WORKMATES CORE2CLOUD SOLUTION LIMITED — Investor Presentation 2026

May 19, 2026

WORKMATES

WORKMATES CORE2CLOUD SOLUTION LIMITED

(Formerly Workmates Core2Cloud Solution Private Limited)

CIN - L93090WB2018PLC228834

info@cloudworkmates.com

+91 82497 11902

+91 98310 15014

May 19, 2026

To,

BSE Limited

Phiroze Jeejeebhoy Towers,

Dalal Street, Mumbai – 400 001

Scrip Code: 544610

Dear Sir/Madam,

Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Investors Presentation

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the copy of Investor Presentation of the Company for the half year and year ended March 31, 2026.

We request you to kindly take the aforesaid information on record.

Thanking you,

Yours sincerely,

For Workmates Core2Cloud Solution Limited

DEBASISH
SARKAR

Digitally signed
by DEBASISH
SARKAR
Date: 2026.05.19
23:52:37 +05'30'

Debasish Sarkar
Whole Time Director & CFO
DIN: 01044732

Registered Office

Raikva, Flat 7, Floor 3rd, 3A Rammohan

Mullick Garden Lane, Kolkata, West Bengal- 700010

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www.cloudworkmates.com

WORKMATES

WORKMATES CORE2CLOUD SOLUTIONS LIMITED

Investor Presentation

H2 & FY2026

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Workmates At a Glance

Workmates is one of India's fastest-growing cloud and digital transformation partners, helping enterprises & SMBs with secure, scalable, and AI-powered cloud-first solutions.

Strategic Positioning

• Positioned at the intersection of high growth Cloud, Cybersecurity, and AI
• Asset light, annuity heavy growth model with proven scalability
• Strong delivery and execution credibility
• Deep AWS Expertise

Recognized as AWS Consulting Partner of the Year 2025

Workmates is a BSE SME Listed Company

Accredited with globally recognized standards:

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FY25-26 BUSINESS SNAPSHOT

W

WORKMATES

Who We Are

Strategic Positioning

01 Premier AWS Partner
02 Mid-market & Enterprise focus
03 High-touch services-led engagement model
04 Strong execution and customer intimacy

Core Service Lines

01	Cloud Foundation, Migration & Operations	02	Application & Database Modernization	03	Cloud Efficiency & FinOps
04	Secure Cloud Platform	05	Data Platform & Managed Data Services	06	AI Acceleration & Managed AI

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Diverse Industry Vertical Presence

WORKMATES

Vertical

	IT/ITES	36.85%
	FSI / BFSI	34.21%
	Manufacturing	4.61%
	E-Commerce	2.95%
	Media	5.14%
	Others	16.24%

Industry Breadth, Sustainable Scale

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BUSINESS & REVENUE MODEL

WORKMATES

Dual Engine of Growth — A Self-Compounding Revenue Model

One-Time Transformation Revenue

Project-based engagements — cloud migrations, implementations, and transformation programmes — that deliver immediate revenue recognition and open the door to long-term managed services relationships.

Annuity Infra & Managed Services Revenue

Multi-year contracted engagements — cloud operations, security, data, and AI — that renew annually, stack year-on-year, and create a compounding, highly predictable revenue base.

Compounding Effect

Low churn stacks annuity contracts year-on-year. Each retained client adds to the base — not just the current year but every year thereafter.

≤10% Churn Target

Customer Expansion

Every cloud client is a platform for deeper engagement. Upsell and cross-sell into cybersecurity, GenAI, and data services grows wallet share without new acquisition cost.

Upsell · Cross-sell · Usage Growth

Scalable Sales Engine

A consistent new-bookings pipeline sustains both current-year revenue and future annuity layers. New wins today compound into the recurring base of tomorrow.

New Bookings Feed Future Annuity

Predictable Scale

Annuity revenues stack and compound year-on-year. The combination of consistent new bookings, low churn, and cross-sell expansion means revenue multiplies materially over a 3-year horizon — driven by model mechanics, not market luck.

India Business Only

Global operations provide additional revenue upside beyond the core India model.

Note | This is an illustrative model to explain the revenue mechanics. Actual results depend on bookings execution, churn management, and upsell realisation.

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EXECUTIVE SUMMARY

WORKMATES

FY2025–26 Performance Highlights

REVENUE GROWTH
34%
FY25 → FY26 · Year-on-year

PAT GROWTH
16%
FY25 → FY26 · Profit after tax

REVENUE MIX
82.5%
Recurring · 17.5% project billing

EXIT MRR (FY26 CLOSE)
10 Cr
per month · End of FY26 run-rate

ENTRY MRR (FY27 OPEN)
13.5 Cr
per month · +35% vs exit MRR

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WORKMATES

FY 2025-26 | Business Performance Summary

All figures in ₹ Crores | Workmates Core2Cloud Solution Ltd

₹143 Cr

Total Revenue
+33.6% YoY

₹118 Cr

Recurring Revenue
82.5% mix | +29.7% YoY

₹25 Cr

Project Implementation Billing
17.5% mix | +56.3% YoY

₹15.92 Cr

PAT
11.0% PAT Margin

₹ Crores	FY 24-25	H1 25-26	% Share	H2 25-26	% Share	FY 25-26	YoY
Revenue	107	75	100%	68	100%	143	+33.6%
Recurring	91	58	77%	60	88%	118	+29.7%
Project Implementation	16	17	23%	8	12%	25	+56.3%
MRR (₹ Cr/mo)	7.58	9.67		10.00		9.83
PAT	13.90	9.00	12%	6.76	10%	15.92	+16%
PAT Margin	13%	12%		10%		11%

FY 26-27 Entry Position

₹159 Cr

Assured Recurring Revenue
Entry MRR ₹13.25 Cr/mo
(+35% vs Mar-26)

• ☑ Dubai Contract — Not Accepted
  ₹12 Cr ARR, declined due to payment exposure. Revenue impact: ~₹4 Cr for FY25-26.

• ☑ Gaming Clients — Govt Circular Exit
  ₹73L MRR discontinued. Revenue impact: ~₹3.5 Cr for FY25-26.

• ☑ Manpower: 129 → 168 Headcount
  39 net additions to support future growth. Cost impact: ~₹6 Cr increase in FY26.

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PROFITABILITY ANALYSIS

WORKMATES

Margin Performance (FY25-26)

| GROSS MARGIN
32.79%
vs. FY24-25 33.89% |
| --- |
| EBITDA MARGIN
16.21%
vs. FY24-25 17.7% |
| PAT MARGIN
11.07%
vs. FY24-25 12.99% |

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CUSTOMER & MARKET EXPANSION

WORKMATES

Customer Metrics

TOTAL CUSTOMERS

288 to 316
FY24-25 → FY25-26

ENTERPRISE CUSTOMERS

34 to 38
FY24-25 → FY25-26

NEW LOGOS ADDED

85
In FY 25-26

TOP 20 ACCOUNTS CONTRIBUTION

73%
Of revenue

Vertical Focus

Strategic Wins

• ☑ Migration Project from a Global Automotive Software & Mobility Engineering major
• ☑ Migration Project from a Regulated Fintech Payment Aggregator
• ☑ Migration and Modernization of a couple of large Media Houses (one traditional and another OTT)
• ☑ Cloud Services for a Global Payments Technology company

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W

WORKMATES

Debtor days reduced by 10 days year-on-year

FINANCIAL PERFORMANCE · RECEIVABLES

Faster collections cycle improved cash conversion in FY 25–26.

FY 24–25
Baseline
days
Average debtor days

IMPROVEMENT
-10
days faster
≈ 13.9% reduction

FY 25–26
Current
62
days
Average debtor days

Lower debtor days indicate faster collections, stronger cash conversion, and reduced working capital lock-in.

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OPERATIONAL METRICS

WORKMATES

Delivery & Execution Excellence

Billable Utilization
72% → 84%

Automation-led Productivity
+40%

Escalation Reduction
-45%

MTTR
4.5 hrs → 1.2 hrs

Key Improvements

AI-Driven delivery automation

Centralized cloud governance & compliance

70% faster deployment through IaC CI/CD

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会

WORKMATES

Key Strategic Investments During FY25-26

Cybersecurity

• Expanded SOC/security offerings
• Built consulting-led security GTM

GenAI

• Developed industry use cases
• Created advisory and implementation capability
• Partner ecosystem alignment with AWS AI stack

Enterprise Sales

• Focused key account program
• Expansion into large enterprise accounts

Talent

• Leadership hiring ( mention specifics )
• Capability development and certifications

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WORKMATES

Global Expansion

Strategic Updates on International Market Entry

UK & US Expansion On Hold

FY 25-26 expansion plans for UK and US markets have been paused due to geopolitical considerations and evolving industry dynamics.

Singapore GTM Recalibration

Our go-to-market strategy for Singapore is currently being re-evaluated and adjusted to align with market conditions.

US Office for Global Billing

Planning underway to establish a US-based office to streamline and facilitate global customer billing operations.

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FY26-27 OUTLOOK

WORKMATES

Strategic Priorities

REVENUE GOAL

₹210 Cr (Grow by 45%+ from FY25-26)

Focus Areas

• Enterprise account expansion
• Data & AI practice buildup and revenue expansion
• Managed services scale
• Security Practice Portfolio expansion
• Operational maturity

Key Investments

• Business acquisition team expansion
• Solution architecture
• Automation platforms
• AI partnerships

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WORKMATES

FY 2026-27 | Revenue Outlook (As on Date)

All figures in ₹ Crores | Workmates Core2Cloud Solution Ltd

| ₹210 Cr
FY27 Goal
Full-year target | ₹190 Cr
Current Outlook
As per current visibility | ₹91.56 Cr
H1 Outlook
As per current visibility | ₹99 Cr
H2 Estimate
As per current visibility |
| --- | --- | --- | --- |
| ₹ Crores | Contracted (Rec) | New (Rec) | New (Project Imp) | Total |
| --- | --- | --- | --- | --- |
| H1 FY27 | 79.59 | 6.15 | 5.82 | 91.56 |
| H2 FY27 (Est.) | — | — | — | 99.00 |
| FY 26-27 Outlook | | | | 190.56 |

☑ Contracted Base — Very Strong
40 Cr/qtr locked via recurring contracts. High revenue certainty.

☑ Gap to ₹210 Cr Goal: ₹19.4 Cr
Needs ~₹20 Cr incremental new business acquisition above current estimate.

Some Key Projects in Pipeline

• Migration & Transformation Deal from an Enterprise Leader in Agentic AI Platform Provider
• GenAI and Data Analytics Deal from a large Manufacturing company
• AI-led Transformation Deal from a large Insurance Company
• Cloud Migration Deal from a couple of Fintech customers
• New Cloud Implementation in an existing NBFC customer

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AI OPPORTUNITY OUTLOOK

WORKMATES

Emerging Growth Engine

Market Opportunity

• AI-led cloud transformation
• Enterprise copilots
• Intelligent operations
• AI security and governance

WORKMATES Positioning

• Cloud + Security + AI integrated capability
• Services-led implementation approach
• Strong AWS ecosystem alignment

Current Pipeline

• PoCs under execution
• Advisory opportunities
• Industry-specific AI use cases

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RISK MANAGEMENT

WORKMATES

Risks & Mitigation

RISK	↑↑	MITIGATION	↑↓
Margin pressure	→	Improve services mix
RISK	↑↑	MITIGATION	↑↓
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Talent availability	→	Internal capability programs
RISK	↑↑	MITIGATION	↑↓
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Competitive intensity	→	Specialization and customer intimacy
RISK	↑↑	METIGATION	↑↓
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Hyperscaler dependency	→	Multi-solution strategy

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WORKMATES

Areas of Investment

• Sales expansion
• Capability building
• Strategic partnership
• Platform/IP development

INVESTOR DISCUSSION

Capital Allocation

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THANK YOU

WORKMATES