Media Matrix Worldwide Ltd Management Discussions

Media Matrix Worldwide Limited (the Company or MMWL) is a B2B focused next- generation technology and services provider, specializing in Value Added Services (VAS) across the mobile and digital ecosystem. Beyond its core VAS offerings, MMWL is also engaged in the distribution of wide range of innovative products in mobility, audio, consumer electronics and IT segment across India through one of its subsidiaries.

The Companys revenue on standalone basis during the FY26 stood at 385.04 Lakhs as against the revenue of 305.95 Lakhs in the previous FY25.

During the year under review, the Company has earned net profit of 279.14 Lakhs as compared to the net profit of 215.76 Lakhs in the previous FY25 on standalone basis.

The Consolidated revenue during the FY26 stood at 1,25,695.35 Lakhs as against the Consolidated revenue of 1,88,702.39 Lakhs in the previous FY25.

During the year under review, the Company has earned net profit of 800.75 Lakhs as compared to the profit of 444.95 Lakhs in the previous FY25 on Consolidated basis.

OUR SUBSIDIARIES

NEXG DEVICES PRIVATE LIMITED (nexG)

nexG is one of Indias leading distribution and supply chain organizations, specializing in mobility, consumer electronics, IT products, audio, telecom and smart devices. With over a decade of experience, nexG has built a robust omnichannel distribution platform supported by an extensive warehousing, logistics and technology infrastructure across all 28 States and 7 Union Territories. nexG services more than 9,000 large format retail stores, 1,500+ quick commerce dark stores, and all leading e- commerce marketplaces including Amazon, Flipkart and Myntra, enabling seamless nationwide market access and fulfilment.

As part of its strategic growth and brand- building initiatives, nexG entered into a brand licensing arrangement with Oramo Technology Limited, Hong Kong, in 2024, securing the exclusive licence for the VILLAOON brand for the manufacturing, marketing, distribution and promotion of mobile devices. The brand was initially introduced with a portfolio of feature phones and, effective 1 June 2026, has expanded its product portfolio with the launch of VILLAOON smartphones, marking nexGs evolution from a distribution- led organization to a brand owner and value creator. Importantly, the arrangement does not involve any foreign exchange exposure for nexG, as there are no forex- linked payment obligations under the licensing arrangement.

nexG is a trusted distribution and market development partner for several leading global and Indian brands, including VIVO, JBL, Realme, itel, TECNO, VILLAOON, and other consumer technology brands. Its customer portfolio includes Indias leading organized retailers such as Reliance Digital, Croma, Vijay Sales, Poorvika, Sangeetha, Bajaj Electronics and other large- format retail chains, in addition to major e- commerce and quick- commerce platforms. Combining deep market reach, financial strength, technology- driven operations and strong execution capabilities, nexG provides end- to- end solutions encompassing procurement, inventory management, financing, warehousing, logistics, order fulfilment and after- sales support, making it a preferred strategic partner for brands seeking scalable growth across the Indian market.

nexG is in the process of further tie- ups with renowned brands by leveraging its logistics, warehousing & distribution expertise across the country.

MEDIA MATRIX ENTERPRISES PRIVATE LIMITED (MMELP)

Media Matrix Enterprises Private Limited is engaged in business of making investments in existing/new projects to be undertaken by us jointly or severally.

INDUSTRY OVERVIEW FOR THE COMPANY & ITS SUBSIDIARIES

MOBILE HANDSETS MARKET IN INDIA

One of the subsidiaries of the Company, nexG is engaged in the trading of mobile handsets business in India.

Mobile Handset Market Overview

According to the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, Indias smartphone market closed calendar year 2025 broadly flat, growing marginally by 0.5% 0.5% year- over- year to 152 million units. After a subdued start (Q1 CY2025 shipments fell about 5.5% 5.5% YoY to 32 million units), the market recovered through the middle of the year - Q2 grew about 7% 7% to 37 million units and Q3 rose about 4% 4% to a five- year- high festive quarter of 48 million units - before easing again in Q4 CY2025, which declined 5% 5% YoY to 34 million units on post- festive inventory normalisation and cautious consumer spending. Despite the flat volumes, the market delivered 9% 9% year- over- year value growth, driven by continued premiumisation.

India remained the fourth largest market for Apple in 2025, after the USA, China, and Japan, with record shipments of 14 million units - a 16% 16% YoY increase, the fastest growth among Apples top five global markets. Apple ranked fifth in Indias overall smartphone market with a 10% 10% volume share, while leading by value with a 29% 29% share. The iPhone 16 was the single largest contributor, accounting for around 4% 4% of total smartphone shipments in India during 2025.

Key Highlights

Market Share of leading smartphone brands / companies in India

Brand / Company	CY2024 Market Share (IDC)	CY2025 Market Share (IDC)
VIVO	19.9%	20%
Samsung	13.2%	16%
OPPO	15.9%	15%
realme	11.0%	9%
Apple	8.2%	10%
Xiaomi	17.6%	13%
Motorola	6.0%	5%
Others	8.2%	12%
Total	100%	100%

*source:IDC & Counterpoint Research

Feature Phone Segment

The India feature phone market declined to approximately 48 million units in CY 2025, representing an 11 - 12% 11 - 12% year- on- year decline from around 54 million units in CY 2024. Transsion retained its leadership position with an estimated market share of around 31% 31% followed by Nokia (HMD Global) at approximately 25% 25% and Lava at around 24% 24% . The remaining market was shared by brands such as Jio, Karbonn, and others. The market continued to contract as consumers increasingly migrated to entry- level 4G smartphones, although demand remained resilient in rural markets and enterprise use cases.

Key Highlights for Calendar year 2025:

Smartphone average selling prices (ASPs) rose 8% 8% YoY to a record US$282 in 2025, driven by higher component costs and sustained demand for premium, feature- rich models. The premium (US$600

In distribution, the offline channel recorded its highest shipment levels in six years, growing 12% 12% YoY and expanding its share to 57% 57% (up from 51% 51% in 2024), while the online channels share declined to 43% 43% from 49% 49% , reflecting a more balanced omnichannel strategy and attractive offline trade margins.

Among vendors, the top three rankings were unchanged in 2025: vivo retained leadership with a 19.7% 19.7% share on the back of a diversified portfolio and omnichannel execution, followed by Samsung ( 15.6% 15.6% ) with its premium focus and OPPO ( 14.5% 14.5% ) on a strong offline presence. As Xiaomis shipments declined (down 29.3% 29.3% YoY), brands such as realme, Motorola and iQOO improved their standings, while Nothing was the fastest- growing brand of the year (up 45% 45% YoY). Scale and diversification were the key success factors, with vendors reliant on the entry- level segment facing the most pressure.

Future Market Outlook

After broadly flat volumes in CY2025, IDC expects Indias smartphone shipments to contract in 2026 amid an unprecedented global memory (DRAM/NAND) shortage that is raising component costs. Even so, sustained premium demand and financed (EMI/affordability) purchasing are expected to support continued value growth even as unit volumes soften. Recent price increases across the Android ecosystem point towards further market consolidation, where scale will be critical for vendors to secure supply and manage pricing. Generative- AI features are also expected to spread beyond flagship models to more price tiers, while a weaker rupee and elevated memory prices remain key risks to affordability and ASPs.

OPPORTUNITIES AND OUTLOOK

The strategy of Company and/or its subsidiaries has been towards investing in the new technologies, Media Businesses and other Business investments. It is also into Distribution of various products including imports related to Mobile, Audio segment, Consumer Electronics in both Offline and Online channels. The Company is expecting to have substantial growth over the next few years on account of rising demand of digital technology from offline and e- commerce businesses. The Company would be working either directly or through its subsidiaries to take up existing and/or new projects to achieve the above.

THREAT, RISKS & CONCERN

The Company and/or its subsidiaries operates in a competitive environment and faces competition from both the international as well as domestic players and within domestic industry from both the organized and unorganized players. However, no player in the industry is an integrated player.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Companys internal financial controls are commensurate with the nature of its business, the size, and complexity of its operations and such internal financial controls with reference to the Financial Statements are adequate.

The Company has appointed, S. Sunder Sharma & Company, Chartered Accountants to oversee and carry out internal audit of activities of the Company.

The Audit Committee also reviews reports submitted by internal auditors on periodic basis. The Audit Committee also meets Companys statutory auditors to ascertain, inter alia, their views on the adequacy of internal control systems and keeps the board of directors informed of its major observations, if any, periodically.

Your Board is of the opinion that the Internal Financial Controls, affecting the Financial Statements of your Company are adequate and are operating effectively.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

MMWL considers employees as the most valued asset, who are at the core of the business.

The Company has 04 (Four) personnel on its payroll as on March 31, 2026.

Key Financial Ratio

Financial Ratios	FY 2025-26	FY 2024-25	Reason for Variations more than 25% during FY26
Debtors Turnover	NA	NA	-
Inventory Turnover	NA	NA	-
Interest Coverage Ratio	NA	NA	-
Current Ratio	0.20	0.28	The decrease was primarily due to a reduction in current assets during the year, while current liabilities increased marginally.
Debt Equity Ratio	NA	NA	-
Operating Profit Margin (%)	76.21	72.73	-
Net Profit Margin (%)	72.50	70.52	-
Return on Net Worth (%)	1.83	1.44	The variation is primarily due to an improvement in the Companys profitability during the year, which was higher in proportion to the increase in net worth.

CAUTIONARY NOTE

Statements in the Management Discussion & Analysis report describing the Companys objectives, estimates or projections may be forward looking statements within the meaning of applicable securities law and regulations. Actual results may materially differ from those expressed or implied. Important factors that can make a difference to the Companys operations include change in the main clients purchase procedures, changes in Government regulations, tax regimes, economic outlook in India and outside india and other incidental factors.