Western Overseas Study Abroad Ltd Management Discussions

Annexure - 5

1. Industry Structure and Developments

The global education and international mobility sector continue to demonstrate strong long-term growth, supported by increasing aspirations among students and professionals for quality education, global career opportunities, and international exposure. Rising disposable incomes, greater awareness of overseas academic programmes, favourable demographic trends, and the growing acceptance of global qualifications continue to drive demand for international education services.

The United States of America, the United Kingdom, Canada, Australia, Ireland, New Zealand, Dubai, Singapore and several European countries continue to remain preferred destinations for Indian students seeking higher education and professional advancement. Although immigration policies and visa regulations continue to evolve across various jurisdictions, demand for overseas education and migration services has remained resilient, reflecting the long-term attractiveness of international education and global employment opportunities.

Educational institutions worldwide are increasingly collaborating with established education consultants to strengthen student outreach, improve enrolment quality, and ensure regulatory compliance. Simultaneously, digital transformation has significantly enhanced the accessibility of counselling, application management, language training, and student engagement services, enabling service providers to deliver more efficient and personalised solutions.

Government initiatives promoting skill development, international collaborations and digital education have further strengthened the education ecosystem. The Companys established relationships with international universities and educational institutions position it favourably to capitalize on these emerging opportunities.

2. Business Overview

Western Overseas Study Abroad Limited provides international mobility solutions encompassing language and test preparation for IELTS, PTE, TOEFL, DUOLINGO ENGLISH TEST (DET), LANGUAGE CERT., CELPIP and OET, foreign language training, overseas education advisory, immigration consultancy, Permanent Residency (PR) and other visa services, and international manpower recruitment. The Companys integrated service ecosystem enables it to provide comprehensive international mobility solutions, supporting students and professionals across education, employment, and migration pathways.

During the Financial year under review, the Company achieved a significant milestone with the successful completion of its Initial Public Offer (IPO), and its Equity Shares were listed on the SME Platform of BSE Limited on 11th December, 2025. The listing has strengthened the Companys corporate profile, enhanced governance standards, improved financial flexibility and positioned it to pursue future growth opportunities.

The Companys business model is based on providing value-added advisory services, customer-centric support, and process-driven execution. The management believes that trust, transparency, and service quality are key differentiators in this business segment.

3. Opportunities and Threats Strengths

• Customer-Centric Approach: With a strong emphasis on timely, accurate, and accessible services, Western Overseas has built a reputation for reliability and high customer satisfaction.

• Extensive Global Footprint: Western Overseas Study Abroad Limited has established a strong international presence through strategic partnerships and institutional tie-ups across multiple countries, enabling the Company to deliver comprehensive education, immigration, and career-related services through its extensive network of offices and service centres.

• Strong Institutional Partnerships: Strategic partnerships with leading international universities, alongside active memberships in recognized industry associations and regulatory bodies, serve as a strong competitive moat. These credentials enhance brand equity, drive high-conversion client acquisition, and ensure uncompromising compliance across all service channels.

Opportunities

The Company sees significant opportunities in the following areas:

• Growing demand for overseas education among Indian students

• Expansion of immigration-related advisory services

• Increasing acceptance of organized consultancy services over informal channels

• Rising digital reach and online lead generation opportunities

• Scope for expansion into allied services and new geographies

Threats

The Company also recognizes the following threats and challenges:

• Frequent changes in visa and immigration regulations

• Policy uncertainty in destination countries

• Dependence on customer sentiment and economic conditions

The Company aims to address these challenges through continuous process improvement, compliance monitoring, and enhanced customer engagement.

4. Future Outlook

The outlook for the Companys business remains positive in view of the increasing demand for international education and immigration advisory services. The management expects sustained interest from students, professionals, and families seeking overseas opportunities.

The Company intends to enhance its market presence, improve service delivery systems, and strengthen digital engagement to capture emerging opportunities. The management remains committed to maintaining quality, compliance, and customer trust as the foundation of long-term growth.

5. Risk and Concerns

The Companys operations are subject to regulatory risk arising from changes in immigration laws, student visa norms and admission requirements in destination countries. The business is also exposed to market risk due to reduced demand caused by economic slowdown, geopolitical developments or policy restrictions. In addition, reputation risk may arise from poor customer experience, service deficiencies or misinformation, which may affect brand perception.

The above-mentioned risks are inherent to the nature of the immigration services industry. The Company seeks to mitigate these risks through timely monitoring, employee training, strong internal controls, and transparent communication with stakeholders.

6. Internal Control Systems and Their Adequacy

The Company has established internal control systems commensurate with the size and nature of its operations. These systems are designed to ensure:

• Proper authorization and recording of transactions

• Safeguarding of assets and business records

• Compliance with applicable legal and regulatory requirements

• Accuracy of financial reporting

• Operational efficiency and accountability

The management periodically reviews these controls and takes corrective action wherever necessary. The Company continues to improve its internal control environment in line with business growth and operational requirements.

7. Financial Performance

During the financial year under review, the Company remained focused on sustainable growth, cost optimization, and improved operational performance. The management closely monitored revenue generation, expense control, and profitability across business activities.

The financial statements, together with the notes and annexures thereto, provide a detailed account of the Companys financial performance. The management remains committed to prudent financial management and long-term value creation for shareholders.

8. Key Financial Ratios

Detailed working of ratios is as per the financial statements and applicable regulatory requirements.

S.no.	Particulars	FY 2025-26	FY 2024-25
1	Current Ratio (in Times)	4.07	1.01
2	Debt-Equity Ratio (in Times)	0.11	0.59
3	Return on Equity Ratio (in Times)	0.147	0.339
4	Net Profit Ratio (In Times)	0.134	0.096

9. Human Resources and Industrial Relations

The Company recognizes that its employees are a key driver of growth and service excellence. The management places emphasis on:

• Skill development and training

• Employee engagement

• Professional conduct

• Performance-based culture

• Customer-oriented service delivery

The Company maintains cordial and constructive relations with its employees and continues to foster a positive working environment.

10. Cautionary Statement

Statements made in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations, or predictions may be considered forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors beyond the Companys control, including changes in market conditions, regulatory developments, competition, and operational risks.

Date: - 05th August, 2026 Place: Ambala		By order of the Board of Directors
	Sd/-	For Western Overseas Study Abroad Limited Sd/-
	Rekha Rani	Pardeep Balyan
	Whole time Director	Managing Director
	DIN:0662619	DIN:0659434