Shipwaves Online Ltd Management Discussions

INDIAN ECONOMY:

India remains among the fastest growing major economies, with growth projected at 6.4 percent, supported by strong momentum in private consumption and services activity. Indias economic landscape is experiencing a decisive transformation. Now the fifth-largest economy with a GDP of $4.13 trillion, the countrys long-term growth is increasingly influenced by the scale, quality, and depth of its infrastructure systems. World-class infrastructure not only boosts productivity and reduces logistics costs but also attracts investment, creates jobs, and improves the quality of life through better connectivity and enhanced access to essential services.

Government initiatives such as Digital India, Make in India, PM Gati Shakti, and the National Logistics Policy continue to strengthen the countrys economic fundamentals and improve competitiveness. India remains one of the worlds largest recipients of foreign direct investment (FDI), while sustained investments in roads, railways, logistics infrastructure, industrial corridors, and digital connectivity are supporting long-term economic expansion.

Indias long-term outlook remains favourable, supported by favourable demographics, increasing urbanisation, growing consumer demand, and rising business activity. With continued policy support and expanding opportunities across logistics, digitisation, printing, business services, and enterprise solutions, the country remains well positioned to sustain its growth trajectory and strengthen its role in the global economy over the coming years.

GLOBAL MARITIME TRADE:

Maritime is critical for Global Trade and Development

Maritime transport is the backbone of global trade, as more than 80 percent of goods are transported by sea. Developing countries depend on shipping, accounting for around 55 percent of seaborne exports and 61 percent of imports. Ports are gateways for development, fostering economic growth and allowing countries to participate in trade. To build resilience in

supply chains and fight climate change, maritime transport is crucial.

INDIAN LOGISTICS SECTOR:

India, with its 11,098.81 km coastline, is the sixteenth-largest maritime nation in the world and a critical player in global trade. The countrys maritime infrastructure is anchored by 12 operational major ports and more than 200 notified minor and intermediate ports, with six new mega ports planned under the National Perspective Plan for Sagarmala. There are 14 major ports out of which 12 are operational in the country, 6 on the eastern coast and 6 on the western coast. More than 54% of the total cargo is being handled at 12 major ports in India. Nearly 95% of Indias trade by volume and 70% by value is carried through maritime transport, underscoring the sectors central role in sustaining economic growth and international commerce.

India as the next big infrastructure & logistics hub

From a predominantly consumption-driven economy to one anchored in large-scale capital formation, Indias growth strategy has undergone a structural shift. This transition has placed infrastructure at the heart of national planning, with sustained investments directed towards modernising the countrys connectivity backbone. Over the past decade, the government has launched major initiatives to develop an integrated network covering roads, railways, aviation, ports, inland waterways, metros, urban mobility, and multimodal logistics.

The scale of expansion reflects this policy priority. Capital spending on infrastructure has increased more than fivefold over the past decade, while national highways have grown sharply, from 91,287 km in 2014 to 1,46,204 km in 2025. Airport capacity has nearly doubled, and major port handling capacity has increased by almost 90%, supported by quicker turnaround times and improved operational efficiency. Indian Railways has also accelerated network expansion, laying nearly twice as much track over the past nine years as in the previous decade.

At the centre of this is the National Infrastructure Pipeline India investment, a mega-program involving thousands of projects across core sectors spanning transport, energy, logistics, urban development, digital connectivity and water systems. The NIP is establishing the foundation of a modern, competitive economy. Supported further by the PM GatiShakti Plan, India is progressing towards unified, technology-driven planning that minimises delays and improves asset utilisation.

The logistics ecosystem is also undergoing a fundamental reset. Indias ranking in the World Bank Logistics Performance Index rose from 44 in 2018 to 38 in 2023, indicating improved reliability, infrastructure, and service capability. With the logistics sector expected to grow at a CAGR of approximately 10.7% by 2026, efficiency improvements are increasingly vital for reducing costs and enhancing competitiveness. From the PM GatiShakti National Master Plan to the Dedicated Freight Corridors and multimodal logistics parks, a series of reforms and investments are reshaping Indias logistics landscape and positioning it for high, sustained growth.

This creates strong potential for logistics infrastructure India investment, especially in emerging segments like integrated logistics parks, automated warehouses, port-linked industrial clusters and digital supply-chain systems.

Policy pillars enabling infrastructure growth.

As mentioned earlier, the government has introduced a series of forward-looking policies that enable the translation of infrastructure intent into investment-ready pipelines. These policies not only provide a clear roadmap for sectoral development but also create the institutional mechanisms, regulatory clarity and financial incentives needed to accelerate project execution and attract long-term capital.

1. National Infrastructure Pipeline (NIP)

Launched in 2019, the NIP outlines a multi-year investment roadmap covering energy, mobility, urban development, digital and social infrastructure. The programme has become a key anchor for establishing a structured pipeline of investable projects, strengthening PPP frameworks, improving contract design and enhancing project management capacity across ministries and states.

Under the National Infrastructure Pipeline, the government has approved projects across highways, urban transit, industrial corridors and energy networks worth nearly Rs.1.97 lakh crore. Reflecting this momentum, Indias infrastructure capital

expenditure rose to Rs.10 lakh crore in FY 2023-24, underscoring the shift towards high-speed, high-scale development and the governments commitment to long-term asset creation. For investors, NIP serves as a transparent pipeline of opportunities, particularly in transportation infrastructure investment in India 2025, where large capital expenditure is concentrated in road construction, railway modernisation, and port development.

2. National Logistics Policy

Introduced in 2022, the National Logistics Policy (NLP) provides a strategic framework to improve the efficiency, reliability and cost-competitiveness of Indias logistics system. The policy addresses structural bottlenecks across the logistics value chain by encouraging multimodal integration, enhancing institutional coordination, and expanding digital infrastructure to enable realtime visibility.

A key objective of the NLP is to reduce Indias logistics costs to align more closely with global benchmarks by 2030 and to enhance the countrys ranking in the Logistics Performance Index.

A key focus of NLP is the shift towards technology-driven logistics management. Digital platforms such as the Unified Logistics Interface Platform (ULIP) and the Logistics Data Bank (LDB) have increased transparency and real-time visibility across supply chains. ULIP has enabled secure integration with more than 30 digital systems and facilitated over 160 crore digital transactions, while the LDB has monitored 75 million EXIM containers across 101 inland container yards and depots.

The NLP also interfaces closely with PM GatiShakti, ensuring alignment between infrastructure creation and soft logistics reforms. With 27 states and UTs now implementing state logistics policies and 19 granting logistics industry status, the investment environment is expanding across regions. This has created a stronger ecosystem for India logistics sector infrastructure status opportunity, particularly for companies looking to develop or operate large-scale logistics platforms.

3. Multimodal and port-led development

Indias multimodal connectivity strategy is evolving through programmes such as PM GatiShakti, Sagarmala and Bharatmala, which bring together road, rail, port, inland waterways, and logistics assets within a unified planning framework. Central to this approach is the PM GatiShakti National Master Plan, launched in 2021, which unites central ministries and states on a single digital platform. By enabling coordinated planning and reducing project overlaps, it strengthens last-mile connectivity and improves the overall investment environment for transport infrastructure.

Port-led development is guided by the Maritime Amrit Kaal Vision 2047, which establishes long-term priorities for port capacity expansion, digitalisation, green hydrogen hubs, coastal tourism, and shipbuilding.

On the rail side, the expansion of Dedicated Freight Corridors is greatly enhancing freight efficiency. With 96% of the 2,843 km network already operational, the Eastern and Western DFCs are easing congestion on passenger routes, reducing logistics costs, and supporting industrial growth around major freight hub nodes.

Together, these policies deepen multimodal integration and expand opportunities for investors across ports, shipping, rail-linked logistics hubs and industrial corridors.

DIGITAL TRANSFORMATION: THE NEW INFRASTRUCTURE LAYER

When discussing Indias infrastructure landscape, any assessment would be incomplete without recognising the digital layer that now underpins it. From UPI transforming real-time payments to Aadhaar enabling secure digital identity and ONDC opening interoperable commerce networks, Indias digital public infrastructure has become a vital enabler for modernising physical infrastructure and logistics.

This shift is equally noticeable in the logistics ecosystem, as the ULIP and the Logistics Data Bank offer real-time visibility into freight movement. The private sector is also promoting digital adoption. Logistics-tech startups like us are advancing the use of AI for route optimisation, IoT-enabled warehousing, and automated freight matching, aiding operators in reducing costs and enhancing asset utilisation.

As India targets the next phase of infrastructure growth, digital-first project delivery, common data standards, and capacitybuilding will be critical. A robust digital infrastructure layer enhances asset performance, integrates value chains and positions India more competitively within global manufacturing and logistics networks.

THE ROAD AHEAD

While Indias infrastructure and logistics transformation is progressing at an unprecedented pace, taking the nation to global heights, the challenges that remain must be acknowledged. Last-mile connectivity gaps, fragmented transport systems, cost overruns, and rising fuel costs continue to affect project timelines and financial viability. Large infrastructure projects, particularly those exceeding Rs.1,000 crore, frequently encounter delays due to scope modifications, fluctuations in material costs, and coordination challenges. Tackling these risks necessitates enhanced due diligence, resilient Public-Private Partnership (PPP) arrangements, improved financial modelling, and more transparent risk-sharing frameworks.

Despite the challenges, the overall direction remains clear. Strong policy alignment, steady capital investment, multimodal integration, and widespread state-level involvement are transforming Indias infrastructure landscape. The country is expanding its road and highway networks, modernising ports, enhancing digital logistics, operationalising dedicated freight corridors, and developing world-class multimodal facilities, all contributing to lower logistics costs and improved global competitiveness.

The upcoming decade will shape Indias shift towards a more efficient, connected, and competitive economy. As infrastructure and logistics become central, the investment environment is broadening with clearer pipelines and improved policy alignment. For investors, this period offers both scale and strategic clarity. Those who engage early in transportation, ports, logistics platforms, digital infrastructure, and related services will help determine Indias next growth phase while capitalising on one of the worlds most vibrant infrastructure investment prospects.

COMPANY OVERVIEW

We present ourselves as a comprehensive, single unified platform designed to meet our clients shipping and logistical needs. Our expertise spans across multimodal transportation solutions, offering seamless end-to-end support for shipments across Ocean, Land, and Air. With a focus on providing efficient, cost-effective, and reliable services, we enable businesses to manage and move shi pments globally with ease.

Our platform is built to offer real-time visibility, ensuring that clients have full transparency and control over their logistics operations from the point of origin to the final destination. By integrating the capabilities of multimodal transport, we provide businesses with the flexibility to choose the best routes and modes of transportation based on their specific requirements—be it speed, cost, or efficiency.

Our Company offers two primary service categories - Digital Freight Forwarding and Enterprise SaaS Solutions - each designed to meet the evolving needs of businesses in the global logistics and supply chain industry.

As a digital freight forwarder, we provide end-to-end logistics services by leveraging advanced technology to streamline the transportation process across multiple modes-ocean, land, and air. Our platform facilitates hassle-free bookings, real-time shipment tracking, automated documentation, and efficient customs clearance. Through a digital-first approach, we help businesses optimize freight movement, reduce manual intervention, and achieve cost and time savings. Our expertise covers everything from booking and managing cargo space to ensuring on-time deliveries, all while offering full visibility and transparency throughout the shipment lifecycle.

In addition to our freight forwarding capabilities, Shipwaves Online Limited delivers robust Enterprise SaaS Solutions tailored to meet the complex demands of supply chain management. Our SaaS platform offers an integrated suite of tools designed to streamline logistics operations, providing businesses with complete visibility and control over their supply chain. These solutions include real-time data analytics, predictive insights for demand forecasting, supply chain optimization, inventory management, and comprehensive shipment planning tools. Our software platform helps enterprises of all sizes to digitalize and automate their logistics processes, improving overall efficiency, minimizing risks, and driving performance.

Together, our Digital Freight Forwarding services and Enterprise SaaS Solutions form a cohesive and innovative approach to managing modern logistics challenges with precision and scalability.

The image showcases a comprehensive approach to streamlining the shipping lifecycle, emphasizing efficiency and transparency at every stage of the process. It all starts with the provision of shipment information, where clients input essential details about their cargo, such as the type, quantity, destination, and any specific requirements. This step serves as the foundation for the subsequent actions and ensures that the system can generate tailored options for the shipment.

Once the information is provided, clients receive instant and transparent quotes. This feature is designed to eliminate the traditional delays and complexities associated with getting pricing estimates. By providing upfront costs, it helps businesses plan their logistics budgets more effectively while ensuring there are no hidden fees or last-minute surprises. This transparency fosters trust and simplifies decision-making.

Next, the focus shifts to selecting the vessel schedule, where clients have the flexibility to choose shipping options that best suit their timeline and requirements. Shipwaves allows clients to view various vessel schedules and choose the most suitable one, aligning with their specific needs. After selecting the schedule, clients can plan and confirm door-to-door haulage, a service that ensures comprehensive logistics coverage from the point of origin to the final destination. This integrated planning reduces the hassle of coordinating different transport providers and ensures seamless delivery across various modes of transportation, including ocean, land, and air.

Moving further into the process, real-time shipment tracking is enabled, allowing clients to stay updated on the exact location and progress of their shipments. This continuous monitoring gives peace of mind and enables businesses to anticipate any potential delays or issues. Along with this, clients receive notifications at each step of the shipment, ensuring they are always aware of critical milestones, such as departure, arrival, and customs clearance. This level of visibility minimizes uncertainties and empowers clients to manage their supply chains more effectively.

Finally, all of these steps are managed through one centralized dashboard. This dashboard acts as a one-stop platform where clients can oversee all aspects of their shipping lifecycle, from booking and tracking to receiving notifications and reviewing documentation. The consolidation of information into one platform simplifies the user experience and ensures that clients can manage multiple shipments with ease. This integrated system provides complete control, enhances operational efficiency, and ensures that the entire shipping process is both seamless and efficient from start to finish.

OUR RANGE OF SERVICES

At Shipwaves Online Limited, we pride ourselves on being a one-stop solution provider, offering a comprehensive range of services designed to meet the diverse and evolving needs of our clients. Our goal is to ensure that every aspect of our customers logistics and supply chain demands is addressed seamlessly. From start to finish, whether its managing complex freight forwarding operations or delivering cutting-edge Enterprise SaaS solutions, we offer an extensive suite of services under one roof, ensuring convenience, efficiency, and streamlined operations. This holistic approach enables us to deliver unparalleled support and value, helping our clients achieve their operational goals with ease and confidence.

This image represents the wide range of services offered by Our Company, focusing on enhancing supply chain logistics

through the use of technology and SaaS solutions. It is divided into four main categories of services:

1. Freight Forwarding:

Ocean FCL (Full Container Load): A shipping service where a full container is used to transport goods exclusively for one client, offering security, faster transit, and cost efficiency for bulk shipments.

Ocean LCL (Less than Container Load): A shipping method where multiple clients share container space for smaller shipments, making it cost-effective for businesses that dont require a full container.

o NVOCC (Non-Vessel Operating Common Carrier): A service where Shipwaves acts as a shipping agent, issuing its own bills of lading while using vessel services from various shipping lines, ensuring flexibility and better management of cargo flow.

Air Cargo: Offers expedited air freight services for time-sensitive shipments, providing faster delivery across global destinations with real-time tracking for better visibility.

Road Transport: A ground freight solution that ensures seamless movement of cargo within a country or across borders, offering flexibility for both full truckloads and partial shipments.

Quick Quotes: An online tool that allows customers to receive instant quotes for their shipments, ensuring transparency and quicker decision-making.

o Online Booking: A user-friendly online system where customers can book shipments, eliminating manual processes and offering convenience.

Bank Regularization: A service that helps manage financial transactions related to freight, including payments, documentation, and bank settlements.

o Digital Documentation: Streamlines the traditionally paperwork-heavy process by digitizing shipping documentation, simplifying customs clearance and compliance.

User Dashboard: A centralized platform where users can track their shipments, access key data, manage bookings, and monitor the status of their logistics operations.

Order Management: A software tool that allows businesses to manage the entire order lifecycle, from booking to delivery, ensuring smooth and coordinated logistics operations.

Rate Procurement: Provides access to competitive rates across multiple carriers and transport modes, allowing businesses to choose the most cost-effective and efficient options for their shipments.

Shipment Planner: A planning tool that helps businesses schedule and optimize their shipments, ensuring timely delivery and efficient use of resources.

Real-Time Visibility: Offers continuous, real-time tracking of shipments across all modes of transport, providing updates on the shipments location and estimated delivery time.

Data Analytics: A powerful tool that provides insights into logistics performance, helping businesses make data-driven decisions, optimize costs, and improve efficiency.

Trade Finance: Assists businesses in financing their international trade operations, helping with payments, credit, and mitigating financial risks in global transactions.

o Insurance: Provides cargo insurance services to protect shipments against risks such as damage, loss, or theft during transit.

Clients can efficiently plan their shipments using our intuitive "Shipment Planner" tool. This feature allows users to select their preferred mode of transportation, specify pickup and delivery locations, choose a departure date, and indicate the number of containers they wish to book. Based on the search criteria provided, corresponding freight rates are displayed to offer an approximate cost estimate. It is important to note that these rates serve as indicative figures, as actual costs may vary due to several dynamic factors within the shipping industry, such as fuel surcharges, port handling charges, or seasonal demand fluctuations.

Once the shipment parameters are defined, clients proceed to the "Shipment Information" page, where they can enter detailed cargo specifications, review the proposed route summary, and opt for any additional services required—such as customs clearance or marine insurance. This comprehensive information helps streamline the enquiry process and ensures accurate, tailored service delivery. After completing this section, clients can conveniently submit or create their shipment enquiries. A sample enquiry and quotation layout is illustrated in Diagram 2, offering a clear visual representation of the final output.

Once an enquiry is submitted, our team carefully reviews all provided details to ensure accuracy and completeness. Upon approval, the quotation is converted into a live shipment, allowing the freight process to officially begin. Clients are kept fully informed throughout this stage, with the ability to monitor the status of their enquiry directly through our website. This transparency ensures a smooth transition from planning to execution, minimizing delays and uncertainties.

Once a shipment is confirmed, clients can seamlessly manage every aspect of it from a single, centralized platform. By navigating to the "Shipment" section of our website, users gain access to a comprehensive dashboard that displays all their ongoing and past shipments. Each shipment can be tracked in real-time, offering detailed visibility into its current location, movement history, and estimated arrival time. Clients can also access supporting documents, updates on customs or port activities, and other essential shipment details—all in one place. A visual representation of this functionality is shown in Diagram 3, illustrating a typical shipment information tab and its user-friendly interface.

Our website features a dedicated "Document Management" page designed to streamline the handling of all essential shipping documentation. Here, clients can upload required documents through a simple, user-friendly interface and monitor the status of each file—whether it is marked as uploaded or pending. This centralized document repository ensures compliance and keeps all critical paperwork easily accessible throughout the shipment lifecycle. Clients can update or add documents at any stage, helping avoid delays related to customs clearance, cargo release, or other procedural requirements.

In addition, our "Global Shipment Radar" provides clients with a dynamic, map-based view of all active shipments worldwide. Shipments are visually categorized by status—such as in-transit, delayed, or delivered—allowing users to quickly assess global freight activity at a glance. Clients can apply filters to focus on specific shipment statuses and interact with location clusters to drill down into detailed information for individual shipments, enhancing both oversight and operational efficiency.

Complementing this is our "Shipment Overview" feature, a powerful analytics dashboard that presents real-time shipment performance data using intuitive visual elements like donut charts and bar graphs. This section provides insights into key metrics such as on-time delivery rates, shipment volumes by mode, and status distribution, helping clients identify trends, monitor performance, and make informed logistics decisions. Diagram 4 offers a sample visual representation of this feature, showcasing the clarity and depth of the insights available through our platform.

BUSINESS OVERVIEW OF OUR SUBSIDIARY M/S. SHIPWAVES ONLINE LLC

Our subsidiary, Shipwaves Online LLC, was incorporated in the year 2017 and is based in Dubai. The company operates in the digital freight forwarding industry, aligning closely with the core business activities of our company. Shipwaves Online LLC focuses on leveraging digital technology to streamline and optimize the global logistics and freight forwarding process, catering to businesses that require efficient transportation solutions for goods across international markets.

The strategic establishment of Shipwaves Online LLC was aimed at expanding our geographical presence in the Middle East and enhancing our ability to serve clients with modern, tech-driven logistics solutions. The companys operations in Dubai allow it to tap into the rapidly growing regional markets and the increasing demand for digital transformation in freight management.

Experienced Promoters and Qualified Management Team

Our experienced Promoters and highly qualified management team form the cornerstone of our business growth and operational excellence. With over 40 years of collective experience in the logistics industry, our Promoters have demonstrated entrepreneurial vision and strategic leadership that have been instrumental in our success since inception. Complementing this is our well-qualified management team, whose expertise and dedication ensure seamless implementation of business strategies and operational efficiency. Together, they drive our growth, supported by motivated key managerial personnel and robust internal systems and processes, enabling us to consistently deliver exceptional client satisfaction.

Innovative Software: Revolutionizing Logistics Solutions

Our Company has developed a cutting-edge software platform designed to serve as a single, unified solution for all shipping needs. This innovative platform represents a significant strength for our organization, as it is distinct and unparalleled within the logistics industry. It holds immense potential to transform logistics operations and streamline processes across the sector. We believe that this platform will not only enhance efficiency and client satisfaction but also serve as a key revenue driver for our Company in the near future, solidifying our position as a leader in logistics innovation.

Commitment to Cost Efficiency and Excellence in Logistics

Our relentless pursuit of optimal cost efficiency is rooted in a comprehensive approach that meticulously analyzes and optimizes every aspect of our supply chain—from procurement and inventory management to transportation and distribution. By leveraging advanced technologies, refining processes, and fostering strategic collaborations, we ensure a seamless integration of cost-effectiveness and service excellence. This dynamic approach enables us to minimize operational expenses without compromising on quality or reliability, ensuring we deliver consistent value to our clients. In a rapidly evolving logistics landscape, our focus extends beyond immediate cost-saving measures to include longterm sustainability and innovation. Our commitment to achieving cost efficiency not only enhances our competitive edge but also reinforces our reputation as a trusted partner dedicated to delivering exceptional results tailored to our clients needs.

Diverse Customer Base Across Many Sectors

Our diversified customer base spans multiple sectors, reflecting our versatility and strong presence in the logistics industry. We cater to a wide range of industries and our clientele comprises both Indian corporate groups and multinational corporations, underscoring our ability to meet the needs of a varied and demanding market. With a comprehensive portfolio of logistics services tailored to the unique requirements of each sector, we are well-positioned to support a broad spectrum of industries. Over the years, we have cultivated enduring customer relationships by consistently delivering value-driven solutions and demonstrating our commitment to operational excellence. This strong foundation not only solidifies our reputation but also positions us for sustained growth in the dynamic logistics landscape. Our ability to serve diverse industries underscores our adaptability, making us a trusted partner for businesses across India.

Comprehensive and Customized Third-Party Logistics Solutions

We specialize in providing comprehensive third-party logistics (3PL) services, encompassing transportation, warehousing, and a range of value-added solutions—all at highly competitive rates. Our end-to-end, tailor-made logistics solutions are designed to address the unique requirements of our customers, ensuring seamless and efficient supply chain operations. Our logistics offerings include cross-border freight transportation, which facilitates international trade for our clients, as well as other strategic services that enhance their operational efficiency. These solutions not only enable our customers to optimize their logistics but also open opportunities for cross-selling and expanding their market reach. By delivering reliable, customized, and value-driven services, we position ourselves as a trusted partner in advancing our clients business objectives.

OUR BUSINESS STRATEGIES

1. Driving Growth Through Technological Innovation

A cornerstone of our business strategy is leveraging technological innovation to revolutionize the logistics industry. We are committed to developing smart logistics solutions powered by cutting-edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML). By harnessing these advanced tools, we aim to optimize supply chain processes, enhance predictive analytics, and enable real-time decision-making for greater efficiency and accuracy. Our vision is to create intelligent systems that automate routine tasks, reduce operational costs, and improve service quality, thereby delivering superior value to our customers. These innovations will not only streamline logistics operations but also provide actionable insights that drive strategic decision-making. As we continue to invest in technology, we are focused on staying ahead of industry trends and setting new benchmarks for excellence in the logistics sector, ensuring long-term growth and competitive advantage.

2. Expanding International Horizons

As part of our strategic growth initiatives, our Company is focused on increasing its customer base in the Middle East and North Africa (MENA) region. Recognizing the immense potential of this market, we are taking deliberate steps to establish a strong foothold in key regions such as Saudi Arabia and Africa in the near future. This expansion strategy is driven by the regions robust economic growth, increasing demand for efficient logistics solutions, and its strategic position as a global trade hub.

By tailoring our logistics services to meet the specific needs of customers in these markets, we aim to deliver innovative, reliable, and cost-effective solutions that align with regional requirements. Establishing a presence in the MENA region will also enable us to tap into new opportunities, strengthen our global network, and enhance cross-border logistics capabilities. This planned expansion reflects our commitment to becoming a global leader in the logistics industry, diversifying our revenue streams, and achieving sustainable growth by forging long-term partnerships in these emerging markets.

3. Strengthening Our Market Position through Digital Marketing, Brand Building, and Business Development

As part of our comprehensive growth strategy, we are placing a strong emphasis on digital marketing, brand building, and business development to further enhance our market position and visibility. In an increasingly digital world, we recognize the importance of leveraging online platforms to connect with existing and potential clients, raise brand awareness, and drive customer engagement. Our digital marketing initiatives focus on utilizing data-driven strategies, targeted campaigns, and social media outreach to reach a broader audience and generate qualified leads, thereby creating a stronger online presence.

Simultaneously, we are committed to building a robust, recognizable brand that resonates with our customers. Through consistent messaging, high-quality service offerings, and customer-centric values, we aim to differentiate ourselves in a competitive marketplace. Our brand-building efforts are designed to foster trust and loyalty, making our company a preferred partner in logistics solutions.

Business development is at the core of our expansion plans. We continually seek new opportunities for growth, whether through strategic partnerships, entering new markets, or diversifying our service offerings. By focusing on long-term relationships with clients and stakeholders, we ensure sustained growth and profitability. Our combined efforts in digital marketing, brand building, and business development will not only strengthen our position in the logistics industry but also enable us to seize emerging opportunities, drive innovation, and maintain a competitive edge in an ever-evolving business landscape.

4. Focus on onboarding competent and efficient talent pool

Networking is a critical component of success in the logistics industry, enabling companies to expand their reach and establish business connections across the globe. Recognizing this, one of our key strategies is to onboard talented and renowned professionals who bring extensive industry experience and valuable networks. By attracting top-tier talent, we can tap into new markets, build stronger relationships with potential clients, and significantly expand our customer base. The expertise and connections these individuals bring will not only help us access emerging opportunities but also improve our operational efficiency, driving better decision-making and streamlined processes. As these professionals help to strengthen our presence in existing and new markets, they will play an instrumental role in driving revenue growth and enhancing overall performance. In the long term, this strategic focus on talent acquisition and networking will enable us to build a more resilient and scalable business model, positioning us for sustained growth and greater profitability in the competitive global logistics landscape.

RISKS AND CONCERNS

The Companys business and financial performance are subject to various risks and uncertainties arising from economic conditions, competitive dynamics, regulatory developments and changes in the global logistics environment. The principal risks and uncertainties that may impact the Companys operations, financial condition and growth prospects include the following:

• Foreign Exchange Risk: Fluctuations in exchange rates and currency controls may impact the Companys international operations and financial performance.

• Geopolitical and Macroeconomic Risks: Political instability, military conflicts, geopolitical developments and broader economic conditions may affect global trade and logistics activity.

• Interest Rate and Funding Risk: Changes in interest rates may increase borrowing costs and affect the Companys access to capital.

• Regulatory Risk: Changes in laws, regulations, customs requirements and other regulatory developments affecting India or the global logistics sector may impact operations and compliance costs.

• Competitive Risk: The logistics and digital freight forwarding industry is highly competitive, with continued technological developments and pricing pressure requiring the Company to continuously improve its service offerings and technology capabilities.

• Technology and Digitalisation Risk: The Companys ability to scale its technology-led offerings depends on continued investment in technology, cybersecurity, digital infrastructure and skilled personnel.

The Company continues to monitor these risks and uncertainties and takes appropriate measures, within its control, to mitigate their potential impact on its operations and financial performance.

OUTLOOK

Shipwaves remains well-positioned to benefit from Indias continued economic growth, infrastructure development, digital transformation, and increasing demand for organised business services. The Companys presence into logistics and SasS solutions enables it to participate in multiple growth sectors while reducing dependence on any single market. Supported by favourable industry trends and ongoing investments in technology and service capabilities, Shipwaves remains optimistic about its long-term growth prospects.

This outlook is necessarily forward-looking in nature and is subject to the risks, uncertainties and assumptions set out in the Cautionary Statement at the end of this section.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company maintains an internal control framework commensurate with its scale: documented SOPs across procurement, treasury and financial reporting; Audit Committee oversight of internal financial controls and internal audit; ERP-based systems supporting reporting integrity and segregation of duties; independent internal/statutory audit coverage; and a Code of Conduct, vigil mechanism and insider-trading compliance framework Group-wide.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial statements are prepared under the historical cost convention under accrual system of accounting, except otherwise stated, as a going concern, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and mandatory Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and according to the provisions of the Companies Act, 2013.

During FY 2025-26, the Companys consolidated revenue from operations stood at Rs.9,116.72 lakhs, compared with Rs. 10,828.41 lakhs in the previous year, registering a decline of 15.81%. The decline in revenue was accompanied by a decrease in Profit Before Tax from Rs.1,367.56 lakhs to Rs.375.10 lakhs, representing a decline of 72.57%. Profit After Tax decreased from Rs. 1,219.87 lakhs to Rs.384.87 lakhs, a decline of 68.45%.

On a standalone basis, revenue from operations decreased from Rs.7,720.60 lakhs to Rs.6,501.45 lakhs, representing a decline of 15.79%. Profit Before Tax decreased from Rs.566.97 lakhs to Rs.144.91 lakhs, while Profit After Tax decreased from Rs.419.27 lakhs to Rs.168.47 lakhs.

The Companys performance during the year reflects the operating environment in the logistics and freight forwarding industry. The Company continues to focus on strengthening its digital freight forwarding capabilities, expanding its technology-enabled logistics solutions and improving operational efficiency. Its technology platform provides capabilities including online booking, shipment tracking, digital documentation, shipment planning and analytics, supporting the Companys objective of delivering integrated and efficient logistics solutions.

KEY FINANCIAL RATIOS

Key Financial Ratios along with detailed explanation thereof for the year 2025-26 (previous year 2024-25) pursuant to Schedule V(B) to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Notes:

1. The current ratio increased due to increase in total current assets on account deployment of IPO towards working capital during financial year 2025-26.

2. The debt-equity ratio decreased due to increase in average total equity on account of IPO in financial year 2025-26.

3. The debt-service coverage ratio decreased due to lower EBIDTA in financial year 2025-26.

4. Return on Equity Ratio decreased due to PAT and increase in Average Shareholders Fund/Total Equity. in financial year 2025-26.

5. Trade Receivables turnover ratio decreased due to lower revenue and increase in Trade Receivables in financial year 202526.

6. Trade payables turnover ratio decreased due to lower revenue and increase in Trade payable in financial year 2025-26.

7. Net capital turnover ratio decreased due to decrease in revenue from Operations and increase in Net Working Capital.

8. Net profit ratio decreased due to decrease in Profit / Loss for the Year and decrease in Revenue from Operations.

9. Return on Capital employed decreased due to decrease in Profit/Loss Before Tax + Finance Cost and decrease in Capital employed.

10.Return on investment decreased due to lower Interest earned on investment and increase in Investments.

HUMAN RESOURCES

Consolidated employee benefits expense rose to Rs. 922.17 Lakhs in FY26 from Rs.717.53 Lakhs in FY25, broadly tracking the Companys growth in scale and geographic footprint. Business relations across locations remained cordial through FY26. A skilled and motivated workforce is essential to upholding our stringent quality and safety standards. Strong employee relations are also crucial for maintaining our competitive edge. To this end, the Company invests in comprehensive training programs to develop a highly skilled workforce. Regular training, competitive compensation, and robust employee welfare initiatives foster a positive work environment and contribute to harmonious labour relations.

We believe that our employees are key contributors to our business success. We focus on attracting and retaining the best possible talent. Our company looks for specific skill sets, interests and background that would be an asset for our business. We have not experienced any material strikes, work stoppages, labor disputes or actions by or with our employees and we consider our relationship with our employees to be good. All the employees who are employed in their respective departments work with integrity to make sure the operation the company has fulfilled and the targets the company has set are achieved.

The total number of employees as on 31st March 2026 are 35 employees.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws. Actual results could differ materially from those expressed or implied, owing to factors including global/domestic economic conditions, freight and prices, regulatory changes, geopolitical developments, and other incidental factors. This document does not constitute an offer or invitation to purchase or subscribe for any securities of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements.