Jetking Infotrain Ltd Management Discussions

For the Financial Year ended March 31, 2026

1. The ABC of the New Era - Our Strategic Compass

Every industrial era has had its alphabet. The last two decades of Indian IT were spelt in hardware, networking and enterprise software. The Company believes the coming decade will be spelt in three letters A for ArtificialIntelligence, B for Blockchain, and C for Cyberspace. Together, these constitute what your management calls the "ABC of the New Era": the three technology forces that will define how value is created, exchanged and protected in the digital economy.

Artificial Intelligence is becoming the production engine of the digital economy writing code, personalising learning, and automating decisions. Blockchain is emerging as its trust layer the infrastructure for verifiable credentials, tokenised assets and Web3 applications. Cyberspace spanning cybersecurity, cloud, networking and immersive environments such as the metaverse is the arena in which both operate, and the one that must be built, connected and defended by skilled professionals. During the year under review, the Company took a deliberate strategic decision to orient its entire ecosystem courses, curriculum, delivery models, faculty development, industry partnerships, placements and brand around these three pillars.

This MD&A is therefore structured around the ABC framework: it examines the environment in which we operate, the opportunity each pillar represents, and how the Companys offerings, operations and finances are being aligned to capture it.

2. Industry Structure, Development and Outlook Global Economic Environment

FY 2025 26 was marked by a resilient yet increasingly uncertain global economic environment. While global economic activity continued to demonstrate resilience amid persistent trade tensions and policy uncertainty, the outlook was increasingly influenced by geopolitical developments, elevated energy prices, inflationary pressures and tighter financial conditions. In its April 2026 World Economic Outlook, the International Monetary Fund (IMF) projected global growth at 3.0% in 2026 and 3.4% in 2027, while highlighting significant downside risks arising from prolonged market volatility and uncertainty surrounding the pace of productivity gains from Artificial Intelligence a telling sign that AI has moved from the margins of economic commentary to its centre.

Indian Economy Overview

Against this backdrop, India continued to remain among the fastest-growing major economies. According to the World Banks April 2026 India Development Update, Indias economic growth accelerated to 7.6% in FY 2025 26, compared with 7.1% in FY 2024 25, while growth for FY 2026 27 is projected at 6.6%, reflecting the impact of higher energy prices and external uncertainties. The IMF similarly projects Indias real GDP growth at 6.4% for FY 2026 27, maintaining Indias position as the fastest-growing major economy globally. growth continues to be underpinned by robust infrastructure investment, increasing formalisation of the economy, rising adoption of digital technologies and government initiatives promoting innovation, manufacturing and skill development.

Most importantly for your Company, the rapid adoption of Artificial Intelligence, the expansion of the digital economy and the growing demand for technology-enabled services are strengthening Indias position as a global hub for digital talent and creating a structural, multi-year opportunity for the IT education and skill development sector.

Industry Overview - Indian Education and Digital Skills

India is home to one of the worlds largest and fastest-growing education ecosystems, encompassing school education, higher education, vocational training, professional certification and lifelong learning. Supported by a large young population, increasing digital penetration and policy initiatives such as the National Education policy (NEP) 2020, Digital India and Skill India, the sector is transforming towards technology-enabled and outcome-based learning. Industry estimates indicate that India needs approximately 30 million digitally skilled professionals, while the India Skills Report 2026 places overall graduate employability at 56.35% underlining both the scale of the demand and the persistent gap between conventional education and the practical skills employers require. It is precisely this gap that the Companys employment-oriented, ABC-aligned training model is designed to bridge.

3. Pillar A - Artificial Intelligence: The Production Engine

Artificial Intelligence is fundamentally reshaping the education landscape and the labour market simultaneously it is at once the subject we teach and the technology we teach with. AI-powered platforms can identify individual learning gaps, recommend customised learning paths and provide real-time feedback, thereby improving learning outcomes. At the same time, enterprises across every sector are seeking professionals with practical exposure to generative AI tools, large language Models (llMs), AI-assisted software development, data analytics and automation. Independent studies consistently identify the AI skills gap as Indias single largest workforce challenge of this decade.

"AI FOR ALL" - Our New Curriculum Mantra

During the year, the Company re-geared its entire course architecture under a new mantra: "AI FOR ALL." The principle is simple ArtificialIntelligence is no longer a specialisation to be offered to a few; it is a foundational literacy to be embedded for every student, in every programme, at every level. Whether a learner enrols for cloud computing, ethical hacking, blockchain or the metaverse, they will graduate with practical, hands-on AI capability woven into their course of study.

The Company believes future growth under this pillar will be driven by:

Introduction of dedicated AI-focused certification programmes.

- Integration of generative AI modules across all existing IT courses under the AI FOR All mantra.

AI-enabled virtual labs and personalised, adaptive learning systems.

- Corporate AI upskilling programmes for working professionals.

- Industry partnerships with leading technology companies.

AI-First Internal Systems

The AI transformation is equally directed inward. All of the Companys internal systems are now moving towards an AI-

First approach spanning student admissions and counselling, learning management and content delivery, assessment and feedback, placement matching, and back-office administration. By adopting for its own operations the same technologies it teaches, the Company expects to improve operational efficiency, sharpen decision-making with data, enhance the experience, and lend credibility to its classroom promise: an institution that runs on AI is best placed to teach it.

Future Course Outlook - AI and Data Centre Management looking ahead, the future outlook for the Companys course portfolio will encompass the full spectrum of emerging AI technologies generative AI, agentic AI systems, machine learning operations and applied data science together with Data Centre Management, a discipline gaining national importance as India builds out the data centre and AI-compute infrastructure that the digital economy and sovereign AI ambitions demand. The Company sees the convergence of AI skills and data centre infrastructure skills as a natural extension of its heritage in hardware and networking education, and intends to develop programmes that prepare students to build, operate and optimise the physical backbone of the AI era.

4. Pillar B - Blockchain: The Trust Layer

Blockchain and distributed-ledger technologies are moving beyond cryptocurrency into the mainstream of finance, supply chains, government services and digital credentialing. Indias Web3 and blockchain talent pool, while among the largest globally, remains far short of enterprise demand, and blockchain-related roles continue to rank among the fastest-growing "new-collar" jobs in the country. Verifiable digital credentials themselves a blockchain application are also expected to reshape how educational achievement is certified and trusted by employers.

The Jetking Diploma in Blockchain anchors this pillar. During the year, the Company continued to strengthen the programme with practical exposure to smart contracts, decentralised applications and tokenised-economy concepts, and sees meaningful headroom to grow enrolments as enterprise adoption widens. The Company also continues to evaluate the use of blockchain-based certification for its own credentials, aligning what we teach with how we operate.

Bitcoin Treasury - The Blockchain Pillar on Our Balance Sheet

The Companys conviction in the blockchain pillar is not confined to the classroom it extends to the balance sheet. In December 2024, your Company became the first publicly listed company in India to adopt bitcoin as its primary treasury reserve asset, a pioneering decision consistent with its identity as an institution that teaches the technologies of the new era by living them.

The Company continued its programme of disciplined bitcoin accumulation through FY 2025 26. Following the preferential issue undertaken during the year, the Company acquired approximately 6 additional BTC in May 2025, taking aggregate treasury holdings to 26.22 BTC and continued to add to its position through the year in line with its stated accumulation strategy.

The Company maintains a publicly accessible, real-time view of its bitcoin treasury at www.jetking.org/dashboard, reflectingits commitment to transparency with shareholders on this asset.

While the regulatory framework governing Virtual Digital Assets (VDAs) in India is still unfolding, the Company remains a long-term holder of the asset. Management views bitcoin as a scarce, decentralised digital reserve asset whose long-term value proposition is strengthened not diminished by the very forces of digitalisation this MD&A describes. The Company does not trade its position; it accumulates and holds, and its treasury policy is reviewed periodically by the Board in light of regulatory developments, tax treatment and market conditions.

The BSE Listing Matter

Shareholders should be aware of a regulatory development connected to the treasury strategy. BSE Limited declined (in September 2025) to grant listing approval for approximately 3,96,156 equity shares allotted under the Companys FY 2025 26 preferential issue (aggregating to approximately Rs. 610.08 Lakhs), on the ground that the issue proceeds were deployed into

VDAs prior to the amendment of the main objects clause of the Companys Memorandum of Association, which was effected on July 7, 2025. Subsequent to the year end, the Securities Appellate Tribunal (SAT), by its order of May 8, 2026, upheld BSEs decision. The affected shares consequently remain unlisted. The Company is evaluating the implications of the order.

The Company respects the regulatory process and has since aligned its constitutional documents, disclosures and internal approvals with the requirements applicable to VDA investments. Management believes the matter concerns the sequencing of corporate approvals rather than the merit of the treasury strategy itself, and remains committed to full compliance as Indias regulatory architecture for digital assets matures. The financial statements and notes thereto describe the accounting treatment and carrying value of the bitcoin holdings.

5. Pillar C - Cyberspace: The Arena to Build and Defend

Cyberspace is where the digital economy lives the networks, cloud platforms, security perimeters and immersive environments through which business is now conducted. As India digitalises, the demand for professionals who can build, connect and defend this arena is outpacing supply: industry assessments estimate close to 3 million unfilled cybersecurity positions in India, while cloud andnetworkinfrastructurerolesremaininstructuraldeficit.The emergence of immersive environments such as the metaverse adds a further frontier of skill demand.

This pillar is the Companys traditional stronghold, and its offerings here are the most mature: the Jetking Diploma in Cloud Computing, Jetking Masters in Cloud Computing, Jetking Diploma in Ethical Hacking and Jetking Diploma in Metaverse together span the full arc of cyberspace skills from infrastructure and cloud operations to offensive security and immersive technologies. The Companys decades of experience in networking and hardware education give it a distinctive right to win in this space.

6. Company Overview - Aligning Everything to ABC

The Company offers training programmes in information technology, networking, cloud computing, cybersecurity, hardware and infrastructure management, and other emerging digital technologies. It differentiates itself through an industry-aligned curriculum, a practical learning methodology, and a strong focus on enhancing student employability through structured career development and placement support.

Recognising the ABC shift, the Company is strategically aligning its academic offerings to incorporate AI-enabled learning, industry-relevant certifications and future-ready technology programmes, while strengthening its learning ecosystem through curriculum enhancement, faculty development, digital delivery platforms and collaborations with industry partners.

Course Portfolio, Mapped to the ABC Pillars

Programme	Primary Pillar	ABC-Era Skills Delivered
Jetking Diploma in Cloud Computing	C (with A)	Cloud infrastructure, AI-assisted operations
Jetking Diploma in Ethical Hacking	C	Offensive security, cyber defence
Jetking Masters in Cloud Computing	C (with A)	Advanced cloud architecture, automation
Jetking Diploma in Blockchain	B	Smart contracts, Web3, digital trust
Jetking Diploma in Metaverse	C (with B)	Immersive environments, virtual economies

The first three programmes today contribute 81% of all enrolments, while the newer ABC-era courses contribute 19%. The Company is seeing a healthy and growing contribution from its new courses early evidence that the ABC pivot is resonating with students.

7. Career Development and Job Placement

Enhancing student employability continues to be a key focus area. Through its dedicated career development and placement initiatives, the Company provides comprehensive placement support to eligible students who successfully complete their training programmes and meet the prescribed placement criteria. The placement ecosystem is supported by long-standing relationships with employers across the IT infrastructure, networking, cloud computing, cybersecurity and emerging technology sectors the very sectors at the heart of the ABC economy.

In addition to technical training, students receive career guidance, soft-skills development, resume-building assistance, aptitude training and interview preparation. By continuously aligning its curriculum with evolving industry requirements and maintaining strong engagement with recruiters, the Company seeks to enhance employment opportunities for its students while strengthening its reputation as an industry-focused IT training institution.

8. Business Strengths

Future-Ready, ABC-Aligned Courses

The Company continuously enhances its course portfolio to align with the ABC of the New Era ArtificialIntelligence, blockchain, and the technologies of cyberspace including cloud computing, cybersecurity, data analytics and automation. Through regular curriculum updates, practical training and industry-relevant certifications, the Company equips students with future-ready skills that enhance employability in the evolving digital economy.

Expanding Business Reach

The Company continues to strengthen its market presence through a combination of training centres, digital learning platforms and strategic partnerships. By expanding its geographical footprint, enhancing collaborations with educational institutions and industry partners, and adopting hybrid learning models, the Company seeks to improve access to quality IT education and reach a broader learner base.

Driving Innovation

Innovation remains a key pillar of the growth strategy. The Company continues to invest in curriculum modernisation, technology-enabled learning, digital infrastructure, faculty development and emerging technology programmes to deliver an engaging, industry-aligned learning experience and create sustainable long-term value for students, industry partners and shareholders.

9. Financial and Operational Highlights

During the Financial Year under review, the Company earned Total Income of Rs. 2,635.72 Lakhs as against Rs. 2,816.24 Lakhs in the previous year, and a Net profit/(loss) after Tax of Rs. (134.36) Lakhs as against Rs. 342.69 Lakhs in the previous year. The operational performance of the Company is reflected in the product-wise performance covered above. The years subdued profitability reflects, in significant measure, deliberate investment through the p&l in the ABC portfolio transition development, AI-enabled delivery infrastructure and faculty capability which the management views as the foundation for the next growth cycle.

Revenue from Operations

Revenue of Jetking aggregated to Rs. 2,222.07 lakhs in FY 2025-26 as compared to Rs. 2,177.86 lakhs in the comparative year.

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA)

EBITDA aggregated to Rs. 119.93 lakhs in FY 2025 26 against Rs. 644.99 lakhs in FY 2024 25.

Profit/(Loss) before Tax (PBT)

PBT aggregated to Rs. (122.16) lakhs in FY 2025 26 against Rs. 385.00 lakhs in FY 2024 25.

Profit/(Loss) after Tax (PAT)

PAT aggregated to Rs. (134.36) lakhs in FY 2025 26 against Rs. 342.69 lakhs in FY 2024 25.

Earnings per Share (EPS)

EPS for FY 2025-26 was Rs. (2.15) per share compared to Rs. 5.80 in FY 2024-25.

10. Key Financial Ratios

In accordance with the SEBI (listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, 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.

Particulars (Ratio)	FY ended March 31, 2026	FY ended March 31, 2025	Details of significant change ( 25%) and reason
Debtors Turnover	12.76	12.67	Increase in accounts receivable and increase in revenue from operations.
Inventory Turnover	2.00	NA	NA
Interest Coverage	5.97	8.02	Decrease in sundry balances written back and bad debts net of expected credit loss; also increase in unrealised gain on fair valuation of investments.
Current Ratio	0.84	1.00	Decrease in trade receivables, cash and bank balances; working capital loan repaid by subsidiary/associate company.
Debt-Equity Ratio	0.02	0.01	Increase due to term loan availed in the current year.
Operating profit Margin	(0.13)	(0.12)	Decrease in margin due to increase in operational expenses and employee benefit expenses.
Net profit Ratio	(0.06)	0.16	loss in the current year againstprofitinthe year . previous
Return on Net Worth	(0.01)	0.08	loss in the current year againstprofitinthe . year previous

11. Human Resources / Industrial Relations Talent Hiring, Training and Retention

The Company operates in a high-touch service segment where talent is one of its most important investments. Your Company operates at a strength of 137 employees, with more than 300 additional stakeholders in the wider Jetking ecosystem. During the year, particular emphasis was placed on faculty development in AI, blockchain and cybersecurity domains, so that the people who deliver the ABC curriculum are themselves ahead of it. Attrition stood at approximately 16%, lower than the industry benchmark a reflection of the Companys engagement-led culture.

12. Internal Control Systems and Their Adequacy

The Company has in place adequate internal control systems and processes commensurate with the size, scale and nature of its business operations. The internal control framework is designed to ensure the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information. The internal control systems are periodically reviewed management and are supported by appropriate policies, procedures and processes. The Company continuously endeavours to strengthen its internal control framework in line with the changing business environment and applicable statutory and regulatory requirements. The section on internal control systems forming part of the Boards Report discusses their adequacy in further detail.

13. Risks and Concerns

The principal risks to the Companys ABC-era strategy include: the pace of technology change outrunning curriculum refresh cycles; intensifying competition from online learning platforms and university programmes; dependence on placement outcomes for brand strength; cybersecurity risks inherent in operating digital learning infrastructure; and macroeconomic softness affecting discretionary education spending. In relation to the bitcoin treasury, the Company is additionally exposed to the price volatility of the asset, evolving and presently unsettled Indian regulation and taxation of Virtual Digital Assets, custody and security risks, and the listing matter described in Section 4. The Company mitigates these through continuous curriculum modernisation, industry partnerships, a hybrid delivery model, investments in information security, institutional-grade custody arrangements, a long-term holding posture that avoids trading exposure, and a diversified course portfolio across the three ABC pillars.

14. OPPORTUNITIES AND THREATS Opportunities

The Company operates in the education and skill development sector, which continues to present significant driven by the increasing demand for technology-oriented education and industry-relevant skills. The rapid adoption of emerging technologies such as Artificial Intelligence, blockchain, cybersecurity, cloud computing and other digital technologies provides opportunities for the Company to expand and enhance its training and education offerings.

The growing emphasis on digital literacy, employability, upskilling and reskilling, particularly among students and young professionals, is expected to support demand for specialised technology education and skill development programmes. The evolving technology landscape also provides opportunities for the Company to develop new courses, adopt innovative learning methodologies and leverage digital platforms to reach a wider student base.

Threats

The Company operates in a competitive and rapidly evolving industry and may face challenges arising from increasing competition from traditional educational institutions, specialised training providers and digital learning platforms. Changes in student preferences, learning patterns and demand for specific technology skills may also require the Company to continuously adapt its courses, delivery models and training methodologies.

The Company may also be exposed to risks arising from rapid technological advancements, including developments in Artificial

Intelligence and other emerging technologies, which may render existing courses or skill sets less relevant and require continuous investment in curriculum development, technology and skilled resources.

Changes in economic conditions, government policies, taxation and regulatory requirements, including the evolving regulatory and tax framework, may impact the business environment in which the Company operates. Cybersecurity threats, data privacy concerns, availability and retention of qualified trainers and other skilled resources, and other factors beyond the Companys control may also affect its operations and growth prospects.

The Company continues to monitor these developments and seeks to respond to changing market conditions through appropriate business strategies, technology adoption, curriculum enhancement and operational measures.

15. Cautionary Statement

The statements contained in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations, plans, strategies or outlook may constitute forward-looking statements within the meaning of applicable laws and regulations. These statements are based on assumptions and expectations that the Company believes to be reasonable at the time of preparation; however, actual results may differ materially due to various risks and uncertainties, including changes in economic conditions, government policies and regulations developments in the education and skill development sector, technological advancements including in Artificial Intelligence competitive intensity, changing industry and student preferences, availability of skilled resources, cybersecurity risks, and other factors beyond the Companys control. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as may be required under applicable laws and regulations.

Sources

International Monetary Fund (IMF) World Economic Outlook (April 2026 / July 2026 Update): https://www.imf.org/en/ publications/WEO

World Bank India Development Update (April 2026): https://www.worldbank.org

Reserve Bank of India (RBI) Annual Report 2025 26: https://www.rbi.org.in

Ministry of Statistics and programme Implementation (MoSpI) National Accounts Statistics: https://mospi.gov.in

India Brand Equity Foundation (IBEF) Education & Training Industry in India: https://www.ibef.org/industry/education-presentation

Ministry of Education National Education policy (NEp) 2020: https://www.education.gov.in/nep

Wheebox / CII India Skills Report 2026 (graduate employability 56.35%)

NASSCOM (industry estimate) requirement of 30 million digitally skilled professionals

DSCI Indian Cyber Security Skilling landscape 2025 26 (cybersecurity talent gap): https://www.dsci.in

Jetking Bitcoin Treasury Dashboard (real-time holdings): https://www.jetking.org/dashboard

BitcoinTreasuries.net / Bitbo Jetking Infotrain ltd. bitcoin holdings tracker

Securities Appellate Tribunal order dated May 8, 2026, and BSE communication on listing of preferential allotment shares (as reported)