Centrum Capital Ltd Management Discussions

Global Economic Overview

The global economy remained resilient in CY 2025, registering a growth rate of 3.4% despite persistent geopolitical tensions and ongoing trade-related uncertainties. Along with this, Emerging Markets and Developing Economies (EMDEs) registered a growth of 4.4% and continued to play a critical role in supporting global economic expansion. This growth was driven by resilient domestic demand, improved industrial activity and stable export performance. Although global supply chains and sourcing networks continued to undergo gradual realignment amid evolving trade relationships, overall trade activity remained relatively stable. Meanwhile, Advanced Economies recorded moderate growth of 1.9% during the year amid a broader phase of economic stabilisation. Central banks across major economies adopted calibrated monetary measures to preserve macroeconomic stability and manage volatility in financial markets. Policy-led adjustments in trade and production further supported economic activity, while international trade continued to contribute to cross-country income convergence.

In CY 2025, the global investment landscape was shaped by the rapid advancement of the artificial intelligence supercycle, increasing geopolitical fragmentation and divergent monetary policy trajectories across major economies. Gold also performed strongly, supported by sustained central bank accumulation and safe-haven demand amid geopolitical uncertainty. European, Japanese and emerging market equities outperformed, supported by fiscal stimulus measures, corporate reform and attractive valuations. Despite continued financial market tightness and periodic volatility across equity markets, global inflation remained broadly stable throughout CY2025. Foreign institutional investors continued to maintain interest in emerging economies such as India, supported by favourable growth prospects, ongoing structural reforms and long-term economic resilience. In addition to this, the global economy faced initial disruptions and triggered a sharp correction in risk assets. However, the impact proved shorter-lived than initially anticipated.

Outlook^

Looking ahead, global GDP growth is projected to moderate to 3.1% in CY 2026 before improving marginally to 3.2% in CY 2027. Growth is expected to be supported by sustained investments in technology, digital infrastructure and manufacturing, alongside improving business sentiment and easing trade-

related pressures. Emerging Markets and Developing Economies (EMDEs) are expected to continue outperforming advanced economies, with growth projected at around 3.9% in CY 2026 and improving further to 4.2% in CY 2027. Additionally, Advanced economies are likely to witness relatively slower growth of around 1.8% in CY 2026 compared to 1.9% in CY 2025. Escalating military tensions in the Middle-East region triggered a sharp risk-off environment. Crude oil prices surged, reigniting inflation concerns and impacting corporate margin expectations globally. Equity markets corrected sharply, with European and Asian markets particularly affected due to their higher dependence on energy imports. This marked a cautious conclusion to an otherwise constructive year for global markets. Global inflation is projected to remain elevated at around 4.4% in CY 2026, primarily driven by higher energy prices and supply-side pressures arising from geopolitical developments in West Asia. Nevertheless, inflationary pressures are expected to moderate gradually over the medium term as monetary conditions stabilise and global supply networks continue to adjust.

Inflation rates in CY 2025 (%)

Source: IMF April, 2026

Indian Economic Overview

India continued to demonstrate resilience during FY 2025-26, recording GDP growth of 7.7%, supported by strengthening economic activity, robust domestic consumption and sustained investment momentum. Indias growth performance was aided by continued policy support from the Government and ongoing structural reforms, which contributed to favourable financial conditions and improved economic confidence. Through the Union Budget, the Government of India allocated Rs.11.21 lakh Crs. towards capital expenditure, equivalent to 3.1% of GDP, emphasising its continued focus on infrastructure development and long-term economic growth.

Inflation moderated to 3.7% during the year, with fuel prices remaining relatively stable despite prevailing global price pressures. Although recent increases in global energy prices have not materially impacted domestic fuel prices, core inflation excluding precious metals remained comparatively low, suggesting that underlying inflationary pressures are likely to remain contained. However, inflation risks continue to remain tilted to the upside amid evolving global commodity and energy market conditions.

Outlook^

India is set to maintain its moderate economic trajectory, with real GDP growth projected at approximately 6.9% in FY 2026- 27. This momentum is aided by a resurgence in domestic demand, strengthening consumption patterns and a sustained commitment to large-scale infrastructure investments. This growth is expected to be driven by targeted government initiatives in manufacturing, industrial expansion and logistics, which are expected to remain major catalysts for growth across diverse sectors. Domestic Business environment remains positive, with leading indicators pointing towards continued resilience across both manufacturing and services sectors. Along with this, the Governments continued emphasis on strengthening domestic production capabilities across strategic and emerging industries is expected to support Indias long-term economic growth prospects. On the inflationary front, core inflation is forecasted at 4.4%, with underlying price pressures remaining notably contained, particularly when excluding the volatility of precious metals. Private consumption is expected to be supported by discretionary spending during 2026-27. Rural demand is likely to remain strong, aided by favourable agricultural conditions and a resilient employment environment. At the same time, urban consumption is expected to improve, supported by the positive impact of GST rationalisation and continued strength in the services sector.

Indias GDP Growth (%)

Company Overview

Founded in 1997, Centrum Capital Limited has evolved into a diversified financial services group with a presence across multiple high-growth segments. The Group maintains a portfolio comprising traditional fee-based services and a credit platform, serving a broad spectrum of clients ranging from large institutions to individual investors across India.

In the institutional segment, Centrum has established a strong presence in investment banking and institutional broking, catering to foreign investors, pension funds, mutual funds and high- net-worth individuals (HNIs). On the credit side, the Company developed a niche in affordable housing finance, with a strategic focus on Tier-II and Tier-III markets, which it sold during the year to Weaver Services, a new-age lending investment platform backed by leading investors including Premji Invest, Lightspeed Partners and Gaja Capital.

The Group also operates an alternative investment platform focused on private credit opportunities. The group ventured into banking with incorporating Unity Small Finance Bank in 2021. Unity is a new age bank that combines technology with a branch- led distribution model to deliver accessible and customer-centric banking solutions.

2025 Global IPO Activity

Source: PIB Report P - Projected

Fee Business

Investment Banking

Industry Overview

Indias financial sector remained stable the banking system maintained healthy credit growth and asset quality, while capital markets saw robust domestic participation. Issuance activity remained broad-based and active across IPOs, QIPs, and block trades. Concurrently, private capital deployment stayed selective, prioritizing the consumer, financial services, infrastructure, and manufacturing sectors. Indian companies are increasingly leaning heavily toward corporate divisions, carve-outs, and spinoffs. This allows subsidiaries, particularly those backed by Private Equity (PE) and Venture Capital (VC), to independently tap into public markets and command maximum localized valuation premiums.

The Indian equity market has expanded its scale, reaching a market capitalization of approximately 3.5 trillion dollars. Driven by domestic liquidity and increased participation from retail investors, the market recorded positive capital returns alongside elevated trading and derivatives volumes. Enhanced structural infrastructure and increased weightage in international benchmark indices have aligned the market with developed nations regarding free float capitalization and turnover. This growth has expanded institutional revenue pools across block trading, brokerage operations, and market making activities.

Debt market yields remained relatively benign in FY26, with three repo cuts of 25bps each implemented in April, June and December. However, ongoing global uncertainties and tariff- related volatility limited any significant reduction in real interest rates. The Indian corporate bond market is expanding rapidly, transitioning from a bank-dominated structure to a diversified financing source. The outstanding corporate debt grew at a compound annual rate of nearly 12% over a decade, it is approximately 53.6 trillion rupees in FY 2025. Additionally, the

market achieved record fresh issuances of 9.9 trillion rupees. Proactive regulatory measures by institutions like SEBI and RBI have enhanced structural transparency.¹⁰

The infrastructure advisory industry in India is experiencing rapid, sustained growth driven by the governments massive push for capital expenditure. The governments continued focus on strengthening the power transmission network has resulted in a robust pipeline of upcoming HVAC and HVDC transmission projects. This has created significant opportunities for capital deployment and sector consolidation. In the roads sector, the government continued to expand its project pipeline beyond the Hybrid Annuity Model (HAM), with bids being awarded under Build-Operate-Transfer (BOT) and other project delivery models. This has broadened opportunities across the sector.

Business Overview

Centrums Investment Banking team supports corporate growth funding at every stage of the business lifecycle. The team offers a comprehensive suite of services spanning Equity Capital Markets (ECM), Corporate Finance (Private Equity and M&A) and Debt Capital Markets, supported by dedicated sector-focused coverage. As a Category I Merchant Banker, Centrum provides a wide range of services, including IPOs, Qualified Institutional Placements (QIPs), Delisting, Rights Issues, Open Offers, Buybacks and other ECM products. The team also advises on private placements of primary and secondary equity, structured and mezzanine financing, mergers and acquisitions along with restructuring transactions. In addition, the platform also undertakes debt syndication across acquisition financing, project finance, structured credit and working capital solutions, along with stressed asset resolution and securitisation. The Infrastructure Advisory Group focuses on transaction advisory and corporate finance assignments across sectors such as renewable energy, transportation, logistics, urban infrastructure and utilities.

Highlights FY 2026

Equity Capital Markets and Corporate Finance

The ECM and Corporate Finance team remained actively engaged across a diversified pipeline of capital markets, advisory and structured financing, including-

1. Book Running Lead Manager to the IPO of CIEL HR Services Limited, a leading HR tech and staffing solutions platform with strong enterprise client relationships

2. Left Lead Book Running Lead Manager to the IPO of Pranav Constructions Limited, a Mumbai-focused real estate developer with a strong redevelopment portfolio

3. Left Lead Book Running Lead Manager to the IPO of Waterways Leisure Tourism Limited, Indias only domestic ocean cruise operator

4. Left Lead Book Running Lead Manager to the IPO of Aarvee Engineering Consultants Limited, the largest private infrastructure and engineering consultancy player

5. Book Running Lead Manager to the IPO of a leading integrated ethanol and sugar manufacturing company

6. Book Running Lead Manager for the proposed IPO of Si Creva (Kissht), a fast-growing digital lending platform focused on consumer credit

7. Transaction Advisor for fundraising for a pioneering player in reproductive and cancer genetics

8. Fundraising mandate for a leading healthcare and pharmaceutical products platform

9. Fundraising for a leading packaging solutions company

10. Fundraising for a premium silverware and luxury metal products brand

11. Capital raise (including strategic investment) for a leading innerwear manufacturer with a strong national presence

12. Manager for the Buyback of Jagsonpal Pharmaceuticals Limited

13. Transaction Advisory / Arranger for a digital-first NBFC focused on consumer lending

14. Left Lead Book Running Lead Manager to the IPO of a Hyderabad-based EV platform

15. Advisory on strategic BC partnership between an NBFC and a leading bank

16. Investor identification mandate for a health insurance platform

17. M&A Sell-side Advisor to a leading steel products manufacturer

18. Transaction Advisory for Antony Waste Handling Group

19. Construction finance for Arunoday Life Spaces Private Limited, a Hyderabad-based real estate developer

20. Acquisition financing for GVK Gautami Power Limited (Radha Smelters Group)

21. Working capital financing for Steel Exchange of India Limited

22. Fundraising for Aether Alloys Group, a speciality metals player

Debt Capital Markets

During the year, the Debt Capital Markets (DCM) team worked closely with NBFCs, AIFs, Private and PSU Banks and Credit funds to execute multiple mandates across restructuring, growth financing, refinancing and special situations transactions. The debt market experienced steady performance, led primarily by government issuances and strong participation from the financial sector. In contrast, non-financial corporates remained relatively subdued, reflecting cautious capital expenditure plans.

Some of the notable executed transactions include:

1. IndusInd General Insurance Company Limited in two tranches (Sector - General Insurance)

• Tranche I - Fundraise of H 400 Crs.

• Tranche II - Fundraise (NCDs) of H 200 Crs.

2. Antony Lara Enviro Solutions Pvt. Ltd (Sector - Waste to Energy (WtE))

• Project Finance Fundraise of H 500 Crs.

• Structured Credit Fundraise of H 50 Crs.

3. Shriram Finance Limited - Fundraise of H 500 Crs. (Sector - NBFC)

4. Himatsingka Seide Limited - Fundraise of H 150 Crs. (Sector - Textile)

5. Bathula Builders & Developers Pvt. Ltd. - Fundraise of H 50 Crs. (Sector - Real Estate)

6. Posh Metal Industries Pvt Ltd- Fundraise of H 105 Crs. (Sector - Steel Processing Centre)

7. GVK Gautami Power Limited - Fundraise of H 150 Crs. (Sector - Power)

8. Vizag Profiles Private Limited - Fundraise of H 185 Crs. (Sector - Trading, Real Estate & Logistics)

9. Hello Verify India Private Limited - Fundraise of H 75 Crs. (Sector - IT)

10. Skyways Air Services Pvt. Ltd. - Fundraising of H 60 Crs. (Sector - Logistics)

11. Tirupati Cement Products - Fundraise of H 100 Crs. (Sector - EPC)

Infrastructure Advisory

The Infrastructure Advisory team remained actively involved in a broad and diversified pipeline of transactions which include:

1. H 360 Crs. bridge financing deal to support the completion of three road projects for a large infrastructure company. The funding was secured from a leading private credit investor in India.

2. Bid advisory services to a leading infrastructure company across 10 projects spanning the roads, rare earth, water and logistics sectors under a retainership mandate.

3. Raised debt financing of H 69 Crs. for the completion of multiple solar rooftop IPP projects for a fast-growing EPC and IPP company. The financing was arranged through a leading infrastructure-focused NBFC in India.

4. Advising a leading solar PV cell and module manufacturer on raising growth capital to support the development of its upcoming solar PV cell manufacturing facility.

5. M&A advisory to a leading infrastructure company on a strategic partnership with a large infrastructure-focused fund, involving three wholly owned transmission assets currently under construction.

6. Advising a leading infrastructure focused platform backed by an InvIT for acquisition of infrastructure assets."

The Infrastructure Advisory team is currently advising on M&A transactions in the roads sector which are at an advanced stage of evaluation from prospective investors. During the year, the business also expanded into emerging sectors such as green

hydrogen and Battery Energy Storage Systems (BESS), securing new advisory mandates in these segments.

Outlook^

Looking ahead, ongoing regulatory enhancements and the inclusion of Indian bonds in global indices are expected to deepen market liquidity and attract substantial foreign capital. Significant growth across infrastructure and renewable energy, fueled by policy reforms, private sector involvement, and sustainable urban development, is attracting strong global investor interest. By collaborating with group companies like Centrum Wealth Limited, the business aims to deliver bespoke financial solutions and innovative financing. This strategic focus on emerging sectors will expand its reach and solidify its position as a prominent mid- market investment banker. The infrastructure advisory industry remains exceptionally robust as India accelerates its national development agenda and transitions toward a sustainable economy. Advisories will see heightened demand for structured project finance expertise, strategic regulatory navigation, and public-private partnership framework design to bridge massive capital gaps.

Weath ,

Industry Overview

The global wealth management industry experienced significant growth in 2025, driven by strong economic conditions and resilient corporate earnings. Global high-net-worth individual wealth expanded by 8.7 % to reach 98.3 trillion dollars, while the population of these investors increased by 7.9 %¹¹. To meet rising client expectations, wealth management firms are transforming their operating models. Despite market volatility, the long- term structural opportunity within Indias wealth management industry remains highly compelling. Multiple structural trends are converging to create a significant inflection point for the industry.

The next wave of AUM growth is expected to emerge beyond traditional metropolitan markets such as Mumbai, Delhi and Bengaluru, which are already mature and highly competitive. It lies in Surat, Jaipur, Lucknow, Coimbatore and several others. According to Deloitte India, B30 and Tier-II markets alone are expected to generate an AUM growth opportunity of approximately Rs.1.6 trillion by FY2029, creating a substantial first- mover advantage for firms with an early and focused presence. For wealth management clients, the preferred strategy remained focused on short- to mid-duration instruments and high-quality corporate bonds, which offered relatively greater stability compared to equities, while the anticipated benefits from long- duration rate cuts remained limited.

At the same time, investor preferences are evolving rapidly. Indian HNIs are increasingly allocating capital towards Alternative Investment Funds (AIFs), Portfolio Management Services (PMS), private credit, structured products and GIFT City structures. SEBIs evolving regulatory framework, including changes relating to AIF co-investment vehicles, accredited investor eligibility and REIT reclassification, is expanding access to newer investment opportunities. Firms that can offer curated alternative investment platforms supported by strong suitability and governance frameworks are expected to deepen wallet share and strengthen client retention.

Technology is also reshaping the competitive landscape. AI- enabled tools are streamlining RM onboarding and enhancing client segmentation and personalised engagement capabilities at scale. However, the Indian wealth management model continues to remain fundamentally phygital, combining trusted relationship-led advisory with seamless digital capabilities. Another important structural trend is the ongoing generational transfer of wealth. Indias first-generation wealth creators are increasingly transitioning wealth to digitally native successors, who expect a more collaborative, transparent and technology- enabled advisory experience. Firms that fail to proactively engage the next generation risk losing client relationships during succession transitions.

Business Overview

Centrum Wealth Limited (CWL) offers a comprehensive suite of Distribution and Family Office services encompassing the investable universe, spanning equities, fixed income and alternative asset classes. The firm caters to the diverse wealth and distribution needs of High and Ultra-High Net Worth Individuals (HNIs and UHNWIs), CXOs, global Indians, Family Offices and Corporate Treasuries. Client first has remained the operating mantra at Centrum Wealth since inception in 2011 The proposition covers the complete client journey from wealth creation, preservation and succession planning phases. With a strong foundation built on core values of integrity, transparency and empathy, CWL is committed to delivering client-centric and integrated wealth solutions backed by robust in-house asset management capabilities and an innovative technology platform to clients.

Highlights FY 2026

Award Leadership — 5 Industry Recognitions

Centrum Wealth achieved five prestigious global industry recognitions during FY2025-26, making it the most awarded year in the firms history. These recognitions reflect independent evaluations conducted against a highly competitive field comprising significantly larger domestic and global financial institutions.

Great Place to Work — Fifth Consecutive Year

Centrum Wealth was certified as a Great Place to Work? for the fifth consecutive year.

Talent and Culture

The firm continued to attract senior professionals from leading domestic and global wealth management institutions, reinforcing its reputation as an employer of choice within the industry. Capabilities across investment advisory, relationship management, product and technology continued to deepen, strengthening Centrum Wealths competitive positioning.

Assets Under Management (AUM) and Revenue

AUM maintained growth momentum despite strong headwinds and mark-to-market impacts. While revenue for the year remained broadly in line with FY2025s exceptional performance, it reflected the resilience of a business model designed for long-term sustainability rather than short-term revenue cycles. Annuity and recurring fee-based income continued to account for the dominant share of total revenue, reinforcing earnings visibility and business quality.

Client Acquisition and Retention

Centrum Wealth acquired a significant number of new clients during FY2026. The geographic mix of new client acquisitions increasingly expanded beyond traditional metropolitan markets, validating the firms Tier-II market strategy.

Geography

Operational presence across 18 locations nationwide, spanning primary metropolitan centres and emerging wealth markets

Outlook^

Indias wealth management opportunity remains large, structurally durable and still in the early stages of evolution. Long-term tailwinds, including rising affluence, increasing financialisation of savings, a maturing regulatory framework and an accelerating generational transfer of wealth, are expected to help grow the sector further.

As wealth creation expands beyond Indias major metropolitan centres into nearly 100 towns and cities expected to develop UHNW representation, Centrum Wealths geographic strategy, open-architecture platform and technology-enabled delivery model position it strongly to serve the evolving needs of Indias HNI and UHNI client base.

Stock Broking

Industry Overview

Indian equity markets experienced heightened volatility during FY2026. Although benchmark indices touched record highs during the period, overall market performance remained largely flat by year-end. The first half of the year was supported by resilient domestic economic growth and steady consumer demand. However, the latter half witnessed increasing pressure from global macro uncertainties. Evolving U.S. tariff policies, escalating geopolitical tensions, including the Iran conflict and extreme volatility in crude oil prices adversely impacted investor sentiment. Sustained outflows from Foreign Institutional Investors (FIIs) further added to market weakness. As a result, despite touching new highs, Indian markets underperformed several global peers and ended the year on a subdued note. However, the outbreak of hostilities in the Middle East in March 2026 triggered significant market disruption. Crude oil prices surged sharply, the Indian rupee came under pressure and foreign institutional investor (FII) outflows from Indian equities reached an estimated US$18 billion for the full year, the highest annual outflow on record. The Nifty 50 declined by approximately 13%- 15% in March 2026 alone, resulting in flat to negative returns for investors who entered the market at the beginning of the FY

Institutional Equities (Centrum Broking)

Business Overview

The Institutional Equities business (Centrum Broking Limited) offers comprehensive broking and capital market solutions across secondary markets, including participation in mainboard IPOs, pre-IPO opportunities and Qualified Institutional Placements (QIPs). The platform serves a diversified institutional and sophisticated client base comprising domestic mutual funds, insurance companies, FII, FPIs, AIFs, family offices and private

equity institutions. Backed by a well-integrated research, sales and dealing infrastructure, the business delivers differentiated, insight- driven investment ideas and efficient execution capabilities.

The research franchise follows a disciplined and segmented approach across large-cap, mid-cap and small-cap companies, enabling deep coverage of both established companies businesses and under-researched, undervalued and under-owned opportunities. Over the years, the platform has consistently identified high-conviction investment ideas, strengthening its credibility among institutional investors. Its emphasis on proprietary research, early identification of emerging trends and continuous client engagement positions the business as a trusted partner in navigating evolving market conditions.

Highlights FY 2026

During the year, Centrum Broking undertook a strategic transformation of its Institutional Equities business, with focus on strengthening research capabilities, expanding client reach and enhancing revenue quality.

Key developments during the year included:

• Expansion of research coverage to over 150 stocks, with increased focus on differentiated mid-cap and small- cap opportunities

• Enhanced client engagement through thematic conferences, dealer interactions and sector-focused forums

• Diversification of the client base through onboarding of PMS, AIFs, family offices and select international institutions

• Onboarding of 13 new institutional clients across AIFs, PMS platforms, mutual funds and family offices

The capital markets and advisory franchise also witnessed strong momentum, with fund-raising transactions aggregating over Rs.320 Crs. across multiple mandates. This reflected a strategic shift towards higher-value, transaction-led revenue streams.

At the same time, the business strengthened its organisational capabilities through senior leadership hires across research and dealing functions, alongside investments in technology and data-driven client engagement initiatives. With a clear focus on deepening institutional relationships, scaling the fundraising platform and delivering integrated research-led execution, Centrum Broking is well-positioned to evolve into a full-service institutional brokerage platform.

Outlook j

FY26 begins with Indian equities entering a relatively balanced phase, with valuations becoming more reasonable following recent market corrections. The first half of the year is expected to remain volatile amid global uncertainties, although strong domestic fundamentals continue to provide support. As earning visibility improves, the second half is expected to see stronger

earnings momentum and a more stable, growth-oriented market environment.

The business remains strategically positioned to capitalise on this opportunity through deeper domestic outreach and expanded empanelment.

Key strategic priorities include-

• Strengthening the team through the addition of senior research analysts, traders and sales professionals

• Expanding sectoral coverage and product offerings

• Continuing to generate high-conviction investment ideas with strong long-term potential

• Expanding into new geographies and client segments

• Hosting high-impact investor conferences to deepen engagement with investors and corporates

Retail Broking (Centrum Finverse Limited)

Business Overview

Centrum Finverse Limited (CFL) is the Groups retail broking platform, offering integrated investment solutions across equity broking and depository services.

The Company is a registered Depository Participant with Central Depository Services (India) Limited CDSL and a trading member of the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE), enabling efficient and secure access to Indian capital markets.

CFL serves a diversified client base comprising retail investors, high-net-worth individuals (HNIs) and corporates through a multi-channel distribution model.

Business Segments Private Client Group (PCG)

The PCG vertical offers a full-service, advisory-led proposition for HNI clients, primarily sourced through the Groups private banking entity, Centrum Wealth Limited. The offering spans equities and derivatives, supported by in-house research, experienced sales traders and a dedicated technical and derivatives desk focused on generating short-term, alpha-oriented strategies. The integration of wealth management and broking capabilities enhances client engagement and strengthens value delivery.

Digital Broking and Distribution

This segment caters to digitally native investors through the Companys mobile platform, Centrum GalaxC Trade, which offers a seamless and self-directed investment experience across equities, derivatives, mutual funds and IPOs.

The platform is supported by- • Integrated research capabilities

• An options strategy builder featuring predefined bullish and bearish strategies

• Thematic investment baskets

• Stock SIP functionality

• Advanced analytics tools

• Multilingual capabilities

Strategic Alliances and Banking Channel

The Company leverages partnerships with banks to expand distribution through the Centrum 3-in-1 offering, integrating banking, broking and demat accounts within a unified digital ecosystem. Additionally, GalaxC Innovate (BaaS) enables fintech partners to access CFLs broking infrastructure through API- based integrations.

Highlights FY 2026

During the year, the retail broking business was successfully transferred from Centrum Broking Limited into Centrum Finverse Limited (CFL), creating a more focused, scalable and efficient operating structure. The Company further expanded its strategic partnerships by deepening its 3-i n-1 banking relationship with Unity Small Finance Bank and initiating a new customer onboarding journey on the Finacle platform. In addition, CFL launched a 3-in-1 partnership with Bandhan Bank, extending its reach across a wide branch network and enhancing customer acquisition opportunities.

Technology and digital transformation remained key priorities. The Company advanced its SEBI-compliant algorithmic trading capabilities through the launch of the XTS White Box Algo platform, offering rule-based and no-code strategy creation tools for clients. Development of the ML and AI-powered Black Box Algo platform also progressed during the year, alongside ongoing integration with third-party algorithmic trading providers. To support future growth and recurring revenue streams, CFL strengthened its operational infrastructure across value-added services, payments and client servicing functions. The migration of all customer-facing applications to AWS cloud infrastructure further enhanced scalability, reliability and technology resilience, while continued investments in cybersecurity and regulatory compliance reinforced a secure and robust operating environment. The Company also strengthened its digital presence and customer engagement through enhanced visibility across key social media platforms.

Outlook j

The Companys growth strategy is built around three key pillars aimed at driving sustainable revenue growth and strengthening its market position. A key focus area is the expansion of Private

Client Group (PCG) revenues through deeper collaboration with the relationship manager network of Centrum Wealth Limited, coupled with increased penetration of stock margin funding solutions within the HNI segment.

The Company also remains focused on scaling its Banca channel by broadening partnerships with banking institutions and enhancing revenue per client through a greater emphasis on funding products and value-added services. At the same time, efforts are underway to accelerate the acquisition and engagement of self-directed investors on the GalaxC platform through enhanced digital capabilities and customer experiences. Algorithmic trading is expected to play a pivotal role in this strategy, serving as a key differentiator and enabling greater participation from digitally savvy investors.

A proposed capital raise is expected to support expansion of the funding book, optimise finance costs and enable increased investments in technology and marketing, thereby accelerating the Companys path to profitability.

Alternative Investment Management (AIFs)

Industry Overview¹³

Indias alternative investments industry has expanded significantly. Driven by a growing domestic investor base, an expanding high-net-worth population, and a favourable regulatory environment, the industrys AUM is projected to reach USD 247 billion by 2029. Despite this growth, alternative assets account for only 4% of Indias GDP, compared to over 10% in mature global markets, highlighting a substantial potential for future market penetration.

Business Overview

Modulus Alternatives Investment Managers Limited (Modulus) is an independent alternative asset manager focused exclusively on performing private credit strategies through SEBI-registered Alternative Investment Funds (AIFs). The platform specialises in delivering structured private credit solutions to mid-market companies, with a strong focus on senior secured lending, downside protection, disciplined underwriting and attractive risk-adjusted returns for investors. Since its inception in 2018, Modulus has evolved from a single-fund manager into a multi- fund institutional platform spanning realised performance, active deployment and new capital formation.

FY 2026 marked an important milestone in this broader journey. Having established proof of concept through its early vintages, Modulus entered the year positioned to transition from track- record building to institutional-scale manager in the private credit space. With the successful exit of Fund I, full deployment and

strong performance visibility in Fund II and the launch of Fund III, the Firm has moved into its next phase of platform growth.

Rs.15.74 Lakh Crore¹⁴

Indias AIFs total commitments raised till FY 2025-26 Highlights FY 2026

Centrum Credit Opportunities Fund (Fund I) - Successful Completion

FY26 marked the successful closure of Fund I, completing a full investment cycle and establishing a realised track record of consistency and capital preservation. Fund I raised H 362 Crs. and deployed approximately H 1,790 Crs. alongside other investors. All 15 investments under the fund were successfully exited with zero credit losses. Liquidation application for Fund I has been filed with SEBI.

India Credit Opportunities Fund II - Fully Deployed and Performing

India Credit Opportunities Fund II (ICOF II) scaled materially during FY26 and was closed for subscription in August 2025 at a gross commitment of H 714 Crs.

The fund continues to deliver a healthy Gross IRR and has delivered 10 consecutive quarterly distributions at 10% per annum, highlighting both performance visibility and cash-yield consistency. ICOF II has received a CARE AIF 1 grading, reflecting strong investment processes, governance standards, portfolio monitoring and disciplined risk management systems.

India Credit Opportunities Fund III - Next Phase of Growth

FY26 also marked the launch of India Credit Opportunities Fund III (ICOF III), with a target corpus of Rs.2,000 Crs., including a Rs.1,000 Crs. green shoe option. The fund seeks to continue Modulus established strategy of investing in performing private credit opportunities with a strong emphasis on disciplined underwriting and downside protection.

People and Governance

During FY26, Modulus Alternatives Investment Managers Limited continued to strengthen its institutional platform through enhanced leadership depth and stronger governance oversight.

A key milestone during the year was the appointment of Mr. Sandeep Agarwal as Chief Executive Officer. Mr. Agarwal is a veteran banker with 25 years of experience in India-focused investment banking and private credit across global institutions.

Prior to joining Modulus, he served as CEO and Head of Fixed Income India at Credit Suisse AG Mumbai and UBS AG Mumbai. He brings extensive leadership experience, strategic perspective and deep expertise across Indian and global financial markets.

OutlookJ

Modulus enters FY27 with a strong institutional platform built on realised performance, disciplined underwriting and growing investor confidence. The immediate priority remains the successful fundraising and deployment of India Credit Opportunities Fund III (ICOF III).

Beyond the current fund cycle, Modulus sees a clear pathway for continued expansion through adjacent investment strategies. Over time, the Company aims to scale its platform with additional performing credit funds and related strategies aligned with evolving market opportunities and investor demand.

As Indias AIF credit market matures, capital is expected to consolidate around managers demonstrating strong track records, robust governance standards and consistent capital preservation outcomes. With its early-mover advantage and strong track record, Modulus believes it is well-positioned for the next phase of growth.

Banking

Industry Overview

The global banking industry demonstrated historic financial performance, with global net income rising 7 % to reach 1.3 trillion dollars. Driven by increased capital flows and asset growth. Despite slight global compressions in net interest margins due to falling interest rates, core institutional balances and retail deposits grew steadily. Simultaneously, the rapid emergence of agentic artificial intelligence and highly scalable digital neobanks altered traditional customer behaviours, accelerating the need for heightened execution speed. The Indian banking industry has transformed into a resilient and stable system, characterized by robust capital buffers and sustainable profitability. Driven by comprehensive structural reforms and rapid digital innovation, domestic deposits and credit nearly tripled between 2015 and 2025. This momentum has strengthened the balance sheets of scheduled commercial banks, pushing their aggregate net profit to a record 4.01 lakh Crs. rupees in FY 2025. Concurrently, rigorous asset management practices significantly enhanced credit quality, causing gross non-performing assets to drop from over 11 % in 2018 to a multiyear low of 2.31 %.

Business Overview

Unity Small Finance Bank (Unity/ the Bank) commenced operations in November 2021 with a collaborative and open- architecture business model designed to deliver a seamless digital banking experience.

The Banks vision is to make banking accessible at customers fingertips through the use of advanced technology and customer- centric solutions. Unity offers a comprehensive range of banking services through its branch and office network across India.

Highlights FY 2026

Unity Bank completed its fourth year of operations during FY 2025-26 and continues to maintain a strong and stable position. FY26 was a transformational year for the bank, marked by the successful execution of several strategic initiatives that established the foundation for sustainable, long-term profitable growth aligned with its New Banking vision. On the lending side, the Bank continued to diversify its product portfolio through the expansion of new business lines, including Commercial Banking, Gold Loans and Credit Cards. The Bank also received its AD-1 license, allowing it to lay the footprint for a foray into the forex services space. Meanwhile, the Business Banking and Inclusive Banking segments continued to refine their operating models in line with evolving market dynamics through calibrated growth and customising product offerings. The Bank also strengthened its collections infrastructure through investments in both team expansion and technology upgrades.

The Bank remains well-capitalised, with adequate liquidity to support its growth trajectory across both organic and inorganic opportunities. All liabilities towards erstwhile PMC depositors have been successfully serviced to date and the Bank continues to maintain sufficient liquidity for all immediate payout obligations.

Deposit mobilisation was intentionally moderated during the year in line with slower lending growth, while focus shifted towards improving the Banks CASA ratio. Deposit rates were rationalised to optimise the cost of funds, with greater emphasis on mobilising granular deposits.

The Banks physical network expanded significantly during the year, reaching nearly 300 branches along with an extended Business Correspondent network, resulting in over 900 customer touchpoints across the country. Complementing this expansion, the Bank made significant strides in its digital journey, increasing client engagement through the sourcing of digital liabilities, personal loans and credit cards.

Outlook j

Unity Small Finance Bank enters the new financial year with a strong capital and liquidity position and remains focused on executing its long-term growth agenda. The Bank continues to expand its presence across channels and remains committed to serving 10 million underserved customers by 2029. Going forward, the bank will continue investing in technology and scaling its business through agentic Al-based solutions across voice, video

and digital platforms to foster long-term customer loyalty and increase lifetime customer value. The Board and management remain committed to the highest standards of corporate governance and delivering sustainable long-term growth.

Human Resources

FY2025-26 was a challenging yet transformative year for the human resources function. The evolving regulatory landscape, including the continued transition towards the new Labour Codes, required organisations to navigate changing interpretations relating to wage definitions and employee compensation structures. At the same time, competition for talent intensified across the financial services sector, driven by expansion initiatives and increased demand for skilled professionals.

Against this backdrop, the team continued to strengthen its people practices, workplace culture and talent capabilities. Centrum Capital Limited and Centrum Retail Services Limited were certified as Great Place to Work? for the second consecutive year, while Centrum Wealth Limited received the recognition for the fifth consecutive year, reflecting sustained employee engagement and a strong culture of trust. Employee well-being remained a key focus area with the introduction of Wellness Leave for female employees and the launch of an Executive Health Check-up Programme for employees aged 40 years and above. Workplace culture was further enhanced through employee engagement initiatives, wellness programmes, community outreach activities and learning interventions. Leveraging the Groups Learning Management System, Level Up, employees were encouraged to participate in foundational AI learning courses aimed at developing future-ready skills and fostering a culture of continuous learning. The XL4W programme, in collaboration with a well-recognised institute was launched to support the professional development of women employees across different stages of their careers including early-career, mid-career and senior leadership levels. Several women employees successfully participated in these specialized sessions.

The Group continued to strengthen its talent base through strategic hiring across businesses and functions, including leadership and specialised roles. Diversity and inclusion remained a priority, with the Group making consistent progress in enhancing gender diversity and fostering a more inclusive workplace. Employee recognition programmes, including the Ascent Awards and Long Service Awards, celebrated outstanding contributions and tenure. Through initiatives such as Joy of Giving, in partnership with Centrum Foundation, employees continued to contribute meaningfully to the community, reinforcing Centrums commitment to responsible and inclusive growth.

Opportunities and Challenges

Opportunities

Underpenetrated Mid-Market Advisory Opportunity

Centrum differentiates itself from larger global competitors through its extensive proprietary data capabilities and deep- rooted relationships within Indias mid-market segment. This specialised positioning has enabled the Company to establish itself as a preferred partner for emerging and growth- oriented businesses.

As Indias corporate ecosystem evolves, an increasing number of mid-sized enterprises are seeking advisory expertise across mergers and acquisitions, capital raising and debt restructuring. Centrums focused presence within this segment provides a sustainable competitive advantage and a strong platform for long-term growth.

Wealth Management — Expanding HNI and Family Office Opportunity

Centrum has established a robust wealth management division that addresses the investment and insurance requirements of high-net-worth individuals and family offices. As the population of wealthy investors in India continues to rise, this sector provides a consistent and predictable stream of fee-based revenue.

Favourable Macro and Credit Environment

Indias economic outlook remains favourable over the long term, supported by strong domestic consumption, targeted policy reforms, infrastructure investment and increasing financial inclusion.

This macroeconomic environment is expected to create sustained demand for financial services across advisory, wealth management, lending and banking businesses, thereby supporting the growth of Centrums core operating segments.

Weaknesses

Regulatory Complexity Across Multiple Licensed Entities

Centrum operates across a diversified financial services platform spanning investment banking, broking, wealth management, lending and banking services through its joint venture structure. While this diversified regulatory architecture is strategically advantageous, operating across multiple regulatory jurisdictions, including oversight by Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI), increases compliance complexity and operational oversight requirements. The evolving regulatory environment has resulted in higher compliance costs, enhanced disclosure obligations and stricter governance standards. These requirements have been further intensified by:

• Enhanced transparency and investor protection norms introduced by SEBI

• Transition towards more rigorous credit loss recognition and provisioning standards mandated by the RBI

Together, these factors increase operational complexity and execution-related risks across the Groups businesses.

Microfinance Sector Headwinds

Unity Small Finance Bank remains exposed to risks associated with unsecured lending to financially vulnerable borrower segments with limited buffers against income disruptions.

Broader stress within Indias microfinance sector, driven by elevated borrower leverage and exposure across multiple lenders, continues to pose systemic challenges for the industry. Such conditions may adversely impact asset quality and collections efficiency within the Banks financial inclusion portfolio.

Risk Management

Centrum proactively manages risks to safeguard its clients, the organisation and the broader market financial ecosystem while advancing its strategic priorities. Effective risk management remains integral to the Companys business philosophy.

In the normal course of its operations, Centrum is exposed to a range of risks arising from both internal and external factors. The ability to identify, assess and manage these risks effectively is fundamental to maintaining financial stability, protecting client interests and preserving market integrity.

Certain risks, including market fluctuations and investment performance, are inherent to financial services and necessary for generating returns and sustaining growth. Others, including operational risks, technological vulnerabilities and regulatory compliance requirements, must be actively mitigated to ensure business continuity and uphold stakeholder confidence.

Centrum Capitals risk management strategy is anchored in product neutrality, speed and efficiency of trade execution and consistent service delivery. Its well-diversified portfolio of products and revenue streams enables the development of customised offerings that meet client needs across varying market conditions. Centrum employs advanced technology and a team of experienced professionals dedicated to IT security, systems monitoring and business continuity planning.

Robust data backup systems and compliance with regulatory frameworks further insulate the organisation from sectoral uncertainties. A well-established escalation mechanism ensures that risks are promptly reported, assessed and mitigated to maintain regulatory compliance and operational resilience. Centrum Capitals comprehensive, organisation-wide Risk Management Policy (RM Policy), developed in line with industry best practices, governs all business activities. The RM Policy defines clear criteria for identifying, assessing and mitigating risks. Strategic decisions are taken in close collaboration with the Board of Directors after thoroughly evaluating secondary and residual risks, ensuring that risk awareness and accountability are embedded at every level of the organisation.

Internal Control and Adequacy

Centrum has consistently maintained a strong internal control framework appropriate to the Groups size and complexity of its operations. The Companys internal control systems are designed to provide reasonable assurance regarding the accuracy and reliability of financial and operational information, compliance with applicable laws and regulations, protection of assets from unauthorised use or loss and adherence to corporate policies and accounting standards. These controls facilitate the orderly and efficient conduct of business operations. Beyond routine checks and balances, Centrum has implemented a range of internal processes to ensure that its accounting records are accurate and complete, leading to the timely preparation of dependable

financial statements. External professional agencies are engaged periodically to review and strengthen internal controls, bringing in domain expertise and independent evaluation.

The internal audit function of Centrum Capital is carried out by F.K. Mody & Co., Chartered Accountants, in accordance with an Internal Audit Plan approved by the Audit Committee. The internal audit covers all significant aspects of operations and assesses the adequacy and effectiveness of internal control systems. The Company is continually enhancing its internal control environment through automation, documentation and the promotion of a culture of awareness around risk and compliance. A vigilant monitoring system, overseen by the Audit Committee as detailed in the Corporate Governance Report, ensures continued effectiveness. The Audit Committee regularly reviews internal audit findings, deliberates on recommendations for improvement and monitors the implementation of corrective measures. It also interacts with the statutory auditors to obtain their perspective on the adequacy of controls and relays its observations to the Board of Directors, ensuring transparent governance and continuous improvement of the internal control framework.

Financial Overview and Key Ratios

During the year, the Group remained focused on strengthening its core businesses, while continuing its efforts towards balance sheet optimisation and de-leveraging. Strategic capital raising, coupled with the successful divestment of Centrum Housing Finance Limited, further strengthened the Groups financial position and reduced leverage.

Consolidated Income for the year ended 31^st March, 2026 stood at H 4,127 Crs., up approximately 13% year-on-year, while Consolidated EBITDA stood at H 1,662 Crs., reflecting a growth of approximately 12% year-on-year. On a standalone basis, the Company reported a Profit After Tax of H 101 Crs. for FY26 as against a Net Loss of H 69 Crs. in FY25, marking a significant turnaround in performance.

Sr Particulars No.	FY 2026	FY 2025	YoY Change
1 Debtors Turnover (times)	2.74	3.34	(0.60)
2 Interest Coverage Ratio (times)	2.21	0.42	1.79
3 Current Ratio (times)	3.03	0.52	2.51
4 Debt Equity Ratio (times)	0.92	2.47	(1.55)
5 Operation Profit Margin Ratio (%)	(3089.18%)	(367.78%)	(2721%)
6 Net Profit Margin Ratio (%)	232.19%	(117.97%)	350%
7 Return on Capital Employed (%)	21.14%	4.21%	17%