Globalspace Technologies Ltd Management Discussions

Industry Structure and Development

The Indian healthcare and pharmaceutical technology sector continued to evolve rapidly during FY 2025-26, driven by increasing digitisation, greater adoption of data-led decision-making and the emergence of Artificial Intelligence (AI) as an important enabler across the healthcare ecosystem.

AI is progressively finding applications across healthcare and pharmaceutical operations, including diagnostic support, predictive analytics, patient engagement, clinical workflows, physician engagement, sales-force effectiveness and management decision-making. The convergence of healthcare domain expertise, enterprise data and AI has the potential to significantly improve efficiency, accessibility and quality of healthcare delivery.

At the same time, pharmaceutical companies are increasingly adopting integrated digital platforms to improve field-force productivity, physician engagement, content delivery, sales analytics and channel management. This provides significant opportunities for companies possessing a combination of healthcare domain knowledge, proprietary technology platforms, data capabilities and enterprise relationships.

Government initiatives such as the Ayushman Bharat Digital Mission (ABDM) and the continued development of Indias digital public infrastructure are also contributing towards the creation of a more connected healthcare ecosystem.

Indias large patient population, growing healthcare expenditure, increasing smartphone and digital penetration, and demand for affordable healthcare solutions provide a favourable environment for continued innovation in Health & Pharma Tech.

However, the sector continues to face challenges relating to data privacy, interoperability, cybersecurity, regulatory frameworks, technology adoption and availability of specialised talent.

Against this backdrop, GlobalSpace is positioning itself at the intersection of Healthcare, Pharmaceutical Technology and Artificial Intelligence, with an increasing emphasis on scalable, IP-led technology solutions.

Opportunities and Threats

Opportunities

The Company believes several structural opportunities are emerging within the healthcare and pharmaceutical technology ecosystem:

• Growing adoption of AI-enabled healthcare and pharmaceutical technology solutions.
• Increasing demand for AI-assisted analytics and intelligent decision-support systems.
• Digital transformation of pharmaceutical sales forces and physician engagement.
• Growing adoption of CLM, SFA, MDM and integrated field-force technology platforms.
• Increasing use of data analytics for improving pharmaceutical commercial effectiveness.
• Opportunities to integrate AI with healthcare screening, diagnostics and preventive healthcare.
• Integration of healthcare technologies with connected devices and digital platforms.
• Increasing demand for scalable, subscription-based and managed technology services.
• Opportunities for strategic partnerships with pharmaceutical companies, healthcare institutions and technology providers.
• Potential to leverage Indias technology capabilities for international Health & Pharma Tech opportunities.

Threats

The healthcare technology industry also remains exposed to several risks and challenges:

• Increasing requirements relating to data privacy, cybersecurity and responsible use of AI.
• Rapid technological changes requiring continuous investment in product development and R&D.
• Competition from established technology companies as well as emerging Health-Tech and AI companies.
• Availability and retention of specialised AI, software and healthcare-domain talent.
• Evolving regulatory frameworks governing healthcare data and AI-enabled applications.
• Longer enterprise sales and technology adoption cycles.
• Resistance to technology adoption within certain segments of the healthcare ecosystem.
• Infrastructure and digital-access disparities across different geographic markets.
• Dependence on continued customer investment in digital transformation initiatives.

The Company continues to evaluate these risks and seeks to mitigate them through investment in technology, domain capabilities, internal processes and strategic partnerships.

Segment / Product-wise Performance

During FY 2025-26, the Companys technology business continued to be supported by its established digital platforms, including DocExa, MediOla and VODO.

DocExa and MediOla remained important contributors to the Companys business during the year and together accounted for a substantial portion of the Companys revenue. The Company continued to enhance the capabilities of these platforms with greater emphasis on analytics, automation and AI-led functionality.

VODO, the Companys pharmaceutical sales-force enablement platform, continued to strengthen its positioning within the pharmaceutical sector. The platform brings together capabilities including Closed Loop Marketing (CLM), Sales Force Automation (SFA), Mobile Device Management (MDM), digital content delivery and analytics, providing pharmaceutical organisations with an integrated technology environment for their field-force operations.

The Company is increasingly working towards integrating intelligence across these platforms rather than developing AI as an isolated technology layer.

This approach allows GlobalSpace to leverage its existing technology infrastructure, healthcare domain knowledge, enterprise relationships and industry workflows while developing the next generation of scalable AI-enabled solutions.

Strategic Investment in Artificial Intelligence

During FY 2025-26, the Company continued to make significant investments towards developing scalable Artificial Intelligence solutions for the healthcare and pharmaceutical ecosystem.

Rather than building independent AI applications, the Companys strategy is to leverage its existing digital platforms — DocExa, MediOla and VODO — as the foundation for developing an integrated AI architecture.

These platforms provide established workflows, industry-specific datasets and domain understanding across physician engagement, pharmaceutical sales operations, healthcare networks and management analytics.

The Company believes that combining these capabilities with Artificial Intelligence can create differentiated solutions capable of addressing real-world requirements across the healthcare and pharmaceutical value chain.

The development programme is intended to progressively bring together capabilities including:

• AI-enabled pharmaceutical sales and performance analytics;
• Intelligent physician engagement;
• Management decision-support systems;
• Predictive and prescriptive analytics;
• Healthcare and pharmaceutical data intelligence;
• AI-assisted field-force productivity;
• Intelligent content and engagement recommendations; and
• Healthcare ecosystem analytics.

The Companys objective is to progressively evolve these capabilities into a unified AI platform for the healthcare ecosystem.

Subject to successful development, testing and commercial readiness, the Company intends to launch the fully evolved version of this platform towards the end of FY 2026-27.

The Company believes that this initiative could represent an important step in GlobalSpaces transition towards a more scalable, recurring and intellectual-property-led business model.

Market and Outlook

The outlook for Indias Health & Pharma Tech sector remains positive, supported by continued digital adoption, increasing healthcare requirements, growing acceptance of AI and analytics, and greater investment by healthcare and pharmaceutical organisations in technology-led transformation.

The Company believes the next phase of digital healthcare will increasingly be characterised by the convergence of AI, healthcare data, enterprise software, connected medical technologies and domain-specific workflows.

GlobalSpace intends to participate in this opportunity by strengthening its existing platforms while simultaneously developing its next generation of AI-enabled healthcare solutions.

During FY 2026-27, the Companys key priorities will include:

• Scaling adoption of existing digital platforms;
• Accelerating development of the Companys integrated healthcare AI platform;
• Increasing recurring and platform-led revenues;
• Expanding relationships with pharmaceutical and healthcare organisations;
• Strengthening healthcare and pharma channel connectivity;
• Exploring AI-enabled healthcare screening and diagnostic opportunities;
• Developing strategic technology and commercial partnerships; and
• Continuing investment in proprietary intellectual property.

The Company remains optimistic about the long-term opportunity while recognising that the transition towards AI-led healthcare solutions will require continued investment, disciplined execution and successful commercial adoption.

Internal Control Systems and Their Adequacy

The Company continues to strengthen its internal control framework in line with the increasing scale and complexity of its operations.

During FY 2025-26, initiatives were undertaken towards greater ERP-led automation, process standardisation, financial controls, management reporting and risk management.

The Audit Committee and management continue to oversee the adequacy and effectiveness of internal financial controls and take appropriate corrective measures wherever required.

Discussion on Financial Performance with Respect to Operational Performance

FY 2025-26 represented a year of significant business expansion for the Company.

On a consolidated basis, the Company recorded growth of over 47% in topline revenue during the year. The growth reflected expansion across the Companys technology and healthcare-related business activities and the increasing scale of operations.

During the year, the Company continued to invest in technology development, Artificial Intelligence capabilities, product enhancement and business expansion.

The Companys strategy is to balance near-term business growth with investments required to build scalable technology platforms capable of generating sustainable and recurring revenues over the longer term.

Management continues to focus on cost optimisation, operating leverage, process automation, working-capital efficiency and improving the quality of revenues, while making selective investments in areas expected to contribute to future growth.

The Company believes that the combination of existing business growth and investment in proprietary AI-led solutions can provide a foundation for sustainable long-term value creation.

Human Resources

Human capital remains an important component of GlobalSpaces transformation into an AI-led Health & Pharma Tech organisation.

During FY 2025-26, the Company continued to strengthen capabilities across technology, Artificial Intelligence, pharmaceutical domain expertise, sales, operations and healthcare technology.

The Companys approach is to build multidisciplinary teams capable of combining technology expertise with a practical understanding of healthcare and pharmaceutical industry requirements.

GlobalSpace continues to foster a performance-oriented, entrepreneurial and collaborative work culture, while encouraging continuous learning in emerging technologies including Artificial Intelligence, machine learning, data analytics and digital healthcare.

As the Company scales its AI initiatives, attracting and retaining specialised technology and healthcare-domain talent will remain an important organisational priority.

Key Financial Ratios:

Particulars of Ratio	March 31, 2026	March 31, 2025	Explanation
Debtors Turnover	14.18	4.91	Improved mainly due to higher revenue and lower trade receivables, indicating better collection efficiency.
Inventory Turnover	16.07	5.59	Increased due to higher revenue and lower inventory, indicating better inventory management.
Interest Coverage Ratio	4.38	1.17	Improved due to higher earnings and better ability to meet interest

 

Particulars of Ratio	March 31, 2026	March 31, 2025	Explanation
Current Ratio	1.94	2.87	Decreased mainly due to a reduction in current assets during the year.
Debt Equity Ratio	0.06	0.18	Improved due to reduction in borrowings and increase in equity, indicating lower financial leverage.
Operating Profit Margin	13	12.47	Marginally improved due to better operating efficiency and cost control.
Net Profit Margin (%)	4.13	-6.29	Improved significantly as the Company moved from a net loss to a net profit.
Return on Net worth	16.43	-4.23	Improved significantly due to the increase in profitability and generation of positive returns for shareholders.

Cautionary Statement

Certain statements in this Management Discussion and Analysis Report relating to the Companys objectives, projections, estimates, expectations, strategies, outlook and anticipated results may constitute "forward-looking statements" within the meaning of applicable laws and regulations.

Actual results may differ materially from those expressed or implied due to various factors including economic conditions, changes in government policies and regulations, technological developments, competitive conditions, customer adoption, availability of skilled resources, cybersecurity risks, healthcare industry developments and other factors beyond the Companys control.

The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of subsequent developments, information or events, except as may be required under applicable laws and regulations.

For and on behalf of the Board For and on behalf of Globalspace Technologies Limited

Krishna Murari Singh Managing Director DIN:03160366

Date: August 14, 2026 Place: Mumbai

Beauty Krishna Murari Singh Non-Executive Director DIN:03481024

Date: August 14, 2026 Place: Mumbai