iStreet Network Ltd Management Discussions

Market and Industry Context

The global technology industry is undergoing a fundamental transformation as Arti cial Intelligence ("AI"), Generative AI ("GenAI"), Agentic AI, cloud computing, cybersecurity, data intelligence and intelligent automation increasingly become integral to enterprise operating models.

This transformation is taking place against a backdrop of moderate global economic growth, geopolitical tensions, regional con icts, evolving trade policies and changes in global technology supply chains. While these factors may result in greater selectivity in discretionary enterprise expenditure, they are simultaneously increasing the strategic importance of technology resilience, cybersecurity, data sovereignty, automation and secure digital infrastructure.

The technology industry is therefore entering a phase in which growth is being driven by two parallel forces:

“Enterprises are investing in technology to grow and transform their businesses, while simultaneously investing in technology to protect, automate and make those businesses more resilient.”

1. GLOBAL ECONOMIC AND GEOPOLITICAL

ENVIRONMENT

The global economy continues to navigate a combination of geopolitical tensions, regional con icts, trade-policy uncertainty, in ationary pressures and changing supply-chain dynamics.

According to the International Monetary Funds ("IMF") July 2026 World Economic Outlook Update, global real GDP growth is projected at 3.0% in 2026 and 3.4% in 2027. The IMF notes that the outlook remains uneven, with the economic impact of war weighing on energy importers and vulnerable economies, while AI-driven demand is supporting countries integrated into the global technology value chain.

Global GDP Growth Forecast (%)

(Real GDP, annual percent change)	2025	2026	2027
World Output	3.5	3.0	3.4
Advanced Economies	1.9	1.7	1.8
United States	2.1	2.3	2.2
Euro Area	1.4	0.9	1.2
Germany	0.2	0.7	1.0
France	0.9	0.6	0.9
Italy	0.5	0.5	0.5
Spain	2.8	2.1	1.8
Japan	1.1	0.6	0.7
United Kingdom	1.4	1.0	1.3
Canada	1.9	1.1	1.7
Other Advanced Economies	3.0	2.8	2.3
Emerging Market and Developing Economies	m	3.8	4.5
Emerging and Developing Asia	5.6	5.0	4.8
China	5.0	4.6	4.1
India	7.7	6.4	6.7
Emerging and Developing Europe	2.0	1.9	2.1
Russia	1.0	1.1	1.1
Latin America and the Caribbean	2.4	2.4	2.7
Brazil	2.3	2.4	2.2
Mexico	0.5	1.2	1.9
Middle East and Central Asia	3.7	0.7	6.5
Saudi Arabia	4.6	1.7	5.5
Sub-Saharan Africa	4.5	4.3	4.5
Nigeria	4.0	4.1	4.3
South Africa	1.1	1.1	1.3

The current environment has important implications for technology spending. Enterprises are increasingly scrutinising discretionary investments, but technology expenditure associated with AI, cybersecurity, cloud infrastructure, automation, business resilience and regulatory compliance is increasingly viewed as strategically important.

Geopolitical developments are reshaping technology priorities

Geopolitical developments are also in uencing the structure of the global technology industry. Advanced semiconductors, computing infrastructure, data centres and AI technologies have become strategically important assets. Technology restrictions, supply-chain disruptions and increasing national focus on technology sovereignty are encouraging enterprises and governments to diversify technology ecosystems and develop greater control over critical infrastructure.

The result is a growing emphasis on:

Technology and supply-chain resilience; secure computing infrastructure; data sovereignty; AI sovereignty; cybersecurity; domestic technology capabilities; and diversi ed technology ecosystems.

Gartner has also highlighted geopolitical tensions as a factor in uencing cybersecurity priorities, while its India security research points to increasingly sophisticated AI-driven threats and regulatory requirements.

GLOBAL IT INDUSTRY

The global Information Technology ("IT") industry is entering a period of accelerated investment, with Arti cial Intelligence ("AI") emerging as a key driver of technology expenditure. Enterprises and hyperscale cloud providers are increasing investments in computing infrastructure, data centres, software and digital capabilities as AI moves from experimentation towards broader enterprise adoption.

According to Gartners February 2026 worldwide IT spending forecast, global IT spending is expected to reach approximately US$6.15 trillion in 2026, representing growth of 10.8% over 2025. Gartners forecast indicates that the expansion is being supported particularly by continued investment in AI-related hardware and software and the build-out of infrastructure required to support AI workloads.

IT Segment	2025 Spending	Growth YoY(%)	2026E Spending	Growth YoY(%)
Data Centre Systems	496,231	48.9%	653,403	31.7%
Devices	788,335	9.1%	836,417	6.1%
Software	1,249,509	11.5%	1,433,633	14.7%
IT Services	1,717,590	6.4%	1,866,856	8.7%
Communications Services	1,303,651	3.8%	1,365,184	4.7%
Overall IT Spending	5,555,316	10.3%	6,155,493	10.8%

Emergence of Enterprise AI

Arti cial Intelligence has moved rapidly from an experimental and pilot-stage technology to an increasingly important component of enterprise technology strategy. Organisations across sectors are exploring AI for automation, customer engagement, operational optimisation, risk management, cybersecurity, analytics and decision support.

The next phase of AI adoption is expected to be characterised by the transition from isolated AI applications and Generative AI experiments towards enterprise-scale, governed and production-ready AI deployments. This transition is creating demand for appropriate computing infrastructure, data foundations, application integration, security controls, governance frameworks and operational capabilities.

iStreet Network Limited is positioning itself within this emerging opportunity through its focus on operationalising AI at enterprise scale. The Company describes its platform ecosystem as covering agentic AI, AI infrastructure, data intelligence, cybersecurity, observability, resilience and governance, with the objective of enabling enterprises to move from fragmented AI initiatives towards integrated and governed AI environments.

AI Infrastructure and Enterprise Technology

The growth of AI workloads is increasing the technology requirements of enterprises. Organisations adopting AI at scale require greater computing capacity, high-performance infrastructure, secure data environments, scalable cloud and hybrid-cloud architectures, as well as appropriate monitoring and governance capabilities.

As AI becomes increasingly embedded in mission-critical business processes, the underlying infrastructure is also becoming more important. Enterprises require technology environments that can deliver not only performance and scalability but also availability, resilience, security, compliance and operational visibility.

This is creating opportunities for technology providers that can integrate infrastructure, software, data and AI capabilities into cohesive enterprise solutions. iStreets stated portfolio includes AI infrastructure, agentic AI platforms and enterprise AI solutions, with a focus on creating integrated technology environments for complex and regulated organisations.

Cybersecurity, Risk and Compliance

The increasing digitisation of businesses and the rapid adoption of cloud, AI and connected systems have simultaneously increased the complexity of cybersecurity and technology risk. Enterprises are required to protect increasingly distributed technology environments while also meeting regulatory, governance and data-protection requirements.

Cybersecurity is therefore evolving from a standalone IT function into a core component of enterprise resilience and business continuity. Organisations are increasingly seeking solutions that can provide continuous monitoring, threat detection, vulnerability management, risk prioritisation and automated response. The requirement is particularly significant in regulated sectors such as banking, financial services, insurance, healthcare and government, where technology failures, cyber incidents and regulatory non-compliance can have significant financial and reputational consequences.

iStreet has identified cybersecurity, AI-native SecOps, fraud risk management, risk-based vulnerability management and governance, risk and compliance as key areas within its technology portfolio.

Observability, AIOps and Enterprise Resilience

Modern enterprises increasingly operate complex technology environments involving legacy systems, applications, private and public clouds, distributed infrastructure and multiple technology platforms. Managing these environments through conventional monitoring tools can result in fragmented visibility and delayed identi cation of operational issues.

This has contributed to the emergence of observability and AIOps as important components of modern IT operations. Organisations are increasingly adopting technologies that can correlate data from applications, infrastructure, networks and other enterprise systems to identify anomalies, determine potential root causes and support automated remediation.

iStreets technology proposition includes full-stack observability and AIOps capabilities designed to correlate enterprise telemetry, identify anomalies, support root-cause analysis and enable automated remediation. Its observability platform is designed for hybrid and multi-cloud environments and integrates application, infrastructure and digital-experience monitoring.

Increasing Importance of Data Intelligence

The growing adoption of AI has also increased the strategic importance of enterprise data. AI systems require reliable, accessible and appropriately governed data to generate meaningful and actionable outcomes. Enterprises therefore increasingly need capabilities relating to data discovery, classi cation, governance, integration and real-time intelligence.

The industry is consequently moving from conventional data management towards decision-ready data environments, where information from multiple enterprise systems can be consolidated and transformed into actionable intelligence.

iStreets portfolio includes data intelligence capabilities, including data discovery and classification and uni ed data and insights, forming part of its broader AI-native enterprise technology ecosystem.

INDIA ECONOMIC OUTLOOK

India continues to remain among the fastest-growing major economies globally, supported by resilient domestic consumption, sustained public capital expenditure, infrastructure development and the continued formalisation and digitalisation of economic activity. The countrys expanding digital public infrastructure, deepening technology ecosystem and increasing adoption of cloud, Arti cial Intelligence ("AI") and data-driven technologies are contributing to a favourable environment for enterprise technology investment.

The medium-term economic outlook remains underpinned by the strength of domestic demand, infrastructure-led investment and supportive policy measures. At the same time, the external environment remains subject to heightened uncertainty arising from geopolitical developments, shifts in global trade policies and commodity-price volatility. These factors may influence in ation, exchange rates, supply chains and overall business sentiment. Notwithstanding these external headwinds, Indias economic fundamentals remain supported by continued infrastructure investment, nancial-system resilience, improving connectivity and a policy environment focused on strengthening productive capacity and competitiveness.

The next phase of Indias economic development will increasingly depend on productivity enhancement, technology adoption and the e icient deployment of capital and human resources. Strengthening workforce capabilities, improving logistics and physical infrastructure, enhancing manufacturing competitiveness and deepening Indias integration with global value chains will remain important structural priorities. At the same time, the continued expansion of digital infrastructure is enabling businesses and public institutions to operate with greater scale, e iciency and connectivity.

Digital transformation is consequently evolving from a technology-led initiative into a broader business and operating-model imperative. Organisations are increasingly adopting cloud platforms, AI, automation, advanced analytics and digital infrastructure to improve productivity, strengthen operational resilience, enhance customer engagement and support data-driven decision-making. The increasing digitisation of critical economic and business processes is, in turn, creating greater requirements for cybersecurity, data governance, technology resilience and regulatory compliance.

This transformation is evident across a broad range of sectors, including banking and financial services, government, telecommunications, manufacturing and technology, where organisations are progressively modernising legacy environments and adopting intelligent and automated technology architectures. The emergence of AI is further accelerating this transition, with enterprises increasingly evaluating AI not merely as a productivity tool but as a strategic capability capable of reshaping business processes, technology operations and customer experiences.

INDIA IT INDUSTRY

Indias Information Technology ("IT") industry continues to demonstrate strong structural growth, supported by resilient domestic demand, accelerating enterprise digitalisation, increasing adoption of cloud and Arti cial Intelligence ("AI"), and continued investment in modernising technology infrastructure. Against this backdrop, technology expenditure is increasingly shifting from traditional IT consumption towards AI-ready infrastructure, enterprise software, cybersecurity, data and intelligent automation.

According to Gartners November 2025 India IT Spending Forecast, total IT spending in India is expected to reach approximately US$176.4 billion in 2026, representing growth of 10.6% over 2025. Gartner expects the expansion to be supported by accelerating adoption of cloud and digital technologies, rising demand for AI infrastructure, application modernisation, cybersecurity, AI/ML, data analytics, hyper-automation and initiatives aimed at improving customer experience and operational e iciency.

India IT Spending Trend (in US$ Million)

Source: Gartner, India IT Spending Forecast, November 2025.

“AI infrastructure is emerging as a key driver of

IT Segment	2025 Spending	Growth YoY (%)	2026E Spending	Growth YoY (%)
Data Centre Systems	7,788	29.2%	9,385	20.5%
Devices	60,443	9.4%	66,442	9.9%
Software	21,032	12.1%	24,741	17.6%
IT Services	31,854	7.0%	35,383	11.1%
Communications Services	38,348	3.8%	40,414	5.4%
Overall IT Spending	159,465	8.7%	176,365	10.6%

Indias technology expenditure”

The composition of Indias IT spending growth is particularly significant. Gartner forecasts Data Centre

Systems to be the fastest-growing major IT segment in India in 2026, with spending expected to increase 20.5% to US$9.4 billion. Gartner attributes this growth primarily to increasing investment in AI infrastructure and government programmes aimed at strengthening Indias domestic AI ecosystem.

The increasing importance of AI infrastructure reflects a broader evolution in Indias technology landscape. AI adoption requires substantially greater computing capacity, data-centre infrastructure, networking, storage and associated technology services. At the same time, increasing attention to data privacy and digital sovereignty is contributing to demand for locally deployed and controlled infrastructure.

Indias position as one of the worlds largest consumer markets for digital and AI-enabled services is also attracting investment into local infrastructure. The resulting expansion of the domestic AI ecosystem is expected to support demand across the broader technology value chain.

ISTREETS DISTINCT VALUE PROPOSITION

iStreet differentiates itself by addressing one of the most significant challenges facing enterprises in the emerging AI economy: the gap between AI experimentation and AI operationalisation at scale.

While enterprises have rapidly adopted Generative AI and are increasingly evaluating Agentic AI, converting these technologies into reliable, secure and production-grade enterprise capabilities requires substantially more than access to AI models. It requires an integrated technology foundation spanning infrastructure, data, security, observability, automation, governance and compliance.

iStreet is positioned to address this requirement through an AI-native, integrated technology ecosystem designed to enable enterprises to operationalise and scale AI while maintaining control, resilience and regulatory alignment.

The iStreet AI Centre of Excellence (CoE) will serve as the strategic core of the organization, designed to architect unified AI ecosystem that transitions artificial intelligence (AI) from experimental pilots to large-scale, enterprise-grade production. It acts as a specialized engine that integrates proprietary technology, industry-specific expertise, and rigorous governance to ensure AI is a foundational element of modern infrastructure rather than just an additive tool. iStreet offers a comprehensive stack of AI capabilities designed to transform fragmented legacy systems into intelligent enterprises

AI Infrastructure: Providing the resilient, high-performance foundation (network, compute, storage) required to power large-scale AI operations.

Agentic AI Platforms: Building autonomous AI agents that can reason, act, and execute complex work flows across enterprise ecosystems.

Enterprise AI Solutions: A diverse portfolio spanning critical operational domains, including:

Data Intelligence: Uni ed layers for real-time insights.

Enterprise Security & SecOps: Predictive, autonomous defense systems.

GRC (Governance, Risk, and Compliance): Ensuring AI remains trusted and operational within legal frameworks.

Resilient Operations: AI-led self-healing systems that ensure continuous uptime. Data Lake: a centralized storage repository that holds vast amounts of structured, semi-structured, and unstructured data in its raw, native format

“iStreets distinct value proposition lies in its ability to integrate AI, infrastructure, data, cybersecurity, observability, intelligent operations and governance into a uni ed enterprise architecture. The Companys approach is designed to help organisations transition from AI experimentation to secure, governed and scalable production environments, while enabling increasingly autonomous operations without compromising resilience, auditability or control. This integrated, AI-native and governance-by-design positioning is particularly relevant to regulated and mission-critical enterprises navigating the transition towards AI-led operating models”.

Business Overview and Transformation

From Foundation to Consolidation, and Positioned for Growth

iStreet is building an ecosystem-led enterprise technology solutions business, focused on enabling organisations to adopt, integrate and operationalise emerging technologies across Artificial Intelligence ("AI"), cybersecurity, cloud, data, infrastructure, observability, automation and digital transformation.

The Companys business model is anchored around its OEM and technology partner ecosystem. By bringing together specialised technologies from multiple technology providers and combining them with solution architecture, integration, implementation and customer engagement capabilities, iStreet seeks to simplify complex technology adoption for enterprises.

FY 2025 26: The Foundation Year

The Companys principal focus during the year was to establish the building blocks required for a scalable enterprise technology business. This included developing the Companys technology and OEM ecosystem, identifying strategic technology domains, establishing relationships with relevant technology partners and building the internal capabilities required to evaluate, architect, integrate and deploy enterprise technology solutions.

The Company identified a number of technology domains with strong structural growth potential, including:

Artificial Intelligence AI Infrastructure Agentic AI

Cybersecurity Cloud Data Intelligence Observability AIOps Automation Governance

The objective during this phase was not simply to build a portfolio of technologies, but to establish the ecosystem and capabilities required to bring multiple technologies together around customer-specific requirements.

The foundation established during FY 2025 26 provides the basis for iStreets subsequent evolution from a technology-focused organisation towards a broader technology orchestration and enterprise solutions platform.

Building the Technology Ecosystem

The rapid pace of innovation across AI, cloud, cybersecurity, data and infrastructure has resulted in a highly fragmented technology landscape. Enterprises increasingly require multiple technologies to work together to address a single business requirement.

iStreets business model is designed around this market reality. The Company works with OEMs, technology partners and specialised solution providers, enabling it to access a broad portfolio of technologies without being dependent on developing every underlying technology internally.

The Companys role is to identify relevant technologies, understand their applicability, architect integrated solutions and support customers through implementation and ongoing engagement.

This ecosystem-led approach enables iStreet to provide customers with greater technology choice while helping simplify the complexity associated with evaluating and integrating multiple technology platforms.

Advancing AI Readiness

AI represents a significant emerging opportunity for the Company and is expected to become an increasingly important component of its technology ecosystem.

iStreets AI proposition is being developed through its OEM and technology-partner network across AI infrastructure, Generative AI, Agentic AI, data, cybersecurity, observability and governance.

The Companys opportunity lies in helping enterprises navigate the increasing complexity of AI adoption.

As organisations move from experimentation towards production deployment, they require more than an AI model. They require:

Infrastructure ? Data ? Security ? Integration ? Observability ? Governance

iStreet seeks to address these requirements through its ecosystem-led model, helping customers select, integrate and operationalise complementary technologies.

Financial Performance Review

Particulars	FY2026	FY2025
	( crore)	( crore)
Revenue	98.02	6.04
EBITDA	5.45	0.24
Net Pro t	4.96	0.24

Revenue scaled to 98.02 crore in FY26, up 1,523% YoY, driven by the change in management in FY2025-26 and the resultant resumption and scale-up of business operations.

FY2026 represents the foundation year under new management re-establishing operations, governance, and compliance after a prolonged dormant period, and laying the base for the AI-native transformation.

FY26 growth rates are measured against a low FY25 base; FY2026 now established as the base year, growth from FY2027 onward is expected to reflect organic scale-up of the business rather than a low-base effect.

Outlook

The technology industry is entering a period of structural transformation, driven by the convergence of Arti cial Intelligence, cloud computing, cybersecurity, data, automation and increasingly intelligent technology operations. Enterprise technology spending is expected to remain resilient as organisations increasingly prioritise investments that enhance productivity, strengthen resilience, modernise technology environments and enable AI adoption.

FY 2025 26 was the Foundation Year, during which the Company focused on establishing its technology and OEM partner ecosystem, identifying strategic technology domains and building the organisational and technical capabilities required to participate in the rapidly evolving enterprise technology market.

FY 2026 27 represents the Consolidation Year. The Companys focus during this phase is expected to be on strengthening the ecosystem, deepening relationships with OEMs and technology partners, broadening solution capabilities, enhancing integration and implementation expertise, and developing more repeatable customer engagement models. The objective is to convert the foundations established during FY 2025 26 into a more structured and scalable operating model.

The Companys ecosystem-led business model provides access to a broad range of technologies without requiring iStreet to independently develop and own the underlying technology across each domain. The Companys role is to create value through technology curation, solution architecture, integration, implementation, orchestration and customer engagement. This model provides the flexibility to respond to rapid technology evolution while enabling customers to access multiple complementary technologies through a trusted technology partner.

AI is expected to be an increasingly important component of this opportunity. As enterprises move from experimentation towards production-scale AI adoption, requirements are expanding beyond AI models to encompass AI infrastructure, data, cybersecurity, cloud, observability, governance and intelligent operations. iStreets partner and OEM ecosystem provides a foundation from which the Company can participate across these interconnected technology requirements and help customers navigate the complexity of AI adoption.

As enterprises increasingly seek trusted partners capable of navigating complex technology environments, iStreet aims to evolve from being a participant in the technology ecosystem to becoming a technology orchestrator, bringing together the right combination of OEMs, technologies and capabilities to deliver integrated outcomes for customers.

Management remains focused on building this business with strategic discipline, ecosystem strength and long-term scalability, while continuing to adapt to the rapid evolution of AI and enterprise technology.

Cautionary Statement

This report contains forward-looking statements that are based on current expectations, assumptions, and estimates. These statements are subject to risks and uncertainties, and actual results could differ materially. The Company undertakes no obligation to publicly update or revise these statements based on subsequent events or changes in circumstances.

“The foundation has been established. The consolidation phase is underway. The Company is preparing the ecosystem, capabilities and operating model required for the next phase of sustainable growth.”