Globalspace Technologies Ltd Management Discussions

Industry Structure and Development

The Indian healthcare technology sector continued its rapid evolution in FY 2024–25, with Artificial Intelligence (AI) at the forefront of innovation. AI-driven diagnostic tools, predictive analytics, and personalized treatment platforms are reshaping the way healthcare is delivered. From virtual health assistants to advanced imaging analysis, AI is enhancing efficiency, accuracy, and accessibility of care.

Government initiatives under the Ayushman Bharat Digital Mission (ABDM) and supportive policies for digital health infrastructure are accelerating adoption. Globally, investors and healthcare providers are collaborating with Indian health-tech firms to scale AI-enabled solutions. Despite infrastructure gaps and regulatory complexities, the strong demand for affordable and tech-enabled healthcare makes India one of the most promising markets for AI in healthcare.

• AI-powered solutions for early detection of chronic and lifestyle diseases.
• Digital therapeutics and personalized care supported by machine learning.
• Rural penetration through telemedicine + AI triage platforms.
• Integration of AI with wearables and IoT devices for preventive healthcare.
• Global partnerships and investments in health data analytics.

Threats

• Data privacy, cybersecurity, and ethical considerations in AI adoption.
• Shortage of trained AI healthcare professionals and domain experts.
• Regulatory delays in approval of AI-driven clinical applications.
• Resistance to new technologies from traditional providers.
• Unequal access due to cost and infrastructure disparities.

Segment / Product Wise Performance

In FY 2024–25, the Companys revenue was primarily driven by its flagship digital health platforms DocExa and MediOla, which contributed over 85% of the topline. Both platforms integrated AI-driven analytics during the year, strengthening their market adoption.

Our VODO pharma enablement platform also gained traction, particularly in AI-enabled CLM & SFA tools

Market and Outlook

The Indian digital health market is on a strong growth trajectory, expected to cross USD 12–15 billion by 2030, with AI driving the majority of new innovations. The increasing adoption of AI-assisted diagnostics, chatbots, predictive analytics, and robotic process automation in healthcare presents a major growth lever. GlobalSpace aims to capitalize on this by embedding AI deeper into its platforms, enabling healthcare providers to offer faster, more precise, and cost-effective solutions. While challenges around regulation and trust remain, our outlook for FY 2025–26 is optimistic, with a focus on scaling AI-enabled healthcare delivery both in India and global markets.

Internal Control Systems and their Adequacy

The Company has initiated process to strengthened its internal controls in FY 2024–25 by initiating deployment of ERP automation, and risk management. This would ensured higher accuracy, transparency, and timely reporting of transactions, while safeguarding assets and maintaining operational integrity.

Discussion on Financial Performance with respect to Operational Performance

FY 2024–25 marked a 47%+ growth in consolidated topline, driven by accelerated adoption of our AI- powered health-tech platforms. Strategic investments in R&D, have started showing returns in customer acquisition and recurring revenues.

The Company continues to focus on cost optimization, process automation, and expanding its AI capabilities to strengthen operational efficiency and long-term profitability.

Human Resources

Your Company has nurtured a strong talent base with expertise in both healthcare and AI technologies. In FY 2024–25, we expanded our team with data scientists, AI engineers, and healthcare domain specialists to strengthen our innovation pipeline.

We continue to foster a performance-oriented and collaborative work culture, with ongoing learning programs in AI, machine learning, and digital health systems.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, and expectations may be "forward-looking statements." Actual results may differ materially due to economic changes, regulatory shifts, technological developments, or unforeseen challenges in the healthcare ecosystem.

Key Financial Ratios:

Particulars of Ratio	March 31, 2025	March 31, 2024	Explanation
Debtors Turnover	4.91	8.63	Faster recovery of debt
Inventory Turnover	5.59	5.03	Ratio remains more or less constant
Interest Coverage Ratio	3.36	2.80	Ratio has improved due to better profitability
Current Ratio	2.87	2.22	Ratio has improved due to higher current assets
Debt Equity Ratio	0.18	0.22	Ratio has improved due to debt repayment during the year
Operating Profit Margin (%)	12.47	16.92
Net Profit Margin (%)	-6.29	-12.16	Ratio has improved due to better profitability
Return on Net worth	-4.23	-7.50	Ratio has improved due to better profitability

For and on behalf of the Board

For and on behalf of Globalspace Technologies Limited

SD/- SD/-

Mr. Krishna Murari Singh Mrs. Beauty Krishna Murari Singh

Managing Director Non-Executive Director

DIN: 03160366 DIN: 03481024

Date: August 12, 2025 Date: August 12, 2025

Place: Mumbai Place: Mumbai

ANNEXURE – IV

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry Structure and Development

The Indian healthcare technology sector continued its rapid evolution in FY 2024–25, with Artificial Intelligence (AI) at the forefront of innovation. AI-driven diagnostic tools, predictive analytics, and personalized treatment platforms are reshaping the way healthcare is delivered. From virtual health assistants to advanced imaging analysis, AI is enhancing efficiency, accuracy, and accessibility of care.

Government initiatives under the Ayushman Bharat Digital Mission (ABDM) and supportive policies for digital health infrastructure are accelerating adoption. Globally, investors and healthcare providers are collaborating with Indian health-tech firms to scale AI-enabled solutions. Despite infrastructure gaps and regulatory complexities, the strong demand for affordable and tech-enabled healthcare makes India one of the most promising markets for AI in healthcare.

• AI-powered solutions for early detection of chronic and lifestyle diseases.
• Digital therapeutics and personalized care supported by machine learning.
• Rural penetration through telemedicine + AI triage platforms.
• Integration of AI with wearables and IoT devices for preventive healthcare.
• Global partnerships and investments in health data analytics.

Threats

• Data privacy, cybersecurity, and ethical considerations in AI adoption.
• Shortage of trained AI healthcare professionals and domain experts.
• Regulatory delays in approval of AI-driven clinical applications.
• Resistance to new technologies from traditional providers.
• Unequal access due to cost and infrastructure disparities.

Segment / Product Wise Performance

In FY 2024–25, the Companys revenue was primarily driven by its flagship digital health platforms DocExa and MediOla, which contributed over 85% of the topline. Both platforms integrated AI-driven analytics during the year, strengthening their market adoption.

Our VODO pharma enablement platform also gained traction, particularly in AI-enabled CLM & SFA tools

Market and Outlook

The Indian digital health market is on a strong growth trajectory, expected to cross USD 12–15 billion by 2030, with AI driving the majority of new innovations. The increasing adoption of AI-assisted diagnostics, chatbots, predictive analytics, and robotic process automation in healthcare presents a major growth lever. GlobalSpace aims to capitalize on this by embedding AI deeper into its platforms, enabling healthcare providers to offer faster, more precise, and cost-effective solutions. While challenges around regulation and trust remain, our outlook for FY 2025–26 is optimistic, with a focus on scaling AI-enabled healthcare delivery both in India and global markets.

Internal Control Systems and their Adequacy

The Company has initiated process to strengthened its internal controls in FY 2024–25 by initiating deployment of ERP automation, and risk management. This would ensured higher accuracy, transparency, and timely reporting of transactions, while safeguarding assets and maintaining operational integrity.

Discussion on Financial Performance with respect to Operational Performance

FY 2024–25 marked a 47%+ growth in consolidated topline, driven by accelerated adoption of our AI- powered health-tech platforms. Strategic investments in R&D, have started showing returns in customer acquisition and recurring revenues.

The Company continues to focus on cost optimization, process automation, and expanding its AI capabilities to strengthen operational efficiency and long-term profitability.

Human Resources

Your Company has nurtured a strong talent base with expertise in both healthcare and AI technologies. In FY 2024–25, we expanded our team with data scientists, AI engineers, and healthcare domain specialists to strengthen our innovation pipeline.

We continue to foster a performance-oriented and collaborative work culture, with ongoing learning programs in AI, machine learning, and digital health systems.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, and expectations may be "forward-looking statements." Actual results may differ materially due to economic changes, regulatory shifts, technological developments, or unforeseen challenges in the healthcare ecosystem.

Key Financial Ratios:

Particulars of Ratio	March 31, 2025	March 31, 2024	Explanation
Debtors Turnover	4.91	8.63	Faster recovery of debt
Inventory Turnover	5.59	5.03	Ratio remains more or less constant
Interest Coverage Ratio	3.36	2.80	Ratio has improved due to better profitability
Current Ratio	2.87	2.22	Ratio has improved due to higher current assets
Debt Equity Ratio	0.18	0.22	Ratio has improved due to debt repayment during the year
Operating Profit Margin (%)	12.47	16.92
Net Profit Margin (%)	-6.29	-12.16	Ratio has improved due to better profitability
Return on Net worth	-4.23	-7.50	Ratio has improved due to better profitability

For and on behalf of the Board

For and on behalf of Globalspace Technologies Limited

SD/- SD/-

Mr. Krishna Murari Singh Mrs. Beauty Krishna Murari Singh

Managing Director Non-Executive Director

DIN: 03160366 DIN: 03481024

Date: August 12, 2025 Date: August 12, 2025

Place: Mumbai Place: Mumbai