Ram Info Ltd Management Discussions

COMPANY OVERVIEW

Raminfo Limited is a technology-led enterprise with over three decades of demonstrated experience in digital public infrastructure, e-Governance, and citizen-centric IT solutions. The Company has been instrumental in shaping Indias digital governance landscape, having conceptualized and operated landmark platforms such as eSeva and MeeSeva, which have collectively served over 250 million citizens and enabled seamless delivery of essential public services. Operating across 9 Indian states, Raminfo continues to power a broad spectrum of government and public sector initiatives through innovative, scalable, and impact-driven technology solutions.

Raminfos core purpose has always been to make government services accessible, efficient, and inclusive - for every citizen, in every corner of the country. This founding principle continues to anchor the Companys evolution and strategic direction.

Raminfo 2.0 — Building the Next Chapter

FY 2025-26 marks a significant inflection point in the Companys journey. Under the Raminfo 2.0 transformation agenda, the Company is deepening its commitment to citizen-centric IT services while actively building capabilities across emerging, high-impact domains. This year, the Company achieved two significant milestones:

• Unnoti — Unified Citizen Services Platform: Raminfo is developing Unnoti, its most comprehensive initiative toward integrated, single-window citizen service delivery. The platform is being designed to unify access to government services, reduce friction for end users, and serve as a scalable backbone for state-level digital governance initiatives.

• Solar Energy Solutions: Raminfo entered the renewable energy domain this year through the commencement of solar energy operations, backed by a significant order from the Rajasthan Renewable Energy Corporation Limited (RRECL), marking the Companys first concrete step in Indias clean energy transition.

• MSME Competitive (LEAN) Scheme: Raminfo Limited was empanelled as an Implementation Partner under the Ministry of Micro, Small and Medium Enterprises (MSME) LEAN Scheme. Through this empanelment, the Company is positioned to support MSMEs in adopting Lean Manufacturing practices by providing advisory, training, assessment, and implementation support aimed at improving productivity, quality, process efficiency, waste reduction, and overall competitiveness.

• Deployment of qualified Business Resource Persons (BRPs) in Tripura: The Raminfo is responsible for deploying qualified Business Resource Persons in Tripura State to facilitate enterprise outreach, capacity building, and implementation support for various MSME programmes, reinforcing its expertise in government programme execution and resource deployment.

In addition to its core digital transformation initiatives, Raminfo Limited is actively developing next- generation AI-powered solutions for Government and public sector organizations. The Company is building a comprehensive Digital Public Infrastructure (DPI) platform leveraging Artificial Intelligence to enhance citizen-centric governance and service delivery. Key offerings under development include a Conversational AI Platform, AI-powered Chatbots, WhatsApp Chatbot solutions, and Blockchain-enabled Citizen Services Management systems. These solutions are designed to enable secure, transparent, multilingual, and intelligent interactions, streamline government processes, improve service accessibility, and strengthen trust through tamper-proof digital records, thereby supporting the vision of Digital India and future-ready governance.

Foundation for Sustained Growth

Raminfo Limited is listed on the BSE (Bombay Stock Exchange), reflecting the Companys commitment to transparency, governance, and long-term value creation for its shareholders. Underpinned by strong process certifications (ISO 9001:2015, CMMi Level 3), a seasoned leadership team, and a refreshed brand identity, Raminfo is well-positioned to grow as a multi-domain digital solutions enterprise. The Companys strategy converges national priorities - digital governance, energy transition, and public health infrastructure - with scalable, technology-first delivery models that create lasting value for citizens, governments, investors, and society at large.

GLOBAL ECONOMIC OVERVIEW AND OUTLOOK

The global economy entered FY 2025-26 navigating a complex and shifting landscape. Growth momentum moderated through 2025, with the global outlook increasingly shaped by trade policy uncertainty, fresh U.S. tariff impositions, geopolitical tensions, and a significant escalation of conflict in the Middle East. These pressures unsettled financial markets, raised bond yields, and introduced new headwinds for global trade and investment heading into 2026.

Assuming the Middle East conflict remains limited in duration and scope, global growth is projected to slow to 3.1% in 2026 and 3.2% in 2027, with global headline inflation projected to rise modestly in 2026 before resuming its decline in 2027.

Major Economy Outlook

Based on IMF April 2026 data, the United States recorded growth of 2.8% in 2024, with 2025 estimated at 2.1% and 2026 projected at 2.3%. The Euro Area recorded 0.9% in 2024, recovering modestly to 1.4% in 2025 and 1.1% in 2026. Chinas 2026 growth is projected at 4.4%, a slight downward revision from the January forecast of 4.5%. Emerging market and developing economies are expected to grow at 4.2% in 2025 and 4.0% in 2026.

Inflation Trajectory

Global inflation, which peaked at 8.7% in 2022, has been on a sustained downward path. Average global headline inflation stood at 5.8% in 2024. Global inflation eased to 4.2% in 2025. However, the IMF now projects inflation rising to 4.4% in 2026, a sharp departure from the previous declining trend, driven by the Middle East conflict.

Risks and Resilience

Risks are decisively on the downside. A prolonged conflict, deeper geopolitical fragmentation, disappointment over AI-driven productivity, or renewed trade tensions could weaken growth and unsettle markets. High public debt and eroded policy buffers add vulnerability.

India and Asia-Pacific — A Bright Spot

Indias growth is projected at 6.4% in both 2025 and 2026, reflecting a more benign external environment. India is projected to see the highest GDP growth among major economic powerhouses in 2026, with the IMF raising its forecast on the back of Indias strong economy in 2025 and the reduction in U.S. tariffs on Indian goods. Asia-Pacific, led by Indias investment and infrastructure momentum, remains the fastest- growing region globally - providing a structurally favourable backdrop for India-focused technology and digital infrastructure companies like Raminfo.

Overall, while near-term global risks have intensified, Indias sustained growth trajectory and the continued policy push for digital governance, clean energy, and public infrastructure create durable longterm tailwinds aligned with Raminfos strategic direction.

INDIAN ECONOMIC OVERVIEW AND OUTLOOK

India sustained its position as the fastest-growing major economy in the world during FY 2025-26. According to the Finance Ministry, Indias real GDP is estimated to grow by 7.4% in FY 2025-26, with nominal GDP growth at 8%. The services sector remains the primary growth driver, expanding by 9.1%. The Reserve Bank of India raised its GDP growth forecast for FY 2025-26 to 7.4%, up from its earlier estimate of 7.3%, following strong performance in the first half of the year and a boost from the Union Budget and improved US-India trade conditions. Manufacturing and construction are estimated to achieve a growth rate of 7%, while buoyant growth in the services sector has been a major driver of the estimated real GVA growth rate of 7.3% in FY 2025-26.

Inflation and Monetary Policy

Indias inflationary environment turned remarkably benign during FY 2025-26. The RBI lowered its CPI inflation forecast for FY 2025-26 to 2.6%, driven by a steep nine-month food price decline - the longest in the CPI series - as well as GST rate rationalisation from September 2025, which simplified taxes and lowered consumer prices, directly impacting around 11.4% of the CPI basket. By February 2026, the RBI maintained its repo rate at 5.25%, with full-year inflation for FY 2025-26 projected at 2.1% - historically low and well within the RBIs tolerance band. This provides the central bank significant room to support growth through an accommodative monetary stance.

Governments Digital and Infrastructure Push

The governments strategic agenda continues to create direct tailwinds for Raminfos core business. UPI transactions grew from 185.85 billion in FY25 to 241.62 billion in FY26, reflecting continued expansion of Indias digital public infrastructure, while the value of transactions rose from Rs.260.56 lakh crore to Rs.314.23 lakh crore. MeitYs IndiaAI Mission and Digital India Programme are actively driving AI-based governance, digital citizen services, and public digital infrastructure at both central and state levels - directly aligned with Raminfos AI-enabled governance platforms, unified citizen services initiative, and AI-based bidding solutions.

Solar Energy: National Policy Tailwinds

Indias national commitment to solar energy creates a significant policy-backed opportunity for Raminfo Green Energy Private Limited (Subsidiary of Raminfo Limited). As of March 2026, the PM Surya Ghar Muft Bijli Yojana - the worlds largest domestic rooftop solar initiative - has benefited over 32 lakh households through rooftop solar installations across India, with more than 63 lakh applications received and Rs.14,771 crore disbursed as Central Financial Assistance till December 2025. Indias total solar energy capacity stood at 119.02 GW as of July 2025, having grown 30 times over the last nine years. State-level agencies including RRECL in Rajasthan are active implementation partners in this national solar push, directly relevant to Raminfos ongoing solar energy order and Green Energy operations.

Middle East Conflict: Risk and Emerging Opportunity

The outbreak of war in the Middle East in early 2026 has introduced a significant new risk to Indias macroeconomic outlook. India spent $174.9 billion on crude and petroleum products - 22% of its total imports - in FY ending March 2026, reflecting the economys deep dependence on overseas energy. More than 80% of oil and LNG shipped through the Strait of Hormuz goes to Asian markets, with India among the primary destinations. Attacks on energy infrastructure and shipping disruptions triggered the largest oil supply shock on record, reducing global oil supply by approximately 10 million barrels per day. However, this very energy vulnerability has accelerated Indias urgency to expand domestic renewable energy capacity, reinforcing the governments resolve toward energy self-sufficiency and creating a structural, policy-driven opportunity for companies operating in solar and clean energy infrastructure - a space Raminfo is actively entering.

Outlook

Indias macroeconomic fundamentals - historically low inflation, a 7.4% growth trajectory, rising digital adoption, and an accelerating renewable energy transition - present a compelling operating environment for Raminfos multi-domain strategy. The convergence of national digital governance priorities, a Rs.75,021 crore solar energy programme, and the energy security imperative created by the Middle East crisis collectively strengthen the long-term case for Raminfos e-Governance, AI, and Green Energy verticals.

INDUSTRY REVIEW - IT AND EMERGING SECTORS

Information Technology (IT) and IT-Enabled Services (ITES)

The IT and ITES sector continued to strengthen its position as a cornerstone of Indias economy during FY 2025-26. Indias tech sector crossed the $315 billion mark in FY26, shifting from scale-led growth to value and innovation, with direct tech sector employment reaching approximately 6 million - a net addition of 135,000 employees. NASSCOM designated FY26 the year of "Operationalised Intelligence," marking a decisive shift from AI experimentation to function-specific deployments and vertical applications, with AI revenue estimated at $10-12 billion. Around 85% of the top 25 providers operated agentic AI platforms in CY25, reflecting deepening verticalization and domain-specific solutions across the industry.

Indias domestic technology market continues to expand, driven by increased government spending on digital transformation, cloud adoption, and AI-led citizen services. The Union Budget 2025-26 allocated Rs.782 crore specifically for cybersecurity measures to protect digital public infrastructure, reflecting the growing policy priority around secure, scalable e-governance.

For organisations like Raminfo, this environment creates sustained and growing demand for:

• AI-enabled governance and citizen experience platforms

• Digital service delivery frameworks for state and local governments

• Application modernisation and data-driven public administration

• AI-based procurement and tendering systems for government clients

Raminfo is actively developing an AI-based bidding system as a product offering for government clients - aimed at bringing transparency, speed, and intelligence to public procurement workflows. Simultaneously, the Unnoti unified citizen services platform has entered Phase 1, with website development and testing underway, establishing the foundation for a scalable, LLM-powered singlewindow citizen service delivery system.

AI and Digital Public Infrastructure — The New Governance Frontier

Indias IndiaAI Mission, backed by Rs.10,300 crore, is deploying more than 34,000 GPUs, creating one of the largest public AI compute networks globally. Artificial Intelligence has emerged as a central pillar of Indias development journey, strengthening governance, improving public service delivery, and enabling solutions that can reach citizens at scale - aligned with the vision of Viksit Bharat 2047. Indias AI Governance Guidelines, issued in 2025, establish a structured framework for responsible AI deployment across public services, creating a compliant and policy-backed environment for GovTech innovators.

The rapid convergence of Artificial Intelligence and Digital Public Infrastructure (DPI) strongly reinforces Raminfos strategic vision and technology roadmap. The Company is actively executing multiple AI-led initiatives, the development of an LLM-powered Unified Citizen Services Platform, and an AI-driven tender evaluation Intelligence Solution. These initiatives underscore Raminfos transformation from a traditional IT services provider into a trusted GovTech innovation partner, delivering intelligent, secure, and citizencentric digital solutions for governments and public sector organizations.

Renewable Energy and Solar — Accelerating Transition

Indias energy transition is no longer a future ambition - it is an active, funded national programme. Indias solar energy capacity stood at 119.02 GW as of July 2025, having grown 30 times over the last nine years, with the country targeting 500 GW of renewable energy capacity by 2030. Non-fossil fuel installations totalled 235.7 GW by June 2025 - approximately 49% of the nations total installed capacity of 476 GW.

The PM Surya Ghar Muft Bijli Yojana, the worlds largest domestic rooftop solar initiative, had benefited over 32 lakh households with more than 63 lakh applications received as of March 2026, with Rs.14,771 crore disbursed as Central Financial Assistance. State-level renewable energy agencies, including RRECL in Rajasthan, are key implementation partners in this national programme. Raminfo Green Energy Private Limited is a Subsidiary of Raminfo Limited an empanelled partner of Ministry of New and Renewable Energy (MNRE), marking a concrete entry into Indias renewable energy sector and establishing the Companys credentials in a space backed by significant national policy and funding momentum. The Middle East energy crisis of early 2026, which disrupted global oil supply and sharply elevated energy prices, has further reinforced Indias urgency to accelerate domestic renewable energy deployment - creating additional structural tailwinds for the solar sector.

Health-Tech

The digitisation of healthcare services in India continues to accelerate, driven by the expansion of Ayushman Bharat Digital Mission and growing demand for accessible care in semi-urban and rural regions. Raminfo Health Private Limited has projects in progress, developing integrated platforms for healthcare access, monitoring, and service logistics including the veterinary domain - a vertical positioned to gain commercial traction as national digital health infrastructure matures.

Green Electronics and Circular Economy

Indias growing emphasis on a circular economy and sustainable technology supply chains is creating increasing opportunity in the electronics refurbishment space. Raminfo Greentronics Private Limited has projects in progress across electronics refurbishment, after-sales servicing, and IT hardware R&D - aligned with national sustainability priorities and the rising demand for affordable, responsibly sourced devices.

BUSINESS PERFORMANCE REVIEW Operational Context

During the financial year ended March 31, 2026, Raminfo Limited experienced a transitional phase, shaped by both macroeconomic conditions and strategic business recalibration. The Company reported a standalone revenue from operations of Rs.4134.48 lakhs, higher than the Rs.2058.84 lakhs recorded in the previous year.

The Company maintaining operational continuity across its core platforms and services. Under "Raminfo 2.0," efforts were directed toward improving cost control, enhancing margin profiles, and preparing for upcoming high-value contracts in AI and ML driven solutions.

Strategic Developments

Raminfo launched new subsidiaries to explore future growth areas:

• Raminfo Greentronics Pvt Ltd - Refurbishing and trading of electronics.

• Raminfo Green Energy Pvt Ltd - Renewable energy, battery storage, and carbon credits.

• Raminfo Health Pvt Ltd - Digital health and veterinary service platforms.

The Company also acquired new office premises, contributing to an increase in depreciation for the year.

FINANCIAL PERFORMANCE

The financial year 2025-26 was marked by a challenging global environment driven by trade policy uncertainty, U.S. tariffs, and geopolitical volatility of the Middle East conflict, the companys strategic agility has allowed it to successfully navigate supply disruptions and emerge with renewed operational resilience. While these external factors impacted short-term revenue generation, Raminfo utilized this period to strengthen its internal capabilities and lay the foundation for future expansion across its focus sectors.

Despite the muted business environment, the Company demonstrated resilience through disciplined financial management, strategic cost controls, and operational efficiencies. Careful resource optimization and prudent working capital management enabled Raminfo to sustain financial stability during the year.

The Companys revenue from operations for FY 2025-26 stood at Rs.4134.48 Lakhs, compared to Rs.2058.84 Lakhs in the previous year. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to Rs.687.71 Lakhs in FY 2025-26, as against Rs.661.08 Lakhs in FY 2024-25. Profit After Tax (PAT) stood at Rs.186.61 Lakhs in FY 2025-26, compared to Rs.171.06 Lakhs in the preceding year.

The companys Current Ratio improved from 1.77 to 1.97 between March 2025 and March 2026, indicating a stronger short-term financial position and an increased ability to cover its short-term obligations.

The companys Return on Investment (ROI) increased significantly from 7.20% to 10.95% between March 2025 and March 2026, demonstrating a substantial improvement in profitability and investment efficiency.

KEY FINANCIAL RATIOS

Particulars	March 31, 2026	March 31, 2025
Current Ratio (in times)	1.97	1.77
Debt- Equity Ratio (in times)	0.66	0.13
Debt Service Coverage Ratio (in times)	1.95	1.62
Return on Equity Ratio (in %)	2.76	2.74
Trade Receivable Turnover Ratio (in times)	1.00	0.48
Trader Payable Turnover Ratio (in times)	0.22	0.11
Net Capital Turnover Ratio (in times)	0.92	0.54
Net Profit Ratio (in %)	4.51	8.29
Return on Capital Employed (in %)	4.10	4.11
Return on Investment (in %)	10.95	7.20
Inventory T urnover Ratio (in times)	1.49	0.19

HUMAN RESOURCES

At Raminfo, human capital is viewed as a strategic growth driver and the foundation of the Companys transformation journey under "Raminfo 2.0." The Company is deeply committed to nurturing a people- first culture, fostering continuous learning, adaptability, and purpose-driven engagement. During the year, Raminfo invested significantly in building employee capabilities to align with the changing demands of the digital economy and emerging technology domains.

Diversity, equity, and inclusion (DEI) continued to be at the core of Raminfos HR strategy. As of March 31, 2026, women constituted 50% of the Board of Directors, reinforcing the Companys commitment to gender balance in leadership roles. Raminfo proactively fostered inclusive hiring practices and career advancement opportunities for underrepresented talent groups. Sensitization programs, inclusive leadership workshops, and flexible work policies further enhanced a culture of respect and belonging.

The industrial relations climate remained positive and stable throughout the year. There were no disruptions to operations, and employee concerns were addressed promptly through well-established grievance redressal mechanisms. The Company remained fully compliant with applicable labor laws and statutory requirements, reinforcing its commitment to ethical and responsible employment practices.

RISK MANAGEMENT AND MITIGATION

Risk	Probability	Impact	Mitigation
Compliance Risk	Low	Minor	i. Third party audits
			ii. Effective checks and controls
			i. Know-how of Government procedures and structure
Competition Risk	Medium	Minor	ii. Won several awards for our best service standards
			iii. Achieve the lowest bids through our business partners
			i. Strong process-driven (SOP) approach
Operational Risk	Low	Moderate	ii. weathered the risks CMMI and ISO 27001 certified processes
			iii. Effective controls and measures
			i. Clear terms and conditions signed before the start of any government project
Change in Government Policies	High	Significant	ii. Strong relations built in last 3 decades with Government officials
			iii. Diversifying our business portfolio to reduce dependence on government projects and strategically limiting our participation during the final phases of government terms
			All Contracts are vetted by Legal Council
Legal Risk	Medium	Minor	ii. Attentions for adhering to each class
			iii. Disputes are resolved in time
Risk of conflict with Business Partners	Low	Moderate	i. Build strong, long-term and mutually beneficial business relations with all business partners
			ii. Clear terms of collaboration with business partners
Risk of Losing Key Employees	Moderate	Moderate	i. Employee friendly company policies
			ii. Focus on process driven approach
Security risk including Cyber Security	Low	Minor	i. Being a tech company, a special focus on data and cyber security
Currency Fluctuation	Low	Minor	i. Most of the businesses are in Indian currency

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Raminfo has established and continues to maintain a robust and well-documented internal control framework that ensures the reliability of financial reporting, operational effectiveness, and regulatory compliance. The internal control systems are designed in accordance with statutory requirements, including the Companies Act, 2013, and are benchmarked against international best practices to ensure comprehensive risk management and governance oversight.

The Company engages independent external firms to conduct periodic internal audits covering financial, operational, and compliance areas. These audits assess the adequacy and effectiveness of internal controls and identify areas for process improvements. The findings from these audits are reviewed in detail by the Audit Committee of the Board, which plays a pivotal role in monitoring the control environment.

Raminfo has implemented a structured process to track and resolve audit observations within defined timelines. Corrective actions are taken promptly, and follow-up audits are conducted where necessary to ensure sustained compliance. The Company also leverages technology solutions for internal controls monitoring, further enhancing transparency and accountability across functions.

Overall, the internal control environment of the Company is considered adequate and effective in safeguarding its assets, preventing frauds, and supporting the achievement of its business objectives.

FUTURE OUTLOOK

Despite global headwinds driven by trade policy uncertainty, U.S. tariffs, and geopolitical volatility, Raminfo Limited is experiencing a strong resurgence in business momentum. With the Middle East conflict remaining of limited duration and now concluding, the companys strategic agility has allowed it to successfully navigate supply disruptions and emerge with renewed operational resilience. There has been a noticeable revival in government-led project inquiries, tenders, and RFP activity, offering a fertile ground for renewed growth. The recent Rs.474 crore rooftop solar project win and the expanding pipeline in Artificial Intelligence (AI), FinTech solutions, and citizen-centric digital platforms reflect Raminfos strengthened market positioning and diversified sectoral approach.

Looking ahead, Raminfo is poised to drive transformative growth across multiple verticals, leveraging its core capabilities in public digital infrastructure while expanding into smart energy and health-tech domains. The Companys innovation ecosystem, anchored by iCollab Hub, will continue to play a critical role in fostering GovTech start-up partnerships, offering mentorship, scalable platforms, and real-world pilot opportunities for early-stage ventures.

In FY 2026-27, Raminfos strategic focus will remain on three pillars:

• Delivering sustainable revenue growth through a balanced mix of traditional IT services and emerging sectors such as renewable energy, health-tech, and electronics refurbishment.

• Driving innovation through Gen-AI, data analytics, and platform modernization, with a focus on improving citizen experiences and government efficiency.

• Strengthening ESG (Environmental, Social, and Governance) compliance, with green energy initiatives, enhanced data privacy frameworks, and greater transparency in operations.

Raminfos outlook remains positive, underpinned by its domain expertise, agile business model, and a committed leadership team. With strong execution of its "Raminfo 2.0" strategy, the Company is confident of creating long-term value for stakeholders, while contributing meaningfully to Indias digital and sustainable development goals.

CAUTIONARY STATEMENT

This Management Discussion and Analysis contains forward-looking statements that reflect the Companys current expectations and assumptions regarding future performance. These statements involve inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated.

Key factors that may impact performance include changes in economic conditions, market dynamics, government policies, technological shifts, and other external factors beyond the Companys control. While these statements are made based on the best available information, the Company does not undertake any obligation to update or revise them unless required by applicable laws and regulations.