The Management of Globesecure Technologies Limited presents the Management Discussion and Analysis (MD&A) of the Company for the year ended on March 31, 2025 and its outlook for the future. This outlook is based on assessment of current business environment. It may vary due to future economic and other developments both in India and Abroad.
It contains financial highlights but does not contain the complete financial statements of the Company. It should be read in conjunction with the Companys Audited Financial Statements for the year ended on March 31, 2025.
GLOBAL ECONOMY:
Growth Outlook
While in 2024, Global Cybersecurity Outlook highlighted the growing inequity in cyberspace, this year shines a light on the increasing complexity of the cyber landscape, which has profound and far-reaching implications for organizations and nations.
This complexity is driven by a series of compounding factors:
- Escalating geopolitical tensions are contributing to a more uncertain environment.
- Increased integration of and dependence on more complex supply chains is leading to a more opaque and unpredictable risk landscape.
- The rapid adoption of emerging technologies is contributing to new vulnerabilities as cybercriminals harness them effectively to achieve greater sophistication and scale.
- Simultaneously, the proliferation of regulatory requirements around the world is adding a significant compliance burden for organizations.
All of these challenges are exacerbated by a widening skills gap, making it extremely challenging to manage cyber risks effectively.
The growing complexity of cyberspace is exacerbating cyber inequity, widening the gap between large and small organizations, deepening the divide between developed and emerging economies, and expanding sectoral disparities. Some 35% of small organizations believe their cyber resilience is inadequate, a proportion that has increased sevenfold since 2022. By contrast, the share of large organizations reporting insufficient cyber resilience has nearly halved.
Supply chain vulnerabilities are emerging as the top ecosystem cyber risk
Of large organizations, 54% identified supply chain challenges as the biggest barrier to achieving cyber resilience. The increasing complexity of supply chains, coupled with a lack of visibility and oversight into the security levels of suppliers, has emerged as the leading cybersecurity risk for organizations. Key concerns include software vulnerabilities introduced by third parties and propagation of cyberattacks throughout the ecosystem.
Geopolitical tensions shape cybersecurity strategy
Nearly 60% of organizations state that geopolitical tensions have affected their cybersecurity strategy. Geopolitical turmoil has also affected the perception of risks, with one in three CEOs citing cyber espionage and loss of sensitive information/ intellectual property (IP) theft as their top concern, while 45% of cyber leaders are concerned about disruption of operations and business processes.
Generative AI is augmenting cybercriminal capabilities, contributing to an uptick in social engineering attacks
Some 72% of respondents report an increase in organizational cyber risks, with ransomware remaining a top concern. Nearly 47% of organizations cite adversarial advances powered by generative AI (GenAI) as their primary concern, enabling more sophisticated and scalable attacks. In 2024 there was a sharp increase in phishing and social engineering attacks, with 42% of organizations reporting such incidents.
INDIAN ECONOMY:
India Cyber Security Market Size & Outlook, 2024-2030
The cyber security market in India is expected to reach a projected revenue of US$ 20,482.6 million by 2030. A compound annual growth rate of 20.2% is expected of India cyber security market from 2025 to 2030.
The India cyber security market generated a revenue of USD 6,870.9 million in 2024 and is expected to reach USD 20,482.6 million by 2030.
The India market is expected to grow at a CAGR of 20% from 2025 to 2030.
In terms of segment, hardware was the largest revenue generating offering in 2024.
Services is the most lucrative offering segment registering the fastest growth during the forecast period.
Digitization and Cross integration of organizations and processes has opened more vectors through which organizations might face Cyber Attacks.
Migration to Cloud Services and incorporation of AI has made Cyber Security a Vital cog in the entire software supply chain.
With the Advent of DPDP and the government implementing stringent cybersecurity practices, the market potential is expected to grow multifold.
Regulatory bodies such as RBI, SEBI have prioritized User Privacy and Data Security. Which has greatly benefited our industry.
Cyber security market data book summary
Market revenue in 2024 | USD 6,870.9 million |
Market revenue in 2030 | USD 20,482.6 million |
Growth rate | 20% (CAGR from 2025 to 2030) |
Largest segment | Hardware |
Fastest growing segment | Services |
Historical data | 2018 - 2023 |
Base year | 2024 |
Forecast period | 2025 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Hardware, Software, Services |
Other key industry trends
In terms of revenue, India accounted for 2.8% of the global cyber security market in 2024.
Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
In Asia Pacific, India cyber security market is projected to lead the regional market in terms of revenue in 2030.
India is the fastest growing regional market in Asia Pacific and is projected to reach USD 20,482.6 million by 2030.
INDIAN IT & BPM INDUSTRY:
Introduction
With a considerable impact on the GDP and welfare of the nation, the IT & BPM sector has emerged as one of Indias most important economic drivers. Indias IT sector witnessed a 16% YoY growth in hiring in April, driven by factors such as artificial intelligence (AI) adoption, cloud modernisation, and the expansion of Global Capability Centres (GCCs). Indias first made-in- India graphics processing units (GPUs) are expected to be ready for technology demonstrations by the end of 2025. Production readiness is projected for 2029 under the Rs. 10,372 crore (US$ 1.21 billion) IndiaAI Mission.
Mid-tier Information Technology (IT) companies have reported stronger growth than their larger counterparts in FY25, demonstrating their ability to effectively navigate an uncertain macroeconomic environment. The challenge, however, remains whether they can sustain this momentum in FY26.
Indias IT exports are projected to reach Rs. 17,95,920 crore (US$ 210 billion) in FY25, with the US market recovering, European demand weakening, and a 5-6% growth anticipated in FY26, alongside the opportunities and challenges posed by generative AI.
The government has inked an agreement with Paytm (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to start-ups.
The system infrastructure software market in India is expected to reach a projected revenue of Rs. 178.0 million (US$ 20,823.6 million) by 2030. A compound annual growth rate of 9.2% is expected of India system infrastructure software market from 2023 to 2030.
In February 2025, Google inaugurated its Ananta campus in Bengaluru the companys largest campus in India and one of its largest offices globally. Spanning 1.6 million sq ft, the new campus can house over 5,000 employees.
Artificial intelligence (AI) is seen as the economic multiplier of the century, projected to inject US$ 500 billion into Indias GDP by 2025. According to a report published by Microsoft, consultancy firm Bain & Co, and industry body Internet and Mobile Association of India (IAMAI), India produces 16% of the entire worlds AI talent pool - the third highest in the world. PwC India also announced that it was planning to hire 10,000 employees in the cloud and digital technologies space over the next five years. The Union Budget 2025-26 has sanctioned Rs. 2,000 crore (US$ 232 million) to accelerate AI adoption and infrastructure development. The Union Budget 2025-26 allocates Rs. 500 crore (US$ 58 million) for a Centre of Excellence in AI for Education, aiming to enhance skills, personalize learning, and transform education. Indias IT industry is likely to hit the US$ 350 billion mark by 2026 and contribute 10% towards the countrys gross domestic product (GDP), Infomerics Ratings said in a report.
Government Initiatives
The government prioritizes cybersecurity, hyper-scale computing, AI, and blockchain. With data costs at Rs. 10/GB ($0.12/GB), India ranks among the worlds cheapest.
The Cabinet approved an allocation of over Rs. 10,300 (US$ 1.2 billion) crore for the IndiaAI Mission, marking a significant step towards bolstering Indias AI ecosystem.
Cabinet approved PLI Scheme - 2.0 for IT Hardware with a budgetary outlay of Rs. 17,000 crore (US$ 2.06 billion).
The Indian government announced a plan to build a cyber-lab for the Online Capacity Building Programme on Crime Investigation, Cyber Law, and Digital Forensics to strengthen cyber security capabilities.
The Data Security Council of India (DSCI) - National Center of Excellence for Cyber Security Technology Development (NCoE) and Chitkara University have collaborated to undertake joint programmes on cyber security and privacy.
The Indian government launched the Meghalaya Enterprise Architecture Project (MeghEA) to boost service delivery and governance in the state by leveraging digital technologies, to make Meghalaya a high-income state by 2030.
This push towards cloud services has boosted hyper-scale data centre investments, with global investments estimated to exceed US$ 200 billion annually by 2025. India has emerged as the second fastest-growing data centre market in the Asia-Pacific region, experiencing a notable 28% increase in capacity.
India is expected to gain a significant share of the global market, with the countrys investment expected to hit US$ 5 billion annually by 2025. Indias data centre market is expected to reach a value of US$ 9.96 billion by 2028 from US$ 5.42 billion in 2022, growing at a CAGR of 10.69%
By 2025-26, India is expected to have 60-65 million jobs that require digital skills, according to a Ministry of Electronics & IT report titled "Indias trillion-dollar digital opportunity."
Notes: AI - Artificial Intelligence
(Source: https://www.ibef.org/industry/information-technology-india)
BUSINESS OVERVIEW
The Company was originally incorporated as "Globesecure Technologies Private Limited" on February 9, 2016, as a private limited company under the provisions of the Companies Act, 2013 pursuant to Certificate of Incorporation issued by Registrar of Companies, Mumbai, Maharashtra. Subsequently, pursuant to shareholders resolution passed at the Extra-Ordinary General Meeting of our Company held on June 27, 2019, our Company was converted into a public limited company and consequently, the name of the Company was changed to "Globesecure Technologies Limited" and a Fresh Certificate of Incorporation consequent upon Conversion from Private Company to Public Company dated August 2, 2019 was issued by the Registrar of Companies, Mumbai, Maharashtra. The Corporate Identity Number of the Company is L72200MH2016PLC272957.
Globesecure Technologies is a digital transformation company in India with a focus on cyber security. We have executed several cyber security transformation projects, infrastructure, and digital transformation projects for various institutions and also provide similar independent services to our clients. Through our wide range of offerings across multiple verticals, we possess capabilities spanning the digital lifecycle of services ranging from consultation, architecture, solution design, and implementation, to monitoring and providing managed services.
We classify our business into the following lines of business: (i) Cyber Security, (ii) Integrated Enterprise Solutions, and (iii) Managed Services.
(i) Cyber Security:
This includes Managed Security Service, Managed Detection and Response (MDR) Services, Cloud Security Services, Data Protection Services, End Point Security, Email Security, Office 360 Security.
(ii) Integrated Enterprise Solutions:
Under our Integrated Enterprise Solutions, we design and implement Network Infrastructure within a typical data center environment. Our solutions include campus-wide LAN WAN0, Wi-Fi solutions, traditional infrastructure services such as server, storage, backup and BCP, unified communication, software defined networking (SDN), SDWAN, network transformation, and next-gen network.
(i) Managed Services:
Managed IT services, or outsourced IT, is a third-party service that provides infrastructure, IT, and other technical support to organizations.
SEGMENT WISE PERFORMANCE:
Your company has only one segment that is Cyber Security.
RISKS AND CONCERNS:
Our performance and the growth of our business are necessarily dependent on the health of the overall Indian economy. As a result, any slowdown in the Indian economy could adversely affect our business. Our results of operations and financial conditions are affected by numerous factors including the following:
General economic and business conditions in India and in the markets in which we operate and in the local, regional, and national economies;
Limited geographical reach;
Dependent on few customers;
Changes in laws and regulations relating to the sectors and industry in which we operate;
Our ability to successfully implement strategy, growth and expansion plans and technological initiatives;
The effect of wage pressures, hiring patterns and the time required to train and productively utilize new employees;
Realization of contingent liabilities;
Occurrence of environmental problems and uninsured losses;
Increased competition in industries and sector in which we operate;
Factors affecting the industry in which we operate;
Fluctuations in operating costs;
Our ability to attract and retain qualified personnel;
Our failure to keep pace with rapid changes in technology;
Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
Any adverse outcome in the legal proceedings in which we are involved;
Our ability to manage our working capital requirements;
Our dependence on major customers, and a loss or significant decrease in business from them;
Our ability to obtain, maintain or renew the statutory and regulatory licenses, permits and approvals required for our business and operations;
Our ability to accurately forecast the demand for our products, and manage our inventory;
Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
The performance of the financial markets in India and globally;
Our ability to manage risks that arise from these factors;
Conflicts of interest with affiliated companies, the promoter group and other related parties.
We have been focusing on the increasing network. With large population, increasing urbanization and disposable income, the industries in which we operate provide sustainable growth on a longer-term basis. Robust growth of emerging economies provides large opportunities to the Company. We are a well-established Company in these economies and will continue to focus on the growth, new launches and increasing network strength. In other mature economies, the market trend is changing favorably. The strategy of the company is to get higher profitability and stable cash flow generations in these markets.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
The internal control system is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. They have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transaction with proper authorization and ensuring compliance of corporate policies.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
Total Income decreased from Rs 2,501.00 Lakhs in year ended March 31, 2024 to Rs 1,692.12 Lakhs in year ended March 31, 2025 with a resultant decrease of 32.34% in year ended March 31, 2025 mainly due to decrease in the revenue from operations and other operating revenues and other income.
The increase in Employee Benefit Expenses during the year was primarily due to the Companys strategic investment in human capital, with enhanced recruitment and compensation aimed at attracting and retaining skilled professionals, strengthening service delivery, and building long- term capabilities. While this has temporarily increased costs, the Company believes such investments will yield sustainable growth, improved efficiency, and enhanced client satisfaction in the future.
HUMAN RESOURCES / INDUSTRIAL RELATIONS:
Your Company has team of qualified and dedicated personnel who have contributed to the consolidation of the operations of your Company. Your Companys industrial relations continued to be harmonious during the year under review. Your Company has succeeded in attracting and retaining key professional and intends to continue to seek fresh talents to further enhance and grow our business.
CAUTIONARY STATEMENT:
Statements in the Management Discussion and Analysis describing the Companys objectives, estimates, expectations or projections may constitute "forward looking statements", within the meaning of applicable laws and regulations. The current years outlook is Managements perception at the time of drawing this report. Actual results may differ materially from those either expressed or implied in the statement. Important factors that could influence the Companys operations include economic conditions affecting demand/supply and price conditions in the domestic and international markets, changes in the Government regulations, tax laws economic developments within the country and other factors such as litigation, industrial relations and other statutes and other incidental factors.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.