Maxposure Ltd Management Discussions

For the Financial Year ended 31st March, 2026

(Pursuant to Regulation 34(2)(e) read with Schedule V of the SEBI (LODR) Regulations, 2015)

1. Industry Structure And Developments

Maxposure Limited (the Company) is an integrated media, marketing and technology company with established capabilities across content marketing, inflight entertainment, advertising, technology and immersive experiences. With a strong presence across aviation, travel and tourism, automotive, luxury, real estate and the public sector, the Company offers integrated marketing, communication and technology solutions across multiple platforms and geographies.

The Indian Media and Entertainment (M&E) industry continues to undergo a structural transformation, driven by rapid digital adoption, changing consumer behaviour, increasing advertiser focus on measurable outcomes and the convergence of content, technology and experiences. According to the latest FICCI-EY report, Indias M&E sector grew by 9% in 2025 to Rs.2.78 lakh crore, with digital media emerging as the largest segment and crossing Rs.1 lakh crore in revenues for the first time. The sector is expected to reach approximately Rs.3.3 lakh crore by 2028, representing a growth trajectory of over 7% CAGR.

The advertising ecosystem is also becoming increasingly diversified, with brands allocating greater spends across digital, social media, e-commerce, premium Out-of-Home (OOH), connected television and experiential formats. OOH advertising grew 13% in 2025, while digital OOH increased its contribution to the segment, reflecting the growing importance of technology-enabled and location-based communication.

Digital consumption is also increasingly extending beyond traditional mobile and desktop environments. The rapid adoption of connected television, immersive formats and technology-enabled experiences is contributing to the convergence of digital content, entertainment, advertising and physical experiences. The FICCI-EY outlook indicates that new media is expected to account for more than 50% of total M&E revenues by 2028, reinforcing the long-term shift towards digital-first consumption and monetisation models.

While digital advertising continues to lead industry growth, print advertising remains resilient and continues to play an important role, particularly for premium, high-impact and targeted communication. According to the latest FICCI-EY report, the Indian print segment generated approximately Rs.25,940 crore in revenues in 2025, with print advertising revenues increasing by 2%. Earlier FICCI-EY projections indicate that the print segment is expected to grow at approximately 2% CAGR through 2027, reflecting a stable and resilient market supported by premium formats and access to educated and affluent audiences across urban and non-urban markets.

Importantly, print is increasingly converging with digital engagement. Approximately one in three print advertisements carried a call-to-action, including QR codes, time-bound offers, enabling advertisers to connect physical media with measurable digital consumer journeys. This evolution is creating opportunities for integrated print-plus-digital campaigns

For the aviation sector, the continued expansion of air travel, increasing international connectivity and the evolution of the passenger experience are creating opportunities beyond traditional inflight entertainment. India is expected to remain one of the fastest-growing aviation markets globally, with Airbus projecting passenger traffic growth of approximately 8.9% annually through 2035. Airlines are increasingly seeking to enhance passenger engagement through personalized content, inflight connectivity, digital services, ancillary revenue opportunities and technology-enabled experiences. This evolving ecosystem aligns closely with the Companys capabilities across inflight entertainment, aviation technology, content, digital engagement and immersive experiences.

The convergence of media, technology, advertising and experiences is creating a broader opportunity for integrated service providers. Advertisers and enterprises are increasingly seeking partners that can combine strategy, content creation, digital distribution, audience engagement, technology, experiential solutions and measurable outcomes under a unified proposition.

Against this backdrop, the Companys Media as a Service (MAAS) proposition is aligned with the structural evolution of the industry. Its combination of content and communication capabilities, proprietary aviation technology platforms, immersive solutions and advertising and production capabilities provides a platform to participate in the emerging opportunities across digital media, aviation technology, experiential marketing, strategic communications and technology-enabled audience engagement.

The Company believes that these structural trends, together with its growing international client base and expanding technology capabilities, provide a strong foundation for scalable growth, deeper client relationships, cross-selling opportunities and an increasing contribution from technology-led and higher-margin services.

2. Opportunities And Threats

Opportunities

1. Expanding Aviation Market

India is emerging as one of the worlds fastest-growing aviation markets and is expected to become the third-largest civil aviation market globally by 2035. Passenger traffic is projected to grow at approximately 8.9% annually through 2035, while Indias commercial aircraft fleet is expected to triple to approximately 2,250 aircraft over the next decade. This expansion presents significant opportunities across aviation technology, passenger engagement, digital services and advertising. Maxposure is strategically positioned to capitalise on this growth through aviation technology of AeroHub and monetisation opportunities across the passenger journey.

2. Accelerating Digital Content and Advertising

Indias digital content market is projected to exceed $24 billion by 2028. Maxposures expertise in crafting diverse, high-quality digital content across genres positions it well to capitalise on this explosive growth. The digital advertising market, representing a growth trajectory of 14% CAGR, presents further revenue opportunities.

3. Resilient Print and Integrated Print-Digital Advertising

While digital advertising is expanding rapidly, print continues to demonstrate resilience, particularly in premium and high-impact formats. Indias print advertising revenues grew 2% in 2025, with continued demand from brands seeking credibility, visibility and access to affluent and targeted audiences. At the same time, print is increasingly integrating with digital through QR codes, digital calls-to-action and measurable consumer journeys. This creates an opportunity for Maxposure to leverage its publishing and content capabilities to develop integrated print-plus-digital propositions, combining magazines and other print assets with digital content, social media, branded content and audience engagement solutions.

4. Growth of Experiential, Immersive and Technology-led Experiences

The convergence of content, technology and physical experiences is creating new opportunities across immersive marketing, 3D visualisation, AR/VR, CGI, virtual experiences and experiential communication. The organised live events segment in India grew 44% in 2025, reflecting rising consumer, corporate and institutional spending on experience-led formats. At the same time, the increasing adoption of immersive technologies across sectors such as aviation, travel, tourism, real estate, retail and cultural institutions is expanding the addressable market for technology-enabled experiences. Maxposures capabilities, strengthened through Neutral Digital, enable the Company to address this opportunity through immersive storytelling, 3D visualisation, VR/XR, interactive experiences and technology-led brand communication across both aviation and non-aviation sectors- like real estate, tourism, etc.

5. Government & Tourism Collaborations

Government ministries, tourism boards, public-sector enterprises and institutional organisations are increasingly adopting digital-first communication, destination marketing, social media, multilingual content and integrated public engagement programmes. Maxposures experience across government, tourism, aviation and institutional clients, together with its content, digital, advertising, publishing and technology capabilities, provides a strong platform to pursue larger and longer-term integrated mandates.

6. Global Expansion through MAAS (Media as a Service)

The convergence of media, technology, content, advertising and experiences is creating demand for integrated service providers capable of addressing multiple communication and engagement requirements through a single platform. Maxposures Media as a Service (MAAS) proposition provides an opportunity to expand beyond individual projects and develop deeper, multi-service relationships with international clients across aviation, travel and tourism, luxury, real estate, connectivity and other experience-led sectors.

The Companys international expansion is supported by its growing global client base, proprietary aviation technology platforms, immersive capabilities and integrated content and communication services. By combining content marketing, strategic communications, advertising, digital engagement, aviation technology and immersive experiences, Maxposure is positioned to pursue larger international mandates, diversify its revenue base and create opportunities for scalable and recurring revenues.

Threats

1. Intensifying Competition and Pricing Pressure: Increasing competition across media, advertising, technology and experiential services may create pricing pressure and affect margins. Continued focus on quality, innovation, domain expertise and integrated solutions will remain critical.

2. Rapid Technological Changes: Rapid developments in AI, automation, generative content, immersive technologies and aviation technologies may disrupt existing business models. Continuous investment in technology and talent will be essential to remain competitive.

3. Changing Media Consumption: The continued shift towards digital platforms and changing consumer behaviour may impact traditional publishing and advertising models. The Companys presence across digital, print, content, advertising and experiential media provides diversification.

4. Aviation Industry Cyclicality: The aviation business remains exposed to airline profitability, aircraft delivery delays, supply-chain constraints, fuel prices and geopolitical developments, which may affect technology investments and project timelines.

5. Macroeconomic and Geopolitical Risks: Global macroeconomic uncertainties, inflationary pressures, currency fluctuations, geopolitical tensions and ongoing or potential wars may impact international travel, airline operations, advertising and corporate spending. Such developments may also affect client budgets, project timelines and the Companys international business opportunities. Talent Retention: Creative and tech talent retention remains a priority in a competitive environment.

3. Segment / Product-Wise Performance

During FY 2025–26, the Company operated under four core business verticals, collectively strengthening its position as an integrated media, marketing and technology company:

a. Content Marketing Maxposure continued to strengthen its content marketing and strategic communications capabilities across aviation, travel and tourism, automotive, lifestyle, and the public sector. The Company delivered content across print, digital, social media and other platforms for leading corporate, government and institutional clients. The vertical continued to benefit from the growing demand for digital-first, multilingual and audience-led content, supported by the Companys expertise in storytelling, publishing, social media, design and integrated communications.

b. Integrated Advertising

The advertising vertical continued to expand beyond traditional media through an integrated approach encompassing print, digital, social media and inflight ancillary. Through its INS agency, Bluebird Advertising Pvt. Ltd., the Company also strengthened its capabilities in printing, production, fabrication, installation and on-ground execution for domestic and international events. The integration of advertising with the Companys content, digital, experiential and technology capabilities enables it to pursue larger, integrated mandates and deeper client relationships.

c. Experiential & Immersive Marketing

Following the acquisition of UK-based Neutral Digital, the Company continued to expand its capabilities in immersive and experience-led marketing. The vertical leverages CGI, 3D visualisation, animation, AR/VR/XR, interactive experiences and virtual environments to create high-impact digital experiences. While aviation remains an important market, the business is increasingly expanding into real estate, tourism/cultural institutions, and other experience-led sectors, enabling the Company to address a broader range of immersive communication and visualisation requirements across domestic and international markets.

d. Technology

Technology continued to be a strategic growth pillar, led by the Companys aviation technology division, AeroHub. The Company expanded its inflight entertainment and passenger engagement solutions across new geographies and customer segments, while continuing to invest in proprietary technology. Development of SkyView 2.0, the next generation of the Companys in-house software platform, is aimed at creating a more robust, agile and hardware-agnostic solution, providing greater flexibility and scalability across airline and technology environments. The Company is also developing AeroHub into a broader passenger engagement platform, integrating inflight entertainment, connectivity, digital commerce, content and passenger services. This transition is expected to create opportunities for scalable and recurring technology revenues, while strengthening the Companys position in the evolving connected-aircraft ecosystem.

4. Outlook

The outlook for FY 2026–27 remains positive, supported by continued growth across content marketing, digital media, advertising, technology and experiential marketing. The Company will focus on scaling its global presence, strengthening technology-led offerings, expanding integrated service capabilities and increasing its presence across aviation, travel and tourism, automotive, luxury, real estate and institutional sectors.

Maxposure will continue its journey towards becoming a globally recognised Media as a Service (MAAS) provider, integrating content, communication, advertising, technology and immersive experiences to deliver comprehensive and measurable solutions to clients..

Strategic Priorities:

• Scale AeroHub globally: Maxposure will continue to expand AeroHub, its proprietary aviation technology platform, across international markets. With airlines increasingly seeking flexible, cost-effective and technology-enabled inflight entertainment and passenger engagement solutions, AeroHub is positioned to address evolving requirements across IFE, connectivity, content, ancillary revenue and digital passenger services.

• Expand Integrated Advertising and Brand Experiences:

The Company will leverage its advertising, content, digital, experiential and production capabilities to pursue larger integrated mandates. The convergence of these capabilities will enable Maxposure to offer clients end-to-end solutions spanning communication, branding, activations, events and physical and digital brand experiences.

• Strengthen Content Marketing & Strategic Communications: The Company will deepen its presence across domestic and international markets by expanding its content marketing and strategic communications capabilities. Focus areas will include digital-first content, multilingual communication, audience engagement, immersive marketing and integrated campaigns, supported by continued investment in talent, technology and content innovation.

• Accelerate Immersive & Experiential Solutions:

Maxposure will capitalise on the growing adoption of immersive technologies across aviation, travel, tourism, real estate, cultural institutions and other experience-led sectors. Through its capabilities in CGI, 3D visualisation, animation, AR/VR/XR and interactive experiences, the Company will continue to develop differentiated, technology-led solutions for global clients.

• Develop Partnerships, Branded Content and Intellectual Property: Maxposure will pursue strategic partnerships and develop branded content properties, platforms and intellectual property that can create additional monetisation opportunities and strengthen long-term client relationships.

• Drive International Expansion through Partnerships and Acquisitions: The Company will continue to explore strategic partnerships, alliances and selective acquisitions that can accelerate its international presence, expand technology and service capabilities, and provide access to new markets and client segments.

Overall, the Company remains strategically positioned to leverage the convergence of media, content, technology and experiences, while maintaining a disciplined approach to growth, operational efficiency and risk management. Maxposure will continue to focus on building scalable businesses, strengthening recurring revenue potential and creating sustainable long-term value for its stakeholders.

5. Risks And Concerns

The Company operates across media, advertising, technology and experiential businesses, each of which is subject to evolving market, technological and economic conditions. Key risks and concerns include:

• Competitive Environment: Increasing competition across media, advertising, technology and experiential services may exert pressure on pricing, client retention and margins.

• Technology and Innovation Risk: Rapid advances in AI, automation, immersive technologies and digital platforms require continuous investment in technology, talent and innovation to remain competitive.

• Changing Consumer and Media Behaviour: Continued shifts from traditional to digital media may impact conventional publishing and advertising revenues, requiring constant adaptation of offerings, integrated approach and business models.

• Aviation Industry Risks: Airline profitability, aircraft delivery delays, supply-chain constraints, fuel prices and geopolitical developments may impact aviation technology investments and project timelines.

• Macroeconomic and Geopolitical Risks: Inflation, currency fluctuations, economic uncertainty, wars and geopolitical tensions may affect advertising spends, international travel, client budgets and business expansion plans.

• Talent and Cybersecurity Risks: Competition for specialised talent, along with cybersecurity, data privacy and intellectual property risks, requires strong governance, technology controls and continuous capability development.

The Company remains focused on prudent risk management, diversification across business verticals and geographies, and continuous investment in technology and capabilities to mitigate these risks and support sustainable growth.

6. Internal Control Systems And Their Adequacy

The Company has implemented robust internal controls covering:

Order-to-cash cycle

Vendor onboarding

Rights management and licensing

Financial and statutory compliance

Internal audits were conducted by M/s Arun K Agarwal & Associates, Chartered Accountants. The Audit Committee reviewed observations and monitored corrective actions. The Board confirms adequacy and effectiveness of internal controls.

7. Discussion On Financial Performance With Respect To Operational Performance

Key Consolidated Financial Metrics for FY 2025–26:

Revenue from Operations: 8,802.43 Lakhs ( 39.10%)

Total Income: Rs.8,875.95 Lakhs ( from Rs.6,462.99 Lakhs)

Profit Before Tax (PBT): Rs.1,180.77 Lakhs

Profit After Tax (PAT): Rs.947.52 Lakhs ( from Rs.850.10 Lakhs)

Earnings Per Share (EPS): Rs. 4.17 ( from Rs.3.74)

The Company continues to expand both organically and inorganically through new client wins, international projects, and product innovations.

8. Material Developments In Human Resources/ Industrial Relations

During FY 2026–27, the Company remained focused on strengthening its talent base across content, technology, digital, advertising and experiential businesses. The Company continues to invest in its people through:

• Talent Strengthening: Continued focus on attracting and retaining skilled professionals across content, technology, digital, advertising and experiential businesses.

• Capability Development: Strengthened specialised capabilities in emerging areas including technology, digital media, immersive experiences and strategic communications.

• Leadership Development: Continued focus on developing leadership and managerial capabilities to support the Companys domestic and international growth.

• Technology-led Workforce: Building talent capabilities aligned with the Companys evolving Media as a Service (MAAS) strategy and technology-led business model.

• Employee Well-being and Engagement: The Company remained committed to employee well-being, engagement and fostering a positive and inclusive workplace environment. Various initiatives were undertaken to promote employee connect, development and overall well-being.

• POSH and Diversity & Inclusion: The Company continued to strengthen awareness and compliance relating to the Prevention of Sexual Harassment (POSH) framework. Training and awareness initiatives were undertaken to promote a safe, respectful and inclusive workplace, along with continued focus on diversity and equal opportunity.

• Industrial Relations: Industrial relations remained cordial and stable during the year. The Company maintained constructive engagement with employees, and no material disruptions to operations were reported during the year.

9. Key Financial Ratios

RATIOS	Numerator	Denominator	FY 2026	FY 2025
Current Ratio	Current Assets	Current Liabilities	2.17	2.04
Debt Equity Ratio	Long Term Borrowings +Short Term Borrowings	Shareholders Fund	0.12	0.12
Debt Service Coverage Ratio	Earning for Debt services	Interest & Lease Payments + Principal Repayments	8.43	23.84
Return on Equity Ratio	Net profit after tax - Preference Dividend	Shareholders Equity	8.36%	12.98%
Inventory Turnover Ratio	Cost of goods sold	Average Inventory	4.18	5.43
Trade Receivables Turnover Ratio	Credit Sales	Average Trade Receivables	0.94	0.86
Trade Payables Turnover Ratio	Credit Purchase	Average Trade Payables	1.37	0.34
Net Capital Turnover Ratio	Net Sales	Average Working Capital	0.72	0.63
Net Profit Ratio	Net profit after Tax	Net Sales	11.45%	15.56%
Return On Capital Employed	Earnings Before Interest and Tax	Capital Employed	9.31%	15.28%
Debtor Turnover Ratio	Turnover	Average Debtors	3.75	3.43
Interest Coverage Ratio	Earnings Before Interest and Tax	Interest Expense	13.00	80.79
Operating Profit Margin (%)	Earnings Before Interest and Tax	Net Sales	16.90%	21.05%

10. Changes In Return On Net Worth (RoNW)

RoNW for FY 2025–26 stood at 8.72% , down from 13.88% in FY 2024–25. This change reflects a lower Profit after tax and average Net Worth base in comparison to previous year.

11. Disclosure On Accounting Treatment

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with the relevant provisions of the Act, as applicable. There has been no deviation from the prescribed Accounting Standards in the preparation of these financial statements.

12. Compliance And Governance

The Company maintains high standards of compliance and governance. Regular internal audits, standard operating procedures, and risk assessments are in place to ensure regulatory adherence.

13. Cautionary Statement

Statements in this MD&A describing the Companys objectives, expectations, or predictions may be forward-looking. Actual results may vary materially depending on market dynamics, aviation industry growth, digital adoption, regulatory changes, and overall economic conditions.