Jetking Infotrain Ltd Management Discussions

a. Industry Structure and Developments Education Business

Indias education sector is in a critical, transition, with increasing emphasis on digital skills, vocational training, and global employability. Corporates demand expertise in cloud computing, cybersecurity, data science, and artificial intelligence (AI), with 85% of the jobs of 2030 yet to be invented. Academic institutions face structural challenges including declining enrollment, rising costs, skill gaps, and outdated exam-centric curricula. Jetking bridges this gap through industry-aligned programs, hands-on training, internships, and recruiter partnerships.

Identifying a fundamental shift that Blockchain will be at the center of future digital commerce, Jetking has established research & development into other learning solutions on bitcoin like Bitcoin GPT that enables an AI learning ecosystem in top rural languages of India. This low cost solution will help enable learning about Bitcoin technologies across India.

Blockchain Business

Globally, Bitcoin adoption has accelerated, with corporates recognizing its role as a scarce, decentralized digital asset and a treasury reserve. India is in the early stages of this shift. In 2021 Jetking launched its first programme on masters in blockchain development recognised by NSDC. Thereafter in 2022, the Company took exposure in Virtual Digital Assets cementing its position as a full stack Blockchain business. Subsequently Jetking became the first listed company in India to adopt the Bitcoin Standard, holding 15.02 BTC by March 2025 and generating a 177% BTC yield in FY25. With growing acceptance, Bitcoin is emerging as both a hedge against inflation and a driver of financial innovation. This evolution positions Jetking uniquely at the intersection of education and financial innovation.

Building on our internal strengths and identifying a strong trend in adoption of Virtual Digital Assets (VDA), we are positioned to launch a VDA consultancy and Blockchain adoption for business in Jetking

We have created a roadmap for building a Bitcoin / Blockchain Centric business to establish a framework for treasury, education, adoption as a Company (BTEAC). Over the next decade the Company is well structured to tap into these opportunities.

b. Opportunities and Threats Opportunities

Expansion of Blockchain, Metaverse, Data Science & AI programs, alongside cloud and cybersecurity.

Growth of hybrid education models with state of the art infrastructure for hands on experiential learning.

Internship-linked revenue recovery and student benefit schemes like Academic Bank of Credit (ABC).

Advisory and educational opportunities as corporates explore Bitcoin adoption.

First-mover advantage as Indias only listed Bitcoin treasury company.

Threats

• Continuous innovation in IT and digital skills may render existing curricula obsolete, requiring frequent updates and investment.

• Evolving and unclear regulations

around VDA in India may impact treasury operations and compliance costs. •Global edtech platforms with advanced technology and wider reach may intensify competition in the education segment.

• Extreme fluctuations in Bitcoin valuations can significantly affect the Companys balance sheet and earnings stability.

• Despite multi-signature cold wallets and HSM safeguards, the risk of cyberattacks, insider threats, or loss of key fragments cannot be fully eliminated.

• Insurance for digital assets remains costly and limited, with coverage often excluding certain cyber risks or exchange-related losses.

c. Segment-wise Performance

Education Segment

Revenue from operations grew 15.14% YoY to 2,177.86 lakhs.

2,630 student enrollments in Q1 2025 (+14.85% YoY).

1,226 active partner recruiters (+15.12% YoY).

2,625 job vacancies generated for students.

Strong traction in programs such as BCA in Cloud Computing & Cybersecurity, BCA in Data Science with AI, and Higher Diploma in Data Science & Artificial Intelligence.

Student-centric initiatives: Paid internships, fee recovery through earnings, and ABC Scheme for academic credit portability

Bitcoin Segment

15.02 BTC accumulated by March 2025 (up from 5.42 BTC in March 2024).

177% BTC yield in FY25, delivering Rs710.92 lakhs gains.

68% stock price growth in FY25, supported by Bitcoin treasury performance.

Transparent disclosures of BTC per share, BTC yield, and NAV strengthen investor trust.

Achieved Bitcoin per share of 254.27 Satoshis per share (grown from 91.78 in FY 2023-24)

Launched the first "BTCTC" KPI tracker https://www. jetking.org/dashboard

Outlook

Education

Jetking will continue expanding into AI and Data Science programs, complementing its core cloud and cybersecurity offerings. With a hybrid learning model, regional language content, and global operations in Vietnam, the company is positioned to address the employability challenge across Bharat and overseas.

Bitcoin

The company targets 210 BTC holdings by FY26 through a blend of operational cash flows and capital market strategies. Plans include developing Indias first Bitcoin Learning Ecosystem, conducting corporate symposiums and advancing regulatory- compliant treasury frameworks. As corporate treasuries begin to adopt Bitcoin, Jetking is uniquely positioned as Indias proxy vehicle for listed Bitcoin exposure.

d. Risks and Concerns

• Education Risks: Employability remains tied to corporate hiring cycles, which can lead to fluctuating demand for our courses. Rapid technology shifts may render curricula obsolete, requiring constant updates. Competition from global edtech platforms intensifies the need for continuous innovation and differentiation.

• Bitcoin Risks: Bitcoin is a highly volatile asset, and extreme price fluctuations can significantly impact our balance sheet and earnings. Custody and cybersecurity risks persist despite robust safeguards—loss, theft, or corruption of private keys could result in permanent loss of assets. Insurance coverage for digital assets remains limited, costly, and may exclude key risks such as cyberattacks or exchange insolvency. Regulatory uncertainty around VDA in India, coupled with evolving global oversight, adds further compliance and taxation risks.

• Hybrid Risks: The Company operates on a dualengine model—education as the core business

and Bitcoin as a treasury reserve asset. Overdependence on either segment could amplify risks: prolonged downturns in IT hiring may impact education revenues, while adverse Bitcoin market or regulatory developments could affect financial stability. The interplay of these segments requires careful balance in strategy and governance.

Mitigation includes diversified program offerings, enterprise-grade Bitcoin custody with multi-sig cold wallets, and SEBI-compliant capital strategies.

e. Internal Control Systems and Their Adequacy

1. Governance and Oversight

• The Company has established a Board- approved Treasury Policy governing acquisition and custody of Bitcoin.

• A Treasury Committee, consisting of the CFO, Management and Compliance & Accounting head oversees adherence to policies, reviews performance, and evaluates risks.

• Roles and responsibilities are clearly segregated between authorization, execution, recording, and custody to ensure checks and balances.

2. Custody and Security of Digital Assets

• Bitcoins are primarily held in multisignature cold wallets with distributed key fragments.

• Private keys are secured using Hardware Security Modules (HSMs) with access controlled via dual authorization.

• Periodic penetration testing and IT audits are conducted to validate adequacy of cybersecurity defenses.

3. Transaction Authorization and Recording

• All Bitcoin transactions require multi-level approvals:

• Initiation by Treasury Desk

• Verification by Compliance

• Final approval by CFO / Authorized Signatories

• Transactions are executed only through whitelisted wallet addresses.

• Blockchain transaction details are reconciled daily with internal records and accounting systems.

• All transactions are executed with FIU compliant exchanges with full disclosure.

4. Risk Management and Monitoring

• Price Risk: The Company follows a hedging framework (where permissible) and maintains Value-at-Risk (VaR) metrics to monitor volatility.

• Operational Risk: Dual controls, access logs, and real-time monitoring of wallet activity reduce risk of internal fraud or error.

• Counterparty Risk: Only FIU regulated exchanges and custodians with robust security certifications are engaged.

5. Compliance and Regulatory Controls

• All activities are complied and disclosed to SEBI, BSE and MCA guidelines, and IND-AS accounting standards on Virtual Digital Assets.

• Independent statutory audit and internal audit reviews are conducted annually, including blockchain audit trails.

• A whistleblower mechanism exists for reporting violations or control breaches.

6. Accounting and Financial Reporting

• Bitcoin holdings are recorded in compliance with Ind-AS accounting standards, with clear disclosure of valuation basis.

• Gains/losses from fair value changes are transparently reported in financial statements.

• Regular impairment reviews and external valuation reports ensure reliability of asset values reported in the balance sheet.

7. Education Segment Controls

• Student learning outcomes and faculty delivery are tracked through centralized Learning Management Systems (LMS) with automated dashboards.

• Uniform, Board-approved curriculum is delivered across centers with monitoring mechanisms to ensure consistency and quality.

• Training, assessment, and certification frameworks are aligned with National Skill Development Corporation (NSDC) standards for compliance and credibility.

• Regular internal audits of faculty performance, infrastructure, and student satisfaction ensure adherence to quality benchmarks.

8. Adequacy of Internal Controls

• The Internal Control Systems have been designed to be robust, risk-sensitive, and scalable, considering the inherent volatility and custodial complexities of Bitcoin.

• Independent internal auditors have assessed the controls and found them adequate and operating effectively.

• Continuous monitoring, periodic policy reviews, and integration of new security technologies ensure that the control framework remains fit-for-purpose in the evolving digital asset landscape.

f. Discussion on Financial Performance with respect

to Operational Performance

• Profit turnaround: PAT of 342.69 lakhs in

FY25, compared to a loss of 309-26 lakhs in

FY24.

• Operational revenues supported by student enrollments, recruiter tie-ups, and internship-linked recoveries.

• Bitcoin treasury gains of 710.92 lakhs provided a substantial financial boost, alongside steady education revenues.

• This dual-engine model ensures stability (education) and growth acceleration (Bitcoin).

g. Material developments in Human Resources / Industrial Relations front, including number of people employed:

During the year, Jetking continued to strengthen its Human Resources and Industrial Relations practices with a focus on talent acquisition, capability development, and retention.

• Talent Hiring: We have onboarded qualified professionals across key business and support functions, aligned with our growth and expansion plans. Our recruitment efforts remain directed towards attracting diverse, skilled, and future-ready talent.

• Talent Training & Development: Consistent with our vision of being a learning-driven organization, structured training programs, workshops, and skill enhancement initiatives were conducted. Emphasis was placed on both technical and behavioral competencies to ensure employees are well-prepared to deliver excellence and adapt to dynamic industry requirements.

• Talent Retention & Engagement: Employee engagement initiatives, recognition programs, and career growth opportunities have been reinforced to foster a culture of belonging and motivation. Our attrition levels remained within industry benchmarks, reflecting the effectiveness of these interventions.

• Industrial Relations: The Company

maintained a cordial and harmonious industrial relations climate throughout the year. There were no disruptions to operations, and relations with employees continued to be constructive and cooperative.

h. Key Financial Ratios:

In accordance with SEBI (Listing Obligations and Disclosures Requirement) (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the previous financial year) in key sector-specific financial ratios.