Emiac Technologies Ltd Management Discussions

The following discussion and analysis of our financial condition and results of operations for the Fiscal Year 2025, Fiscal Year 2024, and Fiscal Year 2023 is based on, and should be read in conjunction with, our Restated Financial Information, including the schedules, notes, and significant accounting policies thereto, included in the chapter titled "Restated Financial Information " beginning on page 184 of this Draft Red Herring Prospectus. Our Restated Financial Information has been derived from our audited financial statements and restated in accordance with the SEBIICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with AS.

You should read the following discussion of our financial condition and results of operations together with our restated financial information included in this Draft Red Herring Prospectus. You should also read the section titled "Risk Factors" beginning on page 31 of this Draft Red Herring Prospectus, which discusses a number offactors, risks, and contingencies that could affect our financial condition and results of operations. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we", "us " or "our " refers to Emiac Technologies Limited, our Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Information" for the Fiscal Year 2025, Fiscal Year 2024, and Fiscal Year 2023 included in this Draft Red Herring Prospectus beginning on page 184 of this Draft Red Herring Prospectus.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be "Forward Looking Statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

Business Overview

We are an AI- based, technology and digital solutions company committed to empowering brands with useful digital marketing services. Our combined approach enables organizations to scale, improve operations, and build a lasting and sustainable digital presence. With a comprehensive suite of services spanning content creation, branding & online reputation management, digital marketing, and technical services & business automation, we serve as a one-stop partner for brands seeking long-term growth and digital transformation. We work closely with our clients to understand their business goals, challenges, and future potential, and then provide tailored solution that help them achieve their objectives.

Our company is certified with ISO 10002:2018, ISO 9001:2015 and ISO/IEC 27001:2022. We are offering tailored solutions across a diverse range of sectors such as digital marketing, BFSI, Healthcare, IT & Technology, Education, Automobile etc. We bridge the gap by combining artificial intelligence, automation, and actionable insights with a human touch and creative thinking to deliver performance-driven marketing tailored for the digital age.

With a wide service offering and content at its core, we craft digital strategies that support business outcomes. Our expertise covers marketing funnels, automation ecosystems, platform development, media planning and brand storytelling, allowing us to deliver connected and strong campaigns across both online and offline platforms. Whether its building awareness, improving conversion, or scaling operational efficiency, we have provided effective solutions for our clients by managing campaigns with clear reach, engagement, and ROI. We can classify our business in following verticals:

Service	Description	Key Focus Areas
Content Writing	We offer content writing services that help brands communicate effectively, rank better on search engines, and engage their target audience. Using a mix of storytelling and AI insights, our content is crafted to inform, influence, and convert.	Blogs, Articles, Website Copy, Product Descriptions, Articles, Ad Scripts, Sales Copies, etc.
	All content is manually written by skilled writers to ensure originality, clarity, and brand alignment. Every piece is tailored to user needs and SEO goals.
Branding & Online Reputation Management	All branding activities follow Google algorithm friendly practices. We build links through guest posts, outreach, brand citations, and contextual placements, aligned with niche relevance and stable SERP results. Our internal database of trusted websites across industries and geographies allows us to identify relevant placement opportunities quickly and at scale.	Brand positioning and narrative building
		ORM for corporates and C-suite executives
		PR campaigns and feature placements
		Thought leadership content for LinkedIn and media
Digital Marketing	Our digital marketing service ensures that brands are not only visible but also chosen. We cover the full spectrum: SEO, paid ads, social media, influencer collaborations, guest posting, email/SMS campaigns, and data tracking, to support discovery, interaction, and clear ROI across channels.	SEO audits, technical optimization, and on page and off-page SEO
		Paid campaigns (Google Ads, Meta Ads, programmatic buying)
		Conversion rate optimization and funnel building
Technical Services and Business Automation	We help businesses work smoothly by automating repetitive tasks across marketing, HR, sales, IT, and compliance. Our solutions streamline workflows, reduce human error, and provide real-time dashboards, helping organisations save time and grow faster with better transparency.	Inventory, logistics, and operations automation
		Sales and CRM workflows
		API integrations and enterprise dashboards
		AI-driven business intelligence & analytics

Our Revenue bifurcations as per our business verticals are as follows:

Particulars	For the Year ended
	March 31, 2025		March 31, 2024		March 31, 2023
	Amount	%	Amount	%	Amount	%
Content Writing	862.06	43.42	210.40	39.56	130.03	44.20
Branding and Online Reputation Management	631.49	31.80	311.79	58.63	145.27	49.38
Digital Marketing	292.85	14.75	0.61	0.12	3.61	1.23
Technical Services and Business Automation	199.22	10.03	9.00	1.69	15.26	5.19
Total	1,985.62	100.00	531.80	100.00	294.17	100.00

*As certified by Statutory Auditor of our Company, by way of their certificate dated September 29, 2025.

We are a team of marketers and innovators, well-versed in technology and strategy, helping businesses grow with creative, and result-driven market plans. With years of experience across tech and marketing, we have guided brands to adopt new Go-To-Market (GTM) strategies. Our services cover marketing, pre-sales, lead generation, branding, and communications, tailored to meet diverse client needs. We dont just market, we add meaning, crafting the right visual language and brand voice that cuts through the noise and makes a lasting mark. By combining strategy with creativity, we bring new approaches to the front, ensuring every brand we work with is prepared for clear results.

Our Company serves as a content and digital partner delivering campaigns, multilingual communication strategies, and creative solutions that cater to diverse audiences. Our diverse service portfolio and focus strategies have supported us in building an industry-wide client selection across various geographies. Our steady efforts and client specific services have helped us work with clientele spanning across Digital marketing, BFSI, Healthcare, IT & Technology, Education, Automobile and many more industries. In additional to multiple industries, we offer our services across multiple geographies, as well. To ensure wider reach and better engagement, we offer our content services in various vernacular language, allowing brands to communicate across global and regional markets.

We engage with third-party service providers for certain specific requirements in the course of our business, including technology tools, publishing networks, and platform-based solutions that complement our core offerings. While we do not maintain or own any proprietary media inventory, we leverage our partnerships with publishers, influencers, and automation platforms to deliver services that support content marketing, link building, digital campaigns, and business process automation. These collaborations enable us to grow smoothly, ensure reliable delivery, and provide comprehensive digital marketing solutions to our clients.

We are led by our Promoters, Divya Gandotra and Shivam Bhateja who has wide experience in the digital marketing and technical industry. Divya Gandotra is responsible for end-to-end operations across sales, client success, integrated marketing, and technology adoption, while ensuring every department is aligned with the companys growth vision. Shivam Bhateja contributes to financial planning, investor relations, and legal strategy. By combining new ideas with financial discipline and market awareness, he ensures that our companys base remains steady, adaptable, and ready for the future.

We have received below mentioned awards over the years, including:

Calendar year	Awards
2023	Business Connect Award, won Best Content Marketing Agency of India" from Business Connect Magazine, a recognition based on measurable campaign results, innovation in content strategies, and proven impact on client growth across diverse industries
2023	Indian Icon Award, won Best Content Marketing Agency of the Year" by the Indian Icon Awards Committee.

Key Performance Indicators of our Company a) Key financial indicators

Key Financial Performance	March 31, 2025	March 31, 2024	March 31, 2023
Revenue from Operations (1)	1,985.62	531.80	294.17
EBITDA (2)	592.24	123.86	59.77
EBITDA Margin (%) (3)	29.83	23.29	20.32
PAT	421.91	83.64	38.80
PAT Margin (%) (4)	21.25	15.73	13.19
Return on equity (%) (5)	81.65	94.00	139.81
Return on capital employed (%) (6)	63.52	84.95	108.69
Debt-Equity Ratio (times) (7)	0.001	0.003	0.001
Net fixed asset turnover ratio (times) (8)	51.99	16.18	10.80
Current Ratio (times) (9)	1.84	1.30	1.25

*As certified by Auditors, by way of their certificate dated September 29, 2025.

Notes:

(1) Revenue from operation means revenue from sale of our Services.

(2) EBITDA is calculated as Profit before tax + Depreciation & Amortization Expenses+ Interest Expenses

(3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

(4) PAT Margin is calculated as PAT for the period/year divided by revenue from operations

(5) Return on Equity is calculated by comparing the proportion of net income against the amount of average shareholder equity

(6) Return on Capital Employed is calculated as follows: Earnings before interest and taxes (EBIT) divided by (Tangible Net Worth + Total Debt + Deferred Tax Liabilities)

(7) Debt to Equity ratio is calculated as Total Debt divided by equity

(8) Net Fixed asset turnover ratio is calculated by dividing the Revenue from Operations by net Fixed Assets (Tangible and Intangible) of the Company

(9) Current Ratio is calculated by dividing Current Assets to Current Liabilities

(10) Net profit ratio is calculated by dividing Net Profit to Revenue from Operations

b) Key operational indicators:

Key operational indicators	March 31, 2025	March 31, 2024	March 31, 2023
No. of clients	122	83	94
No. of Repeated Clients (1)	51	44	31
% of Repeated Clients (2)	41.80	53.01	32.98
Revenue from Repeated Clients (? in Lakhs)	906.90	473.71	165.50
% of Revenue from Repeated Clients (3)	45.67	89.08	56.26
Revenue from domestic market	1408.15	498.86	265.96
% of revenue from domestic market (4)	70.93%	93.81%	90.40%
Revenue from Export	577.22	32.94	28.23
% of revenue from Export (5)	29.07	6.19	9.60

*As certified by Auditors, by way of their certificate dated September 29, 2025.

(1) Repeat clients data for Fiscal 2025, Fiscal 2024 and Fiscal 2023 means clients to whom services were provided by us in the previous respective periods, i.e., Fiscal 2024, Fiscal 2023 and Fiscal 2022 respectively.

(2) % ofRepeated Clients is calculated as no. of repeated clients divided by no. of clients in the Fiscal year *100.

(3) % of Revenue from Repeated Clients is calculated as Revenue from Repeated Clients divided by Revenue from Operations *100.

(4) % of Revenue from domestic market is calculated as Revenue from domestic market divided by Revenue from Operations *100

(5) % of Revenue from Export market is calculated as Revenue from Export market divided by Revenue from Operations *100

Significant Developments after March 31, 2025

Except as discussed below and elsewhere in this Draft Red Herring Prospectus, in the opinion of the Board of Directors of our Company, since the date of March 31, 2025 as disclosed in this Draft Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

The Initial Public Offer has been authorized by our Board pursuant to resolutions passed at its meetings held on September 02, 2025 and by our Shareholders pursuant to a special resolution passed at their Annual General Meeting held on September 24, 2025.

Statement of Significant Accounting Policies

For details in respect of Statement of Significant Accounting Policies, please refer to the chapter titled "Restated Financial Information " beginning on page 184 of this Draft Red Herring Prospectus.

Key Components of the Companys Balance Sheet

The following table sets forth select financial data derived from our restated statement of Balance Sheet as at Fiscal 2025, 2024, and 2023:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Liabilities
Long-term Provisions	19.27	11.59	8.27
Trade Payables	553.72	109.54	20.18
Short-term provisions	27.42	1.66	1.05
Other Current Liabilities	189.76	64.82	74.24
Assets
Property, Plant & Equipment & Intangible Assets	38.18	32.86	27.24
Other Non-Current Assets	225.80	50.67	0.67
Current Investments	69.32	18.13	-
Trade receivables	768.56	146.24	76.65
Cash and cash equivalents	465.04	40.38	27.71
Short-term loans and advances	113.84	25.11	14.57

Long-term Provisions:

The companys long-term provisions have increased from ?8.27 Lakhs in Fiscal 2023 to ^11.59 Lakhs in Fiscal 2024 to ?19.27 Lakhs in Fiscal 2025. This was mainly on account of an increase in the Provision for Gratuity. The table below shows the details of the Long-term provisions of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Provision for Gratuity	19.27	11.59	8.27
	19.27	11.59	8.27

Trade Payables:

Trade payables include dues payable to creditors. The companys payables increased from ?20.18 Lakhs in Fiscal 2023 to ?109.54 Lakhs in Fiscal 2024 to ?553.72 Lakhs in Fiscal 2025, which is in line with the growing operations of the company. The following are details of the Trade Payables of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Total outstanding dues of micro enterprises and small enterprises	10.08	54.65	-
Total outstanding dues of creditors other than micro enterprises and small enterprises	543.64	54.89	20.18
	553.72	109.54	20.18

Short-term Provisions:

The companys short-term provisions have increased from ?1.05 Lakhs in Fiscal 2023 to ?1.66 Lakhs in Fiscal 2024 to ?27.42 Lakhs in Fiscal 2025. This was primarily on account of an increase in the current tax provisions, provision for gratuity, etc. The table below shows the details of the Short-term provisions of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Current Tax Provision (Net of Advance Tax and TDS)	23.34	-	-
Audit Fee Payable	0.80	0.50	0.30
Provision for Gratuity	2.54	1.16	0.75
ESIC Demand Inspection Payable	0.73	-	-
	27.42	1.66	1.05

Other Current Liabilities:

The companys other current liabilities decreased from ?74.24 Lakhs in Fiscal 2023 to ?64.82 Lakhs in Fiscal 2024 and then increased to ?189.76 Lakhs in Fiscal 2025. The table below shows the details of the Other Current Liabilities of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
TDS Payable	10.29	4.47	2.76
GST Payable	64.49	9.44	5.72
ESI Contribution Payable	0.02	-	-
Salary Payable	4.82	18.75	25.38
Director Remuneration Payable	-	-	9.40
Advance from customers	100.83	6.31	4.26
Director Reimbursement Payable	3.03	6.50	3.38
Professional Expenses payable	-	1.78	10.61
Freelancers Expenses Payable	2.50	13.90	6.82
Commission Expenses payable	-	3.68	5.40
Expenses payable	3.78	-	0.51
	189.76	64.82	74.24

The companys other current liabilities decreased from Fiscal 2023 to Fiscal 2024 due to a decrease in Director Remuneration payable by ?9.40 Lakhs, professional expenses payable by ?8.83 Lakhs, Salary Payable by ?6.63 Lakhs, and commission expense payable by ?1.72 Lakhs. This was offset by an increase in Freelancers Expense Payable by ?7.08 Lakhs, GST Payable by ?3.72 Lakhs, Directors Reimbursement Payable by ?3.12 Lakhs, TDS Payable by ?1.71 Lakhs, and an increase in Advance from customers by ?2.05 Lakhs.

The companys other current liabilities increased from Fiscal 2024 to Fiscal 2025 due to an increase in advances from Customers by ?94.52 Lakhs, GST Payable by ?55.05 Lakhs, TDS Payable by ?5.82 Lakhs, and Expenses Payable by ?3.78 Lakhs. This was offset by a decrease in Salary Payable by ?13.93 Lakhs, Freelancers Expense Payable by ^11.40 Lakhs, Commission Payable by ?3.68 Lakhs and Directors Reimbursement Payable by ?3.47 Lakhs.

Property, Plant & Equipment and Intangible Assets:

The companys Property, Plant & Equipment increased from ?27.24 Lakhs in Fiscal 2023 to ?32.86 Lakhs in Fiscal 2024 to ?38.18 Lakhs in Fiscal 2025. The following are the details of "Property, Plant & Equipment and Intangible Assets":

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Property, Plant and Equipment	38.16	32.82	27.16
Intangible Assets	0.02	0.04	0.08
	38.18	32.86	27.24

The company has purchased Computers of ?14.21 Lakhs and Office Equipment of ?3.84 Lakhs in Fiscal 2024, which have contributed to the overall increase in Property, Plant & Equipment in Fiscal 2024. Further, the company has purchased Furniture of ?14.20 Lakhs, Office Equipment of ?6.96 Lakhs, and Computers of ?2.47 Lakhs, which have contributed to the overall increase in Property, Plant & Equipment in Fiscal 2025. This increase was offset by a higher depreciation charged on such increased Property, Plant & Equipment.

Other Non-Current Assets:

The companys Other Non-current assets increased from ?0.67 Lakhs in Fiscal 2023 to ?50.67 Lakhs in Fiscal 2024 to ?225.80 Lakhs in Fiscal 2025. The table below shows the details of Other Non-current assets of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Security Deposit	203.15	0.67	0.67
Capital Advance for Fixed Assets	13.49	-	-
Fixed deposit having a remaining maturity of more than 12 months	9.16	50.00	-
	225.80	50.67	0.67

The companys other non-current assets increased from Fiscal 2023 to Fiscal 2024 primarily due to an increase in Fixed deposits having a remaining maturity of more than 12 months by ?50.00 Lakhs. The increase from Fiscal 2024 to Fiscal 2025 is mainly on account of an increase in Security Deposits by ?202.48 Lakhs. This was offset by a decrease in Fixed deposits having a remaining maturity of more than 12 months by ?40.84 Lakhs.

Current Investments:

The companys current investments increased from Nil in Fiscal 2023 to ?18.13 Lakhs in Fiscal 2024 to ?69.32 Lakhs in Fiscal 2025. This was mainly on account of an increase in Investment in Equity Shares and Investments in Mutual Funds. The table below shows the details of the current investments of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Investment in Equity shares (Quoted Investment)	63.37	18.13	-
Investment in Mutual Funds (Quoted Investment)	5.96	-	-
	69.32	18.13	-

Trade receivables:

Trade receivables refer to outstanding dues from customers that remain unpaid. The companys trade receivables increased from ?76.65 Lakhs in Fiscal 2023 to ?146.24 Lakhs in Fiscal 2024 to ?768.56 Lakhs in Fiscal 2025, which is in line with the growing operations of the company. The following are details of the Trade receivables of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Trade Receivables	768.56	146.24	76.65
	768.56	146.24	76.65

Cash & Cash Equivalents:

The companys Cash & Cash equivalents increased from ?27.71 Lakhs in Fiscal 2023 to ?40.38 Lakhs in Fiscal 2024 to ?465.04 Lakhs in Fiscal 2025 due to an increase in bank balance in the Current Account and an increase in other bank balances, which is in line with the growing operations of the company. The following are the details of the Cash & Cash Equivalents of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Cash in Hand	9.34	8.94	4.11
Balances with Banks:
- In Current Accounts	270.91	19.04	3.65
- Other Bank Balances	184.78	12.40	19.96
	465.04	40.38	27.71

Short-term Loans & Advances:

The companys Short-term loans & advances increased from ?14.57 Lakhs in Fiscal 2023 to ?25.11 Lakhs in Fiscal 2024 to ^113.84 Lakhs in Fiscal 2025. This was mainly on account of an increase in GST receivables. The following are the details of the Short-term loans & advances of the company:

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Salary Advance to Directors	-	0.14	1.36
Salary Advance to Employees	-	1.40	3.29
Advance to Suppliers	0.10	0.66	0.77
Balances with IIFL Broker account	0.49	-0.00	-
Credit Card receivable Balance	-	-	0.20
Prepaid Expenses	2.83	0.40	0.59
Income tax Refund Receivables	-	1.75	7.23
GST Receivable	110.43	20.76	1.13
	113.84	25.11	14.57

Results of Our Operation

The following discussion on results of operations should be read in conjunction with the Restated Financial Information of our Company for the Fiscal Year 2025, Fiscal Year 2024 and Fiscal Year 2023:

Particulars	For the Year Ended on
	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
Revenue From Operations	1,985.62	99.00%	531.80	98.78%	294.17	99.71%
Other Income	20.07	1.00%	6.58	1.22%	0.86	0.29%
Total Income	2,005.69	100.00%	538.38	100.00%	295.03	100.00%
Expenditure
Employee Benefits Expense	97.88	4.88%	83.07	15.43%	77.91	26.41%
Finance Cost	0.74	0.04%	0.84	0.16%	1.18	0.40%
Depreciation and Amortisation Expenses	18.31	0.91%	12.42	2.31%	8.57	2.90%
Advertisement And Marketing Expenses	1,074.07	53.55%	134.20	24.93%	17.06	5.78%
Other Expenses	240.83	12.01%	196.42	36.47%	139.14	47.1%
Total Expenditure	1,431.84	71.39%	426.94	79.30%	243.87	82.66%
Profit/(Loss) Before Tax	573.85	28.61%	111.44	20.70%	51.16	17.34%
Tax Expense:
Current Tax	158.32	7.89%	29.14	5.41%	15.12	5.13%
Deferred Tax	(6.38)	(0.32%)	(1.35)	(0.25%)	(2.76)	(0.94%)
Net Current Tax Expenses	151.94	7.58%	27.79	5.16%	12.36	4.19%
Profit After Tax	421.91	21.04%	83.64	15.54%	38.80	13.15%

Factors affecting our results of Operations

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 31of this Draft Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

• We are highly dependent on certain key customers for a substantial portion of our revenues. Loss of relationship with any of these customers may have a material adverse effect on our profitability and results of operations;

• Our Company has not entered into any long-term contracts with our customers and we typically operate on the basis of orders received on hand. Inability to maintain regular order flow would adversely impact our revenues and profitability;

• Our operations are dependent on a limited number of key suppliers. Any disruption or change in terms with these suppliers could impact our ability to deliver services, affecting our business, financial condition, and results of operations;

• Our Company, Promoters, Directors, KMP and SMP are involved in certain legal proceedings and litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties which may adversely affect our business, financial condition and results of operations;

• Our revenue is heavily reliant on our operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact our revenue and overall financial performance;

• Our revenues are highly dependent on certain key industries. Any decrease in demand for marketing services in these industry verticals could reduce our revenues and adversely affect our business, financial condition and results of operations;

• Digital marketing service is a substantial part of our offerings and hence is our major source of income. Any changes in trend, decrease in digital marketing-spend by our clients could have a material adverse effect on our business, revenue growth and results of operations and financial condition;

• We may face the risk of becoming obsolete due to rapid technological changes and digital disruptions;

• Companies may undertake their content creation and marketing projects functions inhouse and setting up dedicated departments to service their marketing needs, thus reducing our prospective customer base. This may adversely affect our revenues and growth prospects;

• Our inability to maintain and enhance our brand name and reputation can have a material adverse effect on our revenue of operations.

key components of the companys profit and loss statement

Revenue from operations: Revenue from operations mainly consists of Revenue from the Sale of services.

Other Income: Other Income includes FD Interest income, Profit on Sale of Investments, Dividend from Equity shares investments, Interest on Income tax Refund, etc.

Expenses: The Companys expenses consist of Advertisement & Marketing Expenses, Employee Benefit Expenses, Finance Cost, Depreciation and Amortization Expense, Other Expenses, and tax expenses.

Employee Benefits Expense: Employee benefit expenses include Salaries & Employee Wages & bonuses, Directors Remuneration, Gratuity Expenses, Employer Contribution ESI, and Staff Welfare Expenses.

Finance Cost: Finance Cost includes Interest Expenses, Corporate Credit Card Charges, and Other Charges.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV basis as per the rates outlined in the Companies Act, 2013.

Other Expenses: Other expenses include Freelancing Contract Services, Professional Charges, Commission Paid, MCA Filing fee and stamp duty, IT and Software subscription, Business tour, travel, and Lodging Expense, etc.

Fiscal 2025 compared with Fiscal 2024

Particulars	For the Year Ended on
	March 31, 2025	March 31, 2024	% Change
Revenue From Operations	1,985.62	531.80	273.37%
Other Income	20.07	6.58	205.21%
Total Income	2,005.69	538.38	272.54%
Expenditure
Employee Benefits Expense	97.88	83.07	17.84%
Finance Cost	0.74	0.84	(11.49%)
Depreciation and Amortisation Expenses	18.31	12.42	47.39%
Advertisement And Marketing Expenses	1,074.07	134.20	700.38%
Other Expenses	240.83	196.42	22.61%
Total Expenditure	1,431.84	426.94	235.37%
Profit/(Loss) Before Tax	573.85	111.44	414.95%
Tax Expense:
Current Tax	158.32	29.14	443.33%
Deferred Tax	(6.38)	(1.35)	374.39%
Net Current Tax Expenses	151.94	27.79	446.67%
Profit After Tax	421.91	83.64	404.41%

Revenue from Operation

Revenue from operations has increased by 273.37% from ?531.80 Lakhs in Fiscal 2024 to ?1,985.62 Lakhs in Fiscal 2025. The table below sets forth the details of service-wise revenue bifurcation of the company for FY 2024-25 & FY 2023-24: -

Particulars	FY 2024-25		FY 2023-24
	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations	% Change
Branding and Online Reputation Management	631.49	31.80%	311.79	58.63%	102.54%
Content Writing	862.06	43.42%	210.40	39.56%	309.73%
Digital Marketing	292.85	14.75%	0.61	0.12%	47,908.20%
Technical Services and Business Automation	199.22	10.03%	9.00	1.69%	2,113.55%
Total	1,985.62	100.00%	531.80	100.00%	273.37%

The companys revenue increased due to the following reasons: -

1) Growth in Revenue from Digital Marketing - The companys revenue from Digital Marketing services increased significantly by 47,908.20% from ?0.61 Lakhs in FY 2023-24 to ?292.85 Lakhs in FY 2024-25. This increase was primarily due to increase in number of customers from 2 customers in FY 2023 -24 to 11 customers in FY 2024-25.

2) Growth in Revenue from Technical Services & Business Automation - During the year, the company strategically shifted its focus to expand its Technical Services & Business Automation services. As a result, revenue from Technical Services & Business Automation increased significantly by 2,113.55% from ?9.00 Lakhs in FY 2023-24 to ?199.22 Lakhs in FY 2024-25.

3) Increase in Revenue from Content Writing and Branding & Online Reputation Management - The company has expanded its operations in other countries such as USA, Singapore, etc. growing its revenue from export operations from ?32.94 Lakhs in FY 2023-24 to ?577.22 Lakhs in FY 2024-25. As a result, revenue from content writing increased by 309.73% from ?210.40 Lakhs in FY 2023-24 to ?862.06 Lakhs in FY 2024-25 and its revenue from Branding & Online Reputation Management increased by 102.54% from ^311.79 Lakhs in FY 2023-24 to ?631.49 Lakhs in FY 2024-25.

This overall increase in companys revenue was supported by increase in number of new customers. During FY 2024 -25, the company earned ?1,078.72 Lakhs from 71 new customers in comparison to ?58.09 Lakhs from 39 new customers in FY 2023-24.

Other Income

Other income had increased by ?13.49 Lakhs from ?6.58 Lakhs in Fiscal 2024 to ?20.07 Lakhs in Fiscal 2025. This was mainly due to an increase in FD Interest income by ?9.53 Lakhs, Profit on the sale of investments by ?4.09 Lakhs, and Dividend Income by ?0.39 Lakhs. This increase was offset by a decrease in Interest on Income tax Refund by ?0.30 Lakhs and Miscellaneous Receipts by ?0.21 Lakhs.

Employee Benefit Expenses

Employee benefit expenses had increased by 17.84% from ?83.07 Lakhs in Fiscal 2024 to ?97.88 Lakhs in Fiscal 2025. This was primarily due to an increase in Gratuity Expenses by ?5.34 Lakhs, an increase in Directors Remuneration by ?4.00 Lakhs, an increase in Salaries & Employee Wages by ?2.80 Lakhs, and an increase in Staff Welfare expenses by ?2.60 Lakhs, which is in line with growing expenses of the company.

Finance Cost

Finance Cost had decreased by 11.49% from ?0.84 Lakhs in Fiscal 2024 to ?0.74 Lakhs in Fiscal 2025. This was primarily due to a decrease in Interest expenses by ?0.08 Lakhs

Depreciation and Amortization Expenses

Depreciation had increased by 47.39% from ?12.42 Lakhs in Fiscal 2024 to ?18.31 Lakhs in Fiscal 2025. This was primarily due to the addition of property, plant, and equipment of ?23.64 Lakhs by the company during Fiscal 2025.

Advertisement & Marketing Expenses

The companys advertisement & marketing expenses increased from ?134.20 Lakhs in Fiscal 2024 to ?1,074.07 Lakhs in Fiscal 2025. This increase was in line with the overall growth of the companys operations. The company incurs such expenditure to acquire new clients as well as to facilitate rendering of our key services to the clients as per clients instructions.

Other Expenses

Other expenses had increased by 22.61% from ?196.42 Lakhs in Fiscal 2024 to ?240.83 Lakhs in Fiscal 2025. The increase was primarily due to an increase in MCA Filing fee and stamp duty by ?20.42 Lakhs, Professional Charges by ?12.22 Lakhs, IT and Software subscription by ?12.58 Lakhs, Commission paid by ?7.30 Lakhs, Business tour, travel, & Lodging Expense by ?6.93 Lakhs, etc., in Fiscal 2025. This increase was partially offset by a decrease in Freelancing Contract Services by ?32.82 Lakhs.

Tax Expenses

The Companys tax expenses are ?151.94 Lakhs in Fiscal 2025 as compared to ?27.79 Lakhs in Fiscal 2024. This was on account of an increase in Current Tax expenses from ?29.14 Lakhs in Fiscal 2024 to ?158.32 Lakhs in Fiscal 2025, which is in line with the growing profits of the company.

Profit after Tax

In Fiscal 2025, the Company reported a net profit of ?421.91 Lakhs attributable to owners, marking an increase from ?83.64 Lakhs in Fiscal 2024. This growth was primarily driven by an increase in Total Income, which rose from ?538.38 Lakhs in Fiscal 2024 to ?2,005.69 Lakhs in Fiscal 2025. The companys profit margin also increased to 21.25% of its revenue from operations in Fiscal 2025 in comparison to 15.73% of its revenue from operations in Fiscal 2024. This was due to a decrease in the percentage of total expenses to the Total Income of Fiscal 2025 compared to Fiscal 2024.

Fiscal 2024 Compared with Fiscal 2023

Particulars	For the Year Ended on
	March 31, 2024	March 31, 2023	% Change
Revenue From Operations	531.80	294.17	80.78%
Other Income	6.58	0.86	662.85%
Total Income	538.38	295.03	82.48%
Expenditure
Employee Benefits Expense	83.07	77.91	6.61%
Finance Cost	0.84	1.18	(29.01%)
Depreciation and Amortisation Expenses	12.42	8.57	44.98%
Advertising And Marketing Expenses	134.20	17.06	686.61%
Other Expenses	196.42	139.14	41.16%
Total Expenditure	426.94	243.87	75.07%
Profit/(Loss) Before Tax	111.44	51.16	117.80%
Tax Expense:
Current Tax	29.14	15.12	92.68%
Deferred Tax	(1.35)	(2.76)	(51.32%)
Net Current Tax Expenses	27.79	12.36	124.88%
Profit After Tax	83.64	38.80	115.55%

Revenue from Operation

Revenue from operations has increased by 80.78% from ?294.17 Lakhs in Fiscal 2023 to ?531.80 Lakhs in Fiscal 2024. The table below sets forth the details of service-wise revenue bifurcation of the company for FY 2024-25 & FY 2023-24:

Particulars	FY 2023-24		FY 2022-23
	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations	% Change
Branding and Online Reputation Management	311.79	58.63%	145.27	49.38%	114.62%
Content Writing	210.40	39.56%	130.03	44.20%	61.81%
Digital Marketing	0.61	0.12%	3.61	1.23%	(83.10) %
Technical Services and Business Automation	9.00	1.69%	15.26	5.19%	(40.96) %
Total	531.80	100.00%	294.17	100.00%	80.78%

The companys revenue increased due to the following reasons: -

1) Increase in Revenue from Branding & Online Reputation Management- During the year, the company strategically shifted its focus to expand its Branding & Online Reputation Management services. As a result, revenue from Branding & Online Reputation Management services increased significantly by 114.62% from ?145.27 Lakhs in FY 2022-23 to ^311.79 Lakhs in FY 2023-24.

2) Increase in Revenue from Content Writing - The company has increased its expenditure on Advertisement & marketing during the year. As a result, revenue from content writing increased by 61.81% from ?130.03 Lakhs in FY 2022-23 to ?210.40 Lakhs in FY 2023-24. This was offset by a decrease in revenue from Digital marketing from ?3.61 Lakhs in FY 2022-23 to ?0.61 Lakhs in FY 2023-24 and a decrease in revenue from Technical Services & Business Automation Services from ?15.26 Lakhs in FY 2022-23 to ?9.00 Lakhs in FY 2023-24.

This overall increase in companys revenue was supported by increase in revenue from existing customers. During FY 2024-25, the company earned ?473.71 Lakhs from 44 existing customers in comparison to ?165.50 Lakhs from 31 existing customers in FY 2023-24.

Other Income

Other income had increased by ?5.72 Lakhs from ?0.86 Lakhs in Fiscal 2023 to ?6.58 Lakhs in Fiscal 2024. This increase was mainly due to profit from the sale of investments of ?3.69 Lakhs, an increase in FD interest income by ?1.47 Lakhs, and an increase in Income tax refund by ?0.47 Lakhs.

Employee Benefit Expenses

Employee benefit expenses had increased by 6.61% from ?77.91 Lakhs in Fiscal 2023 to ?83.07 Lakhs in Fiscal 2024. This was primarily due to an increase in directors remuneration by ?7.00 Lakhs and an increase in gratuity expenses by ?0.72 Lakhs, which is in line with growing expenses of the company.

Finance Cost

Finance Cost had decreased by 29.01% from ?1.18 Lakhs in Fiscal 2023 to ?0.84 Lakhs in Fiscal 2024. This was primarily due to a decrease in Loan Processing Fees by ?0.21 Lakhs, a decrease in Interest on GST by ?0.12 Lakhs, a decrease in bank interest by ?0.04 Lakhs, and a decrease in corporate credit card charges by ?0.05 Lakhs. This decrease was partially offset by an increase in Interest on TDS by ?0.07 Lakhs.

Depreciation and Amortization Expenses

Depreciation had increased by 44.98% from ?8.57 Lakhs in Fiscal 2023 to ?12.42 Lakhs in Fiscal 2024. This was primarily due to the addition of property, plant, and equipment of ?18.04 Lakhs by the company during Fiscal 2024.

Advertisement & Marketing Expenses

The companys advertisement & marketing expenses increased from ?17.06 Lakhs in Fiscal 2023 to ?134.20 Lakhs in Fiscal 2024. This increase was in line with the overall growth of the companys operations. The company incurs such expenditure to acquire new clients as well as to facilitate rendering of our key services to the clients as per clients instructions.

Other Expenses

Other expenses had increased by 41.16% from ?139.14 Lakhs in Fiscal 2023 to ?196.42 Lakhs in Fiscal 2024. The increase was primarily due to an increase in Freelancing Contract Services by ?93.93 Lakhs. This increase was offset by a decrease in Professional Charges by ?14.60 Lakhs, donations by ?10.00 Lakhs, event expenses by ?6.84 Lakhs, Commission paid by ?6.33 Lakhs, and Miscellaneous expenses by ?1.73 Lakhs.

Tax Expenses

The Companys tax expenses are ?27.79 Lakhs in Fiscal 2024 as compared to ?12.36 Lakhs in Fiscal 2023. This was on account of an increase in Current Tax expenses from ?15.12 Lakhs in Fiscal 2023 to ?29.14 Lakhs in Fiscal 2024, which is in line with the growing profits of the company

Profit after Tax

In Fiscal 2024, the Company reported a net profit of ?83.64 Lakhs attributable to owners, marking an increase from ?38.80 Lakhs in Fiscal 2023. This growth was primarily driven by an increase in Total Income, which rose from ?295.03 Lakhs in Fiscal 2023 to ?538.38 Lakhs in Fiscal 2024. The companys profit margin also increased to 15.73% of its revenue from operations in Fiscal 2024 in comparison to 13.19% of its revenue from operations in Fiscal 2023. This was due to a decrease in the percentage of total expenses to the Total Income of Fiscal 2024 compared to Fiscal 2023.

Cash Flows

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Net Cash from Operating Activities	140.55	43.18	38.08
Net Cash from Investing Activities	(65.78)	(30.31)	(20.76)
Net Cash from Financing Activities	349.89	(0.20)	(0.87)
Net Increase/ (Decrease) in Cash & Cash Equivalents	424.65	12.67	16.46
Opening Balance of Cash & Cash Equivalent	40.38	27.71	11.26
Closing Balance of Cash & Cash Equivalent	465.04	40.38	27.71

Cash Flows from Operating Activities

For the financial year ended March 31, 2025

Our net cash generated from operating activities for the year ended March 31, 2025, was at ?140.55 Lakhs as compared to the Profit Before Tax at ?573.85 Lakhs. Our operating profit before working capital changes was ?586.35 Lakhs for the financial year ended March 31, 2025 which was primarily adjusted against an increase in trade receivables by (?624.28) Lakhs, increase in Other Non-current assets by (?175.13) Lakhs, increase in short term loans & advances by (?90.50) Lakhs, increase in other current assets by (?1.12) Lakhs, increase in trade payables by ?444.16 Lakhs, increase

in other current liabilities by ?124.94 Lakhs, increase in provisions by ?9.37 Lakhs and Net Income taxes paid of (^133.23) Lakhs.

For the financial year ended March 31, 2024

Our net cash generated from operating activities for the year ended March 31, 2024, was ?43.18 Lakhs as compared to the Profit Before Tax at ^111.44 Lakhs. Our operating profit before working capital changes was ^118.62 Lakhs for the financial year ended March 31, 2024 which was primarily adjusted against an increase in trade receivables by (?69.59) Lakhs, increase in Other Non-current assets by (?50.00) Lakhs, increase in short term loans & advances by (?16.02) Lakhs, increase in other current assets by (?0.05) Lakhs, increase in trade payables by ?89.36 Lakhs, decrease in other current liabilities by (?9.41) Lakhs, increase in provisions by ^3.93 Lakhs and Net Income taxes paid of (?23.66) Lakhs.

For the financial year ended March 31, 2023

Our net cash generated from operating activities for the year ended March 31, 2023, was ?38.08 Lakhs as compared to the Profit Before Tax at ?51.16 Lakhs. Our operating profit before working capital changes was ?60.11 Lakhs for the financial year ended March 31, 2023 which was primarily adjusted against an increase in trade receivables by (?48.29) Lakhs, increase in Other Non-current assets by (?0.67) Lakhs, decrease in short term loans & advances by ?5.11 Lakhs, increase in other current assets by (?0.23) Lakhs, increase in trade payables by ?20.18 Lakhs, increase in other current liabilities by ?16.77 Lakhs, decrease in provisions by (?1.17) Lakhs and Net Income taxes paid of (?13.72) Lakhs.

Cash Flows from Investment Activities

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash used in Investing Activities was (?65.78) Lakhs. This was mainly on account of the Purchase of Investments (?61.64) Lakhs, Purchase of Property, Plant and Equipment of (?23.63) Lakhs, Net Proceeds from sale of investments ?7.78 Lakhs, and Interest Income of ^11.70 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in Investing Activities was (?30.31) Lakhs. This was mainly on account of the Purchase of Investments (?18.13) Lakhs, Purchase of Property, Plant and Equipment of (?18.04) Lakhs, Net Proceeds from sale of investments ?3.69 Lakhs, and Interest Income of ?2.17 Lakhs.

For the financial year ended March 31, 2023

For the financial year ended March 31, 2023, the net cash used in Investing Activities was (?20.76) Lakhs. This was mainly on account of the Purchase of Property, Plant and Equipment of (?21.46) Lakhs, and Interest Income of ?0.70 Lakhs.

Cash Flows from Financing Activities

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash generated from financing activities was ?349.89 Lakhs. This was mainly on account of proceeds from the Right Issue of ?350.00 Lakhs, proceeds from short-term borrowings of ?0.40 Lakhs, and Interest Expenses & Loan Processing Fees of (?0.08) Lakhs & (?0.43) Lakhs respectively.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in financing activities was (?0.20) Lakhs. This was mainly on account of proceeds from short-term borrowings of ?0.40 Lakhs, and Interest Expenses of (?0.60) Lakhs.

For the financial year ended March 31, 2023

For the financial year ended March 31, 2023, the net cash used in financing activities was (?0.87) Lakhs. This was mainly on account of proceeds from short-term borrowings of ?0.03 Lakhs, and Interest Expenses & Loan Processing Fees of (?0.04) Lakhs & (?0.86) Lakhs respectively.

Related Party Transactions

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relate to remuneration, salary, loans & advances, sales and the issue of Equity Shares. For further details of related parties kindly refer chapter titled "RestatedFinancial Statements" beginning on page 184 of this Draft Red Herring Prospectus.

Off-Balance Sheet Items

We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purpose of facilitating off-balance sheet arrangements.

Qualifications of the statutory auditors which have not been given effect to in the restated financial statements

There are no qualifications in the audit report that require adjustments in the Restated Financial Statements. QUALITATIVE DISCLOSURE ABOUT MARKET RISK Financial Market Risks

Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.

Interest Rate Risk

Our financial results are subject to changes in interest rates, which may affect our debt service obligations in future and our access to funds.

Effect of Inflation

We are affected by inflation as it has an impact on the salary, wages, etc. In line with changing inflation rates, we rework our margins to absorb the inflationary impact.

Credit Risk

We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write off such amounts.

Other Matters

Details of Default, if any, Including Therein the Amount Involved, Duration of Default and Present Status, in Repayment of Statutory Dues or Repayment of Debentures or Repayment of Deposits or Repayment of Loans from any Bank or Financial Institution

Except as disclosed in chapter titled "Restated Financial Statements" beginning on page 184 of this Draft Red Herring Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.

Material Frauds

There has been no material fraud, as reported by our statutory auditor, committed against our Company, in the last three Fiscals.

Unusual or infrequent events or transactions

Except as described in this Draft Red Herring Prospectus, during the years under review there have been no transactions or events, which in our best judgment, would be considered "unusual" or "infrequent".

Significant Economic Changes that Materially Affected or are Likely to Affect Income from Continuing Operations

Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations. There are no significant economic changes that materially affected our Companys operations or are likely to affect income from

continuing operations except as described in chapter titled "Risk Factors " beginning on page 31 of this Draft Red Herring Prospectus.

Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the section titled "Risk Factors" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations ", beginning on page 31 and 239 of this Draft Red Herring Prospectus respectively to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our company from continuing operations.

Future relationship between Costs and Income

Other than as described in the section titled "Risk Factors " beginning on page 31 of this Draft Red Herring Prospectus, to our knowledge there are no factors, which will affect the future relationship between costs and income, or which are expected to have a material adverse impact on our operations and finances.

The extent to which material increases in revenue or income from operations are due to increased volume, introduction of new products or services or increased prices

Changes in revenue in the last three financial years are as explained in the part "Financial Year 2024 -25 compared with Financial Year 2023-24 and Financial Year 2023-24 Compared with Financial Year 2022-23" above.

Significant dependence on a single or few Suppliers or Customers

Significant proportion of our total revenue have historically been derived from a limited number of customers. Our top ten customers for the Fiscals 2025, 2024 and 2023 is amounting to ?1521.76lakhs, ?328.53lakhs and ?144.98lakhs constituting 76.64%, 61.78% and 49.28% respectively of our revenue from top ten clients.

The table below sets forth details of our supplier concentration (based on value of total expense for financial year ended March 31, 2025, 2024 and 2023.

Particulars	2024-25		2023-24		2022-23
		%		%		%
Top 1 Suppliers	471.50	38.42	63.72	21.25	9.50	9.22
Top 5 Suppliers	924.22	75.30	179.99	60.01	34.87	33.85
Top 10 Suppliers	1036.21	84.43	208.61	69.56	58.05	56.35

Note: Top ten suppliers of company are related to main expenses category of Advertising and Marketing, Commission, Content Services Freelancer, and Technical Services. Hence while calculating % of total expenses only total of expenses under these heads are considered in each respective financial year.

*As certified by Auditor of our Company, by way of their certificate dated September 29, 2025.

Status of any publicly announced new products or business segments

Please refer to the chapter titled "Our Business" beginning on page 135 of this Draft Red Herring Prospectus for new products or business segments.

The extent to which the business is seasonal

Our business is not seasonal in nature.

Competitive Conditions

Competitive conditions are as described in the Chapter "Our Business" beginning on page 135 of this Draft Red Herring Prospectus.