iStreet Network Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Change in Control and Promoter Group

During FY 2024-25, there was a significant change in the ownership and control of the Company. An Open Offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 was made, and pursuant to its successful completion, control of the Company passed to a new promoter group.

The new management team brings with it extensive experience in artificial intelligence, cybersecurity, technology strategy, digital governance, and corporate finance. This transition represents not just a change in ownership but a shift in vision, leadership, and organizational capability. The renewed focus and strategic clarity brought in by the new promoters have reinvigorated the Companys market position and stakeholder confidence.

New Management

The Company underwent a major restructuring in its leadership team during the year. Key appointments included:

Mr. Uttam Dave as Chairman and Whole-Time Director

Mr. Rakesh Rathi as Managing Director

Mr. Eric Anklesaria, Mr. Ravikant Baheti and Mr. Satish Goel as Independent Directors

Mr. Yash Maheshwari, Ms. Khyati Nahar, Ms. Rupashree Shrivastava and Mr. Padmanabhan Desikachari as Non-Executive Directors

This reconstitution reflects a commitment to professional governance and future-focused leadership. In addition to the Board, the Company has initiated the hiring of a core operational team comprising AI developers, cybersecurity experts, compliance professionals, and digital product managers.

For the Financial Year 2024-25

iStreet Network Limited has undergone a strategic transformation during the financial year 2024-25, to emerge as a future-focused enterprise rooted in Artificial Intelligence (AI), Cybersecurity, Compliance Automation, and Digital Transformation Services. The Companys vision now aligns with the evolving demands of the digital economy, offering solutions that cater to enterprises and public sector institutions seeking resilience, automation, observability, and security.

This Management Discussion and Analysis Report outlines the key developments during the year, covering industry trends, business transformation, financial performance, strategic initiatives, risks, internal controls, and the roadmap for future growth.

Industry Structure and Developments

The global technology landscape is being rapidly transformed by advancements in artificial intelligence, machine learning, data analytics, and cyber defense mechanisms. AI is increasingly being recognized as a critical enabler across sectors, from financial services to healthcare, logistics to governance. Enterprises are turning to AI and automation not merely as tools for operational efficiency, but as strategic pillars for innovation, decision-making, and scalability.

In parallel, the need for robust cybersecurity frameworks and compliance automation is growing exponentially. The proliferation of digital infrastructure, particularly in emerging economies like India, has made data security, privacy, and governance a top priority for both businesses and regulators. The Government of Indias focus on Digital India, data localization, and AI-based governance has provided a significant tailwind for technology firms operating in this space.

Recognizing these paradigm shifts, iStreet Network Limited has repositioned itself as a solutions-driven technology company operating at the intersection of AI, Cybersecurity, Compliance, and Digital Infrastructure. The Company is now focused on building and delivering products that are enterprise-grade, India-centric, and globally scalable.

Business Overview and Transformation

The financial year 2024-25 marked the beginning of a transformational phase for the Company. After a period of reduced activity caused by funding constraints, iStreet Network re-initiated its operations by introducing a suite of AI-driven and cybersecurity-focused solutions.

Among the most notable developments was the launch of HEAL, an AI-powered AIOps platform that enables predictive failure detection and autonomous self-healing of IT infrastructure. HEAL allows enterprises to automate operational workflows, reduce downtime, and minimize human intervention through causation-led insights and machine learning.

In the cybersecurity domain, the Company entered into a partnership with Cyble Inc., a global leader in cyber threat intelligence, to provide Indian organizations with real-time monitoring and threat visibility across the open, deep, and dark web. This solution is designed to detect emerging ransomware threats, credential leaks, impersonation attempts, and other digital risks in real time, thereby offering early warning signals and actionable intelligence.

The Company also introduced Optimas, an advanced Governance, Risk and Compliance (GRC) platform that provides dynamic control frameworks, live observability, real-time risk scoring, and executive dashboards. This platform simplifies compliance for highly regulated industries and automates continuous control validation processes.

Additionally, iStreet Network has integrated and marketed advanced solutions like:

ColorTokens, a software-defined segmentation tool that visualizes east-west traffic and isolates digital workloads in hybrid cloud environments, Quilr, a robust data-leak prevention system offering real-time access controls and enforcement, And Kaspersky Enterprise Suite, a globally recognized platform for comprehensive endpoint protection.

The Company also incubated IndyGen Labs, a forward-looking initiative to build sovereign, Large Language Model (LLM)-based automation solutions that enable enterprises to automate knowledge processes using AI tailored for Indian data needs.

Through these initiatives, iStreet Network has transitioned from a product-light retail model to a product-intensive, innovation-driven technology enterprise with a diverse, strategic product portfolio.

Financial Review

During the financial year 2024-25, the Company reported a significant improvement in its financial performance, reflecting the early success of its business transformation. Revenue from operations stood at Rs.603.75 lakhs, compared to nil revenue in the previous year. Other income was Rs.1.99 lakhs, resulting in a total income of Rs.605.74 lakhs.

The Company maintained strong cost controls, with total expenses of Rs.581.32 lakhs, including employee costs of Rs.4.27 lakhs and administrative and other expenses of Rs.11.05 lakhs. The Company reported a profit before tax of Rs.24.41 lakhs for the year, a turnaround from a loss of Rs.12.92 lakhs in the preceding year.

Capital and Fundraising

The equity share capital of the Company remained unchanged at Rs.852.00 lakhs during the financial year. To support its new business objectives, the Company has initiated a fresh capital-raising program. It is currently in the process of raising approximately Rs. 50 crores through a Preferential Allotment of Equity Shares and Warrants within 12 months. The funds will be utilized for:

Expanding the development and rollout of its AI and cybersecurity products,

Investing in human capital, including hiring AI engineers, security analysts, and solution architects,

Scaling its proprietary AI education platform to train professionals in emerging technologies,

Enhancing the backend technology infrastructure needed to support enterprise-scale deployments.

These investments are expected to lay the foundation for sustained revenue generation and long-term shareholder value creation.

Opportunities and Outlook

The Company sees substantial opportunities in the convergence of AI, cybersecurity, compliance automation, and data governance. With Indian enterprises under increasing pressure to secure infrastructure, comply with complex regulations, and automate their workflows, iStreet Network is well-positioned to cater to this demand with its multi-product offering.

Risks and Concerns

While the Company is optimistic about its growth prospects, it acknowledges several risks:

Technological obsolescence due to the rapid pace of innovation,

High competition from global and domestic technology firms,

Talent acquisition and retention challenges in the AI and cybersecurity domains,

Funding requirements for continued product development and go-to-market execution,

Historical perception risk due to the Companys prior classification under the GSM framework by the BSE.

The Company is proactively addressing these risks through a capital-efficient business model, strategic alliances, robust talent acquisition plans, and transparent communication with stakeholders.

Internal Control Systems

iStreet Network has implemented robust internal control systems commensurate with the nature and scale of its operations. These systems ensure reliable financial reporting, effective compliance with laws and regulations, asset protection, and operational efficiency. The internal control framework is periodically reviewed, and corrective measures are implemented as needed. The Company is also investing in technology- based compliance monitoring tools to further enhance its governance systems.

Future Strategy

The Companys strategy for the next 2-3 years includes:

• Consolidating its presence in the AI education and training market through partnerships with academic institutions and corporates,

• Expanding the deployment of its AI, cybersecurity, and compliance automation platforms across industry verticals,

• Creating intellectual property and scalable SaaS platforms based on AI observability and security analytics,

• Positioning itself as a Made-in-India alternative to global technology providers, in line with government priorities,

• Maintaining financial discipline, transparency, and stakeholder engagement throughout the growth process.

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.