DSJ Keep Learning Ltd Management Discussions

INDUSTRIAL OVERVIEW, STRUCTURE AND DEVELOPMENT

1. Company Overview

DSJ Keep Learning Limited ("DSJKL" or "the Company") is a publicly listed Education Company enabling growth across the higher education value chain. It operates through two synergistic business verticals: ?? ?Campus Enablement Full-stack services to help higher education institutions scale enrolments, streamline operations, and deliver academic outcomes.

?? ?keeplearning.live A lifelong learning platform offering career-aligned programs for working professionals, built in partnership with globally ranked universities.

The Company controls the full delivery chain for several of its online degree programs, enabling it to deliver high-quality, outcome-focused learning experiences that are tightly integrated across academics, technology, and operations. It has invested in a dedicated learning studio in Bangalore to enhance content quality and faculty engagement and developed a proprietary funnel analytics, and technologystackforstudent recruitment, leadattribution, mentor management ensuring competitive edge in both B2C and institutional markets.

2. Industry Landscape

Indias education sector is undergoing rapid digitization, driven by rising demand for employability-linked degrees, UGC online norms, and enterprise L&D. On the institutional side, colleges and universities are competing to attract high-quality students while managing compliance and scale. For professionals, there is increasing demand for career-focused upskilling, hybrid learning, and global mobility.

DSJKL operates empowering institutionsthrough enablement infrastructure, and at the convergence of these shifts professionals through lifelong learning pathways.

3. Segment-Wise Performance Campus Enablement

This vertical helps colleges and universities grow sustainably by supporting them across admissions, academic operations, and digital transformation. It has two core areas:

1. Student Recruitment

DSJKL manages end-to-endstudentacquisitionthroughdigital,organic,affiliate, and referral channels. Partner institutions outsource their enrolment function to DSJKL, which operates on success-linked fee models. The companys moat in this space is its full-stack technology and execution engine:

Agentic AI systems for lead nurturing, qualification, and reactivation

Automated sales process management for counsellor tracking and funnel optimization

Attribution and UTM tracking tools for reducing cost of student acquisition (CAC)

Real-time analytics dashboards for institutional visibility

Leading institutions including JAGSoM, Vijaybhoomi University, and IFIM College use this infrastructure to drive UG and

PG admissions.

2. kOS keeplearning Operating System kOS is DSJKLs flagship SaaS platform designed to manage the academic and administrative workflows of a higher-ed institution

Includes modules for CRM, admissions,timetables,attendance,fees,evaluations, regulatory reporting and

Previously offered as a SaaS + Services solution, kOS will now be positioned purely as aproduct-only SaaS platform, allowing clients to manage their own operations independently

Enables seamless adoption, digital transformation, and measurable efficiency improvements Together, these offerings make DSJKL a critical operating partner for educational accountability.

keeplearning.live

This vertical serves working professionals across career stages from early career to leadership by offering online and hybrid programs that accelerate job transitions, promotions, and international pathways.

Key Programs

PGDM (Evening) from JAGSoM

Executive MBA from the University of Texas at Arlington

MSc in Management from KEDGE Business School

Flagship Product: DDGL (Dual Degree Global Launchpad)

DDGL enables students to complete a PGDM in India and transition to global universities for a specialized masters degree (primarily in Accounting & Finance). In FY 2024 25, over 500 students were enrolled and successfully transitioned to institutions in the United States under this program. The offering is now being expanded to include MSc programs in Marketing, Finance, Luxury Management, and Business Analytics/Data Science with Tier-1 institutions across the US and Europe.

Enterprise Upskilling in Generative AI

In addition to its degree programs, keeplearning.live has actively upskilling interventions in emerging domains. In FY 2024 25, DSJKL worked closely with enterprise clients including

Walmart, Oracle, Bank of Baroda, and several others to train over 3,000 professionals in Generative AI. These programs were tailored for multiple levels spanningCXOs and top-management leaders, mid-level managers, and frontline

. The training focused on both foundationalliteracyanduse-casedrivenimplementation, participants enabling to apply AI meaningfully within their roles and business units.

Learning Infrastructure

A state-of-the-art learning studio in Bangalore supports live/recorded faculty-led content creation

Integrated career services, mentorship programs, and masterclasses ensure holistic

A proprietary student success platform handles onboarding, mentor tracking, live session scheduling, and feedback loops

4. Strategic Initiatives live brand Unified B2C

Rollout of sales process automation, GA4-linked lead attribution, and call scoring tools

Scaling DDGL as the primary outbound mobility channel for Indian learners

Expanding kOS as a standalone SaaS product across Tier 2/3 private colleges in India

Deepening faculty partnerships and recruiting industry mentors across verticals

OPPORTUNITY AND THREATS

5. Risk Management
Risk Type	DescriptionMitigationStrategy
Regulatory	Changes in AICTE/UGC/BCI norms for online/hybrid models	Legal team and flexible product models
Revenue	ConcentrationPartner/school tion diversifica dependency		Vertical and geography Installment-based models, clause-based
Collections Risk	del ays Studentdefaultorinstitutional	invoicing
Delivery Quality	Dependence on adjunct faculty and tech scale	Studio, playbooks, and central operational QA

6. Outlook for FY 2025 26

Expand the DDGL product beyond Accounting to include MSc programs in Marketing, Finance, Luxury Management, and Business Analytics/Data Science, in collaboration with Tier-1 universities across Europe and the US

Strengthen keeplearning.lives career ecosystem with new mentorship programs, job boards, and international placement tie-ups

Onboard 3 4 new institutional partners for full-stack student recruitment management under the Campus Enablement vertical

Scale adoption of kOS as a standalone SaaS product to 5 new higher education institutions

Introduce subscription-based micro-credential offerings for working professionals

Maintain focus on improving EBITDA margins, reducing working capital cycles, and sustaining positive cash flow

7. Internal Controls and Governance

Quarterly audits, MIS dashboards, and centralized compliance reviews

Role-based access, audit trails, and digital document verification

• Separate P&L ownership by business unit ensures cost discipline

Further The Company has a proper and adequate system of internal control to ensure that all the assets are safeguarded from loss, damage, or disposition. The Company has an independent Audit systemtomonitortheentireoperationsand the Audit Committee monitors the financial statements to ensure that transactions are adequately authorized and recorded and that they are reported correctly. The Board of Directors considers internal controls as adequate as it regularly reviews the findings and recommendations of internal audits.

DISCUSSION ON FINANCIAL PERFORMANCE CONCERNING OPERATIONAL PERFORMANCE

The financial statements have been prepared in compliance with the requirements of the Companies Act, 2013 and generally accepted Accounting Principles in India.

FINANCE AND ACCOUNTS

The following financial review is intended to convey the managements perspective on the financial performance of the company at the end of the financial year 2024-25.

The financial statements have been prepared in compliance with the accepted Accounting Principles in India.

FINANCIAL PERFORMANCE

Profit/(Loss) before taxation (PBT) for the current financial year 2024-25 is Rs. 48.88 lacs as compared to Rs. 53.39 previous year. During the year, other income in the year under review was Rs. 23.46 lacs as compared to Rs. 17.17 lacs in previous year. Company Fixed Assets viz. Property, Plant and Equipment were valued at Rs 44.62 lacs at the end of the financial year.

RISKS AND CONCERN

The Company has an adequate Risk Management System, and it faces the risk of competition from local players in the cities it expands. This risk is addressed by building a brand and processes to provide consumer-centric services and quality education. Also, there is a lot of IP in terms of technology that is being developed under keeplearning, which creates a moat between us and our competitors.

HUMAN RESOURCE DEVELOPMENT

Over the years, your Company has developed an environment, which fosters excellence in performance by empowering its people, who are always on a continuous improvement path to add value to their intellectual and knowledge resources. The Companys success depends largely upon the quality and competence of its management team and key personnel.

Further, we are working on the following initiatives:

Build out clear growth paths and capability frameworks across key verticals from product and engineering in kOS, to content and academic delivery in keeplearning.live, and partner success roles under Campus Enablement. Focus will be on role clarity, cross-functional exposure, and readiness fornext-levelresponsibilities.

Strengthen onboarding and training programs for new hires, especially in the Campus Enablement and kOS teams, where rapid scaling demands quicker ramp-up and deeper alignment with product and partner needs.

Roll out quarterly engagement initiatives and manager development programs within keeplearning.live to support team well-being, strengthen leadership depth, and reduce avoidable attrition.

Consolidate hiring operations to improve turnaround time for business-critical and academic institutions, and increase efficiency through tighter collaboration with business leads.

There are 57 (Fifty Seven) employees in the Company as of 31 st March 2025. The company is currently hiring for the coming financial year and should witness good growth in this area.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

Sr. No	Key Financial Ratios	2024-25	2023-24	Variance	Variance %	Detailed Comments
1.	Debtors Turnover	3.42	3.21	0.21	6.76%
2.	Inventory Turnover	-	-	-	-	The Company operates in the service industry and accordingly does not hold any inventory. Therefore, Inventory turnover ratio is not applicable.
3.	Debt service coverage ratio	0.50	0.26	0.24	88.40%	The Company has repaid substantialdebt during the year. Therefore, the Debt Service Coverage Ratio has improved during the year. Moreover, all the debts owed by the company as at the year end is on account of demand loans. Therefore, the computed values of Debt Service Coverage Ratio may not be meaningfully comparable.
4.	Current Ratio	1.86	1.55	0.31	19.79%
5.	Debt Equity Ratio	0.26	12.56	(12.3)	97.92%	The Company has repaid substantial debt during the year and also raised equity capital through Rights Issue, this in turn has drastically improved the Debt Equity Ratio.
6.	Operating	Profit - -		-	-
	Margin (%)
7.	Net Profit Margin(%)	3.25	5.09	(1.79)	(35.25)	The increase in expenses has negatively impacted the Net Profit Margin despite the growth in revenue.
8.	Return on Net-worth (%)	4.60	134.46	(129.86)	(96.57)	The significant decline in Return on Net- worth is due to the substantial increase in equity through rights issue, while Net Profit after tax growth was relatively flat.

CAUTIONARY STATEMENT

Statement in this Management Discussion and Analysis describing the Companys objectives, or predictions may be "forward-looking statements" within the meaning of applicable securitieslaws and regulations. Actual results could differ materially from those expressed or implied due to risk and uncertainties. Important factors that could make to the Companys operations include raw material availability and prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the

Company conducts business and other incidental factors.

		For and on behalf of the Board of Directors
Place: Mumbai	Sanjay Padode	Pranav Padode
Date: 29th August, 2025	Chairman & Managing Director	Whole-time
	DIN: 00338514	DIN: 08658387