Genesys International Corporation Ltd Management Discussions

Industry Overview and Developments

The geospatial industry entered FY 2025-26 with renewed momentum, consolidating its transformation from a niche technical discipline into a foundational layer of digital governance, infrastructure planning, and economic management. Across the globe and within India, the convergence of Geospatial Artificial Intelligence (GeoAI), real-time Earth observation, cloud-native platforms, and immersive 3D environments is redefining what spatial technology can deliver and who it serves.

Indias geospatial economy, valued at approximately Rs. 63,100 crore by the close of 2025 as projected by the India Geospatial Artha Report, continues to be among the most dynamic in the Asia-Pacific region. The sustained policy impetus from the National Geospatial Policy 2022, which dismantled decades-old clearance bottlenecks and introduced self-certification norms, has deepened private-sector participation and accelerated innovation cycles. The India Geospatial Analytics market, valued at USD 1.58 billion in 2025, is projected to grow from USD 1.81 billion in 2026 to USD 3.55 billion by 2031, at a CAGR of 14.43%, highlighting the structural durability of demand well beyond cyclical project pipelines. (Source: Mordor Intelligence, India Geospatial Analytics Market Report, January 2026). Public investment has been equally pivotal. Flagship programmes, including PM Gati Shakti, SVAMITVA, AMRUT 2.0, and the Smart Cities Mission, continue to generate substantial and recurring demand for advanced geospatial services and platforms. (Source: Ken Research, India Geospatial Analytics Market Report, June 2025).

At the technology frontier, the integration of GeoAI with high-resolution Earth observation data, LiDAR-based 3D modelling, and IoT-enabled sensor fusion is driving a fundamental shift in the value proposition of geospatial companies. The industry is moving from map production and data supply toward intelligence products, outcome-based platforms, and lifecycle-integrated digital services. Genesys International is well-positioned within this transition, with its multisensor mobile mapping capabilities, expanding digital twin portfolio, and growing engagement with urban local bodies and state governments across India.

Global Geospatial Trends

The global geospatial market is sustaining a decade-long upward trajectory, with no signs of saturation. The global Geospatial Intelligence (GeoAI) market was valued at USD 37.13 billion in 2025 and is projected to reach USD 62.88 billion by 2030 at a CAGR of 11.1%, driven by the convergence of AI, machine learning, satellite analytics, and cloud-based spatial platforms. The broader geospatial solutions market, encompassing surveying and mapping, GIS analytics, remote sensing, and location-based services, was estimated at USD 502.12 billion in 2025, with projections pointing to USD 1,561.61 billion by 2034 at a CAGR of 13.29%. (Sources: MarketsandMarkets, Geospatial Intelligence Market Report, January 2026; Fortune Business Insights, Geospatial Solutions Market, 2025)

The most consequential structural shift across this period is the institutionalisation of GeoAI within operational workflows. Over the first half of FY 2025-26, GeoAI-powered image recognition platforms expanded their deployments at scale, reportedly reducing manual geospatial analysis workloads. Cloud-based GIS has emerged as the dominant deployment model. The shift to cloud-native architectures is enabling organisations to stream, fuse, and analyse petabytes of spatial data in real time, integrate IoT and edge computing inputs, and collaborate across geographies without the constraints of on-premises infrastructure.

Digital twins and 3D city modelling have graduated from pilot projects to operational infrastructure. The urban planning and digital twins segment is the fastest-growing application in the global geospatial intelligence market, projected at a CAGR of 12.8% through 2030. Cities in the Gulf Cooperation Council (GCC), Southeast Asia, and India are deploying citywide

3D GIS models that consolidate building footprints, utility networks, subsurface infrastructure, and live IoT feeds into a single spatial environment for multi-agency use. The streaming and real-time analytics segment is forecast to grow at the highest CAGR, 13.1%, reflecting the operational shift from periodic mapping to continuous situational awareness. (Source: MarketsandMarkets, Geospatial Intelligence Market Report, January 2026).

Satellite data services have undergone a quiet democratisation. AI-powered products from operators such as ICEYE, Planet Labs, and Maxar are transforming raw satellite imagery into immediately actionable intelligence for agriculture, disaster response, defence, and environmental monitoring. The government and military sectors are expected to capture 47.8% of the satellite data services market in 2026, while the commercial segment is growing rapidly, driven by logistics, insurance, and climate risk applications. Indias ISRO is pursuing a roadmap of 50 AI-enabled satellites, which will substantially multiply domestic data availability and reinforce demand for automated processing pipelines. (Sources: Coherent Market Insights, Satellite Data Services Market; Mordor Intelligence, India Geospatial Analytics Market Report, January 2026)

Geospatially, the Asia-Pacific region is projected to register the fastest growth in GeoAI adoption, at a CAGR of 8.19% from 2026 to 2033, driven by satellite infrastructure investment, IoT-enabled geospatial devices, and government-backed digital programmes across India, China, Japan, and South Korea. The Middle East and Africa geospatial solutions market, valued at USD 30.6 billion in 2024, is growing at a CAGR of 14.4%, with the UAE expected to lead regional growth and urban planning and infrastructure monitoring emerging as the fastest-growing applications. (Sources: Data Bridge Market Research, GeoAI Market Report, February 2026; Grand View Research, MEA Geospatial Solutions Market, January 2026)

Government Projects and GIS Sector in India

Indias geospatial sector in FY 2025-26 is characterised by the deepening institutionalisation of spatial intelligence across the government machinery, moving well beyond standalone projects toward platform-level integration in national programmes. The National Geospatial Policy 2022, now entering its fourth year of implementation, has firmly established the regulatory and institutional architecture for a mature domestic geospatial ecosystem, with open data access, reduced barriers for private players, and a Continuous Operating Reference Station (CORS) network delivering centimetre-level accuracy to surveyors nationwide. The Survey of India continues to release and update its open-series maps, height models, and base cartographic layers, steadily lowering the cost of entry for new geospatial applications in climate modelling, infrastructure planning, and precision agriculture. The National Geospatial Mission, announced as a new initiative and receiving 100 crores in the Union Budget for 2025-26, aims to further modernise land records, urban planning frameworks, and the design of infrastructure projects, adding fresh momentum to the foundational layer on which the entire sector depends.

Several national flagship programmes continued to make significant strides during the year:

• PM Gati Shakti National Master Plan: Now in its fourth year, the platform has been evaluated for over 208 high-value infrastructure projects worth 15.39 lakh crore. As of April 2025, the Gati Shakti Sanchar portal has approved 2,41,556 applications for telecom Right-of-Way across all 36 States and Union Territories, integrating ministries including Railways, Road Transport, Environment, and Defence. In a landmark step in October 2025, the portal was opened to the private sector, enabling private infrastructure developers and logistics operators to access non-sensitive spatial data for planning, signalling a deepened public-private convergence on the national spatial platform.

• SVAMITVA Scheme: The programme has digitised more than 2.8 lakh villages through drone-based cadastral surveys, producing granular land-records data that feeds into diverse downstream analytics applications. The scheme continues to be a primary driver of demand for drone survey services, GIS-based property card systems, and rural land administration platforms. Its success in Uttar Pradesh and other large states is increasingly cited as a replicable model for data-driven governance in land management.

• Smart Cities Mission 2.0: Over 80 Integrated Command and Control Centres (ICCCs) now use GIS dashboards to manage mobility, waste, water supply, and emergency services. Several municipalities are piloting monetisation models that allow ICCCs to generate revenue through GIS-enabled citizen services. This marks a maturation of the programme from a capital expenditure initiative into an operational governance model with long-term platform economics.

• National Logistics Policy and ULIP: The Unified Logistics Interface Platform (ULIP) integrates 33 systems across 10 ministries, improving real-time cargo visibility through RFID, IoT, and spatial analytics. Indias Logistics Performance Index ranking improved from 44 to 38 in 2023 and has continued to strengthen, with geospatial technology playing a central role in last-mile optimisation and multimodal freight coordination.

Sector-Specific GIS Activities Urban Planning and Governance

Urban local governments are now mandated to deploy geospatial planning instruments in Master Plans and Zonal Development Plans. AMRUT 2.0 is providing the financial architecture for this transition, funding both data acquisition and platform development. The convergence of building information modelling (BIM) with GIS in infrastructure lifecycle management is gaining adoption among urban development authorities, reducing design-to-deployment timelines and enabling better asset management over time.

Utilities and Infrastructure

The Revamped Distribution Sector Scheme of the Ministry of Power continues to require GIS-based network and asset mapping as a precondition for funding disbursement, driving large-scale GIS survey projects across electricity distribution companies. Water boards and municipal utilities are implementing GPR, mobile mapping, and drone-based surveys to document underground infrastructure. IoT-integrated geospatial intelligence platforms expanded across transportation and utility sectors in the first quarter of 2026, enhancing real-time operational visibility and reducing outage response times across urban networks.

Environmental Management and Forests

The Ministry of Environment, Forest and Climate Change has deepened its use of GIS for forest diversion clearance workflows, eco-sensitive zone monitoring, and mangrove health surveillance. LiDAR and multispectral satellite data are now being used to monitor biodiversity corridors, quantify carbon stocks, and assess watershed-level climate impacts with funding from international climate finance institutions. Forest departments across several states are deploying digital forest management systems for real-time beat-level monitoring, encroachment detection, and wildlife corridor mapping. These deployments represent a significant growth segment for full-stack geospatial service providers with remote sensing and analytics capabilities.

Disaster Resilience and Preparedness

The National Disaster Management Authoritys GIS-based Risk Atlas, integrating hazard, exposure, and vulnerability data for all districts, has become a reference tool for state disaster management authorities. Real-time satellite analytics solutions improved disaster response capabilities through FY 2025-26, with hydrological models and satellite feeds integrated into state-level early warning systems for cyclones, floods, and landslides. ISROs rapid damage assessment protocols, demonstrated during recent flood events, have established a benchmark for satellite-based emergency response in the Indian context.

Transport and Logistics

NHAI and the Ministry of Road Transport and Highways are applying GIS extensively in road alignment planning, environmental clearance assessment, and land acquisition workflows. The commissioning of Indias largest automobile multimodal cargo terminal at Maruti Suzukis Manesar facility in June 2025, using the Gati Shakti framework, is an example of GIS-enabled logistics infrastructure coming to fruition. The ULIP and National Logistics Portal are incorporating spatial analytics to optimise multimodal logistics, integrating rail, road, air, and inland waterway data layers into a unified planning environment.

Agriculture and Food Security

The Ministry of Agriculture has extended the use of satellite data and AI-driven image analysis for crop yield forecasting, soil fertility zone mapping, and irrigation coverage assessment under the Digital Agriculture Mission 2021-26. Integration with the Kisan portal is enabling targeted delivery of PM-KISAN and PMFBY crop insurance schemes at the field level. State agricultural departments in Punjab, Haryana, Uttar Pradesh, and Andhra Pradesh are actively deploying GIS dashboards for real-time monitoring of input distribution, tracking pest outbreaks, and scheduling irrigation, driven by the need to build resilience to erratic monsoons.

Skilling, Standards, and Innovation

The Bureau of Indian Standards (BIS) has released updated geospatial metadata guidelines, LiDAR acquisition parameters, and drone survey procedures, establishing quality benchmarks that apply across government-funded projects and enable inter-agency data sharing. Open Geospatial Consortium (OGC) compliance is now actively promoted for government-funded software platforms, a standard that Genesys actively participates in shaping through its engagement in the BIS LITD 22 technical committee. Indias engagement in global forums, including UN-GGIM and the World Geospatial Industry Council (WGIC), continues to strengthen its voice in shaping international geospatial standards and norms.

Market Outlook

Indias geospatial market outlook for FY 2025-26 and the medium term is strongly positive, anchored by policy continuity, expanding government investment, and maturing private-sector demand. The India geospatial analytics market, valued at approximately USD 4.63 billion in 2025, is expected to reach USD 14.02 billion by 2033 at a CAGR of 14.4%, making India one of the fastest-growing major geospatial markets globally. Industry estimates suggest Indias geospatial economy could grow to over Rs. 1 trillion by FY 2030, achieving a CAGR of approximately 22%, outpacing many traditional technology sectors. (Sources: Grand View Research, India Geospatial Analytics Market Outlook 2026-2033; SOIC India, Mapping the Future, May 2025).

Software-led revenue is becoming increasingly dominant. The software segment accounted for 60.78% of the India Geospatial Analytics market in 2025, reflecting a shift toward licensed GIS platforms, AI-powered analytics suites, and spatial SQL databases. However, the services segment is growing at an even higher rate of 15.55% CAGR, as clients increasingly require data migration support, model customisation, cloud orchestration, and outcome-based engagements that bundle software, hosting, and service-level agreements. (Source: Mordor Intelligence, India Geospatial Analytics Market Report, January 2026)

Demand concentration across four verticals is particularly strong: urban intelligence and ICCC platforms; LiDAR and aerial-based surveying for infrastructure and utilities; digital twin deployments for city and port management; and environmental and forest monitoring systems. All four align directly with Genesyss active product portfolio and delivery capabilities, creating a favourable structural alignment between national demand patterns and Company strengths.

Internationally, the Middle East and Africa geospatial solutions market, valued at USD 30.6 billion in 2024 and growing at 14.4% CAGR, represents a major opportunity for Indian geospatial firms with proven capabilities in urban intelligence, satellite monitoring, and project delivery. The UAE is expected to lead regional GeoAI growth, and urban planning, smart city, and environmental monitoring applications are the fastest-growing segments in the region. Indias established commercial and diplomatic relationships with GCC nations, combined with demonstrated project credentials, position Genesys and its Middle East subsidiary favourably for continued engagement in this geography. (Sources: Grand View Research, MEA Geospatial Solutions Market; Transpire Insight, MEA Geospatial Intelligence Market, April 2026)

Opportunities and Challenges Opportunities

The urban intelligence space remains the most compelling near-term opportunity for full-stack geospatial companies. Cities across India are transitioning from static GIS to dynamic 3D Digital Twin environments that integrate live IoT feeds, satellite change detection, and AI-driven simulation. The Smart Cities Mission 2.0, AMRUT 2.0, and the growing demand for ward-level and municipal governance dashboards collectively create a large, recurring addressable market for integrated platform solutions.

Environmental and forest management is emerging as a high-growth vertical, driven by national climate commitments, the expansion of the CAMPA framework, state forest department digital transformation initiatives, and increasing demand for ESG-compliant environmental monitoring from industries subject to regulatory scrutiny. LiDAR-based biomass estimation, satellite-derived forest cover change detection, and real-time fire alert systems are attracting dedicated government budgets and multi-year platform contracts.

The BharatNet programmes ongoing rural optical fibre cable rollout continues to drive sustained demand for LiDAR- and mobile-mapping-based route surveys, Right-of-Way studies, and GIS-based network planning. Telecom operators undertaking 5G network densification across tier-2 and tier-3 cities are similarly generating demand for high-accuracy asset mapping and coverage planning. Both these segments are growing on the back of long-term government capital expenditure commitments that extend well beyond any single financial year. (Source: Mordor Intelligence, India Geospatial Analytics Market Report, January 2026)

Disaster-resilient infrastructure, renewable energy planning, and land monetisation are converging into new growth verticals. The National Disaster Management Authoritys expanded mandate and rising climate-related incidents are driving investment in GIS-based risk atlases and real-time early warning platforms. Simultaneously, the governments renewable energy targets are generating demand for solar and wind site suitability analysis, power evacuation corridor mapping, and grid asset management systems. These represent adjacent market opportunities well suited to Genesyss capabilities.

Internationally, Indias geospatial export trajectory remains firmly positive. Indian geospatial companies, including Genesys through its Middle East subsidiary, have continued to win project engagements across the GCC, Southeast Asia, and Africa. The Middle East and Africa GeoAI market, growing at 13.05% CAGR through 2033, is driven by government-led smart city, defence, and sustainability programmes that align with competencies the Company has built over two decades of project delivery. (Source: Transpire Insight, Middle East and Africa Geospatial Intelligence Market, April 2026)

Challenges

Despite structural growth, the sector confronts several persistent challenges. Data quality and interoperability remain central concerns: integrating datasets from drones, satellites, IoT sensors, and field surveys often encounters semantic mismatches, projection inconsistencies, and metadata gaps that require significant remediation before the data can be used in analytics platforms. In domains such as utilities, disaster response, and land management, such inconsistencies carry significant operational and financial consequences.

Price-based competition in government tenders continues to suppress margins and constrain the ability of companies to invest adequately in platform development, talent acquisition, and long-term R&D. While Genesyss scale, technical depth, and track record provide competitive differentiation, the structural incentive in public procurement to award contracts on the basis of the lowest financial bid remains a challenge for the sector as a whole. The transition to outcome-based and platform-centric procurement models, while slowly gaining acceptance, has not yet become the norm.

A persistent shortage of skilled geospatial professionals, particularly those proficient in cloud-native GIS architectures, spatial data science, GeoAI model development, and domain-specific spatial modelling, continues to constrain growth. Although the number of GIS and remote sensing programmes at Indian universities has grown, the curriculum in many institutions has not kept pace with the rapid evolution of the technology stack. This creates both a challenge and an opportunity: companies that invest in structured learning and development programmes, as Genesys does, gain a sustained competitive advantage in talent retention and delivery quality.

Cybersecurity exposure is rising as spatial platforms move to cloud infrastructure and serve as the backbone for critical public services. The Ministry of Electronics and Information Technology reported a 35% rise in cyber threats targeting geospatial data in 2024. Data localisation requirements under Indian law add compliance obligations for companies managing large spatial datasets on behalf of government clients, necessitating careful architecture design that balances operational efficiency with regulatory adherence. (Source: Ken Research, India Geographic Information System Market, September 2025)

Risk and Concerns

Indias geospatial sectors growth trajectory is subject to risks that require proactive management. Cybersecurity remains the most pressing systemic risk, as the increasing reliance on cloud platforms, real-time sensor networks, and interconnected urban infrastructure creates an expanding attack surface. Geospatial data underpinning land records, utility networks, and smart infrastructure command centres represents a sensitive category of national asset, and any breach carries implications well beyond individual organisations.

Revenue concentration in the public sector, while a strength in terms of sustained demand, also carries procurement cycle risk. Delays in project awards, changes in government priorities, or the reallocation of budgets between financial years can create significant variability in order inflows for geospatial service companies. Genesys manages this through portfolio diversification across sectors and geographies, but the structural dependence on government contracts remains a factor that investors and management must continue to monitor.

Standardisation gaps across states and ministries lead to data silos that reduce the value of geospatial investments and create friction in multi-agency programmes. The absence of uniformly enforced metadata standards, data dictionaries, and OGC-compliant interfaces means that datasets from different agencies often cannot be easily combined, duplicating costs and limiting the analytical potential of the national spatial data infrastructure. Resolution of these gaps requires coordinated policy intervention and industry engagement with standards bodies, both areas in which Genesys participates actively. The pace of technological change in the geospatial sector is itself a risk for companies that do not invest continuously in capability development. The emergence of foundation models for geospatial data, autonomous mapping workflows, and edge-based spatial analytics is compressing product cycles and raising the bar for technical differentiation. Maintaining a relevant and competitive technology portfolio requires ongoing capital allocation to R&D, platform engineering, and strategic partnerships, which must be balanced against the commercial imperatives of project delivery and margin management. Finally, public awareness of geospatial technologies and their applications remain limited relative to the sectors actual economic contribution. This constrains the talent pipeline, limits the ability to attract mainstream private capital, and slows the adoption of spatial intelligence in sectors such as insurance, financial services, and retail, where geospatial applications are well-proven globally but still nascent in India. Addressing this through industry outreach, academic engagement, and visible project showcases is as much a commercial imperative as it is a sectoral responsibility.

Internal Control Systems

The Company maintains an adequate internal control system, which provides, among other things, reasonable assurance of recording the transactions of its operations in all material aspects and of providing protection against significant misuse or loss of Companys assets. The Company uses an Enterprise Resource Planning (ERP) package which enhances the internal control mechanism. The Internal control systems of the Company are effective and adequate, commensurate with the size and complexities of its operations. These are regularly tested for their effectiveness by the statutory as well as the internal auditors. The internal auditors review the adequacy, integrity and reliability of control systems and suggest improvements in its effectiveness. The internal audit team conducts extensive reviews and process improvements identified during the reviews are communicated to the management on an on-going basis. Significant observations made by the internal auditors and the follow-up actions thereon are reported periodically to the Audit Committee of the Board of Directors.

Summary of financial performance:

( in Lakhs)

1. Equity

Equity Share Capital

During the current year, the paid-up capital of the Company has increased to 2,089.52 Lakhs at the end of 31st March 2026, as against 1,990.11 Lakhs at the end of 31 st March 2025.

During the year, the Company has issued and allotted Equity shares towards following:

- 17,39,625 Equity Shares of 5 each, were issued and allotted by way of Qualified Institutional Placement (QIP).

- 2,48,515 Equity Shares of 5 each, were issued and allotted to the eligible employees, under various Employee stock options schemes.

The authorised equity shares capital of the Company remained at 2,725.00 Lakhs comprising of 5,45,00,000 shares of 5 each at the end of 31 st March 2026 and 31 st March 2025.

2. Other Equity Securities Premium

Securities premium balance in standalone books increased to 41,112.31 Lakhs at the end of March 31, 2026, from

30,535.97 Lakhs at the end of previous year. Similarly, in the consolidated books, securities premium balance increased to 44,784.59 Lakhs at the end of March 31,2026 from 34,208.25 Lakhs at the end of previous year.

Increase in security premium during the current year is due to allotment of shares to eligible employees pursuant to ESOP Schemes and QIP.

Retained Earnings

The Company reported a rise in the Retained Earnings at the end of March 31, 2026, in its standalone financials, from 22,467.05 Lakhs at the end of March 31,2025 to 26,837.86 Lakhs at the end of current year. Movement in retained earnings was primarily on account of profit earned during the year.

In the consolidated financials, the balance in the Retained Earnings increased from 13,043.64 Lakhs at the end of March 31,2025 to 18,617.85 Lakhs at the end of current year.

General Reserve

General reserve balance in standalone & consolidated books increased to 2,357.63 Lakhs at the end of March 31, 2026, from 2,348.02 Lakhs at the end of previous year.

Increase in General reserve during the current year is due to lapse of stock options pursuant to ESOP Schemes. Share options outstanding account

The balance in Share Options Outstanding Account in standalone and consolidated books is reported 639.45 Lakhs as at March 31, 2026, as compared to 588.51 Lakhs as at March 31, 2025.

During the year under review, following movements were noted in share option outstanding account: - 12,600 Equity Shares of 5 each, were exercised by eligible employees, under Employee stock options scheme 2022, further there were new grant of 44,000 to the eligible employees , under Employee stock options scheme 2022 and 35,000 was forfeited from the eligible employees , under Employee stock options scheme 2022

- 5,500 equity shares of 5 each, were exercised by eligible employees under Employee stock options 2020 scheme reissue.

- 230,415 equity shares of 5 each, were exercised by eligible employees under Employee stock options scheme 2020 and 2,390 options equivalents to the same number of equity shares, were forfeited, under Employee stock options scheme 2020.

As the Options were granted by the parent company, there was no separate impact under this head in the consolidated books.

Special Economic Zone Re-Investment Reserve

This reserve has been created out of the profits of eligible SEZ units in terms of the provisions of Section 10AA(1)(ii) of the Income-tax Act, 1961. This reserve is to be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of Section 10AA(2) of the Income-tax Act, 1961.

Further, during FY 2025-26 2241.46 Lakhs (previous year 193.92 Lakhs) has been utilized for acquiring new plant and machinery out of the reserves created till 31 March 2025.

Above reserve is appearing in the parent companys books and as such, therefore, there is no additional impact of the same in consolidated financials.

Capital Reserve

Capital Reserve account has remained same at the end of FY 2025-26 at 1,894.13 Lakhs, compared to earlier year in both standalone & consolidated financials.

Foreign Exchange Fluctuation Reserve

Foreign Exchange Fluctuation reserve arising out of consolidation of financials of the group, amounted to ( 46.20 Lakhs) and ( 794.23 Lakhs) as of March 31, 2026, and March 31, 2025, respectively.

Others Reserve

Other Reserve includes Share application money pending allotment, which is reduced at NIL Lakhs as at 31 March 2026 from 18.77 as on 31 March 2025 in both standalone and consolidated financials due to allotment done in the current year.

3. Financial Liabilities A. Borrowings:

Borrowings primarily include loan from financial institution, vehicle loan from bank and others; and working capital facility from the bank.

Borrowings in the nature of vehicles loans are secured by the assets purchased. Similarly, working capital facility from the bank is secured by book debts, all movable and immovable assets of the company, current and future. During the year 2025-26, borrowings have increased on account of addition of vehicle loans, on account of loan form financials institution and increased in limits of working capital facility compared to the previous year. In standalone financials, borrowings, both current and non-current together, amounted to 16,017.41 Lakhs and

10,955.94 Lakhs as of March 31,2026 and March 31, 2025, respectively.

Similarly, in consolidated books, total borrowings amounted to 16,017.41 Lakhs and 10,984.20 Lakhs as of March 31, 2026 and March 31,2025 respectively.

B. Provisions:

Provisions include liability on account of Compensated Absences and Gratuity for the employees. In the standalone and consolidated financials, current and non-current provisions together, is reported at 1691.48 Lakhs and 1207.20 Lakhs as of March 31,2026 and March 31,2025, respectively.

C. Trade Payables

There has been a rise in the trade payable at the end of FY 2025-26 compared to the earlier year. Trade payables reported at 3,562.51 Lakhs as at March 31, 2025; has risen to 3,811.47 Lakhs at the end of March 2026, in the standalone financials. Trade Payables represents amounts payable to the suppliers of the Company for day-to-day functioning.

In consolidated financials, trade payables amounted to 4,073.63 Lakhs and 3,704.82 Lakhs as of March 31, 2026, and March 31,2025, respectively.

Both in the standalone and consolidated financials, as at March 31,2026, Trade Payable includes 651.38 Lakhs (Previous year: 442.32 Lakhs), due and payable to micro and small enterprises, registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

D. Other Current Financial Liabilities & Lease Liabilities

Other Current Financial Liabilities primarily include capital creditors, finance lease obligations, unclaimed dividend, and other payables.

Other payables include liability arising out of contractual obligations within the Company (employees) and outside (vendors/service providers and others).

In the standalone financials, other current financial liabilities are reported at 2380.14 Lakhs as at March 31, 2026, as against 2,875.05 Lakhs as at March 31, 2025. The fall in other current financial liabilities is due decrease in the balance of capital creditors.

On a consolidated basis, other current financial liabilities amounted to 2,481.73 Lakhs and 2,878.95 Lakhs as of March 31, 2026, and March 31, 2025, respectively.

Lease liabilities, which include operating and finance lease, current and non-current put together, are reported at 1,276.43 Lakhs at the end of 2025-26, as against 1,231.99 Lakhs in the earlier year, in both, standalone as well as consolidated financials.

4. Other Current Liabilities

Other Current Liabilities include statutory dues payable, and advance received from customers Statutory dues include PF payable/GST payable/ TDS payable etc.

Other current liabilities stood at 289.11 Lakhs as of March 31,2026 as against 727.63 Lakhs as at March 31, 2025, in standalone.

Other current liabilities stood at 341.25 Lakhs as of March 31,2026 as against 763.95 Lakhs as at March 31, 2025, in consolidation.

5. Property Plant & Equipment & Intangibles assets

During the year 2025-26, following assets were procured by the Parent Company.

( in Lakhs)

Particulars	31-Mar-26	31-Mar-25
Aircraft	14.24	1.70
Computer Hardware	341.49	343.87
Furniture & Fixtures	151.55	10.60
Office Equipment	71.05	98.31
Vehicles	-	316.35
Electrical Installation	55.42	9.63
Leasehold Improvement	95.60	23.09
Camera Equipment	2.87	75.41
Computer Software	10,043.15	1077.97
Total	10,775.37	1,956.93

Deductions to gross block

During the current year 2025-26, the Company has disposed of some of vehicles, office equipment s and intangible assets from its gross block amounting to 250.34 Lakhs, 1.15 Lakhs and 860.77 Lakhs in both standalone and consolidated financials.

In FY 2024-25, the Company has disposed of some of its vehicles and intangible assets from its gross block amounting to 95.09 lakhs respectively.

Consequently, gross block in the books of the Parent Company increased to 29,965.84 Lakhs at the end of March,2026 as against 20,302.74 Lakhs in the previous year.

Similarly, gross block in the consolidated financials were reported at 49,882.34 Lakhs and 38,441.78 Lakhs at on March 31,2026 and March 31, 2025, respectively.

6. Intangible under development

Intangible under development balance decrease to 10,988.59 Lakhs as at 31 March 2026 from 15,323.22 Lakhs in previous year in both standalone and consolidated financials due to capitalization done during the current year.

7. Right-of-use assets Additions

During the current year the company has entered into new rental agreements whose gross value amounts to 508.93 Lakhs however in the previous year 851.58 Lakhs in both standalone and consolidated financials.

Deletions

During the current year no rental agreements are expired in both standalone and consolidated financials.

Consequently, gross block in the books of the Parent Company increased to 3,984.23 Lakhs at the end of March, 2026 as against 3,475.30 Lakhs in the previous year in both standalone and consolidated financials.

8. Financial Assets A. Investments

Non-current investments, primarily represent investments in debentures and equity shares of other entities, including subsidiary company.

In consolidated financials, non-current investments are reported as Nil, as of March 31, 2026, as well as in March 31, 2025, due to elimination / diminution in value of investment in subsidiary and other entity.

In standalone financials, non-current investment is reported at 13,647.16 Lakhs as at March 31, 2026, representing Parent Companys investment in the subsidiary Company. Similarly, non-current investment at the end of March 31, 2025, was reported at 13,647.16 Lakhs.

B. Trade Receivables

Trade Receivable balance in the standalone financials has reduced up by 28.25% at the end of 2025-26 at 14,342.82 Lakhs from 19,991.51 Lakhs at the end of previous year.

In the consolidated financials, trade receivables net of provision for doubtful debt, amounted to 20,324.49 Lakhs and 22,199.47 Lakhs as of March 31, 2026, and March 31, 2025, respectively.

As per IND AS 109, the company uses the Expected Credit Loss (ECL) model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues.

C. Cash and Bank Balance

Cash & cash equivalent and other bank balance including the balance in deposit and margin money accounts collectively stood at 10,289.76 Lakhs as at March 31, 2026, as compared to 1,568.39 Lakhs as at March

31, 2025, in standalone financials. All bank related balances are being maintained with scheduled banks. The substantial increase is due to funds parked in Fixed deposits from money received from QIP proceeds.

In consolidated financials, similar balances collectively stood at 10,388.24 Lakhs as at March 31, 2026, as compared to 1,791.05 Lakhs as at March 31, 2025.

The bank balances include both Rupee accounts and foreign currency accounts.

D. Loans

Loan includes loan granted to its step-down subsidiary and its employees.

Loan granted to its step-down subsidiary, balance as at March 31, 2026, is reported at 388.75 Lakhs as against 451.36 Lakhs in March 31, 2025, in standalone financials of the company.

Loan granted to its employee which amounts to 26.60 Lakhs ( 30.20 Lakhs in previous year), recoverable / adjustable against the salary respectively in both standalone and consolidated financials of the company.

E. Other Financial Assets

Other non-current financial assets include Earnest Money Deposits given for business purposes, to government / other agencies and include security deposits given for various utility services and to landlords to secure rented premises, earmarked balances with bank and margin money for bank guarantee for a period exceeding 12 months, etc.

Other non-current financial assets are reported at 3,585.45 Lakhs as at March 31, 2026, compared to 2,242.28

Lakhs as at March 31, 2025, in standalone financials. In consolidated book, the same was reported at 3,586.21 Lakhs as at March 31, 2026, and 2,319.73 Lakhs as at March 31,2025.

Other current financial assets include contract asset, interest accrued but not due, interest accrued and due, security deposits, earmarked balances with banks and others.

In standalone financials, other current financial assets are reported at 30,397.07 Lakhs as at March 31, 2026, as compared to 20,352.91 Lakhs as at March 31, 2025.

Similarly, on consolidated basis, other current financial assets amounted to 31,364.42 Lakhs as at March 31, 2026, as compared to 20,647.00 Lakhs as at March 31, 2025.

9. Other Assets

Other assets include Other Current Assets and Other Non-Current Assets, which in turn include capital advances, prepaid expenses and balance with government.

Capital advances, as the name suggests, include amount paid in advance on capital account. Other advances represent staff advances and advances to creditors.

Other non-current assets amounted 519.41 Lakhs as at March 31, 2026, compared to 452.03 Lakhs as at March 31, 2025, in both standalone and consolidated financials.

Similarly, other current assets amounted 741.95 Lakhs as at March 31, 2026, as compared to 689.57 Lakhs as at March 31, 2025, in standalone. On a consolidated basis, other current assets amounted 994.08 Lakhs as at March 31, 2026, as compared to 872.17 Lakhs as at March 31, 2025.

10. Deferred Tax Assets/Liabilities

Tax impact arising out of timing difference between the book profit and the taxable profit is known as deferred tax.

Deferred tax assets arise when the amount of tax has either been paid or has been carried forward but it has still not been acknowledged in the statement of income. The actual value of the deferred tax asset is generated by comparing the book income with the taxable income. The biggest advantage of the deferred tax asset is that it causes the companys tax liability to go down in the future.

Deferred tax liabilities, on the other hand arise when a companys current tax liability is less, which it would eventually pay in the future.

On a standalone & consolidated basis, deferred tax assets (net) are reported at 972.83 Lakhs as at March 31, 2026, compared to 1,131.17 Lakhs as at March 31, 2025.

Deferred tax assets also include MAT credit to the tune of NIL Lakhs as at March 31, 2026, and 249.51 Lakhs as at

March 31, 2025, both in standalone and consolidated financials of the company.

11. Income Tax Assets / Liabilities

Income Tax Assets, net of provision, include Advance Income Tax. Income tax assets amounted to 253.67 Lakhs in reported standalone and consolidated financials as at March 31, 2026, compared to 18.59 Lakhs as at March 31, 2025.

In Standalone financials, Current Tax Liabilities amounted to 786.52 Lakhs as at March 31, 2026, and 1,312.62 Lakhs during the previous year.

In Consolidated financials, Current Tax Liabilities amounted to 815.73 Lakhs as at March 31, 2026, and 1,317.27 Lakhs during the previous year.

Income and Expenditure 12. Income

( in Lakhs)

Particulars		Standalone			Consolidated
	2026	2025	% Change	2026	2025	% Change
Revenue	27,230.11	28,442.69	-4.26%	32,780.89	31,103.15	5.39%

The Company derives revenue principally from Geospatial services provided to clients from various industries.

13. Other Income

In the standalone financials, other income for FY 2025-26 primarily includes interest income on FD, Deposits and related party loan of 664.93 Lakhs, foreign exchange gain (net) of 442.99 Lakhs, sundry balances written back of 52.45 Lakhs and 850.20 Lakhs on account of income on miscellaneous counts.

During the previous year, other income primarily includes interest income on FD, Deposits and related party loan of 201.12 Lakhs, foreign exchange gain (net) of 226.98 Lakhs, sundry balances written back of 10.87 Lakhs and 5.53 Lakhs on account of income on miscellaneous counts.

On a consolidated basis, other income for FY 2025-26 primarily includes interest income on FD and Deposits of 623.43 Lakhs, foreign exchange gain (net) of 442.99 Lakhs, sundry balances written back of 872.70 Lakhs and 29.95 Lakhs on account of income on miscellaneous counts.

During the previous year, in consolidated books, other income primarily includes interest income on FD, Deposits and related party loan of 192.17 Lakhs, foreign exchange gain (net) of 226.98 Lakhs, sundry balances written back of 10.87 Lakhs and 5.54 Lakhs on account of income on miscellaneous counts.

14. Expenditure

Operating expenses of the Company primarily consist of employees benefit expenses, project expenses, depreciation and amortization, finance costs, and other expenses. In the books of the Parent Company, cost of sales for the year 2025-26 accounted for 38.94% of revenues, compared to 26.19% during the previous year; consequently, there has been an increase in the operating profit of the parent company in the current year. In consolidated financials, cost of sales accounts for 32.27% of revenues in 2025-26, compared to 25.28% during the previous year. In Accordance with The Sebi (Listing Obligations and Disclosure Requirements 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 Financial Ratios.

Sr. No. Key Financial Ratios *	FY-25-26	FY-24-25	% Change	Remark
1 Debt Service coverage ratio	2.85	4.85	-41.29%	Decrease in DSCR is due Increase in borrowing and decrease in PAT.
2 Net Profit Ratio	0.08	0.22	-65.96%	On account of decrease in sales and increase in expenses.
3 Net Capital Turnover Ratio	0.84	1.17	-28.03%	On account of decrease in sales in the current year
4 Return on Capital Employed	0.04	0.13	-66.82%	On account of decrease in PAT and increase in borrowings.
5 Return on investment	0.03	0.10	-73.00%	On account of decrease in profit after tax during the year.

* Ratios are based on Standalone Financials

CAUTIONARY STATEMENT

Certain statements made in the Management Discussion and Analysis Report may constitute forward-looking-statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, projections, etc., whether express or implied. Several factors could make a significant difference to the Companys operations. These include climate and economic conditions affecting demand and supply, government regulations and taxation, natural calamities, etc. over which the Company does not have any direct control.