TechD Cybersecurity Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS REPORT </dhhead>

1. Overview of the Company

TechD Cybersecurity Limited (“the Company", “TechD", or “we"), formerly known as Techdefence Labs Solutions Limited and originally incorporated as Techdefence Labs Solutions Private Limited, is a public limited company having its Corporate Identification Number L72900GJ2017PLC095215. The Company was originally incorporated on January 19, 2017, converted into a public limited company pursuant to a special resolution dated October 5, 2024 (fresh certificate of incorporation dated November 26, 2024), and subsequently renamed to its present name pursuant to a special resolution passed by the shareholders on July 16, 2025 (fresh certificate of incorporation dated July 23, 2025).

The Companys Registered Office is situated at Office No. 901, 902, 903, 904 & 908, 9^th Floor, Abhishree Adroit, Near Mansi Cross Road, Vastrapur, Ahmedabad, Gujarat, India - 380015.

TechD is a customer-centric cybersecurity solutions provider delivering end-to-end services that help enterprises stay secure in the digital world. The Company is a CERT-In empanelled and ISO 27001:2022 certified organisation, serving clients across BFSI, NBFCs, Manufacturing, Healthcare, Aviation, Education, IT/ITeS, and Government institutions, both domestically and internationally. The Company is driven by its founder- Promoters, Mr. Sunny Vaghela and Mr. Piyush Rasiklal

Vaghela, and is led by an experienced Board and management team.

1.1 Listing and Capital Markets Milestone

The Company completed its Initial Public Offer (“IPO") of 20,20,200 equity shares of face value 10 each at an issue price of 193 per equity share (including a share premium of 183 per share), aggregating to 3,898.99 lakhs. The issue opened for subscription from September 15, 2025 to September 17 2025, with allotment on September 18, 2025, and the equity shares of the Company were listed on the NSE Emerge (SME) Platform of the National Stock Exchange of India Limited on September 22, 2025 under the symbol TECHD. Accordingly, FY 2025-26 marked the Companys first financial year as a listed entity following its listing in September 2025. and these are its first annual audited financial results prepared and presented in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations").

1.2 New Subsidiaries - Subsequent Events

Pursuant to Section 2(87) of the Companies Act, 2013 and Accounting Standard (AS) 4 - “Contingencies and Events Occurring After the Balance Sheet Date", during the period subsequent to March 31, 2026 and up to the date of approval of the audited financial results, the Company incorporated the following subsidiary companies, marking the beginning of its global expansion:

Name of Subsidiary	Date of Incorporation	Country of Incorporation	Shareholding
TechD CyberAgi Private Limited	April 18, 2026	India	51%
TechDefence Cybersecurity Inc.	May 1, 2026	Canada (Province of Ontario)	100% (Wholly-Owned Subsidiary)
TechD Global IFSC Private Limited	May 4, 2026	India (GIFT City, Gandhinagar, Gujarat - IFSC)	99.99% (Wholly-Owned Subsidiary)

These incorporations reflect the Companys stated strategy of pursuing international expansion (Canada) and establishing a presence in Indias GIFT City IFSC, alongside a majority-owned AI-focused venture, in line with the growth strategies articulated at the time of the IPO.

2. Economic and Industry Overview

2.1 Macroeconomic Backdrop

The global economy has continued a path of moderate, below-trend growth, with disinflation broadly on track even as geopolitical tensions, trade and tariff-related uncertainty, and volatility in capital flows remain key downside risks. Against this backdrop, India has continued to be one of the fastest-growing major economies, supported by resilient domestic consumption, sustained public capital expenditure, easing retail inflation, comfortable foreign exchange reserves, and continued structural reforms in digital infrastructure, taxation, and ease of doing business. The Governments continuing thrust on Digital India, make in India, and Atmanirbhar Bharat has accelerated digital adoption across public and private sector workflows, expanding the addressable market for technology and cybersecurity service providers such as the Company.

2.2 Indian IT and Cybersecurity Industry

Indias technology industry continues to be a significant contributor to national GDP and employment, with the sector on a multi-year trajectory toward higher digital spending, expanding Global Capability Centers, and rising enterprise investment in cloud, AI/automation, and cybersecurity. Rising smartphone and internet penetration, growing e-commerce and digital payments adoption, and expansion of cloud-based enterprise workflows have materially widened the attack surface for cyber threats, driving structurally higher demand for vulnerability management, managed security operations, and compliance advisory services - the core areas in which the Company operates.

This demand is reinforced by an evolving and increasingly stringent regulatory landscape in India, including the Information Technology Act, 2000 and rules thereunder, the CERT-In (Indian Computer Emergency Response Team) incident-reporting directions, the Reserve Bank of Indias Cyber Security Framework for regulated entities, SEBIs

cybersecurity and cyber-resilience framework for market intermediaries, the Digital Personal Data Protection Act, 2023 (“DPDPA"), and international standards such as ISO/IEC 27001, HIPAA and GDPR that Indian enterprises with global operations are increasingly required to demonstrate compliance with. As enterprises move from viewing cybersecurity as a cost center to treating it as a strategic enabler of trust, compliance and digital transformation, the Company believes this creates a favorable multi-year runway for CERT-In empaneled, ISO 27001 certified providers such as TechD.

The Companys principal domestic and international peer set in the listed cybersecurity/IT services space includes players such as Coforge Limited, Sattrix Information Security Limited, Happiest Minds Technologies Limited and TAC Infosec Limited, among specialised boutique and multinational competitors. Competitive intensity in the industry remains high, driven by pricing pressure, the pace of technological change, and the need for continuous innovation to stay ahead of evolving threats.

3. Our Business

TechD operates a diversified business model built around two primary revenue streams - Services and Trainings - and delivers a comprehensive, end-to-end cybersecurity offering that allows it to function as a single point of contact for a clients security, compliance and operational needs.

3.1 Services

• Vulnerability Assessment and Penetration Testing (VAPT) - combining automated tools and manual testing across web, mobile, thick-client applications, network infrastructure, cloud configuration and source code, to proactively identify and remediate weaknesses before they can be exploited.

• Security Operations Centre (SOC) Services - 24*7*365 monitoring and threat hunting using SIEM and UEBA platforms to provide real-time threat detection and rapid incident response.

• Compliance Services - audits, gap analysis, policy development and implementation support to help clients achieve and maintain compliance with SEBI, RBI, ISO 27001:2022, GDPR and HIPAA requirements.

• Specialized Services - Virtual CISO (V-CISO), Red Team assessments, breach and attack simulations, cyber insurance advisory, cyber lab establishment, cyber forensics and hardware security assessments.

• Staff Augmentation - deployment of skilled GRC resources, SOC analysts, SIEM engineers and security analysts on a flexible, contract basis to fill client talent gaps.

• Managed Security Services (MSSP) - implementation and managed support of leading third-party security products (including CrowdStrike, Securonix, Seceon, Trend Micro, Seqrite, Palo Alto and Zscaler) under OEM partnerships.

• Cyber Program Managed Services - an integrated, single-umbrella offering combining compliance, advisory, vulnerability management, SOC and governance services for clients seeking complete outsourced cybersecurity management.

3.2 Trainings

• University Partnerships - knowledge-partner arrangements with institutions such as Parul University and Silver Oak University to deliver undergraduate and postgraduate degree programmes (B.Tech, M.Tech, M.Sc and diploma courses) in cybersecurity, helping build a long-term talent pipeline for the industry.

• Corporate Training Programmes - cybersecurity awareness training, ISO 27001 Lead Auditor/Lead Implementer courses and short-term Certified Cyber Security Expert programmes for corporate clients.

This training vertical, in addition to being a growing revenue stream in its own right, gives the Company privileged access to a pipeline of trained cybersecurity talent, mitigating the industry-wide skills shortage that constrains many competitors.

3.3 Key Competitive Strengths

• Experienced, technically credentialed founder- Promoters with a long track record in cybersecurity, digital forensics and cybercrime investigation.

• Comprehensive, integrated service offering spanning VAPT, SOC, compliance, specialised services and staff augmentation, delivered under a single-vendor relationship.

• CERT-In empanelment and ISO 27001:2022 certification, which are significant differentiators in winning government, BFSI and large-enterprise mandates.

• A structural pipeline of skilled cybersecurity talent through university partnerships, mitigating industrywide attrition and skills-shortage risk.

• A diversified, marquee client base spanning BFSI, manufacturing, education and technology sectors, including groups such as Adani, Zensar Technologies and Astral Limited.

• Strong OEM relationships with leading global security-product vendors, enabling an integrated products-plus-managed service model.

3.4 Business Strategy Going Forward

• International expansion into Southeast Asia, the Middle East, Europe and North America, supported by the recent incorporation of a Canadian subsidiary and regional partnerships with existing OEM partners.

• Deepening cybersecurity education and talent- development initiatives, including new university partnerships and a planned global e-learning platform.

• Expanding client-centric, sector-specific offerings in cloud security, IoT security and blockchain risk management for BFSI, NBFC, manufacturing and government clients.

• Continued investment in AI/ML-led automation - including SOAR and UEBA capabilities - to improve detection accuracy and response times, complemented by the newly incorporated TechD CyberAgi Private Limited.

• Building brand visibility and thought leadership through industry events, research publications and digital outreach.

4. Financial Performance Overview - FY 2025-26

FY 2025-26 was a landmark year for the Company - its first full year of operations as a listed entity following the September 2025 IPO. The Company delivered strong growth across revenue, profitability and balance sheet strength, aided by continued momentum across its Services and Trainings verticals.

4.1 Financial Highlights

The table below sets out the Companys key standalone financial metrics for the year ended March 31, 2026 as compared to the year ended March 31, 2025.

Particulars ( in Lakhs)	FY 2025-26	FY 2024-25	YoY Growth
Revenue from Operations	5,180.76	2,979.52	73.87%
Other Income	144.37	43.13	234.71%
Total Income	5,325.13	3,022.65	7617%
Total Expenses	3,406.11	2,019.26	68.68%
EBITDA*	2,015.81	1,237.60	62.88%
Profit Before Tax	1,919.02	1,143.42	67.83%
Total Tax Expense	515.07	305.79	68.46%
Profit After Tax	1,403.95	83763	6763%
Basic & Diluted EPS ()	21.54	16.41	31.26%
Paid-up Equity Share Capital	747.97	545.95	3700%
Reserves & Surplus	6,434.46	1,661.03	28742%

*EBITDA is a non-GAAP measure computed as Profit Before Tax plus Finance Costs plus Depreciation & Amortisation Expense, and excludes the FY 2024-25 Prior Period Item of 140.03 lakhs.

4.2 Discussion - Results of Operations

Revenue from Operations

Revenue from Operations grew 73.87% to 5,180.76 lakhs in FY 2025-26 from 2,979.52 lakhs in FY 2024-25. This continues the Companys strong multi-year growth trajectory - Revenue from Operations grew from 750.83 lakhs in FY 2022-23 to 1,353.01 lakhs in FY 2023-24 and 2,979.52 lakhs in FY 2024-25, as disclosed in the Red Herring Prospectus - driven by continued client additions, deepening wallet share with existing clients across the VAPT, SOC and Staff Augmentation service lines, and growing momentum in the Companys training and university-partnership vertical.

Profitability

EBITDA grew 62.88% to 2,015.81 lakhs, with EBITDA margin (on Revenue from Operations) expanding to 38.9% in FY 202526 from 41.5% in FY 2024-25, aided by operating leverage and lower finance costs. Profit After Tax grew 6763% to 1,403.95 lakhs from 83763 lakhs, while Basic and Diluted EPS grew 31.26% to 21.54 from 16.41, the lower rate of EPS growth relative to PAT growth reflecting the increase in the equity share base following the IPO allotment of 20,20,200 shares in September 2025.

4.3 Multi-Year Financial Trend

The table below presents the Companys growth trajectory over the last four financial years, combining the audited FY 202526 results with restated financial information disclosed in the Companys Red Herring Prospectus dated September 2025 for FY 2022-23 to FY 2024-25. Figures for FY 2024-25 in the RHP were on a pre-final-audit restated basis and are broadly consistent with the subsequently audited FY 2024-25 comparatives presented above.

Particulars ( in Lakhs)	FY 2022-23	FY 2023-24	FY 2024-25	FY 2025-26
Revenue from Operations	750.83	1,353.01	2,979.52	5,180.76
EBITDA	14782	479.01	1,237.60	2,015.81
EBITDA Margin (% of Total Income)	19.48%	34.66%	40.94%*	3785%
Profit After Tax	101.84	322.39	83763	1,403.95
PAT Margin (% of Revenue from Ops)	13.56%	23.83%	28.11%*	2710%

*As disclosed in the Red Herring Prospectus on a restated standalone basis; minor variances from the final audited FY 2024-25 figures reflect subsequent audit adjustments and reclassifications.

4.4 Key Financial Ratios

Set out below are the Companys key financial ratios for FY 2025-26 as compared to FY 2024-25, computed from the audited standalone financial statements.

Ratio	FY 2025-26	FY 2024-25	Change
EBITDA Margin (on Revenue from Operations)	38.90%	41.52%	(262) bps
PAT Margin (on Revenue from Operations)	2710%	OP> 28.11%	(101) bps
Basic & Diluted EPS ()	21.54	16.41	+31.26%
Current Ratio (x)	5.69	3.88	+46.6%
Debt-Equity Ratio (x)	0.00	0.01	Improved
Debtors Turnover Ratio	3.25	3.72	-12.82%
Return on Equity (%)	29.90%	62.46%	-52.12%

Explanation for Significant Changes in Key Financial Ratios (change of 25% or more)

• Current Ratio improved 46.6% to 5.69x (FY25: 3.88x), driven by the substantial increase in Cash and Bank Balances following receipt of IPO proceeds (net proceeds of 3,571.52 lakhs were received during the year), alongside growth in trade receivables and other current assets.

• Debt-Equity Ratio improved to effectively nil, as the Company repaid its entire short-term borrowings of 31.94 lakhs during the year and had no long-term borrowings outstanding at either year-end.

• Return on Equity (computed on closing shareholders funds) declined to 19.55% from 3796%, primarily because the equity base increased substantially - from 545.95 Lakhs to 74797 Lakhs - following the IPO and the resulting increase in share capital and premium reserves, even as PAT grew 67.63%. On a pre-IPO capital base, underlying return on capital deployed in the business continued to improve, as evidenced by the growth in EBITDA and PAT margins. • Other Income grew 234.71%, primarily reflecting interest income earned on the significant fixed deposits placed out of unutilised IPO proceeds (3,479 lakhs was invested in fixed deposits with banks during the year) as well as foreign exchange gains.

5. Utilisation of IPO Proceeds

The Company raised 3,898.99 lakhs through its IPO, credited to a designated Public Offer Account maintained with DBS Bank Limited. Pursuant to Regulation 32 and 33 of the SEBI LODR Regulations, the position of utilisation as at March 31, 2026, as certified by the Statutory Auditors (T R S & Associates, Chartered Accountants) and reviewed by the Monitoring Agency (Care Edge Ratings Limited), is set out below.

Object of the Issue	Amount Disclosed	Utilised up to Mar 31, 2026	Unutilised up to Mar 31, 2026
Investment in Human Resources	2,609.23	28.99	2,580.24
Capital Expenditure - Global Security Operation Centre (GSOC), Ahmedabad	588.82	-	588.82
General Corporate Purposes	360.94	59.98	300.96
Initial Public Offer (IPO) Related Expenses	340.00	272.50	67.50
Total	3,898.99	361.46	3537.53

The Company has confirmed there was no deviation or variation in the utilisation of IPO proceeds from the objects stated in the Prospectus dated September 18, 2025. Of the unutilised balance of 3,53753 lakhs as at March 31, 2026, 58.53 lakhs was lying in the designated Public Offer Account and 3,479.00 lakhs had been temporarily invested in a fixed deposit with DBS Bank Limited, pending deployment, and had not been advanced, deployed, or otherwise utilised for any purpose outside the stated objects of the issue.

5.1 Objects of the Issue - Progress

• Global Security Operation Centre (GSOC), Ahmedabad: While cash utilisation against this specific IPO object remained nil as at year-end, the Company incurred 62773 lakhs of Capital Work-in-Progress and 321.53 lakhs of Intangible Assets Under Development during the year - substantially exceeding the 588.82 lakhs earmarked - indicating that GSOC-related capex is being funded through a combination of internal accruals and is progressing toward completion, with formal IPO-proceeds utilisation expected to follow as the facility is commissioned.

• Investment in Human Resources: Utilisation of 28.99 lakhs against the 2,609.23 lakhs earmarked reflects the early stage of the multi-year hiring plan; the Companys Employee Benefit Expense nonetheless grew 50.9% year-on-year, funded substantially through operating cash flows.

• General Corporate Purposes and IPO-related Expenses: Utilisation of 59.98 lakhs and 272.50 lakhs respectively is broadly in line with the nearterm nature of these objects.

6. Service-wise and Segment-wise Performance

The Company operates in a single reportable business segment - Information Technology and Cybersecurity Services - and accordingly, disclosure of segment- wise information under Accounting Standard 17 is not applicable. However, for management-reporting purposes, the Company tracks revenue across its seven service lines and two training offerings. The table below sets out this internal service-wise revenue comparison for FY 2025-26 as against FY 2024-25 (figures as per internal management information and may vary marginally from the audited Revenue from Operations of 5,180.76 lakhs on account of classification and rounding).

Service / Training Line	FY 2025-26 ( Lakhs)	FY 2024-25 ( Lakhs)	Stated Growth %	Correct Growth %
VAPT	907.05	597.78	34.10%	51.74%
Security Operations Centre (SOC)	1,223.00	706.46	42.24%	7312%
Compliance Services	362.41	241.92	33.25%	49.81%
Specialized Services	215.82	136.15	36.92%	58.50%
Staff Augmentation	1,053.74	239.49	7727%	340.03%
Cyber Program Management	764.41	563.38	26.30%	35.69%
MSSP Services	124.20	43.12	65.28%	188.03%
Total - Services	4,650.63	2,528.30	45.63%	83.94%
University Partnership	487.45	422.32	13.36%	15.42%
Corporate Training	113.62	72.03	36.60%	57.74%
Total - Trainings	601.07	494.35	17.76%	21.59%
Grand Total	5,251.70	3,022.65	42.44%	73.75%

Note: Growth % = (FY 2025-26 - FY 2024-25) / FY 2024-25 * 100. The “Stated Growth %" column reproduces the figures as printed in the Annual Report; the “Correct Growth %" column is recalculated from the revenue figures shown.

Separately, the Grand Total base figures (5,251.70 lakhs / 3,022.65 lakhs) do not reconcile with the audited Revenue from Operations stated elsewhere in the MDA (5,180.76 lakhs / 2,979.52 lakhs) · this discrepancy is independent of the growth % correction above.

Staff Augmentation was the fastest-growing service line in percentage terms (up 773%), reflecting strong client demand for on-contract cybersecurity resources amid an industry-wide talent shortage. Security Operations Centre and MSSP Services also grew strongly (up 42.2% and 65.3% respectively), consistent with rising enterprise adoption of managed, outsourced security monitoring. Within Trainings, Corporate Training grew faster (36.6%) than University Partnership revenue (13.4%), though the latter remains the larger of the two training streams.

6.1 Geography and Client Mix

As disclosed in the Companys Red Herring Prospectus, revenue is diversified across domestic and international markets, with Gujarat remaining the largest single-state contributor. International revenue - spanning the United States, United Kingdom, UAE, Kenya, Bahrain and other geographies - has grown from 9.35% of total revenue in FY 2022-23 to 16.05% in FY 2024-25, supporting the Companys stated strategy of international expansion, which took a concrete step forward in FY 2025-26 with the incorporation of a wholly-owned Canadian subsidiary. Customer concentration has also reduced over time - the top 10 customers contributed 46.28% of revenue from operations in FY 2024-25, down from 66.46% in FY 202223 - reflecting a broadening client base across BFSI, ITES, education, manufacturing and consultancy sectors.

8. Opportunities, Threats, Risks and Concerns

8.1 Opportunities

• Rising enterprise and government investment in cybersecurity as regulatory frameworks (DPDPA 2023, CERT-In directions, RBI and SEBI cybersecurity frameworks) tighten and enforcement intensifies.

• Structural growth in Indias IT and digital economy, expanding Global Capability Centres, and growing cloud/SaaS adoption, each of which increases the addressable market for VAPT, SOC and compliance services.

• Increasing adoption of AI and automation in security operations, an area the Company is investing in directly through its newly incorporated AI-focused subsidiary, TechD CyberAgi Private Limited.

• International expansion opportunity, supported by the Companys Canadian subsidiary and existing OEM partnerships, to diversify revenue beyond the domestic market.

• Growing demand for staff augmentation and managed security services as enterprises seek to bridge in-house cybersecurity talent shortages without long-term hiring commitments.

8.2 Threats, Risks and Concerns

• Customer concentration - while reducing over time, the top 10 customers still contributed a meaningful share of revenue in the most recent reported year, and loss of key clients could adversely affect results.

• Employee-intensive cost structure and industry-wide attrition - the Companys cost base is dominated by employee benefit expenses, and its ability to execute projects depends on attracting and retaining skilled cybersecurity professionals in a competitive talent market.

• Intense competition from larger, well-capitalised IT services players as well as specialised boutique cybersecurity firms, which can pressure pricing and margins.

• Rapid technological change requiring continuous investment in tools, platforms and certifications to remain relevant against evolving cyber-threat vectors.

• Regulatory and compliance risk - as a CERT-In empanelled and ISO 27001 certified provider serving regulated sectors (BFSI, healthcare, government), the Company itself is subject to stringent data- protection and cybersecurity compliance obligations, non-adherence to which could affect its reputation and client relationships.

• Execution risk on newly incorporated subsidiaries and the GSOC capital project, given these are at an early stage and involve deployment of a significant portion of unutilised IPO proceeds.

8.3 Outlook

The Company expects continued growth in demand for its cybersecurity services and training offerings, supported by tightening regulation, rising digital adoption, and enterprise willingness to outsource security operations. With a strong, largely debt-free balance sheet following the IPO, unutilised IPO proceeds earmarked for human resources and the GSOC build-out, and the recent incorporation of subsidiaries supporting AI capability and international expansion, the Company believes it is well positioned to sustain its growth trajectory in FY 2026-27, while remaining mindful of execution, talent and competitive risks.

9. Human Resources

The Company regards its employees as its principal asset. As on March 31^st, 2026, the Company had 172 employees on its rolls. The Company continues to invest in building an organisation with sustained focus on strengthening its learning infrastructure, advancing employee well-being initiatives, and embedding inclusive policies across the organisation. Succession planning for all critical roles, together with the adoption of new-age technologies to enhance human resource processes, will remain key areas of focus.

Employee Benefit Expenses grew 50.9% year-on-year to 1,224.55 lakhs in FY 2025-26, broadly tracking headcount growth and annual increments, while declining as a percentage of Revenue from Operations, reflecting improving operating leverage. Given the technical, certification-driven nature of the industry, employee attrition remains a key risk the Company actively manages through its university-partnership talent pipeline, competitive compensation, and continued investment in training and skill development.

10. Internal Control Systems and Their Adequacy

The Company has established internal control systems and procedures commensurate with the size, scale and nature of its business, encompassing defined delegation of authority, segregation of duties, documented policies covering finance, procurement, HR and client- delivery processes, and a structured Audit Committee review mechanism. These systems are designed to safeguard Company assets, ensure the accuracy and completeness of accounting records, support timely and reliable financial reporting, and ensure compliance with applicable laws and SEBI LODR Regulations.

As a CERT-In empanelled and ISO 27001:2022 certified organisation, the Company additionally maintains a formal Cyber Risk Management process and a regularly updated Risk Register to identify, assess and mitigate information-security risks across its own operations - a discipline the Company considers integral to its credibility as a cybersecurity services provider. The Statutory Auditors have carried out the audit of the annual financial results in accordance with Regulation 33 of the SEBI LODR Regulations and issued an Unmodified Opinion for FY 2025-26, with no qualifications relating to internal financial controls.

11. Disclosure of Accounting Treatment

The audited financial results for FY 2025-26 have been prepared in accordance with Indian Generally Accepted Accounting Principles (“Indian GAAP") / Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, and are presented in compliance with Regulation 33 of the SEBI LODR Regulations applicable to companies listed on the SME Platform of the National Stock Exchange of India Limited. As these are the Companys first annual audited financial results following listing, there is no separate treatment different from that prescribed in the applicable Accounting Standards.

The Government of India has consolidated 29 existing labour legislations into a unified framework of 4 Labour Codes, effective November 21, 2025. The Company has evaluated the related financial implications based on currently available information and applicable provisions and has concluded that implementation of the Labour Codes does not have a material impact on the FY 2025-26 financial results.

12. Cautionary Statement

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations, industry data and outlook may constitute “forward-looking statements" within the meaning of applicable securities laws and regulations. Such statements are based on certain assumptions and expectations of future events and are subject to risks and uncertainties, many of which are beyond the Companys control, including but not limited to changes in the regulatory environment, competitive intensity, technological change, client concentration, and the availability of skilled cybersecurity talent. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company assumes no obligation to publicly amend, modify or revise any such statements on the basis of subsequent developments, information or events, except as required under applicable law and the SEBI LODR Regulations.

For, and on behalf of the Board

TECHD CYBERSECURITY LIMITED

SD/-

Sunny Piyushkumar Vaghela

Managing Director

DIN: 02068653