GTT Data Solutions Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026

? Company Overview

GTT Data Solutions Limited (formerly known as Cinerad Communications Limited) (GTT or the Company) is a provider of end-to-end data, artificial intelligence, and workforce transformation services, and - following the integration of AntWorks during the year - an owner and licensor of proprietary intelligent document processing software. The Companys registered office is situated at Sangli, Maharashtra, and its corporate headquarters are located at Safire Park Galleria, Shivajinagar, Pune, Maharashtra.

GTT operates through a three-pillar capability model. Two pillars comprise the Companys established Dual Intelligence approach: (i) AI Solutions & Digital Engineering (AI Division) , which delivers consulting, data engineering, analytics, enterprise AI, DevOps/ITSM, ERP/CRM, and managed services; and

(ii) Human Intelligence - Training & Workforce Development (HI Division) , which designs and delivers AI/GenAI upskilling, SAP, cloud, data science, and leadership development programmes for corporate clients. During FY 2025-26, the Company added a third pillar: (iii) Product Intelligence (Product Division) , comprising Antworks CMR+ proprietary intelligent document processing (IDP) software, integrated from AntWorks and delivered to enterprise clients as the GTT Intelligent Document Suite . The Product Division differs in character from the two services pillars, as it monetises Company- owned intellectual property through licence and subscription arrangements rather than billable effort. During FY 2025-26, GTT also launched DPDPA Compliance Services , positioning the Company as an end-to-end data protection readiness partner for enterprises.

GTTs core values - Client value, Leadership by example, Integrity and transparency, Fairness, and Excellence - drive its culture and strategic decisions. The Company serves clients across BFSI, healthcare, manufacturing, retail, IT/ITES, and education verticals, with a 10-city presence in India.

? Global Economic and Technology Landscape

The global economic environment during FY 2025-26 was marked by sustained technology investment despite macroeconomic headwinds. According to Gartner (July 2026), worldwide IT spending is projected to reach USD 6.37 trillion in CY 2026, representing growth of 14.2% year-on-year - the highest rate in recent memory, driven overwhelmingly by Artificial Intelligence. Global AI spending alone is forecast at USD 2.59 trillion in CY 2026, representing 47% growth YoY (Gartner). Data centre systems and IaaS are the top-growth segments, reflecting accelerating investment in AI infrastructure, cloud platforms, and intelligent applications.

Enterprises globally are accelerating the transition from AI experimentation to operationalised intelligence

- deploying AI copilots, autonomous agents, and retrieval-augmented generation (RAG) pipelines at scale. Approximately 85% of the top 25 global IT providers operated agentic AI platforms in CY 2025 (NASSCOM Strategic Review 2025). The majority of new IT services revenue is now linked to AI-enabled outcomes - data modernisation, model integration, AI governance, and workforce change management.

? Indian Information Technology Industry - Structure and Developments

Indias technology industry grew 6.1% in FY 2025-26, reaching USD 315 billion in aggregate revenue (NASSCOM Strategic Review 2025), compared with USD 297 billion in FY 2024-25. The sector added

approximately 135,000 net new jobs in FY 2026, bringing total IT/ITES employment to approximately 5.95 million. NASSCOM describes FY 2025-26 as the year of operationalised intelligence - marking the shift from isolated AI proofs-of-concept to enterprise-wide AI integration.

AI-related services revenues within Indian IT are estimated at USD 10-12 billion in FY 2026. The India AI agents market generated approximately USD 417 million in 2025 and is projected to grow at a CAGR of 57.4% through 2033 (GrandView Research). With 59% of enterprise-scale organisations actively deploying AI in 2026, and 83% of India-based Global Capability Centres (GCCs) engaged with GenAI adoption (EY GCC Pulse Survey 2025), the market for AI services is expanding rapidly. Indias Government AI Mission has allocated USD 1.2 billion for AI infrastructure and enterprise adoption.

On the regulatory front, Indias Digital Personal Data Protection (DPDPA) Rules 2025 were notified by MeitY on 13 November 2025, operationalising the DPDPA 2023. Full enforcement - including mandatory breach notification (72-hour timeline), data principal rights, and Data Protection Board oversight - becomes effective 18 months from Rules notification (i.e., 13 May 2027). Non-compliance penalties range from

Rs.50 crore to Rs.250 crore per incident. This has triggered significant corporate demand for structured DPDPA readiness programmes, creating a large and time-bound market opportunity.

The cybersecurity, cloud modernisation, and outsourcing segments maintained healthy growth. Platform engineering, DevOps/ITSM automation, hybrid cloud, and FinOps-led cloud cost optimisation remain board priorities across large enterprises. Talent supply for specialised AI, data governance, and cybersecurity roles remains a constraint, driving wage inflation for niche skill-sets.

? GTTs Operating Model - Three Pillars (AI + HI + Product)

GTTs operating model is built on the strategic insight that sustainable enterprise AI adoption requires three things together: superior technology execution, a well-prepared and adaptable workforce, and proprietary technology which the Company owns rather than licenses from third parties. The three divisions are mutually reinforcing - the Product Division supplies owned intellectual property which the AI Division deploys in client environments, while the HI Division builds the client-side capability required to sustain both.

? AI Solutions & Digital Engineering (AI Division)

? Consulting and digital transformation strategy, data engineering (pipelines, data lakes, MDM), advanced analytics, enterprise AI deployment (LLM integration, RAG, agentic workflow design), DevOps/ITSM, ERP/CRM implementation, and managed/outsourcing services.

? Specialised capabilities in orchestrating heterogeneous data estates, integrating AI models and copilots into business processes, and building responsible, audit-ready AI systems.

? Key FY 2025-26 engagements: Titan Company (40% operational downtime reduction via AI-driven analytics), Universal Sompo (real-time data integration), SBI Card (Cloudera-based data lake), and Sanofi (Master Data Hub delivering 35% data deduplication).

? Human Intelligence - Training & Workforce Development (HI Division)

? Designs and delivers corporate upskilling across AI/GenAI, data science, cloud platforms (AWS, Azure, GCP), SAP S/4HANA, cybersecurity, and leadership for the AI era, as well as Microsoft technologies (Windows, Azure, M365, Dynamics 365), DevOps, Agile/Scrum, ITIL, quality management (ISO, Six Sigma), programming, SAP functional and technical modules, soft skills,

leadership development, and industry-specific programmes spanning manufacturing and automotive sectors - across instructor-led, virtual, and open-batch formats.

? Confirmed enterprise training clients in FY 2025-26 include Volkswagen, PwC, EY, KPIT Technologies, Atlas Copco, and Persistent Systems, reflecting GTTs strong and growing footprint with marquee Indian and global organisations.

? The HI Division is empanelled with over 50 international certification governing bodies, enabling delivery of globally recognised certifications across technology, cloud, security, quality management, project management, and Agile/DevOps domains from a single-source provider.

? In FY 2025-26, the HI Division launched a purpose-built GenAI Corporate Upskilling Webinar Series comprising eight tailored topics: (i) GenAI for Everyday Office Tools (Excel, Word, PowerPoint, Office 365 / Google Workspace); (ii) GenAI for Functional Roles (Sales, Marketing, HR); (iii) Introduction to Prompt Engineering (zero-shot, few-shot, chain-of-thought techniques);

(iv) Agentic AI - The Next Step; (v) GenAI for Research & Reports; (vi) GenAI for Presentations and Storytelling; (vii) GenAI + Compliance: Using AI Safely at Work (data privacy, company policy); and (viii) Custom Use Cases by Industry - designed for non-technical business audiences as standalone or complementary interventions alongside existing corporate training.

? Each programme is supported by a dedicated Delivery Manager and a 24x7 technical support team, ensuring seamless execution across geographies and time zones. Open batch and workshop-format training options are available, broadening access for individual learners and mid-market organisations beyond large-enterprise clients.

? International thought leadership: participation at the World HRD Congress 33rd Edition (Taj Lands End, Mumbai, 17-19 February 2025) and AI DevWorld 2025 (Dubai, December 2024).

? Product Intelligence - Intelligent Document Processing (Product Division)

? During FY 2025-26, GTT integrated AntWorks, adding a proprietary intelligent document processing platform, the intellectual property underlying it, and the product engineering organisation which supports it. The platform is offered to enterprise clients as the GTT Intelligent Document Suite, built upon the Companys Cognitive Machine Reading (CMR+) engine.

? CMR+ addresses the part of enterprise document automation which remains genuinely difficult: reading the unstructured, low-quality documents which conventional optical character recognition and template-based tools cannot process reliably - scanned and photographed pages, handwritten annexures, stamped and degraded originals, complex tables, and mixed-language content. The engine converts these into structured data in which each extracted value is traceable to its position on the source page and carries a confidence score, so that uncertain values are routed for human verification rather than published without review.

? These properties - repeatability, traceability to source, and calibrated confidence - are the operative requirements of regulated document workflows, in which an extracted value must be capable of being evidenced and reproduced, and not merely asserted. The Suite is deployed with enterprise clients in banking, insurance, and transport and logistics across North America, Asia-Pacific and India.

? The Company continued to invest in the platform during FY 2025-26, including a next-generation deterministic extraction capability designed to produce an auditable, versioned record of the data extracted from a clients document estate. The intent is to position the Suite not merely as a document-reading tool but as a verified data layer upon which an enterprises wider artificial

intelligence applications may be built - a capability which grows more valuable as generative artificial intelligence is adopted, since such systems require trustworthy, source-attributable inputs.

? DPDPA Compliance Services - New Practice (FY 2025-26)

GTT launched a full-spectrum DPDPA compliance practice during FY 2025-26, delivered through a purpose-built partner ecosystem comprising CRG Solutions, Itarium, and Alpharithm. The practice is structured across five delivery phases:

? Phase 1 - Strategy & Assessment:

DPDPA Action Workshop (C-suite engagement) and on-site data study with gap report.

? Phase 2 - Framework Design:

Control blueprints, consent governance architecture, breach management protocols, data inventory and flow mapping.

? Phase 3 - Technology Enablement:

Consent management, PII scanner, encryption, data retention/deletion tools, breach notification automation.

? Phase 4 - Implementation & Governance:

Organisation-wide rollout (45-90 days), compliance SOPs, employee training, audit playbook, DPO support.

? Phase 5 - Ongoing Support:

Continuous monitoring, audit readiness, regulatory update services, and periodic compliance reviews.

? With 650+ client relationships across BFSI, healthcare, retail, IT/ITES, and manufacturing, GTT is positioned as a trusted DPDPA compliance partner. The CRG groups client portfolio includes Axis Bank, ICICI Bank, Federal Bank, JioHotstar, SBI, Nykaa, Flipkart, Wipro, Samsung, Infosys, and Razorpay.

? GAIN - GTT AI Accelerator Network

Through GAIN (GTT AI Accelerator Network), GTT partners with a curated ecosystem of AI startups and specialized technology companies. Rather than developing every capability in-house, GAIN enables GTT to bring market-ready solutions - licensed or co-delivered - directly into client environments. Priority focus areas include: advanced AI applications, automation/agentic systems, healthcare & life sciences AI, data infrastructure/tooling, and computer vision technologies.

GAIN also provides partner startups with mentorship, joint go-to-market programmes, and access to GTTs enterprise client relationships. During FY 2025-26, the GAIN network was expanded to include new partners in AI observability, data governance tooling, and DPDPA-relevant consent management and PII scanning

- directly complementing GTTs compliance services practice.

? Opportunities and Threats Opportunities

? Indias AI services market is forecast at USD 10-12 billion in FY26 (NASSCOM) and growing rapidly. GTTs early-mover positioning in enterprise AI delivery and agentic automation represents a structural competitive advantage.

? DPDPA compliance is a large, urgent, and time-bounded market - with enforcement effective May 2027 and penalties up to Rs.250 crore, every Indian data fiduciary must invest. GTTs structured 5-phase model and technology partner ecosystem position it as a preferred partner.

? Indias Government AI Mission (USD 1.2 billion) and public sector digital transformation programmes are creating new outsourcing and AI implementation mandates.

? 83% of India-based GCCs are deploying GenAI - driving demand for specialised AI integration, data governance, and workforce upskilling partners (EY GCC Pulse Survey 2025).

? European market entry via the planned STRATIS Kft. (Hungary) acquisition opens the CEE region to GTTs AI and data engineering services, diversifying revenue geography and client base.

? Robust demand for SAP S/4HANA migration consulting and training - a direct fit for both the AI Division and HI Division.

? Growing tier-2/3 IT talent availability in India (Pune, Sangli, Hyderabad, Bengaluru) supports cost-efficient delivery scale-up.

? Enterprise demand for document-centric automation continues to expand as organisations seek to apply artificial intelligence to unstructured content. GTTs ownership of a proprietary IDP platform enables the Company to address this demand with its own intellectual property, rather than as an implementation partner for third-party software.

? The Product Division provides an internationally saleable software asset, capable of distribution through the Companys existing enterprise relationships, the GAIN partner network, and - following the proposed STRATIS Kft. transaction - European channels, without proportionate expansion of the delivery organisation.

Threats

? Intensifying competition from large IT majors (TCS, Infosys, Wipro, HCL, LTIMindtree) rapidly scaling AI-native service lines and leveraging balance sheet strength to price aggressively.

? Talent scarcity and wage inflation for specialised AI/data/cloud engineers, compressing delivery margins and increasing attrition risk.

? DPDPA compliance is a regulatory obligation for GTT itself as a data fiduciary - requiring internal investment in data governance, consent management, and breach response.

? US tariff and trade policy uncertainty affecting global IT services pricing models and client budget approval cycles.

? Currency volatility - USD and EUR exposure - given international client billings and the planned STRATIS acquisition in EUR.

? Cybersecurity risks inherent in AI-integrated enterprise environments - adversarial AI, data poisoning, and model inversion attacks - represent both a service opportunity and an operational risk.

? Regulatory complexity in international markets - EU GDPR, EU AI Act obligations, and CEE local labour regulations post-STRATIS acquisition.

? Rapid advances in general-purpose artificial intelligence models may reduce the differentiation of specialised document processing software, requiring sustained research and development expenditure to maintain the platforms competitive position.

? Competition in document automation includes global cloud platform providers offering document processing services at scale, whose distribution strength and pricing may constrain the Companys addressable pricing.

? Product revenue is, by its nature, distributed across a smaller number of larger contracts than services revenue, such that non-renewal of an individual licence may have a proportionately greater effect upon revenue in the relevant period.

? Segment-wise Performance - FY 2025-26

? AI Solutions & Digital Engineering

The AI Solutions & Digital Engineering segment remained the primary revenue driver in FY 2025-26. Enterprise clients across BFSI, healthcare, and manufacturing significantly expanded their data engineering, analytics, and enterprise AI budgets, reflecting broad industry-wide AI investment growth. Key highlights:

? Delivery of complex RAG-based and agentic AI systems for BFSI clients - integrating enterprise data estates with large language models for customer service automation, risk analytics, and regulatory reporting.

? Deepened data engineering engagements including Lakehouse architecture, data warehouse modernisation, and Master Data Management for clients in pharma and consumer goods verticals.

? Initiation of the STRATIS Kft. (Hungary) acquisition process - anticipated to add European-market AI consulting and digital engineering capabilities, with operational integration targeted for FY 2026-27.

? Expansion of DevOps/ITSM practice with new managed services contracts; growth in ERP/CRM advisory work, particularly SAP implementation and Salesforce CRM integration.

? Human Intelligence - Training & Workforce Development

The HI Division recorded notable progress in FY 2025-26. With appointment of key leaders, the division has sharpened strategic direction and programme quality. Key highlights:

? Growing enterprise demand for AI/GenAI upskilling - particularly for mid-management and delivery teams in BFSI and IT/ITES sectors seeking to operationalise AI investments. Confirmed enterprise deliveries during the year included training programmes for Volkswagen, PwC, EY, KPIT Technologies, Atlas Copco, and Persistent Systems.

? The GTT GenAI Corporate Upskilling Webinar Series - comprising eight topic-specific modules covering prompt engineering, agentic AI, GenAI for functional roles (Sales/HR/Marketing), and industry-specific use cases - was formally launched and received strong early traction from enterprise clients in BFSI, IT/ITES, and manufacturing sectors.

? SAP S/4HANA training and certification programmes saw strong uptake as enterprise clients accelerated ERP migrations.

? Cloud platform certification programmes (AWS, Azure) and cybersecurity upskilling remain in sustained demand. GTTs empanelment with over 50 international certification governing bodies

enabled single-source delivery of multi-vendor, multi-domain certification programmes, strengthening GTTs positioning as a preferred and comprehensive training partner.

? Strong brand reinforcement: participation at the World HRD Congress 33rd Edition (February 2025) and AI DevWorld 2025 (Dubai, December 2024).

? Product Intelligence - Intelligent Document Processing

The Product Division was established during FY 2025-26 following the integration of AntWorks. Key highlights:

? Integration of the product engineering, data science and client support organisation into GTT, and presentation of the platform to market as the GTT Intelligent Document Suite.

? Continued delivery under existing enterprise licences with clients in the banking, insurance and transport sectors, together with renewal and expansion discussions within the installed base.

? Commencement of cross-selling of the Suite into GTTs Indian enterprise client base, where document-intensive processes in BFSI and healthcare extend naturally from the AI Divisions existing data engineering mandates.

? DPDPA Compliance Services (New Practice)

GTT formally launched its DPDPA compliance services practice during FY 2025-26, ahead of the 13 May 2027 full-enforcement deadline. The practice recorded early traction with Phase 1 (Strategy & Assessment) engagements across BFSI, healthcare/pharma, retail/e-commerce, and IT/ITES sectors. The GTT-CRG- Itarium-Alpharithm ecosystem was deployed for technology-layer compliance tool implementations (consent management, PII scanners, data retention automation). The practices risk-scored industry framework is being adopted as a standard client engagement tool by GTTs sales teams, building a multi-phase implementation pipeline with multi-year revenue potential.

? Key Developments During FY 2025-26

? DPDPA Rules 2025 notified (13 November 2025):

Full enforcement from 13 May 2027, GTT launched its DPDPA compliance services practice in response to this regulatory development.

? AntWorks integration - Product Division established:

GTT integrated the AntWorks intelligent document processing business during FY 2025-26, adding proprietary software, the associated intellectual property, and an experienced product engineering organisation to the Company, and establishing Product Intelligence as the third pillar of the operating model.

? STRATIS Kft. acquisition initiated:

Planned acquisition of STRATIS Kft. (Hungary) to expand GTTs AI and digital transformation footprint into the European CEE market.

? GAIN ecosystem expanded - new partners in AI observability, DPDPA compliance tooling, and agentic workflow automation.

? AI DevWorld 2025 (Dubai, December 2024) - strengthening GTTs international presence and thought leadership.

? 10-city India presence maintained: Pune, Delhi, Mumbai, Sangli, Goa, Hyderabad, Bengaluru, Chennai, Kolkata, Cochin.

? Business Outlook

GTT enters FY 2026-27 with a strengthened three-pillar operating model, four active revenue-generating practices, and a clear strategic agenda. Digital transformation has become a board-level imperative across the Indian economy, and GTT is positioned to help clients implement data-first, AI-enabled strategies while building the human capabilities required to sustain their impact.

Our priorities for FY 2026-27:

? Deepen AI Solutions & Digital Engineering:

Expand enterprise AI and agentic automation pipeline; increase outcome-based and SLA-linked engagements; leverage GAIN partners for best-of-breed tooling.

? Scale the Product Division:

Expand the installed base of the GTT Intelligent Document Suite through cross-sale into the Companys enterprise client relationships and partner channels, and increase over time the proportion of Group revenue derived from licence and subscription arrangements.

? Scale DPDPA Compliance Services:

Target market leadership in DPDPA readiness ahead of the 13 May 2027 enforcement date; expand Phase 3-5 engagements for multi-year client relationships.

? Integrate STRATIS Kft. and establish European delivery:

Complete the STRATIS acquisition, establish a CEE-region delivery centre, and begin cross-selling GTTs AI and data engineering services to European clients.

? Grow the Training & Workforce Division:

Expand SAP, AI/GenAI, and cloud certification programmes; capitalise on NASSCOM data showing 135,000 net new IT jobs created in FY26 and robust enterprise demand for upskilling.

? Profitable growth:

Improve delivery utilisation, realise cross-subsidiary synergies, and drive operating leverage; expand partner-led deal origination through GAIN.

? International market expansion:

Beyond CEE, explore MENA and SEA market opportunities for AI services, leveraging the GAIN network and GTTs existing Gulf-region board presence.

? Discussion on financial performance with respect to operational performance.

The revenue and profitability performance for FY 2025-26 reflects the Companys ongoing investment phase in building new practice areas (DPDPA compliance services and European market entry), the establishment of the Product Division and continued research and development expenditure upon its platform, senior leadership additions, and GAIN ecosystem expansion. Shareholders should note that product research and development expenditure is incurred in advance of the license revenue it is intended to generate, and accordingly weighs upon reported margins. These investments are expected to drive accelerated revenue

growth in FY 2026-27 as new mandates convert to active delivery. Management is focused on improving operating leverage through better utilisation of the talent base, growth in license-based revenue, and partner- led deal origination.

? Key Financial Ratios (Standalone Basis)

As required under SEBI (LODR) Regulations, 2015, the following key financial ratios are disclosed on a standalone basis:

Ratio	Numerator	Denominator	March 31, 2026	March 31, 2025	% variance	Reason for variance
Current ratio	Current assets	Current liabilities	0.67	0.20	235%	Refer Reason 1
Debt- Equity Ratio	Total Debt (refer note 1 below)	Shareholder\u2019s Equity	0.34	0.62	- 45.28%	Refer Reason 2
Debt Service Coverage ratio	Earnings for debt service =Net profit after taxes + Non cash operating expenses (refer note 2 below)	Debt service (refer note 3 below)	- 0.72	- 0.31	133.66%	Refer Reason 3
Return on Equity ratio	Net Profits after taxes \u2013 Preference Dividend	Average Shareholder\u2019s Equity	- 0.34	- 0.29	19.95%	Refer Reason 4
Inventory Turnover ratio	Cost of goods sold	Average Inventory	NA	NA	NA	Not applicable for the business.
Trade Receivable Turnover Ratio	Net credit sales = Gross credit sales - sales return (refer note 4 below)	Average Trade Receivable	6.61	26.86	- 75.40%	Refer Reason 5

Ratio	Numerator	Denominator	March 31, 2026	March 31, 2025	% variance	Reason for variance
Trade Payable Turnover Ratio	Net credit purchases = Gross credit purchases - purchase return	Average Trade Payables	24.72	15.72	57.26%	Refer Reason 6
Net Capital Turnover Ratio	Net sales = Total sales - sales Return	Working capital = Current assets \u2013 Current liabilities	- 1.66	- 0.59	184.23%	Refer Reason 7
Net Profit ratio	Net Profit	Net sales = Total sales - sales return	- 0.98	- 1.94	- 49.74%	Refer Reason 8
Return on Capital Employed	Earnings before interest and taxes (refer note 5 below)	Capital Employed (refer note 6 below)	- 0.19	- 0.13	51.72%	Refer Reason 9
Return on Investment	Interest (Finance Income)	Average Investment

Notes:

? Total debts consists of borrowings and lease liabilities.

? Earnings available for debt services=profit for the year + depreciation, amortization and impairment

+ finance cost + provision for doubtful debts + share-based payment to employees + non-cash charges.

? Debt service = Interest + payment for lease liabilities + principal repayments.

? Credit sales = Total Revenue + opening contract assets - closing contract assets - opening deferred revenue + closing deferred revenue.

? Earnings before interest and taxes = profit before tax + finance cost - other income

? Capital Employed = Average tangible net worth + Total debt + Deferred tax.

? Average is calculated on the basis of opening and closing balances.

Reasons :

? The current ratio improved by 235% during the year, increasing from 0.20 to 0.67. The improvement was mainly driven by growth in current assets arising from higher short-term loans and advances included under other financial assets and increased cash and cash equivalent balances, resulting in enhanced short-term liquidity of the Company.

? The debt-equity ratio decreased from 0.62 as at March 31, 2025 to 0.34 as at March 31, 2026, representing a reduction of approximately 45%. The decrease was primarily attributable to a significant increase in shareholders equity during the year, which outpaced the increase in total debt. The lower debt-equity ratio reflects a strengthened capital structure, reduced leverage, and lower dependence on debt financing.

? The Debt Service Coverage Ratio decreased from (0.31) in the previous year to (0.72) during the current year, representing a change of 133.66%. The ratio remained negative primarily due to negative earnings available for debt servicing during the year. The deterioration in the ratio was mainly attributable to lower profitability and consequently lower cash accruals available to meet debt service obligations, while debt servicing commitments continued during the year

? The Return on Equity ratio changed from (0.29) in the previous year to (0.34) during the current year. The ratio remained negative primarily on account of losses incurred during the year. Despite a substantial increase in shareholders equity, the Company reported negative earnings, resulting in a negative return on equity.

? The Trade Receivables Turnover Ratio decreased by 75.40% from 26.86 in the previous year to 6.61 during the current year. The decline was primarily due to lower credit sales and/or higher average trade receivables outstanding during the year, resulting in a slower collection cycle compared to the previous year.

? The Trade Payables Turnover Ratio increased by 57.26% from 15.72 in the previous year to 24.72 during the current year. The increase was primarily driven by a reduction in average trade payables and improved payment cycles, indicating a faster settlement of trade payables during the year.

? The Net Capital Turnover Ratio changed from (0.59) in the previous year to (1.66) during the current year. The ratio remained negative as the Company continued to have negative working capital, with current liabilities exceeding current assets. The variation in the ratio was primarily due to changes in working capital levels during the year, notwithstanding the increase in current assets arising from higher short-term loans and advances and cash and cash equivalent balances.

? The Net Profit Ratio improved from (1.94) in the previous year to (0.98) during the current year, representing an improvement of 49.74%. The ratio, however, remained negative due to losses incurred during the year. The improvement was primarily attributable to a reduction in net losses and/or improved operational performance relative to net sales as compared to the previous year. This indicates that the Companys profitability position improved during the year, although it continued to report a net loss.

? The Return on Capital Employed (ROCE) changed from (0.13) in the previous year to (0.19) during the current year. The ratio remained negative due to negative EBIT during the year. The movement

in the ratio was primarily attributable to continued operating losses despite a significant increase in capital employed, resulting in negative returns on the funds invested in the business.

? Human Resources and Organizational Development

GTTs people are its most critical asset. As at March 31, 2026, the Company employed 202 full-time professionals across its offices in Pune (HQ), Delhi, Mumbai, Sangli, Goa, Hyderabad, Bengaluru, Chennai, Kolkata, and Cochin. The Company supplements its core team with specialists through its GAIN partner network and delivery partnerships.

Key HR developments during FY 2025- 26:

? Leadership strengthening:

The Company continues to be led by Mr. Gopal Patwardhan (CEO), with Mr. Govind Paliwal serving as Interim CFO and Mr. Ebrahim Nimuchwala as Company Secretary.

? Internal AI/ML and data governance upskilling programmes were delivered for delivery teams, aligning internal capability with evolving client requirements.

? Dedicated DPDPA compliance specialists were onboarded/trained, drawing on partner expertise from CRG Solutions, Itarium, and Alpharithm.

? Employee wellbeing, gender diversity, and performance-linked incentive structures remain focus areas under Board oversight.

Industrial relations remained cordial throughout the year. There were no significant labour disputes or disruptions reported.

? Internal Control Systems and Their Adequacy

The Company has an established internal control framework commensurate with its size and the nature of its operations, designed to ensure: (i) reliability and accuracy of financial reporting; (ii) compliance with applicable laws, regulations, and company policies; and (iii) safeguarding of assets and prevention of fraud.

During FY 2025-26, the internal control framework was augmented to address new risk areas, including: controls for the DPDPA compliance practice (consent management systems, data processing records, breach notification procedures); controls around international deal structuring in connection with the STRATIS Kft. acquisition; and enhanced IT general controls for AI systems used in client delivery.

Internal audits are conducted regularly by qualified internal auditors appointed by the Board. The Audit Committee reviews the adequacy and effectiveness of internal controls at every meeting and receives a quarterly internal audit report. The Statutory Auditors have opined that the Companys internal financial controls over financial reporting are adequate and effective as at March 31, 2026.

? Risks and Concerns

The Company maintains a proactive risk identification, assessment, and mitigation framework. Key risks monitored by Management and the Board during FY 2025-26 include:

? Technology risk:

Rapid evolution of AI models and agentic architectures could render current service offerings obsolete. Mitigated through continuous R&D investment and GAIN partnerships.

? Talent risk:

Acquisition and retention of specialized AI, data engineering, cloud, and DPDPA compliance talent. Mitigated through competitive compensation, internal upskilling (leveraging the HI Division), and the GAIN partner ecosystem.

? Client concentration risk:

Dependency on a concentrated set of clients or verticals. Mitigated through deliberate diversification across BFSI, healthcare, manufacturing, retail, and IT/ITES, and geographic expansion into CEE/Europe.

? Regulatory risk:

DPDPA compliance obligations applicable to GTT as a data fiduciary; EU GDPR and AI Act obligations post-STRATIS acquisition. Mitigated through DPO appointment and implementation of GTTs own DPDPA compliance practice.

? Cybersecurity risk:

Increasing digital exposure through AI-integrated environments raises risk of data breaches and adversarial AI attacks. Mitigated through security-by-design practices and periodic penetration testing.

? Foreign exchange risk:

USD and EUR revenue exposure managed through natural hedging and forward cover where applicable.

? Acquisition integration risk:

STRATIS Kft. integration carries cultural, operational, and financial integration risks. Managed through a structured post-merger integration plan and phased approach.

? Product and intellectual property risk:

The Product Division depends upon the Companys continued ownership, protection and technical advancement of its proprietary platform. Risks include infringement or misappropriation of intellectual property, competing technology which reduces the platforms differentiation, and research and development expenditure committed in advance of the revenue it is intended to generate. Mitigated through legal protection of the Companys intellectual property, a defined product roadmap under periodic Board review, and prioritization of development against validated client demand.

? Cautionary Statement

Statements in this Management Discussion and Analysis Report and in the Report of the Directors to the Shareholders, describing the Companys objectives, projections, estimates, and expectations, may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results, performances, or achievements could differ materially from those expressed or implied in such forward- looking statements. Factors that could cause or contribute to such differences include, but are not limited to, global and domestic economic conditions, changes in government regulations, tax regimes, competitive landscape, ability to attract and retain talent, and the pace of technology adoption and disruption. The

Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.

For and on behalf of the Board of Directors GTT Data Solutions Limited

(Formerly known as Cinerad Communications Limited)

Sd/-

Pankaj Ramesh Samani DIN: 06799990

Managing Director

Sd/-

Kaushal Uttam Shah DIN: 02175130

Director

Date: August 13, 2026 Place: Pune