Elixir Capital Ltd Management Discussions

Forward Looking Statements:

This section contains forward-looking statements, which may be identified by their use of words, like ‘plans, ‘expects, ‘wills, ‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates, or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the companys strategy for growth, product development, market position, expenditures and financial results are forward-looking statements. Forward-Looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions are accurate or will be realized. The Companys actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

The company is the Holding Company of Elixir Equities Pvt. Ltd. (EEPL) (formerly known as Axis Equities Private Pvt. Ltd.). EEPL is a SEBI registered Stock Broker, Portfolio Manager, Research Analyst and Depository Participant of the CDSL. It is also engaged in Investing in Securities, Arbitrage and Proprietary Trading. Although the company can carry out broking, investment, arbitrage and trading in shares, for the year under review, none of these activities were carried out. The only activity done in the company was securities trading.

Industry Structure and Development

The company and its subsidiaries is engaged in the business of broking, portfolio management, demat services, investments, arbitrage and trading in shares. This is a highly fragmented and intensely competitive industry.

Business Prospects and Future Plans

The prospects of the company and its subsidiary are linked to the performance of the stock market. The endeavor shall be to scale up the operations of this company to add value to all the stakeholders and derisk the business model.

Opportunities and Threats

A prolonged bear phase in the stock markets is the main threat for the company. A bull market provides opportunities to earn profits from investment and trading activity.

Segment-Wise or Product-Wise Performance

Not Applicable Outlook

The prospects of the company will depend upon how it is able to scale up the operations of its subsidiary EEPL. The trends in the stock market will also determine its performance.

Risk and Concerns

A prolonged bear market and poor choice of investment and trading positions are the major risk factors.

Internal Control Systems and their Adequacy

The company has adequate internal control systems and is well capitalized for its scale of operations.

Discussions on Financial Performance with respect to Operational Performance

The Company is the holding company for a group engaged in stock broking, portfolio management, depository services, and trading and investment in securities.

During the year, consolidated revenue increased slightly to Rs. 3,619.61 lakhs compared to Rs. 3,466.47 lakhs in the previous year.

Net profit for the year was Rs. 1,264.19 lakhs, down from Rs. 2,095.75 lakhs in the previous year. The decline was mainly due to weak market conditions in the second half and startup costs related to the launch of the Companys Fintech Division.

Material Development on Human Resources Front

During the year, there was a sharp increase in the number of employees as the Company strengthened its workforce to support business expansion and the launch of new products and services. This strategic hiring is aimed at building capacity across key functions and supporting the growth of the newly launched Fintech Division.

Material Financial and Commercial Transactions

During the year there were no material financial or commercial transactions.

Key Financial Ratios (Consolidated):

In accordance with the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2018 (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in Key sector-specific financial ratios. These are presented as under:

Ratios	Current year		Previous year		Change %	Explanation for Change being> 25%
Current Ratio	2.74		2.89		5.20%	-
Debt Equity Ratio	0.55		0.49		13.23%	-
Debt Service Coverage Ratio	0.42		0.9		53.52%	Sharp decline in stock valuation due to market conditions led to lower profits coupled higher year end debt
Return on Equity Ratio	0.24	0.51		52.84%		Sharp decline in stock valuation due to market conditions led to lower profits
Inventory Turnover Ratio	0.61	0.74		17.78%		-
Trade Receivables Turnover Ratio	1.53	1.63		6.16%		-
Trade Payables Turnover Ratio	NA	NA		0.00%
Net Capital Turnover Ratio	0.53	0.61		12.10%		-
Net Profit Ratio	0.35	0.6		42.23%		Sharp decline in stock valuation due to market conditions led to lower profits
Return on Capital employed	0.23	0.38		40.56%		Sharp decline in stock valuation due to market conditions led to lower profits coupled higher year end debt
Return on Investment	0.16	0.32		49.02%		Sharp decline in stock valuation due to market conditions led to lower profits

Cautionary Statement

The statement in the Management Discussion and Analysis Report cannot be construed as holding out any forecasts, projections, expectations, invitations, offers, etc. within the meaning of applicable securities, laws and regulations. This Report basically seeks to furnish information, as laid down within the different headings to meet the requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015.

For and on behalf of the Board of Elixir Capital Limited

	Dipan Mehta	Radhika Mehta
	Chairman	Whole Time Director
	DIN: 00115154	DIN:00112269
Place: Mumbai
Date: 4th July, 2025