Ashika Global Securities Ltd. Management Discussions

ECONOMIC OVERVIEW Global Economy

The global economy expanded by 3.5% in CY (Calendar Year) 2025 and is projected to grow by 3.0% in CY 2026, demonstrating resilience despite shifting trade dynamics, geopolitical developments and elevated uncertainty. Global trade reached a record US$ 35 trillion (- Rs. 2,975 lakh crore), supported by robust labour markets, continued investments in technology and digital infrastructure, and strong demand for Al-related products and services.

The economic outlook, however, has become increasingly shaped by geopolitical developments, particularly the conflict in West Asia. Disruptions to energy production, transportation routes and commodity markets have heightened risks across the global economy, exerting upward pressure on energy, food and logistics costs. These developments have intensified concerns around inflation, supply chain continuity and financial market stability, especially for commodity-importing economies.

Global inflation remained relatively stable at 4.1% in late CY 2025 but is projected to rise to 4.7% in CY 2026 amid higher energy and food prices before moderating thereafter. Core inflation in the US was at 3.1%, while inflation in Japan eased below its 2% target. Financial markets experienced periodic volatility as investors responded to geopolitical uncertainty, resulting in higher risk premiums, capital flows toward safe-haven assets and a stronger US dollar.

Advanced economies recorded moderate growth, with the US maintaining steady momentum and the euro area witnessing a gradual recovery supported by fiscal spending and infrastructure investments. Emerging markets outperformed, benefiting from export competitiveness, manufacturing relocation and deeper integration into technology-led supply chains. Global trade patterns also evolved, with businesses diversifying sourcing and production networks amid ongoing geopolitical and trade-related realignments.

World Economic Outlook Growth Projections

(Real GDP, annual percent change)		PROJECTIONS
	2025	2026	2027
World Output	3.5	3.0	3.4
Advanced Economies	1.9	1.7	1.8
United States	2.1	2.3	2.2
Euro Area	1.4	0.9	1.2
Germany	0.2	0.7	1.0
France	0.9	0.6	0.9
Italy	0.5	0.5	0.5
Spain	2.8	2.1	1.8
Japan	1.1	0.6	0.7
United Kingdom	1.4	1.0	1.3
Canada	1.9	1.1	1.7
Other Advanced Economies	3.0	2.8	2.3
Emerging Market and Developing Economies	4.5	3.8	4.5
Emerqinq and Developinq Aisa	5.6	5.0	4.8
China	5.0	4.6	4.1
India	7.7	6.4	6.7

Source: IMF, World Economic Outlook Update, July 2026

Note: For India, data and projections are presented on a fiscal year (fy) basis, with FY 2025/26 (starting in April 2025) shown in the 2025 column. Indias growth projections are 7.0 percent for 2026 and 6.4 percent for 2027 based on calendar year.

Outlook

As the global economy transitioned into CY 2026, it began to reflect the impact of evolving geopolitical developments, including the escalation of the West Asia conflict. This has contributed to firmer commodity prices, particularly in energy, alongside some recalibration in financial conditions.

Global growth is expected to stabilise at 3.4% in CY 2027. Global inflation is also projected to moderate to 3.9% in CY 2027.

The outlook remains highly sensitive to the duration and intensity of the West Asia conflict. A prolonged disruption could push global growth down, while further amplifying inflationary pressures through sustained commodity price shocks.

Advanced economies are expected to remain constrained by inflation and fiscal pressures, while emerging markets, projected to grow at 3.8% in CY 2026, will continue to anchor global growth, albeit with increasing divergence. Commodity-importing economies remain particularly vulnerable to inflation, currency depreciation, and tighter financial conditions.

Indian Economy

India retained its position as one of the fastest-growing major economies, with real GDP growth estimated at 7.7% in FY 2026, up from 7.1% in FY 2025. Real GDP at constant prices is estimated to reach Rs. 323.12 lakh crore, compared with Rs. 299.89 lakh crore in the previous year, while nominal GDP is projected to grow by 8.9% to Rs. 346.36 lakh crore from Rs. 318.07 lakh crore. Growth continues to be supported by sustained domestic demand, with Private Final Consumption Expenditure accounting for 61.5% of GDP. Expansion remains broad-based, with manufacturing recording double-digit growth and the secondary and tertiary sectors growing above 9%, while services such as trade and transport expanded by 10.1%.

Annual GDP Estimates (in Rs. lakh crore) and Growth Rates (%) at Constant Prices

Source: Press Information Bureau International Monetary Fund

Price conditions remained stable and supportive of consumption, with CPI inflation recorded at 3.40% in March 2026, including 3.63% in rural areas and 3.11% in urban areas.

Policy measures have further supported economic activity. GST 2.0, with rate rationalisation and a simplified structure, has helped lower costs, improved compliance and expand the tax base, reflected in Gross GST Revenue of Rs. 2,42,702 crore in April 2026.

On the fiscal front, the deficit is estimated at 4.4% of GDP in FY 2026 and targeted at 4.3% in FY 2027, alongside continued emphasis on capital expenditure of Rs. 12.2 lakh crore (4.4% of GDP), reinforcing infrastructure-led growth and long-term economic resilience.

Cr ashika

Growing and Sharing with you

Outlook

Indias growth outlook remains steady, supported by strong domestic fundamentals and carryover momentum from FY 2026. The International Monetary Fund (IMF) has revised Indias GDP growth forecast for CY 2026 upward to 6.4%, with growth expected to accelerate to 6.7% in CY 2027.

This momentum is underpinned by a robust services sector, a strengthening manufacturing base furthered by initiatives like the India Semiconductor Mission 2.0, and supportive government policies focused on achieving the Viksit Bharat 2047 roadmap through fiscal prudence and infrastructure- led development.

INDUSTRY OVERVIEW Capital Markets

India continues to hold its position as the fourth-largest equity market globally, trailing only the United States, China, and Japan, with a market capitalisation of approximately Rs. 481 lakh crore as of July 2026.

Source: NSE

Market Performance in FY 2026

Indian capital markets delivered another strong year of growth in FY 2026, supported by robust investor participation, healthy capital formation and continued market innovation. The primary market remained highly active, with 366 IPOs listed on NSE, placing it among the top two exchange groups globally by number of new listings.

India strengthened its leadership in derivatives trading, with NSE retaining its position as the largest equity derivatives exchange globally, recording over 3,699 crore contracts traded du ring the year. Rising premium turnover in theoptions segment highlighted increasing market sophistication and growing participation across investor categories.

Capital mobilisation across equity, debt and business trusts reached Rs. 13.92 lakh crore, more than doubling over the past decade, reflecting strong funding demand from corporates and sustained investor appetite for capital market instruments. A key feature of FY 2026 was the continued financialisation of household savings. The number of unique investors registered on NSE increased to 1,290 lakh, while demat accounts crossed 2,245 lakh. Systematic Investment Plan (SIP) contributions reached a record T 3.49 lakh crore in FY 2026, underscoring the growing preference for market-linked investments among retail investors.

The Indian equity market closed FY 2026 with a period of recalibration, influenced by Foreign Portfolio Investor (FPl) outflows and global market instability in the latter part of the year. While the BSE Sensex and Nifty 50 saw declines of 7.1% and 5.1%, respectively, for the financial year ended March 2026, these movements reflected a measured adjustment following significant gains seen earlier in the cycle.

Despite the full-year moderation, the market demonstrated resilience at the start of the new fiscal year, as April 2026 witnessed a significant V-shaped recovery. This sharp upswing reflecteda shift in sentiment as investors recognised the underlying strength of the Indian economy and bought high-quality value stocks at attractive market bottoms. This rebound saw the Nifty rise by 7.46% and the Sensex by 6.90% in April alone, marking a strong start to the new fiscal year. The domestic landscape remained a pillar of strength throughout the year, with unprecedented Domestic Institutional Investor (Dll) inflows of Rs. 8.5 lakh crore serving as a principal stabilising force and cushioning the impact of external volatility. Across market segments, the Nifty Midcap 100 delivered modest returns of 1.9% in FY 2026, while the Nifty SmallCap 100 saw a decline of 5.5%.

Source: NSE I AM FI I NDSL SEBI

Source: BSE I NSE Indices Historical Data

Strengthening Investor Participation

Indias investor base expanded steadily in FY 2026, reflecting the growing financialisation of savings and increasing participation in capital markets. The number of registered investors on NSE reached 1,290.9 lakh as of March 2026, representing a healthy 14.4% year-on-year growth, while the total number of unique client codes crossed 2,500 lakh during the year.

The pace of expansion has accelerated significantly over the past decade, with the investor base growing at a 26.4% CAGR between FY2021 and FY 2026, compared with 15.2% during the preceding five-year period. Notably, what once took over a decade to achieve now occurs within a matter of months, highlighting the broadening reach of equity investing across the country. This sustained growth reflects rising investor awareness, greater digital accessibility, improved market infrastructure and increasing confidence in capital markets as a long-term avenue for wealth creation.

Source: NSE Market Pulse

FY 2026 was marked by several defining developments:

?™? The tax slab rationalisation came into effect, providing a cushion fordomestic demand amidstglobal headwinds.

?™? The primary market achieved a historic milestone with record fund mobilisation of Rs. 1.8 lakh crore.

?™? On the geopolitical front, the sharp escalation of the West Asia crisis and the announcement of steep US tariffs on Indian exports brought fresh global trade uncertainties and fuelled risk-off sentiment.

However, unprecedented primary market inflows and record Domestic Institutional Investor (Dll) inflows of Rs. 8.5 lakh crore has served as a principal stabilising force for the markets. This consistent domestic support successfully cushioned the impact of external volatility, preventing a sharper market correction.

Source: NSDL

Sustained Strength in IPO Markets

Financial Year	Total No. of IPOs	No. of Mainline IPOs	Amount Raised by Mainlines ( Rs. crore)	NO. Of SME IPOs	Amount Raised bySMEs ( Rs. crore)	Total Amount Raised ( Rs. crore)
FY26	366	112	1,78,963	254	10,944	1,89,907
FY25	318	79	1,62,517	239	9,967	1,72,484
FY24	273	78	67,558	195	6,070	73,628

Indias primary market ecosystem witnessed another landmark year in FY 2026, with companies raising a record Rs. 1.79 lakh crore through 112 mainboard IPOs, surpassing the previous years all-time high of Rs. 1.62 lakh crore. The year marked the second consecutive phase of record IPO fundraising activity, underlining the depth and maturity of Indias capital markets.

Large and diversified issuances across sectors reflected strong corporate confidence and sustained investor participation. Domestic mutual funds emerged as key participants in anchor books, highlighting rising institutional strength within the Indian market ecosystem.

The SME segment also remained active, with 254 IPOs mobilising Rs. 10,944 crore, demonstrating increasing access to capital foremerging businesses and new-age enterprises.

Fresh capital issuance accounted for nearly 40% of total IPO mobilisation, with a significant share directed toward expansion, capacity creation, debt reduction, and working capital requirements. The pipeline also remained healthy, with over 200 companies at various stages of regulatory approval to raise additional capital, reflecting sustained long-term confidence in Indias growth opportunity and capital market depth.

Source: NSE I Prime Database

Strategic Milestones and Market Developments (FY 2026)

FY2026 marked an era of structural maturity in Indias capital markets, characterised by an unprecedented expansion of the retail investor ecosystem, robust primary market activity, and enhanced institutional resilience.

Macroeconomic Indicators and Institutional Growth

Strategic Parameter Geographic Democratisation	Performance Metrics and Market Impact Investment participation achieved near-universal coverage, extending to 99.85% of Indias postal pincodes. This pervasive expansion underlines a fundamental, structural shift toward the financialisation of household savings.
Primary Market Mobilisation	Capital markets demonstrated immense depth, with total primary market mobilisation reaching a historic high ofU89 lakh crore executed across 366 Initial Public Offerings (IPOs).
Dll Countercyclical Strength	Domestic Institutional Investors (Dlls) acted as a vital macroeconomic shock absorber, registering record net inflows of Rs. 8.5 lakh crore. This domestic capital cushion effectively mitigated external global volatility and global risk-off sentiments.
Fiscal Architecture	Systematic economic stability was further augmented by the rollout of GST 2.0 reforms and the rationalisation of direct tax slabs, which supported domestic aggregate demand amidst escalating global trade uncertainties.

Evolution of the Regulatory and Governance Landscape

During the fiscal year, the Securities and Exchange Board of India (SEBl) accelerated its implementation of structural reforms. These regulatory interventions were strategically aimed at enhancing institutional accountability, fortifying technical infrastructure, mitigating systemic retail risk, and optimising operational costs.

Fiduciary Governance and Operational Accountability

?™? Enhanced Institutional Risk Frameworks: New

mandates have tightened risk management

protocols, introducing explicit personal accountability frameworks for asset and fund managers to safeguard fiduciary integrity.

?™? Localised Governance Standards: To ensure strict domestic regulatory compliance, all active stockbrokers are statutorily required to appoint at least one resident designated director by July 2026.

Strategic Parameter	Performance Metrics and Market Impact
Investor Base Expansion	The unique registered investor base on the National Stock Exchange (NSE) surpassed the 1,300 lakh milestone in April 2026. This reflects a CAGR of 26.4% over the preceding five-year period (FY 2021 - FY 2026), significantly outpacing the 15.2% growth trajectory recorded during the previous five-year block.

?™? Data Architectureand Audit Readiness:The mandatory retention period for regulatory books of account and organisational records has been extended to eight years, formalising higher standards for long-term audit transparency and forensic tracking.

Product Rationalisation and Expanded Market Frontiers

?™? Inter-regulatory Operational Latitude: In a significant move toward financial conglomeration, stockbrokers have been permitted to engage in proprietary trading across all exchange segments and establish business unitsoperatingunderalternativeregulatoryjurisdictions, including the Reserve Bank of India (RBl) and the Insurance Regulatory and Development Authority of India (iRDAl).

?™? Product Innovation: The regulatory introduction of Life Cycle Funds and Sectoral Debt Funds provides market intermediaries with the structural architecture to offer automated, goal-based de-risking frameworks and specialised fixed-income products.

?™? Portfolio Category Efficiency: SEBI has systematically streamlined mutual fund classifications, strictly enforcing one fund per category mandates to eliminate product duplication, simplify consumer choice, and reduce redundant operational overheads across the asset management industry.

Technological Resilience and Systemic Surveillance

?™? Pre-emptive Fraud Prevention: The burden of

regulatory compliance has fundamentally shifted from reactive enforcement to proactive mitigation. Market intermediaries are now mandated to deploy advanced, technology-driven surveillance architectures engineered to identify algorithmic market abuse and eradicate mule account networks.

?™? Operational Business Continuity: To counter the systemic risks posed by technical disruptions, brokers managing a client base exceeding 10,000 active accounts are bound by new technical resilience guidelines. These mandate rigorous pre-production software testing, load capacity planning, and failsafe protocols to guarantee zero-disruption business continuity during technical anomalies.

Capital Market Outlook

The outlook for Indias capital markets in FY 2027 remains constructive, supported by strong domestic participation, healthy corporate activity, and the deepening financialisation of household savings. Domestic institutional flows, particularly through mutual funds and SlPs, are expected to remain a key stabilising force, helping cushion volatility arising from global capital movements. A robust IPO pipeline, sustained retail participation, and increasing diversification across investment products, including a vibrant SME listing ecosystem are likely to support continued depth and liquidity across markets. The ongoing institutionalisation of retail savings is expected to further decouple Indian indices from extreme global volatility, providing a more resilient floor for valuations.

Corporate fundraising activity is expected to remain healthy across equities and debt markets, aided by ongoing investments in infrastructure, manufacturing, digital businesses, and emerging sectors. This momentum is further bolstered by government initiatives such as the India Semiconductor Mission 2.0 and the Viksit Bharat 2047 roadmap, which are driving a new cycle of capital expenditure. Indias expanding investor base, wider participation from Tier ll-IV cities, and the rising adoption of digital investment platforms are also expected to further strengthen market penetration and diversify the risk profile of the domestic investor base.

At the same time, markets may witness intermittent volatility amid evolving geopolitical developments, commodity price movements, and global monetary policy shifts. While foreign portfolio flows could remain selective in the near term, strong domestic flows and improving corporate fundamentals are expected to provide long-term support to overall market sentiment and capital market activity. Furthermore, the full integration of refined regulatory frameworks and transparent pricing structures is expected to improve the long-term quality of participation and enhance global investor confidence in the Indian market structure.

Indias NBFC Sector

India, as one of the worlds fastest-growing major economies, continues to provide a favourable environment for the expansion of its credit markets. The total NBFC credit outstanding is estimated to have crossed Rs. 60 lakh crore during FY 2026, underscoring the sectors sustained growth trajectory despite global and domestic headwinds.

Within the overall lending landscape comprising banks, NBFCs, and All India Financial Institutions, NBFCs have maintained a significant presence, supporting a credit-to- GDP ratio that remains robust as the country progresses toward becoming a Rs. 426 lakh crore economy. The demand for credit remains high, further cementing the importance of NBFCs in driving economic growth and enabling access to finance across 99.85% of Indias pin codes.

Retail loans remain the cornerstone of NBFC growth, though the segment faced a calibrated environment in FY 2026. The RBI kept the repo rate at 5.25%, continuing its focus on proactive liquidity management and effective transmission. Credit-deposit ratios, which reached an all-time high of 83% in March 2026, have prompted NBFCs to diversify their funding sources, relying more on certificates of deposit and overseas debt capital.

i n FY 2026, certain asset segments, including personal loans and unsecured business loans, continued to navigate a tighter regulatory and risk-weighted environment. Despite such localised pressures, NBFCs have strengthened their balance sheets, maintaining substantial capital buffers even as the currency faced a 9.9% depreciation over the fiscal year.

The sector is also aggressively leveraging digital data and advanced technology to enhance credit assessment and improve operational efficiency. Technology-led execution has deepened across segments, with mobile-based participation reaching record highs, reflecting a structural shift in how financial services are delivered to and consumed by the growing middle class.

With its strong foundation and ability to adapt, the NBFC sector is ready to handle changing regulations and global challenges while continuing to grow and help drive Indias economic progress toward the goal.

Opportunities and Threats

Company Overview

Ashika Global Securities Limited (AGSL), { formerly Ashika Credit Capital Limited } is the flagship company of Ashika Group, a globally renowned conglomerate with a wide spectrum of business interests. AGSL has consistently focused on creating solutions that deliver value and empower its customers and stakeholders to rise. AGSL is a Non-deposit-taking Non-Banking Financial Company registered with the Reserve Bank of India as Investment and Credit Company (ICC), categorised as Middle Layer NBFC as per Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023, carrying on NBFI Activities.

Since its inception, AGSL has remained committed to building a strong foundation rooted in financial discipline, robust governance, and stakeholder trust. The Company was originally incorporated as a private limited company on 8 th March, 1994 in the State of West Bengal. In 1996, it was converted into a public limited company, reflecting its strategic vision for expansion and long-term institutional growth. Further strengthening its corporate journey, the Company achieved a significant milestone by becoming a listed entity in 2000, enhancing its market presenceand reinforcing its commitment to transparency and sustainable value creation.

Over the years, AGSL has steadily expanded its market presence and strengthened its position within the Indian financial services landscape. The Companys equity shares commenced trading on the BSE Limited in 2011, marking an important step in its growth journey. Further advancing its commitment to broader market accessibility and enhanced investor participation, the Company achieved another significant milestone with the grant of tradi ng permission from the National Stock Exchange of India Limited in April 2026. This development has expanded the Companys reach to a wider investor base, enhanced liquidity in its shares, and reinforced its standing in the capital markets. The company changed its name from Ashika Credit Capital Limited to Ashika Global Securities Limited effective from 23 rd June, 2026, as a part of Composite scheme.

Through its growing presence and diversified financial capabilities, AGSL continues to remain committed towards delivering sustainable value, maintaining strong governance standards and strengthening long-term stakeholder confidence.

As a non-deposit-taking NBFC, the Company maintain strict compliance with regulatory standards while focusing on delivering value to our stakeholders.

With more than three decades of experience, AGSL continues to evolve with changing market dynamics, maintaining our position as a reliable partner in Indias financial landscape.

This financial year marked a pivotal change in corporate restructuring and structural evolution:

?™? Honble National Company Law Tribunal, Kolkata Bench, vide its Order dated 4 th November, 2025 has sanctioned The Scheme of Amalgamation of Yaduka Financial Services Limited (Transferor Company/ Yaduka) with and into Ashika Credit Capital Limited (Transferee Company/ACCL) with appointed date 1 st October, 2024. The scheme was effective from 18 th November, 2025.

Category	Key Factors
Opportunities	\u2666 Credit Ecosystem: Rising formalisation creates long-term NBFC growth.
	\u2666 Financial Inclusion: Penetration into underbanked markets widens the customer base.
	\u2022 Digital Adoption: Mobile-led access accelerates credit delivery and acquisition.
	\u2666 Consumption Demand: Improving income levels support sustained credit demand.
	\u2666 Co-lending: Bank partnerships expand reach and optimise capital efficiency.
	\u2666 Fintech Integration: Digital tools enhance underwriting and operational efficiency.
	\u2666 Supportive Policy: Government MSME initiatives drive further lending opportunities.
	\u2666 Evolving Regulations: Improved governance benefits well-managed, compliant NBFCs.
Threats	\u2666 Global Risks: Geopolitical crises impacting capital flows and sentiment.
	\u2666 Compliance Costs: Tighter regulatory norms increasing operational expenses.
	\u2666 Rate Volatility: Fluctuating interest rates impacting borrowing spreads.
	\u2666 Competition: Pressure on margins from banks and fintech platforms.
	\u2666 Asset Quality: Economic uncertainty leading to potential borrower stress.

?™? Honble National Company Law Tribunal, Kolkata Bench, vide its Order dated 8 th May, 2026 had sanctioned The Composite Scheme of Amalgamation of (i) Ashika Commodities & Derivatives Private Limited (ACDPL 1 or Transferor Company), Wholly Owned Subsidiary of Ashika Global Securities Private Limited (AGSPL or Amalgamating CompanyorTransferee Company), with and into AGS PL and (ii) AGS PL with and into Ashika Credit Capital Limited (ACCL or Amalgamated Company) with appointed date 1 st April, 2025, the Scheme became effective from 15 th May, 2026.

?™? Pursuant to Composite Scheme of Amalgamation, the name of Ashika Credit Capital Limited has been changed to Ashika Global Securities Limited, and a fresh Certificate of Incorporation has been issued by Ministry of Corporate Affairs on 23 rd June, 2026.

?™? Consequent to the Composite Scheme of Amalgamation all subsidiaries (including step-down subsidiary) of erstwhile Ashika Global Securities Pvt. Ltd. have become subsidiaries of the Company with effect from 15 th May, 2026, being the effective date of Scheme.

?™? During the year, the Company incorporated wholly owned subsidiary companies as part of its strategic initiative to expand its business operations into the wealth management and insurance sectors.

?™? Received In-Principle approval from Securities and Exchange Board of India (SEBl) for sponsoring a Mutual Fund vide SEBl letter dated 3 0th December, 2025.

?™? The Equity Shares of the Company have been permitted to trade and admitted to dealings on National Stock Exchange (Capital Market segment) with effect from 20 th April, 2026

Segment

On a standalone basis, the Company operates in a single segment, namely Non-Banking Financial Company (NBFC) activities. Plowever, on a consolidated basis, AGSL operates through its subsidiaries across multiple business segments comprising Financial Activities, Broking & Distribution, Wealth Management, AIF and Investment Management. The segment-wise revenue and profit performance for the year, along with comparative figures of the previous year, are presented below.

Segment	2025-26 (Amount inf lakh)		2024-25 (Amount in Rs. lakh)
	Revenue	Profit	Revenue	Profit
Financial Activities	11,128.40	6,882.24	9,458.33	2,834.86
Broking & Distribution	15,542.89	2,922.58	17,337.09	6,771.36
Investment Management	154.90	(726.85)	177.79	(31.29)
Others	216.54	128.46	296.06	123.48
Sub-total	27,042.73	9,206.43	27,269.27	9,698.41
Less: Inter Segment Income	(1,634.02)	-	(4,017.52)
Total	25,408.71	9,206.43	23,251.75	9,698.41

Discussion on Financial Performance of the Company with Respect to Operational Performance

The highlights of financial (standalone & consolidated) performance of the Company during FY 2026 is as below:

Financial Results for the Year Ended
	31st March, 2026		31st March, 2026
Total Income	9,508.53	9,228.26	25,408.71	23,251.75
Total Expenses	2,706.44	4,636.64	16,202.27	13,553.25
Profit/(Loss) before Tax	6,802.09	4,591.62	9,206.44	9,698.50
Less: Tax Expenses	2,275.56	355.65	3,276.26	2,128.86
Profit/(Loss) after Tax for the year	4,526.53	4,235.97	5,930.18	7,569.64
Other Comprehensive (net of Tax)	21.84	138.46	58.92	137.15
Total Comprehensive Income	4,548.37	4,374.43	5,989.10	7,706.79
Net Worth
EPS (in f) - Basic	6.16	7.13	8.07	12.74
EPS (in Rs. ) - Diluted	5.99	6.63	7.85	11.85

Standalone Operations

Revenue from the standalone operations of the Company for the FY 2026 stood at 7 9,508.53 lakh, as against 7 9,228.26 lakh in the previous financial year, registering an increase of 3.04%. Total expenses for the year amounted to 7 2,706.44 lakh, compared to 74,636.64 lakh in the previous year, reflecting a decrease of 41.63%. Consequently, the Profit After Tax (pat) for the year stood at 74,526.53 lakh, as against 74,235.97 lakh in the previous year, recording an increase of 6.86%.

Consolidated Operations

Revenue from the consolidated operations of the Company for the year ended 31 st March, 2026, stood at 7 25,408.71 lakh, as against 7 23,251.75 lakh in the previous financial year, registering an increase of 9.28%. Overall consolidated operational expenses for the year amounted to 716,202.27 lakh, compared to 7 13,553.25 lakh in the previous year, reflecting an increase of 19.55%. Consequently, the consolidated Net Profit for FY 2026 stood at 7 5,930.18 lakh, as against 7 7,569.64 lakh in the previous year, representing a decrease of 21.66%.

Pursuant to amendment made in Regulation 34(3) read with Part B of Schedule V, SEBI has notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of Significant Changes (i.e. Changes of 25% or more as compared to the immediately previous Financial year) in the Key Financial Ratios and Return on Net Worth of the Company (on standalone basis) including explanation thereof are given below:

Ratios	2025-2026	2024-2025	% Change	Reason
Debtors Turnover	NA	NA	NA	NA
Inventory Turnover	NA	NA	NA	NA
Capital to Risk-weighted Assets Ratio (CRAR)	71.68	85.79	(16.45)	On account of increase in investment book
Current Ratio	5.61	52.28	(89.26)	on account of increase in short-term borrowings
Debt Equity Ratio	0.12	0.01	1,237.61	on account of increase in short-term borrowings
Interest Coverage Ratio	13.79	3.41	304.40	On account of higher finance cost in previous year
Operating Profit Margin (%)	79.26	72.51	9.31	Not applicable, changes being below 25%
Net Profit Margin (%)	48.39	46.64	3.75	Not applicable, changes being below 25%
Return in Net Worth (%)*	4.65	(26.21)	NA	Due to Mergers

*The comparative figures for FY 2025 have been presented on a pre-merger basis, consistent with the figures reported in the previous years financial statements.

Human Resource Management

The Company firmly believes that Human Capital is its most important asset. By orchestrating successful management initiatives aligned with the Companys Vision and Mission, the Human Resources (hr) department has been pivotal in driving organisational success through a series of transformative efforts. With the active guidance of its promoters and the strategic expertise provided by a diverse and skilled Board, the Company is consistently strengthening its core to ensure long-term, sustainable expansion.

The Company has 21 permanent employees. AGSLcontinued to strengthen its people-first philosophy by fostering an inclusive, safe, and growth-oriented work environment. We are dedicated to maintaining the health, safety, and general welfare of our entire workforce and partners. The Companys people-centric approach is foundational to its sustained success, enabling innovation, operational excellence, and long-term value creation.

Internal Control Systems and their Adequacy

The Company has a proper and adequate internal control system, to ensure that all assets are safeguarded and protected against loss from unauthorised use or disposition and those transactions are authorised, recorded and reported correctly. The internal control is exercised through laid out policies, guidelines and procedures that undergo regular assessment and validation across all major operations and departments, it is supplemented by an extensive programme of internal audits conducted by the Internal Auditors and tested by the Statutory Auditors of the Company. The audit observations and corrective action taken thereon are periodically reviewed by the audit committee to ensure effectiveness of the internal control system.

The Board and Senior Management are of the view that the Companys internal control systems are adequate and operating effectively, particularly in safeguarding financial reporting.

These controls are designed to mitigate the risk of material misstatements in the financial statements and ensure any such risks are identified and addressed promptly.

Risk Management

AGSL has established a robust and comprehensive risk management framework designed to identify, assess, monitor, and mitigate risks that may impact its business operations, strategic objectives, financial performance, reputation, or regulatory compliance. The framework facilitates a structured evaluation of potential risks across all business functions, enabling timely implementation of appropriate mitigation measures and ensuring sustainable business growth amidst an evolving economic and regulatory environment, the Company proactively manages challenges, ensuring it remains on track to reach its objectives despite market uncertainties.

At the leadership level, the Board of Directors have formed a Risk Management Committee (RMC) to oversee the

Companys risk management framework and ensure effective governance of risk-related matters. This committee assists the Board in tracking and evaluating core principles, policies, and strategies, while also ensuring that the risk appetite and control mechanisms are sufficient to manage potential exposures.

Being a Non-Banking Financial Company (NBFC), the Company is exposed to various risks, including but not limited to credit risk, market risk, interest rate risk, liquidity risk, operational risk, human resource risk, and compliance and regulatory risks. The Company continuously evaluates these risks through periodic assessments and monitoring mechanisms and undertakes appropriate measures to mitigate their potential impact. The Companys disciplined approach to risk management which provides strong commitment to effective risk management practices has consistently helped the Company navigate complex and challenging business conditions, ensuring stability, resilience, and confidence for all stakeholders.

Risk Category	Risk Description	Risk Mitigation Measures
Credit Risk	Credit risk refers to the possibility of a borrower failing to meet their repayment obligations - either principal or interest - within the agreed timeline. If payments remain overdue for more than 90 days, the loan is classified as a Non-Performing Asset (npa) on the Companys balance sheet.	To mitigate credit risk, the Company follows a robust risk assessment framework that includes thorough credit evaluation, detailed risk appraisal, and comprehensive verification of the borrowers financial profile. Reports from credit information bureaus, CKYC Portal are carefully reviewed, and fraud checks are conducted well in advance of any loan disbursement, ensuring responsible and secure lending practices.
Market Risk	Market risk arises from unexpected or adverse market and economic conditions that may affect the value of investments.	To manage this risk effectively, AGSL operates under a well- defined Investment Policy that guides all investment decisions. The policy prescribes investment limits, exposure norms, diversification parameters, and monitoring mechanisms to ensure that investment decisions are aligned with the Companys risk appetite and regulatory requirements.
		To reduce concentration risk, the Company maintains a diversified investment portfolio across various asset classes and instruments. The portfolio is subject to continuous monitoring and periodic review to assess the impact of market developments, economic conditions, and changes in interest rates. Appropriate corrective actions are undertaken whenever necessary to safeguard the Companys financial position.
		Further, the Company actively manages the duration, liquidity, and asset allocation of its investment portfolio to balance return objectives with risk considerations. Regular stress testing and risk assessments are carried out to evaluate the potential impact of adverse market movements and to ensure that adequate measures are in place to preserve capital and maintain liquidity.
		Through these measures, the Company seeks to minimise the adverse impact of market volatility while maintaining a resilient and well-balanced investment portfolio.

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Risk Category	Risk Description	Risk Mitigation Measures
Interest Risk	Interest rate risk refers to the potential impact of fluctuations in interest rates on a Companys net interest income and the fair value of its assets and liabilities. These fluctuations may result from market movements or regulatory interventions such as changes in policy rates by the RBI.	At AGSL, interest rate risk is managed with prudence and foresight. The Company manages interest rate risk through a prudent Asset-Liability Management (ALM) framework and continuous monitoring of interest rate movements. The objective is to minimise the potential impact of fluctuations in interest rates on the Companys earnings, liquidity position, and investment portfolio. The Companys approach ensured that even in a rising interest rate environment, there was no adverse remark.
		The Company also adopts a conservative investment strategy and actively manages the composition and duration of its investment portfolio to mitigate the impact of adverse interest rate movements. Regular monitoring and periodic review of the ALM position enable the Company to respond effectively to changing market conditions and maintain financial stability.
Liquidity Risk	Liquidity risk arises when a Company does not have sufficient liquid assets or adequate access to financing markets to meet its contractual obligations, regulatory requirements, or investment needs.	The Company manages liquidity risk through a robust liquidity management framework aimed at ensuring the availability of adequate funds to meet its financial obligations as and when they fall due. The Company maintains an appropriate level of high-quality liquid assets (HQLA) and readily marketable investments that can be liquidated promptly to address any unforeseen liquidity requirements or adverse market conditions.
		Liquidity positions are continuously monitored through an established Asset-Liability Management (ALM) framework, which enables the Company to assess cash flow mismatches and maintain sufficient liquidity buffers across various time horizons. ALCO periodically reviews the Companys liquidity profile and funding requirements to ensure timely corrective actions, wherever necessary.
		Further, the Company follows a diversified funding strategy and maintains access to multiple sources of funds, thereby reducing dependence on any single funding channel. This approach enhances financial flexibility and strengthens the Companys ability to meet both short-term and long-term liabilities without disruption.
Operational Risk	Operational risk refers to the possibility of losses arising from inadequate or failed internal processes, systems, human errors, or unforeseen external events.	AGSL manages this risk through reliable internal control mechanisms and continuous monitoring procedures that ensure smooth and efficient operations. Robust systems and stringent processes are in place to safeguard against lapses. All transactions are meticulously recorded in customised software, enabling seamless access and retrieval of information whenever required, further strengthening operational resilience.
Human Resource Risk	Human resource risk refers to the potential impact arising from challenges in attracting, retaining, developing, and engaging talent required to support business objectives. These risks may stem from skill gaps, leadership attrition, workforce disruptions, evolving employee expectations, regulatory changes, or inadequate succession planning.	AGSL focuses on strengthening talent acquisition, employee engagement, capability development, and leadership succession planning to effectively manage human resource risks. Continuous learning initiatives, performance-linked growth opportunities, and a strong workplace culture help enhance employee retention and productivity. The Company also emphasises employee well-being, diversity, and transparent communication practices, while leveraging digital HR systems and structured performance management frameworks to improve workforce planning, operational continuity, and organisational resilience.

CAUTIONARY STATEMENT

Some statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward-lookingor tentative within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Actual results may vary from such statements contained in this report due to various risks and uncertainties. The information contained herein is of the date referenced and the Company does not undertake any obligation to update these statements. AGSL has obtained all market or industry data and other information from sources believed to be reliable or through its internal estimates unless otherwise stated though its accuracy or completeness cannot be guaranteed. All information provided in this Report has been prepared solely by the Company and has not been independently verified by anyone else.

Risk Category	Risk Description	Risk Mitigation Measures
Compliance and Regulation Risk	Governance and compliance risk refers to potential issues arising from ineffective governance practices or non-adherence to applicable laws and regulations.	As a listed Non-Banking Financial Company (NBFC), AGSL operates within a comprehensive regulatory framework governed by the Reserve Bank of India (RBl), the Securities and Exchange Board of India (SEBl), the Ministry of Corporate Affairs (MCA), and other applicable authorities. The Company has established robust compliance monitoring mechanisms to ensure adherence to all statutory, regulatory, and disclosure requirements within the prescribed timelines. The Company Secretary and Compliance Officer, under the oversight of the Board and its Committees, continuously monitor regulatory developments, assess their impact, and implement necessary measures to ensure compliance in both letter and spirit. Periodic compliance reviews, internal controls, and governance practices further strengthen the Companys ability to mitigate regulatory and compliance risks and maintain high standards of corporate governance.