1. INDUSTRY OVERVIEW AND BUSINESS ENVIRONMENT

The financial services sector continues to play an important role in supporting economic activity by facilitating the efficient deployment of capital, providing financing solutions and enabling investment opportunities. The sector remains influenced by economic growth, interest rate movements, liquidity conditions, regulatory developments, market sentiment and the overall credit environment.

Vintage Securities Limited ("the Company") is a listed financial services company engaged principally in financial and investment-related activities. The Company operates in an environment that requires prudent financial management, regulatory compliance, transparency and effective risk management. The financial services industry continues to evolve with increasing emphasis on governance, technology-enabled processes and disciplined capital deployment.

2. BUSINESS PERFORMANCE

During the financial year ended 31 March 2026, the Company continued to pursue its financial and investment-related activities. The year witnessed a notable improvement in the Companys financial performance. The Companys revenue for FY 2025-26 stood at approximately 2.38 million, as compared with approximately 1.27 million in FY 2024-25, representing an increase of approximately 87%. Profit after tax increased to approximately 1.24 million from approximately 0.18 million in the previous year. The improvement in earnings was also reflected in basic earnings per share, which increased to 0.33 from 0.05. For the quarter ended 31 March 2026, revenue stood at approximately 1.91 million, compared with 1.02 million in the corresponding quarter of the previous year, while net profit increased to approximately 1.64 million from 0.77 million. The improved performance indicates better income generation during the year under review.

3. FINANCIAL PERFORMANCE

The key financial indicators of the Company are summarised below:

4. OPPORTUNITIES AND OUTLOOK

Indias continued economic development, increasing financialisation of savings and the evolving financial services ecosystem provide opportunities for companies operating in this sector. The Company believes that opportunities may arise through prudent investment and financing activities, efficient deployment of capital and identification of suitable business opportunities.

Going forward, the Company intends to remain focused on strengthening its financial position, improving profitability and exploring opportunities consistent with its objectives and risk appetite. The outlook remains dependent upon economic conditions, interest rates, market movements, regulatory developments and the overall investment environment.

5. RISK MANAGEMENT

Risk is inherent in financial and investment-related activities. The principal risks relevant to the Company may include market risk, credit risk, liquidity risk, interest rate risk, operational risk, regulatory/compliance risk and risks arising from changes in the economic and business environment. The Company seeks to manage such risks through appropriate internal processes, monitoring mechanisms, prudent financial management and compliance with applicable statutory and regulatory requirements. Prudent assessment and monitoring of financial exposures remain important components of the Companys risk management approach.

6. INTERNAL CONTROL SYSTEMS

The Company maintains internal control and financial reporting mechanisms commensurate with the nature and scale of its operations. The internal control framework is intended to support orderly and efficient conduct of business, safeguarding of assets, proper recording of transactions, reliability of financial information and compliance with applicable laws and regulations.

Management periodically reviews the adequacy and effectiveness of internal controls and takes appropriate measures wherever required. The statutory audit process also provides an independent review of the Companys financial reporting and control environment.

7. HUMAN RESOURCES

Human resources remain an important element in the effective functioning of the Company. The Company seeks to maintain a professional work environment and encourages responsible, ethical and compliant conduct. The Companys emphasis on sound governance, compliance and efficient execution is supported by the management and personnel involved in its activities.

8. REGULATORY AND CORPORATE GOVERNANCE ENVIRONMENT

As a listed company operating in the financial services sector, the Company remains subject to applicable provisions of the Companies Act, 2013, SEBI regulations and other laws and regulations relevant to its operations. The Company continues to place emphasis on timely regulatory disclosures, transparency, investor communication and adherence to applicable corporate governance requirements.

The Company filed its Annual Secretarial Compliance Report for the financial year ended 31 March 2026 and continued its statutory and regulatory compliances during the year.

9. CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, expectations, estimates or predictions may constitute forward-looking statements within the meaning of applicable securities laws and regulations. These statements are based on certain assumptions and expectations concerning future developments and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, developments or otherwise.