Almondz Global Securities Ltd Management Discussions

Global and Domestic Economic Context

Global Economic Trends

The global economy in FY2024-25 maintained steady growth at 3.3%, although this was a deceleration compared to pre-pandemic averages. The United States led developed regions with 2.7% growth on the back of strong consumer demand and resilient labour markets. Meanwhile, Europe lagged, hampered by weak manufacturing, geopolitical tensions, and policy uncertainty, posting just 1.0% growth. Chinas recovery to 4.6% was driven largely by fiscal stimulus despite weakness in domestic consumption and property markets. Latin America benefitted modestly from commodity cycles, while Sub-Saharan Africa and emerging Europe presented mixed outlooks.

Global inflation moderated gradually, averaging 4.2% in 2025 and 3.5% in 2026. Advanced economies moved toward their targets faster, though persistent inflation in emerging markets and elevated services inflation in the US and Europe prompted central banks to be cautious with rate cuts. Commodities, especially oil, saw falling prices due to weak demand, while food prices headed higher on adverse weather. Risks such as sticky inflation, trade volatility, and geopolitical uncertainties continued to shape sentiment.

Indias Economic Scenario

India was a bright spot in global growth, maintaining 6.5% annual GDP growth for both 2025 and 2026. The surge was underpinned by robust domestic demand?€”mainly private consumption?€”higher real incomes, income tax reforms, and improvements in labour markets. Investment remained resilient, triggered by falling interest rates and government-led capital expenditure.

Despite a widening merchandise trade deficit, robust services exports and remittances bolstered economic balance. Inflation hovered around 4%, neatly within RBIs band; moderation in food and fuel prices provided additional relief. The RBIs move to begin policy rate easing created an even more favourable growth environment. However, climate risks (notably erratic monsoon conditions) could affect rural incomes and food price stability. Fiscal discipline was pursued, with the Union Budget aiming to cut deficits from 4.8% to 4.4% of GDP through improved tax compliance and subsidy rationalization.

Indias ongoing economic reforms focused on subsidy rationalisation, female workforce integration (participation up from 17.5% in FY2017?€“ 18 to 31.7% in FY2023?€“24), trade liberalisation, digital infrastructure improvement, and SME financing. Risks persisted, notably from global trade tensions and commodity price volatility, but upside rests on infrastructure investments and remittance growth.

Industry Overview:

Capital Markets & Wealth Management

Indias capital markets in 2025 were marked by record AUM of ?‚?68.05 lakh crore (~US$ 789.44 billion), driven by retail SIP growth. Despite this, market penetration remains below international levels, showing vast expansion opportunities particularly in smaller cities. Digital transformation reshaped the industry; mobile investing platforms, AI advisories, blockchain-based transactions, and cloud-native operations became standard, driving deeper engagement among youth and first-time investors.

Key growth sectors attracting capital included infrastructure, financial services, healthcare, technology, and green energy. Thematic and sectoral funds allowed investors to strategically participate in Indias growth narrative. At the same time, the IPO market?€”after a brief slowdown?€” showed signs of revival with domestic and foreign institutional investor interest in sustainability and technology-driven offerings.

Wealth Management Sector Trends

Indias wealth management industry underwent structural evolution; the market is projected to clock a 10.02% CAGR from FY2025 to FY2032, expanding from USD 154.25 billion in FY2024 to USD 331.13 billion by FY2032. The client profile diversified beyond legacy industrialists to include startup founders, professionals, and digitally native salaried employees, necessitating a shift toward hybrid, automated, and digital- first advisory solutions.

Growth in high-net-worth and ultra-high-net-worth individuals (with three joining the UHNWI ranks daily) increased demand for sophisticated financial planning, succession advice, and global asset diversification. Geographically, Western India dominated, with notable gains across North, South, and emerging Tier II/III cities driven by urbanization, entrepreneurship, and digital adoption.

Investment Banking and other Financial Advisory

The merchant banking, portfolio management services, and research analyst segments have become critical pillars in Indias evolving financial services ecosystem. The accelerated economic growth, expanding middle class, rising investor sophistication, and increasing equity market participation have collectively fostered a favourable environment for these specialized services.

Merchant Banking: Increasing primary market activity, including IPOs and private placements, has expanded merchant banking demand. The evolving regulatory landscape ensures greater transparency, while corporates seek expert advisory for capital raising, mergers and acquisitions, syndication, and underwriting.

Portfolio Management Services (PMS): Growth in discretionary and non-discretionary wealth management solutions reflects investor desire for personalized, goal-oriented, and actively managed portfolios beyond traditional mutual funds. Rising High Net Worth Individual (HNWI) populations and digital advisory tools have further catalyzed demand.

Research Analyst Services: High-quality, data-driven equity and sector research has become fundamental to informed investment decisions, especially amidst increasing retail participation and algorithm-aided trading. Thematic research, ESG analytics, and IPO notes help bridge information asymmetry and strengthen investor confidence.

Green Fuel and Ethanol

Indias green energy sector, particularly ethanol, is experiencing transformative growth due to the governments push for alternative fuels, environmental sustainability, and rural empowerment. Key reforms, such as amendments to the National Biofuel Policy (2018), reduction in GST on ethanol, favourable procurement pricing, and incentives for capacity expansion, have enabled rapid scaling. Indias Ethanol Blended

Petrol (EBP) Programme aims for 20% blending by October 2025?€”a target nearly reached ahead of schedule. Ethanol blending surged from 5% in FY2018-19 to 19% by January 2025, saving substantial forex and supporting public health initiatives by cutting urban pollution.

Apart from environmental benefits, the sector supports farmer incomes and jobs by monetizing surplus grains and sugarcane for energy. India

is emerging as a global leader, launching the Global Biofuels Alliance during its G20 presidency and building export capabilities.

Infrastructure Advisory

Indias infrastructure sector remains vital for national development, characterized by historically high investment in transport, power, smart cities, water, logistics, and social infrastructure. Public-private partnerships (PPP), Viability Gap Funding, and policy initiatives such as Smart Cities, PM Gati Shakti, and the National Infrastructure Pipeline are creating abundant opportunities for technical and financial advisory firms.

Infrastructure advisory is crucial for project structuring, feasibility analysis, regulatory frameworks, capacity building, funding optimization, and risk management. The demand for integrated consulting is high as projects grow bigger and more complex, needing multidisciplinary teams and advanced management tools.

Almondz Global Securities Limited: Business and Operations Broking & Depository Services

Almondz offered a full spectrum of investment solutions?€”across equities, derivatives, mutual funds, ETFs, IPOs, and fixed-income products. Retail and institutional broking was powered by real-time trading infrastructure, advanced analytics, competitive brokerage models, and seamless integration with mutual fund/SIP platforms. Expansion into Tier II and III cities utilized partner-led models and investor education, enhancing financial inclusion.

Digital transformation cantered on mobile-first trading apps with biometric login, voice-based search, portfolio tracking, and advanced analytical tools. The company enhanced customer experience through 24x7 chatbots, omnichannel support, e-KYC, paperless onboarding, and scalable cloud-based architectures.

Depository services (via NSDL/CDSL) ensured secure, compliant custodial operations: demat account opening, real-time corporate action execution, automated pledging and reporting, and digital access to statements, with investor protection assured through audits and regulatory compliance .

Wealth Management Excellence

The Almondz wealth management vertical specialized in bespoke advisory for diverse segments: HNIs, mass affluent, NRIs, professionals, family offices, and emerging urban investors. Products included PMS, mutual funds, insurance, bonds, AIFs, structured products, estate and tax planning. The firm modernized its advisory delivery with digital goal-planning tools, AI-driven recommendations, and remote portfolio management.

Segmented approaches catered to individual client needs, augmented by thematic strategies (such as ESG-screened investments). Regional

expansion targeted Tier II/III cities, leveraging digital hubs and affiliate models for greater reach and inclusion.

Investment Banking and other Financial Advisory

Almondz Financial Services Limited, a wholly owned subsidiary of Almondz Global Securities Limited, is a prominent player in merchant banking, discretionary and non-discretionary PMS, and research analytics.

Merchant Banking: AFSL provides end-to-end capital market advisory, underwriting, private placements, and syndication services. The subsidiarys integrated approach leverages research insights and strong institutional relationships to assist quality issuers in accessing primary capital efficiently and compliantly.

Portfolio Management Services (PMS): AFSLs PMS offerings are tailored to diverse investor segments including HNIs and mass affluent clients. Employing a disciplined, research-backed, and goal-orientated approach, AFSL delivers active and customized portfolio solutions. Digital tools and periodic portfolio reviews enhance client engagement and satisfaction.

Research Analyst Services: The company runs a dedicated research desk offering daily market commentary, equity strategy reports, thematic and sectoral analyses (including ESG and green energy), IPO coverage, and mutual fund comparisons. Their actionable insights aid both retail and institutional investors, reinforcing Almondzs advisory credibility.

AFSLs synergy with Almondzs broader capital market ecosystem (broking, depository services, wealth management) provides a comprehensive client value proposition and competitive edge.

The subsidiary benefits from strong compliance culture adhering to SEBIs Investment Adviser Regulations and Research Analyst norms,

ensuring transparency, investor protection, and industry best practices.

The merchant banking, PMS, and research analyst services segments show robust growth potential, driven by macroeconomic growth, market maturation, and technological innovation. Almondz Financial Services Limited, through its aligned strategy and integrated service model, is well-positioned to capitalize on these industry dynamics, complementing Almondz Global Securities wider capital market and advisory strength and enabling enhanced client experiences and sustainable corporate growth.

Green Fuel and Ethanol

Almondz Global Securities is a major player in this space through its joint venture?€”most notably Premier Green Innovations Private Ltd. PGI operates one of the largest zero liquid discharge ethanol and ENA manufacturing facilities in Himachal Pradesh, with significant government and multinational clients (OMCs, Diageo, Seagram, etc.). In FY2024-25, PGI commissioned a 300 kilo litres per day (KLPD) plant in Himachal Pradesh and is set to complete a 250 KLPD plant in Odisha, positioning itself as the regions largest ethanol producer.

PGI meets the governments EBP requirements, innovates in second-generation ethanol (using agri-waste), and upholds sustainability via advanced production technology (automated fermentation, water recycling, CO?‚‚ recovery). The business aligns tightly with national energy and sustainability goals, and continues to expand capacity and drive export readiness.

Operational focus includes:

Long-term feedstock security through contracts with sugar mills and grain mandis.

Technology integration?€”automated fermentation/distillation, wastewater recycling, biomass boilers, CO?‚‚ recovery, lowering costs and

environmental impact.

Strong alignment to rural empowerment, providing direct income to farmers, local job creation, and skill development.

Active support for second-generation ethanol and circular economy principles, pushing forward sustainability and pollution mitigation in rural India.

PGIs future strategy targets 2G ethanol capacity expansion (supported by PM-JI-VAN Yojana), entry into compressed biogas/Sustainable Aviation Fuel, export readiness via the Global Biofuels Alliance, and ongoing investments in emission controls, waste utilization, and community welfare.

Infrastructure Advisory

Almondz Global Infra-Consultant Limited (AGICL), a wholly owned subsidiary of Almondz Global Securities Limited, provides comprehensive advisory, engineering, and project management services for infrastructure in India. Its multidisciplinary team (civil engineers, architects, planners, legal, environment, and financial experts) aids both government and private clients through phases from evaluation to operations.

Almondz boasts a proven track record in PPP projects, and its current order book for infrastructure consulting exceeds Rs 350 crore as of FY2025. The company leverages technology-driven project management, robust due diligence, and systematic processes to deliver on critical infrastructure mandates across highways, airports, logistics parks, water/sanitation, urban renewal, and smart mobility. It actively partners with state and central governments, supporting complex public sector infrastructure across difficult geographies and regulatory environments.

Almondz Infras strategy involves geographic and sectoral diversification?€”expanding into Northeast India, social infrastructure, and

renewable/green energy advisory.

Almondzs operations cover multiple segments with support of its subsidiaries and associates:

	Debt and equity	Consultancy and advisory fees	Wealth Advisory / Broking activities	Healthcare	Others	Total
	market operations			services
- Segment revenue	153	12,721.00	2,029.00	8	45	14,956.00
- Inter segment revenue	-	-	-	-	-	-
Revenue from external customers	153	12,721.00	2,029.00	8	45	14,956.00
Segment profit before tax	-317	1,585.00	202	-11	36	1,495.00
Segment assets	3,982.00	10,349.00	7,672.00	215	8,921.06	31,139.06
Segment liabilities	699	5,175.00	3,317.00	48	20	9,259.00

Summarised financial information for associates/Joint Venture

	Almondz Insolvency Resolution Services Pvt. Ltd.	Premier Green Innovations Private Limited	AGICL & AGSL WASH JV
	For the year ended March 31, 2025	For the year ended March 31, 2025	For the year ended March 31, 2025
Revenue	-	70,169.57	196.64
Other income	0.28	92.66	-
Profit before tax	-8.36	2,370.28	3.89
Tax expense	-	170.21	0.05
Profit for the year	-8.36	2,200.07	3.84
Other comprehensive income	-	20.88	-
Total comprehensive income	-8.36	2,220.95	3.84

Financial Highlights

Gross Revenue (Standalone): Rs. 3511.44 lakhs

Profit Before Tax (Standalone): Rs. 297.49 lakhs

Consolidated Total Income: Rs. 15136.55 lakhs

Consolidated PBT: Rs. 2027.47 lakhs

Human Resources: Standalone headcount at 180, group total exceeding 500, reflecting depth of talent and ongoing strategic hiring.

Key Financial Ratios:

Key Ratios/ Industry Specific Ratios	FY 2024-25	FY 2023-24
Debtors\u2019 Turnover (No. of days)	128	139
Current Ratio	1.44	1.83
Debt Equity Ratio	0.13	0.02
Net Profit Margin (%)	6.34%	56.65%
Return on Net Worth (%)	1.33%	13.07%

CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("Act"), the Consolidated Financial Statements of the Company and a separate statement containing the salient features of the Financial Statements of its subsidiaries, associates and joint venture, in the prescribed Form No. AOC- 1, is included in the Annual Report. The Financial statements of subsidiaries are kept for inspection by members at the Registered Office of the Company. The Company shall provide free of cost, a copy of the Financial Statements of the subsidiary companies to the Members upon their request. The said Financial Statements are also available on the website of the Company i.e. almondzglobal.com

Statutory Disclosures

The information required under Section 197 read with Rule 5(2) of the Companies Act, 2013 are given in the annexure appended hereto and forms part of this report. The provisions of Section 134 of the Companies Act, 2013 relating to conservation of energy and technology absorption do not apply to your Company. The Company has, however, used information technology extensively in its operations. The report on the Corporate Governance is annexed herewith and forms part of this report.