Rajasthan Securities Ltd Management Discussions

ANNEXURE -VI

Rajasthan Securities Limited ("the Company") is a Main Board listed company incorporated in 1993 and has undergone a strategic transformation during the financial year under review. The Company was formerly known as Rajasthan Gases Limited and changed its name to Rajasthan Securities Limited with effect from November 3, 2025.

During the year, the shareholders approved amendments to the Main Objects of the Company to enable diversification into general trading, services and investment activities. The Company is now focused on developing its business across general trading, securities and derivatives trading, investment and allied services.

The Company intends to build a diversified business model with a focus on trading and investment opportunities while maintaining prudent risk management and regulatory compliance.

1. Industry Structure and Development

The Indian financial and capital markets have continued to develop with increasing participation by retail and institutional investors, technological advancement, improved market infrastructure and greater accessibility to financial products.

The securities and derivatives markets remain sensitive to domestic and global economic conditions, interest rates, inflation, corporate earnings, liquidity, foreign investment flows, geopolitical developments and investor sentiment. Consequently, trading opportunities and market activity may vary significantly from period to period.

The general trading and commodity-related businesses are influenced by demand and supply conditions, commodity prices, logistics, economic activity, competition and overall market conditions.

The Companys strategy of diversifying into securities, derivatives, general trading, commodity and allied activities is intended to provide opportunities for growth and reduce dependence on any single business activity over the longer term.

2. Opportunities and Threats

The Companys expanded business model provides opportunities arising from the continued development of the Indian capital markets and the growth of trading and investment activity.

The key opportunities include:

? Increasing participation in the Indian securities and derivatives markets.

? Opportunities in equity and commodity trading.

? Growth in general merchandise and commodity trading.

? Diversification of the Companys business activities.

? Technology-driven trading and investment opportunities.

? Development of new trading and service verticals.

? Opportunities to expand business through subsidiaries and other suitable structures.

The Company intends to pursue these opportunities in a measured manner while maintaining adequate risk management and regulatory compliance.

The Companys proposed and existing activities are subject to various business and market-related risks.

The major risks and challenges include:

? Volatility in securities and commodity markets, Fluctuations in prices and trading volumes, Market liquidity risk, Counterparty and settlement risk, Regulatory and compliance risks.

? Competition from established market participants.

? Economic and geopolitical uncertainties.

? Operational and technology-related risks.

? Cybersecurity and data-security risks.

? Working-capital and liquidity requirements associated with general trading activities.

The Company continuously monitors these factors and intends to take appropriate measures to mitigate identified risks.

3. Future Outlook

The Company is presently in a transformation and diversification phase.The managements focus is to develop the Companys expanded business activities in securities and derivatives trading, general trading, commodities, investments and allied services.

The outlook for the Company will depend upon market conditions, successful implementation of its business strategy, availability of suitable opportunities, regulatory environment and the Companys ability to manage associated risks.

The management remains cautiously optimistic about the long-term opportunities available in the Indian financial and trading markets.

4. Risk & Concerns:

Risk management is an integral part of the Companys business strategy.The Company is exposed to market risk, liquidity risk, counterparty risk, operational risk, regulatory risk and other risks associated with its business activities.

The management seeks to manage these risks through appropriate internal policies, authorisation mechanisms, monitoring procedures, compliance systems and periodic review of business exposures.

As the Company expands its securities, derivatives and general trading activities, the risk-management framework will continue to be strengthened commensurate with the scale and complexity of operations.

5. Internal Control system and their adequacy

We have developed comprehensive internal control systems designed to match the scale and nature of our business operations. These systems include detailed processes, guidelines and procedures. Their primary functions are to ensure highly efficient business operations, safeguard assets, prevent fraud, minimize errors and maintain strict compliance with all applicable regulatory standards. We are continuously working to enhance and maintain these internal controls and information systems. This systematic information flow facilitates prompt and efficient decision-making. To ensure strict adherence to all laws and statutes governing our business, we conduct periodic audits. Our control systems help us safeguard sensitive data, streamline theauditing process, maintain adequate accounting control, monitor operations and conserve assets. Internal controls are essential for ensuring compliance with all applicable rules and regulations. The Audit Committee of the Board closely monitors business operations and the performance of the internal audit function. The Committee regularly reviews the internal audit teams findings and implements corrective measures as needed. These timely actions help ensure business continuity and maximize growth. Ultimately, our internal controls provide a precise summary of our business position, which greatly enhances our decision-making process.

6. Financial performance with respect to operational performance

The financial performance of the Company for the year 2025-26 is described in Directors Report. A critical appraisal is also made by the Audit Committee before drawing Quarterly Statement of Accounts and the Board also reviewed the same on each occasion.

The Summarized financial highlights of the Company for the financial year ended 31st March,2026 are as under

(Amount in Lakhs Except EPS)

Particulars	For the year ended 31.03.2026	For the year ended 31.03.2025
Income from Operations	6,121.25	0.00
Other Income	7,149.96	823.26
Total Income	13,271.21	823.26
Expenditure	2,758.02	19.88
Profit Before Interest, Depreciation and Tax	10,513.19	803.39
Interest	79.66	0

 

Particulars	For the year ended 31.03.2026	For the year ended 31.03.2025
Depreciation	2.81	-
Profit / (Loss) before tax	10,430.72	803.39
Provision for Taxation	2,331.31	102.00
Profit / (Loss) after Tax	8,099.41	701.39
Balance Carried to Balance Sheet	8,099.41	701.39
Earnings Per Share	10.54	0.91

During the financial year 2025-26, the Company witnessed a significant improvement in its financial performance. The improvement is mainly attributable to the change in the objects of the Company during the year 2025-26, pursuant to which the Company commenced activities in line with its revised objects.

During Financial Year 2025-26, the Company recorded Total Income of 13,271.21 lakhs, compared to 823.26 lakhs in Financial Year 2024-25.

The Profit before Interest Depreciation and Tax (PBT) for the financial year 2025-26 is

10,513.19 lakhs and after providing for interest, depreciation and taxation, the Company reported a Profit After Tax of 8,099.41 lakhs. The company has reported Profit After Tax of 701.39 lakhs in FY 2024-25.

The Earnings Per Share (EPS) increased to 10.54 during FY 2025-26, as against 0.91 in the previous year.

The management believes that the change in the objects of the Company has provided a broader platform for pursuing its revised business activities and has contributed significantly to the improvement in the Companys financial performance during the year under review. The Company remains focused on building sustainable business operations and creating long-term value for its shareholders.

The profit of 8,099.41 lakhs for the year has been carried forward to the Balance Sheet.

7. Human Resource Management

The management firmly believes that the people are the driving force behind the growth of every organization and continues to focus on people development. The company has made optimum utilization of resources and technology and also used advanced methods and technology for the enhancement of efficiency and productivity.

8. Cautionary Statement: -

Statements in this Management Discussion and Analysis describing the Companys objectives, expectations, estimates, projections and 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, market conditions, securities and commodity price volatility, regulatory changes, competition, liquidity conditions, interest rates, government policies and other factors beyond the Companys control.

The Company assumes no responsibility for updating these forward-looking statements in the future.

9. Conclusion

FY 2025-26 represents an important year in the Companys strategic transformation and diversification.

The Company has taken steps towards establishing a broader business platform covering securities and derivatives trading, general trading, commodities, investments and allied services.

The management remains committed to prudent risk management, sound corporate governance, regulatory compliance and sustainable growth while evaluating business opportunities in the Companys expanded areas of operation.

	On behalf of the Board of Directors
	Rajasthan Securities Limited
	(Formerly known as Rajasthan Gases Limited)
	Sd/-	Sd/-
	Nikhilesh Khandelwal	Deepa Kishor Piplikar
	Managing Director	Director
	DIN : 06945684	DIN : 0794129
Place: Nagpur
Dated: 13/08/2026