WSFX Global Pay Ltd Management Discussions

Economic and Business Environment Global Economic Environment

FY 2025 26 was characterised by resilient but uneven global growth, moderating inflation, divergent monetary-policy cycles, continuing trade-policy uncertainty and heightened geopolitical risks. Economic performance remained differentiated across regions, shaped by energy exposure, technology investment, trade linkages and domestic demand conditions.

For the cross-border payments and travel industry, the more enduring structural trend remained the increasing international mobility of consumers and businesses, accompanied by rapid digitisation of financial services.

Consumers increasingly expect international payments to be digital, transparent, fast and convenient, while businesses and financial institutions increasingly seek integrated andAPI-enabled payment solutions.

The Company therefore views geopolitical volatility as an important operating risk while remaining positive on the medium- and long-term opportunity in global payments.

Indian Economic Environment

India continued to be among the worlds fastest-growing major economies during FY 2025-26, supported by resilient consumption, investment and services activity.

Indias economic resilience is particularly relevant to the cross-border payments industry. Rising disposable incomes, increasing international mobility, overseas education, growth in outbound travel, greater participation of

Indian businesses in international markets and rapid adoption of digital financial services continue to expand the addressable market for global payments.

For GlobalPay, these underlying trends support opportunities across Student Payments, Cards, Leisure and D2C,

Retail Remittances and Corporate Payments.

Global Student Mobility and Overseas Education

International education remains a significant global mobility segment, although FY 2025 26 saw important changes in student flows and destination preferences.

India continues to be one of the worlds largest sources of internationally mobile students, with approximately 1.25 million Indian students pursuing higher education overseas as of January 2025.

The overseas education environment, however, has become more complex. Visa restrictions, immigration-policy changes, student intake controls and affordability considerations flowsinto several traditional have affected destinations, particularly Canada and Australia, while greater visa scrutiny and policy uncertainty have also affected sentiment towards the United States.

The Company believes these developments represent a rebalancing of Indian overseas education rather than a structural disappearance of demand. Student mobility is increasingly diversifying across countries, institutions and intake periods, creating a need for payment platforms capable of serving multiple destinations and use cases. This trend is visible in outward-remittance data. The RBIs Studies Abroad category contracted materially during FY 2025-26. Against this challenging backdrop, GlobalPays Student business grew approximately 12% during the year, significantly outperforming the underlying market and strengthening its market position.

This reinforces the Companys strategy of moving beyond a single university-fee remittance towards a full-stack Student Payments Platform, covering university and other eligible education payments, forex cards, living expenses and continuing international remittances throughout a students overseas education journey.

Travel and International Mobility

Travel trends are an important determinant of demand for forex cards, currency exchange and international payment solutions.

Indias outbound travel market continues to represent a substantial structural opportunity. Official Ministry of Tourism data records 32.83 million Indian National Departures in 2025, representing year-on-year growth of 6.3%. (Source: Ministry of Tourism, Government of India.)

Increasing international connectivity, rising income levels, greater propensity to travel and a growing population of digitally sophisticated consumers are supporting this expansion.

For GlobalPay, outbound Indian travel is the more directly relevant demand driver. Payment behaviour within this market is also changing materially. Consumers are progressively moving from cash-intensive travel forex towards cards, mobile applications and digitally serviced international payment propositions.

Inbound travel into India followed a different trajectory. Foreign Tourist Arrivals in 2025 were approximately 9.15 million, while International Tourist Arrivals, including NRIs, were approximately 20.22 million. For GlobalPay, however, whose retail proposition is principally linked to Indians travelling and paying overseas, outbound travel remains the more relevant demand indicator. (Source: Ministry of Tourism, Government of India.)

The sector remains sensitive to geopolitical events, aviation costs, visa policies, exchange-rate movements and

These factors reinforce the Companys strategy of developingadiversifiedLeisure proposition consumerconfidence. rather than depending solely on transaction-led foreign currency sales.

Forex and Cross-Border Payments Industry

Indias traditional foreign-exchange industry is progressively converging with the broader fintech and payments ecosystem.

Customers increasingly expect digital onboarding, transparent pricing, app-based servicing, multi-currency cards, faster remittances and seamless international payment experiences. Correspondingly, competition is moving beyond exchange rates towards the quality of the overall customer proposition.

During FY 2025 26, overall LRS remittances moderated compared with the previous year, while education-related flows experienced substantially greater pressure. Travel continued to represent the largest LRS use case, underscoring the scale of the opportunity in international travel and consumer payments.

For GlobalPay, the changing market environment reinforces the importance of diversification across Student, Corporate, Leisure, Cards, Remittances and partner-led distribution rather than reliance on any single customer cohort.

The Company believes sustainable differentiation in cross-border payments will increasingly be based on:

Trust + Transparency + Speed + Digital Experience + Product Breadth + Regulatory Assurance.Outward Remittances under the Liberalised Remittance Scheme (LRS)

RBI data reproduced in the FY 2025 26 MD&A workbook shows that aggregate outward remittances under LRS moderated by 2.0% to USD 28,979.36 million. Travel remained the largest category, while Studies Abroad declined by 20.9% to USD 2,309.74 million.

Item (USD million)	FY 2025 26	FY 2024-25	YoY change
Outward remittances under LRS	28,979.36	29,563.17	(2.0%)
Deposit	753.08	705.27	6.8%
Purchase of immovable property	528.70	322.83	63.8%
Investment in equity/debt	2,652.01	1,698.94	56.1%
Gift	2,594.81	2,938.69	(11.7%)
Donations	12.12	11.84	2.4%
Travel	16,437.99	16,964.57	(3.1%)
Maintenance of close relatives	3,539.04	3,722.02	(4.9%)
Medical treatment	58.55	81.20	(27.9%)
Studies abroad	2,309.74	2,918.92	(20.9%)
Others	93.30	198.89	(53.1%)

GlobalPay From Forex to Global Payments

GlobalPay has progressively transformed from a traditional foreign exchange company into a technology-led, omni-channel cross-border payments fintech.

The Company today serves Students, Corporates, International Travellers and Retail customers across forex cards, remittances and foreign currency solutions through proprietary technology, physical distribution and a growing institutional partner ecosystem.

GlobalPays strategy brings together six capabilities:

Regulation Technology Treasury Cards Payments Infrastructure Distribution

The objective is broader than digitising individual forex transactions. The Company is progressively building a common infrastructure for global payments, capable of serving customers directly while also enabling partners and financial institutions to offer GlobalPay-powered international payment propositions.

FY 2025 26 Financial and Operational Performance

FY 2025 26 represented a defining year in GlobalPays transformation.

Gross Turnover ("GTO") grew approximately 12% to 6,381.62 crore. Revenue from operations increased approximately 25% to 107.94 crore, while total income, including other income, increased approximately 26% to 111.97 crore. Profit Before Tax increased 21% to 8.03 crore, while Profit After Tax increased 77% to 6.14 crore, translating into an EPS of 4.91.

Revenue and profitability grew substantially faster than transaction volumes, reflecting operating leverage, continued evolution in business mix and increasing contribution from value-added and digitally originated business. The Company continued to operate without external borrowings and substantially funded growth through internal resources.

Student Payments

Student remittances remain one of GlobalPays strongest franchises. The Company has built relationships across education lenders, overseas education consultants and other institutional partners and has developed specialised digital processes supporting international education payments.

Despite material pressure on the underlying overseas education remittance market, GlobalPays Student business grew approximately 12% in FY 2025 26. The Company believes this outperformance reflects its institutional relationships, digital capabilities and focused customer proposition and has resulted in increased market share. Going forward, GlobalPay intends to extend this franchise beyond university remittances through its planned full-stack Student Payments Platform, integrating the broader payment requirements of students across their overseas education journey.

Corporate Business

The Corporate business recorded approximately 20% year-on-year growth during FY 2025-26.

GlobalPay today serves 900+ corporate relationships, supported by its Smart Corporate Platform and national servicing infrastructure.

The Company intends to deepen these relationships by progressively expanding beyond traditional corporate travel forex into cards, remittances and other permitted global payment requirements.

Leisure and D2C

The Company views Leisure and Direct-to-Consumer ("D2C") as an important next growth frontier.

GlobalPays D2C strategy is designed around providing international travellers with an integrated experience across forex cards, currency exchange, international payments and digital servicing.

The proposition is centred on four principles:

Trust. Transparency. Speed. Regulatory assurance.

As an RBI-authorised and BSE-listed company with decades of experience in foreign exchange, GlobalPay intends to combine the convenience expected from a modern fintech with the customer protection, compliance standards and servicing infrastructure expected of a regulated financial institution.

Customer- and Segment-wise Performance

Cards Building a Global Spending Franchise

Cards are an important growth engine for the Companyandakeycomponentofitstransitionintoapaymentsfintech.

As a Principal Member of Visa, GlobalPay owns and operates its card-issuance programme, enabling greater control over product design, customer experience, servicing and innovation.

At the centre of the franchise is the GlobalPay Card, the Companys core multi-currency forex card proposition. During FY 2025-26, the Company strengthened this franchise through differentiated propositions including:

? Xplorer Metal Global Card, targeted at premium international travellers;

? Smart Switch, enabling greater flexibility in international currency usage;

? Zaggle x GlobalPay co-branded Forex Card, combining GlobalPays card and foreign-exchange infrastructure with Zaggles corporate ecosystem; and ? integration of travel and transit propositions, including the strategic DreamFolks collaboration.

These launches formed an important part of GlobalPays product transformation during 2025. The Companys public communications also identified wallet tokenisation and integrated travel services as key areas of card innovation.

During FY 2025-26, the Company continued to expand its card architecture, with support for up to 30 currencies. Cards are therefore expected to become both an important standalone growth business and an acquisition gateway into the wider GlobalPay ecosystem.

Digital Transformation and Payments Infrastructure

Technology and digital infrastructure are central to GlobalPays strategy.

The Company has built four integrated digital platforms serving its major customer and partner cohorts:

? GlobalPay Consumer Platform - enabling consumers to access forex cards, foreign currency and international remittance solutions;

? Smart Corporate Platform providing corporates workflow-led digital forex ordering and transaction management;

? Smart Agent Platform - supporting digital onboarding, transaction origination and servicing across GlobalPays B2B distribution ecosystem; and

? GlobalPay FPaaS - a platform architecture designed to enable institutional and other eligible partners to leverage GlobalPays forex and remittance capabilities.

? GlobalPay Connect- Forex Distribution Platform - designed to expand Indias forex distribution ecosystem to extend the infrastructure to Banks, AD-II institution & FFMCs.

These platforms increasingly provide a common technology and payments infrastructure across the Companys Student, Corporate, Cards, Remittance, Consumer and partner-led businesses.

The GlobalPay consumer proposition has also evolved beyond traditional forex servicing. The Companys current platform combines products including currency exchange, forex cards, university fee payments, money transfer, family remittances and travel-related services within a broader global-payments ecosystem. More than 70% of the Companys Gross Turnover was digitally originated or processed during FY 2025-26, demonstrating the continued migration from branch-led and manual processes towards digital fulfilment.

The Companys increasingly API-led architecture is intended to support faster partner integration, greater automation and scalable transaction processing without proportionate expansion in physical infrastructure.

Distribution and Omni-Channel Strategy

Technology-led scale is complemented by a diversified physical and assisted distribution network.

As at 31 March 2026, GlobalPay operated through 21 branches across India, together with 900+ corporate relationships and 700+ B2B partners.

The Companys distribution model is increasingly:

Direct + Digital + Branch + B2B + Institutional

This architecture enables GlobalPay to combine the reach and customer confidence associated with assisted distribution with the scalability and operating efficiency of digital infrastructure.

Competitive Environment, Opportunities and Strategy

The Indian cross-border payments market is increasingly competitive. Banks benefit from extensive customer bases and balance sheets, specialist forex companies retain traditional distribution strengths, while fintechs and travel-focused card propositions are raising customer expectations around digital onboarding, pricing and convenience. GlobalPay does not intend to compete on price alone.

Its differentiation is built around the combined strength of its:

? RBI AD Category-II authorisation;

? BSE-listed governance framework; ? established position in Student Payments;

? Visa principal membership and proprietary card issuance;

? GlobalPay Card and differentiated card propositions; ? integrated digital platforms;

? 21-branch network as at 31 March 2026, subsequently expanded to 25 branches;

? 900+ corporate and 700+ B2B relationships; ? treasury and foreign-exchange capabilities; and ? institutional and co-brand partnerships.

The Company therefore increasingly operates at the intersection of regulated financial services, fintech and global payments infrastructure.

Internal Controls, Compliance and Information Security

Strong governance, regulatory compliance and customer protection remain fundamental to GlobalPays strategy.

The Companys internal-control framework covers financial,operational, technology and compliance processes and is supported by statutory audit, internal audit, concurrent audit and specialised information-security and technology reviews.

The Company maintains ISO 27001:2022 and PCI DSS 4.0.1 certifications, supporting its information-security and card-data protection framework.

The Audit Committee provides oversight of the control environment and monitors material audit observations and corrective actions.

As GlobalPay expands across D2C, cards, partner distribution and new regulatory use cases, continued strengthening of KYC/AML controls, transaction monitoring, cybersecurity, data governance, partner oversight, customer protection and operational resilience will remain a priority.

Human Resources

GlobalPays evolution into a payments fintech requires capabilities spanning foreign exchange, treasury, technology, product development, compliance, operations, business development and customer service.

The Company continues to invest in structured training across FEMA, KYC/AML, regulatory requirements, information security, product capabilities and technology adoption.

Employee welfare programmes, including insurance and employee-support initiatives, continue across the organisation.

Workforce Strength

As at 31 March 2026, the Company employed 383 professionals. Their contribution, resilience and alignment with the Companys values of Trust, Transparency, Compliance and Customer-Centricity have been instrumental in positioning GlobalPay as a leading player in the foreign-exchange and cross-border payments industry.

Prevention of Sexual Harassment (POSH)

The Company is fully committed to maintaining a safe, respectful and inclusive workplace. In line with the Sexual

Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, GlobalPay has adopted a comprehensive POSH Policy, supported by a duly constituted Internal Committee. Regular sensitisation sessions and awareness programmes are conducted across the organisation to foster a culture of dignity, equality and respect. The Company follows a strict zero-tolerance approach towards sexual harassment and remains committed to providing a secure, fair and empowering work environment for all employees.

Financial Performance

A detailed discussion on the financial performance of WSFx Global Pay Limited for the year under review is provided in the Directors Report. In accordance with the applicable Indian Accounting Standards (Ind AS) on segment reporting, the Company operates under a single reportable segment and, accordingly, no separate segmental reporting is applicable.

Particulars	FY 2025 26	YoY Growth
Gross Turnover	6,381.62 Cr	12%
Total Income	111.97 Cr	26%
Profit Before Tax	8.03 Cr	21%
Profit After Tax	6.14 Cr	77%
Earnings Per Share	4.91	74%

Revenue and profitability grew faster than Gross Turnover, demonstrating improvement in operating leverage and business mix.

The Company remained free of external borrowings and continued to fund growth primarily through internal accruals.

The Board has recommended a final dividend of 15%, equivalent to 1.50 per equity share, subject to shareholder approval.

The Company operates under a single reportable segment in accordance with applicable Ind AS requirements.

Key Financial Ratios

In accordance with applicable SEBI Listing Regulations, materialchanges financialratios and Return prescribed on Net Worth will be disclosed and explained based on the final audited financial statements.

Ratio	FY 2025 26	FY 2024 25	Change
Operating Profit Margin	9.15%	8.78%	0.37%
Net Profit Margin	5.69%	4.01%	42%
Return on Net Worth	14.66%	8.92%	5.74%
Current Ratio (times)	1.23	1.46	-0.23
Debt-Equity Ratio (times)	0.41	0.38	0.03
Interest Coverage Ratio (times)	7.76	7.83	-0.07

Developments Subsequent to 31 March 2026

AnumberofstrategicallyimportantdevelopmentsoccurredsubsequenttotheendofFY2025-26.Thesedevelopments did not contribute to FY 2025 26 reported financial performance,butmateriallyinfluencethe Companys opportunity and strategy for FY 2026-27 and beyond.

Post-year-end Geopolitical Developments

Geopolitical developments subsequent to the close of FY 2025-26 have increased uncertainty around energy prices, aviation, international travel and global trade. These factors may affect discretionary travel, business mobility and consumer spending during FY 2026-27. At the same time, the structural forces supporting cross-border payments remain intact: overseas education, international travel, internationalisation of Indian businesses and the continuing shift towards cards, apps and digital payment infrastructure.

Planned Wallet Tokenisation

During FY 2026-27, GlobalPay expects to take an important further step in the digitisation of its card franchise through the planned enablement of eligible GlobalPay Cards on Google Pay and Samsung Pay, subject to completion of the necessary technology, network, certification and commercial processes.

Tokenisation is intended to enable eligible customers to provision their GlobalPay Card into supported digital wallets and use compatible mobile devices for contactless payments. Strategically, this extends the card proposition beyond the physical instrument towards a more integrated digital payment credential, aligned with evolving global consumer payment behaviour.

Together with app-based card management, multi-currency functionality and travel-related services, the Company expects wallet tokenisation to further strengthen the customer experience and increase engagement with the GlobalPay card ecosystem.

Expanded AD Category-II Authorisation

The Company has received renewal of its Reserve Bank of India Authorised Dealer Category-II licence in perpetuity under the revised Authorised Person framework, together with an expanded permitted scope, subject to the terms of the RBI approval and applicable directions.

The revised framework broadens the future opportunity available to eligible AD Category-II entities across specified trade transactions, eligible non-trade current account transactions and Forex Correspondent-led distribution.

For GlobalPay, this is strategicallysignificantbecause infrastructure already built across compliance, treasury, banking, technology and transaction processing can now be progressively applied to a broader cross-border payment market.

Retail and Family Maintenance Remittances

The expanded regulatory scope enables the Company to progressively build a broader retail-remittance franchise, including eligible family maintenance and other permitted non-trade current account remittances.

GlobalPay intends to build this proposition around:

Trust + Transparency + Speed + Regulatory Compliance Forex Correspondent Strategy

The new Forex Correspondent ("FXC") framework creates an important opportunity to significantly expand assisted forex distribution.

GlobalPay intends to combine centralised technology, compliance and transaction infrastructure with a wider network of eligible partners, enabling greater geographic reach without requiring a proportionate expansion of owned branches.

The future distribution architecture can therefore evolve towards:

The Companys distribution model combines 21 branches at 31 March 2026 with digital, B2B, Forex Correspondent and institutional-partner channels. Following the post-year-end branch openings, the physical network increased to 25 branches.

GlobalPay Connect

GlobalPay has subsequently launched GlobalPay Connect, its partner-led forex card distribution initiative. GlobalPay Connect is now presented by the Company as one of its core platforms.

Together, FXC + GlobalPay Connect + Co-brand Partnerships provide multiple routes to scale the Companys card and payments infrastructure through third-party distribution.

Uni-Z

Uni-Z, GlobalPays digital student card, was announced in April 2026 and is therefore appropriately treated as a subsequent-year development. The product is designed around eligible pre-admission and pre-departure student payment requirements and forms part of the broader full-stack Student Payments strategy.

Trade Payments

The expanded AD-II framework also creates an opportunity in permitted trade-related cross-border payments. GlobalPay intends to leverage its existing corporate relationships and capabilities across digital onboarding, KYC, treasury, foreign exchange and transaction processing to develop a technology-led proposition for eligible MSMEs and smaller businesses.

The business will be built in a calibrated manner, recognising that trade payments have different volume, risk and margin characteristics from the Companys traditional forex activities.

Outlook and Strategic Priorities for FY 2026 27

GlobalPay enters FY 2026-27 with an expanded regulatory mandate, stronger technology infrastructure, an established Student franchise, proprietary card issuance and a wider distribution opportunity.

Its principal priorities are:

3 Student Payments - strengthen market share and build a full-stack Student Payments Platform;

3 GlobalPay Card scale card issuance across Student, Leisure, Corporate and partner channels, deepen app-led card management and progress the planned enablement of eligible GlobalPay Cards on Google Pay and Samsung Pay;

3 Leisure & D2C - build a larger direct-consumer franchise across cards, forex and international payments;

3 Retail Remittances - develop Family Maintenance and other permitted remittance use cases;

3 Forex Distribution - scale through FXCs and GlobalPay Connect;

3 Co-brand Partnerships enable fintechs and financial institutions to distribute GlobalPay-powered forex card propositions;

3 Trade Payments - develop a technology-led proposition for eligible MSME and business cross-border transactions;

3 Digital Transformation further increase automation, API integration and digital fulfilment; and

3 Payments Infrastructure - progressively enable GlobalPays regulated capabilities to be embedded within partner ecosystems.

The common theme across these opportunities is scale through technology, regulation and distribution.

The broader operating environment reinforces the importanceofthisdiversifiedmodel. Student mobility is evolving across destinations and intake cycles; outbound Indian travel provides a substantial consumer opportunity; global geopolitical uncertainty requires disciplined risk management; and Indian consumers and businesses increasingly seek transparent, digital and regulated ways to transact globally.

GlobalPay is therefore progressively moving from a business historically centred on individual foreign-exchange transactions into a regulated, technology-led global payments platform serving multiple customer segments, products, partners and international payment corridors.

The Company believes the combination of regulatory capability, digital infrastructure, proprietary card issuance, established customer franchises and scalable distribution provides a strong foundation for its next phase of growth.

As GlobalPay scales, it will continue to balance innovation and growth with financial discipline, regulatory compliance, customer protection, transparency and responsible governance, with the objective of creating sustainable long-term value for all stakeholders.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, expectations, estimates, strategies, projections or future prospects 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 economic conditions, changes in government or regulatory policies, foreign-exchange movements, geopolitical developments, international travel and student-mobility trends, competitive conditions, technology and cybersecurity risks, taxation changes and other factors beyond the Companys control.

The Company assumes no obligation to publicly update or revise any forward-looking statement except as required under applicable law.