Pioneer Investcorp Ltd Management Discussions

This Report is pursuant to Regulation 34(3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

COMPANYS BUSINESS OVERVIEW

Our Company continued to emphasized on Companys core business of Investment Banking both Debt and Equity, trading and investment and also on financial advisory services by way of providing gamut of customized services to its clients in the form of raising capital,privateequity,arrangingdebt,debtrestructuring, project finance, and other corporate financial advisory services and further strengthen its marks in the area of secondary capital market like valuation assignment.

OPPORTUNITIES AND THREATS Opportunities

Overall outlook for the Indian economy remains positive: despite global headwinds, India remained the fastest-growing major economy in FY26, with growth accelerating to 7.7% on resilient rural consumption and robust domestic demand. Growth is expected to be further supported by GST rate rationalization, personal income tax cuts, and the rollout of consolidated Labor Codes to boost long-term formal job creation. Trade diversification is also advancing, with new FTAs concluded across the EU, UK, EFTA nations, Oman, and New Zealand, alongside ongoing negotiations on easing tariff conditions on exports to the US.

Threats

Supply chain and energy disruptions remain the primary risk to the positive outlook. Escalation of the conflict in the Middle East, trade tensions, financial stress, and rising sovereign debt levels are downside risks for global growth. A prolonged or severe disruption to energy supply alongside substantial financial strain could push global growth further downwards.

OUTLOOK Global Factors

According to the World Bank report, global growth is set to slow to 2.5% in 2026 from 2.9% in 2025, the weakest pace since the pandemic, as the Middle East conflict pushes up energy prices, revives inflationary pressures, and raises expectations of tighter monetary policy. EMDE growth is projected to ease to 3.6% in 2026, with per capita income gains falling to their slowest since COVID-19. With slower growth squeezing investment, hiring, and fiscal space, EMDEs face a harder job-creation challenge against a growing workforce and

AI-driven disruption. A pickup is expected in 2027-28 as energy supply normalizes, monetary easing resumes, and trade recovers, though risks remain tilted to the downside.

Addressing these challenges will require action on multiple fronts: closer global cooperation on energy and food security, trade, and the energy transition, alongside domestic policy that balances inflation control with growth support, fiscal sustainability, and financial stability.

Indian Economy

India remained the worlds fastest-growing major economy in FY26, with growth accelerating to 7.7%, supported by resilient rural consumption and robust domestic demand. Growth is projected to moderate to 6.6% in FY27 as higher energy costs weigh on demand, before recovering to 7.2% in FY28.

The fiscal deficit is projected to widen to 7.6% of GDP and the current account deficit to 1.8% in FY27, driven by higher subsidy outlays and energy import costs. Headline inflation is expected to rise to 4.9% in FY27 as food prices normalize and elevated global oil prices pass through to transport and input costs, before converging back toward the RBIs 4% target over the medium term.

Domestic reform momentum remains supportive. Downside risks center on a prolonged Middle East conflict disrupting Gulf remittances, which is ~38% of Indias total inflows, and keeping energy prices elevated for longer.

SEGMENT-WISE PERFORMANCE

The Company continued to focus on its core activities comprising investment banking services in the debt and equity segments, trading and investment in securities, and financial advisory services. During FY 2025-26, the Company witnessed an improvement in its operating performance, supported by growth in fee-based income and income from trading and investment activities. The Company continues to pursue opportunities across investment banking, capital raising, debt and equity advisory, trading and investment activities and other financial advisory services, while maintaining focus on prudent risk management and regulatory compliance.

COMPANYS OUTLOOK FOR ITS BUSINESS SEGMENTS

The Company continued to emphasize its core business of Investment banking both in equity and debt and its trading and investment activities in Government Securities, corporate bonds as well as in equities, which may improve companys performance and results in near future.

STANDALONE AND CONSOLIDATED FINANCIALS

(Rs. In lakhs)

RISK AND CONCERN

At the macro level, geopolitical developments and trade restrictions could affect growth and inflation outcomes. The ongoing conflict-related disruption in the Persian Gulf (specifically the Strait of Hormuz) and the Red Sea, continues to pose supply-chain and energy-price risks. Further technology expansions amongst the financial market intermediaries is a concern and can thus impact the performance of the company. The company is primarily exposed to interest rate risk, liquidity risk and operational risks.

INTERNAL CONTROL SYSTEMS

The Companys internal control policy and systems which are commensurate with its size and the nature of its operations, are regularly updated and modified by the Board of Directors of the Company. These updated policies provide accurate financial and operational information, in compliance with applicable statutes, safeguarding assets, executing transactions with proper authorization, and ensuring compliance with corporate policies.

DISCUSSION OF FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the year end under review, both Financial as well as operational performance of the Company and the Group as a whole, has been affected for the reasons mentioned above in the segment wise performance.

MATERIAL DEVELOPMENTS AND HUMAN RESOURCES

There was no major senior management change both at Company and Group level. Innovative initiatives and steps by Companys Human Resource Department has succeeded in retaining its Key human resources which resulted in lower attrition both at Company and Group level.

RATIOS

The details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefore, mentioned in note no. 41 forming part of Notes to accounts.