We Win Ltd Management Discussions

Your Directors have pleasure in presenting the Management Discussion and Analysis Report for the financial year ended 31st March, 2026.

The Business Process Outsourcing (BPO) industry continues to be one of the fastest-growing segments of the Information Technology Enabled Services (ITeS) sector. Factors such as cost efficiency, economies of scale, business risk mitigation, process optimization, technological advancements, and availability of a skilled workforce continue to drive the growth of the industry. BPO service providers play a significant role in enabling businesses to improve operational efficiency by managing specialized business processes through advanced technology and domain expertise.

India continues to remain a preferred global destination for outsourcing services owing to its large pool of skilled, English-speaking professionals, robust digital infrastructure, and competitive cost advantage. Increasing digital adoption by both government and private sector organizations is expected to generate sustained demand for customer support, contact centre, and technology-enabled services.

Historically, the Company operated through a single business segment comprising Customer Relationship Management (CRM) and Business Process Outsourcing (BPO) services, including inbound and outbound call centre operations, customer support, and helpdesk services.

During the financial year 2025-26, the Company expanded its business operations by commencing activities in the Software Services segment. The addition of this business vertical complements the Companys existing CRM/BPO operations and represents a strategic step towards diversification of service offerings. The Software segment contributed to the revenue growth achieved during the year, particularly during the fourth quarter of FY 2025-26.

The demand for BPO and technology-enabled services is expected to remain strong due to increasing outsourcing by domestic and international organizations, digital transformation initiatives, and expanding customer engagement requirements. The growing adoption of software solutions across industries also presents significant business opportunities.

The Companys expansion into software services positions it to leverage emerging market opportunities, diversify revenue streams, and strengthen long-term business sustainability. With its experienced workforce, customer-centric approach, and expanding service portfolio, the Company is well placed to capitalize on future growth prospects.

While the Company remains well positioned to benefit from the growing demand for customer experience, citizen-services and technology-enabled solutions, its business is subject to certain risks and challenges. The key threats that may impact the Companys operations and growth include:

a) Intensifying Competition: The Company operates in a competitive market comprising established BPO, customer experience, IT services and technology companies. Increased competition may result in pricing pressure, higher customer acquisition costs and the need for continuous improvement in service quality and technology capabilities.

b) Rapid Technological Changes: The technology landscape is evolving rapidly, particularly with the increasing adoption of Artificial Intelligence, automation, cloud computing and data-driven solutions.

Failure to continuously upgrade technology, platforms and skills could affect the Companys competitiveness and ability to meet evolving customer expectations.

c) Talent Acquisition and Retention: The Companys ability to deliver quality services depends significantly on the availability of skilled and trained personnel. Competition for technology, AI, data engineering, customer experience and other specialised talent may increase employee acquisition and retention costs and could impact the Companys ability to scale operations.

d) Regulatory and Compliance Risks: Changes in applicable laws, regulations, government policies, data-protection requirements and sector-specific compliance obligations may increase the Companys compliance requirements and operating costs. Any non-compliance could result in financial, operational or reputational consequences.

e) Dependence on Customer Contracts and Government Business: A significant part of the Companys business is associated with institutional and government-facing projects. Delays in project commencement, tender processes, contract renewals, and payment cycles, changes in government priorities or termination/non-renewal of contracts may impact revenue visibility and working capital.

f) Changing Customer Requirements: Customer expectations are continuously evolving towards faster response times, digital engagement, automation, analytics and integrated technology solutions. The Company must continuously adapt its service offerings and operating models to remain aligned with customer requirements.

g) Pricing and Margin Pressure: Competitive bidding, particularly in large institutional and government projects, may create pressure on pricing and operating margins. The Company needs to maintain operational efficiency and prudent cost management while ensuring delivery quality.

h) Macroeconomic and Industry Conditions: Changes in domestic and global economic conditions, inflation, interest rates, business confidence and technology spending may influence outsourcing and technology-services demand. Such factors may affect customer budgets, project timelines and overall business growth.

The Company continuously monitors these risks and seeks to mitigate them through diversification of service offerings, investment in technology and infrastructure, employee training and skill development, strengthening of internal controls, enhancement of cyber security practices, operational efficiency and close engagement with customers. The Companys expansion into software services also provides an opportunity to diversify its revenue streams and strengthen long-term business resilience.

During the financial year under review, the Company recorded a total standalone income (including other income) of 9,454.04 lakhs as against 7,940.99 lakhs in the previous financial year, registering a growth of 19.05%.

The Company reported a Profit After Tax (PAT) of 450.18 lakhs as compared to 164.89 lakhs in the previous financial year, reflecting a significant improvement in operational performance and profitability.

The Board of Directors is pleased with the Companys financial performance and remains committed to strengthening operational capabilities, exploring new business opportunities, and creating sustainable value for all stakeholders.

The Company has an adequate system of internal controls commensurate with the nature, size, and complexity of its business operations. These controls are designed to ensure the safeguarding of assets, accuracy and completeness of accounting records, compliance with applicable laws and regulations, and efficient conduct of business operations.

The effectiveness of the internal control framework is periodically reviewed to ensure that management policies are properly implemented and that financial and operational information is reliable and reported in a timely manner.

The Company firmly believes that its employees are its most valuable asset. Continuous emphasis is placed on employee development through training, skill enhancement, and performance management initiatives.

Industrial relations remained cordial and harmonious throughout the year. Employee concerns and issues are addressed through regular interaction, fostering a positive and collaborative work environment.

Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company provides the following explanations for significant changes (i.e., change of 25% or more as compared to the previous financial year) in key financial ratios:

- Debt-Equity Ratio decreased significantly during the year primarily due to substantial repayment of borrowings and improvement in shareholders equity on account of higher retained earnings.

- Debt Service Coverage Ratio (DSCR) improved during the year mainly on account of higher operating profitability along with reduction in finance costs and debt repayment obligations.

- Return on Equity (ROE) improved as compared to the previous financial year due to higher Profit After Tax earned during the year.

- Trade Payables Turnover Ratio increased owing to improved working capital management and faster settlement of trade payables.

- Net Profit Ratio improved during the year primarily due to higher revenue from operations and improved operational efficiency resulting in better profitability.

Except for the above, there were no other significant changes (i.e., change of 25% or more) in the key financial ratios as compared to the previous financial year.

The Company operates in a competitive business environment where key risks include increasing competition, technological changes, talent retention, data security, regulatory compliance, and changing customer requirements. The Company continuously monitors these risks and adopts appropriate mitigation strategies, including investment in technology, strengthening internal processes, and enhancing service quality.

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other applicable provisions of the Companies Act, 2013.

There has been no change in the accounting policies or accounting treatment during the financial year under review. The financial statements have been prepared on a going concern basis under the historical cost convention, except for certain financial instruments which are measured at fair value in accordance with the applicable Indian Accounting Standards. The accounting policies adopted are consistent with those followed in the previous financial year.

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various economic, regulatory, technological and other factors beyond the Companys control. The Company undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent developments, information or events.

Sd/- Sd/-

(DIN: 01260263) (DIN: 01527904) Managing Director Chairman cum Director

Address: Penthouse Flat No. BP 01, 06^th Floor, Address: 303 Phase-2 Garden Residence Block B, Sagar Green Hills, Damkheda Chuna Bhatti Opp Suyash Hospital Kolar Road, Huzur, Bhopal M.P. 462007 Kolar Road, Huzur, Bhopal M.P. 462016

Place: Bhopal Dated: 29/08/2026