Global Ocean Logistics India Ltd Management Discussions

For the Financial Year 2025-26

BASIS OF PRESENTATION

The Management Discussion and Analysis ("MD&A") presents Managements perspective on the Companys business, operating environment, financial and operational performance, opportunities, risks and outlook for the year under review. The MD&A should be read in conjunction with the Companys audited financial statements and the related notes forming part of the Annual Report.

The MD&A has been prepared in accordance with the applicable provisions of the Companies Act, 2013 and Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time. The information contained herein is based on the assessment of the Management and reflects the Companys performance, prevailing industry and economic conditions, and the Managements expectations regarding future business prospects as at the date of this Report. The MD&A has been reviewed and approved by the Board of Directors of the Company.

MATERIALITY OF DISCLOSURES

This Management Discussion and Analysis contain information that the Management considers material and relevant for enabling investors and other stakeholders to understand the Companys business, financial and operational performance, risks, opportunities and future prospects. The disclosures contained in this MD&A have been made having regard to the applicable statutory and regulatory requirements, the Companys business environment and competitive position, and the information considered relevant for a fair and meaningful assessment of the Companys performance and prospects.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Company i.e Global Ocean Logistics India Limited is engaged in the business of providing logistics services by Sea, Air, Road and other ancillary services, including Container Freight Station ("CFS") and local handling charges, operating as a multi-modal logistics and freight-forwarding service provider. The Indian logistics and freight-forwarding sector continues to be shaped by growth in the countrys foreign trade volumes, expansion of port and CFS infrastructure, digitisation of trade documentation, and the increasing preference of exporters and importers for integrated, technology-enabled logistics solutions. Ocean freight forwarding remains the dominant mode for bulk international trade on account of its cost efficiency, while air freight continues to serve time-sensitive and high-value cargo movements.

The industry remains fragmented, with a large number of small and mid-sized freight forwarders operating alongside larger integrated logistics players, and is sensitive to global shipping capacity, freight rate volatility, fuel costs, currency movements and regulatory developments in international trade.

BUSINESS OVERVIEW

During the year under review, the Company continued to derive its revenue primarily from Ocean Freight forwarding, Container Freight Station and Local Charges, Air Freight forwarding and other allied logistics services, both within India and through overseas input services routed through its network of overseas agents and partners. A significant corporate development during the year was the Companys listing of its equity shares, pursuant to which it raised fresh equity capital and utilised part of the proceeds towards Initial Public Offering ("IPO") related expenses, working capital and general corporate purposes, as reflected in the movement in share capital, securities premium and cash balances during the year.

OPPURTUNITIES AND THREATS

Oppurtunities

? Growth in Indias foreign trade and export-import volumes, supporting demand for ocean and air freight-forwarding services.

? Increased visibility, credibility and access to growth capital following the Companys listing, enabling investment in technology, infrastructure and talent.

? Potential to deepen service offerings across the logistics value chain, including CFS operations and other allied services, and to expand the overseas agency network.

Threats

? Volatility in global freight rates, fuel prices and foreign exchange rates, which may impact margins.

? Intense competition from both organised and unorganised freight-forwarding players operating on thin margins.

? Dependence on overseas agents and partners for cross-border service delivery, and exposure to global trade and geopolitical disruptions.

SERVICE-WISE REVENUE PERFORMANCE

Ocean Freight and CFS & Local Charges together continue to account for the predominant share of the Companys revenue, reflecting the Company s core strength in sea-freight forwarding and allied port-side handling services. Air Freight revenue declined marginally during the year, while "Other Services" and "Other " grew significantly, indicating gradual albeit off smaller base, s service offerings.

The summarised financial performance of the Company for the year ended 31st March, 2026 as compared to the previous year is set out below:

(Amt in lakhs)

Total Income increased from 19,159.95 Lakhs to 21,102.00 Lakhs, driven primarily by growth in Ocean Freight and CFS & Local Charges revenue, together with a sharp rise in Other Income on account of higher interest income earned on IPO proceeds and foreign shipment income. Profit After Tax grew by 50.22% year-on-year to 1,023.79 Lakhs, reflecting an improvement in operating margins as revenue growth outpaced the growth in operating costs.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

Human resources continue to be an important asset of the Company. During the year under review, the Company continued to focus on maintaining a conducive, professional and performance-oriented work environment across its six specialist divisions, and on developing the skills and capabilities of its employees. The industrial relations of the Company remained cordial and satisfactory throughout the year under review, and the Company continued to maintain healthy employee relations and a positive working environment conducive to the efficient conduct of its business operations.

As on 31st March, 2026, the Company had 53 employees. The Company remains committed to strengthening its human resource capabilities in line with its business requirements and future growth plans.

CAUTIONARY STATEMENT

Statements in this report describing the Companys objectives, expectations, estimates or predictions may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied in such statements due to various factors, including economic conditions, availability and cost of labour and materials, domestic and international market conditions, changes in government policies, taxation and regulatory requirements, and other factors beyond the Companys control. The Company assumes no obligation to publicly update, amend or revise any forward-looking statement as a result of subsequent developments, information or events, except as may be required under applicable laws.

DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements have been prepared in accordance with the applicable accounting principles and standards prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules thereunder, on an accrual basis and under the historical cost convention, except where otherwise stated. The Company has consistently applied the applicable accounting policies and standards in the preparation of its financial statements