Global Education Ltd Management Discussions

GLOBAL ECONOMIC SCENARIO :

The global economy continued to witness a period of transition during the financial year under review, shaped by geopolitical uncertainties, elevated interest rates, inflationary pressures, supply chain realignments and evolving trade patterns. Although inflation moderated in several economies compared to the previous year, the global macroeconomic environment remained cautious due to continuing geopolitical tensions, energy market volatility and uneven growth trends across developed and emerging markets.

Major economies continued to balance growth priorities with inflation management. Central banks across several jurisdictions maintained a careful approach towards interest rates, which impacted borrowing costs, capital flows and investment decisions. At the same time, digital transformation, artificial intelligence, automation, healthcare, education technology and workforce reskilling emerged as important growth themes globally.

The global education and training industry continued to undergo structural transformation. The demand for lifelong learning, employability-linked education, vocational skills, digital learning platforms and technology-enabled education services continued to increase. Educational institutions across the world are increasingly adopting hybrid learning systems, cloud-based academic platforms, data analytics, AI-enabled learning models and digital administrative solutions to enhance efficiency and learning outcomes.

Artificial Intelligence (“AI"), automation, analytics and immersive technologies are gradually reshaping the way education is delivered and managed. Institutions are focusing on personalized learning, outcome-based education, digital assessments, operational automation and student engagement. This trend is expected to create long-term opportunities for education support service providers. In this evolving environment, Global Education Limited (“GEL" or “the Company") continues to focus on client-centric service delivery, institutional partnerships, digital capabilities, operational agility and scalable solutions. The Company remains committed to strengthening its service portfolio and supporting educational institutions in adapting to digital transformation, changing learner expectations and evolving regulatory requirements.

INDIAN ECONOMIC SCENARIO :

India continued to remain one of the fastest growing major economies globally, supported by resilient domestic demand, infrastructure development, digital transformation, policy reforms and favorable demographic trends. The Indian economy has demonstrated strong resilience in the face of global uncertainties and continues to benefit from robust consumption, formalization, increased capital expenditure, innovation and technology-led growth.

The Government of Indias long-term vision of “Viksit Bharat 2047" focuses on transforming India into a developed economy by strengthening infrastructure, manufacturing, digital public infrastructure, innovation, entrepreneurship, education, skilling and employment generation. The Union Budget 2025-26 has further reinforced this approach by emphasizing inclusive growth, human capital development, deep-tech, digital infrastructure and employment-oriented initiatives. The Budget highlights include measures such as a Centre of Excellence in AI for Education with an outlay of ^500 crore, National Centres of Excellence for Skilling, broadband connectivity to schools and primary health centres, expansion of IIT capacity and the National Manufacturing Mission.

Indias demographic profile continues to provide a strong foundation for growth in education, training, skilling and employability-linked services. A large young population, increasing aspirations, rising digital adoption and growing demand for quality education are expected to support long-term growth of the education and training ecosystem.

The rapid expansion of digital infrastructure, affordable internet access, smartphone penetration and technology-enabled platforms has accelerated adoption of online and hybrid education models. The Indian education ecosystem is increasingly moving towards integrated, outcome-based and employability-oriented models. This shift provides significant opportunities for companies engaged in educational training, business support services, digital learning solutions, institutional consulting and skill development.

For GEL, these macroeconomic and policy trends create a favorable operating environment. The Companys focus on education support services, technology-enabled delivery, skill development, business support activities and institutional partnerships aligns with Indias broader movement towards knowledge-based growth and employability-led development.

EDUCATION & TRAINING INDUSTRY IN INDIA :

The education and training industry in India continues to be one of the most important pillars of national development. The sector contributes significantly to human capital formation, employment generation, skill enhancement and socio-economic progress. Indias large student population, expanding higher education ecosystem, rising demand for professional education and increasing need for employability-oriented learning continue to drive growth in this sector.

The industry is witnessing a fundamental transformation from traditional classroom-led models to blended, digital and outcome- focused learning systems. Educational institutions are increasingly adopting Learning Management Systems, ERP platforms, digital assessments, cloud-based content delivery, virtual classrooms, analytics tools and automation solutions. This shift is not limited to formal education but also extends to corporate training, vocational education, competitive examination preparation, professional certification and lifelong learning.

The National Education Policy, 2020 continues to act as a reform-oriented framework for the sector. It emphasizes multidisciplinary education, vocational integration, digital learning, flexibility in curriculum, research orientation, skill development and improved learning outcomes. The implementation of NEP 2020 is expected to gradually transform the structure and quality of education delivery in India. The Governments continued focus on digital education, Artificial Intelligence, skill development and employability has further strengthened the growth prospects of the sector. The Union Budget 2025-26 emphasized AI-led education initiatives and establishment of Centres of Excellence for Artificial Intelligence in Education to strengthen innovation, digital learning and employability.

The Indian education sector is also witnessing increasing participation from private players, EdTech companies, training institutions and institutional service providers. Demand for technology-enabled services, academic administration support, content development, digital transformation and employability training is expected to grow as institutions seek scalable and efficient operating models.

GEL remains focused on supporting educational institutions through its diversified service offerings, including educational training and development activities, business support activities, skill development, publication/content development and technology - enabled support services.

MARKET SIZE AND INDUSTRY STRUCTURE

The Indian education market continues to present substantial long-term opportunities across school education, higher education, vocational training, professional education, competitive examination preparation, EdTech, digital learning, corporate training and skill development.

India has one of the largest education systems in the world, supported by a vast institutional network, large student base and increasing demand for quality education. The higher education ecosystem continues to expand with universities, colleges, technical institutions, training centres and online education platforms playing an increasingly important role in meeting learner aspirations.

The EdTech and digital learning segments continue to evolve after the rapid adoption witnessed during and after the pandemic. While the sector has moved from hyper-growth to a more disciplined and outcome-driven phase, the long-term fundamentals remain strong. Institutions and learners are increasingly seeking flexible, affordable, accessible and measurable learning solutions.

The growing focus on employability, industry-linked curriculum, vocational training, reskilling and upskilling is creating demand for education support services. Companies operating in this space are expected to benefit from increased digital adoption, government-led skilling initiatives, public-private partnerships and technology-enabled learning ecosystems.

The increasing role of Artificial Intelligence, analytics, automation, cloud platforms and digital public infrastructure is expected to reshape the market further. Education providers are moving towards integrated solutions that combine academic delivery, administrative efficiency, data management, student engagement and outcome tracking.

The Company believes that these market trends provide sustainable opportunities for growth, subject to effective execution, regulatory compliance, technology adoption and customer-centric service delivery

GOVERNMENT INITIATIVES & UNION BUDGET 2025-26

The Union Budget 2025-26 reaffirmed the Government of Indias commitment towards the vision of “Viksit Bharat 2047" with continued emphasis on education, skilling, employability, digital infrastructure, innovation and technology-led economic growth. The Government has continued to prioritize education and human capital development as key pillars for transforming India into a global knowledge and innovation hub.

The Budget introduced several forward-looking measures aimed at strengthening Indias education ecosystem through digital transformation, Artificial Intelligence (“AI"), deep-tech innovation, industry-oriented skilling and employment generation initiatives. Increased allocation towards technology infrastructure, digital public infrastructure, vocational training and research-driven education is expected to accelerate modernization across the education sector.

Key policy initiatives and reforms expected to drive growth in the education and training sector include:

• Viksit Bharat 2047 Vision : The Governments long-term roadmap for transforming India into a developed nation by 2047 continues to focus on education, innovation, entrepreneurship, employability and digital empowerment. The vision emphasizes development of a globally competitive workforce through quality education, advanced skilling and technology-enabled learning ecosystems.

• Union Budget 2025-26 : The Union Budget 2025-26 emphasized inclusive growth, employment generation, deep-tech innovation, digital infrastructure and skill development. The Budget strengthened policy support for technology-enabled education, AI-driven learning systems, research and development and workforce readiness initiatives, creating significant opportunities for businesses operating in the education support ecosystem.

• AI-led Education Ecosystem : The Government has accelerated efforts towards integrating Artificial Intelligence (“AI") into education systems through AI-enabled learning models, personalized learning platforms, adaptive assessments and digital learning ecosystems. Educational institutions are increasingly adopting AI-driven solutions to enhance operational efficiency, student engagement and learning outcomes.

• Centre of Excellence for AI in Education : The Governments continued focus on establishment and expansion of Centres of Excellence (“CoE") for Artificial Intelligence is expected to strengthen research, innovation and industry-academia collaboration in emerging technologies. These initiatives aim to promote AI-led education, advanced research capabilities and technology-driven employability.

• Digital Public Infrastructure ("DPI") : The Government continues to strengthen Digital Public Infrastructure through initiatives focused on digital connectivity, cloud-based platforms, digital identity systems and technology accessibility. Improved digital infrastructure is expected to accelerate adoption of online education, hybrid learning models and digital academic administration across institutions.

• National Education Policy (NEP) 2020 : The National Education Policy continues to drive structural reforms in Indias education system through multi disciplinary learning, vocational integration, digital education, skill-based curriculum and research-oriented academic frameworks. NEP implementation is expected to significantly improve employability, accessibility and quality of education.

• Skill Development & Employability Focus : The Government continues to prioritize skill development, vocational training and industry-aligned education through initiatives aimed at improving employability and workforce readiness. Focus areas include digital skills, advanced technologies, entrepreneurship development and reskilling programs aligned with evolving industry requirements.

• PM Internship Scheme: The Governments PM Internship Scheme is expected to create large-scale industry exposure opportunities for youth by strengthening practical learning, vocational exposure and industry-academia collaboration. The initiative is expected to improve employability outcomes and bridge the gap between education and industry requirements.

• National Manufacturing Mission: The Governments focus on manufacturing-led growth through the National Manufacturing Mission is expected to increase demand for skilled manpower, vocational education, technical training and industry-oriented learning programs. This is likely to create long-term opportunities for organizations operating in education, training and skill development sectors.

• Deep-Tech, Innovation & Research Focus : The Government continues to encourage investments in deep-tech, innovation, startups, research and emerging technologies including Artificial Intelligence, Machine Learning, Internet of Things (IoT), Robotics and Data Analytics. Increased emphasis on innovation-driven education and research collaboration is expected to strengthen Indias knowledge economy.

• Digital India & Technology Integration : The Digital India initiative continues to promote technology adoption across educational institutions through improved internet connectivity, digital literacy and smart learning infrastructure. Technology-enabled learning models, cloud-based platforms and digital content delivery systems are increasingly becoming integral to modern education ecosystems.

• Strategic Impact on the Education Sector : These policy initiatives collectively aim to strengthen Indias education and skilling ecosystem through technology integration, innovation, employability enhancement and digital transformation. The evolving policy environment presents significant opportunities for companies like GEL to support educational institutions through technology- enabled solutions, digital transformation services, consulting, skill development and operational support initiatives.

In line with these evolving industry trends and policy developments, GEL continues to strengthen its capabilities in digital learning, technology-enabled education support services, institutional partnerships and skill development initiatives to support the next phase of growth in Indias education ecosystem.

For GEL, these initiatives provide an opportunity to strengthen offerings in educational training, business support, digital transformation, skill development and institutional services.

E-LEARNING, AI AND DIGITAL TRANSFORMATION :

The education sector is witnessing accelerated adoption of e-learning, hybrid learning, digital classrooms, cloud platforms, Learning Management Systems, AI-enabled tools and automation solutions. The traditional education model is gradually being supplemented by digital delivery, flexible learning formats and personalized academic engagement.

AI has the potential to significantly transform the education ecosystem. AI-enabled systems can support personalized learning paths, adaptive assessments, automated doubt resolution, predictive analytics, academic performance tracking and efficient administrative processes. Educational institutions are increasingly exploring AI-based tools to improve learning quality, student engagement and operational efficiency.

Digital transformation is also improving institutional administration. ERP platforms, admission management systems, fee management systems, examination tools, student lifecycle platforms, parent communication systems and analytics dashboards are becoming integral to modern educational management.

Cloud computing and digital content platforms are enabling institutions to reach learners beyond physical classrooms. Hybrid learning models allow students to access content at their convenience while retaining classroom interaction where required. This creates opportunities for institutions to improve scalability, accessibility and student outcomes.

The increasing use of AR, VR, simulations and interactive tools is expected to enhance experiential learning, especially in professional, technical and vocational education. As the education sector moves towards outcome-based learning, technology will continue to play an important role in assessment, monitoring and continuous improvement.

GEL continues to align its business strategy with these developments by focusing on technology-enabled services, digital learning support, skill development, process automation and scalable delivery models.

CORPORATE TRAINING, SKILLING AND EMPLOYABILITY

The demand for corporate training, vocational education, reskilling and upskilling continues to grow in India. Rapid technological change, automation, digitization and evolving industry requirements have created a need for continuous learning across sectors.

Employers increasingly seek candidates who are not only academically qualified but also industry-ready. Skills such as digital literacy, communication, problem-solving, critical thinking, data handling, adaptability and domain-specific technical knowledge are becoming essential for employability.

Government initiatives such as the PM Internship Scheme, National Centres of Excellence for Skilling and skill development programs are expected to support workforce readiness and industry-linked training. The Governments focus on manufacturing, technology and services will likely increase demand for employability-focused education and training.

Corporate training is also becoming more diversified. Organizations are investing in leadership development, technical training, digital skills, compliance training, soft skills and productivity enhancement. Training delivery is increasingly moving towards blended and digital models, enabling flexibility and wider reach.

GELs focus on skill development, training, educational services and institutional partnerships positions it to benefit from these long-term trends.

OPPORTUNITIES IN EDUCATION AND TRAINING INDUSTRY

The education and training industry in India presents significant opportunities across multiple segments. The major opportunities include:

• Digital Learning Expansion : The increasing acceptance of digital and hybrid learning models is creating demand for online platforms, digital content, virtual classrooms, learning management systems and student engagement tools. Institutions are increasingly adopting technology to improve access, quality and scalability.

• Skill Development and Employability : The growing mismatch between academic qualifications and industry requirements has created strong demand for vocational training, employability programs, internships, reskilling and upskilling. Government policy support is expected to further accelerate this trend.

• AI and Automation in Education : AI-enabled tools can improve personalized learning, adaptive testing, institutional administration and data-based decision-making. Companies that can support institutions in adopting AI-led solutions are expected to find meaningful opportunities.

• Public-Private Partnerships : The Governments continued emphasis on education, skilling and digital infrastructure creates opportunities for private sector participation. Public-private partnerships may play an important role in capacity building, content development, training delivery and institutional support.

• Growth of EdTech Ecosystem : The EdTech sector continues to evolve towards sustainable, outcome-driven and value-based models. Demand for digital content, hybrid learning, test preparation, professional courses and certification programs is expected to continue.

• Deep-Tech and Innovation : The increasing focus on AI, Machine Learning, robotics, data analytics, cybersecurity and emerging technologies creates opportunities for training programs, academic support, content development and institutional partnerships.

• Expanding Digital Infrastructure : Improved connectivity, affordable internet and smartphone penetration are widening access to digital education across smaller cities and rural areas. This is expected to support long-term growth in online learning and digital academic services.

• Publishing and Content Development : Demand for quality academic content, competitive examination material, bilingual content and digital learning resources continues to grow. The Companys publication and content development initiatives can support deeper engagement with students and institutions.

THREATS, RISKS AND CHALLENGES :

While the education and training industry in India presents significant long-term growth opportunities, the sector also faces various operational, regulatory, technological and economic challenges that may impact growth, profitability and sustainability. The education ecosystem continues to evolve rapidly due to policy reforms, technological advancements, changing learner expectations and increasing competitive intensity. Companies operating in this sector are therefore required to remain agile, innovative and adaptable to dynamic market conditions.

• Regulatory and Policy Risks

The education sector in India is highly regulated and subject to continuous policy developments, statutory requirements and regulatory oversight by various governmental and educational authorities. Changes in Government policies, education reforms, institutional regulations, accreditation requirements, digital education guidelines, taxation policies or compliance frameworks may impact business operations, curriculum structures, delivery models and institutional partnerships.

The implementation of the National Education Policy (“NEP") 2020 and evolving digital learning regulations may also require continuous adaptation in academic delivery, operational processes, technology infrastructure and compliance mechanisms. Any significant regulatory change could impact operational flexibility, cost structures and market dynamics within the education ecosystem.

• Technological Disruption and Obsolescence : Rapid advancements in technology continue to transform the education landscape. Emerging technologies such as Artificial Intelligence (“AI"), Machine Learning (“ML"), automation, cloud computing, analytics, immersive learning tools and digital platforms are continuously reshaping educational delivery systems and institutional operations.

The pace of technological change requires continuous investments in systems, infrastructure, content development, cybersecurity and talent capabilities. Failure to adapt to evolving technologies, changing learner behavior or digital transformation trends may affect competitiveness and operational relevance. Educational institutions and service providers must continuously innovate to remain aligned with evolving market expectations.

• Increasing Competition : The education and training industry continues to witness increasing competition from EdTech companies, online learning platforms, training institutions, content providers, digital solution companies, vocational training providers and institutional support service organizations. Entry barriers in certain segments of the online learning ecosystem remain relatively low, leading to growing market fragmentation and pricing pressure.

Competition is driven not only by pricing but also by technology adoption, quality of delivery, innovation, scalability, customer experience, digital reach, academic outcomes and institutional relationships. Companies operating in the sector must continuously differentiate themselves through service quality, execution capability, domain expertise, technology-enabled solutions and customer engagement.

• Cybersecurity and Data Privacy Risks :

The increasing reliance on digital platforms, cloud-based systems, ERP solutions, online assessments and technology-enabled learning ecosystems exposes educational institutions and service providers to cybersecurity risks and data privacy concerns.

Cyber threats, phishing attacks, ransomware incidents, unauthorized access, system disruptions, technology failures or data breaches could adversely impact operations, reputation, customer confidence and regulatory compliance. Protection of student data, institutional information and digital infrastructure has therefore become increasingly critical.

The Company continues to strengthen its cybersecurity framework, digital controls, monitoring systems and technology infrastructure to mitigate potential risks relating to data security and operational continuity.

• Economic Volatility and Financial Risks

Macroeconomic conditions, inflationary pressures, interest rate movements, geopolitical uncertainties and changes in consumer spending patterns may impact the education sector. Economic slowdowns may affect institutional budgets, discretionary education spending, fee affordability and expansion plans of educational institutions.

Rising employee costs, technology investments, digital infrastructure expenditure, content development costs, marketing expenses and competitive pricing pressures may also impact operating margins and profitability. Educational institutions may continue to face financial constraints, especially in a highly competitive and evolving environment.

The Company continues to focus on operational efficiency, prudent cost management and scalable business models to address such economic and financial risks.

• Infrastructure and Digital Access Challenges

Although digital adoption in India has increased significantly, disparities in internet connectivity, digital infrastructure and access to technology continue to exist across various regions, particularly in rural and semi-urban areas. Inadequate broadband infrastructure, limited access to devices and inconsistent digital accessibility may affect the pace of adoption of online and technology-enabled education systems.

Educational institutions also require continuous investments in digital infrastructure, cloud systems, hardware, software and academic technology solutions to support evolving delivery models and operational efficiency.

• Talent Acquisition and Retention Risks

Human capital remains one of the most critical success factors in the education and training industry. The sector requires skilled academic professionals, technology experts, trainers, operational personnel and management teams capable of adapting to evolving industry requirements and digital transformation initiatives.

Attrition in academic, technical or senior management teams may affect continuity, customer relationships, operational efficiency and business performance. Competition for experienced talent within the education and technology sectors also continues to increase.

The Company therefore continues to focus on employee engagement, capability development, training, performance management and creating a positive work environment to attract and retain talent.

• Changing Learner Preferences and Industry Expectations

The education ecosystem is witnessing continuous shifts in learner behavior, industry requirements and educational expectations. Learners increasingly seek flexible, affordable, personalized and outcome-oriented learning experiences aligned with employability and career growth.

Traditional learning models are gradually giving way to hybrid education, micro-learning, certification-based learning, self-paced education and skill-oriented training. Educational institutions and service providers must continuously adapt their offerings to remain relevant and aligned with changing market expectations.

• Dependence on Technology Platforms and Digital Ecosystems

As the sector increasingly adopts digital and hybrid delivery systems, operational dependence on technology platforms, digital infrastructure, cloud services and online ecosystems continues to grow. Any prolonged system downtime, technical disruptions, software failures or third-party technology issues may affect service delivery and operational continuity.

Continuous investments in technology modernization, platform stability and digital infrastructure therefore remain essential for long-term operational resilience.

• Geographical Concentration and Market Risks

Revenue concentration in specific regions or customer segments may expose the Company to regional economic conditions, localized competition, policy changes or operational disruptions. The Company therefore continues to evaluate opportunities for geographical diversification, broader market presence and expansion of service offerings across multiple education verticals.

• Public Health, Geopolitical and External Risks

External factors such as public health crises, geopolitical conflicts, global economic slowdowns, natural disasters or socio-political uncertainties may impact educational continuity, institutional operations, student mobility and business sentiment. The education sector has become increasingly interconnected with global economic and technological developments, thereby exposing it to broader external risks.

• Risk Monitoring and Mitigation

The Company continuously monitors these risks through its internal control systems, risk management framework, governance mechanisms and management review processes. The Companys approach towards risk management includes periodic assessment of operational, financial, technological and regulatory risks along with implementation of mitigation measures, compliance systems and internal controls.

The Company remains committed towards strengthening operational resilience, governance standards, digital capabilities and risk mitigation practices to support long-term sustainable growth and stakeholder value creation.

PERFORMANCE OF YOUR COMPANY:

Your Company is strategically preparing itself for the next phase of growth through value-added capabilities, new capacities, continuous perseverance, and inventiveness. It is taking on new opportunities which are bottom line accretive and margin accretive. The expansion strategies have been devised keeping in mind its risk-mitigating approach towards incurring capex and making continuous investments into the productive assets to become “future ready" and deliver on our promises. The Companys agile business model and portfolio ensured conversion of opportunities, maximally optimizing the countrys conducive and relatively stable environment in an otherwise volatile global weather, leading to a quantum leap in performance, back to pre-pandemic and pre-portfolio realignment levels. Cost efficiency programs together with strategic investments for new facilities, product launches, and launch of online business models supported this journey of profitable growth.

Revenue:

The Company achieved total income for the Financial Year 2025-26 on a standalone basis of ^9,222.63 Lakhs, as against ^7,143.58 Lakhs in the previous financial year, reflecting an increase of approximately 29.10%.

EBITDA

EBITDA for the full year was reported at ^3,714.42 Lakhs as against ^3,719.31 Lakhs in the previous year, showing a marginal decrease of approximately 0.13%.

Net Profit after Tax:

The net profit after tax, excluding comprehensive income, stood at ^2,470.04 Lakhs for FY 2025-26 as against ^2,520.50 Lakhs for FY 2024-25, reflecting a decrease of approximately 2.00%.

Earnings per Share:

Diluted earnings per share stood at ^4.85 in FY 2025-26 as against ^4.95 in FY 2024-25.

Cash and Bank Balances:

The Balance Sheet of the Company continues to remain healthy, with almost no debt, a reasonable working capital cycle and cash and bank balances of ^455.08 Lakhs as on 31st March 2026, as against ^462.08 Lakhs as on 31st March 2025

a) Performance of the Segments of the Company :

i) EDUCATIONAL TRAINING AND DEVELOPMENT ACTIVITIES : The Company achieved Gross Value of Services of ^3,083.52 Lakhs during the financial year, compared to ^3,601.51 Lakhs in the preceding financial year, on a standalone basis. This segment reported a decrease of 14.38% in performance during the year under review.

ii) BUSINESS SUPPORT ACTIVITIES: The Company achieved Gross Value of Trading and Support Activities of ^5,821.66 Lakhs during the financial year, compared to ^3,201.32 Lakhs in the preceding financial year, on a standalone basis. The Business Support Activities segment demonstrated an increase of 81.85% during FY 2025-26.

However the Company has developed an extensive network of domestic clientele and undertaken meticulous efforts to position its products into right geographies, cater to high value end-users and elevate operational efficiencies.

b) Capital Expenditure: During the year under review, the Company incurred capital expenditure of ^533.52 lakhs towards Property, Plant and Equipment and Intangible Assets, mainly for expansion in the Supply of Infrastructure and Other Services operations and for enhancing operational efficiencies.

c) Dividend Policy : The Company continues to be on the path of profitable growth. The Companys cash flow and financial position continue to be strong. Considering the cash requirement for business growth and debt servicing, the Board believe that a steady dividend payout will best serve the interests of the Company and of the shareholders especially those dependent on regular income.

During the Financial Year 2025-2026 under review, the Board of Directors of the Company has at its Meetings held on 03rd November 2025 declared Interim Dividend @ 25% i.e Rs.0.50/- (Fifty Paise Only) per Equity Share of face value of Rs.2/- each fully paid-up for the current financial year 2025-2026 ended 31st March 2026 which was paid to the members, whose names appeared on the Register of Members of the Company on Wednesday, 12th November, 2025. The Gross interim dividend payout, was Rs. 254.51 Lakhs

Your Directors recommended a final dividend @ 25% (Twenty Five Percent) i.e. Rs.0.50/- [Fifty Paisa Only] per equity share of face value of Rs.2/- (Rupees Two) each to be appropriated from the profits of the year 2025- 2026, subject to the approval of the shareholders (members) at the ensuing Fifteenth (15th) Annual General Meeting and will be paid to those members whose names appear on the Register of Members on Friday, the 17th July, 2026.

Cumulatively, the company has declared/ recommended a Total Dividend under review comprising of Interim Dividend @ 25% i.e Rs.0.50/- (Rupee Fifty Paise Only) per Equity Share of face value of Rs.2/- each and Final Dividend @ 25% i.e. [Rupees Fifty Paisa Only] per equity share of face value of Rs.2/- (Rupees Two) each (subject to approval of the Members of the Company at the ensuing Fifteenth (15th) Annual General Meeting ).Our Company has formal dividend distribution policy and the said dividend pay-out is in compliance with the applicable Secretarial Standard -3 (SS-3) on Dividend issued by the Institute of Company Secretaries of India and the Policy is available on the Companys website www.globaledu.net.in and can be accessed at: https://globaledu.net.in/inves-info/code-policies/dividend-distrib.pdf

d) Significant Changes in Key Financial Ratios:

Following are ratios for the current financial year and their comparison with preceding financial year, along with explanations where the change has been 25% or more when compared to immediately preceding year.

Key Financial Ratios	2025-26	2024-25
Debtors Turnover Ratio	2.58	2.57
Debtor Days	105	140
Inventory Turnover Ratio	11.93	11.15
Inventory Days	31	33
Interest Coverage Ratio	Nil	Nil
*Debt Equity Ratio	Nil	Nil
Current Ratio	7.26	10.23
Return on Net Worth (%)	20.02%	24.29%
Operating Profit Margin (%)	37.23%	49.91%
Net Profit Margin (%)	27.74%	37.05%

* The Company continues to have no external borrowings as on 31st March, 2026. During the year, finance cost was nominal and immaterial; accordingly, debt-related ratios are not comparable / not applicable.

Debtor Turnover ratio: During FY 2025-26, the debtor turnover ratio stood at 2.58 as compared to 2.57 in FY 2024-25. The ratio has remained broadly stable. The Company continues to monitor its receivables and is making concerted efforts towards timely collection from debtors.

Debtor days: The debtor days improved to 105 days in FY 2025-26 as compared to 140 days in FY 2024-25. The improvement was mainly on account of better collection follow-up and timely realization of trade receivables during the year. The Company continues to monitor receivables closely and is making continuous efforts to further strengthen its collection cycle

Inventory Turnover ratio: During FY 2025-26, the inventory turnover ratio stood at 11.93 as compared to 11.15 in FY 2024-25. The improvement in the ratio indicates better inventory movement and efficient utilization of inventory during the year.

Inventory days: Inventory days reduced from 33 days in FY 2024-25 to 31 days in FY 2025-26, primarily due to improved inventory turnover and better management of stock levels during the year.

Interest Coverage Ratio: During FY 2025-26, the Company had no material finance cost or external borrowings. Hence, the interest coverage ratio is not comparable / not applicable. During FY 2024-25, the ratio was reported as Nil.

Current ratio: During FY 2025-26, the current ratio stood at 7.26 as compared to 10.23 in FY 2024-25. The decrease is primarily attributable to an increase in current liabilities, including trade payables and other current liabilities, during the year. However, the current ratio continues to remain healthy and above the industry benchmark.

Return on Net Worth: Return on Net Worth decreased from 24.29% in FY 2024-25 to 20.02% in FY 2025-26. The decrease was primarily due to a marginal decrease in profitability and increase in net worth on account of accretion to retained earnings during the year.

Operating profit margin: The operating profit margin decreased from 49.91% in FY 2024-25 to 37.23% in FY 2025-26. The decrease was primarily due to an increase in operational expenses, purchase of stock-in-trade, employee benefit expenses and other expenses during the year. Although the Company achieved growth in revenue from operations, the proportionate increase in expenses impacted the operating margin.

Net profit margin: The net profit margin decreased from 37.05% in FY 2024-25 to 27.74% in FY 2025-26. The decrease was primarily due to higher operational, employee and administrative expenses during the year, resulting in lower net profitability despite growth in revenue from operations.

e) Publishing and Content Development:

Under its brand Global Publications, the Company publishes niche test prep titles for popular entrance examinations in India. The Company seeks to leverage “Global Publications" brand image and reputation to reach out to what it believes to be a significant student population currently relying on self-study, to cross-sell its test prep courses. Further in addition to content in English, the Company is in the process of gradually adding dual language titles (in Hindi and regional languages),across different examinations, with the objective of deepening its presence in regional markets.

HUMAN RESOURCES:-

Global has demonstrated its excellence to thousands of satisfied students and their corporate clients. All this would not be possible without the committed and passionate people of GEL-both academic and non-academic staff, who strive to build this a great organization each and every day. They remain committed to companys ideals of building on a strong foundation, creating a bright future and delivering great value. The company continues to strengthen the management team and add additional talent and expertise. By 31 March 2026, the Company had total number of permanent employees of 326.

The industry continues to witness increasing demand for digital and technology-oriented skills. There is huge focus on innovation and partnership across the ecosystem. Global is well aligned with these trends where we have developed an ecosystem of skill development, digital reskilling and matching to latest technologies.

Globals team is focused on investing in upskilling individuals with the latest technology skills and providing them with career paths that match their aspirations by acquiring the best talent available in each of the industry it operates in, providing a supportive and vibrant workplace to engage that talent.

INTERNAL CONTROLS & SYSTEMS

The Company has proper and adequate internal control systems, which ensure that all assets are safeguarded against loss from unauthorized use and all transactions are authorized, recorded and reported correctly. The Management continuously reviews the internal control systems and procedures to ensure orderly and efficient conduct of business. Internal audits are regularly conducted, using external and internal resources to monitor the effectiveness of internal controls. The Company deploys a robust system of internal control that facilitates the accurate and timely compilation of financial statements and Management reports; ensures regulatory and statutory compliance; and safeguards investors interests by ensuring the highest level of governance and periodical communication with investors.

C. R. Sagdeo & Co.; Chartered Accountants, Nagpur (ICAI Firm Registration No. 108959W) is the internal auditor of the Company, who conducts audit and submit quarterly reports to the Audit Committee. The Internal Audit is processed to designed to review the adequacy of internal control checks in the system and covers all significant areas of the Companys operations. The Audit Committee reviews the effectiveness of the Companys internal control system. The WTD and CFO certification section of the annual report further discusses the adequacy of our internal control systems and procedures.

RISK MANAGEMENT

The Company has a robust Risk Management Charter and Policy, which provides an overall framework for Risk Management (RM) in the Company. The key elements of the Companys risk management framework have been captured in the risk management policy, which details the process for identifying, escalating, prioritizing, mitigating, and monitoring key risk events and action plans. The assessment of the risks covers areas of Strategy, Technology, Finance, Operations and Systems, Legal & Regulatory and Human Resources. There are appropriate assurance and monitoring mechanisms in place to monitor the effectiveness of the risk management framework including the mitigation plans identified by the management for key risks identified through the risk management exercise.

The Companys existing framework provides for risk reviews at various levels based on Companys organizational structure matrix. Periodic assessment of risks, potential impact relating to business growth, profitability, talent engagement, and market position are conducted. Response to key operational risks, based on inputs received from the internal and external assessment, internal audit, performance review etc. are done on a regular basis.

The Company continuously monitors macroeconomic developments, regulatory changes, technological disruptions and sector-specific risks through its internal control and risk management framework to ensure operational resilience and sustainable growth.

ESG AND SUSTAINABILITY FOCUS

The Company remains committed towards responsible business conduct, ethical governance, sustainable growth and long-term stakeholder value creation. The Company recognizes that Environmental, Social and Governance (“ESG") considerations are increasingly significant for ensuring long-term business sustainability, operational resilience and corporate accountability.

As an organization operating in the education and training ecosystem, the Company contributes meaningfully towards social and human capital development by supporting education, skill enhancement, employability, digital learning and institutional capacity building. The Company believes that education plays a transformative role in nation building, economic development and inclusive growth, and therefore continues to align its business objectives with broader societal progress.

The Company continues to focus on responsible governance practices, regulatory compliance, transparency, accountability and ethical business conduct across all levels of operations. The governance framework of the Company is supported by strong internal controls, compliance systems, risk management mechanisms and oversight by the Board of Directors and Committees thereof. The Company remains committed to maintaining high standards of corporate governance, integrity and professional ethics in all its business activities. On the social front, the Company actively undertakes Corporate Social Responsibility (“CSR") initiatives in accordance with the provisions of the Companies Act, 2013 and its CSR Policy. The Companys CSR initiatives are focused on promoting education, skill development, social welfare, community development and other activities aimed at creating positive and sustainable impact on society. Through its CSR activities, the Company endeavors to contribute towards inclusive growth and community empowerment while addressing social and developmental priorities.

The Company also continues to focus on employee development, workplace inclusivity, skill enhancement, stakeholder engagement and customer-centric service delivery. The Company recognizes that human resources are one of its most valuable assets and therefore emphasizes continuous learning, employee engagement, professional development and a healthy work environment. Through its education-focused initiatives and training activities, the Company contributes towards enhancing employability and supporting workforce readiness.

The Companys increasing emphasis on digital learning, technology-enabled services and scalable education solutions also contributes towards wider accessibility, operational efficiency and inclusive education delivery. Adoption of digital platforms, automation and online learning systems helps optimize resource utilization while improving reach and learning accessibility across diverse geographies.

The Company also recognizes the growing importance of sustainability-oriented operational practices and continues to evaluate opportunities for improving efficiency, reducing operational waste, promoting responsible resource utilization and strengthening sustainable business processes wherever feasible.

With evolving ESG expectations and increasing stakeholder focus on responsible business practices, the Company remains committed to continuously strengthening its ESG framework and aligning its operations with sustainable growth objectives and long-term value creation for all stakeholders.

ROAD AHEAD

The Indian education and training sector is expected to witness sustained transformation and long-term growth driven by digital adoption, policy reforms, skill development initiatives, employability-focused learning and increasing integration of technology across the education ecosystem. The sector is gradually transitioning from conventional learning models towards technology-enabled, outcome-oriented and industry-aligned education systems that emphasize flexibility, accessibility and workforce readiness.

Digital transformation is expected to remain one of the key growth drivers for the sector in the coming years. Increasing penetration of smartphones, affordable internet connectivity, cloud-based learning platforms and digital public infrastructure is accelerating adoption of online and hybrid learning models across educational institutions. Hybrid education systems, which combine physical classroom interaction with digital learning tools, are expected to become increasingly mainstream and may significantly improve accessibility, scalability and learner engagement.

Artificial Intelligence (“AI"), analytics, automation and immersive technologies are expected to reshape the future of education delivery and institutional management. AI-enabled learning platforms, adaptive assessments, personalized learning systems, automated academic administration and analytics-driven decision-making are likely to improve educational outcomes, operational efficiency and student experience. Educational institutions are increasingly expected to invest in digital infrastructure, ERP systems, cybersecurity, cloud-based learning ecosystems and data-driven academic frameworks.

The growing emphasis on skill-centric and employability-oriented education is also expected to significantly influence the future direction of the sector. Industries are increasingly seeking job-ready talent equipped with critical thinking, digital literacy, communication skills, analytical capabilities and practical exposure. As a result, institutions are expected to place greater focus on vocational training, technical education, professional certification, reskilling and industry-oriented curriculum development.

The Government of Indias continued focus on initiatives such as the PM Internship Scheme, National Manufacturing Mission, Digital India, Skill India, AI-led education ecosystem and expansion of digital public infrastructure is expected to strengthen alignment between education and employment generation. Increased policy emphasis on skilling, entrepreneurship, deep-tech innovation and workforce readiness is likely to create substantial opportunities for educational institutions, training providers, technology-enabled learning platforms and education support service companies.

The implementation of the National Education Policy (“NEP") 2020 is also expected to continue driving structural reforms across the education ecosystem. Multidisciplinary learning, vocational integration, flexible curriculum frameworks, digital education and research- oriented learning models are likely to create new opportunities for innovation and institutional transformation.

The education technology (“EdTech") ecosystem is expected to continue evolving towards sustainable and outcome-driven growth models. Increasing adoption of cloud computing, Learning Management Systems (“LMS"), digital content delivery platforms, AI-enabled tools and blended learning systems is expected to drive operational transformation across institutions. The increasing role of deep-tech, automation and data analytics in education delivery may further enhance learning efficiency and scalability.

The Company intends to continue strengthening its capabilities in digital learning, educational support services, institutional partnerships, content development, publication, skill development and technology-enabled delivery models. The Company remains focused on improving operational efficiency, expanding customer reach, strengthening execution capabilities and leveraging emerging opportunities within the education and training ecosystem.

Going forward, the Company aims to continue investing in innovation, scalable business models, digital transformation initiatives and customer-centric solutions while maintaining prudent financial management and governance standards. The Company believes that education, skilling, employability enhancement and technology integration will continue to remain critical pillars of Indias long-term economic and social development.

With continued focus on operational excellence, strategic partnerships, digital capabilities and sustainable growth initiatives, the Board remains cautiously optimistic about the long-term growth prospects of the Company and the education sector.

COMPANY STRATEGY AND OUTLOOK

Revenue growth and business performance during FY 2025-26 were supported by the Companys sustained efforts towards strengthening business fundamentals, enhancing operational efficiency and expanding its service capabilities. The Company is well- positioned to leverage opportunities across key education verticals, including e-Learning, Vocational Education, Skill Development, Publication and Educational Business Support Activities.

Strategically, the Company continues to maintain an optimal balance between high-return and sustainable business segments. Educational Training and Development Activities provide growth opportunities, while Educational Business Support Activities contribute stability and recurring business prospects. New initiatives, including e-Learning through platforms such as YouTube, Mobile Apps and Portals, Skill Development and Publication, are expected to support future growth without requiring significant additional capital expenditure.

The Company continues to focus on strengthening its position in the education support services sector through technology-enabled solutions, institutional partnerships, operational efficiency and scalable delivery models. Its strategy is centered on enhancing customer experience, expanding service offerings, improving execution capabilities, leveraging digital transformation and supporting employability-oriented education.

Management continues to emphasize building robust technical, research and service capabilities focused on innovation, evolving customer needs and emerging technology trends. In the coming years, the Company aims to accelerate its digital footprint, broaden its business partner network and remain aligned with developments in AI-led transformation, outcome-based learning and government- led education reforms.

The Company believes that increasing formalization, digitization, skill-based education, employability focus and policy support for the education sector will continue to create long-term growth opportunities. With ongoing efforts to enhance efficiency and performance across all functions, the Board views the prospects for FY 2026-27 with cautious optimism and remains committed to governance, compliance, operational discipline and sustainable stakeholder value creation.

CAUTIONARY STATEMENT:

Statements in this Management Discussion and Analysis describing the Companys objectives, expectations, estimates or projections may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied depending upon economic conditions, government policies, regulatory developments, technological changes, market conditions and other incidental factors. Readers are therefore advised not to place undue reliance on these statements, which are valid only as of their date. This discussion and analysis should be read in conjunction with the Companys financial statements and related notes included in this report.

For and on behalf of the Board
Sd/-	Sd/-
GURURAJ VASANTRAO KARAJAGI	ADITYA BHANDARI
DIRECTOR	WHOLE-TIME DIRECTOR
DIN: 01330419	DIN: 07637316
Place : Nagpur
Date : 28th May,2026