Finelistings Technologies Ltd Management Discussions

1. Global Economy and Outlook:

The global economy is expected to grow at a moderate pace in F.Y. 2025-26, with global GDP growth projected at around 3.0% for calendar year 2026, improving to approximately 3.4% in 2027, broadly steady compared to the estimated 3.0% growth in 2025. This resilience masks divergent underlying forces: heightened geopolitical tensions arising from the conflict in the Middle East, which commenced in early 2026 and disrupted energy supply routes including the Strait of Hormuz, have pushed crude oil and related commodity prices sharply higher, weighing on energy-importing economies. At the same time, sustained technology and artificial intelligence-related investment, particularly across North America and Asia, along with accommodative monetary and fiscal support, has helped offset these headwinds. The prolonged Russia-Ukraine conflict continues to add to global uncertainty. Global headline inflation, having remained elevated due to higher energy prices, is projected at around 4.7% in calendar year 2026, with the disinflation process temporarily stalling before inflation gradually moderates as energy markets stabilize. Downside risks, including a reassessment of AI-related investment expectations, further escalation of geopolitical conflict, and elevated public debt levels in major economies, continue to weigh on the outlook, even as easing trade tensions and resilient private consumption offer some upside potential.

For Finelistings Technologies Limited (FTL), this global environment presents both challenges and opportunities. Elevated energy costs, currency volatility, and cautious consumer sentiment stemming from the global conflict could dampen demand for high-value assets like luxury vehicles, and may increase input and logistics costs for the automotive trade. However, Indias comparatively resilient economic growth and expanding affluent and upper-middle-class population continue to support domestic demand for premium and pre-owned luxury vehicles through FineCars. FTLs strategy of offering value-added services such as financing, maintenance, and warranties helps cushion the impact of tighter financing conditions and rising costs, keeping luxury vehicle ownership accessible to a broader base of consumers.

In the technology services sector, FTLs software solutions remain well placed to benefit from Indias ongoing digital transformation. Businesses across the world continue to invest in cloud computing, artificial intelligence, and automation even amid macroeconomic uncertainty, sustaining demand for FTLs offerings. However, elevated energy costs and cautious IT spending in certain developed markets, particularly in Europe, may require FTL to continue prioritising cost-effective, high-impact solutions for its clients.

Overall, while the global economic outlook continues to be subject to risks arising from geopolitical tensions, energy price volatility, and global macroeconomic uncertainty, FTL remains well-positioned to draw on Indias comparatively robust domestic market and its diversified business model. By continuing to focus on value-added services in the automotive segment and innovating in its software offerings, FTL is well-equipped to navigate these macroeconomic challenges and deliver sustainable long-term growth.

2. Indian Economy and Outlook:

India has continued to demonstrate resilience through F.Y. 2025-26, retaining its position among the worlds fastest-growing major economies despite a more challenging global backdrop. The International Monetary Fund, in its July 2026 World Economic Outlook update, projects Indias real GDP growth at approximately 6.4% for calendar year 2026 and 6.4% for calendar year 2027, reflecting a resilient domestic economy despite heightened global uncertainty and elevated energy prices.. The Reserve Bank of India has taken a somewhat more optimistic view, projecting real GDP growth of 6.5% for 2026-27, underpinned by resilient private consumption and continued strength in the services sector. Consumer price inflation is expected to remain around 3.7% during 2026-27, remaining well within the Reserve Bank of Indias medium-term target band, as easing food inflation offsets the impact of higher global energy prices. Indias comparatively lower reliance on any single external market, its large and growing working-age population, and continuing structural reforms have allowed it to outperform most other major economies even as global headwinds intensify.

Government efforts to sustain economic momentum through continued capital expenditure, infrastructure development, and tax and regulatory reforms remain central to the growth outlook. Ongoing digitalisation of tax administration, expansion of digital public infrastructure, and ongoing investment in physical infrastructure continue to support long-term growth. Agricultural performance and rural demand, aided by favourable monsoon conditions, further reinforce broad- based economic activity. This diversified growth, supported by rising employment and steady private consumption, continues to underpin Indias economic expansion despite global uncertainty.

For Finelistings Technologies Limited (FTL), Indias continued economic resilience provides a supportive backdrop for both its luxury car retail and technology services segments. The automotive sector continues to benefit from a growing base of high-net-worth and upper-middle-class households, with rising disposable incomes supporting demand for premium pre-owned vehicles. FTLs FineCars is well-positioned to capture this demand, particularly as certified pre-owned programmes and organised, trust-driven platforms continue to gain acceptance among first-time luxury buyers upgrading from mass-market vehicles. Continued emphasis on Digital India and infrastructure development also sustains growth opportunities for FTLs software services, as businesses increasingly seek digital transformation solutions spanning automation, cloud, and AI- driven innovation.

In conclusion, the Indian economys growth outlook remains comparatively strong for F.Y. 2025-26, even as elevated global energy prices and geopolitical uncertainty introduce near-term headwinds. FTL is well-positioned to capitalise on these opportunities across its automotive and technology services divisions, leveraging Indias resilient economic fundamentals to drive sustainable growth in the coming financial year.

3. Industry structure and development:

The Indian automotive industry remains dynamic, though F.Y. 2025-26 has been marked by moderation in growth following a period of strong expansion, with industry estimates indicating that luxury vehicle sales reached a record of approximately 55,000-56,000 units during calendar year 2025, as currency volatility, tariff actions, and price increases moderated demand growth. Despite this, the Indian luxury car market continues on a structural growth path, estimated at over USD 2 billion in 2026 and projected to grow at a compound annual growth rate (CAGR) of approximately 6%-8% over the coming years, supported by a rising base of high-net-worth and ultra-high-net-worth individuals and continuing premiumisation trends. Within this landscape, the pre-owned and certified pre-owned luxury car market, where FTLs FineCars operates, continues to see robust growth, increasingly driven by first-time buyers who find entry-level new luxury models unattractive relative to their budgets and instead turn to well-documented, certified used vehicles. Expanding financing options, growing digital retail adoption, and deepening penetration into tier-1 and tier-2 cities continue to widen the addressable market for organised pre-owned luxury platforms.

Meanwhile, the IT services industry continues its growth trajectory, underpinned by Indias expanding role as a global technology hub. Continued global adoption of cloud computing, artificial intelligence, machine learning, and automation across sectors such as banking, healthcare, and manufacturing sustains demand for FTLs technology services, even as global IT spending remains somewhat more cautious amid broader macroeconomic uncertainty. Government-led digitalisation initiatives and rising enterprise demand for smart, AI-embedded solutions continue to support the expansion of Indias IT services sector.

Overall, the luxury automotive and IT services sectors remain poised for continued, if more measured, development. With sustained structural demand for certified pre-owned luxury vehicles and the ongoing need for digital transformation solutions, FTL remains strategically positioned to capitalise on these trends. The Companys ability to adapt to evolving consumer preferences in the automotive market, including the gradual shift towards electric mobility, and to leverage Indias expanding digital infrastructure will remain key to driving growth and expanding market share.

4. Opportunities and Threats:

Opportunities:

i. The Indian luxury car market continues to offer meaningful long-term growth potential, supported by a rising base of high-net-worth households and continuing premiumisation of consumer preferences. Even amid near-term softness in new-car sales, the certified pre-owned luxury segment continues to expand as first-time buyers trade up from mass-market vehicles, creating a durable opportunity for FTLs FineCars division to grow its footprint.

ii. The after-sales car industry continues to emerge as a critical revenue segment, driven by advancing vehicle technology and growing demand for specialised maintenance, customisation, and repair services. This supports the continued expansion of authorised service centres and creates additional, recurring revenue streams for the Company.

Threats:

i. The ongoing transformation of Indias automobile industry, including changing consumer preferences, the gradual shift towards electric mobility, and near-term softness in new luxury vehicle sales driven by currency volatility and tariff-related price increases, presents challenges that may impact traditional luxury vehicle sales and services.

ii. Elevated global energy prices arising from ongoing geopolitical conflict, together with a persistent shortage of EV-certified service technicians industry-wide, could raise operating costs and affect after-sales service quality across the sector. To mitigate these risks and sustain growth, the Companys continued strategic partnership with an electric vehicle (EV) manufacturer remains a crucial step in diversifying its product offerings and aligning with the broader industry transition towards sustainability.

5. Future Outlook:

The Indian pre-owned luxury car market is expected to continue its steady growth in F.Y. 2025-26 and beyond, supported by improving financing options, a growing pool of younger, well-documented vehicles entering the resale market, and expanding reach beyond major metros into tier-1 and tier-2 cities through local dealers and online platforms. This continuing structural shift towards certified, trust-driven pre-owned buying presents significant opportunities for FTLs FineCars division to enhance its inventory and customer base. Concurrently, sustained global and domestic investment in digital transformation continues to fuel demand for cloud, AI, and automation solutions, offering robust growth prospects for FTLs software services division. The Companys ongoing focus on operational excellence, innovation, strategic partnerships, and diversification into electric vehicles will enable it to leverage these market trends effectively. With a strong emphasis on superior customer experience and sustainability, FTL is poised to sustain growth and create long-term value in an increasingly competitive and dynamic environment.

On the technology services front, the Company expects artificial intelligence and automation to remain the principal growth drivers for its software division in the year ahead. As enterprises across banking, healthcare, manufacturing, and other sectors accelerate adoption of AI-embedded and cloud-native solutions, FTL intends to deepen its capabilities in these areas, enabling clients to modernise legacy systems and improve operational efficiency. The Company will also continue to explore the use of digital tools, data analytics, and automation within its own automotive retail operations, including inventory management, customer engagement, and after-sales servicing, to enhance efficiency and customer experience across FineCars. This dual focus on advancing external technology offerings while embedding digital capabilities within its own operations is expected to strengthen FTLs competitive positioning and support long-term, sustainable value creation.

6. Risks and concerns:

Finelistings Technologies Limited acknowledges the various risks inherent in pursuing its business objectives across the dynamic automotive and technology sectors. To address these challenges effectively, the Company has developed strong organizational agility and a comprehensive risk management framework approved by the Board of Directors. This framework clearly defines the principles, processes, and responsibilities for risk identification, assessment, mitigation, and monitoring. Oversight is provided by the Risk Management Committee in collaboration with the Audit Committee, which together ensure the effective implementation of risk policies. The Company conducts regular evaluations to identify Risks that Matter and presents formal reports to these Committees on a half-yearly basis, who in turn provide guidance to the Board. These measures allow FTL to proactively manage risks related to market fluctuations, currency and commodity price volatility, supply chain issues, technological disruptions, regulatory compliance, and other evolving factors, thereby safeguarding business continuity and supporting sustainable long-term growth.

7. Segment-wise or product-wise performance:

The Company operates in a single Segment i.e. retail of pre-owned luxury cars, which remained the primary focus of Finelistings Technologies Limited during F.Y. 2025-26. The segment continued to see steady growth, driven by increasing consumer demand for high-quality, certified pre-owned luxury vehicles.

8. Internal control systems and their adequacy:

Finelistings Technologies Limited has in place a well-structured internal control framework that ensures effective governance, financial discipline, and operational efficiency. The system is built on a strong finance function, independent internal audit processes, and regular risk assessment exercises that help identify and address key business risks. The Audit Committee actively monitors internal audit findings and ensures that necessary corrective actions are implemented in a timely manner. The Company strictly follows all applicable accounting standards and regulatory norms, supported by well-documented internal policies and procedures. Robust IT systems safeguard critical data and facilitate smoother audit trails, while comprehensive Management Information Systems (MIS) enable real-time monitoring of expenses. Any deviations from budgets or controls are swiftly identified and rectified, ensuring compliance and accountability at all levels.

9. Discussion on financial performance with respect to operational performance:

The financial performance of the Company for the Financial Year 2025-26 is described in the report of the Board of Directors of the Company.

10. Material developments in Human Resources / Industrial Relations front including number of people employed:

The cordial employer-employee relationship also continued during the year under review. The Company has continued to give special attention to human resources.

11. Key Financial Ratios:

In accordance with the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2018 (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector-specific financial ratios. In this regard, the Companys significant changes in key sector-specific financial ratios are described in the Financial Statements along with reasons for the variance in this Annual Report.

12. Caution Statement:

Certain statements in this report, particularly in the Management Discussion and Analysis (MDA) section, are forward-looking and based on current expectations, estimates, and assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks may include, but are not limited to, changes in market conditions, regulatory developments, technological advancements, geopolitical developments, and overall economic performance. The assumptions underlying these projections are based on both internal and external information available at the time of writing. However, as these factors are subject to change, the estimates and projections made may be revised accordingly. The Company does not undertake any obligation to revise or update these forward-looking statements in the light of new developments, information, or events. Investors are urged to consider these risks while making investment decisions.

Registered Office:	By the Order of the Board of
Office 507, 5th Floor, Eros Corporate	Finelistings Technologies Limited
Tower, Nehru Place, South Delhi, New
Delhi, Delhi, India - 110 019	Sd/-	Sd/-
	Aneesh Mathur	Arjun Singh Rajput
Place: Delhi	Director & CEO	Managing Director
Date: 5 th August, 2026	DIN:08094712	DIN:06529439