Maxposure Ltd Management Discussions

For the Financial Year ended 31st March, 2025

(Pursuant to Regulation 34(2)(e) read with Schedule V of the SEBI (LODR) Regulations, 2015)

1. Industry Structure And Developments

Maxposure Limited ("the Company") is a leading player in the media, entertainment, and aviation-focused content and advertising space. With core strengths in content marketing, inflight entertainment, advertising, technology and experiential/ immersive marketing, the Company offers integrated marketing and communication solutions across platforms.

The Indian Media and Entertainment (M&E) industry remains one of the fastest-growing globally, driven by robust digital adoption, favorable demographics, and rising advertiser spend. According to FICCI-EY 2025 report, the landscape of the Indian Media and Entertainment (M&E) has undergone a significant transformation, with digital media finally breaking televisions 20-year stronghold to become the largest segment in the industry, contributing 32% of total revenues. Moreover, as per the report, the industry reached 2.6 lakh crore and is expected to grow at a CAGR of 9–11% over the next five years.

The report also shows that the Advertising revenue grew by 8.1%. The growth was led by performance advertising on digital media, including spending on e-commerce platforms, growth in demand for premium and digital Out-of-Home (OOH) media, print and radio retail revenues.

The AR & VR market showed rapid growth in India and is driven by increasing investments in digital education and immersive entertainment technologies. According to Statistica, the Revenue in this sector is expected to show an annual growth rate (CAGR 2025-2029) of 8.18%, resulting in a projected market volume of US$1.3bn by 2029.

In aviation, the DGCA reported India surpassed 150 million domestic passengers in FY 2024–25, exceeding pre-pandemic levels. With the resurgence of global air travel, focus has shifted towards ancillary revenues (inflight advertising), content-driven engagement, and passenger personalisation. This evolving environment aligns strongly with Maxposures services and business models.

2. Opportunities And Threats

Opportunities

1. Expanding Aviation Market

India is set to become the worlds third-largest aviation market by 2030, creating immense potential for inflight services and passenger engagement. With a captive and growing passenger base, Maxposure is strategically positioned to deepen airline partnerships and monetisation models. Additionally, the company is scaling its technology offerings to enhance inflight entertainment and elevate the passenger experience.

2. Surge in Digital Content and Advertising

Indias digital content market is projected to exceed $24 billion by 2028. Maxposures expertise in crafting diverse, high-quality digital content across genres positions it well to capitalise on this explosive growth. The digital advertising market, growing at 11% CAGR, presents further revenue opportunities.

3. Rise of Vernacular and Regional Content

The increasing demand for localized and multi-lingual content aligns with Maxposures core strength in regional storytelling and talent acquisition. This trend opens up new avenues expanding both reach and relevance.

4. Robust Advertising Market Growth

Indias overall advertising revenue is expected to grow at a CAGR of 8% through 2027—driven by 11% growth in digital media and 3% in traditional formats. Maxposures pan-India presence and proven advertising capabilities uniquely position it to tap into this growth for scalable revenue expansion across its client portfolio.

5. Government & Tourism Collaborations

Ongoingpartnershipswithtourismboards,centralministries and PSUs ensure long-term contracts and recurring income streams. Maxposures trusted relationships in the public sector are a key strategic advantage for its various service offerings from content marketing, advertising and technological solutions.

6. Expansion into Experiential and Immersive Technologies

Indias user base for immersive tech is expected to reach over 770 million by 2029, with user penetration rising from 44.8% in 2025 to 51.2%. Maxposures acquisition of UK based Neutral Digital strengthens its ability to offer immersive experiences, creating new revenue streams in inflight entertainment, tourism, and branded content.

7. Global Expansion through MAAS (Media as a Service)

Maxposure is actively targeting international markets by offering integrated Media as a Service solutions across content marketing, advanced technological solutions, and immersive experiences. The company is focused on securing global clients in aviation, luxury, real estate, and tourism—further diversifying its portfolio and revenue base.

Threats

1. High Competition: Intense competition in content licensing and digital media may affect margins.

2. Tech Disruptions: Rapid changes in inflight technology (IFEC) necessitate ongoing investments in R&D.

3. Regulatory Constraints: Advertising and data privacy regulations in aviation and digital sectors may impact operations.

4. Currency & Economic Volatility: Global macroeconomic trends and forex fluctuations could influence profitability.

5. Talent Retention: Creative and tech talent retention remains a priority in a competitive environment.

3. Segment / Product-Wise Performance

During FY 2024–25, the Company operated under four core business verticals: a. Content Marketing Maxposure continued to deliver high-quality, engaging content across travel, lifestyle, and automotive sectors. Serving both private enterprises and government clients, the company produced content for a diverse mix of traditional and digital platforms. With a strong focus on storytelling, regional language capability, and design excellence, this vertical remained a key pillar of brand engagement and visibility for clients. b. In-flight Advertising

This vertical benefited significantly from the resurgence in domestic air travel, resulting in higher inventory utilization. New brand partnerships, the development of proprietary IPs, and an integrated sales strategy helped enrich the inflight advertising portfolio. These efforts positioned Maxposure as a leading media partner for airlines, offering end-to-end solutions that blend content, technology, and advertising. c. Experiential Marketing

Following the strategic acquisition of UK based Neutral Digital, this vertical evolved to focus on delivering high-impact immersive experiences through cutting-edge technology. Leveraging AR, VR, XR, 3D visualisations, CGI and interactive media, Maxposure now offers solutions that span virtual brand experiences, through immersive and experiential marketing targeting industries like aviation, real estate and tourism. d. Technology

Thisverticalfocusedondevelopinganddeployinginnovative digital solutions to enhance customer engagement and content delivery for airlines through AeroHub. From inflight entertainment systems to immersive technologies (AR/VR), Maxposure continued to invest in tech-driven products that support personalisation, interactivity, and seamless media integration across platforms.

4. Outlook

The outlook for FY 2025–26 is positive with anticipated growth in the content marketing, technology, advertising and experiential marketing segments. The company will focus on scaling its global presence, deepening technology integration, and expanding service capabilities across the aviation, tourism, automobile, luxury, and real estate sectors. Maxposure aims to evolve into a full-spectrum MAAS provider, delivering value through content marketing, inflight media, immersive technology, and tech innovations.

Strategic Priorities:

• Expand AeroHub globally: Maxposure is actively pursuing the global expansion of AeroHub, its proprietary inflight entertainment and content platform. As airlines increasingly seek cost-effective, portable, inflight entertainment solutions, AeroHub is uniquely positioned to meet these needs with its engaging user interface and seamless integration capabilities.

• Strengthen Content Marketing: Maxposure aims to further enhance its leadership in content marketing by deepening its presence across both domestic and international markets. The expansion will be supported by continued investment in content innovation, regional talent development, and stronger integration with digital and immersive technologies.

? Capitalise on rising demand for Immersive Technology: Maxposure is well-positioned to leverage the growing global demand for immersive and experiential digital content across multiple high-value sectors, including aviation, tourism and real estate. The company will continue to invest in R&D for experiential digital content, immersive solutions and extender reality.

? Develop partnerships and branded content experiences and intellectual properties..

? Explore acquisitions for international expansion.

The Company is strategically positioned to capitalise on market opportunities while navigating economic uncertainties with resilience.

5. Risks And Concerns a) MarketRisks: Dependency on aviation sector performance. b) Technology Risks: Obsolescence due to rapid tech evolution. c) Competitive Risks: Market entry by global players. d) Regulatory Risks: Changes in advertising and digital regulations. e) Economic Risks: Cyclical changes in ad-spend patterns.

6. Internal Control Systems And Their Adequacy

The Company has implemented robust internal controls covering:

? Order-to-cash cycle

? Vendor onboarding

? Rights management and licensing

? Financial and statutory compliance

Internal audits were conducted by M/s Arun K Agarwal & Associates, Chartered Accountants. The Audit Committee reviewed observations and monitored corrective actions. The Board confirms adequacy and effectiveness of internal controls.

7. Discussion On Financial Performance With Respect To Operational Performance

Key Consolidated Financial Metrics for FY 2024–25: Revenue from Operations: 6,328.16 Lakhs (? 33.85%) Total Income: 6,462.99 Lakhs (? from 4,814.43 Lakhs)

Profit Before Tax (PBT): 1,099.67 Lakhs

Profit After Tax (PAT): 850.10 Lakhs (? from 810.58 Lakhs)

Earnings Per Share (EPS): 3.74 (? from 3.56)

The Company continues to expand both organically and inorganically through new client wins, international projects, and product innovations.

8. Material Developments In Human Resources/ Industrial Relations

The Company continues to invest in its people through:

? Hiring creative talent in branded content, digital media, immersive technology, etc.

? Training on leadership, analytics, and ad-tech platforms.

? Focus on employee well-being and engagement.

? POSH training and diversity initiatives.

Industrial relations remained cordial during the year.

9. Key Financial Ratios

RATIOS		Numerator		Denominator		FY	FY
						2025	2024
Current		Current		Current		2.04	2.98
Ratio		> Assets	Liabilities
Debt Equity		Long Term		Shareholders		0.12	0.03
Ratio		Borrowings		Fund
		+Short Term
		Borrowings
Debt		Earning for		Interest		23.84	30.10
Service		Debt services		& Lease
Coverage				Payments
Ratio				+ Principal
				Repayments
Return		Net profit		Shareholders		12.98	13.72
on Equity		after tax -		Equity
Ratio		Preference
		Dividend
Inventory		Cost of goods		Average		5.43	4.51
Turnover		sold		Inventory
Ratio
Trade		Credit Sales		Average		0.86	3.11
Receivables				Trade
Turnover				Receivables
Ratio
Trade		Credit		Average		0.34	0.23
Payables		Purchase		Trade
Turnover				Payables
Ratio
Net Capital		Net Sales		Average		0.63	3.87
Turnover				Working
Ratio				Capital
Net Profit		Net profit		Net Sales		15.56	18.02
Ratio		after Tax
Return On		Earnings		Capital		15.28	19.73
Capital		Before		Employed
Employed		Interest and
		Tax
RATIOS	Numerator		Denominator		FY			FY
					2025			2024
Debtor	Turnover		Average		3.43			3.11
Turnover			Debtors
Ratio
Interest	Earnings		Interest		80.79			28.73
Coverage	Before		Expense
Ratio	Interest and
	Tax
Operating	Earnings		Net Sales		21.05%			26.42%
Profit	Before
Margin (%)	Interest and
	Tax

10. Changes In Return On Net Worth (RoNW)

RoNW for FY 2024–25 stood at 13.88%, down from 17.86% in FY 2023–24. This change reflects a higher average Net Worth base due to increased profits over the previous two years.

11. Disclosure On Accounting Treatment

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with the relevant provisions of the Act, as applicable. There has been no deviation from the prescribed Accounting Standards in the preparation of these financial statements.

12. Compliance And Governance

The Company maintains high standards of compliance and governance. Regular internal audits, standard operating procedures, and risk assessments are in place to ensure regulatory adherence.

13. Cautionary Statement

Statements in this MD&A describing the Companys objectives, expectations, or predictions may be forward-looking. Actual results may vary materially depending on market dynamics, aviation industry growth, digital adoption, regulatory changes, and overall economic conditions.

Compliance Certificate

[Pursuant to Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To

The Board of Directors

Maxposure Limited

A. We have reviewed Financial Statements and the cash flow statement for the Financial Year ended March 31, 2025, and that to the best of our knowledge and belief:

1. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

2. These statements together present a true and fair view of the listed entitys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year which is fraudulent, illegal or violative of the listed entitys code of conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the listed entity pertaining to financial reporting and we have disclosed to the auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps they have taken or propose to take to rectify these deficiencies.

D. We have indicated to the auditors and the Audit Committee the:

1. Significant changes in internal control over financial reporting during the year;

2. Significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and

3. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the listed entitys internal control system over financial reporting.