Prime Securities Ltd Management Discussions

1. ECONOMIC OVERVIEW

FY 2025-26 was characterised by resilience in the Indian economy despite a challenging global macroeconomic environment marked by geopolitical uncertainties, inflationary pressures in certain regions, fluctuating interest rate expectations and volatility in global financial markets. Indias economic growth continued to be supported by robust domestic consumption, sustained public expenditure, continued reforms, healthy corporate balance sheets, strong banking sector fundamentals and increasing private sector investments.

India continued to remain one of the fastest growing economies globally. The governments continued emphasis on infrastructure development, manufacturing, digitalisation, ease of doing business and financial sector reforms further strengthened investor confidence. Domestic capital markets remained vibrant with healthy fund raising, increasing retail participation and strong inflows from domestic institutional investors.

The continued institutionalisation of investments from household savings, increasing participation of family offices, high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs), together with growing interest in alternative investment products, continued to provide significant opportunities for financial services companies

Against this backdrop, the Company continued to execute its long-term strategy of building a diversified financial services platform across investment banking, corporate advisory, wealth management and asset management.

2. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian financial services industry continues to undergo evolution. In the wake of continued economic reforms, the industry has developed and used modern technology tools and training to meet with emerging needs of consumers. The evolution also includes young and dynamic leaders to cope with increased expectations. Many new generation businesses - like wealth management, AIF etc. have taken firm roots. The continued efforts by the government for making GIFT CITY a viable gateway for world service providers to get a platform will also make industry more competitive and beneficial for the consumers.

Prime on its part has kept pace with the emerging market conditions to remain relevant to the needs of the industry.

3. BUSINESS OVERVIEW

The Companys business has continued to maintain its prime position in the field of corporate advisory and investment banking. While the quarterly trends do not necessarily provide any indication of the future, the emphasis on building the talent pool as well as exposure and training to sharpen the skillset have remain touchstone for maintaining the leadership in the field.

The company has successfully created a network of subsidiaries for ensuring wider revenue base, annuity type of income and relevance to the increasing market expectation. With setting up of global subsidiaries for undertaking advisory services the company has expanded its footprint.

4. REVIEW OF FINANCIAL PERFORMANCE

Consolidated Performance

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	13,798	8,940
PAT including OCI (\u20b9 lakhs)	3,945	5,065

The consolidated financial result disclose growth of 54.34% over the previous year.

The consolidated results are inclusive of the emerging new entities like the overseas subsidiaries and wealth management where all the initial stage expenses have been debited to Profit & Loss account

A) 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 therefor

Particulars	FY 2025-26	FY 2024-25
Debtors Turnover (Excl. Unbilled)	50.84	9.88
Debtors Turnover (Incl. Unbilled)	133.77	111.65
Current Ratio (Incl. Equity Instrument)	13.26	13.81
Current Ratio (Excl. Equity Instrument)	4.46	5.83
Debt Equity Ratio	0.01	0.00
Operating Profit Margin (%)	15.36%	48.60%
Net Profit Margin (%)	11.22%	48.22%

B) Details of any change in return on net worth as compared to the immediately previous financial year along with a detailed explanation thereof

In the current financial year, the profits are stated after the expenditure debited to Profit & Loss account for business initiatives taken through subsidiary companies.

As evident, the data and trend point at healthy parameters for sustainability and growth in the coming years

Standalone Performance

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	5,456	5,647
PAT including OCI (\u20b9 lakhs)	3,826	4,465

The Company is engaged in the service of corporate advisory and investment banking. It has maintained its leadership in the opted field.

The companys portfolio of investment has yielded healthy returns year after year which are recognised by way of Other Comprehensive Income.

5. SUBSIDIARY COMPANIES PERFORMANCE

5.1 Prime Research & Advisory Limited (PRAL)

PRAL has delivered strong revenue and profitability growth. The Company has 100% subsidiaries as under:

A) Prime Litmus Investment Management Limited B) Prime Litmus Ventures LLP

Financial highlights: (? lakh)

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	6,586	2,889
PAT including OCI (\u20b9 lakhs)	2,341	781

PRAL is engaged in the corporate advisory services and insurance advisory. PRAL has setup businesses during the year in the field of AIF and Asset Management Business to earn annuity type income which is the stated objectives of the group.

During the year PLIML has ventured into the business of AIF and Asset Management. PLIML has commenced the business under leadership of highly experienced executives. The business is scheduled to take roots during the current year

5.2 Prime Trigen Wealth Limited (PTWL) Financial highlights:

(? lakh)

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	2,148	538
PAT including OCI (\u20b9 lakhs)	(1,765)	(60)

PTWL is setup, and has completed its first full year, to provide wealth management services for its clients. Armed with experienced leadership and a large talent pool along with sophisticated IT enabled infrastructure, PTWL has setup nation wide offices for climbing the competitive landscape and attain a position of leadership. Defying its nascent age, PTWL has already achieved an enviable AUM level of around INR 4,000 crores.

5.3 PRAL Management Consultancies LLC - UAE (PMC) Financial highlights:

(? lakh)

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	161	NA
PAT including OCI (\u20b9 lakhs)	(225)	NA

The business being overlooked by an experienced leadership aims to expand its activities in a planned manner over the coming 2 to 3 years.

5.4 Prime Advisory Partners Limited - UK (PAPL) Financial highlights:

(? lakh)

Particulars	FY 2025-26	FY 2024-25
Revenue (\u20b9 lakhs)	Nil	NA
PAT including OCI (\u20b9 lakhs)	(15)	NA

The business being overlooked by an experienced leadership aims to expand its activities in a planned manner over the coming 2 to 3 years.

6. OPPORTUNITIES

Expanding scale and framework provides enough opportunities to earn rewards for all initiatives taken in recent times

7. RISKS AND CONCERNS

It is obvious that the evolution at this scale will have inherent risk of regulatory

and statutory changes implemented with inadequate experience and hence limited participation by stakeholders. The abrupt changes, if any, present challenges which needs to taken in stride when plans are drawn up. The company has able leadership and counsel of highly experienced board of directors to mitigate the risks.

1. OUTLOOK The Company remains optimistic regarding long-term growth prospects across all its business verticals.

8. RISK MANAGEMENT FRAMEWORK

The Board has established a comprehensive Risk Management Framework designed to identify, assess, monitor and mitigate key strategic, operational, financial, compliance and reputational risks.

The Risk Management Committee periodically reviews the Companys risk profile and effectiveness of mitigation measures.

The Company continues strengthening risk governance in line with evolving regulatory expectations.

9. INTERNAL FINANCIAL CONTROLS

The Company maintains adequate internal financial controls commensurate with the nature and size of its operations.

Internal audits are conducted periodically, findings are reviewed by the Audit Committee and corrective actions are implemented on a timely basis.

The Board believes the internal control environment remains robust and effective.

10. HUMAN RESOURCES

People continue to remain the Companys most valuable asset.

The Company continues investing in:

Leadership development. Employee engagement. Professional training. Regulatory certifications. Performance-linked incentives. Technology-enabled learning.

The Group employed over 130 professionals as on March 31, 2026.

Investment Banking

The Company expects sustained demand for strategic advisory, mergers & acquisitions, private placements and capital market transactions.

Corporate Advisory

Growing corporate investments and restructuring activities are expected to continue generating advisory opportunities.

Wealth Management

The Company expects continued expansion driven by increasing financialisation of savings, rising HNI wealth and greater adoption of advisory-led investment solutions.

Asset Management

The launch of the Companys Category II Real Estate Alternative Investment Fund is expected to create a new annuity revenue stream while expanding institutional investor relationships.

International Business

Operations in the United Kingdom and Dubai are expected to strengthen the Companys international footprint, facilitate cross-border transactions and broaden investor access.

Overall, the Company remains focused on sustainable growth through diversification, operational excellence, prudent risk management, digital transformation and superior client service. Supported by a strong balance sheet, experienced management team and disciplined governance framework, the Company is well positioned to create long-term value for its shareholders and other stakeholders.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including changes in economic conditions, government policies, regulatory developments, market conditions and other risks beyond the Companys control. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise

or implied due to various factors including changes in economic conditions, government policies, regulatory developments, market conditions and other risks beyond the Companys control. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise

For and on behalf of the Board of Directors

Mumbai May 29, 2026

N. Jayakumar Managing Director and Group CEO (DIN: 00046048)

Akshay Gupta Whole-time Director (DIN: 01272080)