Cyber Media India Ltd Management Discussions

Investors are hereby informed that statements in this Management Discussion & Analysis describing the objectives, projections, estimates and expectations of Cyber Media (India) Limited (“CyberMedia”/“the Company”) may be ‘forward-looking statements within the meaning of applicable laws and regulations. The following discussions and analysis should be read in conjunction with the Companys financial statements included herein and the notes thereto.

This MDA covers the overall business of the Company and including its subsidiaries. The financial figures are provided for the consolidated business of the group. If stand-alone numbers are considered, they are highlighted as such.

Indias Entertainment & Media industry is expected to reach INR 4,30,401 crore by 2026, growing at an 8.8% CAGR, positioning the country as one of the fastest-growing E&M markets globally. While the industry has grown steadily over the years, expanding digitalisation, greater internet usage, and the rise of online alternatives to consumer entertainment have long been seen as challenges to traditional media formats. Indias Internet advertising market is set to increase at a 12.1% CAGR to reach INR 28,234 crore by 2026, with the mobile sector dominating, accounting for 60.1% of total internet advertising revenue in 2021 and rising to 69.3% by 2026. In contrast, total newspaper revenue is forecast to grow at a more modest 2.7% CAGR, from INR 26,378 crore in 2021 to INR 29,945 crore in 2026 - a meaningful divergence that underscores the widening gap between digital and print advertising trajectories.

Despite the digital surge, India presents a uniquely resilient print landscape. India will be the only country in the world to grow daily print newspaper & magazine copy sales by volume during the forecast period at a 1.3% CAGR, reaching an average of 139 million daily print newspaper sales in 2026, one-third of the global daily total, which will mean India overtakes China as the biggest world market for print edition readership in 2025. Meanwhile, the digital advertising segments 12.1% CAGR reflects a structural shift in advertiser preferences toward targeted, data-driven digital formats. The OTT video segment is set to expand at a 14.1% CAGR to reach INR 21,032 crore in 2026, with subscription services accounting for 90.5% of revenue in 2021 and expected to reach 95% by 2026, further accelerating the migration of both audiences and advertiser budgets toward digital platforms.

Cyber Media (India) Limited continues to lead in the media industry, offering a comprehensive suite of services tailored for the technology and business sectors:

• Print Publications: Leading ICT industry magazines.

• Online Platforms: Timely news, analysis, and insights.

• Social Media platforms: Building active and loyal communities across social media channels including Facebook, Instagram, X.com and LinkedIn.

• Video focus: CyberMedias brands are increasing their focus towards video content including putting together interviews with industry leaders as well as covering industry news and updates.

• Subscription Services: In-depth reports and exclusive insights in both print and digital formats.

• Bespoke and Industry Events: Facilitates networking and knowledge sharing.

• Business Solutions: Services for ICT vendors include conferences, lead generation, and influencer marketing.

Our diversified revenue streams include advertising, subscriptions, event sponsorships, and custom content solutions, helping to stabilise income and reduce dependency on any single revenue source.

Within these models CyberMedias flagship brands Dataquest, PCQuest and Voice&Data are exploring advertising through video and social media. As the organizations community grows there will be more digitally led monetization opportunities in the coming period.

We utilise a mixed revenue model:

• Advertising: Both print and digital platforms.

• Subscriptions: Specialized content access.

• Event Sponsorships: Partnering with IT vendors for bespoke events.

• Custom Solutions: Tailored marketing solutions for industry clients.

• Diversification: Expanding our digital content offerings. This includes a bigger presence on social media and video monetization.

• Innovation: Using technology to enhance content delivery and engagement. CyberMedia has migrated its websites to a new CMS that offers latest technology and best practices. This has seen an improvement in overall traffic to our websites as well.

• Market Penetration: Targeting untapped and emerging markets to expand our client base.

CyberMedia distinguishes itself in the B2B media landscape with authoritative content, deep industry connections, and a strong reputation, attracting a loyal audience and respected advertisers.

Our diverse clientele includes tech startups and Fortune 500 companies in the IT, telecommunications, and digital marketing sectors, as well as their advertising and PR agencies.

CyberMedia leverages a modern technology stack with a new-gen CMS, cloud computing, and data analytics. CyberMedia has developed, Arya - an internal ERP system. The ERP platform manages different internal processes including maintaining customer data, purchase orders, agreements, invoices, emailing invoices automatically to clients, among other functions. Importantly, is also acts as a management information system (MIS) tool for managers across the company.

As a centralized database, Arya allows the management to understand team performance, set targets, track achievements and see trends. The best example of this is in sales. Sales team members are assigned targets. These targets can be measured against achievement by the team in a transparent manner.

Additional technology upgrades include a new CMS platform for improved content discovery, SEO, distribution, and enhanced social amplification with analytics. For our digital assets, we are also investing in setting up a video studio that will help bring focus on video content generation as well.

In the past year, CyberMedia has internally developed a new product ‘Mudra. This is a comprehensive subscription management system that enables automation to process subscriptions in a user-friendly manner. The organization expects this system to ensure automated communication, reduce complaints and improve overall customer experience.

Our focus on automation has improved operational efficiency and customer experience, incorporating advanced performance management and employee onboarding systems. The investors will continue to see us work towards bringing in efficiencies on an on-going basis.

• Social Media Growth: CyberMedia brands have delivered strong growth across social media channels including LinkedIn, Instagram as well as YouTube.

• Subscription Services Growth: Robust despite a slowdown in digital advertising, thanks to high-value content.

• Strategic Partnerships: New collaborations with major tech firms for content co-creation and event hosting.

• Digital Transformation: Improved digital platforms for enhanced publishing, management, and distribution.

For a content company, emergence of digital connectivity through various platforms presents newer and more intense ways of engaging with its consumers. The coming years are likely to usher in greater innovation in content formats, means of dissemination and business models.

The organization is keeping a close eye on changes to the entire industry based on AI, and how major companies like Google and Meta adapt to these ground-breaking developments. This is both an opportunity and threat, however leveraging CyberMedias strong presence in the B2B community presents good opportunity.

Video is one avenue through which CyberMedia brands are looking at expanding their circle of influence and outreach. Our strategic objective is to build a sustainable organization that remains relevant to the agenda of our clients, while creating growth opportunities for our employees and generating profitable returns for our investors. We have embraced a four-pronged strategy to strengthen our relevance with clients and drive accelerated value creation.

The increasing spread of fake and bad quality content has emerged as a major concern for social media. Further, with dynamic technological innovations taking place, the media sector is facing considerable uncertainty.

As we continue to foray ahead, we anticipate increased competition in the Digital domain from other businesses trying to emulate us, as well as from several niche enterprises in the digital media, social media, and other online services, with whom we are competing, using our expertise and brand position in the market as a single-stop shop.

The company is continuously monitoring the various threats which can hamper growth and is taking appropriate and effective steps in this regard.

The highlights of segment wise overall performance on consolidated basis are as under:

(INR in Lakh)

FY 2024-25 was a disappointing year, and the Management had made a conscious effort in turning around the decline. The Company is happy to report that in FY2025-26 has regained its growth, crossing the INR 100 Crore revenue mark.

In FY 2025-26, the CMIL registered revenue of INR 104.59 Crore, with an EBITDA of INR 6.72 Crore, and a PBT of INR 4.85 Crore. This represents a YoY growth of 19.32% on topline revenue, and a 711.97% growth in EBITDA.

Furthermore, Q4, FY 2025-26 recorded revenue of INR 28.48 Crore with an EBITDA of INR 1.93 Crore. This represents a YOY revenue growth of 28.96%.

Clearly the improved revenue and more importantly the earnings show improved health of the balance sheet, along with improving business scenario. The Company continues to maintain a tight watch on costs and continued focus on improving profitability.

The Company has also leased space in its building to Canara Bank as well as Indian Bank thereby ensuring better asset utilization.

Improving efficiency remains a core focus area in the organization. The transformation agenda taken up by the Management looks at how all functions can be reimagined in an AI world. The team has developed smarter, AI driven systems that are able to streamline processes and drive efficiency. This will remain a continued part of the agenda for the foreseeable future.

As a part of transformation agenda, we continue to make changes in how we are organized and how we build and deliver technologies. In this transformation journey, given the dynamic nature of digital media, CyberMedia digital assets continue to innovate and reproduce content that impacts and engages the community in new ways.

The Company is focusing on a digital first approach delivering integrated media platforms / brands, multi-format content strategy building stronger influence and engagements, building large media property creation, automated & disruptive distribution etc.

The Company has established a risk management framework to identify and mitigate risks arising from external and internal factors. A risk identification exercise is carried out periodically to identify various strategic, operational, financial and compliance-related risks.

Risks and challenges:

• Market dynamics, reduction and shift in the marketing spend

• Inadequate acquisition of clients and revenue growth

• Adequate community development

• New initiatives taking time and not kicking off

• Traffic growth post tech revamp

Few risks and uncertainties that can affect the business include the inherent risk of cybercrimes and data breach that may impact reputation, exposure to litigations and competition from emerging digital platforms and other social media apps.

Potential risks are reviewed on an ongoing basis and mitigating controls are deliberated upon as an integral part of decision-making. To stay ahead of the competition and minimize exposure to risk, the Company has taken various initiatives like continuous engagement with the editorial team and upgradation of editorial processes to ensure factual accuracy of content published, greater focus on reaching newer segments and geographies. Further, to monitor status of statutory compliances across all locations/ functions helps the Company to minimize its exposure to any non-compliance to statutory and legal requirements.

Further, the Company is continuously evaluating the evolving situation and taking necessary steps to mitigate its impact, while ensuring business continuity. The Company is also taking cost optimization efforts across businesses and functions.

Your Company accords great importance to the security of its information assets. To ensure that this gets desired focus and attention, Information Officer is entrusted with the task of ensuring that your Company has the requisite security posture.

The Company is also proactively working on ensuring that it is compliant with DPDP Act, and required consent management systems that ensure data security of owned data as well as client data and information.

CyberMedia has aligned its current systems of internal financial control with the requirement of Companies Act 2013. The Company has adopted the internal control integrated framework which is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. The framework requires a company to identify and analyze risks and manage appropriate responses. The Company has successfully laid down the framework and ensured its effectiveness.

CyberMedias internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies. CyberMedia has a well-defined delegation of power with authority limits for approving contracts as well as expenditure. Processes for formulating and reviewing annual and long-term business plans have been laid down. CyberMedia uses a state-of-the- art enterprise resource planning system that connects all parts of the organization, to record data for accounting, consolidation and management information purposes. It has continued its efforts to align all its processes and controls with best practices.

CyberMedia management assessed the effectiveness of the companys internal control over financial reporting (as defined in Regulation 17 of the SEBI Listing Regulations) as of March 31,2026.

M/s. S. Agarwal & Co., the statutory auditors of CyberMedia have audited the financial statements included in this annual report and have issued an attestation report on the companys internal control over financial reporting (as defined in section 143 of Companies Act 2013).

CyberMedia has appointed M/s. CMG & Company, Chartered Accountants to oversee and carry out internal audit of its activities. In line with best practice, the conduct of internal audit is oriented towards the review of internal controls and risks in the companys operations such as service delivery, accounting and finance, procurement, employee engagement, statutory compliances.

The Audit Committee of the Board of Directors, comprising independent and non-executive directors regularly reviews the audit plans, significant audit findings, adequacy of internal controls, compliance with accounting standards as well as reasons for changes in accounting policies and practices, if any.

The Board takes responsibility for the overall process of risk management throughout the organization. Our business units and corporate functions address risks to our objectives. This is facilitated by internal audit. The business risk is managed through cross functional involvement and communication across businesses. The results of the risk assessment are presented to the senior management. The Company has in place Risk Management Committee to review business risk areas covering operational, financial, strategic and regulatory risks.

Based on its evaluation (as defined in section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI Listing Regulations), CyberMedias audit committee has concluded that, as of March 31, 2026, the companys internal financial controls were adequate and operating effectively.

The discussions in this section relate to the consolidated financial results pertaining to the year that ended March 31,2026. The financial statements of Cyber Media (India) Limited and its subsidiaries (collectively referred to as ‘CyberMedia or ‘the Company) 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 consolidated financial statements.

The following table gives an overview of the consolidated financial results of the company:

The Companys culture and reputation as a leader in digital technologies, adtech, data analytics, and next-generation services enable us to attract and retain high quality talent. The competency development of our employees continues to be a key area of strategic focus for us. There is a constant endeavor to conduct training and team building activities that help in maintaining camaraderie, knowledge, motivation and culture within the organization.

The Company invested in building tighter control systems improving processes and operational efficiencies as a result. Balancing employee well-being, the Company has explored new ways of remote and hybrid working and managing the changing expectations of employees.

This continual pursuit has led to high retention rates among employees. Your company believes and recognises the employees as asset of the Company. The overall attrition rate of employees of the Company was 18.65 percent at March 31,2026.

The Company believes and maintains the diversity of employees and in order to support the women, during the year, the women employees percentage was 32.30 percent.

The Company will continue to connect with all stakeholders on a regular basis, communicate in an open and transparent manner that yield desired results. The total number of employees in the Company as on March 31,2026 were 65.

Key financial ratios on consolidated basis are given as under:

Some of the statements in this management discussion and analysis describing the Companys objectives, projections, estimates and expectations may be ‘forward looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in industry, significant changes in political and economic environment in India and abroad, tax laws, import duties, litigation and labour relations.