Ironwood Education Ltd Management Discussions

Economic Landscape and Growth Drivers

The global economy demonstrated resilience during CY 2026, supported by moderating inflation, gradual monetary policy normalisation, resilient domestic demand, and sustained investments in digital infrastructure,

Artificial Intelligence (AI), and technology-led innovation. Nevertheless, geopolitical tensions, evolving trade dynamics, elevated energy prices, and supply chain disruptions continue to influence the global economic outlook, with global growth projected at approximately 3.1% in CY 2026. India is expected to remain one of the fastest-growing major economies, with the Reserve Bank of India projecting GDP growth of 6.6% for FY 2026-27. Strong domestic consumption, continued public infrastructure spending, supportive policy initiatives, rapid urbanization, and increasing digital adoption are expected to remain key drivers of economic growth. At the same time, global macroeconomic uncertainties, inflationary pressures, climate-related risks, and fluctuations in commodity prices continue to pose challenges across industries.

Real Estate Sector Overview

The real estate sector is a key contributor to economic growth and encompasses residential, commercial, industrial, retail, and infrastructure-related developments. The sector is driven by urbanisation, population growth, rising household incomes, infrastructure development and increasing demand for housing and commercial spaces. Policy initiatives such as the Real Estate (Regulation and Development) Act (RERA), digitisation of land records, improved ease of doing business, and enhanced transparency have strengthened investor confidence and supported long-term sectoral growth. Residential real estate remained resilient during CY 2025, supported by healthy end-user demand, premium housing preferences, and disciplined supply. Commercial real estate also maintained positive momentum, driven by office leasing, Global Capability Centres (GCCs), flexible workspaces, and continued institutional investments.

Growing infrastructure connectivity, Government initiatives, demand for quality housing, commercial properties and urban expansion are expected to provide sustained opportunities across residential, commercial, logistics, mixed-use developments will continue to support long-term growth.

The real estate industry is one of the significant economy and plays an important role in employment generation, infrastructure development and overall economic growth. The sector broadly comprises residential, commercial, retail, industrial, warehousing and hospitality along with allied activities such as property management, construction and real estate services.

Education Sector Overview

Indias education sector continues to emerge as a key pillar of the countrys long-term socio-economic development, supported by favourable demographics, rising aspirations, increasing investments in quality education, and technology-enabled learning. Government initiatives, including the National Education Policy (NEP) 2020, digital learning platforms, skill development programmes, and greater emphasis on employability and innovation, are reshaping the education ecosystem. Increasing demand for quality educational institutions, professional education, and integrated learning solutions presents significant opportunities for established education providers. The continued adoption of digital technologies, blended learning models, and outcome-oriented education is expected to enhance accessibility, improve learning experiences, and strengthen the sectors long-term growth prospects.

Sports Management courses are designed to develop professional skills required for managing sports organizations, events, teams, athletes and related business operations. The curriculum generally covers areas such as sports event management, sports marketing and sponsorship, athlete management, sports media and communication, sports business, facility management and sports entrepreneurship. Such programmes provide students with practical exposure and prepare them for careers in sports leagues, federations, clubs, event companies, sports marketing agencies and allied industries. Vocational Training in Event Management focuses on practical, industry-oriented skills in event planning, production, logistics, budgeting, marketing and on-ground execution. The training provides hands-on experience and industry exposure, preparing students for careers in corporate events, exhibitions, conferences, entertainment and experiential marketing.

Industry Outlook, Emerging Opportunities and Key Risks

The outlook for both the real estate and education sectors remains positive, supported by Indias strong economic fundamentals, favourable demographics, policy reforms, urbanization, and rising income levels. In the real estate sector, continued investments in infrastructure, affordable housing initiatives, REITs, smart cities, and sustainable development are expected to support long-term demand across residential, commercial, industrial, and logistics segments. Simultaneously, the education sector is expected to benefit from increasing enrolments, greater private sector participation, expanding digital education, skill development initiatives, and growing demand for high-quality educational infrastructure.

The Companys diversified and education enables it to leverage opportunities arising from both sectors while maintaining a balanced business portfolio. However, both industries continue to operate in an evolving environment characterized by regulatory changes, financing and liquidity considerations, inflationary pressures, rising input and operating costs, talent availability, technological advancements, and increasing stakeholder expectations regarding sustainability, governance, and service quality. The Company remains focused on prudent risk management, operational excellence, innovation, and long-term value creation, while continuing to strengthen its competitive position across both business verticals.

Opportunities

The Company operates in the educationsectors ofandthe Indian real estate & construction sectors, both of which present significant long-term growth opportunities driven by favourable demographic trends, urbanization, policy support and evolving market requirements. In the education segment, increasing emphasis on quality education, professional and vocational learning, digital transformation, industry-oriented curriculum, and capacity enhancement continues to create opportunities for institutions capable of delivering value-driven educational services. The growing adoption of technology-enabled learning platforms, coupled with increasing awareness regarding skill development and employability, is expected to further augment the sectors growth prospects. The Company aims to expand its presence through strategic partnerships with leading educational institutions, universities and industry players. The growing acceptance of careers in the media, entertainment, sports and allied sectors is expected to support sustained demand for the Companys vocational and professional programmes.

In the real estate and construction segment, sustained investments in growth infrastructure, increasing urban migration, rising aspirations for quality residential and commercial spaces, and various Government initiatives aimed at improving housing availability and infrastructure development continue to support long-term demand. Regulatory reforms have enhanced transparency and accountability within the sector, thereby fostering greater investor and consumer confidence. to identifying prudent investment opportunities, enhancing operational efficiencies, adopting sustainable construction practices wherever feasible, and leveraging its experience across both business segments to create long-term value for its stakeholders.

Threats

The Company operates in industries that are influencedby multiple external and internal factors, many of which are beyond its control. The education sector is characterised by increasing competition, evolving regulatory and accreditation requirements, changing pedagogical methodologies, rapid technological advancements, shifting student preferences, and the growing need for continuous investment in academic infrastructure, faculty development and digital capabilities. The Companys ability to maintain academic excellence and adapt to these evolving dynamics remains critical to its sustained growth. The Company seeks to address these challenges through experienced management, industry-oriented training and continuous improvement in line with industry requirements.

The real estate and construction business is inherently cyclical and is exposed to fluctuations in macroeconomic conditions, interest rates, liquidity in the financial system, inflationary pressures, volatility in the prices and availability of construction materials, labour shortages, environmental and statutory compliances, and delays in obtaining regulatory approvals or project execution. Demand in the sector is also influenced by consumer confidence, financing availability and prevailing market sentiment. Further, geopolitical developments, global economic uncertainties and supply chain disruptions may have an indirect impact on project costs and execution timelines.

The Company recognizes these challenges and has established appropriate systems for continuous monitoring of business risks. Through prudent financial management, effective internal controls, disciplined project execution, regulatory compliance, periodic review of business strategies and a strong governance framework, the Company endeavours to mitigate potential risks while remaining well-positioned to capitalize on emerging opportunities across its business verticals.

About Ironwood Education Limited

Your Company with its promoters and the management team, brings a strong background and experience in real estate development and allied services. Our journey began with the promoter group, having varied and rich experience in real estate development and fund management coming together on the Ironwood platform to build a robust and forward-looking real estate development business. By combining discipline, structured processes, and deep market insights, we create meticulously planned projects that meet the evolving needs of communities. The Company remains committed to excellence, innovation, and sustainable growth, delivering value for stakeholders and building lasting impact across all our ventures, blending decades of expertise in education services and skill development with the development business.

Your Company is also pioneered in sports management education in India. The Company presently offers Bachelors Programmes in association with Mumbai University and Homi Bhabha State University. The Company equips students with the professional skills and proficiency have meaningful careers within the sports industry & be a driving force behind its success. At Ironwood, nurturing talent and investing in grassroots and excellence, we can collectively propel students towards sporting excellence like never before. We also believe that by bridging the gap between sports and education, we can flair the true potential and help students to embrace a sporting culture where every individual, irrespective of their background can excel.

Segment-wise Performance The Company remains committed

In accordance with Ind AS 108 - Operating Segments, the Group has identified its operating segments based on the nature of its business activities and the manner in which the operations are reviewed and managed by the management. During the year under review, the Group operated primarily through its Education and Real Estate segments, which have been identified as its reportable operating segments.

Subsidiaries in India and overseas

Trio Infrastructure Private Limited, a wholly owned subsidiary of the Company, continued to make steady progress in the execution of its affordable residential project at Vasai East. Construction of Phase I is progressing as planned, with structural work on one tower nearing completion and the second tower advancing as per schedule. During the year, the project also received all requisite approvals for construction up to the 28th floor of both towers, enabling the Company to undertake sales of the additional inventory. The project has witnessed encouraging customer response, and the Company remains confident of further improving sales momentum with the launch of the second tower while maintaining timely project execution.

The operations of EMDI (Overseas) FZ LLC, the overseas subsidiary, were adversely impacted by geopolitical developments and related uncertainties, resulting in deferment of the June 2026 intake and refunds of programme fees to affected students. This adversely affected the subsidiarys operational performance and financial position. Accordingly, the Management is evaluating strategic alternatives in the best interests of stakeholders, including, subject to applicable laws, regulatory approvals and necessary consents, the discontinuation of operations and voluntary closure and deregistration of the subsidiary in the UAE.

Outlook

The outlook for the Indian real estate sector remains positive, supported by urbanization, infrastructure development, rising demand for residential and commercial properties, and favourable government initiatives. The Company expects continued opportunities in development and redevelopment projects, with a focus on strategic partnerships and prudent project execution.

In line with the expectation from students and industry at large, in India the Company is focusing on association with colleges/institutions/universities to offer government recognized degree programs at undergraduate and post graduate levels in sports, media, entertainment and related areas. This model has received good response.

Risk

The education and vocational training sector are subject to risks arising from intense competition, changes in government policies and regulatory requirements, evolving student preferences, availability of qualified faculty and trainers, and changes in demand for industry-oriented courses. The Company also faces risks relating to student enrolment, retention and fee collections, as well as the need to continuously update its programmes in line with changing industry requirements and emerging technologies. The Company seeks to mitigate these risks through industry partnerships,necessary to continuous curriculum enhancement, quality faculty and greater focus on employability-oriented programmes.

The real estate sector is exposed to risks arising from fluctuations in property prices, interest rates, availability and cost of finance, regulatory changes, project execution, market demand and general economic conditions. Changes in government policies, approvals, construction costs and customer sentiment may also impact the performance of the sector. The Company seeks to mitigate these risks through prudent project evaluation, appropriate due diligence, monitoring of project execution and costs, and maintaining a balanced approach towards investments and development opportunities.

Social Responsibility

The Company recognizes its responsibility towards society and the communities in which it operates. Through its education and real estate businesses, the Company seeks to contribute positively to society by promoting skill development, employability and career opportunities through industry-oriented education, while undertaking responsible real estate development with due emphasis on sustainability, efficient resource utilization, safety and regulatory compliance. The Company remains committed to ethical and responsible business practices and creating long-term value for its stakeholders and surrounding communities.

Material Changes and Commitment affecting the Financial Position of the Company

There have been no material changes and commitments affecting the financial position of the Company which occurred between 31^st March, 2026 and the date of this report other than those disclosed in this report.

Internal Control Systems

The Company has appointed a firm of

Auditors to review and report on internal controls system. The report of the Internal Auditors is reviewed by the Audit Committee. The Audit Committee formulates a detailed plan to the Internal Auditors for the year and the same is reviewed at the Audit Committee meetings. The Internal Auditors submit their recommendations to the Audit Committee and provides road map for future action.

The Company recognizes the importance of internal controls and has suitable internal control systems and processes in place for the smooth conduct of the business. Companys internal controls are commensurate with its size and nature of its business. The management continuously reviews the internal control systems and procedures to ensure orderly and efficient conduct of business. The management duly considers and takes appropriate action on the recommendations made by the statutory auditors and independent Audit Committee.

Human Resources and Human Capital

The Company recognises its employees as an important contributor to its continued growth and operational effectiveness. During the financial year, the Company continued to focus on building a capable and committed workforce aligned with its business requirements and growth objectives.

As at March 31, 2026, the Company had 16 employees, as compared to 12 employees as at March 31, 2025, representing an increase of approximately 33.33% during the year. The increase in employee strength was undertaken to support the Companys evolving business requirements and strengthen its operational capabilities.

The Company continues to focus on attracting and retaining competent personnel, enhancing employee capabilities and fostering a professional and conducive work environment. The Management places emphasis on employee development, performance and accountability, while encouraging effective collaboration and adherence to the Companys values and business objectives.

The Company maintained cordial employee relations during the year. It continues to endeavour to provide a fair, safe and supportive workplace and to provide employees with appropriate opportunities for professional development in line with the Companys requirements.

The Company believes that continued investment in its people and capabilities will support its operational resilience and long-term growth.

Discussion on Financial Performance with respect to Operational Performance

The financial performance of the year ending March 31, 2026 reflects the steps that have been initiated to become a more focused company, moving into areas where we have huge opportunities and greater long-term potential.

The authorized share capital of the Company is Rs. 18,00,00,000/- divided into 1,80,00,000 equity shares of Rs. 10/- each. The paid-up share capital of the Company is Rs. 16,78,06,260/- divided into 1,67,80,626 equity shares of par value of Rs. 10/- each.

Highlights of the Companys standalone financial performance are as under:

		(Rs. in thousand)
Particulars	2025-26	2024-25
Revenues	30,230.28	22,295.73
PBDIT	2,680.15	(95,426.41)
PBT and Exceptional Items AccountantsasInternal	(3,763.70)	(7,708.23)
PBT	(3,911.56)	(1,02,780.27)
PAT	(3,895.74)	(1,02,896.49)
EPS :- Basic	(0.25)	(12.00)
Diluted	(0.25)	(12.00)

Forward Looking Statement

This Annual Report contains certain statements relating to the Companys future outlook, business strategies, operational performance, financial position, growth prospects and other anticipated developments. These forward-looking statements are based on the Companys current assumptions, estimates and expectations regarding the prevailing business, economic, regulatory and market environment.

Such statements are inherently subject to risks and uncertainties, and actual results may differ materially due to changes in economic conditions, government policies, industry trends, market dynamics, competition, resource availability, regulatory developments and other factors, many of which are beyond the Companys control.

The statements reflectthe Companys views as of the date of this Report.

While the Company believes the underlying assumptions are reasonable, no assurance can be given regarding their accuracy. Readers are therefore advised to exercise due caution and not place undue reliance on such statements. The Company assumes no obligation to update or revise these statements, except as required under applicable laws or regulations.

Disclosure of Accounting Treatments

The Financial Statements are prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) (as amended) as prescribed under Section 133 of the Act.

Key Financial Ratios (Basis Consolidated Financial Statements)

In accordance with SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, the Company is required to give details of significant changes (Change of 25% or more as compared to the immediately previous financial year) in key sector specific financial ratios.

Sr. No.	Ratios	2026	2025	Definition	Explanation
1	Trade Receivables Turnover	1.58	0.21	Revenue From Operations/Average Trade Receivables	The increase in the ratio is primarily attributable to a significant revenue from operations during the year, while average trade receivables remained relatively stable.
2	Inventory Turnover	1.00	0.11	COGS / Average Inventory	The increase in the ratio is primarily attributable to an increase in the cost of services rendered and a reduction in average inventory during the year.
3	Interest Coverage Ratio	4.25	(1.27)	Profit before exceptional items, interestThe significant increase in the ratio is primarily
				and tax/Interest Expenses	attributable to the improvement in operating profitability during the year, resulting in positive earnings before interest, tax and exceptional items as compared to the previous year.
4	Current Ratio	2.45	1.40	Current Assets/Current Liabilities	The increase in the ratio is primarily attributable to a significant reduction in current liabilities during the year, while current assets remained at a relatively higher level.
5	Net Debt- Equity Ratio	1.25	0.76	Debt/Shareholders Equity	The increase in the ratio is primarily attributable to an increase in borrowings during the year, partially offset by an increase in shareholders equity.
6	Operating Profit Margin	0.38	0.51	Operating Profit/Revenue from OperationsThe increase in the ratio is primarily
					attributable to a significant increase in revenue from operations and improvement in operating profitability during the year.
7	EBITDA %	17.17	6.19	EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)/Revenue (Total sales or operating revenue)*100	The increase in EBITDA margin is primarily attributable to the significant revenue from operations and improved operating performance during the year.
8	Net Profit	0.07	(1.87)	Net Profit/Total Income	The increase in the ratio is primarily attributable to the Company recording a profit during the current financial year as compared to a loss in the previous financial year.
9	Return on Net Worth	0.13	(0.47)	Net Profit/Shareholders Equity	The increase in the ratio is primarily attributable
					to the Company recording a profit during the
					current financial year as compared to a loss
					in the previous financial year, resulting in
					positive returns on shareholders equity.

Net Profit Margin & Return on Net Worth ratios have improved and are positive during the current financial year, as the Company has recorded a profit during the year as compared to a loss in the previous financial year.