Ranjit Securities Ltd Management Discussions

1. COMPANY OVERVIEW

Ranjit Securities Limited ("RSL" or "the Company"), established in 1994, is engaged in the business of financial services, with a focus on providing retail credit solutions. The Company continues to follow a customer-centric and values-driven approach, supported by prudent financial management, responsible lending practices and sound corporate governance.

During the financial year ended 31st March, 2026, the Company continued to focus on strengthening its financial position and improving operational efficiency. The Company reported a Net Profit of Rs.6.65 Lakhs, Total Assets of Rs.617.17 Lakhs and Turnover of Rs.150.63 Lakhs for the financial year 2025-26.

The Company remains committed to sustainable growth while maintaining an appropriate balance between business expansion, credit quality and risk management.

2. MACRO-ECONOMIC AND INDUSTRY OUTLOOK

The Indian economy continued to demonstrate resilience during FY 2025-26, supported by domestic consumption, investment activity, improving infrastructure and relatively stable macroeconomic fundamentals.

The financial services sector continued to witness opportunities arising from increasing formalisation of the economy, growing demand for retail credit, greater financial inclusion and accelerated adoption of digital financial services. The Non-Banking Financial Company (NBFC) sector continues to play an important role in meeting the diverse credit requirements of individuals and businesses, particularly in segments where traditional banking channels may have limited reach.

At the same time, the sector continues to face challenges including competition, cost of funds, interest rate movements, credit and liquidity risks, evolving regulatory requirements and changing customer expectations. The Company believes that disciplined underwriting, prudent asset-liability management, effective monitoring of credit exposures and compliance with applicable regulatory requirements will remain important for sustainable growth.

3. OPPORTUNITIES AND THREATS

Opportunities

The Company believes that the following factors may provide opportunities for future growth:

• Increasing demand for retail credit and financial services;

• Greater financial inclusion and formalisation of credit;

• Increasing adoption of digital platforms and technology-enabled financial services;

• Opportunities to expand the Companys customer base and geographic reach; and

• Growing awareness and accessibility of organised financial services.

Threats and Challenges

The Companys business may be affected by various external and internal factors, including:

• Increasing competition in the financial services sector;

• Credit and default risks;

• Changes in interest rates and cost of funds;

• Liquidity and asset-liability management risks;

• Changes in regulatory and compliance requirements; and

• General economic and market conditions.

The Company continues to monitor these factors closely and adopts appropriate measures to manage the associated risks.

4. FINANCIAL AND OPERATIONAL PERFORMANCE

During FY 2025-26, the Company maintained its focus on prudent financial management and operational efficiency. The Company recorded a Turnover of Rs.150.63 Lakhs and a Net Profit of Rs.6.65 Lakhs during the year.

The Companys Total Assets stood at Rs.617.17 Lakhs as at 31st March, 2026. The management remains focused on strengthening the balance sheet, improving operational performance and maintaining sound credit and risk management practices.

The Company will continue to evaluate business opportunities in accordance with its risk appetite and regulatory framework.

5. OUTLOOK

The outlook for the financial services sector remains positive over the medium to long term, supported by increasing demand for credit, financial inclusion, digitalisation and the continued development of Indias financial ecosystem.

The Company intends to pursue growth opportunities in a measured and sustainable manner. The focus will remain on maintaining credit quality, strengthening customer relationships, improving operational efficiency and ensuring compliance with applicable regulatory requirements.

The management remains cautiously optimistic about the Companys future prospects and will continue to take appropriate steps to strengthen its financial and operational position.

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established internal control systems and procedures commensurate with the nature, size and complexity of its operations. These controls are intended to safeguard the Companys assets, ensure proper recording of transactions, promote operational efficiency and support compliance with applicable laws, regulations and internal policies.

The internal control framework is periodically reviewed by the management and the Audit Committee, wherever applicable, to ensure its effectiveness and adequacy. Appropriate corrective measures are taken wherever necessary.

The Company continues to strengthen its internal processes and control mechanisms in line with its business requirements and regulatory framework.

7. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Human resources continue to be an important contributor to the Companys sustainable growth. The Company seeks to maintain a professional, supportive and performance-oriented work environment.

The management places emphasis on employee development, effective communication, ethical conduct and adherence to organisational values. The Company also seeks to ensure that its employees possess the requisite skills and competencies to support its business objectives.

Industrial relations during the year remained cordial.

8. RISK MANAGEMENT

The Company recognises that effective risk management is essential for sustainable growth in the financial services sector. The Company therefore monitors key risks associated with its operations, including credit risk, liquidity risk, interest rate risk, operational risk and regulatory/compliance risk.

The management continues to review the Companys risk exposure and takes appropriate measures to identify, assess and mitigate risks. The risk management framework is periodically reviewed and strengthened as considered necessary.

9. CAUTIONARY STATEMENT

Statements made in this Management Discussion and Analysis describing the Companys objectives, expectations, estimates or predictions may constitute forward-looking statements within the meaning of applicable laws and regulations.

These statements are based on certain assumptions and expectations concerning future events and are subject to various risks, uncertainties and other factors. Actual results, performance or achievements may differ materially from those expressed or implied in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as may be required under applicable laws and regulations.

For and on behalf of the Board of Directors Ranjit Securities Limited

Sd/-

Harman Singh Hora Chairman & Managing Director DIN:00209317

Place: Indore Date: 01.09.2026