior year to market-driven losses in the current year due to falling asset prices. Net profit margin has increased from 7.84% to 9.89% due to higher net profit. Operating Profit Margin has increased due to increase in net profit.

SOCIAL RESPONSIBILITY STATEMENT:

The Company remains steadfast in its role as an enabler and catalyst for positive societal transformation, integrating sustainability and community development into its core operating ethos. Over the years, our commitment to social good has been recognised through multiple Bhamashah Awards conferred by the Government of Rajasthan, a testament to our enduring contribution towards public welfare and education. Our initiatives span a diverse spectrum-feeding the needy through regular meal donations, elevating educational standards in government schools via infrastructure support, technology enablement, and capacity-building interventions, and fostering environmental stewardship. The Company has been a frontrunner in renewable energy adoption, operating windmills for over two decades and harnessing solar power extensively at its corporate headquarters well before it became mainstream in India. In alignment with our vision, the soon-to-be-operational hotel project will feature an integrated solar energy setup, ensuring sustainable operations from inception. These initiatives are not peripheral engagements but integral components of our long-term value-creation strategy, underscoring our belief that corporate growth and societal upliftment must progress in tandem.

CAUTIONARY STATEMENT:

This statement made in this section describes the Companys objectives, projections, expectations and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized by the Company. Actual results could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent developments.