ANNEXURE-IV
The Management of KAIROSOFT AI SOLUTIONS LIMITED (Formerly Known as Pankaj Piyush Trade and Investment Limited) in its Analysis Report has highlighted the performance and outlook of the Company in order to comply with the requirement of Corporate Governance as laid down in SEBI Listing Regulations, 2015. However, investors and readers are cautioned that this discussion contains certain forward-looking statements that involve risk and uncertainties.
A. Industry Structure and Development Financial Year 2026: A Glance
Artificial Intelligence (AI) continued to emerge as a key driver of Indias digital transformation, accelerating innovation, economic growth, and inclusive development. Through initiatives such as the IndiaAI Mission and the Centres of Excellence for AI, the Government strengthened access to AI infrastructure, research, and innovation while fostering a vibrant startup ecosystem. AI adoption expanded across sectors including healthcare, agriculture, education, manufacturing, financial services, and governance, improving service delivery, productivity, and citizen outcomes. Backed by a strong STEM talent pool, robust digital infrastructure, and progressive policy support, India further strengthened its position as a leading global AI hub, advancing the vision of Viksit Bharat 2047.
Key Highlights
1. India secured 3rd position globally in AI competitiveness in Stanford Universitys 2025 Global AI Vibrancy Tool, reflecting significant progress in AI talent, research, innovation, infrastructure, investment, and governance.
2. The technology and AI ecosystem employs over 6 million professionals, supported by 1,800+ Global Capability Centres (GCCs), including 500+ AI-focused GCCs.
3. Indias startup ecosystem grew to around 1.8 lakh startups, with nearly 89% of new startups launched during the year integrating AI into their products or services.
4. India achieved a score of 2.45 out of 4 on the NASSCOM AI Adoption Index, with 87% of enterprises actively deploying AI solutions across business operations.
5. AI adoption remained strongest in industrial and automotive, consumer goods and retail, banking, financial services and insurance (BFSI), and healthcare, together accounting for around 60% of AIs total value creation.
6. According to a recent BCG survey, 26% of Indian companies have achieved AI maturity at scale, demonstrating steady progress in enterprise-wide AI adoption.
India AI Mission
The India AI Mission, approved by the Union Cabinet under the leadership of the Honble Prime Minister on 7 March 2024, is a landmark initiative to build a comprehensive and inclusive AI ecosystem in India. It focuses on seven strategic pillars: Compute Capacity, Innovation Centre, Datasets Platform, Application Development Initiative, Future Skills, Startup Financing, and Safe & Trusted AI. With a total outlay of ^10,371.92 crore over five years, the mission aims to advance responsible AI innovation aligned with national priorities.
As of 30 December 2025, Indias national compute capacity has crossed 38,000 GPUs, laying a strong foundation for AI-led research and development.
India is poised to lead the global economy once again, with the International Monetary Fund (IMF) projecting it to remain the fastest growing major economy over the next two years. Indias economy continues to grow at a steady and confident pace, standing out as the fastest growing major economy in the world.
Other Key Government and Policy Push
The Government of India continued to strengthen the countrys AI ecosystem through a range of strategic initiatives focused on research, innovation, skilling, and digital inclusion. Three Centres of Excellence (CoEs) for AI in Healthcare, Agriculture, and Sustainable Cities were operationalised, with a fourth for Education announced in Budget 2025, alongside five National Centres of Excellence for Skilling. The AI Competency Framework was introduced to build AI capabilities among government officials and support AI-enabled governance. Indigenous AI innovation was further advanced through initiatives such as Sarvam AIs Sovereign
Large Language Model (LLM] ecosystem for public services, the AI-powered Bhashini platform enabling multilingual digital access across 20 Indian languages, and BharatGen AI, Indias first government-funded multilingual multimodal LLM supporting 22 Indian languages. Collectively, these initiatives are accelerating AI adoption, strengthening digital public infrastructure, and fostering an inclusive, innovation-driven AI ecosystem.
Source: https://www.pib.gov.in/PressRelease SOME MAJOR EVENTS OF FY. 2025-26
Fiscal year 2025-26 was defined by a fragile global economic recovery navigating aggressive U.S. tariff shifts, escalating Middle East geopolitical conflict impacting energy transit in the Strait of Hormuz, stalled disinflation pushing global inflation near 4.7%, and central banks splitting between easing and holding
Interest Rates and Monetary Policy
Major advanced and emerging central banks took split paths; the U.S. Federal Reserve stabilized rates around 3.5%-3.75%, while the Reserve Bank of India held its repo rate steady at 5.50% following earlier cuts to balance domestic Growth.
Inflation around the Globe
The broad global cooling trend plateaued, with IMF projections revising headline global inflation upward to 4.7% due to rising commodity and energy costs While the U.S. and Europe grappled with sticky price pressures and higher food/utility costs, India achieved a sharp localized moderation in headline CPI before minor seasonal upticks. China experienced persistent domestic demand-driven deflationary conditions
Trade & Tariffs
The return of aggressive U.S. trade policies introduced high baseline effective tariff rates (averaging near 19%- 25% on key partners including reciprocal and penal duties on Asian and European merchandise Global trade volumes experienced short-term front-loading distortions as corporations rushed shipments ahead of anticipated tariff walls, elevating structural supply-chain uncertainties.
Geopolitical and Climate Impacts
Direct hostilities and security friction around the Strait of Hormuz restricted hydrocarbon flows, causing massive Brent crude volatility (surging over 38% through the period] and feeding secondary global cost pressures.
India Artificial Intelligence Industry
The India artificial intelligence market size was valued at USD 1,597.28 Million in 2025 and is projected to reach USD 13,245.65 Million by 2034, growing at a compound annual growth rate of26.50% from 2026-2034.
Key Takeaways and Insights:
- By Type: Narrow/weak artificial intelligence dominates the market with a share of 88% in 2025, driven by its specialized task-specific capabilities enabling rapid deployment and cost-effective productivity improvements across diverse industries.
- By Offering: Software leads the market with a share of 50% in 2025, owing to increasing enterprise demand for AI-powered platforms and applications enabling scalable, customizable intelligent automation solutions across organizations.
- By Technology: Machine learning represents the largest segment with a market share of 39% in 2025, driven by its versatile applicability across predictive analytics, pattern recognition, and data-driven decision-making across industries.
- By System: Intelligence systems dominate the market with a share of 35% in 2025, owing to growing adoption of autonomous decision-making frameworks integrating multiple AI capabilities for comprehensive real-time enterprise automation.
- By End-Use Industry: Healthcare represents the largest segment with a market share of 18% in 2025, driven by rising adoption of AI-powered diagnostics, drug discovery, patient monitoring, and precision medicine applications.
- By Region: North India leads the market with a share of 30% in 2025, driven by concentration of leading
technology hubs, robust digital infrastructure, and strong government policy support.
- Key Players: The India artificial intelligence market exhibits a dynamic and evolving competitive landscape, with established technology providers competing alongside emerging startups across diverse application segments. Market participants are focused on continuous product innovation, strategic partnerships, and expanding service portfolios to strengthen positioning.
Who We Are and What We DoRs
The Company is engaged to carry on the activity of investment, invest the capital and other amounts of money of the Company in the purchase or upon the security of shares, stocks, units, debentures, debenture-stock, bonds, mortgages, obligation and securities issued or guaranteed by any company, corporation or undertaking, whether incorporated or otherwise, and where-so ever constituted or carrying on business and to buy, sell or otherwise deal in, shares, stocks, debentures, debenture-stock, bonds, notes mortgages, obligation and other securities issued or guaranteed by any government, sovereign ruler, commissioners, trust municipal, local or other authority or body in India or abroad. Company is also involved in wholesale trading business of fabrics and garments.
Further we are in business of designing, developing, licensing, maintaining, and supporting Artificial Intelligence (AI) powered software solutions in India and elsewhere in the world and undertake research and development in the field of Aland machine learning for the purpose of creating innovative software solutions, provide consultancy services related to Al implementation, integration, and applica-tion across various industries, acquire, hold, sell, lease, or otherwise deal in intellectual property rights related to Al software solutions.
B. Opportunities and Threats
Opportunities
Accelerating Digital Transformation and Enterprise Adoption
Indias rapid digital transformation is accelerating AI adoption across sectors such as healthcare, manufacturing, finance, retail, and logistics, driving automation, innovation, and improved service delivery. Rising internet penetration, expanding smartphone usage, and growing digital transactions are generating vast data resources that are strengthening AI development and deployment.
Supportive Government Policies and National AI Strategy
The Government of Indias proactive policies, investments, and institutional initiatives are strengthening the countrys AI ecosystem by promoting research, innovation, and public-private collaboration. Focused support for AI skilling, Centres of Excellence, startups, and AI-enabled governance is accelerating technology adoption and market growth.
Expanding Talent Pool and Growing Research Ecosystem
Indias large STEM workforce and expanding AI talent pool are strengthening the countrys capabilities in AI research, development, and innovation. Continued investments in upskilling and academic-industry collaboration are helping address skill gaps and support the growing adoption of AI and Generative AI across sectors.
Threats
Data Privacy and Regulatory Uncertainties
The evolving regulatory landscape surrounding data privacy and AI governance presents a notable restraint for market participants. Uncertainty regarding data protection frameworks, cross-border data transfer rules, and AI-specific regulations can create compliance complexities that slow enterprise adoption. Organizations face challenges in navigating varied regulatory expectations across different sectors and jurisdictions, which can increase operational costs and delay deployment timelines for AI-driven solutions.
Infrastructure and Computational Resource Gaps
Despite significant progress in digital infrastructure development, gaps in high-performance computing resources, reliable connectivity in semi-urban and rural areas, and affordable cloud computing access continue to constrain the scalability of AI deployment. Many small and medium-sized enterprises face difficulties in accessing the computational power and storage capabilities required for training and running sophisticated AI
models, limiting their ability to fully leverage AI capabilities.
Shortage of Specialized AI Talent
While India possesses a large overall technology workforce, the availability of highly specialized AI professionals with deep expertise in advanced ML, deep learning architectures, and domain-specific AI applications remains limited relative to demand. The intense competition for experienced AI researchers, data scientists, and AI engineers drives up talent acquisition costs and can impede the pace of innovation and deployment, particularly for smaller enterprises and organizations outside major technology hubs.
Competitive Landscape:
The India artificial intelligence market features a diverse and rapidly evolving competitive landscape characterized by the participation of global technology providers, domestic enterprises, and a vibrant ecosystem of startups and research-driven organizations. Market participants are pursuing growth through continuous investment in research and development, strategic collaborations, and the expansion of sector-specific AI solutions. The competitive environment is shaped by differentiation strategies centered on technological innovation, domain expertise, and the ability to deliver scalable, customized solutions tailored to the unique requirements of Indian industries.
Risks and opportunities are fundamental and interconnected dimensions of every corporate endeavour. At your Company, the Board of Directors and executive management remain committed to making informed and proactive decisions that safeguard stakeholder interests and support sustainable growth.
To that end, the Company has implemented a comprehensive Risk Management Policy, overseen by the Audit Committee. This Committee includes senior departmental leadership and convenes at regular intervals to:
- Systematically identify and assess risk exposures across operations
- Develop robust mitigation strategies
- Ensure effective implementation and continuous monitoring of controls
This structured framework enables the Company to respond dynamically to evolving risks while leveraging strategic opportunities in alignment with corporate objectives.
The Company is primarily exposed to technological risk, market risk, interest rate risk, and credit risk. However, its adherence to prudent financial and risk management practices over the years has enabled it to effectively navigate typical industry risk variables. These include macroeconomic cycles, volatility in equity markets, and fluctuations in interest rates.
Backed by its extensive operational experience and unwavering focus on strong business fundamentals, the Company remains confident in its ability to enhance performance and deliver long-term value to its stakeholders.
C. Segment-wise Performance
In the Fiscal year ending on March 31, 2026, the companys operations were categorized into distinct segments to provide a com-prehensive view of its financial performance and resource allocation. These segments include Trading Shares and Securities and the Financing of Loans.
Overall, the total revenue for the company during the financial year ended 31 st March, 2026 was Rs 4,51,10,310 with a net loss of (42,54,330) after taxes. Total assets amounted to Rs. 40,502,752 while total liabilities were Rs 94,96,13. The total capital employed for the entire company was Rs 39,553,139. The breakdown offers insight into the companys financial performance, highlighting the varying contributions and financial health of each operational segment.
D. Outlook
Fiscal 2025-26 : A Growth Recap
Indias economy remained resilient during fiscal 2025-26, with real GDP growth of 7.7% and Gross Value Added (GVA) growth of 7.9%, supported by strong domestic demand despite global economic uncertainties. Private consumption grew 7.7%, driven by higher disposable incomes, tax incentives, and robust retail activity, while gross fixed capital formation increased 8.2%, reflecting sustained public investment.
External trade remained stable, with exports and imports growing 6.3% and 5.6%, respectively, during the year,
despite geopolitical disruptions and global trade uncertainties. While the merchandise trade deficit widened, strong services exports and remittance inflows helped maintain external sector resilience, with India retaining its position as the worlds eighth-largest services exporter in 2025.
Fiscal 2026 to 2027: Seven headwinds shaping Indias economic outlook
- External headwinds such as geopolitical tensions, capital outflows, and currency depreciation are expected to influence Indias growth trajectory in FY 2026-27.
- Capital flow volatility and a weaker rupee, driven by global uncertainties and higher oil prices, remain key macroeconomic risks, although improved investor sentiment may provide some stability.
- Inflationary pressures from rising commodity prices, currency depreciation, and weather-related risks (including El Nino] could push inflation higher despite government support measures.
- Fiscal pressures may persist due to increased subsidy expenditure and lower customs revenue, though capital expenditure is expected to remain a priority.
- Global trade and monetary uncertainties, including delays in the India-US trade agreement and tight global financial conditions, may affect exports and investment.
- Growth outlook: India is expected to witness moderate growth in the first half of FY 2026-27, with momentum strengthening in the second half on the back of festive demand, easing geopolitical tensions, and improving trade prospects. Under Deloittes optimistic scenario, GDP growth is projected at 6.5-6.8%, with growth expected to exceed 7% in the following fiscal year.
E. Risks and Concerns
The Dynamic Market in which we operate expose us to various risks. Despite a dynamic and often volatile global environment - characterized by geopolitical tensions, persistent inflation, and contraction in IT spending - the Companys resilient foundation, underpinned by agile and forward-looking strategies, continues to safeguard our employees, partners, and clients.
Over the past year, we encountered significant disruption driven by rapid technological advancements. In response, we strengthened our risk management architecture. This proactive approach enabled us to pre-empt obsolescence risks, streamline operations, and meet evolving regulatory requirements with confidence and composure.
- Economic & Geopolitical Risk
As an AI-driven enterprise, the Companys operations and performance are inherently influenced by the prevailing economic landscape - both domestic and global. Factors such as economic slowdowns, shifts in global financial markets, and geopolitical disruptions have a material impact on business momentum and strategic decision-making.
Given the industrys reliance on dynamic technological investment and global partnerships, the Company remains vigilant in tracking macroeconomic trends and geopolitical developments to proactively mitigate risks and adapt its business strategy ac-cordingly.
Inflation, rising interest rates, and geopolitical disruptions can adversely affect business prospects, client spending, and overall revenue growth.
- Technological and Cybersecurity Risk
The Company maintains a vigilant approach to technology risk management, with periodic reviews covering critical areas including data privacy and protection, identity theft, cybersecurity threats, data leakage, access control, and business continuity. Dedicated systems, tools, and protocols have been deployed to proactively monitor and respond to suspicious activities and potential vulnerabilities.
Cybersecurity breaches and data privacy issues, including those related to Al and Generative Al (Gen Al], can lead to severe reper-cussions, including regulatory fines, legal liabilities, and damage to the companys reputation.
- Operational Risks
High attrition rates, workforce instability, and productivity challenges, pose significant threats. Over the years, the Company has maintained a strong commitment to identifying and mitigating reputational risks, recognizing the potential impact of adverse events on its market position and stakeholder trust.
All incidents with the potential to harm the Companys reputation are managed with utmost diligence, adhering
strictly to relevant legal and regulatory frameworks.
- Compliance Risks
Failure to comply with shifting regulations across multiple jurisdictions could result in penalties, loss of business, exclusion from
markets, reputational harm, and legal consequences.
As a participant in the markets, we are subject to extensive regulation under the Securities and Exchange Board of India (SEBI), multiple exchanges, and other regulatory bodies. The costs and uncertainty related to complying with such regulations continue to increase.
Despite our best efforts to comply with all the applicable regulations, there are a number of risks, particularly in areas where applicable regulations or laws may be unclear or where regulators could revise their previous guidelines.
Additionally, some legal/regulatory frameworks provide for the imposition of fines and penalties for noncompliance even though the non-compliance was unintentional or inadvertent and even though the systems and processes reasonably designed to prevent violations were in place, such a finding can affect our business, and damage our reputation.
Risk Management
At KAIROSOFT AI SOLUTIONS LIMITED, risk management is a cornerstone of our strategic planning and decision-making processes. We have instituted a comprehensive and resilient risk management framework that enables us to systematically identify, assess, and mitigate risks across our operations.
Risk management is seamlessly embedded into all facets of our business, ensuring an optimal balance between risk and return, while upholding sound financial governance. Adherence to all applicable laws, regulations, and compliance standards remains a critical pri-ority, reinforcing our commitment to ethical and accountable practices.
A strong, organization-wide risk culture underpins this framework, promoting a holistic and forward-looking approach to risk identifica-tion and control. The Audit Committee plays a pivotal role in overseeing this function, conducting regular reviews of risk management policies and remaining informed about risk exposures, potential impacts, and mitigation strategies.
We remain steadfast in our proactive and vigilant approach, ensuring the long-term security, resilience, and stability of our operations in alignment with stakeholder interests and corporate objectives.
F. Internal Control Systems and their Adequacy
Your Company prioritizes maintaining robust internal control systems to ensure operational efficiency and integrity. To that end, your Company emphasizes the principles of integrity, accountability, and ethical behavior, with the Management setting the tone for this approach.
The internal control systems are designed to safeguard the Companys assets and ensure efficient productivity at all levels. The systems are adequate for the size of the business and the industry in which it operates. Well-defined processes, guidelines, and procedures and adequate internal information systems enable the Company to enhance internal controls.
The Companys internal control system is designed to ensure management efficiency, measurability and verifiability, reliability of accounting and management information, compliance with all applicable laws and regulations, and the protection of the Companys assets. This is to timely identify and manage the Companys operational, compliance-related, economic and financial risks.
G. Financial Performance
The Companys financial performance during the Financial Year ending 31 st March, 2026 was notably impacted by heightened volatility in the Indian financial markets, resulting in significant fluctuations that adversely affected revenue generation. Despite these external challenges, the Company demonstrated resilience, maintaining strategic focus on enhancing digital capabilities and operational agility.
The key financial metrics and performance indicators for the period under review are outlined below, offering a comprehensive view of the Companys fiscal health and progress.
| Year Ended (in Rs.000) | March 2026 | March 2025 |
| Income from operations | 34,036.15 | - |
| Other income | 11,074.16 | 17,718.25 |
| Total income | 45,110.31 | 17718.25 |
| Total expenditure | 49312.65 | 49610.20 |
| Profit after tax | (4254.22) | (23,926.35) |
| Net profit for the period | (4254.22) | (23,926.35) |
| Earnings Per Share | (3.60) | (20.23) |
| Income from operations Income from operations for the fiscal year ending in March 2026 reached Rs 3,40,36,150/- compared to Rs. 0 in the previous year (March 2025). Total income Total income, including other income, amounted to Rs 4,51,10,310/- for March 2026, compared to Rs. Rs. 1,77,18,250/- in the previous year (March 2025). Total expenditure Total expenditure for March 2026 was Rs. 4,93,12,650/- for March 2025, compared to Rs. Rs. 4,96,10,200/- in the previous year (March 2025) Profit after tax The company reported a Net loss of Rs. 42,54,330 in March 2026 compared to Rs. Rs. 2,32,96,350/- in in the previous year (March 2025) Net profit for the period Sr. No. | Ratios | March 2026 | March 2025 | Reason for the Variation |
| 1 | Debtors turnover ratio (Credit Sales or income/ Average receivables) | Nil | Nil | NA |
| 2 | Inventory Turnover ratio (COGS/Average Inven-tory) | Nil | Nil | NA |
| 3 | Interest coverage Ratio (EBIT /Finance cost) | Nil | Nil | NA |
| 4 | Current Ratio(Current Assets / Current Liabilities) | 1694% | 606.31% | Due to decrease in creditors |
| 5 | Debt Equity Ratio (Total Liabilities/Equity) | 1.65% | 0.48% | Due increase in loan liability |
| 6 | Operating Profit Margin (%) (EBIT/Total Turnover) | Nil | Nil | NA |
| 7 | Net Profit Margin (%) (PAT / Total T urnover) | -12.50% | -135% | Due to decrease in loss |
| 8 | Return on Net Worth (PAT/Net Worth) | -1.06 | -7.99% | Due to reduction in operating losses during the year |
| Human Resources Management At KAIROSOFT AI SOLUTIONS LIMITED, we regard our employees as our most valuable asset and a key driver of organizational success. Our experienced and talented workforce plays a vital role in elevating business efficiency, crafting strategic initiatives, and adapting to a rapidly evolving environment. The Company is committed to cultivating a safe, inclusive, and productive workplace, anchored in ethical practices, mutual respect, and equal opportunity. Our Code of Conduct emphasizes fair treatment, a zero- tolerance policy for discrimination and harassment, and a welcoming environment for individuals of diverse backgrounds, personal preferences, and identities. The company is committed to providing a positive work environment free of discrimination and harassment. Equal opportunity and fair treatment ore port of our code of conduct. Recognizing that our success relies heavily on our ability to attract, retain, and develop top talent, we have launched comprehensive human resource initiatives aimed at strengthening employee capabilities. These include targeted training programs to enhance: - T echnical and behavioral competencies - Managerial and leadership effectiveness - Business excellence and operational performance A strong emphasis is placed on continuous learning, ensuring employees evolve in tandem with technological advancements and mar-ket dynamics. Through wellness initiatives, employee assistance programs, and open communication channels, we foster a culture of well-being and empowerment. The Company also prioritizes a culture of recognition, strategic talent engagement, and process innovation. Our senior management remains highly accessible for feedback, coaching, and grievance redressal, reinforcing a supportive environment that aligns employ-ee goals with the organizational mission H. Cautionary Statement The Management Discussion and Analysis (MDA) report provides a comprehensive overview of the companys objectives, projections, estimates, and expectations. It is important to note that these statements may be forward-looking, as defined by applicable laws and regulations. However, it is crucial to understand that the actual outcomes and results may vary significantly from what is expressed or implied in the report. Numerous factors can influence the companys operations, including changes in governmental regulations, tax regimes, forex markets, economic developments both in India and the countries where the company operates, and other incidental factors. Therefore, it is essential to consider these dynamic elements when interpreting the information presented in the MDA report. | Foi (Pankaj Piyush | \u25a0 Kairosoft AI Solutions Limited Trade and Investment Limited) |
| Date: 05.08.2026 | Sd/- | Sd/- |
| Place: Delhi | Deva Ram | Santosh Kumar Kushawaha |
| Managing Director | Director | |
| DIN: 09003288 | DIN:02994228 |
